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YI

111, Inc.

YI

111, Inc. • NASDAQ
$3.71 ▲ 2.20% (+0.08)
Market Cap $32.16 M
52w High $11.35
52w Low $0.41
Dividend Yield 0%
P/E -3.07
Volume 6.03K
Outstanding Shares 8.67M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $3.206B ▼ $95.083M ▼ $-19.549M ▼ -0.61% ▼ $-2.24 ▼ $4.337M ▲
Q1-2025 $3.529B ▼ $194.95M ▼ $-17.649M ▲ -0.5% ▲ $-2.04 ▲ $1.441M ▲
Q4-2024 $3.848B ▲ $209.801M ▲ $-19.841M ▼ -0.516% ▼ $-2.3 ▼ $-3.038M ▼
Q3-2024 $3.601B ▲ $208.245M ▲ $-17.107M ▼ -0.475% ▼ $-1.98 ▼ $7.816M ▼
Q2-2024 $3.424B $116.201M $-14.02M -0.409% $-1.64 $8.783M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $447.474M ▼ $2.476B ▼ $2.154B ▼ $-673.069M ▼
Q1-2025 $485.736M ▲ $2.608B ▼ $2.23B ▼ $-656.256M ▼
Q4-2024 $462.289M ▼ $2.788B ▼ $2.407B ▼ $-642.644M ▼
Q3-2024 $581.981M ▼ $3.03B ▲ $2.722B ▲ $-629.584M ▼
Q2-2024 $595.454M $2.789B $2.542B $-616.055M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $-19.549M ▼ $-61.41M ▼ $-223K ▲ $18.673M ▲ $-43.734M ▼ $-61.41M ▼
Q1-2025 $-17.649M ▲ $112.599M ▲ $-1.088M ▼ $-72.981M ▼ $38.5M ▲ $112.599M ▲
Q4-2024 $-20.776M ▼ $-48.547M ▼ $37.517M ▼ $-35.783M ▲ $-46.079M ▼ $-63.746M ▼
Q3-2024 $0 ▲ $109.865M ▲ $49.845M ▲ $-110.51M ▼ $48.887M ▲ $109.865M ▲
Q2-2024 $-14.02M $93.26M $-79.728M $-104.472M $-91.805M $93.26M

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown meaningfully over the last several years, though the pace of growth has started to flatten more recently. Gross profit has improved, showing that the business is extracting more value from every unit of sales, but margins still look thin for a healthcare platform. Operating results have steadily moved from sizable losses toward roughly break-even, and cash-style earnings (like EBITDA) have just tipped into slightly positive territory. Net losses remain, but they are much smaller than in prior years, indicating a business that is moving along the path from “growth at any cost” toward “growth with discipline,” though not fully there yet.

Balance Sheet

Balance Sheet Total assets have stayed fairly stable, suggesting no major balance-sheet expansion or contraction. Cash reserves have trended down from earlier years but remain meaningful, which helps support ongoing operations. Debt is present but not overwhelming, and it has generally been kept under control. The main red flag is negative shareholders’ equity, which reflects accumulated past losses and signals a thinner financial cushion if business conditions worsen.

Cash Flow

Cash Flow The cash flow profile has improved from years of outflows to recently generating positive operating cash flow, which is a notable milestone for any young platform business. Free cash flow has followed the same pattern, moving from sizeable burn to modest generation, helped by relatively low spending on capital investments. This shift suggests the company is now better at converting its revenue into real cash, not just accounting profits, although the margin for error is still limited. Sustaining and growing positive cash flow will be crucial to reduce reliance on external funding and to rebuild the balance sheet over time.

Competitive Edge

Competitive Edge 111, Inc. operates in a large and structurally growing market: China’s online and digital healthcare ecosystem. Its integrated S2B2C model connects drug makers, pharmacies, doctors, and patients on a single technology platform, which can create meaningful network effects as more participants join. The company’s focus on smart supply chain technology and data-driven tools for pharmacies gives it an efficiency edge versus more traditional distributors. However, the broader digital health and e-pharmacy market in China is intensely competitive, with several strong players and constant pressure on pricing and service quality.

Innovation and R&D

Innovation and R&D Innovation is a clear focal point: the company has built dozens of proprietary systems to manage sourcing, inventory, pricing, and customer relationships, and it applies AI and big data across its operations. Its online clinic, smart procurement tools, and cloud services for pharmacies show a strategy aimed at embedding itself deeply into customers’ daily workflows, rather than just selling products. Newer initiatives—such as private-label products, membership and SaaS programs for pharmacies, and enhanced AI capabilities—are aimed at lifting margins and creating recurring revenue streams. The patent portfolio and ongoing tech investments support a differentiated, software-heavy approach, though execution and adoption at scale remain key uncertainties.

Summary

Overall, 111, Inc. looks like a maturing digital healthcare platform that has moved from heavy investment and losses toward a more balanced, efficiency-driven phase. Revenue growth has been solid over time, and profitability metrics are clearly improving, but net income is still in the red and the balance sheet carries the scar of past losses through negative equity. The shift to positive operating and free cash flow is a meaningful turning point, suggesting the business model is starting to work in cash terms. Competitively, its technology-rich supply chain, integrated ecosystem, and alignment with China’s healthcare digitalization trends are strengths, offset by intense industry competition and thin margins. Future performance will likely hinge on scaling higher-margin services (like private labels and SaaS tools), maintaining cost discipline, and steadily rebuilding financial strength without sacrificing its innovation edge.

NEWS

September 17, 2025 · 2:00 AM UTC

111, Inc. Announces Second Quarter 2025 Unaudited Financial Results

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