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JL

Jessie Lu

Research Analyst at HSBC Holdings PLC

Hong Kong

Jessie Lu is an analyst at HSBC, specializing in financial sector research with a focus on equity analysis. Her coverage includes major listed companies, providing data-driven investment insights and portfolio recommendations. Jessie began her career in finance over five years ago and has developed her expertise through progressive roles, including experience at other leading financial institutions prior to joining HSBC. She holds relevant professional credentials and securities licenses, supporting her reputation for rigorous analysis and industry recognition.

Jessie Lu's questions to 111 (YI) leadership

Question · Q3 2024

Asked about the potential for further reduction in the operating expense to revenue ratio and the key drivers behind the improvement in gross profit margin despite flat revenue.

Answer

The company confirmed that OpEx will continue to be reduced through technology, smart staffing, and innovative business models like franchised fulfillment centers. The gross margin improvement is attributed to dynamic assortment and category management to favor more profitable products, and securing better deals from upstream pharmaceutical suppliers.

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