Yunji (YJ) has released an update.
Yunji Inc., a leading social e-commerce platform, reported a first-quarter revenue of RMB127.9 million in 2024, down from RMB178.7 million the previous year, attributing the drop to softer consumer confidence and a strategic refinement of product offerings. Despite a decrease in sales, the company maintained a stable gross margin and reported a net income of RMB3.9 million, a notable improvement from the net loss of RMB22.9 million in the same quarter of 2023. Yunji also plans to invest approximately RMB600.0 million for acquiring land and constructing a new headquarters in Hangzhou.
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