Yunji (YJ) Q4 2025 earnings summary

Executive summary

• Achieved total revenue of CNY 158.7 million in the second half of 2025, with merchandise sales of CNY 136.4 million, reflecting a 0.16% year-over-year increase in merchandise sales, while total revenues declined from CNY 183.8 million year-over-year due to scaling back the marketplace business.

• Net loss narrowed significantly to CNY 32.6 million from CNY 115.1 million in the same period of 2024, a 70% reduction, driven by disciplined cost management.

• Fiscal year 2025 revenues were CNY 317.0 million, down from CNY 417.7 million in 2024, with a repeat purchase rate of 69.7% for the twelve months ended December 31, 2025.

• Maintained a high user repurchase rate of 69.7%, indicating strong customer loyalty and product recognition.

• Continued strategic focus on organic and healthy living products, expanding both product portfolio and sales channels.

Financial highlights

• Second half 2025 merchandise sales were CNY 136.4 million; marketplace revenue was CNY 22.1 million; other revenues were CNY 0.2 million.

• Operating expenses dropped 44% to CNY 112.4 million, driven by reductions in fulfillment, sales, marketing, technology, and administrative costs.

• Loss from operations narrowed to CNY 43 million from CNY 103.9 million year-over-year.

• Gross margin for the second half of 2025 was 41.6%, down from 51.0% year-over-year, but remained resilient due to loyalty to private label products.

• Cash and cash equivalents stood at CNY 216.1 million as of December 31, 2025.

Outlook and guidance

• Priorities for the first half of 2026 include maintaining leadership in organic living, focusing on efficiency and growth, and supporting healthier lifestyles for families in China.

• Management plans to accelerate transformation to a private label-led model, focusing on health and wellness products.

• Continued focus on progress toward breakeven and strengthening the financial position to support sustainable long-term growth, with emphasis on margin improvement and resource optimization.