111, Inc.: management transactions · United States · SEC (Form 4)

About 111, Inc.

111, Inc. (ticker: YI) is a U.S.-listed company traded on the NASDAQ, but its operating footprint is predominantly in mainland China. According to its latest SEC filings, the company’s business address is in Shanghai, and the group continues to describe itself as a tech-enabled healthcare platform focused on digitally empowering the upstream and downstream segments of China’s pharmaceutical industry. For international investors, that combination matters: the listing is in the United States, while the operating model, regulatory exposure and end-market dynamics are largely Chinese. ([sec.gov](https://www.sec.gov/Archives/edgar/data/1738906/000110465926052002/yi-20251231x20f.htm?utm_source=openai)) 111, Inc. was built around the idea of connecting participants across the healthcare and pharmaceutical value chain. Rather than operating as a traditional drugmaker, it positions itself as a platform business spanning pharmaceutical distribution, digital commerce, supply-chain enablement and related healthcare services. Its filings describe a business that historically operated through its PRC subsidiary and contractual arrangements in China, reflecting the structure commonly used by China-based companies accessing U.S. capital markets. ([sec.gov](https://www.sec.gov/Archives/edgar/data/1738906/000110465926052002/yi-20251231x20f.htm?utm_source=openai)) The company’s core business lines are centered on pharmaceutical distribution and technology-enabled services. In practical terms, that means facilitating transactions between suppliers, pharmacies and healthcare channels, while also providing digital tools and operational infrastructure that help improve ordering, fulfillment and commercial efficiency. 111, Inc. has also emphasized a strategic shift toward an asset-light model, suggesting an effort to reduce capital intensity and streamline operations. ([sec.gov](https://www.sec.gov/Archives/edgar/data/1738906/000095010325016208/dp238799_ex9901.htm?utm_source=openai)) From a competitive standpoint, 111 operates in a large but crowded Chinese healthcare and pharma distribution ecosystem. Its value proposition rests on platform integration, digital workflow capabilities, supply-chain execution and its ability to serve both upstream and downstream participants. In this type of market, scale alone is not enough; execution quality, regulatory compliance, logistics reliability and data capabilities are key differentiators. The company also highlights meaningful regulatory and operating risks tied to its China base, including policy uncertainty, data/privacy compliance and the constraints facing offshore-listed China companies. ([sec.gov](https://www.sec.gov/Archives/edgar/data/1738906/000110465926052002/yi-20251231x20f.htm?utm_source=openai)) Recent developments point to an ongoing restructuring process. In its 2025 Form 20-F, 111, Inc. disclosed a strategic structural optimization plan in the third quarter of 2025, including the divestiture of 100% interests in three subsidiaries to independent third-party investors. The company has also continued to frame its communications around business transformation and operating improvement. For investors, YI should be viewed as a specialized NASDAQ healthcare-platform story with meaningful execution potential, but also with elevated regulatory and jurisdictional risk tied to China. ([sec.gov](https://www.sec.gov/Archives/edgar/data/1738906/000110465926052002/yi-20251231x20f.htm?utm_source=openai))