Yunji Inc (YJ) 2024 Q4 法說會逐字稿

Good morning, and good evening, ladies and gentlemen. Thank you for standing by, and welcome to Yunji's fourth-quarter 2024 earnings conference call. With us today are Mr. Shanglue Xiao, Chairman and Chief Executive Officer; along with Mr. Yeqing Cui, Senior Financial Director.

女士們、先生們，早安，晚上好。感謝您的支持，歡迎參加雲集2024年第四季財報電話會議。今天與我們一起出席的有董事長兼執行長肖尚略先生和高級財務總監崔業清先生。

As a reminder, this conference call is being recorded. Before we start, please note that this call will contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on the company's current expectations and current market operating conditions and relate to events that involve known or unknown risks and uncertainties or other factors of Yunji and its industry.

提醒一下，本次電話會議正在錄音。在我們開始之前，請注意，本次電話會議將包含《1995 年私人證券訴訟改革法案》所定義的前瞻性陳述，這些陳述基於公司當前的預期和當前的市場運營狀況，並與涉及已知或未知風險和不確定性或云集及其行業的其他因素的事件有關。

These forward-looking statements can be identified by the terminologies such as will, expect, anticipate, continue, and other similar expressions. For a detailed discussion of these risks and uncertainties, please refer to the company's related documents filed with US SEC.

這些前瞻性陳述可以透過諸如將、預期、預期、繼續和其他類似表達等術語來識別。有關這些風險和不確定性的詳細討論，請參閱本公司向美國證券交易委員會提交的相關文件。

Any forward-looking statements that the company makes on this call are based on assumptions as of today and are expressly qualified in the entirety by the cautionary statements, risk factors and details of the filings with the SEC. The company does not undertake any obligation to update these statements, except as required by applicable law. With that, I would now like to turn the call over to Mr. Shanglue Xiao, Chairman and Chief Executive Officer of Yunji. Please go ahead, sir.

本公司在本次電話會議上做出的任何前瞻性陳述均基於今天的假設，並受到警告聲明、風險因素和向美國證券交易委員會提交的文件細節的明確限制。除適用法律要求外，本公司不承擔更新這些聲明的任何義務。現在，我想把電話轉給雲集董事長兼執行長肖尚略先生。先生，請繼續。

(interpreted) Hello, everyone. Welcome to Yunji's fourth-quarter 2024 earnings call.

（譯）大家好。歡迎參加雲集2024年第四季財報電話會議。

Looking back on to our operations over the past year, while focusing on the future, we continue to firmly position organic health as the key strategic objectives for our future development. In 2024, our overall gross margin improved to 49.4% while our user repurchase rate maintained a strong 71.9%. Behind these numbers lies the trust our consumers have place in us through their votes healthy living.

回顧過去一年的經營，著眼於未來，我們依然堅定地將有機健康作為未來發展的重要策略目標。2024年，我們的整體毛利率提升至49.4%，而用戶重購率則維持在71.9%的強勁水準。這些數字背後是消費者透過健康生活投票對我們的信任。

But more important than numbers is our complete operational realignment. Over the past year, we have enhanced our organizational structure, improved operational efficiency, and optimized our business layout. These changes will serve as the starting point for us to move forward with greater agility in 2025.

但比數字更重要的是我們徹底的營運調整。一年來，我們完善組織架構，提升營運效率，優化業務佈局。這些變化將成為我們在2025年更敏捷前進的起點。

This March, we completed the consolidation of our health business and Yunji finance business. This significant move enable us to better provide a trusted healthy living solutions for our users, strengthening our trust to chain through true traceability, authentic experiences, and general sharing, bringing organic health to millions of households.

今年3月，我們完成了健康業務與雲端集金融業務的合併。這項重大舉措使我們能夠更好地為用戶提供值得信賴的健康生活解決方案，透過真實的可追溯性、真實的體驗和普遍的分享，增強我們對連鎖店的信任，將有機健康帶入千家萬戶。

Under our commitment to our organic health strategy, our private label organic health products have gradually earned our user trust. For example, our probiotic bolus achieved sales of nearly RMB5 million in the fourth quarter of 2024 and over RMB6 million in the first quarter of 2025. Additionally, our [New Life slimming coffee] launched at the end of March this year immediately gained high consumer recognition, generating sales of over RMB5 million in just half months after its launch.

在我們對有機健康策略的承諾下，我們的自有品牌有機健康產品逐漸贏得了用戶的信任。例如，我們的益生菌丸在2024年第四季實現了近500萬元的銷售額，在2025年第一季實現了超過600萬元人民幣的銷售額。另外，我們今年3月底推出的【新生命瘦身咖啡】立即獲得了消費者的高度認可，上市僅半個月就實現了500多萬元的銷售額。

We will continue to strengthen our private label brand SUYE. Through our efforts in 2024 and the first quarter of this year, we have completed a strategic upgrade from SUYE's messaging to its visual identity, upholding the brand mission of bringing advanced skincare technology into your daily routine. SUYE is dedicated to offering premium quality products at accessible prices, aspiring to become world class leader in skincare and the proud representative of China's innovation in beauty. At SUYE, we are building complete product lines around our flagship innovation. SUYE deliver exceptional value and drive growth.

我們將繼續加強我們的自有品牌SUYE。透過2024年和今年第一季的努力，我們完成了從SUYE品牌訊息到視覺形象的策略升級，秉承將先進的護膚科技融入日常生活的品牌使命。SUYE致力於以實惠的價格提供優質的產品，立志成為世界級的護膚品領導者和中國美容創新的驕傲代表。在 SUYE，我們圍繞我們的旗艦創新打造完整的產品線。SUYE 提供卓越的價值並推動成長。

In 2024, we launched our SUYE Pro-Ascen firming series, a premium yet affordable line that generated over RMB20 million in total sales, a testament to the strong demand for high-value skin care solutions. Based on this success, we are expanding this series in 2025 with the launch of SUYE Pro-Ascen firming and lotion, a highly competitive flagship product. This new addition will further enhance the fast growing series, solidifying its position as a go-to choice for customers, seeking advancement in skincare with our premium price tags.

2024年，我們推出了素葉Pro-Ascen緊緻系列，這是一款高端且價格實惠的產品，總銷售額超過人民幣2000萬元，證明了對高價值護膚解決方案的強勁需求。基於這項成功，我們將在 2025 年擴大系列，推出極具競爭力的旗艦產品 SUYE Pro-Ascen 緊緻乳液。這項新產品將進一步增強這項快速成長的系列產品，鞏固其作為尋求以高價位在護膚領域取得進步的顧客的首選地位。

We are thrilled to introduce our new business initiatives for 2025, the The Jianxin Tea Therapy Program, a unique wellness experience designed to deliver exceptional value well promoting holistic health is meticulously crafted 80-minute program, combined tea tasting, traditional Chinese studies, meditation and stretching lessons, offering participants a deeply enriching wellness journey.

我們很高興推出 2025 年的新業務計劃——建心茶療計劃，這是一項獨特的健康體驗，旨在提供卓越的價值，促進整體健康，精心設計的 80 分鐘計劃，結合品茶、傳統中國研究、冥想和伸展課程，為參與者提供一次深刻豐富的健康之旅。

During its trial phase, the program achieved remarkable success with 91% over its first 150 participating enthusiasts returning for frequent sessions. Some users even attended the morning tea-courses for 100 consecutive days, highlighting the program's ability to build a strong user loyalty and engagement. This April, we plan to recruit 1,000 tea enthusiasts to join the program.

在試行階段，該計劃取得了顯著的成功，首批參與的 150 名愛好者中，有 91% 的人經常回來參加。有些用戶甚至連續 100 天參加早茶課程，凸顯了該計畫建立強大用戶忠誠度和參與度的能力。今年四月，我們計劃招募1000名茶愛好者加入該計劃。

On March 20, the Jianxin Tea Therapy Program will officially launch. And by June, we aim to train and onboard 100 skilled tea therapists. By combining high margin approach with an immersive and engaging experience, these initiatives strengthen the appeal of our organic health offerings, while fostering the customer loyalty and satisfaction. This serves as a pivotal step in our evolution from a traditional transaction platform to a dynamic experience ecosystem.

3月20日，建新茶療計畫將正式啟動。到六月，我們的目標是培訓並引進 100 名熟練的茶療師。透過將高利潤方法與沉浸式和引人入勝的體驗相結合，這些舉措增強了我們的有機健康產品的吸引力，同時培養了客戶忠誠度和滿意度。這是我們從傳統交易平台向動態體驗生態系統演變的關鍵一步。

In 2025, Yunji remains committed to its vision as the global leader in organic living, focusing on delivering high-value organic health foods and great advanced skincare products. By leveraging significant cost reductions achieved last year, we will continue optimizing our product line up to create a standout product that offer exceptional value for money.

2025年，雲集將繼續致力於成為全球有機生活領導者的願景，專注於提供高價值的有機健康食品和優質的高級護膚產品。透過利用去年實現的大幅成本削減，我們將繼續優化我們的產品線，打造出具有卓越性價比的出色產品。

Our strategy centers on shifting towards high margin, high repurchase rated products to enhance profitability and then achieve breakeven. Beyond product sales, Yunji is evolving into a service experience platform, embracing the promising opportunities of the silver economy.

我們的策略重點在於轉向高利潤、高回購率的產品，以提高獲利能力，進而達到收支平衡。除了產品銷售，雲集正在向服務體驗平台轉型，擁抱銀髮經濟的美好機會。

Our innovative tea therapy wellness courses will serve as the cornerstone for building health-focused communities. This program unites product sales, cultural experiences, and social engagement into a cohesive ecosystem, a tree of life, where every branch nurtures growth and connection.

我們創新的茶療健康課程將成為建立以健康為中心的社區的基石。該計劃將產品銷售、文化體驗和社會參與整合成一個有凝聚力的生態系統，一棵生命之樹，其中的每一根樹枝都孕育著成長和連結。

In the future, we will continue to stimulate product innovation, enhance core competence and create greater social value for Chinese families. With that, I will hand it over to Mr. Cui, our Senior Financial Director to go through the financial results.

未來，我們將持續激發產品創新，提升核心競爭力，為華人家庭創造更大的社會價值。接下來，我將把財務結果交給我們的高級財務長崔先生來審核。

Thank you, Shanglue. Hello, everyone. Before I go through our financial results, please note that all numbers that in the following remarks are in RMB terms and all comparisons and the percentage change are on a year over year basis unless otherwise noted.

謝謝你，尚略。大家好。在我介紹我們的財務表現之前，請注意，以下備註中的所有數字均以人民幣計算，所有比較和百分比變化均以同比為基礎，除非另有說明。

During the first quarter of 2024, we maintained our focus on optimizing our cost structure while adapting to evolving market dynamics. We took deliberate steps to refine our staffing structure and then implement cost reductions in areas such as fulfillment and technology. However, these long-term strategic cost saving measures were partially offset by increase in near term expense, including severance costs which affect our bottom line. Despite these changes, these actions represented [critical] progress toward building a more efficient operational framework for the future.

2024 年第一季度，我們繼續專注於優化成本結構，同時適應不斷變化的市場動態。我們採取了謹慎的措施來完善我們的人員結構，然後在履行和技術等領域實施成本削減。然而，這些長期策略成本節約措施被近期費用的增加部分抵消，包括影響我們底線的遣散費用。儘管發生了這些變化，但這些行動代表著朝著建立未來更有效率的營運框架邁出了[關鍵]一步。

Now, let's take a close look at our financials. Total revenue was RMB97.1 million compared to RMB149.1 million a year ago. Revenues from sales and merchandise were RMB75.5 million and the revenues from our marketplace business were RMB19.4 million. These changes were primarily driven by ongoing refinements to our product range across all categories.

現在，讓我們仔細看看我們的財務狀況。總收入為人民幣9,710萬元，去年同期為人民幣1.491億元。銷售及商品收入為人民幣7,550萬元，市場業務收入為人民幣1,940萬元。這些變化主要是由我們各個類別的產品範圍的不斷改進所推動的。

This coupled with the optimization of our supplier and the merchant network resulted in a short-term impact on sales. Despite these changes, our gross margin remained relatively strong at 48.3% mainly due to continued customer loyalty towards our private labels and our effective product curation strategy.

再加上我們的供應商和商家網路的最佳化，對銷售產生了短期影響。儘管發生了這些變化，我們的毛利率仍然保持相對強勁，達到 48.3%，這主要歸功於客戶對我們自有品牌的持續忠誠度以及我們有效的產品策劃策略。

Now let's take a look at our operating expense. Fulfillment expense were RMB16.4 million compared to RMB24.8 million a year ago. The decrease was mainly due to reduced staff cost as a result of staffing structure refinements to reduce the warehousing and the logistics expense due to lower merchandise sales and the lower service fees charged by third party payment settlement platforms.

現在讓我們來看看我們的營運費用。履行費用為人民幣 1,640 萬元，去年同期為 2,480 萬元。減少的主要原因是公司優化人員結構，減少倉儲，從而減少了員工成本；商品銷售減少，以及第三方支付結算平台收取的服務費降低，從而減少了物流費用。

Sales and marketing expenses were RMB30.2 million compared to RMB28.5 million a year ago. The increase was primarily due to an increase in business promotion expense. Technology and content expenses were RMB8.5 million compared to RMB12 million a year ago. This was largely due to the reduction in personnel costs as a result of staffing structure refinements and the reduced server cost.

銷售和行銷費用為人民幣3020萬元，去年同期為人民幣2850萬元。增加的主要原因是業務推廣費用增加。科技與內容支出為人民幣850萬元，去年同期為人民幣1,200萬元。這主要是由於人員結構改進和伺服器成本降低導致人員成本降低。

General and administrative expenses were RMB71.1 million compared to RMB44.5 million a year ago. This was mainly due to severance payments from our staffing restructure and impairment charges on long-lived assets.

一般及行政開支為人民幣7,110萬元，去年同期為人民幣4,450萬元。這主要是由於我們人員重組產生的遣散費和長期資產的減損費用。

Total operating expense in the first quarter increased to RMB126.2 million from RMB109.8 million in the same period of 2023. Loss from operation was RMB77.7 million compared to RMB39.5 million a year ago. Net loss was RMB85 million compared with RMB65.9 million a year ago, while adjusted net loss was RMB84.5 million compared with RMB65 million a year ago.

第一季總營運費用從2023年同期的1.098億元增加至1.262億元。營業虧損為人民幣7,770萬元，去年同期為人民幣3,950萬元。淨虧損為人民幣8,500萬元，去年同期為人民幣6,590萬元；調整後淨虧損為人民幣8,450萬元，去年同期為人民幣6,500萬元。

Basic and diluted net loss per share attributable to ordinary shareholders were both RMB0.04 compared to RMB0.03 in the same period of 2023.

歸屬於普通股股東的每股基本及稀釋淨虧損均為人民幣0.04元，2023年同期為人民幣0.03元。

Turning to liquidity. As of December 31, 2024, we had a total of RMB242.8 million in cash and cash equivalents, restricted cash and the short-term investments on our balance sheet. We are dedicated to making the most of our working capital and as far as managing our assets to better support our operations.

轉向流動性。截至2024年12月31日，我們的資產負債表上的現金及現金等價物、受限現金及短期投資總額為人民幣2.428億元。我們致力於充分利用我們的營運資金並管理我們的資產以更好地支持我們的營運。

In summary, as we enter 2025, we will maintain financial discipline while investing strategically to drive sustainable growth and improve profitability. The restructuring undertaken in 2024 has provided us with a more streamlined operation foundation. We will continue to be prudent with our capital allocation, focusing investment on category asset, demonstrate the potential for sustainable growth and improve profitability.

總而言之，進入2025年，我們將保持財務紀律，同時進行策略性投資，以推動永續成長並提高獲利能力。2024年進行的重組為我們提供了更精簡的營運基礎。我們將持續審慎配置資本，聚焦投資類別資產，展現永續成長的潛力，提升獲利能力。

We believe this disciplined approach to cost management coupled with our effective product curation strategy will enable us to navigate the current market conditions and position us for improved performance in the future. This concludes our prepared remarks for today. Operator, we are now ready to take questions.

我們相信，這種嚴謹的成本管理方法加上有效的產品策劃策略將使我們能夠應對當前的市場狀況，並在未來提高業績。我們今天的準備演講到此結束。接線員，我們現在可以回答問題了。

(Operator Instructions) [Megan Wang], investor.

（操作員指示）[Megan Wang]，投資者。

(spoken in Chinese)

（用中文說）

(interpreted) Thank you for your question. Let me share more about our Jianxin tea therapy product. And then this project is going to be launched in May and then it aims is to -- it allows our users to enjoy a space and where people can calm their minds, connect their body and soul, and embrace a healthier lifestyle and what makes this unique is our production plus the ritualized service model, which creates a complete experience, not just a tea, but a journey towards wellness.

（翻譯）感謝您的提問。下面我來跟大家分享我們的建心茶療產品。這個計畫將於五月啟動，目標是——讓我們的用戶享受一個空間，讓人們可以平靜心靈，連結他們的身體和靈魂，擁抱更健康的生活方式，而這個空間的獨特之處在於我們的生產加上儀式化的服務模式，它創造了一種完整的體驗，不僅僅是一杯茶，而是一段健康之旅。

Tea itself holds a deep cultural significance for us as the Chinese people. For Jianxin tea, we carefully selected award-winning organic black tea from Wuyi mountain.

茶本身對我們中國人民來說有著深厚的文化意義。對於建造新茶，我們精心挑選了來自武夷山的屢獲殊榮的有機紅茶。

It is certified organic by multiple countries, and it comes from the traditional production area of Wuyi mountain. The tea has a beautiful glossy black appearance and a bruises into a smooth sweet infusion that embodies quality.

經多國有機認證，產自武夷山傳統產區。此茶外觀美麗，呈現光澤的黑色，湯汁柔滑甜美，品質優良。

But the real magic lines in the tea therapy ritual which is an 80-minute experience divided into three parts, 20 minutes of traditional stretching, 40 minutes of tea tasting and meditation with Jianxin tea, and then 20 minutes of sharing a functions with then fellow participants.

但真正神奇的是茶療儀式，這是一個 80 分鐘的體驗，分為三個部分：20 分鐘的傳統伸展運動、40 分鐘的品茶和用建心茶冥想，然後是 20 分鐘與其他參與者分享功能。

This isn't just about drinking tea. It is about self-healing through classical culture and finding joy in daily moments. The program even integrates a professionally designed curriculum based on Chinese classical studies to help participants achieve self-awareness and inner harmony.

這不僅僅是喝茶那麼簡單。它是關於透過古典文化進行自我療癒並在日常生活中尋找快樂。該計畫甚至整合了基於中國古典研究的專業設計課程，以幫助參與者實現自我意識和內在和諧。

Through this ritual, participants can improve blood circulation and gain insights into themselves, all while boosting physical strength, refreshing their minds, and nourishing their hearts.

透過這個儀式，參與者可以改善血液循環，洞察自我，同時增強體力，提神醒腦，滋養心靈。

The name Jianxin itself reflects this philosophy. It means achieving innate knowledge of the good. In essence, it is about removing negativity and embracing positivity to live a more fulfilling life.

建造新這個名字本身就體現了這個理念。這意味著獲得關於善的先天知識。本質上，它是關於消除消極情緒，擁抱積極情緒，以過更充實的生活。

Finally, this project isn't just about personal wellness, it also strengthen our community and drive sales of our organic health products. It is a holistic approach that connects people to health, culture, and happiness. Thank you for your question.

最後，這個計畫不僅關乎個人健康，它還加強了我們的社區並推動了我們的有機健康產品的銷售。這是一種將人們與健康、文化和幸福聯繫起來的整體方法。感謝您的提問。

As there are no further questions, this will conclude our question-and-answer session as well as our conference call for today. Thank you for attending today's presentation. You may now disconnect.

由於沒有其他問題，我們今天的問答環節和電話會議就此結束。感謝您參加今天的演講。您現在可以斷開連線。

Portions of this transcript that are marked (interpreted) were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

本記錄中標記（翻譯）的部分是由現場通話中的翻譯人員說的。翻譯由贊助此活動的公司提供。