111, Inc. (YI) Cash Flow Statement
Where YI’s cash came from and went, 2025
December 31, 2025 · Chinese yuan- Cash from operations
- CN¥119.1M −54.7% vs 2024
- Capital expenditures
- CN¥4.5M 0.0% of revenue
- Free cash flow
- CN¥114.7M 0.9% margin
- Returned to shareholders
- —
- Change in cash
- CN¥43.0M cash at year-end CN¥561.3M
Cash from operations
CN¥119.1M
Capital expenditures
−CN¥4.5M
Investments (net)
−CN¥49.4M
Net borrowing (repayment)
+CN¥26.6M
Shares issued
+CN¥745,000
Other financing
−CN¥48.6M
Currency & other
−CN¥1.2M
Change in cash
CN¥43.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
YI operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
YI cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −CN¥388.6M2016 | CN¥119.1M2025 | — | |
| Capital expenditures | CN¥6.9M2016 | CN¥4.5M2025 | −4.8%/yr | |
| Free cash flow | −CN¥395.6M2016 | CN¥114.7M2025 | — | |
| Free cash flow margin | −45.3%2016 | 0.9%2025 | +46.2 pts | |
| Stock-based compensation | CN¥3.4M2016 | CN¥10.0M2025 | +12.7%/yr | |
| Dividends paid | CN¥02016 | CN¥359.9M2021 | — | |
| Share buybacks (net) | CN¥02016 | CN¥02023 | — | |
| Capex / revenue | 0.8%2016 | 0.0%2025 | −0.8 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
YI cash flow by activity
OperatingInvestingFinancingChange in cash
YI net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
YI cash flow statement in Chinese yuan
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −CN¥22.5M | −CN¥20.8M | −CN¥353.4M | −CN¥376.1M | −CN¥621.0M | −CN¥456.5M | −CN¥501.8M | −CN¥382.0M | −CN¥249.3M | −CN¥363.4M |
| Depreciation & amortization | CN¥11.8M | CN¥17.0M | CN¥21.8M | CN¥40.8M | CN¥27.2M | CN¥14.0M | CN¥11.7M | CN¥11.3M | CN¥14.8M | CN¥12.1M |
| Stock-based compensation | CN¥10.0M | CN¥20.1M | CN¥226.7M | CN¥162.1M | CN¥145.6M | CN¥75.7M | CN¥54.3M | CN¥51.4M | CN¥9.9M | CN¥3.4M |
| Change in working capital | CN¥77.2M | CN¥192.7M | −CN¥424.3M | CN¥44.5M | −CN¥369.9M | CN¥5.0M | −CN¥103.3M | −CN¥13.8M | CN¥20.2M | −CN¥40.7M |
| Other non-cash items | CN¥42.5M | CN¥54.0M | CN¥82.0M | CN¥105.6M | CN¥176.1M | CN¥245.1M | CN¥28.9M | −CN¥9.8M | −CN¥10,000 | CN¥22,000 |
| Cash from operating activities | CN¥119.1M | CN¥263.0M | −CN¥447.2M | −CN¥23.2M | −CN¥641.9M | −CN¥116.8M | −CN¥510.2M | −CN¥343.0M | −CN¥204.4M | −CN¥388.6M |
| Investing activities | ||||||||||
| Capital expenditures | −CN¥4.5M | −CN¥15.2M | −CN¥9.8M | −CN¥31.6M | −CN¥62.7M | −CN¥25.5M | −CN¥24.6M | −CN¥14.8M | −CN¥6.9M | −CN¥6.9M |
| Investments (net) | −CN¥49.4M | CN¥37.4M | −CN¥26.3M | −CN¥47.2M | CN¥60.1M | −CN¥324.7M | CN¥262.1M | CN¥44.5M | −CN¥29.3M | −CN¥267.6M |
| Acquisitions & other investing | CN¥82,000 | CN¥15.2M | CN¥187.9M | CN¥31.6M | CN¥62.7M | CN¥25.5M | CN¥179,000 | CN¥14.8M | CN¥57,000 | CN¥6.9M |
| Cash from investing activities | −CN¥53.7M | CN¥37.4M | CN¥151.7M | −CN¥47.2M | CN¥60.1M | −CN¥324.7M | CN¥237.7M | CN¥44.5M | −CN¥36.1M | −CN¥267.6M |
| Financing activities | ||||||||||
| Dividends paid | — | — | — | — | −CN¥359.9M | −CN¥264.6M | −CN¥148.9M | CN¥0 | CN¥0 | CN¥0 |
| Share repurchases & issuance (net) | — | — | CN¥0 | CN¥0 | −CN¥5.9M | −CN¥12.0M | −CN¥23.0M | CN¥972.7M | CN¥49.5M | CN¥195.9M |
| Net borrowing (repayment) | CN¥26.6M | −CN¥177.1M | CN¥169.5M | −CN¥80.7M | CN¥30.4M | CN¥134.2M | CN¥95.1M | CN¥95.1M | CN¥95.1M | −CN¥47.5M |
| Shares issued | CN¥745,000 | CN¥14,000 | CN¥223,000 | CN¥274,000 | CN¥2.9M | CN¥6.3M | CN¥11.3M | CN¥972.7M | CN¥0 | CN¥0 |
| Other financing | −CN¥48.6M | −CN¥229.2M | CN¥36.2M | CN¥103.1M | CN¥359.9M | CN¥1.21B | CN¥172.4M | −CN¥1.07B | −CN¥95.1M | CN¥0 |
| Cash from financing activities | −CN¥21.2M | −CN¥406.2M | CN¥206.0M | CN¥22.7M | CN¥27.4M | CN¥1.07B | CN¥106.9M | CN¥972.7M | CN¥49.5M | CN¥148.4M |
| Summary | ||||||||||
| Net change in cash | CN¥43.0M | −CN¥105.2M | −CN¥93.2M | −CN¥43.9M | −CN¥557.9M | CN¥620.8M | −CN¥156.0M | CN¥686.1M | −CN¥205.8M | −CN¥472.5M |
| Cash at end of period | CN¥561.3M | CN¥518.3M | CN¥623.5M | CN¥716.8M | CN¥760.7M | CN¥1.32B | CN¥697.7M | CN¥853.7M | CN¥167.7M | CN¥373.5M |
| Free cash flow | CN¥114.7M | CN¥247.8M | −CN¥457.1M | −CN¥54.7M | −CN¥704.6M | −CN¥142.3M | −CN¥534.8M | −CN¥357.8M | −CN¥211.2M | −CN¥395.6M |
| Free cash flow margin | 0.9% | 1.7% | −3.1% | −0.4% | −5.7% | −1.7% | −13.5% | −20.0% | −22.0% | −45.3% |
| Capex / revenue | 0.0% | 0.1% | 0.1% | 0.2% | 0.5% | 0.3% | 0.6% | 0.8% | 0.7% | 0.8% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −CN¥39.1M | −CN¥37.0M | −CN¥16.2M | −CN¥13.0M | −CN¥19.5M | −CN¥17.6M | −CN¥19.8M | −CN¥17.1M | −CN¥14.0M | −CN¥13.8M | −CN¥210.4M | −CN¥93.3M |
| Depreciation & amortization | — | CN¥11.8M | — | — | — | CN¥17.0M | — | — | — | CN¥21.8M | CN¥21.8M | CN¥21.8M |
| Stock-based compensation | CN¥3.6M | CN¥544,000 | — | CN¥2.5M | CN¥2.9M | CN¥4.1M | — | CN¥4.8M | CN¥5.2M | CN¥5.2M | CN¥151.3M | CN¥26.4M |
| Change in working capital | — | CN¥516.3M | — | — | — | CN¥59.9M | — | — | — | −CN¥247.6M | −CN¥247.6M | −CN¥247.6M |
| Other non-cash items | CN¥24.1M | −CN¥583.4M | CN¥46.1M | CN¥48.6M | −CN¥44.8M | CN¥49.3M | −CN¥28.7M | CN¥122.2M | CN¥102.1M | CN¥342.8M | CN¥87.9M | CN¥327.9M |
| Cash from operating activities | −CN¥11.4M | −CN¥91.7M | CN¥29.9M | CN¥38.1M | −CN¥61.4M | CN¥112.6M | −CN¥48.5M | CN¥109.9M | CN¥93.3M | CN¥108.4M | −CN¥197.0M | CN¥35.2M |
| Investing activities | ||||||||||||
| Capital expenditures | CN¥0 | −CN¥4.5M | CN¥0 | CN¥0 | CN¥0 | −CN¥15.2M | CN¥0 | CN¥0 | CN¥0 | −CN¥9.8M | −CN¥9.8M | −CN¥9.8M |
| Investments (net) | — | — | — | — | −CN¥223,000 | −CN¥1.1M | CN¥37.5M | CN¥49.8M | −CN¥79.7M | CN¥29.7M | CN¥59.8M | CN¥5.2M |
| Acquisitions & other investing | −CN¥40.9M | CN¥33.8M | — | −CN¥30.0M | CN¥0 | CN¥15.2M | — | CN¥0 | CN¥0 | CN¥9.8M | CN¥9.8M | CN¥9.8M |
| Cash from investing activities | −CN¥40.9M | CN¥29.4M | — | −CN¥30.0M | −CN¥223,000 | −CN¥1.1M | — | CN¥49.8M | −CN¥79.7M | CN¥29.7M | CN¥59.8M | CN¥5.2M |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | — | — | — | — | — | −CN¥13.5M | — | — | — | — | — | — |
| Shares issued | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 |
| Other financing | −CN¥2.9M | −CN¥122.0M | — | CN¥6.6M | CN¥18.7M | −CN¥59.5M | — | −CN¥110.5M | −CN¥104.5M | −CN¥155.5M | CN¥1.7M | CN¥110.5M |
| Cash from financing activities | −CN¥2.9M | −CN¥122.0M | — | CN¥6.6M | CN¥18.7M | −CN¥73.0M | — | −CN¥110.5M | −CN¥104.5M | −CN¥155.5M | CN¥1.7M | CN¥110.5M |
| Summary | ||||||||||||
| Net change in cash | −CN¥55.5M | −CN¥184.7M | CN¥33.8M | CN¥14.5M | −CN¥43.7M | CN¥38.5M | −CN¥46.1M | CN¥48.9M | −CN¥91.8M | −CN¥16.2M | −CN¥142.7M | CN¥153.4M |
| Cash at end of period | CN¥321.1M | CN¥376.6M | CN¥561.3M | CN¥527.5M | CN¥513.1M | CN¥556.8M | CN¥518.3M | CN¥564.4M | CN¥515.5M | CN¥607.3M | CN¥623.5M | CN¥766.2M |
| Free cash flow | −CN¥11.4M | −CN¥91.7M | CN¥25.4M | CN¥38.1M | −CN¥61.4M | CN¥112.6M | −CN¥63.7M | CN¥109.9M | CN¥93.3M | CN¥108.4M | −CN¥206.8M | CN¥35.2M |
| Free cash flow margin | −0.5% | −3.9% | 0.9% | 1.3% | −1.9% | 3.2% | −1.7% | 3.1% | 2.7% | 3.1% | −5.0% | 1.0% |
| Capex / revenue | 0.0% | 0.2% | 0.0% | 0.0% | 0.0% | 0.4% | 0.0% | 0.0% | 0.0% | 0.3% | 0.2% | 0.3% |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported; data from EODHD.
YI cash generation
In fiscal 2025 (ended December 31, 2025), 111 generated CN¥119.1 million of cash from operations (down 54.7%) and spent CN¥4.5 million on capital expenditures, leaving free cash flow of CN¥114.7 million, 0.9% of revenue. Cash and equivalents rose by CN¥43.0 million over the year.
Related: YI income statement, YI balance sheet. See the YI stock overview for the latest quote and news.
YI cash flow FAQ
What is 111's free cash flow?
111's free cash flow was CN¥114.7 million in fiscal 2025: CN¥119.1 million of operating cash flow minus CN¥4.5 million of capital expenditures It was CN¥247.8 million a year earlier..
How much cash does 111 generate from operations?
111 generated CN¥119.1 million of cash from operating activities in fiscal 2025.
How much does 111 spend on capital expenditures?
111 spent CN¥4.5 million on capital expenditures in fiscal 2025, 0.0% of revenue, compared with CN¥15.2 million the year before.