Yao Wang's Q1 FY2024 net profit is -13.775 million yuan, a 56.66% increase year-over-year.

On May 23rd, 1YaoNet (Stock Code: YI) announced its financial report, showing that the company’s net profit attributable to common shareholders for the first quarter of fiscal year 2024 was -137.75 million yuan, a 56.66% increase year-over-year; operating revenue was 3.528 billion yuan, a 4.55% decrease year-over-year.

1YaoNet Co., Ltd. (formerly YiyaoNet) was founded in July 2010 and is part of the 111 Group. It is a widely used medical platform with a valid “Internet Drug Transaction License” issued by the National Medical Products Administration, making it one of China’s first legitimate online pharmacies. It provides customers with a one-stop “Medical + Pharmacy” convenient experience. 1YaoNet has always been committed to using internet thinking to enter the digital and mobile healthcare fields, solving the problems of “difficult medical consultations and expensive medicines” for Chinese people, and creating greater social value. Relying on the core advantages of 111 Group’s cloud platform solutions, intelligent supply chain, big data, and medical expertise, 1YaoNet has built core competitiveness in platform operation, product procurement, supply chain management, medical services, customer experience, and warehousing and distribution. Leveraging unique resources and platform advantages from direct sourcing and online e-commerce, 1YaoNet sincerely offers benefits to customers, guaranteeing the same quality of medicines at lower prices, attracting more patients to purchase medicines online. Through direct cooperation with pharmaceutical manufacturers, 1YaoNet reduces middlemen in the supply chain, achieving efficient and transparent management, while ensuring genuine products and safety for customers.

(Source: Tonghuashun (300033) iFinD)