According to Zhitong Finance App News, Youquhui Holdings (02177) announced the results for the year ended December 31, 2023. The group obtained revenue of RMB 1,736 billion (same unit), a year-on-year decrease of 27%; gross margin was 26.3%, an increase of 2.4 percentage points; the company owner should have accounted for a loss of 18.217 million yuan, a decrease of 84.55% year-on-year; and a loss of 0.11 yuan per share.

In 2023, the Group firmly implemented the “fat loss, cost reduction and efficiency” strategy set at the beginning of the year, continued to sort out and optimize existing brands and channels, and terminated cooperation with some low-profit brands and channels. However, due to the impact of Japan's nuclear polluted water emissions in the second half of 2023, the Group's overall revenue decline in 2023 exceeded expectations, down 27.0% from the same period last year. Facing a challenging external environment, the Group has improved the quality of operations through measures such as optimizing the brand and channel structure, improving transaction conditions, and reducing costs and increasing efficiency. The Group's gross margin in 2023 increased 2.4 percentage points compared to the same period last year. Furthermore, through measures such as actively controlling inventory and reducing borrowing levels, the Group's balance ratio at the end of 2023 was 37.2%, a decrease of 19.6 percentage points compared to 56.8% at the end of 2022.

At the same time, the Group continues to develop emerging channel businesses such as Douyin and Pinduoduo to provide more diversified omnichannel services for brand partners. In 2023, Douyin and Pinduoduo's businesses increased by 36.8% and 52.2%, respectively, compared with the same period last year. In 2023 and 2022, Douyin and Pinduoduo business revenue accounted for 10.5% and 5.3% of the Group's overall revenue, respectively.