111(US:YI)2024-08-29 10:04Financial Performance - Net revenues for Q1 2024 were RMB3.5 billion (US$488.7 million), a decrease of 4.6% from RMB3.7 billion in the same quarter last year[2]. - Gross segment profit was RMB208.5 million (US$28.9 million), reflecting an 11.7% decrease year-over-year[2]. - Income from operations was RMB3.7 million (US$0.5 million), marking the first operational profit compared to a loss of RMB21.7 million in the same quarter last year[2][11]. - Non-GAAP income from operations increased by 259.2% to RMB8.9 million (US$1.2 million), accounting for 0.3% of net revenues[3][11]. - Net loss attributable to ordinary shareholders decreased to RMB13.8 million (US$1.9 million), down from RMB31.8 million in the same quarter last year[12]. - For the three months ended March 31, 2024, the company reported a net loss of RMB (2,685) thousand, a significant improvement from a net loss of RMB (19,357) thousand in the same period of 2023, representing a reduction of approximately 86%[31]. - Non-GAAP net loss attributable to ordinary shareholders was RMB (8,604) thousand for the three months ended March 31, 2024, compared to RMB (7,579) thousand for the same period in 2023, indicating a slight increase in losses[31]. Cash Flow and Assets - Cash and cash equivalents as of March 31, 2024, were RMB627.3 million (US$86.9 million), a decrease from RMB673.7 million as of December 31, 2023[13]. - Cash and cash equivalents, along with restricted cash, decreased to RMB 607,329 at the end of the period from RMB 619,281 at the beginning, reflecting a net decrease of RMB 16,219[30]. - The company experienced a net cash provided by operating activities of RMB 108,438 for the three months ended March 31, 2024, compared to a net cash used of RMB 121,328 for the same period in 2023[30]. - The company’s total assets increased to RMB 3,089,036 as of March 31, 2024, compared to RMB 2,924,573 as of December 31, 2023, marking a growth of 5.6%[27]. - Total current assets increased to RMB 2,933,331 as of March 31, 2024, compared to RMB 2,785,510 as of December 31, 2023, showing a growth of 5.3%[27]. - Total liabilities rose to RMB 2,812,932 as of March 31, 2024, compared to RMB 2,645,216 as of December 31, 2023, representing an increase of 6.3%[28]. Operational Efficiency - Operating expenses totaled RMB204.8 million (US$28.4 million), down 20.6% from RMB257.9 million in the same quarter last year, with operating expenses as a percentage of revenues decreasing to 5.8%[2][5]. - Fulfillment expenses were RMB88.5 million (US$12.3 million), a decrease of 13.8% from RMB102.7 million in the same quarter last year[9]. - The company anticipates further operational cost reductions and higher efficiency as it scales up its business[5][6]. - The company has launched a new delivery and transit model aimed at streamlining logistics and reducing fulfillment costs[5]. - The company is focusing on improving operational efficiency as indicated by the significant reduction in share-based compensation expenses[31]. - The company reported share-based compensation expenses of RMB 5,171 thousand for the three months ended March 31, 2024, down from RMB 24,208 thousand in the same period of 2023, a decrease of approximately 79%[31]. Earnings Per Share - The company reported a basic and diluted loss per ADS of RMB 0.16 for the three months ended March 31, 2024, an improvement from RMB 0.38 for the same period in 2023[29]. - The loss per ADS improved to (0.16) for the three months ended March 31, 2024, compared to (0.38) for the same period in 2023, indicating a reduction of approximately 58%[31]. - The company’s basic and diluted loss per ADS, including share-based compensation expenses, was (0.10) for both the three months ended March 31, 2024, and 2023, indicating stability in this metric[31]. Future Outlook - Future outlook and guidance details are not provided in the content, indicating a need for further information on strategic initiatives and market expansion plans[31].