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Vipshop Reports Unaudited Third Quarter 2024 Financial Results
Conference Call to Be Held at
Third Quarter 2024 Highlights
- Total net revenues for the third quarter of 2024 were
RMB20.7 billion (US$2.9 billion ), compared withRMB22.8 billion in the prior year period. - GMV[1] for the third quarter of 2024 was
RMB40.1 billion , compared withRMB42.5 billion in the prior year period. - Gross profit for the third quarter of 2024 was
RMB5.0 billion (US$706.1 million ), compared withRMB5.4 billion in the prior year period. - Net income attributable to
Vipshop's shareholders for the third quarter of 2024 wasRMB1.0 billion (US$149.0 million ), compared withRMB1.2 billion in the prior year period. - Non-GAAP net income attributable to
Vipshop's shareholders[2] for the third quarter of 2024 wasRMB1.3 billion (US$186.8 million ), compared withRMB1.8 billion in the prior year period. - The number of active customers[3] for the third quarter of 2024 was 39.6 million, compared with 42.3 million in the prior year period.
- Total orders[4] for the third quarter of 2024 were 163.9 million, compared with 179.9 million in the prior year period.
Mr.
Mr.
Third Quarter 2024 Financial Results
REVENUES
Total net revenues for the third quarter of 2024 were
GROSS PROFIT
Gross profit for the third quarter of 2024 was
OPERATING EXPENSES
Total operating expenses for the third quarter of 2024 decreased by 6.1% year over year to
- Fulfillment expenses for the third quarter of 2024 decreased by 2.0% year over year to
RMB1.7 billion (US$247.3 million ) fromRMB1.8 billion in the prior year period. As a percentage of total net revenues, fulfillment expenses for the third quarter of 2024 was 8.4%, compared with 7.8% in the prior year period. - Marketing expenses for the third quarter of 2024 decreased by 7.7% year over year to
RMB617.8 million (US$88.0 million ) fromRMB669.6 million in the prior year period. As a percentage of total net revenues, marketing expenses for the third quarter of 2024 was 3.0%, compared with 2.9% in the prior year period. - Technology and content expenses for the third quarter of 2024 increased by 4.3% year over year to
RMB454.2 million (US$64.7 million ) fromRMB435.3 million in the prior year period. As a percentage of total net revenues, technology and content expenses for the third quarter of 2024 was 2.2%, compared with 1.9% in the prior year period. - General and administrative expenses for the third quarter of 2024 decreased by 15.3% year over year to
RMB957.8 million (US$136.5 million ) fromRMB1.1 billion in the prior year period. As a percentage of total net revenues, general and administrative expenses for the third quarter of 2024 decreased to 4.6% from 5.0% in the prior year period.
INCOME FROM OPERATIONS
Income from operations for the third quarter of 2024 was
Non-GAAP income from operations[5] for the third quarter of 2024, which excluded share-based compensation expenses, was
NET INCOME
Net income attributable to
Non-GAAP net income attributable to
For the quarter ended
BALANCE SHEET AND CASH FLOW
As of
For the quarter ended
For the three months ended |
|||
RMB'000 |
RMB'000 |
US$'000 |
|
Net cash generated from operating activities |
1,204,020 |
508,890 |
72,516 |
Reconciling items: |
|||
Net impact from internet financing activities[11] |
(102,537) |
(15,603) |
(2,223) |
Capital expenditures |
(1,071,555) |
(1,083,596) |
(154,411) |
Free cash inflow (outflow) |
29,928 |
(590,309) |
(84,118) |
For the trailing twelve months ended |
|||
RMB'000 |
RMB'000 |
US$'000 |
|
Net cash generated from operating activities |
12,243,732 |
8,931,635 |
1,272,748 |
Reconciling items: |
|||
Net impact from internet financing activities |
295,072 |
2,152 |
307 |
Capital expenditures |
(4,419,331) |
(4,372,251) |
(623,041) |
Free cash inflow |
8,119,473 |
4,561,536 |
650,014 |
Share Repurchase Program
During the quarter ended
In
Business Outlook
For the fourth quarter of 2024, the Company expects its total net revenues to be between
Exchange Rate
The Company's business is primarily conducted in
Conference Call Information
The Company will hold a conference call on
All participants wishing to join the conference call must pre-register online using the link provided below.
Registration Link: https://register.vevent.com/register/BIb7dd20b068014c73a6cc797c134be1b5
Once pre-registration has been completed, each participant will receive dial-in numbers and a unique access PIN via email. To join the conference, participants should use the dial-in details followed by the PIN code.
A live webcast of the earnings conference call can be accessed at https://edge.media-server.com/mmc/p/x863x7sh. An archived webcast will be available at the Company's investor relations website at http://ir.vip.com.
About
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the
Use of Non-GAAP Financial Measures
The condensed consolidated financial information is derived from the Company's unaudited interim condensed consolidated financial statements prepared in conformity with accounting principles generally accepted in
The presentation of these non-GAAP financial measures is not intended to be considered in isolation from, or as a substitute for, the financial information prepared and presented in accordance with
Investor Relations Contact
Tel: +86 (20) 2233-0732
Email: IR@vipshop.com
[1] "Gross merchandise value (GMV)" is defined as the total Renminbi value of all products and services sold through the Company's online sales business, online marketplace platform, |
[2] Non-GAAP net income attributable to |
[3] "Active customers" is defined as registered members who have purchased from the Company's self-operated online sales business or the Company's online marketplace platforms, excluding those who made their purchases from the Company's online stores operated at third-party platforms, at least once during the relevant period. Beginning in the fourth quarter of 2023, the Company updated its definition of "active customers" to exclude registered members who make their purchases from the Company's online stores operated at third-party platforms. The active customer figures for the historical periods presented in this press release have been retrospectively adjusted accordingly. |
[4] "Total orders" is defined as the total number of orders placed during the given period, including the orders for products and services sold through the Company's online sales business and on the Company's online marketplace platforms (excluding, for the avoidance of doubt, orders from the Company's offline stores and outlets), net of orders returned. |
[5] Non-GAAP income from operations is a non-GAAP financial measure, which is defined as income from operations excluding share-based compensation expenses. |
[6] Non-GAAP operating margin is a non-GAAP financial measure, which is defined as non-GAAP income from operations as a percentage of total net revenues. |
[7] "ADS" means American depositary share, each of which represents 0.2 Class A ordinary share. |
[8] Non-GAAP net margin attributable to |
[9] Non-GAAP net income attributable to |
[10] Free cash flow is a non-GAAP financial measure, which is defined as net cash from operating activities adding back the impact from internet financing activities and less capital expenditures, which include purchase and deposits of property and equipment and land use rights. |
[11] Net impact from internet financing activities represents net cash flow relating to the Company's financial products, which are primarily consumer financing and supplier financing that the Company provides to its customers and suppliers. |
Vipshop Holdings Limited |
|||
Unaudited Condensed Consolidated Statements of Income and Comprehensive Income |
|||
(In thousands, except for share and per share data) |
|||
Three Months Ended |
|||
|
|
|
|
RMB'000 |
RMB'000 |
USD'000 |
|
Product revenues |
21,077,354 |
18,920,273 |
2,696,117 |
Other revenues (1) |
1,688,507 |
1,755,668 |
250,181 |
Total net revenues |
22,765,861 |
20,675,941 |
2,946,298 |
Cost of revenues |
(17,384,331) |
(15,720,539) |
(2,240,159) |
Gross profit |
5,381,530 |
4,955,402 |
706,139 |
Operating expenses: |
|||
Fulfillment expenses (2) |
(1,771,903) |
(1,735,673) |
(247,331) |
Marketing expenses |
(669,608) |
(617,815) |
(88,038) |
Technology and content expenses |
(435,279) |
(454,154) |
(64,716) |
General and administrative expenses |
(1,131,241) |
(957,798) |
(136,485) |
Total operating expenses |
(4,008,031) |
(3,765,440) |
(536,570) |
Other operating income |
160,165 |
139,939 |
19,941 |
Income from operations |
1,533,664 |
1,329,901 |
189,510 |
Investment (loss) gain and revaluation of investments |
(94,939) |
96,934 |
13,813 |
Impairment loss of investments |
0 |
(43,555) |
(6,207) |
Interest expense |
(466) |
(15,895) |
(2,265) |
Interest income |
166,246 |
174,651 |
24,888 |
Exchange loss |
(33,632) |
(86,182) |
(12,281) |
Income before income tax expense and share of income of equity |
1,570,873 |
1,455,854 |
207,458 |
Income tax expenses |
(364,835) |
(474,220) |
(67,576) |
Share of income of equity method investees |
24,528 |
79,043 |
11,264 |
Net income |
1,230,566 |
1,060,677 |
151,146 |
Net income attributable to non-controlling interests |
(22,274) |
(15,338) |
(2,186) |
Net income attributable to |
1,208,292 |
1,045,339 |
148,960 |
Shares used in calculating earnings per share (3): |
|||
Weighted average number of Class A and Class B ordinary shares: |
|||
—Basic |
108,463,991 |
104,496,269 |
104,496,269 |
—Diluted |
110,416,154 |
106,037,715 |
106,037,715 |
Net earnings per Class A and Class B ordinary share |
|||
Net income attributable to |
11.14 |
10.00 |
1.42 |
Net income attributable to |
10.94 |
9.86 |
1.41 |
Net earnings per ADS (1 ordinary share equals to 5 ADSs) |
|||
Net income attributable to |
2.23 |
2.00 |
0.28 |
Net income attributable to |
2.19 |
1.97 |
0.28 |
(1) Other revenues primarily consist of product promotion and online advertising revenues, lease income mainly earned from the Shan Shan |
|||
(2) Fulfillment expenses include shipping and handling expenses, which amounted |
|||
(3) Authorized share capital is re-classified and re-designated into Class A ordinary shares and Class B ordinary shares, with each Class A |
|||
Three Months Ended |
|||
|
|
|
|
RMB'000 |
RMB'000 |
USD'000 |
|
Share-based compensation expenses are included in the operating |
|||
Fulfillment expenses |
20,798 |
20,241 |
2,884 |
Marketing expenses |
7,985 |
7,584 |
1,081 |
Technology and content expenses |
89,333 |
94,101 |
13,409 |
General and administrative expenses |
421,423 |
249,179 |
35,508 |
Total |
539,539 |
371,105 |
52,882 |
Vipshop Holdings Limited |
|||
Unaudited Condensed Consolidated Balance Sheets |
|||
(In thousands, except for share and per share data) |
|||
|
|
|
|
RMB'000 |
RMB'000 |
USD'000 |
|
ASSETS |
|||
CURRENT ASSETS |
|||
Cash and cash equivalents |
25,414,729 |
21,870,029 |
3,116,454 |
Restricted cash |
882,637 |
583,747 |
83,183 |
Short term investments |
1,983,201 |
1,560,246 |
222,333 |
Accounts receivable, net |
778,767 |
895,057 |
127,545 |
Amounts due from related parties,net |
553,502 |
678,032 |
96,619 |
Other receivables and prepayments,net |
2,298,612 |
2,508,604 |
357,473 |
Loan receivables,net |
4,437 |
5,871 |
837 |
Inventories |
5,644,713 |
4,626,792 |
659,313 |
Total current assets |
37,560,598 |
32,728,378 |
4,663,757 |
NON-CURRENT ASSETS |
|||
Property and equipment, net |
16,882,100 |
18,106,529 |
2,580,160 |
Deposits for property and equipment |
200,739 |
172,570 |
24,591 |
Land use rights, net |
10,132,626 |
10,744,108 |
1,531,023 |
Intangible assets, net |
332,821 |
328,789 |
46,852 |
Investment in equity method investees |
2,155,561 |
2,118,264 |
301,850 |
Other investments |
2,916,189 |
3,166,681 |
451,248 |
Other long-term assets |
147,669 |
179,564 |
25,588 |
|
755,213 |
755,213 |
107,617 |
Deferred tax assets, net |
685,017 |
733,805 |
104,566 |
Operating lease right-of-use assets |
554,061 |
450,714 |
64,226 |
Total non-current assets |
34,761,996 |
36,756,237 |
5,237,721 |
TOTAL ASSETS |
72,322,594 |
69,484,615 |
9,901,478 |
LIABILITIES AND EQUITY |
|||
CURRENT LIABILITIES |
|||
Short term loans |
1,425,576 |
5,401,127 |
769,654 |
Accounts payable |
17,259,395 |
11,352,270 |
1,617,686 |
Advance from customers |
1,689,881 |
1,570,520 |
223,797 |
Accrued expenses and other current liabilities |
9,560,449 |
8,176,729 |
1,165,175 |
Amounts due to related parties |
150,373 |
156,123 |
22,247 |
Deferred income |
457,594 |
437,622 |
62,361 |
Operating lease liabilities |
80,868 |
62,162 |
8,858 |
Total current liabilities |
30,624,136 |
27,156,553 |
3,869,778 |
NON-CURRENT LIABILITIES |
|||
Deferred tax liability |
692,492 |
490,498 |
69,895 |
Deferred income-non current |
1,756,949 |
2,103,696 |
299,774 |
Operating lease liabilities |
689,259 |
602,394 |
85,840 |
Total non-current liabilities |
3,138,700 |
3,196,588 |
455,509 |
TOTAL LIABILITIES |
33,762,836 |
30,353,141 |
4,325,287 |
EQUITY: |
|||
Class A ordinary shares ( |
62 |
64 |
9 |
Class B ordinary shares ( |
11 |
11 |
2 |
|
(3,624,763) |
(7,086,151) |
(1,009,768) |
Additional paid-in capital |
4,444,755 |
4,955,622 |
706,170 |
Retained earnings |
36,836,928 |
40,459,508 |
5,765,434 |
Accumulated other comprehensive loss |
(695,589) |
(725,612) |
(103,399) |
Non-controlling interests |
1,598,354 |
1,528,032 |
217,743 |
Total shareholders' equity |
38,559,758 |
39,131,474 |
5,576,191 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
72,322,594 |
69,484,615 |
9,901,478 |
Vipshop Holdings Limited |
|||
Reconciliations of GAAP and Non-GAAP Results |
|||
Three Months Ended |
|||
|
|
|
|
RMB'000 |
RMB'000 |
USD'000 |
|
Income from operations |
1,533,664 |
1,329,901 |
189,510 |
Share-based compensation expenses |
539,539 |
371,105 |
52,882 |
Non-GAAP income from operations |
2,073,203 |
1,701,006 |
242,392 |
Net income attributable to |
1,208,292 |
1,045,339 |
148,960 |
Share-based compensation expenses |
539,539 |
371,105 |
52,882 |
Impairment loss of investments |
0 |
43,555 |
6,207 |
Investment loss (gain) and revaluation of investments excluding |
95,192 |
(96,934) |
(13,813) |
Reconciling items on the share of equity method investments(4) |
17,717 |
(41,078) |
(5,854) |
Tax effects on non-GAAP adjustments |
(19,695) |
(11,242) |
(1,602) |
Non-GAAP net income attributable to |
1,841,045 |
1,310,745 |
186,780 |
(4) To exclude the GAAP to non-GAAP reconciling items relating to investment (gain) loss and revaluation of investments on the share of |
|||
Shares used in calculating earnings per share: |
|||
Weighted average number of Class A and Class B ordinary shares: |
|||
—Basic |
108,463,991 |
104,496,269 |
104,496,269 |
—Diluted |
110,416,154 |
106,037,715 |
106,037,715 |
Non-GAAP net income per Class A and Class B ordinary share |
|||
Non-GAAP net income attributable to |
16.97 |
12.54 |
1.79 |
Non-GAAP net income attributable to |
16.67 |
12.36 |
1.76 |
Non-GAAP net income per ADS (1 ordinary share equal to 5 ADSs) |
|||
Non-GAAP net income attributable to |
3.39 |
2.51 |
0.36 |
Non-GAAP net income attributable to |
3.33 |
2.47 |
0.35 |
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