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    Jack Wang

    Managing Director and Senior Research Analyst at Water Tower Research

    Jack Wang is a Managing Director and Senior Research Analyst at Water Tower Research, specializing in equity research within the technology and energy transition sectors. He covers leading companies such as Tesla, NIO, XPeng, and BYD, building a strong reputation for timely insights and actionable investment research. Wang began his career in equity analysis in the early 2010s, with previous experience at prominent financial institutions before joining Water Tower Research in 2021. He holds FINRA Series 7, 63, and 86/87 licenses and has been recognized for generating strong returns and maintaining a high accuracy rate in published recommendations.

    Jack Wang's questions to 111 (YI) leadership

    Jack Wang's questions to 111 (YI) leadership • Q1 2024

    Question

    Asked how the new joint venture warehouse model supports growth and about future plans for it, and whether the current sub-6% operational expense ratio is the industry's lowest and if it can be further improved.

    Answer

    The JV warehouse model accelerates expansion into remote provinces by partnering with local leaders, leveraging their existing assets for faster, more localized service and sourcing, with plans to expand the model in 2024. The sub-6% operating expense ratio is believed to be the best in the industry, a significant achievement given the company's smaller scale and low average order value compared to peers. The company is not satisfied with the status quo and believes there is still room for further optimization.

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