111, Inc.
- Open
- 4.31
- Day high
- 4.36
- Day low
- 4.21
- Prev close
- 4.34
- Volume
- 3K
- Mkt cap
- $37M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- -2.3
- P/S
- 0.0
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$141K over the last 3 months (0 open-market buys, 12 sales)
- 🏛Institutions reducing (13F)
111, Inc. (YI) is a Healthcare company listed on NASDAQ. The stock is down 41% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 12 sales (SEC Form 4).
111, Inc. (YI) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
YI earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jun 4, 2026 | — | $-0.60 | — | $342M | — |
| Dec 17, 2025 | — | $-0.20 | — | $421M | -23.5% |
| Sep 17, 2025 | — | $-0.40 | — | $447M | -14.2% |
| Jun 19, 2025 | — | $-0.20 | — | $485M | -8.5% |
| Mar 20, 2025 | — | $-0.04 | — | $527M | -2.8% |
| Nov 27, 2024 | — | $-0.20 | — | $513M | -87.9% |
| Aug 29, 2024 | — | $-0.20 | — | $471M | -3.4% |
| May 23, 2024 | — | $-0.20 | — | $488M | — |
| Mar 21, 2024 | — | $-3.40 | — | $580M | — |
| Nov 30, 2023 | — | $-1.60 | — | $502M | — |
| Aug 24, 2023 | — | $-1.00 | — | $480M | — |
| Jun 15, 2023 | — | $-0.60 | — | $538M | — |
YI insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 16, 2026 | Sun Jian Daviddirector | Sell | 58,800 | $0.23 |
| Jun 16, 2026 | Chen Yang Lukedirector | Sell | 44,000 | $0.23 |
| Jun 16, 2026 | Chen Yang Lukedirector | Sell | 49,920 | $0.23 |
| Jun 12, 2026 | Sun Jian Daviddirector | Sell | 111,100 | $0.23 |
| Jun 11, 2026 | Sun Jian Daviddirector | Sell | 12,000 | $0.23 |
| Jun 11, 2026 | Sun Jian Daviddirector | Sell | 115,440 | $0.22 |
| May 29, 2026 | Luo Jun Justindirector | Grant | 378,737 | — |
| May 29, 2026 | Chen Yang Lukedirector | Grant | 54,759 | — |
| May 29, 2026 | Luo Jun Justindirector | Grant | 18,366 | — |
| May 29, 2026 | Luo Jun Justindirector | Grant | 413,168 | — |
| May 29, 2026 | Luo Jun Justindirector | Sell | 29,280 | $0.27 |
| May 29, 2026 | Luo Jun Justindirector | Sell | 70,440 | $0.25 |
| May 29, 2026 | Sun Jian Daviddirector | Grant | 18,366 | — |
| May 29, 2026 | Sun Jian Daviddirector | Grant | 378,737 | — |
| May 29, 2026 | Sun Jian Daviddirector | Grant | 413,168 | — |
Source: YI SEC Form 4 filings, latest Jun 16, 2026. For informational purposes only — not investment advice.
See the full YI insider & 13F page →111, Inc. company profile
Overview
111, Inc. (NASDAQ:YI) is a Chinese healthcare technology company that operates an integrated online and offline platform connecting pharmaceutical companies, pharmacies, and consumers. Founded in 2010 and headquartered in Shanghai, the company went public on NASDAQ in September 2018. Originally known as New Peak Group, the company rebranded to 111, Inc. in April 2018. The company has evolved from a traditional pharmaceutical distributor to a digitally-driven healthcare platform that leverages artificial intelligence and data analytics to optimize the pharmaceutical supply chain in China.
Business
111, Inc. operates as a digital healthcare platform that serves as an intermediary in China's pharmaceutical distribution ecosystem. The company's core business revolves around connecting pharmaceutical manufacturers with retail pharmacies and end consumers through both digital and physical channels. The company operates through two primary business segments. The B2B (Business-to-Business) segment represents approximately 98% of total revenue and focuses on wholesale distribution of pharmaceutical products to retail pharmacies across China. This segment involves sourcing medications directly from pharmaceutical manufacturers and distributing them to over 435,000 retail pharmacies nationwide. The B2B operations include both traditional wholesale activities and a newer consignment model called JBP (Joint Business Platform), where 111, Inc. acts as a digital marketplace connecting suppliers directly with pharmacies. The B2C (Business-to-Consumer) segment accounts for roughly 2% of revenue and operates online retail pharmacies and 14 physical retail locations under the "Yi Hao Pharmacy" brand. This segment sells prescription drugs, over-the-counter medications, traditional Chinese medicines, nutritional supplements, medical devices, and personal care products directly to consumers. The B2C operations also include telemedicine services, online consultations, and electronic prescription services. The company's product portfolio spans prescription and over-the-counter drugs (including both Western and traditional Chinese medicines), nutritional supplements, contact lenses, medical supplies and devices, personal care products, and baby products. Beyond product distribution, 111, Inc. provides value-added services including warehousing, logistics, procurement, research and development consulting, software development, and IT support services to its pharmaceutical industry partners.
Revenue model
111, Inc. generates revenue primarily through product sales and service fees across its B2B and B2C operations. In the B2B segment, the company earns revenue by purchasing pharmaceutical products from manufacturers at wholesale prices and selling them to retail pharmacies at marked-up prices. The company also generates transaction fees and commissions through its JBP marketplace platform, where it facilitates direct transactions between pharmaceutical companies and pharmacies while taking a percentage of each transaction. The B2C segment generates revenue through direct sales of pharmaceutical and healthcare products to consumers via online platforms and physical retail stores. This segment typically achieves higher gross margins (around 21%) compared to the B2B segment (approximately 5.3%) due to the retail markup to end consumers. The company's paying customers include retail pharmacies, pharmaceutical companies, distributors, medical professionals, insurance companies, and individual consumers. In the B2B segment, retail pharmacies represent the primary customer base, while pharmaceutical companies pay for various services including logistics, data analytics, and marketplace access. Individual consumers drive revenue in the B2C segment through direct purchases. Several factors influence the company's margins and profitability. Positive margin drivers include the company's increasing use of artificial intelligence for inventory management and demand forecasting, which has improved accuracy from 71% to 82%, reducing waste and optimizing stock levels. Direct sourcing relationships with over 500 pharmaceutical companies eliminate intermediary costs and improve margins. The expansion of private label products, which generate 29% gross margins compared to the overall 5.9% gross segment margin, also enhances profitability. Operational efficiency improvements through digital transformation have reduced operating expenses from 8% to 5.7% of net revenues. Negative margin pressures come from macroeconomic challenges in China affecting healthcare spending and consumer sentiment. Ongoing healthcare reforms and anti-corruption campaigns in China's healthcare sector create pricing pressures. Intense competition in pharmaceutical distribution and e-commerce requires significant technology investments and marketing spending. The company's heavy investment in AI development, logistics infrastructure, and fulfillment centers represents substantial ongoing costs that pressure near-term margins.
Competitive moat
111, Inc. possesses a moderate competitive moat built primarily on network effects and technological capabilities, though this moat faces significant challenges in China's competitive healthcare market. The company's primary competitive advantage stems from its position as a digital intermediary connecting a large network of pharmaceutical suppliers with hundreds of thousands of retail pharmacies. This two-sided marketplace creates network effects where more suppliers attract more pharmacies and vice versa, making the platform increasingly valuable to both sides. The company's technological moat includes proprietary AI-driven systems for inventory management, demand forecasting, and supply chain optimization. These systems have demonstrated measurable improvements, such as increasing demand forecasting accuracy from 71% to 82% and improving herbal medicine specification recognition from 77% to 98.18%. The company's 33 patents and continued R&D investment in AI and digital platforms provide some technological differentiation. However, this moat is relatively weak and faces several competitive threats. The pharmaceutical distribution industry in China is highly fragmented with numerous competitors, including larger, well-capitalized players and traditional distributors with established relationships. Major technology companies like Tencent and Alibaba are expanding into healthcare, bringing superior technological resources and financial backing. The company's AI and digital capabilities, while advanced, are not necessarily unique or impossible to replicate by competitors with sufficient resources. Regulatory risks also threaten the company's competitive position. China's ongoing healthcare reforms and anti-corruption campaigns could alter the pharmaceutical distribution landscape, potentially favoring different business models or creating new regulatory barriers. The company's dependence on the Chinese market exposes it to policy changes that could significantly impact its operations. The switching costs for customers are relatively low, as pharmacies can source products from multiple distributors, and the company's services, while valuable, are not essential for pharmacy operations. This limits the company's pricing power and makes customer retention challenging in a competitive environment.
Risks & safety
The company presents a moderate margin of safety with improving but still fragile financial metrics. Liquidity and Solvency: - Cash and short-term investments: RMB 63.0 million ($8.9 million) as of Q4 2024 - Current ratio: 1.13, indicating adequate short-term liquidity - Quick ratio: 0.54, showing tighter liquidity when excluding inventory - Operating cash flow turned positive at RMB 263 million for full year 2024 - Free cash flow: RMB 33.8 million positive for 2024, a significant improvement from negative levels Debt and Financial Stability: - Debt-to-equity ratio: -0.40 (negative due to negative book value) - Total liabilities: RMB 328 million vs total assets of RMB 380 million - Company achieved first-ever annual operating profit in 2024 - Negative book value of approximately -$45 million creates Graham net-net concerns Valuation Metrics: - EV/EBITDA: 23.5x (reasonable given positive EBITDA achievement) - Price-to-book: -0.61x (negative due to negative book value) - Market cap: approximately $73 million, relatively small for operational scale Other Considerations: - Revenue scale of RMB 14.4 billion provides operational leverage opportunities - Recent operational improvements suggest management execution capability - Concentration in Chinese market creates regulatory and economic risks
Recent development
Over the past few years, 111, Inc. has undergone a significant strategic transformation focused on achieving operational profitability through digital transformation and artificial intelligence implementation. The company's most notable achievement was reaching its first-ever annual operating profit in 2024, accompanied by positive operating cash flow of RMB 263 million, representing a dramatic turnaround from previous years of losses. The company has heavily invested in AI-powered solutions across its operations. Key technological developments include implementing AI-driven inventory management systems that improved demand forecasting accuracy from 71% to 82%, developing AI-powered tools for herbal medicine specification recognition with accuracy improvements from 77% to 98.18%, and creating AI-driven pricing and customer service tools. The company has expanded its patent portfolio to 33 patents and continues significant R&D investment in digital capabilities. Infrastructure expansion has been another major focus, with the company developing the Kunpeng National Network logistics infrastructure and expanding fulfillment centers from 13 to 18 locations nationwide. The company has added 28 transportation routes and implemented a franchise fulfillment center model to reduce costs while expanding geographic coverage. These logistics improvements have reduced fulfillment costs by 8% year-over-year while serving over 70 external clients. The strategic shift toward higher-margin business models includes expanding the private label business, which achieved 89% revenue growth in Q1 2024 and now spans 200 SKUs across multiple brands with 29% gross margins. The company has also developed the JBP (Joint Business Platform) consignment model, creating a marketplace where pharmaceutical companies can directly reach pharmacies while 111, Inc. earns transaction fees and commissions. Partnership strategy has evolved to include deeper relationships with pharmaceutical companies, with the company now maintaining direct supply relationships with over 500 manufacturers. Strategic partnerships include collaborations with Beijing Scrianen Pharmaceutical, the formation of 1Pharmacy alliance with multiple pharmaceutical firms, and a strategic partnership with Tencent Health to leverage cloud computing, big data, and AI capabilities.
YI company profile · for informational purposes only — not investment advice.
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