Revenue contraction remains severe, with the company reporting a 39.2% year-over-year decline in 2023Q3 alongside a persistent operating margin of -20.9%.
| Sales/Revenue | 779.75M | 317.02M | 417.65M | 640.21M | 1.15B | 2.16B | 5.53B | 11.67B | 13.02B | 6.44B | 1.28B |
| Revenue Growth % | - | -24.1% | -34.76% | -44.53% | -46.45% | -61.03% | -52.62% | -10.32% | 101.97% | 401.7% | - |
| Cost of Goods Sold | 423.73M | 176.22M | 211.31M | 332.77M | 651.58M | 1.34B | 3.94B | 9.25B | 10.71B | 5.17B | 978.69M |
| COGS % of Revenue | - | 55.59% | 50.6% | 51.98% | 56.46% | 62.33% | 71.24% | 79.24% | 82.26% | 80.27% | 76.2% |
| Gross Profit | 356.02M | 140.79M | 206.34M | 307.44M | 502.54M | 811.98M | 1.59B | 2.42B | 2.31B | 1.27B | 305.76M |
| Gross Margin % | 45.66% | 44.41% | 49.4% | 48.02% | 43.54% | 37.67% | 28.76% | 20.76% | 17.74% | 19.73% | 23.8% |
| Gross Profit Growth % | - | -31.77% | -32.88% | -38.82% | -38.11% | -48.94% | -34.36% | 4.93% | 81.61% | 315.77% | - |
| Operating Expenses | 430.26M | 284.21M | 342.64M | 388.05M | 581.1M | 794.62M | 1.69B | 2.72B | 2.4B | 1.38B | 352.81M |
| OpEx % of Revenue | - | 89.65% | 82.04% | 60.61% | 50.35% | 36.87% | 30.52% | 23.31% | 18.45% | 21.49% | 27.47% |
| Selling, General & Admin | 406.31M | 229.59M | 227.43M | 241.99M | 602.7M | 849.04M | 1.72B | 2.75B | 2.41B | 1.39B | 352.81M |
| SG&A % of Revenue | - | 72.42% | 54.45% | 37.8% | 52.22% | 39.39% | 31.12% | 23.53% | 18.5% | 21.5% | 27.47% |
| Research & Development | 44.59M | 0 | 0 | 0 | 81.38M | 124.85M | 202.82M | 315.17M | 143.65M | 58.16M | 18.21M |
| R&D % of Revenue | - | - | - | - | 7.05% | 5.79% | 3.67% | 2.7% | 1.1% | 0.9% | 1.42% |
| Other Operating Expenses | -2.28M | 54.62M | 115.21M | 146.06M | -21.6M | -54.42M | -33.22M | -25.05M | -7.05M | -894K | 0 |
| Operating Income | -74.24M | -143.42M | -136.3M | -80.62M | -78.57M | -1.24M | -97.46M | -298.4M | -99.4M | -114.23M | -47.06M |
| Operating Margin % | -9.52% | -45.24% | -32.63% | -12.59% | -6.81% | -0.06% | -1.76% | -2.56% | -0.76% | -1.77% | -3.66% |
| Operating Income Growth % | - | -5.23% | -69.06% | -2.61% | -6230.94% | 98.73% | 67.34% | -200.19% | 12.98% | -142.74% | - |
| EBITDA | -68.36M | -129.99M | -123.78M | -72.33M | -68.08M | 18.65M | -60.67M | -259.08M | -90.1M | -110.42M | -46.26M |
| EBITDA Margin % | -8.77% | -41% | -29.64% | -11.3% | -5.9% | 0.87% | -1.1% | -2.22% | -0.69% | -1.71% | -3.6% |
| EBITDA Growth % | - | -5.02% | -71.12% | -6.25% | -464.97% | 130.74% | 76.58% | -187.56% | 18.41% | -138.72% | - |
| D&A (Non-Cash Add-back) | 5.88M | 13.43M | 12.52M | 8.29M | 10.49M | 19.89M | 36.79M | 39.32M | 9.31M | 3.81M | 801K |
| EBIT | -99.76M | -135.9M | -116.05M | -149.36M | -104.09M | 213.2M | -102.18M | -137.33M | -46.97M | -113.33M | -45.12M |
| Net Interest Income | -16.66M | 1.93M | 8.95M | 1.78M | 856K | 3.16M | 6.54M | 7.64M | 46.07M | 11.56M | 154K |
| Interest Income | 1.17M | 2.46M | 3.85M | 1.9M | 856K | 3.89M | 7.56M | 7.71M | 46.92M | 11.8M | 727K |
| Interest Expense | 17.83M | 529K | -5.1M | 111.78K | 0 | 730.3K | 1.03M | 64.26K | 851K | 238K | 98K |
| Other Income/Expense | -43.91M | 10.6M | 15.18M | -76.65M | -27.98M | 175.43M | -11.1M | 114.25M | 48.38M | 5.17M | 1.84M |
| Pretax Income | -111.32M | -132.82M | -121.11M | -157.27M | -106.55M | 209.02M | -108.56M | -137.33M | -46.97M | -109.06M | -45.22M |
| Pretax Margin % | -14.28% | -41.9% | -29% | -24.57% | -9.23% | 9.7% | -1.96% | -1.18% | -0.36% | -1.69% | -3.52% |
| Income Tax | 17.87M | 462K | 2.01M | 7.85M | 24.79M | 60.5M | 39.3M | -16.72M | 12.35M | -3.33M | -20.55M |
| Effective Tax Rate % | -16.05% | -0.35% | -1.66% | -4.99% | -23.27% | 28.94% | -36.2% | 12.17% | -26.28% | 3.05% | 45.45% |
| Net Income | -130.6M | -133.28M | -123.11M | -165.13M | -131.34M | 131.97M | -147.86M | -120.61M | -59.69M | -105.72M | -24.67M |
| Net Margin % | -16.75% | -42.04% | -29.48% | -25.79% | -11.38% | 6.12% | -2.67% | -1.03% | -0.46% | -1.64% | -1.92% |
| Net Income Growth % | - | -8.26% | 25.45% | -25.73% | -199.52% | 189.25% | -22.59% | -102.07% | 43.54% | -328.59% | - |
| Net Income (Continuing) | -137.49M | -133.28M | -123.12M | -165.12M | -138.39M | 132.28M | -151.69M | -123.83M | -56.33M | -105.72M | -24.67M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 869K | 659K | 660K | 879K | 870K | 619K | 2.86M | 10.69M | 6.36M | 0 | 0 |
| EPS (Diluted) | -26.56 | -27.12 | -25.04 | -33.52 | -25.16 | 24.68 | -27.84 | -26.52 | -10.96 | -19.40 | -4.52 |
| EPS Growth % | - | -8.31% | 25.3% | -33.23% | -201.94% | 188.65% | -4.98% | -141.97% | 43.51% | -329.2% | - |
| EPS (Basic) | - | -27.12 | -25.04 | -33.52 | -25.16 | 24.68 | -27.84 | -26.52 | -10.96 | -19.40 | -4.52 |
| Diluted Shares Outstanding | 4.92M | 4.92M | 4.92M | 4.93M | 5.22M | 5.35M | 5.31M | 4.55M | 5.45M | 5.45M | 5.45M |
| Basic Shares Outstanding | 4.92M | 4.92M | 4.92M | 4.93M | 5.22M | 5.35M | 5.31M | 4.55M | 5.45M | 5.45M | 5.45M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - |
Structural platform irrelevance
As reported in recent quarterly filings, Yunji's revenue has plummeted to $145.2M in 2023Q3, representing a severe 39.2% year-over-year decline that underscores the rapid erosion of the company's core social-selling model and a diminishing footprint within the highly competitive Chinese e-commerce landscape.
The consistent downward trend in top-line performance suggests that the company's S2B2C model is struggling to retain its micro-store owner base. This contraction appears to be more than a cyclical downturn, potentially indicating a fundamental loss of relevance as consumers migrate toward larger, more efficient platforms.
Based on the provided financial data, Yunji has managed to maintain a gross margin of 45.7% as of 2023Q3, yet this figure appears disconnected from the underlying business health given the persistent inability to convert these gains into positive operating income or sustainable bottom-line results.
While the shift toward a marketplace model has supported higher gross margins compared to historical 2020 levels, this improvement has failed to offset the collapse in total volume. Investors should monitor whether these margins are sustainable or if they are merely a byproduct of aggressive cost-cutting that further alienates the user base.
According to the income statement, Yunji's operating margin of -20.9% in 2023Q3 highlights a structural failure to achieve operating leverage, as the company continues to incur significant SG&A expenses that consistently outpace the gross profit generated by its shrinking marketplace and direct sales activities.
The inability to scale SG&A downward in proportion to the revenue decline suggests that the company's cost structure is rigid and poorly aligned with its current scale. This lack of efficiency implies that the business model may require a more radical restructuring to reach even a break-even point.
Financial statements indicate that Yunji's reliance on private-circle social networks may be a depleting resource, as evidenced by the sharp revenue decline and the persistent negative net income of $34.8M reported in 2023Q3, which suggests that the platform's growth engine has effectively stalled.
Short-sellers would likely focus on the potential for 'social selling fatigue,' where the constant commercialization of personal networks leads to rapid user churn. If the platform's primary asset is indeed a finite social network, the current valuation may be significantly overstating the company's long-term viability.
Quick answers to the most common questions about buying YJ stock.
For fiscal year 2025, Yunji Inc. (YJ) reported total revenue of $317.0M. This represents a 75.3% decline compared to $1.28B in 2016.
Yunji Inc. (YJ) reported a net loss of $133.3M for the fiscal year ending 2025.
Yunji Inc. (YJ) reported an operating income of $-143.4M, resulting in an operating profit margin of -45.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Yunji Inc. (YJ) generated $140.8M in gross profit for the year, representing a gross profit margin of 44.4%. This demonstrates the company's core pricing power and production efficiency.