YJ 云集 2020年第3季度财报电话会议文字稿中英文

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Operator

各位女士们、先生们，早上好，晚上好。感谢并欢迎参加云集2020年第三季度财报电话会议。今天出席会议的有：云集董事长兼首席执行官肖尚略先生；首席财务官陈晨先生；首席战略官兼首席人才官马辉先生；财务副总裁张成奇先生；以及公司投资者关系总监刘凯女士。现在，我将会议交给今天的第一位发言人，云集投资者关系总监刘凯女士。谢谢。请开始，女士。

Kaye Liu

大家好，欢迎参加我们2020年第三季度财报电话会议。在开始之前，请注意本次电话会议将包含根据1995年《私人证券诉讼改革法案》定义的前瞻性陈述，这些陈述基于我们当前的预期和当前市场运营状况，涉及影响云集行业的已知和未知风险、不确定性及其他因素。这些前瞻性陈述可通过诸如'将'、'预期'、'预计'、'继续'或其他类似表述来识别。有关这些风险和不确定性的详细讨论，请参阅我们向美国证券交易委员会提交的相关文件。我们在本次电话会议上做出的任何前瞻性陈述均基于截至今日的假设，并完全受限于向SEC提交的警示性声明、风险因素和公司详细信息。除非适用法律要求，云集不承担更新此声明的任何义务。接下来，我将把会议交给云集董事长兼首席执行官肖尚略先生。

Shanglue Xiao

大家好，欢迎参加云集2020年第三季度财报电话会议。在第三季度，由于我们推广了高复购率的快消商品，我们实现了总GMV 94亿元人民币和总收入10.7亿元人民币。此外，我们的净亏损同比减少了14.9%。我们及时升级的会员注册系统帮助我们持续增加平台上的交易会员数量，截至2020年9月30日的12个月内达到了1300万。云集在过去5年一直走在成为成熟会员制社交电商平台的道路上。在此期间，我们进行了许多变革，并持续探索新的会员形式，以进一步提升我们会员模式的价值。因此，我们不仅为会员提供了更多福利和更好的电商体验，还更好地培养了会员日益增长的分享热情。同时，我们也专注于通过提供额外的销售培训来帮助会员挖掘销售潜力。通过为会员提供教育和培训，我们进一步深化了会员在不同细分领域的知识，使他们能够作为我们社区中的主播或团长获得稳定收入。自IPO以来，我们致力于为生态系统中的所有参与者创造双赢的价值主张，持续投资升级供应链和优化社区，以成为中国领先的会员制社交电商平台。更具体地说，我们通过持续优化供应链，不断开发和引入联合品牌产品到我们的社区，并通过引入更多能更好激发会员分享活动的产品，发现更多具有销售潜力的会员。在具体产品类别方面，我们非常专注于美妆、食品和保健品。因此，为了更好地培育大规模产品，我们在第三季度持续投资于这些自有品牌和合资品牌。由于云集的投资，许多优质供应商和领先制造商能够调整业务并增加线上流量，在不断变化的商业环境中持续发展。此外，这些供应商和制造商也为终端平台用户提供了更多以有吸引力价格销售的优质产品。例如，在今年双十一购物节期间，我们的自有品牌和合资品牌贡献了近20%的节日总GMV。此外，在第三季度，我们平台独家销售的保健品GMV达到5亿元人民币。与毛利率较低、用户反馈较不积极的其他产品相比，这些在我们平台上产生更高利润的大规模产品得到了具有销售潜力的会员的认可，并受到用户的欢迎。在我们的社交电商社区中，我们发现最强烈的需求是服务经理中的销售潜力人群希望通过兼职工作赚取额外收入。这些个体不一定需要多样化的供应品类，也不一定需要大量产品类型，因为他们更关注负面信用、续约、盈利能力、专业信用信息培训和便捷的售后服务。为了满足这些需求，我们为服务经理和具有销售潜力的会员建立了高度精细化和差异化的供应链以及专业培训体系。自去年以来，我们在食品品类供应链培育方面取得了显著进展，引入了多个产品，创造了数百万元的销售额。同时，今年我们在其他产品类别中复制了成功打造热门高质量食品产品的经验。例如，在9月份，我们推出了一个试吃食品群组，其中具有销售潜力的会员担任团长，每天向平台用户介绍6种不同的美味食品。同时，我们还聘请了专门从事营销和培训的高级讲师，以更好地培训社交电商社区中的个体，并进一步教育具有销售潜力的会员关于食品产品类别的知识。这种有针对性的产品类别培训使具有销售潜力的会员成为该领域的专家，同时也使这些团队成员成为用户眼中可信赖的信息来源。因此，我们的会员已经能够更准确地触达目标用户，并与这些目标用户保持高接触度的关系。结果，我们观察到9月份超过70%的平台用户进行了复购。这持续证明了我们产品和专业营销能力的优势，这些能力显著提高了具有销售潜力的会员自担任团长以来的收入。除了食品品类，我们在本季度还推出了专注于健康和美妆品类的社区群组。在接下来的几个季度，我们将确保继续为大家提供我们在开发这些产品社区方面的进展更新。在本季度，在营销方面，我们在建立创新营销渠道和利用多样化内容形式（如短视频和直播）方面也持续取得有意义的进展，这些使我们能够更好地展示和推广来自我们优质供应链的产品。展望未来，我们计划进一步利用我们在成本控制和运营效率方面的供应链竞争优势，与顶级和中层主播建立合作，向我们的电商社区引入更多产品，并为更多具有高增长潜力的合资品牌和新兴品牌提供支持和资源。总之，我们在第三季度继续加强了差异化供应链的竞争优势，同时进一步优化了会员制生态系统。展望未来，我们计划继续探索那些能够为会员、供应商和用户创造双赢安排的新模式和营销形式。同时，我们将推进这些新举措的执行，这将进一步推动我们朝着健康盈利的长期目标前进。接下来，我将把电话交给我们的首席财务官Rex Chen，来介绍我们的财务业绩。

Shanglue Xiao

Hello, everyone, and welcome to Yunji’s third quarter 2020 earnings call. In the third quarter, we generated a total GMV of RMB9.4 billion and total revenues of RMB1.07 billion due to our promotion of fast-moving merchandise with high repeat purchase rates. And moreover, we also reduced our net loss by 14.9% year-over-year. And the timely upgrades we made to our membership enrollment system helped us continue increasing the number of transacting members on our platform, which reached 13 million for 12 months ended September 30, 2020. Yunji has been on the path to becoming a full-fledged membership-based social e-commerce platform for the past 5 years. Over the course of this period, we have made many changes and continued to explore new forms of the membership to further improve the value of our membership model. As a result, we have not only provided our members with more benefit and a better e-commerce experience, but also better cultivating our members’ growing passion for sharing. Meanwhile, we have also focused on helping our members to honing their sales potential by providing them with additional sales training. By providing our members with education and training, we have further engraved members’ knowledge also in different segments and enabled them to earn stable income as either streamers or group leaders in our community. Since our IPO, as we strive to create a win-win value proposition for all participants in our ecosystem, we have continued to invest in upgrading our supply chain and optimizing our community to become China's leading membership-based social e-commerce platform. More specifically, we have also continued to develop and introduce joint medicated products into our community by continuously optimizing our supply chain and discover more members with sales potential through introducing more products that better stimulate member-sharing activities. In terms of specific product categories, we are very focused on beauty, food and health supplements. As such, in order to better cultivate large scale products, we maintained ongoing investment into these private label and joint venture brands during the third quarter. As a result of Yunji's investments, many quality suppliers and the leading manufacturers have been able to adapt their business and grow their online traffic to persist in the face of an evolving business environment. In addition, these suppliers and manufacturers also provided end platform users with more premium products at attractive prices. For example, during this year’s Double Eleven shopping festival, our private label and joint venture brands contributed nearly 20% of our total festival GMV. And moreover, during the third quarter, in the GMV of our health supplement product sold exclusively on our platform, it is RMB500 million. In comparison to other products with lower gross profit and less positive user feedback, these large scale products generating higher profits on our platform were endorsed by our members with the sales potential, and it were celebrated by our users. In our social e-commerce community, we have found that the strongest demand is with sales potential in our service managers is to earn additional income through part-time jobs. These individuals do not necessarily demand a diverse portfolio of supply categories, nor inexpensive number of product types, as that end has more interest in negative credits, renewal, profitability, professional credit information training and convenient aftersales service. In order to meet such demands, we have built a highly refined and differentiated supply chain as well as professional training systems for both our service managers and our members with the sales potential. Since as early as last year, we have made a significant progress in cultivation of our food category supply chain, introducing multiple products to generate millions of RMB in sales. Meanwhile, this year, we have replicated our successful experience in creation of popular high quality food products in other product categories. In September, as an example, we have launched a trial food group, where in our member with the sales potential, served as group leaders to make daily introductions to our platform users of 6 different delicious food products. As in time, we also hired senior lecturers specialized in marketing and training to better train individuals in our social e-commerce community and further educate our members with sales potential on the food product category. This type of targeted product category training has enabled members with sales potential to become asset in field, while also enabling these team members to become trusted sources of information in eyes of the users. Consequently, our members have developed the ability to reach their target users more accurately as well as maintain high-touch relations within these target users as in time. As a result, we observed repeat purchases from more than 70% of platform users in September. This continues to demonstrate the strength of both our product and professional merchandising capabilities, which have helped to significantly improve the incomes of our members with sales potential since these members began serving as group leaders. Beyond the food product category, we also launched community groups focused on the health and beauty categories in the quarter. Over the coming quarters, we will be ensured to continue providing everyone with updates on our progress in developing these product communities. During the quarter, on the marketing front, we also continued to make meaningful progress in both the establishment of an innovative marketing channel and the utilization for diverse content formats, such as short-form video and live streaming, which have been enabling us to better present and promote those products sourced from our quality supply chain. Going forward, we plan to further leverage our supply chain competitive advantages in cost control and operational efficiency, establish collaborations with top-tier and mid-tier streamers to introduce more products to our e-commerce community, and provide support and resources to more of those joint-venture brands and emerging brands with high growth potential. In summary, we continued to bolster the competitive advantages of our differentiated supply chain, while further optimizing our membership-based ecosystem during the third quarter. Looking ahead, we plan to continue exploring those new models and marketing formats, capable from creating win-win arrangements for our members, suppliers and users alike. At the same time, we will advertise the execution of those new initiatives, which will further propel our advancement towards our long-term goal of a healthy profitability. And with that, I'll hand the call over to our CFO, Rex Chen, to go through our financial results.

Chen Chen

谢谢，商略。大家好。在介绍我们的财务业绩之前，请注意以下发言中所有数字均以人民币计值，我们的比较和百分比变化均为同比数据，除非另有说明。鉴于行业竞争日益加剧，我们决定放弃追求此类短期收益，转而将注意力集中在提升运营效率和增强运营收入上。本季度，我们与区域农业供应商合作，打造创新产品，进一步推动我们所在地区的振兴，并使我们的直播节目与众不同。因此，在2020年第三季度，我们继续稳步向健康盈利迈进，净亏损从人民币5130万元减少至人民币4360万元。现在让我们更详细地看看我们的财务状况。2020年第三季度，我们的总收入为人民币11亿元。2020年第三季度的商品净销售收入为人民币9.2亿元，相比[人民币24.7亿元]，占当期总收入的85.2%。这一下降是由于业务向我们的市场平台业务模式转移，这符合我们持续提升自身运营效率及商家运营效率的努力。2020年第三季度，我们的市场平台收入从人民币8630万元增加至人民币1.304亿元。这一增长得益于我们平台上优质品牌和商家数量的增加。同时也因为我们通过加强与现有品牌的合作关系，并利用我们日益增长的社区影响力吸引新品牌入驻平台，从而实现了更高的佣金率。2020年第三季度，我们的会员计划收入为人民币490万元，相比人民币2.067亿元，完全由先前付费会员的递延收入构成，符合我们的长期增长计划。这一下降是由于我们的会员注册系统要求所致，该系统允许用户在云集APP上免费注册为会员并全年享受会员权益。2020年第三季度的毛利率为29.5%，相比17.8%。这一增长得益于本季度引入的毛利率较高的药品、我们改进的补贴结构以及提升的运营效率。现在来看我们的运营费用。2020年第三季度的履约费用下降了55%，至人民币9050万元。这一下降主要由于：第一，因商品销售额下降和物流效率提升，仓储和物流费用减少；第二，由于佣金率降低，第三方支付交易手续费减少，以及因人员优化导致某些人员成本降低。2020年第三季度的销售和营销费用下降了42.9%，至人民币1.589亿元，这得益于我们持续提升会员管理运营效率，会员管理费随之减少。2020年第三季度的技术和内容费用从人民币9010万元下降53%至人民币4230万元。这一下降主要由于我们与服务器供应商达成了更优的合同条款，从而降低了服务器成本，部分原因也在于人员优化导致的人员成本减少。2020年第三季度的一般及行政费用下降了18.6%，从人民币6370万元降至人民币5180万元，占总收入的4.9%。这一下降主要得益于我们持续进行的人员优化。总体而言，2020年第三季度的总运营费用从人民币6.364亿元下降了46%至人民币3.436亿元。这一下降得益于我们持续提升物流效率、获得更优的合作伙伴条款的能力以及会员管理效率的提高，这些均源于我们持续改善服务管理关系。2020年第三季度的运营亏损从人民币1.18亿元减少至人民币2440万元。2020年第三季度的净亏损从人民币5130万元减少至人民币4360万元。2020年第三季度的调整后净亏损为人民币3640万元，相比人民币2490万元。2020年第三季度归属于普通股股东的基本和稀释每股净亏损为人民币0.02元，而2019年同期为人民币0.02元。现在也让我们看看我们的现金和流动性状况。本季度，尽管面临宏观逆风和期间的不确定性，我们仍能维持健康的营运资本水平，这使我们能够支持运营和流动性需求。截至2020年9月30日，我们资产负债表上的现金及现金等价物、受限现金和短期投资总额为人民币12亿元。展望未来，我们将继续推动我们的市场平台和商品销售的发展。我们还计划利用我们为用户服务提供商和供应商提供的价值主张，推出新举措并开发更多跨业务协同效应，通过发展合作伙伴关系来实现。展望未来，我们仍然相信这些增长战略将使我们能够稳步增强核心财务指标，提升整体盈利能力，并继续为我们的健康增长和长期未来盈利能力奠定基础。今天的预先准备发言到此结束。接线员，我们现在可以开始回答问题了。

Chen Chen

Thank you, Shanglue. Hello, everyone. Before I go through our financial results, please note that all numbers stated in the following remarks are in RMB terms and our comparisons and the percentage changes are on a year-over-year basis unless otherwise noted. In light of the increasing competition in the industry, we decided to forgo the destruction of such short-term gains and instead focus our attention on refining our operational efficiency and bolster our operational revenues. In the quarter, we collaborated with regional agriculture providers to create innovative products and further promote the revitalization of our areas and made our live streaming show different. As a result, we continued to steadily advance towards healthy profitability during the third quarter of 2020 and reduced our net loss to RMB43.6 million from RMB51.3 million. Let's now take a closer look at our financials. Our total revenues in the third quarter of 2020 were RMB1.1 billion. Revenues from net sales of merchandise in the third quarter of 2020 was RMB0.92 billion compared to [RMB2.47 billion] and accounted for 85.2% of our total revenues in the period. This decrease was due to the transfer of business to our marketplace business model, which was in line with our continuous efforts to improve our operating efficiency and the operating efficiency of our merchants. Revenues from our marketplace in the third quarter of 2020 increased to RMB130.4 million from RMB86.3 million. This increase was driven by an increase in the number of quality brands and the merchants on our platform. It was also due to the higher take rates that we have incurred by both strengthening our existing partnerships with brands and leveraging our growing community influence to attract new brands to our platform. Revenues from our membership program in the third quarter of 2020 were RMB4.9 million compared to RMB206.7 million and wholly consisting of deferred revenues from prior paying members, in line with our long-term growth plans. This decline was due to the requirement of our membership enrollment system, which allowed the users to register on our Yunji app as members and enjoy membership benefits free of charge for all year. Gross margin in the third quarter of 2020 was 29.5% compared to 17.8%. This increase was due to the higher gross margin medicated products that we introduced in the quarter, our improved subsidy structure and the enhanced operating efficiency. Now turning to our operating expenses. Fulfillment expenses in the third quarter of 2020 decreased by 55% to RMB90.5 million. This decrease was mainly due to first reduced warehousing and logistic expenses as a result of lower merchandise sales and increased logistic efficiency; second, reduced third-party payment transaction fees due to lower commission rates and certain lower personnel costs due to headcount optimization. Sales and marketing expenses in the third quarter of 2020 decreased by 42.9% to RMB158.9 million, driven by the decrease in member management fees as we continue to improve the efficiency of our member management operations. Technology and content expenses in the third quarter of 2020 decreased by 53% to RMB42.3 million from RMB90.1 million. This decrease was mainly due to our realization of better contract terms with our server provider, which helped to reduce our server costs and partially due to a decrease in personnel costs as a result of headcount optimization. General and administrative expenses in the third quarter of 2020 decreased by 18.6% to RMB51.8 million or 4.9% of total revenues from RMB63.7 million. This decrease was mainly due to our continuous efforts in headcount optimization. Overall, total operating expenses in the third quarter of 2020 decreased by 46% to RMB343.6 million from RMB636.4 million. This decrease was driven by our continuous improvements to logistics efficiency, our ability to secure better partnership terms and increased member management efficiency, which resulted from our continued improvement of service management relationships. Loss from operations in the third quarter of 2020 decreased to RMB24.4 million from RMB118 million. Net loss in the third quarter of 2020 decreased to RMB43.6 million from RMB51.3 million. Adjusted net loss in the third quarter of 2020 was RMB36.4 million compared to RMB24.9 million. Basic and diluted net loss per share attributable to ordinary shareholders in the third quarter of 2020 was RMB0.02 compared to -- with RMB0.02 in the same period of 2019. Now let's also take a look at our cash and liquidity position. During the quarter, our ability to maintain a healthy level of working capital despite of macro headwinds and uncertainty in the period enabled us to support our operational and liquidity demands. As of September 30, 2020, we had a total of RMB1.2 billion in cash and cash equivalents, restricted cash and short-term investments on our balance sheet. Going forward, we will continue to drive the development of both our marketplace and the merchandise sales. We also plan to leverage the streams of our value proposition for user service providers and suppliers to launch new initiatives and developers, more cross-synergies through the growing of partnerships. Looking ahead, we remain confident that these growth strategies will enable us to bolster our core financials at a steady pace, augment our overall profitability and continue laying the foundation for our healthy growth and future profitability over long-term. This concludes our prepared remarks for today. Operator, we are now ready to take questions.

Operator

翻译中...

Operator

目前没有提问。我将把电话交还给管理层进行总结。

Kaye Liu

感谢各位今天参与。如有任何进一步问题，请随时联系我们，我们期待下个季度与您再次交流。

Operator

女士们、先生们，今天的电话会议到此结束。感谢各位的参与。您现在可以挂断电话。