Yunji Inc (YJ) has released an update.
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Yunji Inc., a prominent social e-commerce platform, reported a decrease in total revenues to RMB149.1 million in Q4 2023, from RMB288.7 million in Q4 2022, primarily due to soft consumer confidence and strategic changes to its product selection. Despite these challenges, the company maintained a strong repeat purchase rate of 75.4% and is set to launch new products in 2024. The annual financial results reflected a similar trend with a net loss of RMB165.1 million in 2023, compared to RMB138.4 million in 2022.
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