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111
111 (YI) investor relations material
111 Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary17 Dec, 2025
Executive summary
Transitioned from an asset-heavy to an asset-light business model, divesting three subsidiaries and converting them into exclusive fulfillment partners.
Achieved non-GAAP operational profitability for the third consecutive quarter and generated positive operating cash flow both in the quarter and year-to-date.
Strategic initiatives, including the "MANTIANXING" supply chain project, drove a 20.5% increase in GMV and 31.0% growth in customer count compared to Q2.
Financial highlights
Net revenues were RMB3.0 billion ($421.5 million), down 16.7% year-over-year.
Gross segment profit was RMB178.0 million ($25.0 million), down 15.5% year-over-year.
Non-GAAP net income was RMB1.1 million ($0.2 million), compared to RMB1.3 million in the same quarter last year.
Net loss attributable to ordinary shareholders was RMB13.0 million ($1.8 million), improved from RMB17.1 million last year.
Net cash from operating activities was RMB38.1 million ($5.4 million) for the quarter, and RMB89.3 million ($12.5 million) year-to-date.
Cash, cash equivalents, restricted cash, and short-term investments totaled RMB557.5 million ($78.3 million) as of September 30, 2025.
Outlook and guidance
Focused on building an AI-powered transaction platform for pharmaceutical procurement, aiming to optimize decision-making for pharmacies and suppliers.
Management expects the asset-light model to strengthen liquidity and profitability, despite temporary top-line revenue headwinds.
Future revenue impact of asset-light model?
RMB1.1B redemption repayment schedule details.
Reason for B2C segment profit % decline?
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Next 111 earnings date
Q4 202520 Mar, 2026
111
Next 111 earnings date
Q4 202520 Mar, 2026
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Frequently asked questions
111, Inc. operates as a digital healthcare platform in China, focusing on connecting patients with pharmaceutical products and healthcare services through both online and offline channels. The company operates in two main segments: B2C (business-to-consumer) and B2B (business-to-business). The B2C segment includes online retail of prescription and over-the-counter drugs, nutritional supplements, medical supplies, and personal care products. The B2B segment involves an online wholesale pharmacy platform that serves other pharmacies and healthcare providers. Additionally, 111, Inc. offers online consultation, electronic prescription services, and patient management services through its internet hospital. Headquartered in Shanghai, 111, Inc.'s shares are listed on the NASDAQ.
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