YUNJI INC (NASDAQ:YJ) Q2 2020 Earnings Conference Call - Final Transcript
Aug 25, 2020 • 07:30 am ET
Good morning, and good evening, ladies and gentlemen. Thank you, and welcome to Yunji's Second 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 your first speaker for today, Ms. Kaye Liu, IRD of Yunji. Please go ahead, ma'am.
Hello, everyone. Welcome to our second quarter 2020 earnings call. Before we start, please note that this call will contain forward-looking statements within the meaning of the Private Security Litigation Reform Act of 1995 that are based on our current expectations and current market operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors of Yunji and its industry.
These forward-looking statements can be identified by certain [Phonetic] terminologies such as will, expects, anticipates, continues or other similar expressions. For a detailed discussion of these risks and uncertainties, please refer to our latest document filed with U.S. SEC.
Any forward-looking statements that we make on this call are based on assumptions as of today, and are expressly qualified in their 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 second quarter 2020 earnings call.
[Foreign Speech]. Despite the impact of the epidemic, we generated a total RMB7.8 billion in GMV and RMB1.49 billion in revenues during the second quarter, as a result of our outstanding team work. In the second quarter, we also achieved a non-GAAP net profit for three consecutive quarters.
Additionally, the upgrades we made to our membership enrollment system and also helped us to ramp up the total number of transacting members on our platform to 12.2 million for [Technical Issues] twelve months ended June 30, 2020.
[Foreign Speech]. Ever since our IPO as a leading membership based social e-commerce platform, we are committed to building a platform that benefits all participants by continuously investing in our supply chain upgrade and community network optimization. So I would like to provide an overview of the current development of our supply chain. In the first half year of 2020, many quality suppliers and leading manufacturers have find it difficult to adapt their business and grow their online traffic in the context of the new business environment. Retail business are having a hard time promoting their quality products and in generating sales also, especially in comparison to those top e-commerce brands capable of producing engaging content and providing more differentiated products.
Meanwhile, many users have experienced a consumption upgrade and are on the look out for an increasingly broad range of quality products that they are able to purchase