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CONSOLIDATED BALANCE SHEETS
¥ in Thousands, $ in Thousands
Dec. 31, 2025
CNY (¥)
Dec. 31, 2025
USD ($)
Dec. 31, 2024
CNY (¥)
Current assets:      
Cash and cash equivalents ¥ 510,967 $ 73,067 ¥ 462,289
Restricted cash 50,337 7,198 56,043
Short-term investments measured at fair value 50,031 7,154  
Accounts receivable, net of allowance of credit loss of RMB3,223 and RMB6,355 as of December 31, 2024 and 2025, respectively 259,686 37,135 413,101
Notes receivable 58,617 8,382 78,827
Inventories 998,465 142,779 1,387,403
Prepayments and other current assets 196,756 28,136 251,994
Total current assets 2,124,859 303,851 2,649,657
Property and equipment, net 21,108 3,018 32,903
Intangible assets, net 868 124 1,437
Operating lease right-of-use assets 44,122 6,309 89,071
Other non-current assets 9,285 1,328 14,682
Total assets 2,200,242 314,630 2,787,750
Current liabilities including amounts of the consolidated VIE without recourse to the Company (Note 2(b)):      
Short-term borrowings 187,631 26,831 160,981
Accounts payable 1,282,368 183,376 1,721,425
Accrued expenses and other current liabilities 483,676 69,164 460,173
Total current liabilities 1,953,675 279,371 2,342,579
Long-term operating lease liabilities 29,965 4,285 55,448
Other non-current liabilities 2,181 312 8,961
Total liabilities 1,985,821 283,968 2,406,988
Commitments and contingencies
MEZZANINE EQUITY      
Redeemable non-controlling interests 935,917 133,834 1,038,914
SHAREHOLDERS' DEFICIT      
Treasury shares (333,000 shares as of December 31, 2024 and 2025) (5,887) (842) (5,887)
Additional paid-in capital 3,181,343 454,926 3,172,820
Accumulated deficit (3,950,384) (564,897) (3,883,992)
Accumulated other comprehensive income 72,635 10,387 74,357
Total 111, Inc.'s deficit (702,234) (100,418) (642,644)
Non-controlling interests (19,262) (2,754) (15,508)
Total deficit (721,496) (103,172) (658,152)
Total liabilities, mezzanine equity and equity 2,200,242 314,630 2,787,750
Ordinary shares Class A      
SHAREHOLDERS' DEFICIT      
Ordinary shares, value 34 5 33
Ordinary shares Class B      
SHAREHOLDERS' DEFICIT      
Ordinary shares, value ¥ 25 $ 3 ¥ 25