Conference Call to Be Held at 7:30 A.M. U.S. Eastern Time on August 20, 2024GUANGZHOU, China, Aug. 20, 2024 /PRNewswire/ -- Vipshop Holdings Limited (NYSE: VIPS), a leading online discount retailer for brands in China ("Vipshop" or the "Company"), today announced its unaudited financial results for the quarter ended June 30, 2024.Second Quarter 2024 HighlightsTotal net revenues for the second quarter of 2024 were RMB26.9 billion (US$3.7 billion), compared with RMB27.9 billion in the prior year period.GMV[1] ...

GUANGZHOU, China, Aug. 12, 2024 /PRNewswire/ -- Vipshop Holdings Limited (NYSE: VIPS), a leading online discount retailer for brands in China ("Vipshop" or the "Company"), today announced that it plans to release its second quarter 2024 financial results on Tuesday, August 20, 2024, before the US market open.The Company will hold a conference call on Tuesday, August 20, 2024 at 7:30 am US Eastern Time, 7:30 pm Beijing Time to discuss the financial results.All participants wishing to join the conference call ...

In 2023, Vipshop continued to prioritize its energy conservation and carbon reduction initiatives, progressing toward its carbon neutrality goals—to achieve carbon neutrality in its own operations and a 50% reduction in Scope 3 carbon emission intensity, no later than 2030.In its operations, Vipshop pursued emission reduction through a series of carbon mitigation measures, including photovoltaic (PV) power generation, the use of green electricity, and energy-efficient renovations. Notably, the Company's PV ...

浦银国际研究 财务模型更新 | 互联网行业 唯品会(VIPS.US):短期增速或承压, 预计利润率维持稳健 受去年高基数及消费情绪偏弱影响,我们预计公司二季度收入下降 5%,符合公司先前指引,调整目标价至 15 美元,维持"持有"评级。 受去年高基数影响,公司短期收入增长或仍将承受一定压力。由于消 费情绪偏弱,公司用户数或受影响,订单量或有所下滑,但预计核心 SVIP 用户仍将保持稳定增长,部分弥补摇摆用户的流失。 我们预计公司二季度收入同比下降 5%至人民币 265 亿元,符合公司 先前指引 265 亿-279 亿元;预计毛利率同比改善 0.8pp 至 23.0%;预 计调整后净利润为 21 亿元,调整后净利润 8.1%,维持稳健。 随着基数消退,公司三季度收入增速有望环比改善。我们略微调整 2024E 收入预测至 1,121 亿元,调整后净利润至 94.2 亿元,调整后净 利率为 8.4%。 投资风险:行业竞争加剧;用户增长不及预期;利润率不及预期。 图表 1:盈利预测变动 2024E 2025E 2026E | --- | --- | --- | --- | --- | --- | --- | --- ...

Investment Rating - Maintain "Overweight" rating with a target price range of $22-24, implying an upside potential of 33%-48% [2][7] Core Views - Revenue growth remains under pressure due to weak demand and intensified competition, with Q1 revenue at RMB 27.6 billion, up 0.4% YoY [1][5] - Profitability continues to improve, with Q1 Non-GAAP net profit reaching RMB 2.6 billion, up 24% YoY, and net margin increasing to 9.3% from 7.5% [1][5] - SuperVIP members grew 11% YoY, contributing 45% of online transaction value in Q1 [1][5] - Shareholder returns are expected to exceed 11% in 2024, with RMB 7.2 billion allocated for share buybacks and dividends [2][5] Financial Performance - Q1 GMV increased 8% YoY to RMB 52.4 billion, with active buyers declining 2% YoY to 43.1 million [1][5] - Product revenue declined 0.3% YoY to RMB 25.8 billion, while other revenue grew 13% YoY to RMB 1.8 billion, driven by the Outlets business [1][5] - Gross margin improved by 2 percentage points, with sales and management expense ratios decreasing by 0.5 and 0.4 percentage points, respectively [1][5] Forecasts and Valuation - 2024-2026 revenue forecasts adjusted to RMB 113.7/120.7/128.1 billion, down 3.6% each year [2][7] - 2024-2026 adjusted net profit forecasts raised to RMB 9.6/10.6/10.8 billion, up 0.9%/0.8%/0.3% [2][7] - Current valuation at 7x 2024 PE, with 6% CAGR for revenue and adjusted net profit from 2024-2026 [2][7] Shareholder Returns - Q1 share buyback of $11.9 million, with $536 million remaining in the buyback program valid until March 31, 2025 [2][5] - Management plans to complete the remaining buyback by end-2024 and allocate at least 75% of 2024 Non-GAAP net profit for buybacks and dividends [2][5]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of $20.62 per ADS based on an 8X PE valuation for 2024 [3][8]. Core Insights - In Q1 2024, the company reported a net revenue of 27.6 billion RMB, a year-on-year increase of 0.4%, and a non-GAAP net profit of 2.6 billion RMB, up 24.8% year-on-year [1][2]. - The gross margin for Q1 2024 was 23.7%, an increase of 2.2 percentage points compared to Q1 2023, attributed to a higher proportion of apparel revenue and reduced subsidy efforts [1][2]. - The company's GMV for Q1 2024 reached 52.4 billion RMB, reflecting an 8.0% year-on-year growth, with apparel GMV achieving double-digit growth [1][2]. - Active customer count decreased by 1.4% year-on-year to 43.1 million, while order volume fell by 3.2% to approximately 180 million [1][2]. - The company is focusing on a cautious customer acquisition strategy, emphasizing quality over quantity, which has led to an increase in the average order value (AOV) due to a rise in SVIP membership [1][2]. Financial Summary - The company expects non-GAAP net profits for 2024, 2025, and 2026 to be 9.94 billion RMB, 10.28 billion RMB, and 10.79 billion RMB, respectively, with growth rates of 4.5%, 3.4%, and 5.0% [2][3]. - The report outlines a projected revenue growth of 1.3% for 2024, followed by 3.4% growth in both 2025 and 2026 [2][3]. - The non-GAAP EPS is forecasted to be 18.3 RMB for 2024, increasing to 19.9 RMB by 2026 [2][3].

股 票 研 究 [Table_industryInfo] 批零贸易业 [ Table_Main[ 唯 TIna 品fbole] 会 _T （itle V] IPS.N） [评Tab级le_：Inv est] 增持 当前价格（美元）： 15.94 Q1 业绩亮眼，增强股东回报 2024.05.26 海 ——唯品会 2024Q1 点评 [ Table_Market] 交易数据 外 刘越男(分析师) 陈笑(分析师) 52周内股价区间（美元） 13.80-19.05 公 021-38677706 021-38677906 当前股本（百万股） 108 司 liuyuenan@gtjas.com chenxiao015813@gtjas.com 当前市值（十亿美元） 8.6 （ 证书编号 S0880516030003 S0880518020002 美 本报告导读： [ Table_PicQuote] 国 Q1收入端承压，但利润端表现亮眼，注重强化SVP服务创新、增强整体运营效率及 ） 提升股东回报，将持续提振市场信心。 摘要： [维Ta持bl增e_持Su。mm考a虑ry] Q1天气原因导致春季销售窗口期偏短、上年基数效应 ...

Investment Rating - The report maintains a "Hold" rating for Vipshop (VIPS US) with an adjusted target price of $18 [1][2] Core Views - Vipshop's Q1 2024 revenue was RMB 27 6 billion flat YoY slightly below market expectations by 0 9% but within the guidance range of RMB 27 5-28 9 billion [1] - Q1 2024 GMV grew 8 0% YoY to RMB 52 4 billion while order volume declined 3 2% to 180 million and active buyers decreased 1 4% to 43 1 million [1] - The apparel category showed strong performance with double-digit GMV growth and active SVIP members increased 11% YoY contributing 45% of online consumption [1] - Gross margin remained high at 23 7% up 2 3pp YoY and flat QoQ while adjusted net profit grew 24 8% YoY to RMB 2 58 billion exceeding market expectations by 15 1% [1] - Adjusted net margin reached a historical high of 9 3% up 1 8pp YoY and 0 1pp QoQ [1] - The company provided a cautious Q2 2024 revenue guidance of RMB 26 5-27 9 billion representing a YoY decline of 5% to 0% due to seasonal demand slowdown and intensified competition [1] - Vipshop plans to complete the remaining $500 million share repurchase within the year and allocate over 75% of its 2024 adjusted net profit for buybacks or dividends [1] - Full-year 2024 revenue is expected to remain flat with adjusted net margin projected to improve to 8 6% driven by operational efficiency [1] Financial Projections - Revenue is forecasted to be RMB 112 696 billion in FY24E slightly down from RMB 112 856 billion in FY23 [2] - Operating profit is expected to increase to RMB 26 263 billion in FY24E from RMB 25 721 billion in FY23 [2] - Adjusted net profit is projected to grow to RMB 9 661 billion in FY24E from RMB 9 510 billion in FY23 [2] - The target PE ratio for FY24E is 7 5x [2] Market Data - The current stock price is $16 52 with a 52-week range of $13 8-20 19 [3] - The target price of $18 implies a potential upside of 9% [3] - The company has a market capitalization of $8 959 billion and a 3-month average daily trading volume of $74 2 million [3]

Vipshop Holdings Limited (NYSE:VIPS) Q1 2024 Earnings Conference Call May 22, 2024 7:30 AM ET Company Participants Jessie Zheng - Head of IR Eric Shen - Co-Founder, Chairman & CEO Mark Wang - CFO Conference Call Participants Alicia Yap - Citigroup Ronald Keung - Goldman Sachs Eddy Wang - Morgan Stanley Operator Ladies and gentlemen, good day, everyone, and welcome to Vipshop Holdings Limited First Quarter 2024 Earnings Conference Call. At this time, I would like to turn the call to Ms. Jessie Zheng, Vipshop ...

Financial Performance - Total net revenues for Q1 2024 increased by 0.4% year over year to RMB27.6 billion (US$3.8 billion) from RMB27.5 billion in the prior year period[2] - Gross profit for Q1 2024 increased by 10.9% year over year to RMB6.5 billion (US$906.5 million), with a gross margin of 23.7% compared to 21.4% in the prior year period[6] - Net income attributable to shareholders for Q1 2024 increased by 24.6% year over year to RMB2.3 billion (US$320.9 million), resulting in a net margin of 8.4%[11] - Operating income for Q1 2024 increased by 39.0% year over year to RMB2.8 billion (US$382.2 million), with an operating margin of 10.0%[10] - Non-GAAP net income attributable to Vipshop's shareholders for the three months ended March 31, 2024, was RMB 2,759,701, compared to RMB 1,985,692 in the same period of 2023, showing a growth of approximately 38.9%[27] - The company reported a diluted net income per ADS of 4.18 for the three months ended March 31, 2024, compared to 3.16 for the same period in 2023, representing an increase of about 32.5%[29] - Non-GAAP net income attributable to shareholders rose to RMB 2,582,716, a 24.7% increase compared to RMB 2,069,222 from the previous year[35] - Net income attributable to shareholders for the period was RMB 2,316,709, an increase of 24.7% from RMB 1,858,731[35] Customer and Order Metrics - The number of active customers for Q1 2024 was 43.1 million, a slight decrease from 43.7 million in the prior year period[3] - Total orders for Q1 2024 were 178.5 million, down from 184.4 million in the prior year period[3] Cash Flow and Investments - Free cash outflow for Q1 2024 was RMB1.34 billion (US$185.0 million), compared to an outflow of RMB687.1 million in the prior year period[14] - Free cash flow for the period was positively impacted by net cash from operating activities, which is crucial for assessing liquidity and funding future expansions[24] - The company continues to invest in technology and fulfillment infrastructure, with significant allocations to enhance its operational capabilities[24] - The company repurchased US$11.9 million of its ADSs during the quarter as part of its US$1 billion share repurchase program[17] Future Outlook - For Q2 2024, the company expects total net revenues to be between RMB26.5 billion and RMB27.9 billion, representing a year-over-year decrease of approximately 5% to 0%[18] - The company anticipates continued growth in the online discount retail market in China, driven by its strategic initiatives and customer engagement efforts[24] Balance Sheet Highlights - Cash and cash equivalents as of March 31, 2024, were RMB24.6 billion (US$3.4 billion) with short-term investments of RMB2.9 billion (US$402.9 million)[13] - Total assets increased to RMB 72,322,594, up from RMB 70,420,213, representing a growth of 2.7% year-over-year[33] - Total current liabilities increased to RMB 30,624,136, up 7.4% from RMB 28,473,688[33] - Total liabilities increased to RMB 33,762,836, up 10.4% from RMB 31,547,598[33] - Total non-current assets decreased slightly to RMB 34,761,996 from RMB 34,882,874, a decline of 0.3%[33] - Class A and Class B ordinary shares outstanding were 92,900,247 and 92,914,213 as of March 31, 2024, respectively[33] Operating Expenses - Total operating expenses for the three months ended March 31, 2024, were RMB 4,087,399, slightly higher than RMB 4,061,160 in the same period of 2023[27] - Share-based compensation expenses decreased slightly to RMB 295,464 from RMB 304,144, a reduction of 2.3%[35]