YJ 云集 2025年第2季度财报电话会议文字稿中英文

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Operator

女士们、先生们，早上好、晚上好。感谢各位的耐心等待，欢迎参加云集2025年上半年业绩电话会议。今天出席会议的有：董事长兼首席执行官尚略肖先生；以及高级财务总监宋楠先生。提醒一下，本次电话会议正在录音。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，这些陈述基于公司当前的预期、当前市场和运营状况，涉及云集及其行业的已知或未知风险、不确定性和其他因素。这些前瞻性陈述可以通过诸如'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，请参阅公司向美国证券交易委员会提交的相关文件。公司在本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，并完全受其向SEC提交的文件中的警示性声明、风险因素和其他细节的明确限定。除非适用法律要求，公司不承担更新这些陈述的义务。现在，我将把话筒交给云集董事长兼首席执行官尚略肖先生。肖先生，请开始。

Shanglue Xiao

[同传] 大家好，欢迎参加云集2025年上半年业绩电话会议。感谢大家持续的关注与支持。过去6个月，我们始终坚持有机健康战略不动摇。尽管整体市场环境和消费者信心疲软导致总收入略有下滑，但我们相信坚持有机健康是正确的战略，代表着云集未来发展的重要机遇。我们以有机健康定位为核心战略，将[友江]有机牛奶作为旗舰产品，塑造我们在这一领域的品牌形象。该产品上市即实现500万元销售额，帮助云集在消费者中建立了健康导向的品牌认知。基于这一成功，我们将逐步从这一基础扩展概念。此外，[友江]牛奶将成为云集扩张的重要工具，帮助我们更好地渗透通过社区团长开发的零售市场。过去6个月，我们的其他主要产品也表现优异。[听不清]瘦身咖啡销售额超过1000万元。益生菌丸销售额近700万元，而冻干沙棘粉和[听不清]各自销售额均超过500万元。这一成功源于我们的有机健康战略和科学的体重管理产品选择，两者都与《健康中国2030》国家健康议程紧密契合，这是一项政府倡议，设定了到2030年改善公共卫生和医疗保健的长期目标。这标志着我们的方法具有长期可持续性，并拥有巨大的发展潜力。展望未来，我们将继续扩大品牌影响力，全面整合有机健康理念，并持续优化产品组合。我们的美妆品牌SUYE提供高价值产品，与当今市场消费者偏好高度契合。其将主打产品与高影响力促销相结合的方法已获得积极市场反馈。SUYE PRO-XLANE紧致精华乳液上市即实现超过400万元销售额，其中超过[32%]的买家为回归的沉睡用户。整个SUYE PRO-XLANE紧致系列，包括面霜、乳液和精华，销售额超过1000万元。在渠道和品牌发展方面，我们正在积极拓展公域渠道，升级天猫基础设施，与头部主播建立直播销售合作关系，并增强微信渠道内容。目前，我们的微信渠道交易量排名高于92%的同行。随着我们扩大公域销售，我们将持续监控市场费用并不断提升成本效率。我们的建新茶疗业务目前处于孵化阶段。得益于茶疗项目的强劲增长潜力和客户忠诚度，我们成功实现了上半年建立100%茶疗团队的目标，其中高频用户保持了坚实的50%参与率。更值得注意的是，茶疗项目的参与者已逐渐从现有会员扩展到[听不清]高净值人群。目前，通过该计划预订的渠道会员占所有参与者的近15%，为业务进一步增长创造了重要机遇。同时，茶疗项目将帮助云集进一步建立有机健康形象，并为我们的有机健康产品提供优质流量。2025年上半年，超过90%的茶疗用户购买了我们的主要产品，有效支持了我们其他健康产品的销售。互联网零售的快速增长给我们的社区零售团长带来了新挑战。在这一趋势下，社区团长更倾向于拥抱私域电商并与门店供应商建立联系。因此，未来我们将重点拓展社区团长渠道，将有机食品放置在社区团长门店中。这不仅将赋能社区团长，还能让更多人方便地享受我们的有机产品，最终实现互利共赢。接下来，我将请我们的高级财务总监宋楠女士介绍财务业绩。

Shanglue Xiao

[Interpreted] Hello, everyone and welcome to Yunji's First Half 2025 Earnings Call. Thank you for your continued interest and support. Over the past 6 months, we have remained firmly anchored to our organic health strategy. While overall market conditions and a weakened consumer confidence have led to a slight decline in our total revenue, we believe that staying committed to organic health is the right strategy and represents an important opportunity for Yunji's future development. And we have centered our strategy on organic health positioning [ Youjiang ] Organic Milk as our flagship product to shape our brand image in this space. The product achieved an RMB 5 million in sales at launch, helping establish Yunji's health-focused brand awareness among consumers. Building on this success, we will gradually expand the concept from this foundation. Additionally, [ Youjiang ] milk will serve as an important tool for Yunji's expansion, helping us better penetrate the retail market developed through community leaders. Over the past 6 months, our other major products have also performed exceptionally well. [indiscernible] slimming coffee achieved sales of over RMB 10 million. Probiotic bolus reached nearly RMB 7 million, while freeze-dried sea buckthorn powder and [indiscernible] each generated more than RMB 5 million in sales. This success comes from our organic health strategy and our scientific weight management product selection, both aligned closely with the national health agenda outlined in Healthy China 2030, a government initiative that sets long-term goals to improve public health and health care by 2030. This marks our approach sustainable in the long term and holds tremendous development potential. Moving forward, we will continue to expand our brand influence, fully integrated organic health concept and continually optimize our product mix. Our beauty brand, SUYE, offers high-value products that align closely with the consumer preferences in today's market. Its approach of combining major products with high-impact promotions has an achieved positive market feedback. The SUYE PRO-XLANE FIRMING ESSENCE LOTION generated over RMB 4 million in sales at launch and more than [ 32 ] of the buyers being returning dormant users. The entire SUYE PRO-XLANE FIRMING Series, including creams, lotion and essences generated sales exceeding RMB 10 million. In terms of the channels and brand development, we are actually expanding public domain channels, upgrading our Tmall infrastructure, establishing partnership with top influencers for live streaming sales and enhancing WeChat channels content. Currently, our WeChat channel transaction volume ranks higher than 92% of our peers. As we expand our public domain sales, we will continue monitoring market expenses and constantly improving cost efficiency. Our Jianxin Tea Therapy business is currently in the incubation phase. Thanks to the strong growth potential and the customer loyalty of the tea therapy program, we successfully reached our goal of building a 100% tea therapy team in the first half of the year where the frequent users maintained a solid 50% participation rate. More notably, participants in the tea therapy program have gradually expanded from existing members to [indiscernible] high net worth individuals. At present, our channel members booking through the program account for nearly 15% of often all participants, creating significant opportunities for further business growth. Meanwhile, the tea therapy program will help Yunji further establish our organic health image and provide quality traffic for our organic health products. In the first half of 2025, over 90% of the tea therapy users purchased our main products, effectively supporting sales of our other health products. The rapid growth of internet retail is posing new challenges for our community retail group leaders. Under this trend, community group leaders are more inclined to embrace private domain e-commerce and connect with the store suppliers. Therefore, in the future, we will focus on expanding our community group leader channels, placing organic foods in community group leaders' stores. This will not only empower community group leaders but also allow more people to conveniently enjoy our organic products, ultimately achieving mutual benefits and win-win results. With that, I will hand over to Ms. Nan Song, our Senior Financial Director, to go through the financial results.

Nan Song

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，所有比较和百分比变化均为同比数据，除非另有说明。2025年上半年，尽管我们的财务状况使我们能够继续推进战略举措，但市场不确定性仍对我们的运营构成挑战。我们持续评估新业务线和现有业务线的盈利能力，并及时进行调整以适应不断变化的市场条件，确保在推动持续改进的同时满足我们的杠杆化财务基础。现在让我们仔细看看我们的财务数据。总收入为1.583亿元人民币，而去年同期为2.338亿元人民币。商品销售收入为1.317亿元人民币，市场业务收入为2450万元人民币。这些变化主要由于消费者信心疲软，以及我们持续优化所有品类产品选择、优化供应链和商家基础的战略，这些因素影响了我们的销售。尽管面临这些挑战，我们的毛利率仍相对稳健，为47.3%。这得益于客户对我们承诺水平的持续忠诚度，以及我们强调高利润率的有效产品策展特性。高[听不清]在我们整合的产品组合中。现在让我们看看我们的运营费用。履约费用从去年同期的4260万元人民币降至2060万元人民币。这主要是由于商品销售减少带来的仓储和物流成本降低，以及[听不清]人员费用因人员结构[听不清]销售和营销费用为5010万元人民币，而去年同期为4750万元人民币。这主要是由于会员基数增长带来的高会员管理费用，以及支持市场扩张增加的人员成本，部分被较低的广告费用所抵消。技术和内容费用为1530万元人民币，而去年同期为2550万元人民币。减少主要是由于人员结构优化导致的人员成本降低。一般及行政费用为9340万元人民币，而去年同期为3350万元人民币。增加主要是由于较高的信贷损失拨备，部分被较低的专业服务费用和人员成本所抵消。剔除一次性损失，一般及行政费用下降了35.6%，反映了我们费用优化措施的效果。2025年上半年总运营费用为1.794亿元人民币，而2024年同期为1.491亿元人民币。运营亏损为1.004亿元人民币，而去年同期运营亏损为3240万元人民币。净亏损为1.007亿元人民币，而去年同期净亏损为800万元人民币，调整后净亏损为1.005亿元人民币，而去年同期调整后净亏损为670万元人民币。归属于普通股股东的基本和稀释每股净亏损均为0.05元人民币，而2024年同期基本和稀释每股净收入为--。截至[1月]30日，2025年，我们的资产负债表上现金及现金等价物预期现金和短期投资总额为[2.171亿元人民币]，而截至2024年12月31日为[2.428亿元人民币]。我们的流动资产足以覆盖应付债务。此外，我们[听不清]充分利用我们的营运资金，并[听不清]管理我们的资产以最好地支持我们的运营。总之，在2025年上半年，我们继续优化成本结构，同时确保有效的资本配置。我们仍然致力于保持财务纪律，推动盈利能力改善，同时支持长期可持续增长。我们持续关注[听不清]整合，加上我们对高效资产利用的承诺，在实现这一改进中发挥着关键作用。展望未来，我们将专注于持续改善毛利率，力争实现盈亏平衡，并通过战略重点加强整体财务状况，我们已经准备好管理未来的[听不清]并在不断变化的市场环境中抓住增长机会。这是我们今天的准备发言。谢谢。

Nan Song

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 all comparisons and percentage changes are on a year-over-year basis unless otherwise noted. During the first half of 2025, market uncertainties still posted challenges to our operations, even though our financial position allowed us to continue advancing our strategic initiatives. We continue to assess the profitability of both new and existing business lines and make timely adjustments to adapt to shifting market conditions, ensuring we're meeting our leveraged financial foundation while driving ongoing improvements. Now let's take a close look at our financials. Total revenue were RMB 158.3 million compared to RMB 233.8 million a year ago. Revenues from sales of merchandise were RMB 131.7 million and revenues from our marketplace business were RMB 24.5 million. The changes were primarily due to softer consumer confidence and our ongoing strategy to refine product selection across all categories and optimization our supply and merchant bases, which affected our sales. Despite these challenges, our gross margin remained relative solid at 47.3%. This was due to sustained customer loyalty towards our promised levels and our effective product curation trait that emphasis high margin. High [indiscernible] within our integrated product portfolio. Now let's take a look at our operating expenses. Fulfillment expenses decreased to RMB 20.6 million from RMB 42.6 million a year ago. This was primarily driving by lower warehousing and logistics costs from reduced merchandise sales with [indiscernible] personnel expenses for staffing structure [indiscernible] sales and marketing expenses were RMB 50.1 million compared to RMB 47.5 million a year ago. This was primarily due to high member management fees from growing the membership base and increased personnel cost to support expansion into markets, partially offset by lower advertising expenses. Technology and content expenses were RMB 15. 3 million compared to RMB 25.5 million a year ago. The decrease was mainly due to a reduction in personnel costs resulting from staffing structure optimization. General and administrative expenses were RMB 93.4 million compared to RMB 33.5 million a year ago. The increase was mainly due to a high allowance for credit losses, partly offset by lower professional service expenses and personnel costs. Excluding the onetime loss, G&A expenses decreased by 35.6%, reflecting the result of our expenses optimization effect. Total operating expenses in the first half of 2025 were RMB 179.4 million compared to RMB 149.1 million in the same period of 2024. Loss from operations was RMB 100.4 million compared to loss of operating of RMB 32.4 million a year ago. Net loss was RMB 100.7 million compared with net loss of RMB 8 million a year ago, while adjusted net loss was RMB 100.5 million compared with adjusted net loss of RMB 6.7 million a year ago. Basic and diluted net loss per share attributed to ordinary shareholders were both RMB 0.05 compared with basic and diluted net income per share of -- in the same period of 2024. Turning to recorded as of [ January ] 30, 2025, we had a total of [ RMB 217.1 million ] in cash and cash equivalent expected cash and short-term investment on our balance sheet compared to [ RMB 242.8 million ] as of December 31, 2024. Our liquid assets provide adequate coverage for our payable obligation. In addition, we are [indiscernible] to making the most of our working capital and [indiscernible] managing our assets to best support our operations. To sum up, during the first half of 2025, we continue to optimize our cost structure while ensuring efficient capital allocation. We remain committed to maintaining financial discipline and driving improved profitability while supporting long-term sustainable growth. Our continued focus on [indiscernible] integration together with our commitment to efficient asset utilization play a key role in achieving this improvement. Looking ahead, we will concentrate on continuously improve our gross margin, aiming to achieve breakeven and strengthening our overall financial position with a strategic focus, where we are prepared to manage future [indiscernible] and capture growth opportunities in a evolving market environment. This concludes our prepared remarks for today. Thank you.

Operator

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了。