Yunji Announces Third Quarter 2024 Unaudited Financial Results By Investing.com

HANGZHOU, China, Nov. 21, 2024 /PRNewswire/ — Yunji Inc (NASDAQ:). (“Yunji” or the “Company”) (NASDAQ: YJ), a leading membership-based social e-commerce platform, today announced its unaudited financial results for the third quarter ended September 30, 2024^[1].

Third Quarter 2024 Highlights

• Total (EPA:) revenues in the third quarter of 2024 were RMB86.6 million (US$12.4 million), compared with RMB145.1 million in the same period of 2023. The change was primarily due to soft consumer confidence and the Company’s continued strategy to refine its product selection across all categories and optimize its selection of suppliers and merchants, which had a near-term impact on sales.
• Repeat purchase rate^[2] in the twelve months ended September 30, 2024 was 72.7%.

Mr. Shanglue Xiao, Chairman and Chief Executive Officer of Yunji, said, “Our strategic collaborations with premium suppliers across the country have strengthened our portfolio of healthy and organic food products. The positive customer feedback validates our commitment to quality and reinforces our position in the health-conscious market segment”.

“We continue to exercise prudent capital allocation and expense management practices, while optimizing operational efficiency to support sustainable growth and create long-term value for our stakeholders,” said Mr. Yeqing Cui, Senior Financial Director of Yunji.

Third Quarter 2024 Unaudited Financial Results

Total revenues were RMB86.6 million (US$12.4 million), compared with RMB145.1 million in the same period of 2023. The change was primarily due to soft consumer confidence and the Company’s continued strategy to refine its product selection across all categories and optimize its selection of suppliers and merchants, which had a near-term impact on sales.

• Revenues from sales of merchandise were RMB70.0 million (US$10.0 million), compared with RMB114.1 million in the same period of 2023.
• Revenues from the marketplace business were RMB14.8 million (US$2.1 million), compared with RMB28.7 million in the same period of 2023.
• Other revenues were RMB1.8 million (US$0.3 million), compared with RMB2.3 million in the same period of 2023.

Total cost of revenues decreased by 49.6% to RMB39.8 million (US$5.7 million), or 46.0% of total revenues, from RMB78.9 million, or 54.4% of total revenues, in the same period of 2023. The decrease was in line with the change in merchandise sales, for which revenues and cost of revenues are recognized on a gross basis. Total cost of…