New York, May 31, 2026, 14:10 EDT
111 Inc’s Nasdaq-listed American depositary shares ended a holiday-shortened week lower, giving back an early rebound even as Wall Street’s main indexes pushed further into record territory. The stock closed Friday at $5.28, down 3.5% on the day and 7.4% from its May 22 close of $5.70; an American depositary share is a U.S.-traded certificate for stock in a foreign company.
The timing matters because there is no Sunday trading in YI and last week had only four U.S. cash sessions after Nasdaq closed for Memorial Day. Nasdaq says its stock market trades from 9:30 a.m. to 4 p.m. Eastern Time, Monday through Friday, and lists Memorial Day on May 25 as closed; the next regular session is Monday, June 1.
Trading was thin. Friday volume was 19,167 shares, and YI moved between $5.17 and $5.495, leaving investors with a narrow but choppy price range to judge when orders return.
The broader tape was stronger. The S&P 500 rose 0.2% Friday and logged its ninth straight weekly gain, while the Nasdaq gained 2.4% for the week, according to AP; Reuters said technology strength and hopes around a Middle East deal helped push major indexes to new closing highs.
Company-specific news flow was mostly filings, not a new operating update. Form 4 filings — U.S. reports of changes in beneficial ownership — on May 29 showed directors Chen Yang Luke, Sun Jian David and Luo Jun Justin sold Class A ordinary shares on May 26 and May 27 to satisfy tax withholding tied to restricted stock units, or RSUs, which are share awards that vest into equity.
The backdrop is 111’s April update, which showed strategy rather than top-line growth doing most of the work. The Shanghai company said fourth-quarter revenue fell 26.7% to RMB2.8 billion, but operating expenses fell 21.3%, non-GAAP operating income turned positive at RMB0.2 million and operating cash flow was RMB29.9 million; non-GAAP means adjusted figures that 111 defines as excluding share-based compensation.
Junling Liu, co-founder, chairman and chief executive, called 2025 a “pivotal year” and said the company hit a “key profitability milestone” as it shifted to a “warehouse partnership model.” The model is meant to let 111 earn recurring commissions without bearing the same warehouse capital burden, the company said.
For 2025, 111 reported net revenue of RMB12.6 billion and positive operating cash flow of RMB119.1 million, but still posted a net loss of RMB22.5 million. Its annual report said B2B product sales — sales to pharmacy customers rather than directly to consumers — made up RMB12.247 billion, or 97.5% of total revenue, underlining how dependent the business remains on pharmacy distribution.
That scale gap frames the competitive question. JD Health, a Hong Kong-listed online healthcare peer, reported 2025 revenue of RMB73.44 billion and profit attributable to owners of RMB5.38 billion, while Alibaba Health reported RMB34.26 billion in revenue and RMB1.94 billion in net profit for the year ended March 31, 2026.
But the balance sheet still limits the story. 111 said cash, restricted cash and short-term investments totaled RMB611.3 million at Dec. 31, while RMB1.12 billion was included in redeemable non-controlling interests and current liabilities owed to 1 Pharmacy Technology investors. Its annual report said failure to reschedule or restructure remaining redemption obligations could force fundraising or spending cuts and raised substantial doubt about the company’s ability to continue as a going concern, a warning about meeting obligations over the next year.
The week ahead starts with liquidity and follow-up filings. Friday’s low of $5.17 is the first visible level from last week’s tape; a move below it would extend the slide, while a return above Thursday’s $5.47 close would at least steady the chart after a rough four-session stretch.
