Yunji Inc. (NASDAQ: YJ) filed its audited 2025 annual report on Form 20‑F with the U.S. Securities and Exchange Commission on April 24 2026. The filing, which is publicly available on Yunji’s investor‑relations website, provides a full audit of the company’s financial performance for the year ended December 31 2025.
The audited report confirms a sharp contraction in revenue, with 2025 sales falling to RMB 317.0 million from RMB 417.7 million in 2024—a decline of 24.0 percent. Net loss narrowed to RMB 32.6 million in the second half of 2025, compared with a RMB 115.1 million loss in the same period of 2024, reflecting disciplined cost management and a shift toward higher‑margin private‑label products. The company’s 12‑month repeat‑purchase rate remained strong at 69.7 percent, underscoring customer loyalty amid the transition.
Management highlighted the strategic pivot in the filing. "We continued to demonstrate the resilience of our strategic transformation centered on becoming a leader in organic healthy living, while maintaining our industry‑leading 12‑month repurchase rate of 69.7 percent," said Chairman and CEO Shanglue Xiao. "During the second half of 2025, we delivered improvement on our path to profitability, with net loss narrowing to RMB 32.6 million from RMB 115.1 million in the same period of 2024. This improvement was driven by disciplined cost management and our continued focus on product curation and operational efficiency," added Senior Financial Director Nan Song.
The filing also reiterates significant China‑related risks. Yunji operates through a Cayman‑based holding company and a PRC Variable Interest Entity (VIE). The company warns that PRC authorities could challenge or disallow the VIE structure, potentially impacting the value of its ADSs. Additional regulatory headwinds include evolving CSRC overseas‑listing rules, cybersecurity and data‑protection requirements, and constraints on cash movements from PRC entities to the Cayman parent under reserve, dividend, and foreign‑exchange controls.
Yunji’s market capitalization stood at $9.36 million on April 23 2026, a steep decline from its peak, reflecting the cumulative effect of a multi‑year revenue contraction—from RMB 13,015 million in 2018 to RMB 317.0 million in 2025—and the heightened regulatory uncertainty surrounding its VIE structure. The 20‑F filing, while routine, provides investors with a comprehensive view of the company’s financial trajectory, strategic priorities, and the risks that could shape its future performance.
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