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111 , Inc. InvestorRoom 111 , Inc. Announces First Quarter 2021 Unaudited Financial Results SHANGHAI , May 19 , 2021 / PRNewswire / -- 111 , Inc. ( " 111 " or the " Company " ) ( NASDAQ : YI ) , a leading tech - enabled healthcare platform company committed to digitally connecting patients with medicine and healthcare services in China , today announced its unaudited financial results for the first quarter ended March 31 , 2021 . First Quarter 2021 Highlights • Net revenues were RMB2.6 billion ( US $ 396.0 million ) , representing an increase of 64.7 % year - over - year . Revenue growth was 89.0 % excluding pandemic - related items ( 1 ) . ( 2 ) • Operating expenses were RMB289.0 million ( US $ 44.1 million ) , representing an increase of 43.6 % year - over- year . Operating expenses accounted for 11.1 % of net revenue this quarter as compared to 12.8 % in the same quarter of last year . • Non - GAAP net loss attributable to ordinary shareholder ( 3 ) was RMB109.3 million ( US $ 16.7 million ) , compared to RMB109.4 million in the same quarter of last year . As a percentage of net revenues , non - GAAP net loss attributable to ordinary shareholders decreased to 4.2 % this quarter from 6.9 % in the same quarter of last year . • Cash and cash equivalents , restricted cash and short - term investments amounted to RMB 1.2 billion ( US $ 177.5 million ) as of March 31 , 2021 . ( 1 ) Pandemic - related items consist of masks , protective clothing and medicine for fever which have an occasional revenue increase in the first quarter of 2020 due to the breakout of COVID - 19 . ( 2 ) Operating expense consists of fulfillment expenses , selling and marketing expenses , general and administrative expenses , technology expenses and other operating expenses . ( 3 ) Non - GAAP net loss attributable to ordinary shareholders represents net loss attributable to ordinary shareholders excluding share - based compensation expenses . " We delivered another strong quarter of growth in Q1 2021 , with net revenue of RMB2.6 billion . This was achieved despite the typical seasonal retail lull caused by the Lunar New Year , as well as the unusually strong first quarter we had in 2020 , driven by high demand for pandemic - related products due to COVID - 19 , " said Mr. Junling Liu , Co - Founder , Chairman , and Chief Executive Officer of 111 . " As part of our commitment to advancing China's healthcare system , we continue to build upon our transformative , cutting - edge technology and S2B2C model to provide enterprise solutions to enable healthcare businesses better serve their consumers . Our top line growth is driven by our S2B2C model , and is a testament of the tremendous progress in our mission to digitally connect patients with medicine and healthcare services . " Mr. Liu added , " To briefly highlight our S2B2C model , the ' S ' is our innovative supply - chain platform that encompasses industry - leading technology behind the platform and our network of suppliers , such as pharmaceutical companies , distributors and other service providers . This ' S ' is digitally connected to the ' B , ' our rapidly expanding network of pharmacies , doctors , clinics , and other healthcare businesses . The platform works in harmony as doctors can utilize our Cloud Pharmacy , Cloud Clinic , and various doctor - patient platforms to provide online consultations , e - prescription services , and follow - up care to patients . As a result , our transformative S2B2C model delivers better doctor - patient experiences and more positive care outcomes . " " This quarter demonstrated the solid progress we have made in additional partnerships with pharmaceutical companies and healthcare providers . 111's innovative approach to product commercialization makes us a valuable partner to pharmaceutical companies as these partnerships offer access to access to our vast network of pharmacies and doctors , which creates a streamlined approach to launching new products . Further , our commercialization platform allows pharmaceutical companies to sell their products outside of the hospital system , through both online and offline channels . This enables pharmaceutical companies to launch their products as soon as they are approved , giving patients accelerated access to much - needed medication . As of March 31 , we have developed over 360 direct partnerships with pharmaceutical companies . " " To further strengthen our supply chain platform , the two additional new fulfillment centers in Northwest and Northeast China that we announced in March are now fully operational and we are also expanding some of our existing fulfillment centers to meet growing demand for our services . In the meantime , our supply chain platform is further strengthened by more and more market place vendors . Currently there are over 900 marketplace vendors utilizing our platform to expand their geographical reach . " " As we advance our S2B2C model , we are making progress in our Supply Chain Platform to Pharmacy to Consumer ( " S2P2C " ) offering , via which we leverage our scale to provide over 340,000 pharmacies with a wide selection of products and services . These services allow pharmacies to elevate their businesses through cutting - edge technology , such as cloud - based systems that manage inventory , product selection , and pricing . We also provide powerful digital solutions