YUNJI INC (NASDAQ:YJ) Q3 2020 Earnings Conference Call - Final Transcript
Nov 26, 2020 • 07:00 am ET
Good morning and good evening ladies and gentlemen. Thank you, and welcome to Yunji's Third 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; Mr. Chengqi Zhang, Vice President of Finance; 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. Thank you. Please go ahead, ma'am.
Hello, everyone. Welcome to our third 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 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 terminologies such as will, expect, anticipate, continue or other similar expressions. For a detailed discussion of these risks and uncertainties, please refer to our related documents filed with the US SEC. Any forward-looking statements that we make on this call are based on assumptions as of today and are especially qualified entirely by cautionary statements, risk factors and details of the company filing with the SEC. Yunji does not undertake any obligation to update this statement, except as required on applicable law.
With that, I will now turn over to Shanglue Xiao, Chairman and CEO of Yunji.
Hello, everyone, and welcome to Yunji's third quarter 2020 earnings call. In the third quarter, we generated a total GMV of RMB9.4 billion and total revenues of RMB1.07 billion due to our promotion of fast-moving merchandise with high repeat purchase rates. And moreover, we also reduced our net loss by 14.9% year-over-year as the timely upgrades we made to our membership enrollment system helped us continue increasing the number of transacting members on our platform, which reached 13 million for 12 months ended September 30, 2020.
Yunji has been on the path to becoming a full-fledged membership-based social e-commerce platform for the past five years. Over the course of this period, we have made many changes and continued to explore new forms of the membership to further improve the value of our membership model. As a result, we have not only provided our members with more benefits and a better e-commerce experience, but also better cultivating [Phonetic] our members' growing passion for sharing. Meanwhile, we have also focused on helping our members to honing their sales potential by providing them with additional sales training. By providing our members with education and training, we have further increased members' knowledge also in different segments and enabled them to earn stable income as either streamers or group leaders in our community.
Since our IPO, as we strive to create a win-win value proposition for all participants in our ecosystem, we have