Yunji Inc Announces Q2 2024 Financial Results
Intellectia.AI Updated: 2024-08-25
Yunji Inc. Announces Q2 2024 Financial Results
Hangzhou, China—Yunji Inc. ("Yunji") (NASDAQ: YJ), a leading membership-based social e-commerce platform, today reported its unaudited financial results for the second quarter ended June 30, 2024.
Key Financial Metrics
| Metrics | Q2 2024 | Q2 2023 | Year-over-Year |
|---|---|---|---|
| Total Revenue | RMB106.0 million | RMB167.1 million | -36.5% |
| Earnings per Share (EPS) | RMB-0.01 | RMB-0.02 | +50% |
| Net Loss | RMB11.9 million | RMB41.5 million | +71.3% |
| Adjusted Net Loss (non-GAAP) | RMB9.7 million | RMB39.8 million | +75.6% |
Interpretation : Yunji reported a substantial year-over-year decline in total revenue, driven by soft consumer confidence and strategic refinements in product selection and supplier optimization. However, the company managed to halve its net loss and improve its EPS, showing efficiency in cost control and strategic adjustments.
Revenue Performance by Segment
| Segment | Q2 2024 | Q2 2023 | Year-over-Year |
|---|---|---|---|
| Sales of Merchandise | RMB83.0 million | RMB131.2 million | -36.7% |
| Marketplace Business | RMB21.1 million | RMB34.3 million | -38.5% |
| Other Revenues | RMB1.9 million | RMB1.6 million | +18.8% |
Interpretation : All major revenue segments witnessed a decline year-over-year, with the marketplace business and sales of merchandise both dropping significantly. Notably, other revenues experienced a slight increase, highlighting some success in diversification strategies.
Operational Data
| Operational Expense | Q2 2024 | Q2 2023 | Year-over-Year |
|---|---|---|---|
| Total Cost of Revenues | RMB56.6 million | RMB80.8 million | -30.0% |
| Fulfillment Expenses | RMB20.7 million | RMB29.9 million | -30.9% |
| Sales & Marketing Expenses | RMB21.7 million | RMB33.4 million | -35.0% |
| Technology & Content Expenses | RMB12.2 million | RMB14.3 million | -14.4% |
| G&A Expenses | RMB18.7 million | RMB33.2 million | -43.8% |
Management Commentary
Mr. Shanglue Xiao, Chairman and CEO, emphasized the company's efforts to enhance short video and livestreaming capabilities, while also integrating offline initiatives to serve the mature adult demographic. Mr. Yeqing Cui, Senior Financial Director, noted the company’s commitment to financial stability and strategic initiatives, allowing for thoughtful adjustments in response to market changes.
Dividends or Share Repurchase Program
No information on any announced dividends or share repurchase programs was provided in the earnings release.
Forward Guidance
The company did not provide forward guidance in the earnings release.
Stock Price Movement
Post-earnings release, Yunji's stock price experienced an increase of 4.63%.
For further details and the complete earnings release, please visit Yunji's investor relations website.
Source: Yunji Inc.
