111 is a China-based digital healthcare platform operating two core businesses: an online wholesale pharmacy (1 Pharmacy) and an online retail pharmacy (1 Medicine Marketplace). The wholesale business is the larger of the two — a B2B platform connecting independent pharmacies, small chains, clinics, and hospitals with prescription drugs, OTC drugs, and health and wellness products. As of December 31, 2025, 111 had served more than 500,000 pharmacies across all 31 Chinese provinces. The platform bypasses traditional multi-tier pharmaceutical distribution by sourcing directly from manufacturers, offering competitive pricing and fast delivery. Beyond product distribution, 111 sells cloud-based inventory management tools, smart procurement recommendations, and supply chain finance services to pharmacy customers. The retail business, founded in 2010, sells drugs, supplements, medical devices, and personal care products to consumers through 111's own app and through storefronts on Tmall, JD.com, and PDD. Across both segments, 111 operates under two revenue models: direct sales, where 111 owns and fulfills inventory, and a marketplace model, where third-party sellers transact on 111's platform in exchange for commissions and platform fees. Direct sales account for the substantial majority of product revenue. 111 also sells data and marketing services to pharmaceutical manufacturers, leveraging transaction and behavioral data aggregated across its platform.