Yunji Inc. (“Yunji” or the “Company”) (NASDAQ: YJ), a leading
membership-based social e-commerce platform, today announced its
unaudited financial results for the second quarter ended June 30,
20201.
Second Quarter 2020
Highlights
-
GMV2 in the second quarter
of 2020 was RMB7.8 billion (US$1.1 billion), compared with RMB8.2
billion in the same period of 2019. GMV related to marketplace
revenues in the second quarter of 2020 was RMB4.9 billion (US$0.7
billion), compared with RMB2.2 billion in the same period of
20195.
- Total revenues in
the second quarter of 2020 were RMB1,486.9 million (US$210.5
million), compared with RMB3,064.1 million in the same period of
2019, primarily due to an increase in the proportion of the
Company’s business contributed from its marketplace business, which
recognizes revenues on a net basis.
- Transacting
members3 in the
twelve months ended June 30, 2020 continued to increase to 12.2
million due to the Company’s ongoing refinement of its membership
enrollment system since January 2020.
Mr. Shanglue Xiao, Chairman and Chief Executive
Officer of Yunji, said, “We continued to lay the foundation for our
long-term growth by shifting more of our sales volumes to our
marketplace model, establishing partnerships with quality emerging
brands and introducing additional attractive private label brands
to users on our platform as well as other platforms. We began to
leverage our differentiated product offerings and unique value
proposition during the second quarter to engage a more diverse
range of partners and further develop our online-offline integrated
sales channels for private label brand, emerging brand, and
joint-venture brand products. In recognition of the increasingly
vital role that social sharing is playing throughout the social
e-commerce purchasing process, we decided to allocate a larger
portion of our resources towards service manager training on best
practices for user interactions. Users have responded well to our
increasingly refined product purchasing experience, and we expect
to continue making progress on this front in the future. Looking
ahead, we believe that our competitive advantages in supply chain,
unique product offerings, and social features have positioned us
well to widen our economic moats and enter into a new growth cycle
going forward. Meanwhile, we would also like to express
our appreciation to our suppliers, third-party merchants,
third-party logistics service providers, and other business
partners, who stood together with us during our gradual
recovery from COVID-19 pandemic in this quarter.”
“In the second quarter of 2020, we continued to
focus on shifting more of our sales volumes to our marketplace
model and to refine our membership enrollment system. As expected,
our topline performance was impacted by our commitment to these
overarching goals in the period. Despite many industry players
offering subsidies to boost sales, we decided to forgo such
short-term distractions and instead focus on implementing our
long-term growth plan and effective cost control measures. As such,
we reported an adjusted net income of RMB20.1 million in the
quarter as compared to an adjusted net loss in the same period of
2019, further showcasing the consistent progress we are making
towards healthy profitability. In addition, to meet our operational
and liquidity needs in light of COVID-19, we continued to closely
and proactively monitor our cash flow, making a consistent effort
to settle our payment with increasingly favorable terms to us and
maintain a healthy level of working capital.” said Mr. Chen Chen,
Chief Financial Officer of Yunji.
Second Quarter 2020 Unaudited Financial
Results
Total revenues were RMB1,486.9
million (US$210.5 million), compared with RMB3,064.1 million in the
same period of 2019, which was primarily due to a decrease in
revenues from sales of merchandise as a result of an increase in
the proportion of the Company’s business contributed from its
marketplace business. Revenues generated through the marketplace
business are recognized on a net basis and contributed to
marketplace revenues, while revenues generated from merchandise
sales are recognized on a gross basis and contributed to sales of
merchandise, net.
- Revenues from sales of merchandise,
net decreased by 52.4% to RMB1,299.3 million (US$183.9 million)
from RMB2,731.6 million in the same period of 2019. The decrease
was primarily due to the decrease in GMV related to merchandise
sales as the Company continued to refine its resource allocation
plan to further improve the operational efficiencies of its
merchandise sales, marketplace business, and merchants on the
platform.
- Revenues from the membership
program were RMB12.3 million (US$1.7 million), compared with
RMB267.6 million in the same period of 2019. The decrease was due
to the Company’s ongoing refinement of its membership enrollment
system. Starting from January 2020, the Company has allowed for any
user to become a member and enjoy membership benefits free of
charge for one year by simply registering for an account on the
Yunji app. Revenues from the membership program in the second
quarter of 2020 were from the deferred revenue of prior paying
members.
- Revenues from the marketplace
business increased by 201.3% to RMB159.6 million (US$22.6 million)
from RMB53.0 million in the same period of 2019, which was the
result of the increased number of popular brands and merchants on
the Company's platform and higher commission rates for its
marketplace business.
- Other revenues increased by 31.4%
to RMB15.6 million (US$2.2 million) from RMB11.9 million in the
same period of 2019.
Total cost of revenues
decreased by 55.8% to RMB1,053.7 million (US$149.1 million) from
RMB2,383.1 million in the same period of 2019. This decrease was
mainly attributable to the decline in merchandise sales, which
recognize revenues on a gross basis. Total cost of revenues was
mainly composed of those costs related to the sales of merchandise
revenue in the second quarter of 2020 due to the start of the free
membership program from January 2020.
Total operating expenses
decreased by 38.6% to RMB486.6 million (US$68.9 million) from
RMB792.9 million in the same period of 2019.
- Fulfillment
expenses decreased by 56.5% to RMB129.0 million (US$18.3
million), or 8.7% of total revenues, from RMB296.5 million, or 9.7%
of total revenues, in the same period of 2019. The decrease was
mainly due to: (i) reduced warehousing and logistics expenses due
to lower merchandise sales and improved logistics efficiency, (ii)
decreased third-party payment transaction fees due to lower
commission rates, and (iii) reduced personnel costs due to
headcount optimization.
- Sales and marketing
expenses decreased by 32.7% to RMB228.4 million (US$32.3
million), or 15.4% of total revenues, from RMB339.4 million, or
11.1% of total revenues, in the same period of 2019. The decrease
was mainly due to the reduction in member management fees,
resulting from improvements to member management
efficiency.
- Technology and content
expenses decreased by 36.0% to RMB58.6 million (US$8.3
million), or 3.9% of total revenues, from RMB91.6 million, or 3.0%
of total revenues, in the same period of 2019. The decrease was
mainly due to reduced server costs resulting from the better
contract terms that the Company was able to secure with its server
providers as well as reduced personnel costs as a result of
headcount optimization.
- General and administrative
expenses increased by 8.1% to RMB70.7 million (US$10.0
million), or 4.8% of total revenues, from RMB65.4 million, or 2.1%
of total revenues, in the same period of 2020. The increase was
mainly due to: (i) increased share-based compensation expenses,
resulting from new grants of share-based awards, and (ii) increased
professional service fees, including auditor and attorney fees,
which were partially offset by reduced personnel costs as a result
of headcount optimization.
Loss from operations was
RMB45.2 million (US$6.4 million), compared with RMB103.9 million in
the same period of 2019.
Net loss was RMB17.5 million
(US$2.5 million), compared with RMB84.5 million in the same period
of 2019.
Adjusted net
income4 was RMB20.1 million (US$2.8
million), compared with an adjusted net loss of RMB39.2 million in
the same period of 2019.
Basic and diluted net loss per
share attributable to ordinary shareholders was RMB0.01
(US$0.001), compared with RMB0.28 in the same period of 2019.
Use of Non-GAAP Financial
Measures
In evaluating the business, the Company
considers and uses adjusted net income/(loss) as a supplemental
measure to review and assess operating performance. The
presentation of this non-GAAP financial measure is not intended to
be considered in isolation or as a substitute for the financial
information prepared and presented in accordance with U.S. GAAP.
The Company defines adjusted net income/(loss) as net income/(loss)
excluding share-based compensation.
The Company presents adjusted net income/(loss)
because it is used by management to evaluate operating performance
and formulate business plans. Adjusted net income/(loss) enables
management to assess operating performance without considering the
impact of share-based compensation recorded under ASC 718,
“Compensation-Stock Compensation”. The Company also believes that
the use of this non-GAAP measure facilitates investors’ assessment
of operating performance.
This non-GAAP financial measure is not defined
under U.S. GAAP and is not presented in accordance with U.S. GAAP.
The non-GAAP financial measure has limitations as an analytical
tool. One of the key limitations of using adjusted net
income/(loss) is that it does not reflect all items of income and
expense that affect the Company’s operations. Share-based
compensation has been and may continue to be incurred in Yunji’s
business and is not reflected in the presentation of adjusted net
income/(loss). Further, this non-GAAP measure may differ from the
non-GAAP information used by other companies, including peer
companies, and therefore its comparability may be limited.
The Company compensates for these limitations by
reconciling the non-GAAP financial measure to the nearest U.S. GAAP
performance measure, all of which should be considered when
evaluating performance. Yunji encourages investors and others to
review its financial information in its entirety and not rely on a
single financial measure.
For more information on the non-GAAP financial
measures, please see the table captioned “Reconciliation of
Non-GAAP Measures to The Most Directly Comparable Financial
Measures” set forth at the end of this press release.
Conference Call
The Company will host a conference call on
Tuesday, August 25, 2020, at 7:30 AM Eastern Time or 7:30 PM
Beijing/Hong Kong Time to discuss its earnings.
In advance of the conference call, all
participants must use the following link to complete the online
registration process. Upon registering, each participant will
receive important details for this conference including the call
date and time, a unique registrant ID, and a set of participant
dial-in numbers to join the conference call.
Conference ID |
3145988 |
Registration Link |
http://apac.directeventreg.com/registration/event/3145988 |
A telephone replay of the call will be available
after the conclusion of the conference call for one week.
Dial-in numbers for the replay are as
follows:
United States Toll Free |
+1-855-452-5696 |
International |
+61-2-8199-0299 |
Conference ID |
3145988 |
Safe Harbor Statements
This announcement contains forward-looking
statements. These statements are made under the “safe harbor”
provisions of the U.S. Private Securities Litigation Reform Act of
1995. These forward-looking statements can be identified by
terminology such as “will,” “expects,” “anticipates,” “aims,”
“future,” “intends,” “plans,” “believes,” “estimates,” “confident,”
“potential,” “continue” or other similar expressions. Among other
things, the quotations from management in this announcement, as
well as Yunji’s strategic and operational plans, contain
forward-looking statements. Yunji may also make written or oral
forward-looking statements in its periodic reports to the U.S.
Securities and Exchange Commission (the “SEC”), in its annual
report to shareholders, in press releases and other written
materials and in oral statements made by its officers, directors or
employees to third parties. Statements that are not historical
facts, including but not limited to statements about Yunji’s
beliefs and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and
uncertainties. A number of factors could cause actual results to
differ materially from those contained in any forward-looking
statement, including but not limited to the following: Yunji’s
growth strategies; its future business development, results of
operations and financial condition; its ability to understand buyer
needs and provide products and services to attract and retain
buyers; its ability to maintain and enhance the recognition and
reputation of its brand; its ability to rely on merchants and
third-party logistics service providers to provide delivery
services to buyers; its ability to maintain and improve quality
control policies and measures; its ability to establish and
maintain relationships with merchants; trends and competition in
China’s e-commerce market; changes in its revenues and certain cost
or expense items; the expected growth of China’s e-commerce market;
PRC governmental policies and regulations relating to Yunji’s
industry, and general economic and business conditions globally and
in China and assumptions underlying or related to any of the
foregoing. Further information regarding these and other risks is
included in Yunji’s filings with the SEC. All information provided
in this press release and in the attachments is as of the date of
this press release, and Yunji undertakes no obligation to update
any forward-looking statement, except as required under applicable
law.
About Yunji Inc.
Yunji Inc. is a leading social e-commerce
platform in China that has pioneered a unique, membership-based
model to leverage the power of social interactions. The Company's
e-commerce platform offers high-quality products at attractive
prices across a wide variety of categories catering to the
day-to-day needs of Chinese consumers. In addition, the Company
uses advanced technologies including big data and artificial
intelligence to optimize user experience and incentivize members to
promote the platform as well as share products with their social
contacts. Through deliberate product curation, centralized
merchandise sourcing, and efficient supply chain management, Yunji
has established itself as a trustworthy e-commerce platform with
high-quality products and exclusive membership benefits, including
discounted prices.
For more information, please visit
https://investor.yunjiglobal.com/
Investor Relations Contact
Yunji Inc.Investor RelationsEmail:
Yunji.IR@icrinc.comPhone: +1 (646) 224-6957
ICR, Inc.Xinran RaoEmail:
Yunji.IR@icrinc.comPhone: +1 (646) 224-6957
YUNJI INC. |
|
UNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS(All amounts in thousands, except for share
and per share data, unless otherwise noted) |
|
|
As of |
|
|
December 31,2019 |
|
June 30,2020 |
|
|
RMB |
|
RMB |
|
US$ |
ASSETS |
|
|
|
|
|
|
Current Assets |
|
|
|
|
|
|
Cash and cash equivalents |
|
883,369 |
|
1,076,960 |
|
152,434 |
Restricted cash |
|
84,374 |
|
105,524 |
|
14,936 |
Short-term investments |
|
774,736 |
|
477,960 |
|
67,651 |
Accounts receivable, net |
|
28,527 |
|
18,996 |
|
2,689 |
Advance to suppliers |
|
87,289 |
|
78,947 |
|
11,174 |
Inventories, net |
|
428,322 |
|
313,778 |
|
44,412 |
Amounts due from related parties |
|
6,830 |
|
10,112 |
|
1,431 |
Prepaid expenses and other current assets |
|
567,432 |
|
468,462 |
|
66,306 |
|
|
|
|
|
|
|
Total current assets |
|
2,860,879 |
|
2,550,739 |
|
361,033 |
|
|
|
|
|
|
|
Non-current assets |
|
|
|
|
|
|
Property and equipment, net |
|
45,344 |
|
38,879 |
|
5,503 |
Long-term investments9 |
|
198,860 |
|
212,884 |
|
30,132 |
Deferred tax assets |
|
97,792 |
|
56,435 |
|
7,988 |
Operating lease right-of-use assets, net |
|
43,043 |
|
31,800 |
|
4,501 |
Other non-current assets |
|
56,281 |
|
142,663 |
|
20,193 |
|
|
|
|
|
|
|
Total non-current assets |
|
441,320 |
|
482,661 |
|
68,317 |
|
|
|
|
|
|
|
Total assets |
|
3,302,199 |
|
3,033,400 |
|
429,350 |
|
|
|
|
|
|
|
YUNJI INC. |
|
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(CONTINUED)(All amounts in thousands, except for
share and per share data, unless otherwise noted) |
|
|
As of |
|
|
December 31,2019 |
|
June 30,2020 |
|
|
RMB |
|
RMB |
|
US$ |
LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’
(DEFICITS)/EQUITY |
|
|
|
|
|
|
Current Liabilities |
|
|
|
|
|
|
Accounts payable |
|
741,959 |
|
656,399 |
|
92,906 |
Deferred revenue |
|
181,828 |
|
97,552 |
|
13,808 |
Incentive payables to members |
|
384,486 |
|
330,056 |
|
46,716 |
Refund payable to members7 |
|
26,883 |
|
3,713 |
|
526 |
Member management fees payable |
|
78,355 |
|
45,568 |
|
6,450 |
Other payable and accrued liabilities |
|
349,111 |
|
318,022 |
|
45,013 |
Amounts due to related parties |
|
18,296 |
|
27,076 |
|
3,832 |
Operating lease liabilities - current |
|
17,559 |
|
15,813 |
|
2,238 |
|
|
|
|
|
|
|
Total current liabilities |
|
1,798,477 |
|
1,494,199 |
|
211,489 |
|
|
|
|
|
|
|
Non-current liabilities |
|
|
|
|
|
|
Operating lease liabilities |
|
27,734 |
|
20,824 |
|
2,947 |
Deferred tax liabilities |
|
11,329 |
|
10,209 |
|
1,445 |
|
|
|
|
|
|
|
Total non-current liabilities |
|
39,063 |
|
31,033 |
|
4,392 |
|
|
|
|
|
|
|
Total Liabilities |
|
1,837,540 |
|
1,525,232 |
|
215,881 |
|
|
|
|
|
|
|
YUNJI INC. |
|
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(CONTINUED)(All amounts in thousands, except for
share and per share data, unless otherwise noted) |
|
|
As of |
|
|
December 31,2019 |
|
June 30,2020 |
|
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
Shareholders’ equity |
|
|
|
|
|
|
Ordinary shares |
|
70 |
|
|
70 |
|
|
10 |
|
Less:Treasury stock |
|
(96,669 |
) |
|
(112,724 |
) |
|
(15,955 |
) |
Additional paid-in capital |
|
7,255,404 |
|
|
7,326,320 |
|
|
1,036,973 |
|
Statutory reserve |
|
11,633 |
|
|
11,633 |
|
|
1,647 |
|
Accumulated other comprehensive income |
|
88,863 |
|
|
106,446 |
|
|
15,067 |
|
Accumulated deficit |
|
(5,805,332 |
) |
|
(5,830,392 |
) |
|
(825,238 |
) |
Total Yunji Inc. shareholders’ equity |
|
1,453,969 |
|
|
1,501,353 |
|
|
212,504 |
|
Non-controlling interests |
|
10,690 |
|
|
6,815 |
|
|
965 |
|
Total shareholders’ equity |
|
1,464,659 |
|
|
1,508,168 |
|
|
213,469 |
|
Total liabilities and shareholders’ equity |
|
3,302,199 |
|
|
3,033,400 |
|
|
429,350 |
|
|
|
|
|
|
|
|
|
|
|
YUNJI INC. |
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE LOSS (All amounts in thousands,
except for share and per share data, unless otherwise
noted) |
|
|
For the Three Months Ended |
|
For the Six Months Ended |
|
|
June 30,2019 |
|
June 30,2020 |
|
June 30,2019 |
|
June 30,2020 |
|
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Sales of merchandise, net |
|
2,731,597 |
|
|
1,299,325 |
|
|
183,908 |
|
|
5,951,772 |
|
|
2,745,182 |
|
|
388,555 |
|
Membership program revenue |
|
267,568 |
|
|
12,333 |
|
|
1,746 |
|
|
424,183 |
|
|
37,467 |
|
|
5,303 |
|
Marketplace revenue5 |
|
52,989 |
|
|
159,643 |
|
|
22,596 |
|
|
56,407 |
|
|
317,714 |
|
|
44,970 |
|
Other revenues |
|
11,896 |
|
|
15,628 |
|
|
2,212 |
|
|
17,243 |
|
|
35,772 |
|
|
5,063 |
|
Total revenues |
|
3,064,050 |
|
|
1,486,929 |
|
|
210,462 |
|
|
6,449,605 |
|
|
3,136,135 |
|
|
443,891 |
|
Operating cost and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues |
|
(2,383,097 |
) |
|
(1,053,705 |
) |
|
(149,142 |
) |
|
(5,114,134 |
) |
|
(2,201,728 |
) |
|
(311,634 |
) |
Fulfilment |
|
(296,536 |
) |
|
(129,004 |
) |
|
(18,260 |
) |
|
(567,147 |
) |
|
(267,090 |
) |
|
(37,803 |
) |
Sales and marketing |
|
(339,390 |
) |
|
(228,351 |
) |
|
(32,321 |
) |
|
(602,571 |
) |
|
(480,012 |
) |
|
(67,941 |
) |
Technology and content |
|
(91,560 |
) |
|
(58,577 |
) |
|
(8,291 |
) |
|
(150,239 |
) |
|
(116,515 |
) |
|
(16,492 |
) |
General and administrative |
|
(65,368 |
) |
|
(70,662 |
) |
|
(10,002 |
) |
|
(127,247 |
) |
|
(145,844 |
) |
|
(20,643 |
) |
Total operating cost and expenses |
|
(3,175,951 |
) |
|
(1,540,299 |
) |
|
(218,016 |
) |
|
(6,561,338 |
) |
|
(3,211,189 |
) |
|
(454,513 |
) |
Other operating income6 |
|
7,985 |
|
|
8,200 |
|
|
1,161 |
|
|
18,545 |
|
|
23,778 |
|
|
3,366 |
|
Loss from operations |
|
(103,916 |
) |
|
(45,170 |
) |
|
(6,393 |
) |
|
(93,188 |
) |
|
(51,276 |
) |
|
(7,256 |
) |
Financial income, net |
|
16,032 |
|
|
28,232 |
|
|
3,996 |
|
|
30,953 |
|
|
18,428 |
|
|
2,609 |
|
Foreign exchange (loss)/income, net |
|
(2,352 |
) |
|
(3,662 |
) |
|
(518 |
) |
|
(7,614 |
) |
|
2,359 |
|
|
334 |
|
Other non-operating income, net |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
Loss before income tax benefit, and equity in loss of
affiliates, net of tax |
|
(90,236 |
) |
|
(20,600 |
) |
|
(2,915 |
) |
|
(69,849 |
) |
|
(30,489 |
) |
|
(4,313 |
) |
Income tax benefit8 |
|
6,003 |
|
|
3,305 |
|
|
468 |
|
|
3,738 |
|
|
160 |
|
|
23 |
|
Equity in loss of affiliates, net of tax |
|
(280 |
) |
|
(203 |
) |
|
(29 |
) |
|
(1,540 |
) |
|
(407 |
) |
|
(58 |
) |
Net loss |
|
(84,513 |
) |
|
(17,498 |
) |
|
(2,476 |
) |
|
(67,651 |
) |
|
(30,736 |
) |
|
(4,348 |
) |
Less: net income/(loss) attributable to non-controlling interests
shareholders |
|
143 |
|
|
(5,548 |
) |
|
(785 |
) |
|
2,260 |
|
|
(5,676 |
) |
|
(803 |
) |
Net loss attributable to YUNJI INC. |
|
(84,656 |
) |
|
(11,950 |
) |
|
(1,691 |
) |
|
(69,911 |
) |
|
(25,060 |
) |
|
(3,545 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YUNJI INC. |
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE LOSS (CONTINUED) (All amounts
in thousands, except for share and per share data, unless otherwise
noted) |
|
|
For the Three Months Ended |
|
For the Six Months Ended |
|
|
June 30,2019 |
|
June 30,2020 |
|
June 30,2019 |
|
June 30,2020 |
|
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
Accretion on convertible redeemable preferred shares to redemption
value |
|
(416,025 |
) |
|
- |
|
|
- |
|
|
(1,532,013 |
) |
|
- |
|
|
- |
|
Net loss attributable to ordinary
shareholders |
|
(500,681 |
) |
|
(11,950 |
) |
|
(1,691 |
) |
|
(1,601,924 |
) |
|
(25,060 |
) |
|
(3,545 |
) |
Net loss |
|
(84,513 |
) |
|
(17,498 |
) |
|
(2,476 |
) |
|
(67,651 |
) |
|
(30,736 |
) |
|
(4,348 |
) |
Other comprehensive income/(loss) |
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustment |
|
29,761 |
|
|
(666 |
) |
|
(94 |
) |
|
11,812 |
|
|
17,583 |
|
|
2,489 |
|
Total comprehensive loss |
|
(54,752 |
) |
|
(18,164 |
) |
|
(2,570 |
) |
|
(55,839 |
) |
|
(13,153 |
) |
|
(1,859 |
) |
Less: total comprehensive income/(loss) attributable to
non-controlling interests shareholders |
|
143 |
|
|
(5,548 |
) |
|
(785 |
) |
|
2,260 |
|
|
(5,676 |
) |
|
(803 |
) |
Total comprehensive loss attributable to YUNJI
INC. |
|
(54,895 |
) |
|
(12,616 |
) |
|
(1,785 |
) |
|
(58,099 |
) |
|
(7,477 |
) |
|
(1,056 |
) |
Net loss attributable to ordinary
shareholders |
|
(500,681 |
) |
|
(11,950 |
) |
|
(1,691 |
) |
|
(1,601,924 |
) |
|
(25,060 |
) |
|
(3,545 |
) |
Weighted average number of ordinary shares used in computing net
loss per share, basic and diluted |
|
1,803,779,111 |
|
|
2,124,741,188 |
|
|
2,124,741,188 |
|
|
1,479,391,708 |
|
|
2,124,450,699 |
|
|
2,124,450,699 |
|
Net loss per share attributable to ordinary
shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
(0.28 |
) |
|
(0.01 |
) |
|
(0.001 |
) |
|
(1.08 |
) |
|
(0.01 |
) |
|
(0.002 |
) |
Diluted |
|
(0.28 |
) |
|
(0.01 |
) |
|
(0.001 |
) |
|
(1.08 |
) |
|
(0.01 |
) |
|
(0.002 |
) |
YUNJI INC. |
|
NOTES TO UNAUDITED
FINANCIAL INFORMATION(All amounts in
thousands, except for share and per share data, unless otherwise
noted) |
|
|
For the Three Months Ended |
|
For the Six Months Ended |
|
|
June 30,2019 |
|
June 30,2020 |
|
June 30,2019 |
|
June 30,2020 |
|
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
Share-based compensation expenses included
in: |
|
|
|
|
|
|
|
|
|
|
|
|
Technology and content |
|
3,347 |
|
3,388 |
|
479 |
|
6,287 |
|
7,357 |
|
1,041 |
General and administrative |
|
20,281 |
|
27,669 |
|
3,917 |
|
39,684 |
|
56,729 |
|
8,029 |
Fulfillment |
|
3,196 |
|
3,644 |
|
516 |
|
5,771 |
|
7,706 |
|
1,091 |
Sales and marketing |
|
18,533 |
|
2,884 |
|
408 |
|
19,857 |
|
5,105 |
|
723 |
Total |
|
45,357 |
|
37,585 |
|
5,320 |
|
71,599 |
|
76,897 |
|
10,884 |
|
|
|
|
|
|
|
|
|
|
|
|
|
YUNJI INC. |
|
RECONCILIATION OF NON-GAAP MEASURES TO THE MOST DIRECTLY COMPARABLE
FINANCIAL MEASURES(All amounts in thousands,
except for share and per share data, unless otherwise
noted) |
|
|
For the Three Months Ended |
|
For the Six Months Ended |
|
|
June 30,2019 |
|
June 30,2020 |
|
June 30,2019 |
|
June 30,2020 |
|
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
Reconciliation of Net Loss to Adjusted Net
(Loss)/Income: |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
(84,513 |
) |
|
(17,498 |
) |
|
(2,476 |
) |
|
(67,651 |
) |
|
(30,736 |
) |
|
(4,348 |
) |
Add: Share-based compensation |
|
45,357 |
|
|
37,585 |
|
|
5,320 |
|
|
71,599 |
|
|
76,897 |
|
|
10,884 |
|
Adjusted net (loss)/income |
|
(39,156 |
) |
|
20,087 |
|
|
2,844 |
|
|
3,948 |
|
|
46,161 |
|
|
6,536 |
|
- This announcement contains
translations of certain Renminbi (RMB) amounts into U.S. dollars
(US$) at a specified rate solely for the convenience of the reader.
Unless otherwise noted, the translation of RMB into US$ has been
made at RMB7.0651 to US$1.00, the exchange rate in effect as of the
end of June 2020 as set forth in the H.10 statistical release of
The Board of Governors of the Federal Reserve System.
- “GMV” refers to the total value of
all orders for merchandise placed in the Company’s merchandise
business and marketplace business, including the value of the
merchandise sold as part of the membership packages, as well as the
VAT and tax surcharges paid, regardless of whether the merchandises
are returned and without taking into consideration any discounts
and incentives. GMV includes the value from orders placed on the
Company’s mobile apps as well as orders placed on third-party
mobile apps and websites that are fulfilled by Yunji, by Yunji’s
third-party merchants, or by Yunji’s third-party business partners.
Yunji’s revenues recognized on a gross basis are net of the VAT and
related tax surcharges paid, discounts and incentives, the value of
the merchandises returned, and any adjustments due to the timing
difference between shipping and receipt, which are included in the
above GMV measure. Yunji’s revenues recognized on a net basis are
net of the corresponding amount to be paid to the vendor, the
principal in the transaction, in addition to the items mentioned
above, which are included in the above GMV measure.
- “Transacting member” in a given
period refers to a member who successfully promotes Yunji’s
products to generate at least one order or places at least one
order on Yunji’s platform, regardless of whether any product in
such order is ultimately sold or delivered or whether any product
in such order is returned.
- Adjusted net income/(loss) is a
non-GAAP financial measure, which is defined as net income/(loss)
excluding share-based compensation expense. See “Reconciliation of
Non-GAAP Measures to The Most Directly Comparable Financial
Measures” set forth at the end of this press release.
- In the first quarter of 2019, the
Company launched its marketplace business model, allowing
third-party merchants to sell their products on the platform and
pay commissions on their sales to the Company. The revenues from
marketplace business is recognized on a net basis.
- Starting from 2020, the Company
presents government grants, which are received from local
government to support and reward the Company's ongoing business and
operations, as Other operating income. The relevant item in the
prior year periods of RMB 7,985 and RMB 18,545 for the three and
six months ended June 30, 2019 are also reclassified from Other
non-operating income, net to be in conformity with the current
period presentation in the unaudited condensed consolidated
statements of comprehensive loss.
- The estimation of refunds payable
to members is based upon the historical data of referral incentives
earned by referring members within their active life cycle. On a
quarterly basis, the Company revisits the estimation with a
consistently applied approach and the most up-to-date data. The
balance of refund payable to members reflected the best estimation
of the Company as of June 30, 2020, and the decrease as compared to
the balance as of December 31, 2019 was consistent with the
Company’s understanding of its members’
referral behavior in light of its ongoing refinement
of its membership enrollment system and a decrease of refunds
payable to members of RMB 17.6 million resulting from a
change in the estimated amount of that liability, which represented
the positive revenue and income/(loss) from operations impact for
the second quarter of 2020.
- Income tax benefit for the second
quarter of 2020 was RMB3.3 million (US$0.5 million), compared to
RMB6.0 million in the same period of 2019. The Company’s effective
tax rate was changed primarily due to changes in the profitability
of its subsidiaries that have different tax rates, including
non-deductible share-based compensation expenses, and increased
valuation allowance as the Company will not be able to utilize tax
loss carry forwards generated by certain unprofitable
subsidiaries.
- As of June 30, 2020, the balance of
long-term investment mainly represented an equity security with
readily determinable fair value, which was remeasured based upon
market price at each period end and recorded the unrealized changes
in Financial income, net in the Consolidation Statements of
Comprehensive Loss.
Yunji (NASDAQ:YJ)
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Yunji (NASDAQ:YJ)
過去 株価チャート
から 7 2023 まで 7 2024