111, Inc. Announces Fourth Quarter and Fiscal Year 2025 Financial Results

111, Inc. announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2025. The company is transitioning to an asset-light business model, which has led to continued gross profit margin expansion, particularly in its B2B segment. In Q4 2025, net revenues were RMB2.8 billion, with a B2B gross profit margin of 5.6%. Total operating expenses decreased by 21.3% year-over-year, and the company achieved non-GAAP operating profitability and positive operating cash flow for the quarter. For the full fiscal year 2025, net revenues were RMB12.6 billion, with a B2B gross profit margin of 5.5%. Operating expenses decreased by 12.3% year-over-year. While non-GAAP income from operations decreased to RMB7.7 million compared to RMB22.3 million in 2024, the company maintained non-GAAP operating profitability and positive operating cash flow for the year. Cash and cash equivalents, restricted cash, and short-term investments increased to RMB611.3 million as of December 31, 2025. The company highlighted the success of its strategic optimization and its focus on pursuing asset-light, profitable growth.