111 Business Summary

111, Inc. (YI) operates a tech-enabled healthcare platform in China utilizing an integrated S2B2C (Supply chain to Business to Consumer) model to modernize the pharmaceutical value chain. The company generates the majority of its revenue through its B2B wholesale segment, 1 Drug Mall, which serves as a digital procurement hub for a network of approximately 470,000 pharmacies. Secondary revenue streams include B2C retail sales via its 1 Pharmacy marketplace and value-added services—such as digital marketing, data analytics, and patient management—offered to global pharmaceutical partners. The ecosystem is further supported by 1 Clinic, an internet hospital providing telemedicine and electronic prescription services. In a market dominated by tech giants and traditional distributors, 111, Inc. competes directly with JD Health, Alibaba Health, Ping An Good Doctor, and Sinopharm Group, positioning itself as a specialized digital bridge that optimizes supply chain efficiency for independent and chain pharmacies. The company was co-founded by Dr. Gang Yu and Junling Liu, both of whom possess extensive backgrounds in global supply chain management and e-commerce. Dr. Yu, the Executive Chairman, previously served as Vice President of Worldwide Procurement at Dell and Vice President of Worldwide Supply Chain at Amazon before co-founding the major Chinese e-commerce site YHD.com. CEO Junling Liu also co-founded YHD.com and formerly held the role of Global Vice President and President of Mainland China and Hong Kong at Dell. The leadership team is bolstered by Senior Finance Executive and Director Yang "Luke" Chen, who brought significant expertise from his tenure as CFO of iKang Healthcare Group. Notable institutional backing includes Susquehanna International Group (SIG), and the board features independent directors with deep roots in Chinese industry, such as Jun Luo of Tujia and Jian Sun of BTG Hotels.