Yunji Inc. (“Yunji” or the “Company”) (NASDAQ: YJ), a leading
membership-based social e-commerce platform, today announced its
unaudited financial results for the fourth quarter and fiscal year
ended December 31, 20201.
Fourth Quarter 2020
Highlights
-
GMV2 in the fourth quarter of
2020 was RMB11.7 billion (US$1.8 billion), compared with RMB11.0
billion in the same period of 2019. GMV related to marketplace
revenues in the fourth quarter of 2020 was RMB9.5 billion (US$1.5
billion), compared with RMB5.0 billion in the same period of
2019.
- Total revenues in
the fourth quarter of 2020 were RMB1,327.4 million (US$203.4
million), compared with RMB2,449.4 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
December 31, 2020, continued to increase to 13.3 million. The
increase was mainly attributable to the Company’s ongoing
refinement of its membership enrollment system since January 2020
as well as its introduction of more quality product offerings,
which helped to further augment the platform’s user stickiness in
the quarter.
Mr. Shanglue Xiao, Chairman and Chief Executive
Officer of Yunji, said, “We were glad to see that our efforts to
fortify and differentiate our supply chain throughout 2020 enabled
us provide our service managers with more quality products to share
throughout their networks. Moreover, it was also rewarding to see
that our platform users were quite receptive to the initiatives
that we implemented in order to provide them with a more unique and
convenient social e-commerce experience.”
“We significantly reduced loss of operations in
the full year of 2020 compared to the full year of 2019. Such
results demonstrated the effectiveness of our operating efficiency
improvement plan, which we executed over the course of the year.
Going forward, we plan to maintain this steady growth momentum for
our operations and to focus on bolstering our other competitive
advantages over the long term,” said Mr. Chengqi Zhang, Vice
President of Finance of Yunji.
Fourth Quarter 2020 Unaudited Financial
Results
Total revenues were RMB1,327.4
million (US$203.4 million), compared with RMB2,449.4 million in the
same period of 2019, 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 45.2% to RMB1,165.2 million (US$178.6 million)
from RMB2,124.6 million in the same period of 2019. The decrease
was primarily due to a portion of merchandise sales shifted to
marketplace business platform as the Company continued to
reallocate its internal resources to accommodate the increase of
marketplace business and to further improve the operational
efficiencies on the platform.
- Revenues from the membership
program were RMB0.04 million (US$0.007 million), compared with
RMB145.9 million in the same period of 2019. The decrease was due
to the Company’s ongoing refinement of its membership enrollment
system. Beginning in January 2020, the Company has allowed 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 fourth quarter of 2020
were from the deferred revenue of prior paying members.
- Revenues from the marketplace
business decreased by 10.3% to RMB151.7 million (US$23.3 million)
from RMB169.2 million in the same period of 2019 due to the
increase in promotional activities during the period and the
decrease in commission rates charged to merchants during these
promotional activities.
- Other revenues increased by 8.2% to
RMB10.5 million (US$1.6 million) from RMB9.7 million in the same
period of 2019.
Total cost of revenues
decreased by 46.8% to RMB986.6 million (US$151.2 million) from
RMB1,854.9 million in the same period of 2019. The decrease was
mainly attributable to the decline in merchandise sales, which
recognize revenues on a gross basis. Total cost of revenues was
mainly comprised of those costs related to the sales of merchandise
revenue in the fourth quarter of 2020.
Total operating expenses
decreased by 44.5% to RMB367.9 million (US$56.4 million) from
RMB662.4 million in the same period of 2019.
- Fulfillment
expenses decreased by 52.5% to RMB92.5 million (US$14.2
million), or 7.0% of total revenues, from RMB194.5 million, or 7.9%
of total revenues, in the same period of 2019. The decrease was
primarily attributable to: (i) reduced warehousing and logistics
expenses due to lower merchandise sales and improved logistics
efficiency, (ii) decreased service fees charged by third-party
payment settlement platforms as the Company secured lower
transaction fee rates, (iii) reduced personnel costs due to
headcount optimization and (iv) decreased share-based compensation
expenses, which included a reversal of RMB6.0 million in
share-based compensation expenses that had been recognized in prior
periods.
- Sales and marketing
expenses decreased by 45.4% to RMB167.2 million (US$25.6
million), or 12.6% of total revenues, from RMB306.5 million, or
12.5% of total revenues, in the same period of 2019. The decrease
was mainly due to the reduction in member management fees as a
result of the Company’s improvements to its member management
efficiency. This decrease was partially offset by an increase in
business promotion expenses, which resulted from the Company’s
efforts to attract more popular brands and merchants to its
marketplace business through the execution of more business
development activities.
- Technology and content
expenses decreased by 41.3% to RMB44.0 million (US$6.7
million), or 3.3% of total revenues, from RMB74.9 million, or 3.1%
of total revenues, in the same period of 2019. The decrease was
mainly due to: (i) reduced server costs resulting from the better
contract terms that the Company secured with its server providers,
and (ii) reduced personnel costs as a result of headcount
optimization.
- General and administrative
expenses decreased by 25.8% to RMB64.2 million (US$9.8
million), or 4.8% of total revenues, from RMB86.5 million, or 3.5%
of total revenues, in the same period of 2019. The decrease was
mainly due to reduced personnel costs as a result of headcount
optimization, and decreased share-based compensation expenses,
which included a reversal of RMB3.1 million in share-based
compensation expenses that had been recognized in prior periods.
The decrease was partially offset by higher professional service
fees.
Loss from operations was
RMB21.8 million (US$3.3 million), compared with RMB46.9 million in
the same period of 2019.
Net loss was RMB77.3 million
(US$11.9 million), compared with RMB4.9 million in the same period
of 2019. The difference from loss from operations to net loss was
mainly attributable to the income tax expenses provided during the
period.
Adjusted net
loss4 was RMB63.1 million (US$9.6
million), compared with adjusted net income RMB25.3 million in the
same period of 2019.
Basic and diluted net loss per
share attributable to ordinary shareholders were both
RMB0.04 (US$0.01), compared with RMB0.002 in the same period of
2019.
Fiscal Year 2020 Unaudited Financial
Results
Total revenues were RMB5,530.3
million (US$847.5 million), compared with RMB11,672.0 million in
the full year of 2019, which was primarily due to the same factors
that led to the quarterly decrease.
- Revenues from sales of merchandise,
net decreased by 54.2% to RMB4,829.4 million (US$740.1 million)
from RMB10,548.3 million in the full year of 2019. The decrease was
due to the same factors that led to the quarterly decrease.
- Revenues from the membership
program decreased by 94.5% to RMB42.4 million (US$6.5 million) from
RMB776.8 million in the full year of 2019, which was due to the
same factors that led to the quarterly decrease.
- Revenues from the marketplace
business increased by 92.3% to RMB599.9 million (US$91.9 million)
from RMB311.9 million in the full year of 2019 as a result of the
increased number of popular brands and merchants on the Company's
platform and the increased sales through a diverse range of sales
channels on other platforms.
- Other revenues increased by 67.5%
to RMB58.5 million (US$9.0 million) from RMB34.9 million in the
full year of 2019.
Total costs of revenues
decreased by 57.4% to RMB3,940.0 million (US$603.8 million) from
RMB9,249.5 million in the full year of 2019. This decrease was
mainly attributable to the same factors that led to the quarterly
decrease.
Total operating expenses were
RMB1,720.9 million (US$263.7 million), compared with RMB2,746.0
million in the full year of 2019.
- Fulfillment
expenses decreased by 53.4% to RMB450.1 million (US$69.0
million), or 8.1% of total revenues, from RMB965.9 million, or 8.3%
of total revenues, in the full year of 2019, which was mainly due
to the same factors that led to the quarterly decrease.
- Sales and marketing
expenses decreased by 32.1% to RMB806.1 million (US$123.5
million), or 14.6% of total revenues, from RMB1,187.5 million, or
10.2% of total revenues, in the full year of 2019, which was mainly
due to the same factors that led to the quarterly decrease.
- Technology and content
expenses decreased by 35.6% to RMB202.8 million (US$31.1
million), or 3.7% of total revenues, from RMB315.2 million, or 2.7%
of total revenues, in the full year of 2019, which was mainly due
to the same factors that led to the quarterly decrease.
- General and administrative
expenses decreased by 5.6% to RMB261.9 million (US$40.1
million), or 4.7% of total revenues, from RMB277.5 million, or 2.4%
of total revenues, in the full year of 2019, which was mainly due
to the same factors that led to the quarterly decrease.
Loss from operations was
RMB97.5 million (US$14.9 million), compared with RMB254.8 million
in the full year of 2019.
Net loss was RMB151.7 million
(US$23.2 million), compared with RMB123.8 million in the full year
of 2019.
Adjusted net
loss4 was RMB53.3 million (US$9.0
million), compared with adjusted net income of RMB4.4 million in
the full year of 2019.
Basic and diluted net loss per
share attributable to ordinary shareholders were both
RMB0.07 (US$0.01), compared with RMB0.91 in the full year of
2019.
Recent Developments
Mr. Hui Ma will resign from his position as the
Company's Chief People Officer and Chief Strategy Officer due to
personal reasons, effective April 1, 2021. Mr. Ma will continue to
serve as a consultant to the Company following his resignation. Mr.
Ma’s resignation did not result from any disagreement with the
Company. The Company is grateful for Mr. Ma’s valuable contribution
to the Company during his term with the Company, in particular his
contribution to the Company's strategic positioning, and wishes his
continued success in the future.
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
Monday, March 22, 2021, at 7:00 AM Eastern Time or 7:00 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 |
1335755 |
Registration Link |
http://apac.directeventreg.com/registration/event/1335755 |
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 |
1335755 |
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 |
|
December 31,2020 |
|
|
RMB |
|
RMB |
|
US$ |
ASSETS |
|
|
|
|
|
|
Current Assets |
|
|
|
|
|
|
Cash and cash equivalents |
|
883,369 |
|
1,063,900 |
|
163,050 |
Restricted cash |
|
84,374 |
|
125,844 |
|
19,287 |
Short-term investments |
|
774,736 |
|
134,146 |
|
20,559 |
Accounts receivable, net (Allowance for credit losses of nil and
RMB8,603, respectively) |
|
28,527 |
|
164,733 |
|
25,246 |
Advance to suppliers |
|
87,289 |
|
103,836 |
|
15,914 |
Inventories, net |
|
428,322 |
|
135,245 |
|
20,727 |
Amounts due from related parties |
|
6,830 |
|
7,841 |
|
1,202 |
Prepaid expenses and other current assets (Allowance for credit
losses of nil and RMB2,972, respectively) |
|
567,432 |
|
410,423 |
|
62,899 |
|
|
|
|
|
|
|
Total current assets |
|
2,860,879 |
|
2,145,968 |
|
328,884 |
|
|
|
|
|
|
|
Non-current assets |
|
|
|
|
|
|
Property and equipment, net |
|
45,344 |
|
26,010 |
|
3,986 |
Long-term investments8 |
|
198,860 |
|
158,931 |
|
24,357 |
Deferred tax assets |
|
97,792 |
|
59,455 |
|
9,112 |
Operating lease right-of-use assets, net |
|
43,043 |
|
11,324 |
|
1,735 |
Other non-current assets (Allowance for credit losses of nil and
RMB1,514, respectively) |
|
56,281 |
|
148,793 |
|
22,804 |
|
|
|
|
|
|
|
Total non-current assets |
|
441,320 |
|
404,513 |
|
61,994 |
|
|
|
|
|
|
|
Total assets |
|
3,302,199 |
|
2,550,481 |
|
390,878 |
|
|
|
|
|
|
|
|
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 |
|
December 31,2020 |
|
|
RMB |
|
RMB |
|
US$ |
LIABILITIES AND SHAREHOLDERS’
(DEFICITS)/EQUITY |
|
|
|
|
|
|
Current Liabilities |
|
|
|
|
|
|
Accounts payable |
|
741,959 |
|
501,549 |
|
76,866 |
Deferred revenue |
|
181,828 |
|
50,951 |
|
7,809 |
Incentive payables to members |
|
384,486 |
|
312,170 |
|
47,842 |
Refund payable to members6 |
|
26,883 |
|
4,398 |
|
674 |
Member management fees payable |
|
78,355 |
|
45,841 |
|
7,025 |
Other payable and accrued liabilities |
|
349,111 |
|
280,586 |
|
43,002 |
Amounts due to related parties |
|
18,296 |
|
22,989 |
|
3,523 |
Operating lease liabilities - current |
|
17,559 |
|
6,988 |
|
1,071 |
|
|
|
|
|
|
|
Total current liabilities |
|
1,798,477 |
|
1,225,472 |
|
187,812 |
|
|
|
|
|
|
|
Non-current liabilities |
|
|
|
|
|
|
Operating lease liabilities |
|
27,734 |
|
8,309 |
|
1,273 |
Deferred tax liabilities |
|
11,329 |
|
1,832 |
|
281 |
|
|
|
|
|
|
|
Total non-current liabilities |
|
39,063 |
|
10,141 |
|
1,554 |
|
|
|
|
|
|
|
Total Liabilities |
|
1,837,540 |
|
1,235,613 |
|
189,366 |
|
|
|
|
|
|
|
|
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 |
|
December 31,2020 |
|
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
Shareholders’ equity |
|
|
|
|
|
|
Ordinary shares |
|
70 |
|
|
70 |
|
|
11 |
|
Less: Treasury stock |
|
(96,669 |
) |
|
(85,202 |
) |
|
(13,058 |
) |
Additional paid-in capital |
|
7,255,404 |
|
|
7,327,148 |
|
|
1,122,935 |
|
Statutory reserve |
|
11,633 |
|
|
12,624 |
|
|
1,934 |
|
Accumulated other comprehensive income |
|
88,863 |
|
|
9,452 |
|
|
1,449 |
|
Accumulated deficit |
|
(5,805,332 |
) |
|
(5,952,085 |
) |
|
(912,197 |
) |
Total Yunji Inc. shareholders’ equity |
|
1,453,969 |
|
|
1,312,007 |
|
|
201,074 |
|
Non-controlling interests |
|
10,690 |
|
|
2,861 |
|
|
438 |
|
Total shareholders’ equity |
|
1,464,659 |
|
|
1,314,868 |
|
|
201,512 |
|
Total liabilities and shareholders’ equity |
|
3,302,199 |
|
|
2,550,481 |
|
|
390,878 |
|
|
|
|
|
|
|
|
|
|
|
|
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 Year Ended |
|
|
December 31,2019 |
|
December 31,2020 |
|
December 31,2019 |
|
December 31,2020 |
|
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Sales of merchandise, net |
|
2,124,583 |
|
|
1,165,172 |
|
|
178,570 |
|
|
10,548,322 |
|
|
4,829,397 |
|
|
740,138 |
|
Membership program revenue |
|
145,907 |
|
|
46 |
|
|
7 |
|
|
776,839 |
|
|
42,438 |
|
|
6,503 |
|
Marketplace revenue |
|
169,205 |
|
|
151,744 |
|
|
23,256 |
|
|
311,914 |
|
|
599,895 |
|
|
91,938 |
|
Other revenues |
|
9,659 |
|
|
10,450 |
|
|
1,602 |
|
|
34,949 |
|
|
58,527 |
|
|
8,970 |
|
Total revenues |
|
2,449,354 |
|
|
1,327,412 |
|
|
203,435 |
|
|
11,672,024 |
|
|
5,530,257 |
|
|
847,549 |
|
Operating cost and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues |
|
(1,854,906 |
) |
|
(986,567 |
) |
|
(151,198 |
) |
|
(9,249,474 |
) |
|
(3,939,997 |
) |
|
(603,830 |
) |
Fulfillment |
|
(194,495 |
) |
|
(92,472 |
) |
|
(14,172 |
) |
|
(965,883 |
) |
|
(450,104 |
) |
|
(68,981 |
) |
Sales and marketing |
|
(306,481 |
) |
|
(167,223 |
) |
|
(25,628 |
) |
|
(1,187,462 |
) |
|
(806,140 |
) |
|
(123,546 |
) |
Technology and content |
|
(74,877 |
) |
|
(43,973 |
) |
|
(6,739 |
) |
|
(315,167 |
) |
|
(202,817 |
) |
|
(31,083 |
) |
General and administrative |
|
(86,542 |
) |
|
(64,196 |
) |
|
(9,839 |
) |
|
(277,487 |
) |
|
(261,877 |
) |
|
(40,135 |
) |
Total operating cost and expenses |
|
(2,517,301 |
) |
|
(1,354,431 |
) |
|
(207,576 |
) |
|
(11,995,473 |
) |
|
(5,660,935 |
) |
|
(867,575 |
) |
Other operating income5 |
|
21,072 |
|
|
5,223 |
|
|
800 |
|
|
68,646 |
|
|
33,218 |
|
|
5,091 |
|
Loss from operations |
|
(46,875 |
) |
|
(21,796 |
) |
|
(3,341 |
) |
|
(254,803 |
) |
|
(97,460 |
) |
|
(14,935 |
) |
Financial income/(loss), net |
|
38,528 |
|
|
(7,403 |
) |
|
(1,135 |
) |
|
121,370 |
|
|
(8,571 |
) |
|
(1,314 |
) |
Foreign exchange loss, net |
|
(4,558 |
) |
|
(1,040 |
) |
|
(159 |
) |
|
(12,397 |
) |
|
(919 |
) |
|
(141 |
) |
Other non-operating income/(loss), net |
|
3,264 |
|
|
(1,610 |
) |
|
(247 |
) |
|
8,497 |
|
|
(1,610 |
) |
|
(247 |
) |
Loss before income tax benefit/(expense), and equity in
(loss)/income of affiliates, net of tax |
|
(9,641 |
) |
|
(31,849 |
) |
|
(4,882 |
) |
|
(137,333 |
) |
|
(108,560 |
) |
|
(16,637 |
) |
Income tax benefit/(expense)7 |
|
4,812 |
|
|
(43,859 |
) |
|
(6,722 |
) |
|
16,720 |
|
|
(39,298 |
) |
|
(6,022 |
) |
Equity in (loss)/income of affiliates, net of tax |
|
(85 |
) |
|
(1,634 |
) |
|
(249 |
) |
|
(3,221 |
) |
|
(3,834 |
) |
|
(586 |
) |
Net loss |
|
(4,914 |
) |
|
(77,342 |
) |
|
(11,853 |
) |
|
(123,834 |
) |
|
(151,692 |
) |
|
(23,245 |
) |
Less: net (loss)/income attributable to non-controlling interests
shareholders |
|
(417 |
) |
|
1,539 |
|
|
236 |
|
|
1,928 |
|
|
(5,346 |
) |
|
(819 |
) |
Net loss attributable to YUNJI INC. |
|
(4,497 |
) |
|
(78,881 |
) |
|
(12,089 |
) |
|
(125,762 |
) |
|
(146,346 |
) |
|
(22,426 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 Year Ended |
|
|
December 31,2019 |
|
December 31,2020 |
|
December 31,2019 |
|
December 31,2020 |
|
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
Accretion on convertible redeemable preferred shares to redemption
value |
|
- |
|
|
- |
|
|
- |
|
|
(1,532,013 |
) |
|
- |
|
|
- |
|
Net loss attributable to ordinary
shareholders |
|
(4,497 |
) |
|
(78,881 |
) |
|
(12,089 |
) |
|
(1,657,775 |
) |
|
(146,346 |
) |
|
(22,426 |
) |
Net loss |
|
(4,914 |
) |
|
(77,342 |
) |
|
(11,853 |
) |
|
(123,834 |
) |
|
(151,692 |
) |
|
(23,245 |
) |
Other comprehensive (loss)/income |
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustment |
|
(19,353 |
) |
|
(50,090 |
) |
|
(7,677 |
) |
|
33,298 |
|
|
(79,411 |
) |
|
(12,170 |
) |
Total comprehensive loss |
|
(24,267 |
) |
|
(127,432 |
) |
|
(19,530 |
) |
|
(90,536 |
) |
|
(231,103 |
) |
|
(35,415 |
) |
Less: total comprehensive (loss)/income attributable to
non-controlling interests shareholders |
|
(417 |
) |
|
1,539 |
|
|
236 |
|
|
1,928 |
|
|
(5,346 |
) |
|
(819 |
) |
Total comprehensive loss attributable to YUNJI
INC. |
|
(23,850 |
) |
|
(128,971 |
) |
|
(19,766 |
) |
|
(92,464 |
) |
|
(225,757 |
) |
|
(34,596 |
) |
Net loss attributable to ordinary
shareholders |
|
(4,497 |
) |
|
(78,881 |
) |
|
(12,089 |
) |
|
(1,657,775 |
) |
|
(146,346 |
) |
|
(22,426 |
) |
Weighted average number of ordinary shares used in computing net
loss per share, basic and diluted |
|
2,145,378,511 |
|
|
2,128,849,797 |
|
|
2,128,849,797 |
|
|
1,818,487,917 |
|
|
2,125,906,398 |
|
|
2,125,906,398 |
|
Net loss per share attributable to ordinary
shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
(0.002 |
) |
|
(0.04 |
) |
|
(0.01 |
) |
|
(0.91 |
) |
|
(0.07 |
) |
|
(0.01 |
) |
Diluted |
|
(0.002 |
) |
|
(0.04 |
) |
|
(0.01 |
) |
|
(0.91 |
) |
|
(0.07 |
) |
|
(0.01 |
) |
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 Year Ended |
|
|
December 31,2019 |
|
December 31,2020 |
|
December 31,2019 |
|
December 31,2020 |
|
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
Share-based compensation expenses included
in9: |
|
|
|
|
|
|
|
|
|
|
|
|
Technology and content |
|
1,075 |
|
1,184 |
|
|
186 |
|
|
10,562 |
|
8,887 |
|
1,288 |
General and administrative |
|
19,762 |
|
14,042 |
|
|
2,146 |
|
|
79,011 |
|
71,777 |
|
10,403 |
Fulfillment |
|
1,230 |
|
(3,963 |
) |
|
(557 |
) |
|
8,740 |
|
5,352 |
|
776 |
Sales and marketing |
|
8,161 |
|
2,995 |
|
|
452 |
|
|
29,884 |
|
12,362 |
|
1,792 |
Total |
|
30,228 |
|
14,258 |
|
|
2,227 |
|
|
128,197 |
|
98,378 |
|
14,259 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 Year Ended |
|
|
December 31,2019 |
|
December 31,2020 |
|
December 31,2019 |
|
December 31,2020 |
|
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
Reconciliation of Net Loss to Adjusted Net
(Loss)/Income: |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
(4,914 |
) |
|
(77,342 |
) |
|
(11,853 |
) |
|
(123,834 |
) |
|
(151,692 |
) |
|
(23,245 |
) |
Add: Share-based compensation9 |
|
30,228 |
|
|
14,258 |
|
|
2,227 |
|
|
128,197 |
|
|
98,378 |
|
|
14,259 |
|
Adjusted net income/(loss) |
|
25,314 |
|
|
(63,084 |
) |
|
(9,626 |
) |
|
4,363 |
|
|
(53,314 |
) |
|
(8,986 |
) |
__________________________________ |
1. |
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 RMB6.5250 to US$1.00, the exchange
rate in effect as of the end of December 2020 as set forth in the
H.10 statistical release of The Board of Governors of the Federal
Reserve System. |
2. |
“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. |
3. |
“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. |
4. |
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. |
5. |
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 RMB7,518 and
RMB43,599 for the three months and year ended December 31, 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. |
6. |
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 December 31,
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 decrease of
refunds payable to members of RMB0.4 million and 23.5 million
resulting from a change in the estimated amount of that liability,
which represented the positive revenue and income/(loss) from
operations impact fourth quarter and full year of 2020,
respectively. |
7. |
Income tax expense for the fourth quarter of 2020 was RMB43.9
million (US$6.7 million), compared to Income tax benefit RMB4.8
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. |
8. |
As of December 31, 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/(loss),
net, in the Consolidation Statements of Comprehensive Loss. |
9. |
The decrease of share-based compensation expenses was mainly due to
the reversal of previously recognized share-based compensation
expenses in a total amount of RMB10.9 million and 42.2 million as a
result of headcount optimization, in which RMB6.0 million and 8.9
million, RMB3.1 million and 25.9 million, RMB1.5 million and RMB3.0
million, RMB0.3 million and RMB4.5 million were recorded previously
in fulfillment expenses, general and administrative expenses, sales
and marketing expenses, and technology and content expenses, for
the fourth quarter and full year of 2020, respectively. |
Yunji (NASDAQ:YJ)
過去 株価チャート
から 7 2024 まで 8 2024
Yunji (NASDAQ:YJ)
過去 株価チャート
から 8 2023 まで 8 2024