01、增长，可以很确定 近年以来，专业户外品牌开始扎堆选择唯品会。 在做2024年的复盘时，专业户外品牌凯乐石发现了一组让他们兴奋的数据：2024年，在特卖电商 平台唯品会上，凯乐石年销百万的爆款单品同比增长350%。同时，唯品会上，女性对凯乐石的购 买人数超过男性，女性用户占比近70%，远超其他电商平台。 如果把2 0 2 1年当作户外元年，那么今年已是户外走入大众视野的第五年，户外赛道也开始从 高速增长的蓝海逐渐进入竞争激烈的阶段，几乎所有的品牌都在思考：未来的增量在哪里？ 对于专业户外品牌来说，增量源于"破圈"：从小众走向大众，从男性走向女性，从发烧友走 向家庭。以女性用户、家庭消费为核心的唯品会被越来越多的专业户外品牌作为下一轮的增 长点。 诸多专业户外品牌在唯品会连续几年销售额增长5 0%以上；凯乐石与唯品会打造的唯品独家 产品销量同比倍增；伯希和多个主力品类销售额同比增长1 0 0%；骆驼爆款单品单月销售额破 千万…… 唯品会提供的确定性流量、复购率极高的忠实用户与差异化爆款打造逻辑，已经成 为诸多专业户外品牌扎堆涌入唯品会的重要原因。 伯希和电商运营经理牧童（花名）表示，唯品会超V会员体系、品牌 ...

Investment Rating - The report maintains a "Positive" investment rating for the textile, apparel, and luxury goods industry [13]. Core Insights - The current trend in the retail sector is characterized by a shift towards discount retailing, driven by consumer demand for quality-price ratios and the upgrading of spiritual consumption [7][21]. - The urban outlet industry is gaining traction, particularly in lower-tier cities, where rental prices are declining and consumer potential is being released [10]. - The collaboration between Haier and JD to establish JD Outlet is highlighted as a significant development, showcasing a light-asset operation model with substantial growth potential [11]. Summary by Sections Introduction: Discount Retailing on the Rise - The report emphasizes the importance of quality-price ratios and the upgrading of spiritual consumption as key drivers of consumer demand [21]. - It notes that traditional retail is facing homogenization, prompting brands to innovate in outlet formats [26]. Review: How Soft Discount Retail Giants Are Formed - The success of TJX and Vipshop is analyzed, showing that discount retail thrives not only during economic downturns but also through effective supply chain management and consumer demand for high-quality, cost-effective products [8][9]. - The report indicates that the discount retail sector has a sustainable growth trajectory, supported by strong sourcing capabilities and supply chain management [9]. Current Perspective: Domestic Urban Outlet Industry - The urban outlet industry is favored by operators due to favorable market conditions in lower-tier cities, with a projected market size for footwear and apparel surplus exceeding 430 billion yuan [10]. - Key challenges for operators include brand resource scarcity and stable supply chain support [10]. JD Outlet: Light Assets and High Barriers to Entry - The partnership between Haier, JD, and Spobz aims to create a high-barrier business model for JD Outlet, with a focus on mid-tier and lower-tier cities [11]. - The projected number of JD Outlet stores is estimated to reach 654, indicating significant growth potential [11].

Core Insights - The article emphasizes the importance of value investing and highlights specific metrics to identify undervalued stocks, particularly focusing on Vipshop (VIPS) as a strong candidate for value investors [2][8]. Company Overview - Vipshop (VIPS) currently holds a Zacks Rank of 2 (Buy) and an A for Value, indicating strong potential for value investors [4]. - The stock has a Forward P/E ratio of 6.60, significantly lower than its industry's average Forward P/E of 18.54, suggesting it may be undervalued [4]. Valuation Metrics - VIPS has a PEG ratio of 1.46, which is much lower than the industry average PEG of 3.52, indicating favorable growth expectations relative to its price [5]. - The P/S ratio for VIPS is 0.56, compared to the industry's average P/S of 0.81, further supporting the notion of undervaluation [6]. - The P/CF ratio for VIPS stands at 6.69, well below the industry's average P/CF of 21.19, highlighting its attractive cash flow valuation [7]. Investment Outlook - The combination of these metrics suggests that Vipshop is likely undervalued at present, making it an appealing option for value investors [8].

Core Viewpoint - The article emphasizes the effectiveness of value investing as a strategy to identify undervalued stocks, highlighting Vipshop (VIPS) as a strong candidate based on various financial metrics [2][3][7]. Company Metrics - Vipshop (VIPS) has a Zacks Rank of 2 (Buy) and a Value grade of A, indicating it is considered a high-quality value stock [3]. - The company has a PEG ratio of 1.32, significantly lower than the industry average of 3.01, suggesting it is undervalued relative to its expected earnings growth [4]. - Vipshop's P/S ratio stands at 0.49, compared to the industry average of 0.85, indicating a potentially better performance indicator due to less manipulation of sales figures [5]. - The P/CF ratio for VIPS is 5.98, which is substantially lower than the industry average of 19.09, further supporting the notion that the stock is undervalued based on cash flow strength [6]. - Overall, these metrics suggest that Vipshop is likely undervalued at present, making it an attractive option for value investors [7].

阿里计划未来三年内在 AI 上投资 3800 亿元。 在阿里 2025 第三财季业绩会上阿里披露预计未来三年资本开支会超过过去十年总和，今日阿里巴 巴集团 CEO 吴泳铭正式宣布，未来三年阿里将投入超过 3800 亿元，用于建设云和 AI 硬件基础设 施，这也创下中国民营企业在云和 AI 硬件基础设施建设领域有史以来最大规模投资纪录。这笔钱 相当于阿里 2021 至 2024 财年经营利润总和。吴泳铭总结称阿里未来 AI 战略会围绕以下三个方 面：一是 AI 和云计算的基础设施建设，二是 AI 基础模型平台和 AI 应用，三是现有业务的 AI 转 型升级。 蜜雪冰城港股招股次日，融资申购额破万亿港元。 2 月 24 日，蜜雪冰城港股招股第二日，融资申购额超过 1.1 万亿港元，以公开发售的 3.45 亿港元 （总募资的 10%）计算，相当于超额认购超 3251 倍。蜜雪冰城计划于 3 月 3 日挂牌上市， 招股首 日超购千倍 。目前港股历史上冻资规模最高的是快手，2021 年快手香港 IPO 时面向散户的公开发 售部分同样获得超额认购，当时冻资 1.26 万亿港元。这个金额超过了宁德时代总市值。 南京德基销售 ...

Group 1 - Vipshop (NYSE: VIPS) reported 4Q24 results with revenue exceeding consensus expectations due to better-than-expected GMV performance [1] - The company achieved non-GAAP operating profit and net income that were also ahead of consensus estimates [1] - Management provided slightly optimistic guidance for 1Q25, indicating continued positive momentum [1]

Investment Rating - The investment rating for the company is "Outperform" [5][10]. Core Views - The report indicates that consumer sentiment is gradually improving, and the company is increasing shareholder returns. The revenue for Q4 2024 was 33.2 billion yuan, a year-over-year decrease of 4.2%, primarily due to weak demand and intensified competition. However, the clothing category showed positive growth, and other income increased by 4% year-over-year, driven by the Shanshan Outlet stores [1][7]. - For Q1 2025, the management expects revenue growth to be in the range of -5% to 0%, with a goal to achieve positive growth in GMV and revenue for the year [3][10]. - The company reported a GMV of 66.2 billion yuan, with a year-over-year growth of 0%. The number of active buyers decreased by 6% year-over-year to 45.7 million [1][7]. Revenue and Profitability - The company's Non-GAAP net profit for the quarter was 3 billion yuan, a year-over-year decrease of 7%, with a stable net profit margin. Adjusted operating profit decreased by 14% year-over-year, and the adjusted operating profit margin fell by 1.2 percentage points to 10.2% due to reduced revenue [2][8]. - The overall shareholder return rate for 2024 was 9.5%, and the company plans to allocate 75% of the adjusted net profit for 2025 to shareholder returns, expecting a return rate of 12.5% [2][8]. Financial Forecasts - The revenue forecasts for 2025 and 2026 have been adjusted to 110.8 billion yuan and 114.6 billion yuan, respectively, with a compound annual growth rate of 5% expected for adjusted net profit from 2025 to 2027 [3][10]. - The target price for the company has been adjusted to between $16 and $18, reflecting an increase potential of 9% to 22% [3][10].

Financial Data and Key Metrics Changes - Total net revenues for Q4 2024 were RMB33.2 billion, down from RMB34.7 billion in the prior year period, reflecting a year-over-year decrease [35] - Gross profit decreased to RMB7.6 billion from RMB8.2 billion, with a gross margin of 23.0%, down from 23.7% in the prior year [35] - Full year 2024 net income attributable to shareholders was RMB7.7 billion, compared to RMB8.1 billion in the prior year, with a net margin of 7.1% [44] Business Line Data and Key Metrics Changes - Apparel categories saw a 2% increase year-over-year, accounting for 75% of total GMV, the highest level in the company's history [8][17] - Non-apparel business narrowed its loss of sales in Q4, driven by home appliances and digital products [17] - Active Super VIP membership increased by 50% year-over-year, contributing 51% of online spending in Q4 [18] Market Data and Key Metrics Changes - Consumer sentiment showed slight improvement, with consumers becoming more active towards the end of Q4 [57] - The trade-in program contributed approximately RMB300 million to RMB400 million in incremental GMV from home appliances and digital products in Q4 [59] Company Strategy and Development Direction - The company remains committed to its long-term strategy focused on retail for brands, emphasizing quality growth and a differentiated business model [20][28] - Continued investment in merchandising capabilities, with over 1,500 new brands added last year [22] - The company aims to leverage AI to improve productivity and customer experience, focusing on applications like product recommendations and customer service [71][73] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in returning to sustainable and profitable growth, despite ongoing uncertainties [28] - For Q1 2025, the company expects total net revenues to be between RMB26.3 billion and RMB27.6 billion, reflecting a year-over-year decrease of approximately 5% to 0% [46] - Management anticipates a positive trajectory for the full year of 2025, aiming for growth in GMV and revenue [52] Other Important Information - The company returned approximately $770 million to shareholders through dividends and buybacks in 2024 [33] - Non-GAAP net income attributable to shareholders for Q4 was RMB3.0 billion, compared to RMB3.2 billion in the prior year [40] Q&A Session Summary Question: Q1 revenue guidance and consumer sentiment - Management indicated that business is on track within guidance, with consumer sentiment slightly better than expected [50][51] Question: Drivers of Q4 outperformance - Management attributed Q4 outperformance to improved consumer activity, effective merchandising, and targeted promotions [57][58] Question: Gross margin trend in 2025 - Management believes there is room for improvement in gross margin, aiming to maintain a balance between profitability and growth [62][66] Question: AI applications in business - Management is investing in AI to enhance productivity and efficiency, focusing on customer service and merchandising optimization [71][73] Question: ARPU and shopping frequency of Super VIP members - Management noted a slight decline in ARPU due to an increase in active Super VIP members, but overall health of the SVIP customer base remains strong [75][77]

Financial Data and Key Metrics Changes - Total net revenues for Q4 2024 were RMB 33.2 billion, down from RMB 34.7 billion in the prior year period, reflecting a year-over-year decrease [35] - Gross profit decreased to RMB 7.6 billion from RMB 8.2 billion, with a gross margin of 23.0%, down from 23.7% [35] - Full year 2024 non-GAAP net profit attributable to shareholders was over RMB 9 billion, maintaining a solid margin of 8.3% [32] - Full year gross margin reached an eight-year high of 23.5%, benefiting from strong apparel business contributions [31][41] Business Line Data and Key Metrics Changes - Apparel categories saw a 2% increase year-over-year, accounting for 75% of total GMV, the highest level in the company's history [8][17] - Non-apparel business narrowed its loss of sales in Q4, driven by home appliances and digital products [17] - Active Super VIP membership increased by 50% year-over-year, contributing 51% of online spending in Q4 [18] Market Data and Key Metrics Changes - Consumer sentiment showed slight improvement, with consumers becoming more active towards the end of Q4 [57] - The trade-in program contributed approximately RMB 300 million to RMB 400 million in incremental GMV from home appliances and digital products in Q4 [59] Company Strategy and Development Direction - The company remains committed to its long-term strategy focused on retail for brands, emphasizing quality growth and a differentiated business model [20][28] - Continued investment in merchandising capabilities, with over 1,500 new brands added last year [22] - The company aims to leverage AI to improve productivity and customer experience, focusing on personalization and operational efficiency [71][73] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in returning to sustainable and profitable growth despite ongoing uncertainties [28] - The company anticipates a positive trajectory for GMV and revenue in 2025, with a focus on maintaining solid profitability [52][66] Other Important Information - The company returned approximately $770 million to shareholders through dividends and buybacks in 2024 [33] - For 2025, the company plans to return no less than 75% of its full year 2024 non-GAAP net income to shareholders [34] Q&A Session Summary Question: Q1 revenue guidance and consumer sentiment - Management indicated that year-to-date performance is on track within guidance, with consumer sentiment slightly better than expected [50][51] Question: Drivers of Q4 outperformance - Q4 outperformance was attributed to improved consumer activity, effective merchandising, and targeted promotions [57][58] Question: Gross margin trend in 2025 - Management believes there is room for improvement in gross margin, with a focus on investing in brand partnerships [62][64] Question: AI applications in business - The company is rapidly investing in AI applications to enhance productivity and efficiency across various business areas [71][73] Question: ARPU and shopping frequency of Super VIP members - There was a slight decline in annual ARPU due to an increase in active Super VIP members, but the overall health of the SVIP customer base remains strong [75][76]

Financial Performance - Total net revenues for Q4 2024 were RMB33.2 billion (US$4.6 billion), a decrease of 4.3% from RMB34.7 billion in the prior year[3]. - Gross profit for Q4 2024 was RMB7.6 billion (US$1.0 billion), down from RMB8.2 billion in the prior year, with a gross margin of 23.0%[6]. - Net income attributable to shareholders for Q4 2024 was RMB2.4 billion (US$335.2 million), a decline of 20% from RMB3.0 billion in the prior year[11]. - Total net revenues for the three months ended December 31, 2024, were RMB 33,223,842, a decrease of 4.2% compared to RMB 34,674,476 for the same period in 2023[40]. - Product revenues for the twelve months ended December 31, 2024, were RMB 100,734,550, down from RMB 105,613,485 in 2023, representing a decline of 4.1%[40]. - Non-GAAP net income attributable to Vipshop's shareholders for the twelve months ended December 31, 2024, was RMB 9.03 billion, a decrease of 5% from RMB 9.51 billion in 2023[46]. - The company reported a net income of RMB 2.45 billion for the three months ended December 31, 2024, down from RMB 2.95 billion in the same period of 2023, a decline of 16.9%[46]. Customer and Order Metrics - The number of active customers for Q4 2024 was 45.7 million, down from 48.5 million in the prior year[3]. - Total orders for Q4 2024 were 217.5 million, compared to 234.3 million in the prior year, reflecting a decrease of 7.1%[4]. Cash Flow and Shareholder Returns - The company generated net cash from operating activities of RMB8.9 billion (US$1.2 billion) for Q4 2024[16]. - For the full year of 2024, net cash generated from operating activities was RMB9.1 billion (US$1.3 billion), with free cash inflow of RMB5.6 billion (US$770.2 million)[23]. - The Company repurchased US$43.3 million of its ADSs during the quarter ended December 31, 2024, under its US$1.0 billion share repurchase program[24]. - The board of directors declared an annual cash dividend of US$2.40 per ordinary share, or US$0.48 per ADS, for fiscal year 2024[25]. - The Company has fully utilized the remaining authorized amount of its initial share repurchase program and plans to continue repurchases under a new US$1.0 billion program effective until February 2027[24]. Operating Expenses - Operating expenses for the twelve months ended December 31, 2024, totaled RMB 17,211,609, a slight decrease from RMB 17,418,317 in 2023[40]. - Fulfillment expenses for the three months ended December 31, 2024, were RMB 2,460,984, compared to RMB 2,525,204 in the same period of 2023, reflecting a decrease of 2.6%[41]. - Marketing expenses for the twelve months ended December 31, 2024, were RMB 2,979,654, down from RMB 3,242,215 in 2023, indicating a decline of 8.1%[40]. Shareholder Equity and Assets - Total assets increased from RMB 72.32 billion in 2023 to RMB 74.94 billion in 2024, representing a growth of 3.6%[44]. - Total shareholders' equity grew from RMB 38.56 billion in 2023 to RMB 41.55 billion in 2024, an increase of 7.8%[44]. - Total current liabilities decreased from RMB 30.62 billion in 2023 to RMB 29.93 billion in 2024, a reduction of 2.3%[44]. Earnings Per Share - Net earnings per Class A and Class B ordinary share (diluted) for the three months ended December 31, 2024, were RMB 23.46, down from RMB 26.75 in 2023[40]. - Non-GAAP net income per Class A and Class B ordinary share (diluted) was RMB 28.51 for the twelve months ended December 31, 2024, compared to RMB 28.97 in 2023, a decrease of 1.6%[47]. Future Outlook - For Q1 2025, the Company expects total net revenues to be between RMB26.3 billion and RMB27.6 billion, representing a year-over-year decrease of approximately 5% to 0%[27]. - The Company will hold a conference call on February 21, 2025, to discuss the financial results[29]. Other Financial Metrics - Free cash flow for the trailing twelve months ended December 31, 2024, was RMB5.6 billion (US$770.2 million) after accounting for capital expenditures of RMB3.6 billion (US$488.1 million)[23]. - The weighted average number of ADSs used in computing diluted earnings per ADS for the full year of 2024 was 539,279,030[23]. - The weighted average number of diluted shares decreased from 110.38 million in 2023 to 104.30 million in 2024, a decline of 5.5%[47]. - Share-based compensation expenses increased from RMB 284.67 million in Q4 2023 to RMB 539.09 million in Q4 2024, a rise of 89.5%[46]. - The Company emphasizes the use of non-GAAP financial measures to provide clarity on its operating performance[35].