MeritValue

Yunji Inc.

YJdata completeness 100%7 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

Yunji Inc. earns about -7% on invested capital, with a roughly flat share count. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$338.2M1$167.3M2$90.2M3$57.2M4$45.3M5
Net income$20.7M6−$20M7−$23.3M8−$16.9M9−$19.1M10
Operating cash flow−$4.08M11−$31.4M12−$26.5M13−$17.3M14−$8.26M15
Capital expenditure$13.6M16$13.4M17$1.75M18$2.18M19$9.84M20
Free cash flow (derived)−$17.7M11−$44.8M12−$28.3M13−$19.5M14−$18.1M15
Total debt————$5.73M21
Cash & equivalents$89M22$60.1M23$72.9M24$30.1M25$15.7M26
Diluted shares1.97B2.09B1.97B1.97B1.97B

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$0.68
your share of equity
Profit it earned you last year
−$0.1
Free cash flow it threw off
−$0.09
Debt you’d be carrying
$0.03

10 shares is a claim on $0.68 of net worth that earned you −$0.1 and generated −$0.09 of cash last year, against $0.03 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-7% avg · 5y
FY21 16%FY22 -9%FY23 -18%FY24 -11%FY25 -12%

It earned an average -7% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−0% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback. Total debt has held roughly steady.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2021-12-31 · accession 0001193125-22-119026 (Revenues)
  2. 20-F · period ending 2022-12-31 · accession 0001193125-23-116482 (Revenues)
  3. 20-F · period ending 2023-12-31 · accession 0001493152-24-015848 (Revenues)
  4. 20-F · period ending 2024-12-31 · accession 0001641172-25-005915 (Revenues)
  5. 20-F · period ending 2025-12-31 · accession 0001493152-26-018839 (Revenues)
  6. 20-F · period ending 2021-12-31 · accession 0001193125-22-119026 (NetIncomeLoss)
  7. 20-F · period ending 2022-12-31 · accession 0001193125-23-116482 (NetIncomeLoss)
  8. 20-F · period ending 2023-12-31 · accession 0001493152-24-015848 (NetIncomeLoss)
  9. 20-F · period ending 2024-12-31 · accession 0001641172-25-005915 (NetIncomeLoss)
  10. 20-F · period ending 2025-12-31 · accession 0001493152-26-018839 (NetIncomeLoss)
  11. 20-F · period ending 2021-12-31 · accession 0001193125-22-119026 (NetCashProvidedByUsedInOperatingActivities)
  12. 20-F · period ending 2022-12-31 · accession 0001193125-23-116482 (NetCashProvidedByUsedInOperatingActivities)
  13. 20-F · period ending 2023-12-31 · accession 0001493152-24-015848 (NetCashProvidedByUsedInOperatingActivities)
  14. 20-F · period ending 2024-12-31 · accession 0001641172-25-005915 (NetCashProvidedByUsedInOperatingActivities)
  15. 20-F · period ending 2025-12-31 · accession 0001493152-26-018839 (NetCashProvidedByUsedInOperatingActivities)
  16. 20-F · period ending 2021-12-31 · accession 0001193125-22-119026 (PaymentsToAcquireProductiveAssets)
  17. 20-F · period ending 2022-12-31 · accession 0001193125-23-116482 (PaymentsToAcquireProductiveAssets)
  18. 20-F · period ending 2023-12-31 · accession 0001493152-24-015848 (PaymentsToAcquireProductiveAssets)
  19. 20-F · period ending 2024-12-31 · accession 0001641172-25-005915 (PaymentsToAcquireProductiveAssets)
  20. 20-F · period ending 2025-12-31 · accession 0001493152-26-018839 (PaymentsToAcquireProductiveAssets)
  21. 20-F · period ending 2025-12-31 · accession 0001493152-26-018839 (ShortTermBorrowings)
  22. 20-F · period ending 2021-12-31 · accession 0001193125-22-119026 (CashAndCashEquivalentsAtCarryingValue)
  23. 20-F · period ending 2022-12-31 · accession 0001193125-23-116482 (CashAndCashEquivalentsAtCarryingValue)
  24. 20-F · period ending 2023-12-31 · accession 0001493152-24-015848 (CashAndCashEquivalentsAtCarryingValue)
  25. 20-F · period ending 2024-12-31 · accession 0001641172-25-005915 (CashAndCashEquivalentsAtCarryingValue)
  26. 20-F · period ending 2025-12-31 · accession 0001493152-26-018839 (CashAndCashEquivalentsAtCarryingValue)