SHANGHAI, Oct. 10,
2024 /PRNewswire/ -- 111, Inc. ("111" or the
"Company") (NASDAQ: YI), a leading tech-enabled healthcare platform
company committed to reshaping the value chain of healthcare
industry by digitally empowering the upstream and downstream in
China, today announced that new
fulfillment centers in South and Central
China began operations in Guangzhou, Guangdong
Province, and Wuhan,
Hubei Province, respectively.
These strategic expansions mark a significant step forward in
enhancing its national supply chain network, increasing efficiency
and speed to better meet growing market demand.
The two new centers expand the scale and capabilities of 111's
existing operations in the South and Central China regions. With innovation and
technological upgrades, the centers enable faster and more
efficient operations. The additional fulfillment centers bring the
total number in 111 operations to 13 across China, ensuring a more robust and agile
warehousing and distribution network nationwide.
By utilizing a newly designed operational model, these centers
will significantly reduce operating costs while expanding
warehousing capacity with higher cost efficiency. This will also
improve the efficiency of operations and deliveries in the South
and Central China markets, with
most deliveries now being fulfilled within 24 hours. With a
stronger national supply chain network, 111 is well positioned to
deliver to over 300 major cities nationwide within 24 hours and
cover the entire nation within 72 hours.
Additionally, 111's nationwide logistics network, "Kunpeng,"
continues to improve operational efficiency by streamlining
connections between fulfillment centers through its digitalized
long-haul and last-mile distribution models. As a result, delivery
costs have been slashed by 15%, and delivery damage rates have been
cut by 55%. These improvements address key industry challenges,
such as slow delivery times, high damage rates and inefficient
quality control processes, while providing seamless logistics
services to partners across the supply chain.
111's continuous technological innovation empowers its smart
supply chain management systems as core drivers of success. These
systems, among the most complex in 111's digital suite, support the
Company's nationwide supply chain operations and include over 30
self-developed technologies ranging from procurement and inventory
management to distribution and pricing.
The innovative supply chain and logistics network, combined with
smart management systems, underpins 111's nationwide virtual
pharmacy network, a key outcome from its industrial internet
strategy. This virtual network currently serves approximately
470,000 pharmacies and boasts partnerships with over 500 global
pharmaceutical companies and 4,500 distributors, underscoring the
Company's growing influence in the healthcare and pharmaceutical
industries.
Mr. Junling Liu, Co-Founder,
Chairman, and Chief Executive Officer of 111, commented, "The
opening of our new fulfillment centers in South and Central China is critical in strengthening our
supply chain and delivering exceptional service to our customers.
By integrating cutting-edge technology and operational innovation,
we are now able to further enhance our delivery speed, reduce
costs, and improve overall efficiency. These centers not only
reinforce our market presence in key regions but also support our
vision of becoming the go-to platform for pharmaceutical products
with the best selection as well as prices across China. As we continue to scale up, we remain
focused on driving operational excellence and creating long-term
value for our partners, customers, and shareholders."
Forward-Looking Statements
This press release contains forward-looking statements. These
statements constitute "forward-looking" statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended, and as defined in the U.S. Private Securities Litigation
Reform Act of 1995. These forward-looking statements can be
identified by terminology such as "will," "expects," "anticipates,"
"future," "intends," "plans," "believes," "estimates," "target,"
"confident" and similar statements. 111 may also make written or
oral forward-looking statements in its periodic reports to the U.S.
Securities and Exchange Commission, in its annual report to
shareholders, in press releases and other written materials and in
oral statements made by its officers, directors or employees to
third parties. Such statements are based upon management's current
expectations and current market and operating conditions and relate
to events that involve known or unknown risks, uncertainties and
other factors, all of which are difficult to predict and many of
which are beyond the Company's control. Forward-looking statements
involve inherent risks, uncertainties and other factors that could
cause actual results to differ materially from those contained in
any such statements. Potential risks and uncertainties include, but
are not limited to, uncertainties as to the Company's ability
comply with extensive and evolving regulatory requirements, its
ability to compete effectively in the evolving PRC general health
and wellness market, its ability to manage the growth of its
business and expansion plans, its ability to achieve or maintain
profitability in the future, its ability to control the risks
associated with its pharmaceutical retail and wholesale businesses,
and the Company's ability to meet the standards necessary to
maintain listing of its ADSs on the Nasdaq Global Market, including
its ability to cure any non-compliance with Nasdaq's continued
listing criteria. Further information regarding these and other
risks, uncertainties or factors is included in the Company's
filings with the U.S. Securities and Exchange Commission. All
information provided in this press release is as of the date of
this press release, and 111 does not undertake any obligation to
update any forward-looking statement as a result of new
information, future events or otherwise, except as required under
applicable law.
About 111, Inc.
111, Inc. (NASDAQ: YI) ("111" or the "Company") is a leading
tech-enabled healthcare platform company committed to reshaping the
value chain of healthcare industry by digitally empowering the
upstream and downstream in China.
The Company provides consumers with better access to pharmaceutical
products and healthcare services directly through its online retail
pharmacy, 1 Pharmacy, and indirectly through its offline virtual
pharmacy network. The Company also offers online healthcare
services through its internet hospital, 1 Clinic, which provides
consumers with cost-effective and convenient online consultation,
electronic prescription service, and patient management service. In
addition, the Company's online platform, 1 Medicine, serves as a
one-stop shop for pharmacies to source a vast selection of
pharmaceutical products. With the largest virtual pharmacy network
in China, 111 enables offline
pharmacies to better serve their customers with cloud-based
services. 111 also provides an omni-channel drug commercialization
platform to its strategic partners, which includes services such as
digital marketing, patient education, data analytics, and pricing
monitoring.
For more information on 111, please
visit: http://ir.111.com.cn/.
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SOURCE 111, Inc.
