111 reports Q3 2025 results, shifts to asset-light model and strengthens cash flow

111 (NASDAQ:YI) today reported its third-quarter 2025 unaudited financial results, showcasing a strategic pivot towards an asset-light model to bolster cash flow and liquidity.

The company posted net revenues of RMB3 billion, a decline of 16.7% year-over-year, while gross segment profit also saw a 15.5% decrease to RMB178 million.

Despite this, 111 delivered strong cash generation, with net cash from operating activities reaching RMB38.1 million, and year-to-date operating cash flow standing at RMB89.3 million.

In line with its new strategy, 111 completed the divestiture of three self-operated subsidiaries, transitioning them into fulfillment partners.

This move is designed to enhance the company’s profitability and liquidity, positioning 111 to focus on streamlined operations and improved cash management.

A bright spot in the report was the performance of the MANTIANXING supply-chain initiative, which saw a 20.5% increase in gross merchandise value (GMV) and a 31% rise in customer count compared to Q2.

This growth highlights the continued strength of the company's strategic supply-chain investments and its ability to scale while shifting towards a more asset-light business model.