The following is a summary of the 111, Inc. (YI) Q1 2024 Earnings Call Transcript:

Financial Performance:

• 111 Inc achieved operational profitability in the first quarter of 2024 for the first time.

• The company reported a slight 4.6% year-over-year decrease in Q1 revenue, attributed to the high baseline from the previous year.

• Income from operations reached RMB 3.7 million in contrast to an operational loss of RMB 21.7 million a year ago.

• Total operating expenses accounted for 5.8% of net revenue, and fulfillment expenses were reduced to 2.5% of net revenues.

• General and administrative expenses reduced to 0.5% of net revenues, and technology expenses also experienced a drop.

Business Progress:

• Major strides were made in technology, including improvements in AI and the introduction of a new delivery and transit model.

• The company secured a new patent for its voice service enhancement system, expanding its technology portfolio to 24 patents.

• The private label business saw a surge in revenues by 89% from the previous year.

• Plans are in place to deepen partnerships, leverage data analytics, increase investment in the Joint Business Plan, and drive business operations, customer engagement, and product innovation through AI and digitization.

• The company has successfully transitioned into a tech-powered healthcare platform, which resulted in increased cash flow and enriched partnerships.

More details: 111 Inc IR

Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.