Yunji Inc. reports developments tied to its membership-based social e-commerce platform in China. The company offers curated consumer products across categories for daily needs and uses social interactions, member promotion, big data, and artificial intelligence to support user experience and product sharing.
Recurring updates cover interim and annual financial results, Form 20-F annual report filings, product-selection strategy, supplier and merchant optimization, marketplace activity, and the company’s shift toward organic health products, beauty offerings, wellness experiences, and private labels. News also includes governance items such as finance leadership changes and independent registered public accounting firm appointments.
Yunji Inc. (NASDAQ: YJ) announced the resignation of Vice President of Finance, Chengqi Zhang, effective May 6, 2022, for personal reasons. He will continue as a consultant during the transition. Peng Zhang, previously the senior financial director, has been appointed as the new Vice President of Finance. CEO Shanglue Xiao praised Chengqi Zhang for his contributions and highlighted Peng Zhang's extensive financial experience, noting his role in enhancing shareholder value.
Yunji Inc. (NASDAQ: YJ) announced the filing of its annual report on Form 20-F for the fiscal year ended December 31, 2021, with the SEC on April 26, 2022. The report is accessible on the company's investor relations website, and hard copies are available upon request for shareholders and ADS holders. Yunji operates a membership-based social e-commerce platform in China, focusing on offering high-quality products at competitive prices while leveraging advanced technologies like big data and artificial intelligence to enhance user experience.
Yunji Inc. (NASDAQ: YJ) announced on March 24, 2022, that it has regained compliance with Nasdaq's Minimum Bid Price Requirement. The notification from Nasdaq confirmed that Yunji's American depositary shares have traded at or above $1.00 for ten consecutive business days, satisfying the compliance criteria. This follows a previous Deficiency Notice received on September 27, 2021, when shares fell below the required minimum bid price. The company utilizes a membership-based model to offer quality products at competitive prices in China's e-commerce sector.
Yunji Inc. (NASDAQ: YJ) reported Q4 2021 revenues of RMB471.4 million (US$74.0 million), a 64.5% decline from RMB1,327.4 million in Q4 2020. This was due to a strategic shift towards a curated product selection and development of private labels. Despite revenue drops, Yunji achieved net income of RMB57.9 million (US$9.1 million), reversing a loss of RMB77.3 million a year prior. The company also initiated a US$20 million share repurchase program to support stock value. Total FY 2021 revenues were RMB2,155.4 million (US$338.2 million), down 61% from 2020.
Yunji Inc. (NASDAQ: YJ) will announce its Q4 and full-year 2021 financial results on March 17, 2022, before the market opens. The results will be available on their investor relations website. A conference call is scheduled for the same day at 7:30 A.M. ET to discuss the earnings. Participants must register online to obtain details. A replay of the call will be accessible until March 24, 2022.
Yunji Inc. (NASDAQ: YJ) has launched a premium product line under its private label brand, Solo Life, which will be rebranded as SUYE. This line offers professional-level products, developed in partnership with Lubrizol and Rahn, focusing on safety and efficacy. The standout product, a hyaluronic acid face mask, generated RMB10 million in sales within 15 minutes of its launch, totaling RMB40 million to date. Several products are certified as medical devices for cosmetic surgery in China, enhancing their market appeal.
Yunji Inc. (NASDAQ: YJ), a leading social e-commerce platform in China, announced participation in the 2022 Online Lunar New Year Shopping Festival, focusing on food products. Popular private label items like Li Batian's sausage and Baiyueshan's wolfberry puree have driven high repurchase rates. The platform has expanded its offerings with gift boxes and saver packs, receiving positive feedback from members. The company aims to develop its membership-based e-commerce model further, promoting repeat purchases. CEO Shanglue Xiao emphasized the platform's commitment to providing value during this festive season.
Yunji Inc. (NASDAQ: YJ) reported that its private label Baiyueshan brand has achieved significant success, with tens of millions in sales of its new wolfberry puree since its launch in September 2021. The product was developed in collaboration with Zaokang Wolfberry Inc., leveraging premium organic ingredients and advanced processing technology. It sold over 1 million packets within just one minute at launch, with strong demand noted during promotional events. Yunji aims to enhance the Baiyueshan brand's visibility through third-party live-streaming and expanded sales channels in 2022.
Yunji Inc. (NASDAQ: YJ) has launched its new private label probiotics beverage, Qingziyang, which sold 55,000 boxes in just 40 seconds post-launch. Developed in collaboration with major probiotics companies, the beverage utilizes advanced preservation technology to enhance probiotic absorption and support digestive health. Yunji's CEO highlighted the product's success as part of the company's strategy to create popular products across categories. This move into biotech underscores Yunji's commitment to delivering health-focused products as part of its growth strategy in the competitive e-commerce market.
Yunji Inc. (NASDAQ: YJ) reported Q3 2021 revenues of RMB437.9 million ($68.0 million), a sharp decline from RMB1,066.7 million in Q3 2020. The decrease stems from a strategic shift towards curating products and enhancing private labels. However, the company achieved a net income of RMB61.4 million ($9.5 million), a turnaround from a net loss of RMB43.6 million in the same quarter last year. Gross margins improved, and operational income reached RMB17.6 million ($2.7 million), compared to a loss the previous year. The company remains focused on profitability and product-market fit.