SHANGHAI, Sept. 13,
2024 /PRNewswire/ -- 111, Inc. ("111" or the
"Company") (NASDAQ: YI), a leading tech-enabled healthcare platform
company committed to reshaping the value chain of healthcare
industry by digitally empowering the upstream and downstream in
China, today was informed by
co-founders of the Company, Dr. Gang Yu and Mr. Junling Liu, that they have started purchasing
shares from time to time from their personal funds during the
trading window and intend continue to purchase additional shares.
The purchases will be executed on the open market at prevailing
market prices, and the co-founders have sole discretion as to how
much ADSs they will purchase. The co-founders currently
beneficially own 42.7% of the total issued share capital of the
Company.
Alongside this announcement, 111 has continued to demonstrate
strong financial performance, driven by its continuous
innovation to strengthen its value. In August, the Company reported
operational profitability for the second consecutive quarter,
driven by increased operational efficiency that mitigated
macroeconomic challenges. For the second quarter of 2024, 111's
income from operations reached RMB3.3
million (US$0.5 million),
compared to a loss from operations of RMB41.4 million in the same quarter of 2023.
Non-GAAP income from operations was RMB8.5
million (US$1.2 million), up
from non-GAAP loss from operations of RMB17.2 million in the same quarter of 2023. The
Company also reported positive operating cash flow for the second
consecutive quarter, reinforcing its financial stability. For more
information about 111's financial performance for the second
quarter of 2024 and a reconciliation of the non-GAAP financial
measures to the most comparable U.S. GAAP measures, see the
Company's earnings release for the second quarter ended
June 30, 2024 published on
August 29, 2024. Furthermore, 111's
recent acquisition of four new patents, bringing its total to 28,
enhances its competitive advantages in operational efficiency as
well as support for long-term growth prospects. These technological
advancements are critical in driving the digital transformation of
the pharmaceutical industry, a core component of 111's strategic
vision to reshape the healthcare value chain. The co-founders
expressed their strong belief in the Company's potential, stating,
"I am confident that the current market price of our ADSs does not
accurately reflect the intrinsic value of our core businesses. I
believe in the Company's vision of transforming healthcare through
technology and innovation and am confident in the Company's
continued future growth and development. I believe the stock price
should better represent both the achievements we've made and the
future opportunities we aim to capitalize on."
The specific timing and amount of the purchases of the Company's
shares by the co-founders may be made from time to time and it will
be determined by the market and other conditions, securities law
limitations and other applicable rules and regulations, including
Rule 10b-5-1 and Rule 10b-18 of the Securities Exchange Act of 1934, as
amended, to the extent applicable.
Forward-Looking Statements
This press release contains forward-looking statements. These
statements constitute "forward-looking" statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended, and as defined in the U.S. Private Securities Litigation
Reform Act of 1995. These forward-looking statements can be
identified by terminology such as "will," "expects," "anticipates,"
"future," "intends," "plans," "believes," "estimates," "target,"
"confident" and similar statements. 111 may also make written or
oral forward-looking statements in its periodic reports to the U.S.
Securities and Exchange Commission, in its annual report to
shareholders, in press releases and other written materials and in
oral statements made by its officers, directors or employees to
third parties. Such statements are based upon management's current
expectations and current market and operating conditions and relate
to events that involve known or unknown risks, uncertainties and
other factors, all of which are difficult to predict and many of
which are beyond the Company's control. Forward-looking statements
involve inherent risks, uncertainties and other factors that could
cause actual results to differ materially from those contained in
any such statements. Potential risks and uncertainties include, but
are not limited to, uncertainties as to the Company's ability
comply with extensive and evolving regulatory requirements, its
ability to compete effectively in the evolving PRC general health
and wellness market, its ability to manage the growth of its
business and expansion plans, its ability to achieve or maintain
profitability in the future, its ability to control the risks
associated with its pharmaceutical retail and wholesale businesses,
and the Company's ability to meet the standards necessary to
maintain listing of its ADSs on the Nasdaq Global Market, including
its ability to cure any non-compliance with Nasdaq's continued
listing criteria. Further information regarding these and other
risks, uncertainties or factors is included in the Company's
filings with the U.S. Securities and Exchange Commission. All
information provided in this press release is as of the date of
this press release, and 111 does not undertake any obligation to
update any forward-looking statement as a result of new
information, future events or otherwise, except as required under
applicable law.
About 111, Inc.
111, Inc. (NASDAQ: YI) ("111" or the "Company") is a leading
tech-enabled healthcare platform company committed to reshaping the
value chain of healthcare industry by digitally empowering the
upstream and downstream in China.
The Company provides consumers with better access to pharmaceutical
products and healthcare services directly through its online retail
pharmacy, 1 Pharmacy, and indirectly through its offline virtual
pharmacy network. The Company also offers online healthcare
services through its internet hospital, 1 Clinic, which provides
consumers with cost-effective and convenient online consultation,
electronic prescription service, and patient management service. In
addition, the Company's online platform, 1 Medicine, serves as a
one-stop shop for pharmacies to source a vast selection of
pharmaceutical products. With the largest virtual pharmacy network
in China, 111 enables offline
pharmacies to better serve their customers with cloud-based
services. 111 also provides an omni-channel drug commercialization
platform to its strategic partners, which includes services such as
digital marketing, patient education, data analytics, and pricing
monitoring.
For more information on 111, please visit:
http://ir.111.com.cn/.
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SOURCE 111, Inc