YUNJI INC (NASDAQ:YJ) Q1 2020 Earnings Conference Call - Final Transcript
Jun 03, 2020 • 07:30 am ET
Good morning, and good evening ladies and gentlemen. Thank you, and welcome to Yunji's First Quarter 2020 Earnings Conference Call. With us today are Mr. Shanglue Xiao, Chairman and Chief Executive Officer, Mr. Chen Chen, Chief Financial Officer, Mr. Hui Ma, Chief Strategy Officer and Chief People Officer and Ms. Kaye Liu, Investor Relations Director of the Company.
Now I would like to hand the conference over to our first speaker for today, Ms. Kaye Liu, IRD of Yunji. Please go ahead, ma'am.
Hello everyone, welcome to our first quarter 2020 earnings call. Before we start, please note that this call will contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, that's based on our current expectations and current market and operating conditions and related events that involve known or unknown risks, uncertainties and other factors affecting the industry. These forward-looking statements can be identified by terminologies such as will, expect, anticipate, continue or other similar expressions.
For a detailed discussion of these risks and uncertainties, please refer to our latest documents filed with U.S. SEC. Any forward-looking statements that we make on this call are based on assumptions as of today, and expressly qualified in entirety by cautionary statements, risk factors and details of the Company filing with SEC. Yunji do not undertake any obligation to update these statements expect as required under applicable law.
With that, I will now turn over to Shanglue Xiao, Chairman and CEO of Yunji.
[Foreign Speech]. Hello everyone, welcome to Yunji's first quarter 2020 earnings call. First, I would like to say thank you on behalf of the Company to all of the professionals and individuals fighting against the epidemic on the front-line. In the first quarter, and despite the impact of the epidemic, we increased our GMV by 2.9% year-over-year to RMB7 billion, and then generated a total of RMB1.65 billion in revenues.
Moreover, as a result of the updates to our membership enrollment system, we also grew the total number of the transacting members on our platforms to 11.8 million for the 12 months ended March 31st, 2020. These encouraging results continue to underscore the durability of our supply chain as well open our value proposition for members. And the progress we are making in actuating our growth initiatives.
While the epidemic did cause significant problems for all industry players in the market, we were able to endure those difficulties, which arose as a result of the relative prevention control measures through close cooperation with our partners. When the market began to experience a significant shortage of epidemic containment materials, our deep partnership with top emerging brands and then publicly traded companies in a fast-moving consumer goods industry enabled us to ensure a stable line of supply to our members.
In addition, some quality factories and emerging brands with a quality production capability made a temporary adjustment to their production lines and working hours during the period to ensure the production of the epidemic