The following is a summary of the 111, Inc. (YI) Q1 2024 Earnings Call Transcript:

Financial Performance:

• 111 Inc achieved operational profitability in the first quarter of 2024 for the first time.

• The company reported a slight 4.6% year-over-year decrease in Q1 revenue, attributed to the high baseline from the previous year.

• Income from operations reached RMB 3.7 million in contrast to an operational loss of RMB 21.7 million a year ago.

• Total operating expenses accounted for 5.8% of net revenue, and fulfillment expenses were reduced to 2.5% of net revenues.

• General and administrative expenses reduced to 0.5% of net revenues, and technology expenses also experienced a drop.

Business Progress:

• Major strides were made in technology, including improvements in AI and the introduction of a new delivery and transit model.

• The company secured a new patent for its voice service enhancement system, expanding its technology portfolio to 24 patents.

• The private label business saw a surge in revenues by 89% from the previous year.

• Plans are in place to deepen partnerships, leverage data analytics, increase investment in the Joint Business Plan, and drive business operations, customer engagement, and product innovation through AI and digitization.

• The company has successfully transitioned into a tech-powered healthcare platform, which resulted in increased cash flow and enriched partnerships.

More details: 111 Inc IR

Tips: This article is generated by AI. The accuracy of the content can not be fully guaranteed. For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.