On May 23rd, Yiyao Net released its Q1 2024 performance report. In the first quarter, Yiyao Net achieved a revenue of 3.53 billion yuan; The non GAAP operating profit was 8.9 million yuan, achieving a single quarter GAAP operating profit of 3.72 million yuan for the first time.
As of the end of the first quarter of 2024, Yiyao Net has served approximately 470000 pharmacies nationwide and established direct procurement strategic partnerships with over 500 pharmaceutical companies; Realize the listing and sales of over 170 SKU products, covering more than 20000 small and medium-sized chain stores, individual pharmacies, and clinics nationwide. In addition, Yiyao Network has created its own brands such as "Care" and "Royal Glory". In the first quarter of 2024, its own brand product revenue increased by 89% year-on-year, and gross profit increased by 55% year-on-year.
1. Yaowang continues to strengthen digital construction to achieve cost reduction and efficiency improvement. In the first quarter of 2024, a new national logistics network such as Kunpeng was built through big data models. The percentage of operating expenses of Yiyao Network's net revenue decreased from 7.0% in the same period last year to 5.8% in this quarter.
Yu Gang, co-founder and executive chairman of Yiyao Network, said, "In the first quarter, we fully leveraged our digital technology innovation capabilities and advantages in intelligent supply chains, and achieved an important milestone in comprehensive profitability at the operational level for the first time. In the future, we will continue to focus on digital technology innovation and customer experience, create value, improve industry efficiency, and help promote the digital transformation and upgrading of the pharmaceutical and health industry."