111

Medical - Pharmaceuticals · Healthcare

Price

$3.63

-0.16 (-4.22%)

Market Cap

$31.7M

Exchange

NASDAQ

Winston Score

–

No score yet — Winston is napping.

We couldn’t gather enough financial data to score this stock reliably.

Share count rising — dilution

+4.9% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 8.3M (2021) → 8.7M (2025)

111, Inc. is a Chinese online healthcare company that connects pharmacies, hospitals, and patients with medicines and health products. It runs a digital platform where pharmacies can order drugs in bulk and where individual consumers can buy medications, vitamins, and wellness products online. The company is one of China's larger pharmacy-focused e-commerce operators.

111 makes money by selling pharmaceutical products directly to consumers and by acting as a wholesale distributor to retail pharmacies across China. It operates entirely within China and serves hundreds of thousands of pharmacy partners through its B2B network, which gives it some scale advantages in logistics and supplier relationships. The company's thin gross margin of around 6% leaves little room for error, and its path to sustained profitability depends heavily on growing transaction volume while keeping distribution costs under control.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-27.7% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+20.9% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (18%)

Research and development spending

Insider Activity

1.8%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Runway

~2 years

$562M cash & investments

Quarterly Free Cash Flow

$562M cash & investments at current burn rate

Revenue declining

111's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

5.8%

Thin — 5.8% gross margin

Operating Margin

-0.2%

Losing money on operations — -0.2%

ROCE

N/A

—

Data not available

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Growth

Sales YoY

-13.1%

Shrinking sales (-13.1% YoY)

EPS YoY

N/A

—

Data not available

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

—

Data not available

FCF Margin

0.8%

Thin free cash flow (0.8%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

N/A

—

Data not available

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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