Revenue contracted by 6.4% year-over-year to $3.2B in 2025Q2, while gross margins remained structurally constrained at a thin 5.8%.
| Sales/Revenue | 14.18B | 12.21B | 14.4B | 14.95B | 13.52B | 12.43B | 8.2B | 3.95B | 1.79B | 959.49M | 873.84M |
| Revenue Growth % | -3.69% | -15.19% | -3.66% | 10.59% | 8.78% | 51.48% | 107.57% | 121.28% | 86.14% | 9.8% | - |
| Cost of Goods Sold | 13.39B | 11.51B | 13.57B | 14.1B | 12.68B | 11.8B | 7.84B | 3.79B | 1.68B | 868.72M | 796.23M |
| COGS % of Revenue | - | 94.24% | 94.24% | 94.32% | 93.79% | 95% | 95.54% | 95.82% | 94.16% | 90.54% | 91.12% |
| Gross Profit | 793.57M | 703.7M | 829.23M | 848.98M | 839.98M | 621.1M | 365.83M | 165.18M | 104.27M | 90.77M | 77.61M |
| Gross Margin % | 5.59% | 5.76% | 5.76% | 5.68% | 6.21% | 5% | 4.46% | 4.18% | 5.84% | 9.46% | 8.88% |
| Gross Profit Growth % | - | -15.14% | -2.33% | 1.07% | 35.24% | 69.78% | 121.47% | 58.42% | 14.88% | 16.96% | - |
| Operating Expenses | 798.28M | 713.73M | 827.12M | 1.2B | 1.21B | 1.26B | 839.14M | 658.7M | 504.64M | 344.79M | 441.89M |
| OpEx % of Revenue | - | 5.84% | 5.74% | 8.02% | 8.96% | 10.17% | 10.23% | 16.67% | 28.26% | 35.93% | 50.57% |
| Selling, General & Admin | 357.47M | 654.98M | 384.8M | 672.59M | 663.5M | 720.13M | 527.84M | 464.06M | 358.8M | 243.51M | 313.67M |
| SG&A % of Revenue | - | 5.36% | 2.67% | 4.5% | 4.91% | 5.8% | 6.43% | 11.74% | 20.09% | 25.38% | 35.9% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 58.75M | 442.31M | 526.49M | 547.47M | 543.11M | 311.31M | 194.63M | 145.85M | 101.28M | 128.22M |
| Operating Income | -4.71M | -10.03M | 2.11M | -350.1M | -371M | -642.14M | -473.31M | -493.51M | -400.38M | -254.02M | -364.28M |
| Operating Margin % | -0.03% | -0.08% | 0.01% | -2.34% | -2.74% | -5.17% | -5.77% | -12.49% | -22.42% | -26.47% | -41.69% |
| Operating Income Growth % | - | -574.37% | 100.6% | 5.63% | 42.22% | -35.67% | 4.09% | -23.26% | -57.61% | 30.27% | - |
| EBITDA | 16.63M | 1.81M | 19.08M | -328.32M | -330.18M | -614.92M | -459.29M | -481.85M | -389.11M | -239.2M | -352.22M |
| EBITDA Margin % | 0.12% | 0.01% | 0.13% | -2.2% | -2.44% | -4.95% | -5.6% | -12.19% | -21.79% | -24.93% | -40.31% |
| EBITDA Growth % | 106.6% | -90.5% | 105.81% | 0.56% | 46.3% | -33.88% | 4.68% | -23.83% | -62.67% | 32.09% | - |
| D&A (Non-Cash Add-back) | 16.97M | 11.84M | 16.97M | 21.78M | 40.82M | 27.22M | 14.02M | 11.67M | 11.27M | 14.82M | 12.06M |
| EBIT | -296K | -10.03M | 7.65M | -333.04M | -362.63M | -615.54M | -458.29M | -498.2M | -382.03M | -249.27M | -362.69M |
| Net Interest Income | -24.99M | -30.82M | -21.29M | -11.31M | -5.33M | 4.29M | -2.5M | 1.18M | 4.35M | 3.96M | 1.56M |
| Interest Income | 5.27M | 3.78M | 7.04M | 8.83M | 8.12M | 9.78M | 6.31M | 4.8M | 4.35M | 4.01M | 2.31M |
| Interest Expense | 30.26M | 34.6M | 28.33M | 20.14M | 13.44M | 5.49M | 8.82M | 3.62M | 0 | 55K | 751K |
| Other Income/Expense | -25.85M | -11.86M | -22.79M | -3.08M | -5.07M | 21.11M | 6.2M | -8.31M | 18.34M | 4.7M | 834K |
| Pretax Income | -30.56M | -21.89M | -20.68M | -353.18M | -376.07M | -621.02M | -467.11M | -501.83M | -382.03M | -249.33M | -363.45M |
| Pretax Margin % | -0.22% | -0.18% | -0.14% | -2.36% | -2.78% | -5% | -5.69% | -12.7% | -21.39% | -25.99% | -41.59% |
| Income Tax | 21K | 12.64K | 96K | 251K | 0 | 0 | 0 | 0 | 8K | 0 | -3.37M |
| Effective Tax Rate % | -0.07% | -0.06% | -0.46% | -0.07% | 0% | 0% | 0% | 0% | -0% | 0% | 0.93% |
| Net Income | -74.15M | -16.84M | -64.74M | -392.69M | -416.88M | -669.81M | -456.53M | -499.61M | -380.09M | -248.58M | -362.68M |
| Net Margin % | -0.52% | -0.14% | -0.45% | -2.63% | -3.08% | -5.39% | -5.57% | -12.64% | -21.28% | -25.91% | -41.5% |
| Net Income Growth % | 77.63% | 73.98% | 83.51% | 5.8% | 37.76% | -46.72% | 8.62% | -31.44% | -52.9% | 31.46% | - |
| Net Income (Continuing) | -30.58M | -21.9M | -20.78M | -353.43M | -376.07M | -621.02M | -467.11M | -501.83M | -382.04M | -249.33M | -363.45M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 995.97M | 917.24M | 1.02B | 859.55M | 1.06B | 1.02B | 973.24M | -2.73M | -512K | 1.44M | 2.19M |
| EPS (Diluted) | -8.54 | -7.42 | -7.52 | -46.58 | -50.04 | -80.76 | -55.40 | -60.16 | -76.44 | -69.04 | -100.74 |
| EPS Growth % | 78.07% | 1.33% | 83.86% | 6.91% | 38.04% | -45.78% | 7.91% | 21.3% | -10.72% | 31.47% | - |
| EPS (Basic) | - | -7.42 | -7.52 | -46.58 | -50.04 | -80.76 | -55.40 | -60.16 | -76.44 | -69.04 | -116.10 |
| Diluted Shares Outstanding | 8.68M | 8.7M | 8.62M | 8.43M | 8.33M | 8.29M | 8.24M | 8.18M | 4.97M | 3.6M | 3.6M |
| Basic Shares Outstanding | 8.68M | 8.7M | 8.62M | 8.43M | 8.33M | 8.29M | 8.24M | 8.18M | 4.97M | 3.6M | 3.12M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - |
Structural margin compression risk
As reported in recent financial filings, 111, Inc. experienced a notable revenue decline, with the most recent quarterly figures showing a 6.4% year-over-year contraction to $3.2B, suggesting that the company's previous aggressive growth strategy may be encountering significant headwinds in the competitive Chinese pharmaceutical distribution market.
The consistent deceleration in top-line performance indicates that the company's B2B-heavy model is struggling to maintain volume in a price-sensitive environment. Investors should monitor whether this contraction is a deliberate pivot toward higher-quality revenue or a symptom of losing market share to larger, more integrated competitors.
Based on the provided income statement data, 111, Inc. maintains a structurally constrained gross margin profile, which hovered at approximately 5.8% in 2025Q2, highlighting the company's role as a high-volume, low-margin distributor rather than a high-margin technology platform within the broader healthcare ecosystem.
These thin margins leave virtually no room for error in logistics or procurement costs, making the company highly susceptible to even minor inflationary pressures. The lack of significant margin expansion over the last ten quarters suggests that the company currently lacks the pricing power necessary to improve its unit economics.
According to historical income statements, 111, Inc. has struggled to achieve meaningful operating leverage, as evidenced by an operating margin that remained at 0.0% in 2025Q2 despite the company generating billions in quarterly revenue, indicating that overhead costs continue to scale in lockstep with top-line activity.
The inability to decouple operating expenses from revenue growth suggests that the company's infrastructure is not yet optimized for profitability. This persistent lack of operating leverage warrants further investigation into whether the current SG&A structure is fundamentally too heavy for the company's low-margin business model.
Financial statements reveal that 111, Inc. continues to report consistent net losses, with a net margin of -0.6% in 2025Q2, which raises concerns regarding the long-term sustainability of the current business model and the quality of earnings in the absence of a clear path to bottom-line profitability.
While stock-based compensation has moderated from the extreme levels seen in 2023Q4, the ongoing reliance on external funding or cash reserves to cover operational shortfalls remains a primary concern. Investors should be wary of the company's ability to generate positive net income without a fundamental shift in its revenue mix.
Quick answers to the most common questions about buying YI stock.
For fiscal year 2025, 111, Inc. (YI) reported total revenue of $12.21B. This represents a 1297.7% increase compared to $873.8M in 2016.
111, Inc. (YI) reported a net loss of $16.8M for the fiscal year ending 2025.
111, Inc. (YI) reported an operating income of $-10.0M, resulting in an operating profit margin of -0.1%. This margin reflects the operational efficiency of the business before interest and taxes.
111, Inc. (YI) generated $703.7M in gross profit for the year, representing a gross profit margin of 5.8%. This demonstrates the company's core pricing power and production efficiency.