Yunji Inc (YJ) 2025 Q2 法說會逐字稿

Good morning and good evening, ladies and gentlemen. Thank you for standing by, and welcome to Yunji's first-half 2025 earnings conference call. With us today are Mr. Shanglue Xiao, Chairman and Chief Executive Officer; and Mr. Nan Song, Senior Financial Director. As a reminder, this conference call is being recorded.

女士們、先生們，早安、晚上好。感謝您的支持，歡迎參加雲集2025年上半年財報電話會議。今天與我們一起出席的有董事長兼首席執行官肖尚略先生和高級財務總監宋楠先生。提醒一下，本次電話會議正在錄音。

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 marketing operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors of Yunji and its industry. These forward-looking statements can be identified by terminologies such as will, expect, anticipate, continue or similar expressions. For a detailed discussion of these risks and uncertainties, please refer to the company's related documents filed with the US SEC.

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營銷運營狀況，並與涉及雲集及其行業已知或未知風險、不確定性和其他因素的事件有關。這些前瞻性陳述可以透過諸如將、期望、預期、繼續或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 date and are expressly qualified in the entirety by cautionary statements, risk factors and other details of its filing with the SEC. The company does not undertake any obligation to update these statements, except as required under applicable law.

本公司在本次電話會議上所做的任何前瞻性陳述均基於截至目前為止的假設，並受到警告聲明、風險因素及其向美國證券交易委員會提交的文件的其他細節的明確限制。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。

With that, I will now turn it over to Mr. Shanglue Xiao, Chairman and CEO of Yunji. Please go ahead, sir.

現在，我將把時間交給雲集董事長兼執行長肖尚略先生。先生，請繼續。

Apologies, ladies and gentlemen, we seem to have disconnected with our speakers. Please hold while we reconnect. (technical difficulty)

抱歉，女士們，先生們，我們似乎與發言者斷線了。請稍候，我們正在重新連線。（技術難度）

Ladies and gentlemen, we've reconnected with our speaker line. Please proceed with the presentation.

女士們、先生們，我們已經重新接通了揚聲器線。請繼續演示。

(interpreted) Hello, everyone and welcome to Yunji's first-half 2025 earnings call. Thank you for your continued interest and support.

（翻譯）大家好，歡迎參加雲集2025年上半年財報電話會議。感謝您一直以來的關注與支持。

Over the past six months, we have remained firmly anchored to our organic health strategy. While overall market conditions and a weakened consumer confidence have led to a slight decline in our total revenue, we believe that staying committed to organic health is the right strategy and represents an important opportunity for Yunji's future development.

在過去的六個月裡，我們始終堅定地堅持我們的有機健康策略。雖然整體市場狀況和消費者信心減弱導致我們的總收入略有下降，但我們相信，堅持有機健康是正確的策略，也是雲集未來發展的重要機會。

And we have centered our strategy on organic health positioning [Qingziyang] Organic Milk as our flagship product to shape our brand image in this space. The product achieved an RMB5 million in sales at launch, helping establish Yunji's health-focused brand awareness among consumers. Building on this success, we will gradually expand the concept from this foundation. Additionally, Qingziyang milk will serve as an important tool for Yunji's expansion, helping us better penetrate the retail market developed through community leaders.

我們的策略以有機健康為中心，將【青子洋】有機牛奶定位為旗艦產品，塑造我們在該領域的品牌形象。該產品上市即實現500萬元銷售額，幫助雲集在消費者中建立了以健康為中心的品牌知名度。在此成功的基礎上，我們將逐步擴展這個概念。此外，青子揚牛奶將成為雲集擴張的重要工具，幫助我們更好地滲透透過社群領袖開發的零售市場。

Over the past six months, our other major products have also performed exceptionally well. Life Slimming Coffee achieved sales of over RMB10 million, Probiotic Bolus reached nearly RMB70 million, while freeze-dried sea buckthorn powder and [Herbal Essentia paste], each generated more than RMB5 million in sales. This success comes from our organic health strategy and our scientific weight management product selection, both aligned closely with the national health agenda outlined in Healthy China 2030, a government initiative that sets long-term goals to improve public health and healthcare by 2030. This marks our approach sustainable in the long term and holds tremendous development potential. Moving forward, we will continue to expand our brand influence, fully integrated organic health concept and continually optimize our product mix.

在過去的六個月裡，我們的其他主要產品也表現非常出色。其中，生命瘦身咖啡銷售額突破1000萬元，益生菌丸銷售額近7000萬元，凍乾沙棘粉和【草本艾滋膏】銷售額均超過500萬元。這項成功源自於我們的有機健康策略和科學的體重管理產品選擇，這兩者都與「健康中國2030」中概述的國家健康議程緊密結合，「健康中國2030」是一項政府倡議，設定了到2030年改善公共健康和醫療保健的長期目標。這標誌著我們的做法具有長期可持續性，並具有巨大的發展潛力。未來，我們將持續擴大品牌影響力，全面融入有機健康概念，並不斷優化產品結構。

Our beauty brand, SUYE, offers high-value products that align closely with the consumer preferences in today's market. Its approach of combining major products with high-impact promotions has an achieved positive market feedback. The SUYE PRO-XLANE FIRMING ESSENCE LOTION generated over RMB4 million in sales at launch and more than [32] of the buyers being returning dormant users. The entire SUYE PRO-XLANE FIRMING Series, including creams, lotion, and essences generated sales exceeding RMB10 million.

我們的美容品牌 SUYE 提供與當今市場消費者偏好緊密相關的高價值產品。其主打產品與強勢促銷相結合的營銷方式獲得了積極的市場回饋。素葉PRO-XLANE緊緻精華露上市即創下超過400萬元的銷售額，其中超過[32]的購買者是回頭客。素葉PRO-XLANE FIRMING全系列產品，含乳霜、乳液、精華液，銷售額突破1,000萬元人民幣。

In terms of the channels and brand development, we are actually expanding public domain channels, upgrading our Tmall infrastructure, establishing partnership with top influencers for live streaming sales and enhancing WeChat channels content. Currently, our WeChat channel transaction volume ranks higher than 92% of our peers. As we expand our public domain sales, we will continue monitoring market expenses and constantly improving cost efficiency.

在通路和品牌發展方面，我們實際上正在擴展公共領域管道，升級我們的天貓基礎設施，與頂級影響者建立合作夥伴關係進行直播銷售，並增強微信管道內容。目前，我們的微信通路交易量排名高於92%的同業。隨著我們擴大公共領域銷售，我們將繼續監控市場費用並持續提高成本效率。

Our Jianxin Tea Therapy business is currently in the incubation phase. Thanks to the strong growth potential and the customer loyalty of the tea therapy program, we successfully reached our goal of building a 100% tea therapy team in the first half of the year where the frequent users maintained a solid 50% participation rate. More notably, participants in the tea therapy program have gradually expanded from existing members to (inaudible) high net worth individuals.

我們的建心茶療業務目前正處於孵化階段。由於茶療專案強大的成長潛力和客戶忠誠度，我們在上半年成功實現了打造100%茶療團隊的目標，常客參與率維持了50%的穩定。更值得注意的是，茶療計畫的參與者已經從現有會員逐漸擴大到（聽不清楚）高淨值人士。

At present, our channel members booking through the program account for nearly 15% of often all participants, creating significant opportunities for further business growth. Meanwhile, the tea therapy program will help Yunji further establish our organic health image and provide quality traffic for our organic health products. In the first half of 2025, over 90% of the tea therapy users purchased our main products, effectively supporting sales of our other health products.

目前，透過該計劃預訂的管道會員已佔所有參與者的近15%，為進一步的業務成長創造了巨大的機會。同時，茶療計畫將有助於雲集進一步建立有機健康形象，為有機健康產品提供優質流量。2025年上半年，超過90%的茶療用戶購買了我們的主要產品，有效支撐了我們其他健康產品的銷售。

The rapid growth of internet retail is posing new challenges for our community retail group leaders. Under this trend, community group leaders are more inclined to embrace private domain e-commerce and connect with the store suppliers. Therefore, in the future, we will focus on expanding our community group leader channels, placing organic foods in community group leaders' stores. This will not only empower community group leaders but also allow more people to conveniently enjoy our organic products, ultimately achieving mutual benefits and win-win results.

網路零售的快速成長為我們社區零售集團領導帶來了新的挑戰。在此趨勢下，社區群主更傾向擁抱私域電商，與門市供應商對接。因此，未來我們會專注於拓展社區團長通路，將有機食品放到社區團長的店裡。這不僅賦能了社區小組長，也讓更多的人能夠方便地享受我們的有機產品，最終實現互利共贏。

With that, I will hand over to Ms. Nan Song, our Senior Financial Director, to go through the financial results.

接下來，我將把會議交給我們的高級財務總監宋楠女士來審查財務結果。

Thank you, Shanglue. Hello, everyone. Before I go through our financial results, please note that all numbers stated in the following remarks are in RMB terms and all comparisons and percentage changes are on a year-over-year basis unless otherwise noted. During the first half of 2025, market uncertainties still posted challenges to our operations, even though our financial position allowed us to continue advancing our strategic initiatives. We continue to assess the profitability of both new and existing business lines and make timely adjustments to adapt to shifting market conditions, ensuring we're meeting our leveraged financial foundation while driving ongoing improvements.

謝謝你，尚略。大家好。在我介紹我們的財務表現之前，請注意，以下備註中列出的所有數字均以人民幣計算，所有比較和百分比變化均為同比變化，除非另有說明。2025年上半年，儘管我們的財務狀況使我們能夠繼續推進策略舉措，但市場不確定性仍然為我們的營運帶來挑戰。我們持續評估新業務線和現有業務線的獲利能力，並及時調整以適應不斷變化的市場條件，確保我們滿足槓桿財務基礎，同時推動持續改善。

Now let's take a close look at our financials. Total revenue were RMB158.3 million compared to RMB233.8 million a year ago. Revenues from sales of merchandise were RMB131.7 million and revenues from our marketplace business were RMB24.5 million. The changes were primarily due to softer consumer confidence and our ongoing strategy to refine product selection across all categories and optimization our supply and merchant bases, which affected our sales.

現在讓我們仔細看看我們的財務狀況。總收入為人民幣1.583億元，去年同期為人民幣2.338億元。商品銷售收入為人民幣1.317億元，市場業務收入為人民幣2,450萬元。這些變化主要是由於消費者信心減弱以及我們正在實施的完善所有類別產品選擇和優化供應和商家基礎的策略，這些都影響了我們的銷售。

Despite these challenges, our gross margin remained relative solid at 47.3%. This was due to sustained customer loyalty towards our promised levels and our effective product curation trait that emphasis high margin, high rotation category within our integrated product portfolio.

儘管面臨這些挑戰，我們的毛利率仍保持相對穩定，達到 47.3%。這是由於客戶對我們承諾的水平的持續忠誠度以及我們有效的產品管理特徵，強調我們綜合產品組合中的高利潤、高週轉類別。

Now let's take a look at our operating expenses. Fulfillment expenses decreased to RMB20.6 million from RMB42.6 million a year ago. This was primarily driving by lower warehousing and logistics costs from reduced merchandise sales with low personnel expense for staffing structure refinements. Sales and marketing expense were RMB50.1 million compared to RMB47.5 million a year ago. This was primarily due to high member management fees from growing the membership base and increased personnel cost to support expansion into markets, partially offset by advertising expenses.

現在讓我們來看看我們的營運費用。履行費用從一年前的4260萬元人民幣下降至2060萬元。這主要是由於商品銷售減少導致倉儲和物流成本降低，以及人員結構改進導致人員費用降低。銷售及行銷費用為人民幣5010萬元，去年同期為人民幣4750萬元。這主要是由於會員基礎擴大導致的會員管理費用高昂，以及支持市場擴張的人員成本增加，但部分被廣告費用所抵銷。

Technology and content expenses were RMB15.3 million compared to RMB25.5 million a year ago. The decrease was mainly due to a reduction in personnel cost resulting from staffing structure optimization. General and administrative expenses were RMB93.4 million compared to RMB33.5 million a year ago. The increase was mainly due to a high allowance for credit losses, partly offset by lower professional service expenses and personnel costs. Excluding the onetime loss, G&A expenses decreased by 35.6%, reflecting the result of our expenses optimization effect. Total operating expenses in the first half of 2025 were RMB179.4 million compared to RMB149.1 million in the same period of 2024.

科技和內容支出為人民幣 1,530 萬元，去年同期為 2,550 萬元。主要是由於公司優化人員結構，減少人員成本。一般及行政開支為人民幣 9,340 萬元，去年同期為 3,350 萬元。成長的主要原因是信貸損失準備金較高，但專業服務費用和人員成本較低，部分抵消了這一增長。剔除一次性損失，一般及行政開支下降了35.6%，反映了我們費用優化的效果。2025年上半年總營業費用為人民幣1.794億元，而2024年同期為人民幣1.491億元。

Loss from operations was RMB100.4 million compared to loss of operating of RMB32.4 million a year ago. Net loss was RMB100.7 million compared with net loss of RMB8 million a year ago, while adjusted net loss was RMB100.5 million compared with adjusted net loss of RMB6.7 million a year ago. Basic and diluted net loss per share attributed to ordinary shareholders were both RMB0.05 compared with basic and diluted net income per share of -- in the same period of 2024.

營業虧損為人民幣1.004億元，而去年同期的營業虧損為人民幣3,240萬元。淨虧損為人民幣1.007億元，去年同期淨虧損為人民幣800萬元；調整後淨虧損為人民幣1.005億元，去年同期調整後淨虧損為人民幣670萬元。歸屬於普通股股東的每股基本及稀釋淨虧損均為0.05元人民幣，而2024年同期每股基本及稀釋淨利均為--元。

Turning to recorded as of [June] 30, 2025, we had a total of [RMB217.1 million] in cash and cash equivalent expected cash and short-term investment on our balance sheet compared to [RMB242.8 million] as of December 31, 2024. Our liquid assets provide adequate coverage for our payable obligation. In addition, we are (inaudible) to making the most of our working capital and (inaudible) managing our assets to best support our operations.

截至 2025 年 6 月 30 日，我們的資產負債表上的現金及現金等價物預期現金及短期投資總額為 [人民幣 2.171 億元]，而截至 2024 年 12 月 31 日為 [人民幣 2.428 億元]。我們的流動資產足以支付我們的應付債務。此外，我們（聽不清楚）將充分利用我們的營運資金並（聽不清楚）管理我們的資產，以最好地支持我們的營運。

To sum up, during the first half of 2025, we continue to optimize our cost structure while ensuring efficient capital allocation. We remain committed to maintaining financial discipline and driving improved profitability while supporting long-term sustainable growth. Our continued focus on (inaudible) integration together with our commitment to efficient asset utilization play a key role in achieving this improvement.

總而言之，2025年上半年，我們將持續優化成本結構，同時確保高效率的資本配置。我們將持續致力於維護財務紀律、提高獲利能力，同時支持長期永續成長。我們持續專注於（聽不清楚）整合，並致力於高效資產利用，這對實現這項改進起著關鍵作用。

Looking ahead, we will concentrate on continuously improve our gross margin, aiming to achieve breakeven and strengthening our overall financial position with a strategic focus, where we are prepared to manage future (inaudible) and capture growth opportunities in a evolving market environment. This concludes our prepared remarks for today. Thank you.

展望未來，我們將致力於不斷提高毛利率，力爭實現收支平衡，並以戰略重點加強我們的整體財務狀況，我們準備管理未來（聽不清楚）並在不斷變化的市場環境中抓住成長機會。我們今天的準備演講到此結束。謝謝。

This brings us to the end of today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。謝謝您的出席。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。