Ruhnn Holding Ltd (NASDAQ:RUHN) Q1 2021 Earnings Conference Call - Final Transcript
Aug 14, 2020 • 08:00 am ET
Hello, ladies and gentlemen, thank you for standing by for Ruhnn Holding Limited's Earnings Conference Call for the First Quarter Fiscal Year 2021. [Operator Instructions]. 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, Operator. Hello everyone, and welcome to Ruhnn's earnings conference call for the first quarter of fiscal year 2021. 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 release and sign up for the Company's e-mail distribution list by visiting our IR section of the Company's website at ir.ruhnn.com.
Mr. Lei Sun, our Founder, Director and CEO; and Mr. Jacky Wang, our CFO will begin with some prepared remarks. Following those prepared remarks, Mr. Min Feng, our Founder and the 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 US 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 US 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 the conference call may 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. I will now turn the call over to Lei Sun, Founder, Director and CEO. Mr. Sun, please go ahead.
Lei (Ray) Sun
Thank you, Sterling. Hello everyone. Thank you for joining our earnings conference call for the first quarter of fiscal year 2021. We delivered a strong start to our new fiscal year, driven by the successful transition of our business focus to our service business under the platform model. Service revenue reached RMB113.7 million with a year-over-year increase of 74%, maintaining its rapid year-over-year growth momentum for the fifth effective quarter following our IPO in April 2019.
The percentage of service revenue as compared to total net revenue increased to 41% from 21% in the same quarter of last fiscal year. In addition, we generated a non-GAAP adjusted net income of RMB10.7 million compared to a net loss of RMB21.6 million in the same quarter of last fiscal year.
In fiscal year 2021, we will continue to deepen our efforts in the e-commerce area as well as emphasize improving operational efficiency and the profitability. Our outstanding performance once again demonstrated our capabilities in our incubation and cultivation. As of June 30, 2020, the