Ruhnn Holding Ltd (NASDAQ:RUHN) Q4 2020 Earnings Conference Call - Final Transcript
Jun 03, 2020 • 08:00 am ET
Hello, ladies and gentlemen. Thank you for standing by for Ruhnn Holding Limited's Earnings Conference Call for the Fourth Quarter and Full Fiscal Year 2020.
[Operator Instructions]. Today's conference call is being recorded. I will now turn the call over to your host, Mr. Sterling Song, Senior IR Director of Ruhnn. Please go ahead.
Thank you. Thank you. Good morning. Hello everyone and welcome to Ruhnn Holding Limited earnings conference call for the fourth quarter and the full fiscal year 2020. As a reminder, this conference is being recorded. The Company's financial and operating results were issued in a press release earlier today and are available online. You can download the earnings press release and sign up for the Company's email distribution list by visiting the IR section of the Company's website at ir.ruhnn.com.
Mr. Lei Sun, our Founder, Director and CEO; and Mr. Jinbo Wang, our CFO will be begin with some prepared remarks. Following the prepared remarks, Mr. Min Feng, our Founder and Chairman of the Board of Directors will also join us for the Q&A session.
Before we continue, please note that today's discussion will contain forward-looking statements made under the Safe Harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties. As such, the Company's actual results may be materially different from the views expressed today.
Further information regarding these and other risks and uncertainties is included in certain filings of the Company with the U.S. Securities and Exchange Commission, including its Annual Report on Form 20-F. The Company doesn't assume any obligation to update any forward-looking statements, except as required by law.
Please also note that the Company's earnings press release and this conference call include discussions of unaudited GAAP financial information, as well as unaudited non-GAAP financial measures. The Company's press release contains a reconciliation of the unaudited non-GAAP measures to the unaudited most directly comparable GAAP measures.
Now I will turn the call over to Ruhnn's Founder, Director and CEO, Mr. Lei Sun. Mr. Sun, please go ahead.
Thank you, Sterling. Hello, everyone. Thank you for joining our earnings conference call for the fourth quarter and the full fiscal year 2020. We finished a spectacular fiscal year 2020 with strong overall operational and financial performance despite the impact of COVID-19 pandemic in China during the fourth quarter. Historically a slower seasonal quarter for our business.
At the same time, we continued improving operational efficiency and profitability, providing a solid foundation for our long-term sustainable growth. For the full fiscal year 2020, our total net revenue recorded RMB1.3 billion, of which service revenue under the platform model reached RMB303 million with a year-over-year increase of over 100%. We achieved our revenue target for the fiscal year 2020 and delivered satisfactory full-year results for the first complete fiscal year following our IPO in April 2019.
In January 2020, facing the external challenges caused by the COVID-19 outbreak and certain of our third-party merchants and brands, product manufacturing,