$YI

111, Inc.

CIK:0001738906|SEC Filings

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥) ¥ / shares shares	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 CNY (¥) ¥ / shares shares	Dec. 31, 2023 CNY (¥) ¥ / shares shares
Net revenues:
Net revenues	¥ 12,556,023	$ 1,795,488	¥ 14,401,249	¥ 14,948,129
Operating costs and expenses:
Cost of products sold	(11,832,617)	(1,692,042)	(13,572,020)	(14,099,151)
Fulfillment expenses	(345,222)	(49,366)	(381,035)	(400,538)
Selling and marketing expenses	(258,643)	(36,985)	(313,897)	(448,387)
General and administrative expenses	(69,459)	(9,933)	(70,907)	(224,202)
Technology expenses	(60,391)	(8,636)	(69,635)	(124,341)
Other operating (expenses) income, net	7,932	1,134	8,359	(1,607)
Total operating costs and expenses	(12,558,400)	(1,795,828)	(14,399,135)	(15,298,226)
(Loss) Income from operations	(2,377)	(340)	2,114	(350,097)
Interest income	3,885	556	7,041	8,834
Interest expense	(35,572)	(5,087)	(28,331)	(20,141)
Foreign exchange gain (loss)	480	69	(909)	610
Other income (loss), net	11,082	1,585	(595)	7,612
Loss before income taxes	(22,502)	(3,217)	(20,680)	(353,182)
Income tax expense	(13)	(2)	(96)	(251)
Net loss	(22,515)	(3,219)	(20,776)	(353,433)
Net loss attributable to non-controlling interest	4,094	585	8,398	16,829
Net loss attributable to redeemable non-controlling interest	1,106	158	1,992	30,852
Adjustment attributable to redeemable non-controlling interest	(49,077)	(7,018)	(54,357)	(86,941)
Net loss attributable to ordinary shareholders	(66,392)	(9,494)	(64,743)	(392,693)
Other comprehensive income (loss), net of tax of nil
Unrealized gains of available-for-sale securities	677	97	1,074	4,343
Realized gains of available-for-sale securities	(646)	(92)	(1,217)	(4,166)
Foreign currency translation adjustments	(1,753)	(251)	1,986	(3,249)
Comprehensive loss	¥ (68,114)	$ (9,740)	¥ (62,900)	¥ (395,765)
Loss per share:
Loss per share, basic \| (per share)	¥ (0.38)	$ (0.05)	¥ (0.38)	¥ (2.33)
Loss per share, diluted \| (per share)	¥ (0.38)	$ (0.05)	¥ (0.38)	¥ (2.33)
Weighted average number of shares used in computation of loss per share:
Weighted average number of shares used in computation of loss per share, basic	174,026,392	174,026,392	171,835,632	168,609,128
Weighted average number of shares used in computation of loss per share, diluted	174,026,392	174,026,392	171,835,632	168,609,128

CONSOLIDATED STATEMENTS OF CASH FLOWS ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Operating activities:
Net loss	¥ (22,515)	$ (3,219)	¥ (20,776)	¥ (353,433)
Adjustments to reconcile net income to net cash used in operating activities:
Share-based compensation	10,047	1,437	20,149	226,691
Depreciation and amortization	11,840	1,693	16,967	21,780
Loss on disposal of property and equipment	39	6	31	992
Inventory write-down	1,807	258	3,887	19,910
Credit loss	3,181	455	519	1,950
Investment (income) loss, net	(710)	(102)	170	(4,025)
Noncash lease expense	38,701	5,534	48,497	62,610
Exchange loss (gain)			910	610
Exchange loss (gain)	(480)	(69)
Changes in operating assets and liabilities:
Accounts receivable	150,520	21,524	123,203	(49,898)
Notes receivable	20,210	2,890	(1,230)	(34,266)
Inventories	387,131	55,359	28,107	59,594
Prepayments and other current assets	54,428	7,783	(26,214)	57,165
Other non-current assets	5,396	772	(1,372)	7,038
Accounts payable	(439,057)	(62,784)	132,734	(176,735)
Accrued expenses and other current liabilities	(96,604)	(13,815)	(32,199)	(229,975)
Operating lease liabilities	1,988	284	(34,082)	(62,497)
Other non-current liabilities	(6,780)	(970)	3,715	5,245
Net cash (used in) provided by operating activities	119,142	17,036	263,016	(447,244)
Investing activities:
Purchases of property and equipment	(4,451)	(636)	(15,199)	(9,822)
Purchases of intangible assets				(3)
Proceeds from sale of long-term investments			900
Purchase of short-term investments	(749,999)	(107,248)	(460,000)	(914,326)
Proceeds from sale or maturity of short-term investments	700,645	100,191	511,217	1,074,246
Proceeds from disposal of property and equipment	82	12	458	1,648
Net cash provided by (used in) investing activities	(53,723)	(7,681)	37,376	151,743
Financing activities:
Net proceeds from issuance of ordinary shares upon the exercise of stock options	745	107	14	223
Contribution from redeemable non-controlling interest holders			1,225
Payment for share repurchase from non-controlling interest holders	(1,864)	(267)	(13,521)
Repayment of redemption rights from redeemable non-controlling interest holders	(3,151)	(451)	(87,502)
Proceeds from short-term bank borrowings	287,631	41,131	438,864	919,635
Repayment of short-term bank borrowings	(260,981)	(37,320)	(615,958)	(750,127)
Proceeds from other financing activities	53,463	7,645	710,954	1,451,352
Repayment for other financing activities	(97,037)	(13,876)	(840,312)	(1,415,105)
Net cash provided by (used in) financing activities	(21,194)	(3,031)	(406,236)	205,978
Effect of exchange rate changes on cash and cash equivalents, and restricted cash	(1,253)	(179)	628	(3,720)
Net (decrease) increase in cash and cash equivalents, and restricted cash	42,972	6,145	(105,216)	(93,243)
Cash and cash equivalents, and restricted cash at the beginning of the year	518,332	74,120	623,548	716,791
Cash and cash equivalents, and restricted cash at the end of the year	561,304	80,265	518,332	623,548
Supplemental disclosure of cash flow information:
Interest paid	2,417	346	6,157	10,423
Income tax paid	13	2	96	251
Supplemental disclosures of non-cash investing and financing activities:
Change in fair value of available-for-sale investments	677	97	1,074	4,343
Purchases of property and equipment included in payables	825	118
Adjustment attributable to redeemable non-controlling interest	(49,077)	$ (7,018)	(54,357)	(86,941)
Reconciliation of cash, cash equivalents, and restricted cash
Cash and cash equivalents	510,967		462,289	603,523
Restricted cash	50,337		56,043	20,025
Cash and cash equivalents, and restricted cash	¥ 561,304		¥ 518,332	¥ 623,548

CONSOLIDATED BALANCE SHEETS ¥ in Thousands, $ in Thousands	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
Current assets:
Cash and cash equivalents	¥ 510,967	$ 73,067	¥ 462,289
Restricted cash	50,337	7,198	56,043
Short-term investments measured at fair value	50,031	7,154
Accounts receivable, net of allowance of credit loss of RMB3,223 and RMB6,355 as of December 31, 2024 and 2025, respectively	259,686	37,135	413,101
Notes receivable	58,617	8,382	78,827
Inventories	998,465	142,779	1,387,403
Prepayments and other current assets	196,756	28,136	251,994
Total current assets	2,124,859	303,851	2,649,657
Property and equipment, net	21,108	3,018	32,903
Intangible assets, net	868	124	1,437
Operating lease right-of-use assets	44,122	6,309	89,071
Other non-current assets	9,285	1,328	14,682
Total assets	2,200,242	314,630	2,787,750
Current liabilities including amounts of the consolidated VIE without recourse to the Company (Note 2(b)):
Short-term borrowings	187,631	26,831	160,981
Accounts payable	1,282,368	183,376	1,721,425
Accrued expenses and other current liabilities	483,676	69,164	460,173
Total current liabilities	1,953,675	279,371	2,342,579
Long-term operating lease liabilities	29,965	4,285	55,448
Other non-current liabilities	2,181	312	8,961
Total liabilities	1,985,821	283,968	2,406,988
Commitments and contingencies
MEZZANINE EQUITY
Redeemable non-controlling interests	935,917	133,834	1,038,914
SHAREHOLDERS' DEFICIT
Treasury shares (333,000 shares as of December 31, 2024 and 2025)	(5,887)	(842)	(5,887)
Additional paid-in capital	3,181,343	454,926	3,172,820
Accumulated deficit	(3,950,384)	(564,897)	(3,883,992)
Accumulated other comprehensive income	72,635	10,387	74,357
Total 111, Inc.'s deficit	(702,234)	(100,418)	(642,644)
Non-controlling interests	(19,262)	(2,754)	(15,508)
Total deficit	(721,496)	(103,172)	(658,152)
Total liabilities, mezzanine equity and equity	2,200,242	314,630	2,787,750
Ordinary shares Class A
SHAREHOLDERS' DEFICIT
Ordinary shares, value	34	5	33
Ordinary shares Class B
SHAREHOLDERS' DEFICIT
Ordinary shares, value	¥ 25	$ 3	¥ 25