111, Inc., a leading tech-enabled healthcare platform company committed to digitally connecting patients with medicine and healthcare services in China, announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2020.
Fourth Quarter 2020 Highlights
Net revenues were RMB2.64 billion (US$405.1 million), representing an increase of 96.1% year-over-year.
Gross Profit[1] was RMB103.6 million (US$15.9 million), representing an increase of 143.7% year-over-year.
Operating expenses[2] were RMB248.3 million (US$38.1 million), representing an increase of 17.9% year-over-year. Operating expenses accounted for 9.4% of net revenues in this quarter as compared to 15.6% in the same quarter of last year.
Non-GAAP net loss attributable to ordinary shareholder[3] was RMB98.2 million (US$15.1 million), compared to RMB143.7 million in the same quarter of last year. As a percentage of net revenues, non-GAAP net loss attributable to ordinary shareholders decreased to 3.7% this quarter from 10.7% in the same quarter of last year.
Fiscal Year 2020 Highlights
Net revenues were RMB8.20 billion (US$1.26 billion), representing an increase of 107.6% year-over-year.
Gross Profit was RMB365.8 million (US$56.1 million), representing an increase of 121.5% year-over-year
Operating expenses were RMB839.1 million (US$128.6 million), representing an increase of 27.4% year-over-year. Operating expenses accounted for 10.2% of net revenue in 2020 as compared to 16.7% of last year.
Non-GAAP net loss attributable to ordinary shareholders was RMB380.8 million (US$58.4 million), compared to RMB434.3 million last year. As a percentage of net revenues, non-GAAP net loss attributable to ordinary shareholders decreased to 4.6% in 2020 from 11.0% last year.
Cash and cash equivalents, restricted cash and short-term investments amounted to RMB1.62 billion (US$248.1 million) as of December 31, 2020, compared to RMB697.7 million as of December 31, 2019.
"2020 was another strong year for us, with net revenue in Q4 rising by 96.1% YoY to RMB2.64 billion. Despite the challenges of the pandemic, we were able to sustain a consecutive net revenue growth since our IPO, bringing net revenue for the year to RMB8.2 billion, more than doubling the net revenue of RMB3.95 billion in FY 2019. Non-GAAP net loss attribute to ordinary shareholders as a percentage of net revenues also decreased significantly, from 22.3% in our first quarter post IPO to 3.7% in this latest quarter," said Mr. Junling Liu, Co-Founder, Chairman, and Chief Executive Officer of 111.
"Our business recorded a close to nine-fold increase from RMB959.5 million in FY2017. This stellar performance was set in motion by our S2B2C model, which has continued to drive our multi-faceted growth strategy, and has allowed us to lead the charge in the digital transformation of the healthcare system in the new era of industry internet in China."
"The advantages of our S2B2C model continues to attract new partners and has led to the rapid growth of our ecosystem in 2020. The number of global and domestic pharmaceutical companies we have a direct relationship with totaled over 330 as of 4Q 2020, while our network of retail pharmacy customers is now the largest virtual network in China. With the support of our eight regional fulfilment centers, we provide 24-hour delivery to more than 300 cities in China and 72-hour delivery nationwide. As we increase the number of our fulfilment centers and upgrade our logistic management, fulfilment costs as a percentage of net revenue improved significantly – from 3.6% in Q4 2019 to 2.6% in Q4 2020. For the full year 2020, it improved from 3.3% to 2.8% YoY."
"In addition to pharmaceutical companies, market participants such as marketplace vendors, medicine distributors, CSO organizations, commercial medical insurance companies and others have significantly strengthened our supply chain platform. Coupled with the capabilities we have built out over the ...
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