Yunji Inc. (“Yunji” or the “Company”) (NASDAQ: YJ), a leading membership-based social e-commerce platform, today announced its unaudited financial results for the second half and fiscal year ended December 31. 20251.
Second Half 2025 Highlights
Total revenues in the second half of 2025 were RMB158.7 million (US$22.7 million), compared with RMB183.8 million in the same period of 2024. The change was primarily due to the Company’s continued strategy to refine its product selection across all categories and optimize its selection of suppliers and merchants, together with a deliberate scale-back of the marketplace business.
Repeat purchase rate2 in the twelve months ended December 31. 2025 was 69.7%.
Mr. Shanglue Xiao, Chairman and Chief Executive Officer of Yunji, said, “In the second half of 2025. we continued to demonstrate the resilience of our strategic transformation centered on becoming a leader in organic healthy living, while maintaining our industry-leading 12-month repurchase rate of 69.7%. This performance reflects the success of our strategy of offering curated premium products, including organic health foods aligned with China’s national health strategy, while building a differentiated experiential ecosystem that strengthens customer trust through supply chain traceability and wellness services. As we enter 2026. we will continue developing health private labels and steadily accelerating our transformation from a traditional e-commerce platform to a private label–led model. We will balance multi-channel customer acquisition with our path toward profitability to create greater value for our members.”
“During the second half of 2025. we delivered improvement on our path to profitability, with net loss narrowing to RMB32.6 million from RMB115.1 million in the same period of 2024. This improvement was driven by disciplined cost management and our continued focus on product curation and operational efficiency. As we enter 2026. we remain committed to our strategic priorities of margin improvement and profitability, supported by our stable liquidity position and continued focus on resource optimization and profitable growth.” said Ms. Nan Song, Senior Financial Director of Yunji.
Second Half 2025 Unaudited Financial Results
Total revenues were RMB158.7 million (US$22.7 million), compared with RMB183.8 million in the same period of 2024. This change was primarily due to the Company’s continued strategy to refine its product selection across all categories and optimize its selection of suppliers and merchants, together with a deliberate scale-back of the marketplace business.
Revenues from sales of merchandise were RMB136.4 million (US$19.5 million), compared with RMB145.5 million in the same period of 2024. This change was primarily due to a decrease in revenue from derecognition of incentive payables to inactive members as the number of inactive members3 declined, partially offset by a slight increase in merchandise sales resulting from proactive membership initiatives.
Revenues from the marketplace business were RMB22.1 million (US$3.2 million), compared with RMB34.3 million in the same period of 2024. This change was primarily due to the Company’s strategic decision to focus on private label products and deliberately scale back the marketplace business.
Other revenues were RMB0.2 million (US$0.02 million), compared with RMB4.0 million in the same period of 2024.
Total cost of revenues increased by 3.0% to RMB92.7 million (US$13.3 million), or 58.4% of total revenues, from RMB90.0 million, or 49.0% of total revenues, in the same period of 2024. Total cost of revenues primarily comprises costs related to sales of merchandise. The increase was primarily driven by higher merchandise sales. Revenues and related costs from merchandise sales are recognized on a gross basis.
Total operating expenses decreased by 43.8% to RMB112.4 million (US$16.1 million) from RMB200.1 million in the same period of 2024.
Fulfillment expenses decreased by 60.2% to RMB13.3 million (US$1.9 million), or 8.4% of total revenues, from RMB33.6 million, or 18.3% of total revenues, in the same period of 2024. The decrease was primarily due to reduced personnel costs as a result of ongoing optimization in staffing allocation.
Sales and marketing expenses increased by 6.4% to RMB52.6 million (US$7.5 million), or 33.2% of total revenues, from RMB49.5 million, or 26.9% of total revenues, in the same period of 2024. The increase was primarily due to (i) an increase in personnel costs, as a result of a shift in resource allocation from online traffic acquisition towards offline and private-domain initiatives, and (ii) an increase in depreciation and amortization.
Technology and content expenses decreased by 35.5% to RMB13.0 million (US$1.9 million), or 8.2% of total revenues, from RMB20.1 million, or 10.9% of total revenues, in the same period of 2024. The decrease was primarily due to the reduction in personnel costs as a result of staffing structure refinements.
General and administrative expenses decreased by 65.5% to RMB33.5 million (US$4.8 million), or 21.1% of total revenues, from RMB96.9 million, or 52.7% of total revenues, in the same period of 2024. The decrease was primarily due to (i) a decrease in an impairment of long-lived assets other than goodwill, and in the allowance for credit losses, and (ii) a reduction in personnel costs as a result of improved staffing allocation.
Loss from operations was RMB43.0 million (US$6.2 million), compared with RMB103.9 million in the same period of 2024.
Financial income, net was RMB5.5 million (US$0.8 million), compared with financial expense, net of RMB8.3 million in the same period of 2024. primarily due to an increase in the fair value changes of equity securities investments.
Net loss was RMB32.6 million (US$4.7 million), compared with RMB115.1 million in the same period of 2024.
Adjusted net loss (non-GAAP)4 was RMB32.5million (US$4.6 million), compared with RMB114.0 million in the same period of 2024.
Basic and diluted net loss per share attributable to ordinary shareholders were both RMB0.02. compared with RMB0.06 in the same period of 2024.
Fiscal Year 2025 Unaudited Financial Results
Total revenues were RMB317.0 million (US$45.3 million), compared with RMB417.7 million in the full year of 2024. The
change was primarily due to the same factors that led to the half-year change.
Revenues from sales of merchandise were RMB268.1 million (US$38.3 million), compared with RMB330.5 million in the full year of 2024.
Revenues from the marketplace business were RMB46.6 million (US$6.7 million), compared with RMB79.5 million in the full year of 2024.
Other revenues were RMB2.3 million (US$0.3 million), compared with RMB7.7 million in the full year of 2024.
Total cost of revenues decreased by 16.6% to RMB176.2 million (US$25.2 million) from RMB211.3 million in the full year of 2024. Total cost of revenues primarily comprises costs related to sales of merchandise. The decrease was primarily attributable to the change in merchandise sales, for which revenues and cost of revenues are recognized on a gross basis.
Total operating expenses were RMB291.8 million (US$41.7 million), compared with RMB349.2 million in the full year of 2024.
Fulfillment expenses decreased by 55.5% to RMB33.9 million (US$4.9 million), or 10.7% of total revenues, from RMB76.1 million, or 18.2% of total revenues, in the full year of 2024. The decrease was primarily due to the same factors that led to the half-year decrease.
Sales and marketing expenses increased by 5.9% to RMB102.7 million (US$14.7 million), or 32.4% of total revenues, from RMB97.0 million, or 23.2% of total revenues, in the full year of 2024. The increase was primarily due to the same factors that led to the half-year increase
Technology and content expenses decreased by 38.0% to RMB28.3 million (US$4.0 million), or 8.9% of total revenues, from RMB45.6 million, or 10.9% of total revenues, in the full year of 2024. The decrease was primarily due to the same factors that led to the half-year decrease.
General and administrative expenses decreased by 2.7% to RMB126.9 million (US$18.1 million), or 40.0% of total revenues, from RMB130.5 million, or 31.2% of total revenues, in the full year of 2024. The decrease was primarily due to (i) the reduction in personnel costs as a result of improved staffing allocation, and (ii) a decrease in an impairment of long-lived assets other than goodwill offset by an increase in an allowance for credit losses.
Loss from operations was RMB143.4 million (US$20.5 million), compared with RMB136.3 million in the full year of 2024.
Financial income, net was RMB9.4 million (US$1.3 million), compared with RMB17.3 million in the full year of 2024. primarily due to a decrease in the fair value changes of equity securities investments and a decrease in interest income.
Net loss was RMB133.3 million (US$19.1 million), compared with RMB123.1 million in the full year of 2024.
Adjusted net loss4 was RMB133.0 million (US$19.0 million), compared with RMB120.7 million in the full year of 2024.
Basic and diluted net loss per share attributable to ordinary shareholders were both RMB0.07 (US$0.01), compared with RMB0.06 in the full year of 2024.
Use of Non-GAAP Financial Measures
In evaluating the business, the Company considers and uses adjusted net 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 loss as net loss excluding share-based compensation.
The Company presents adjusted net loss because it is used by management to evaluate operating performance and formulate business plans. Adjusted net 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 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 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 Friday, March 27. 2026 at 7:30 A.M. Eastern Time or 7:30 P.M. Beijing/Hong Kong Time to discuss its earnings. Listeners may access the call by dialing the following numbers:
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:
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.
