Core Points - Vipshop Holdings Limited will hold its annual general meeting of shareholders on December 6, 2024, at its headquarters in Guangzhou, China [1] - No proposals will be submitted for shareholder approval; the meeting will serve as an open forum for discussion between shareholders and management [2] - The record date for determining eligible shareholders is set for November 12, 2024 [3][4] Financial Reporting - The Company has filed its annual report on Form 20-F, which includes audited financial statements for the fiscal year ended December 31, 2023 [5] - The annual report is accessible on the investor relations section of the Company's website and the SEC's website [5] Shareholder Information - Holders of the Company's ordinary shares and American depositary shares (ADSs) are entitled to attend the annual general meeting [4][6] - A hard copy of the annual report can be requested free of charge via email or by writing to the Company [6]

Investment Rating - The report maintains a "Hold" rating for the company with a target price adjusted to $15.9, reflecting a potential upside of 4% from the current price of $15.3 [2][5]. Core Insights - The company is expected to experience a revenue decline of 9.5% year-on-year in Q3 2024, aligning with its prior guidance, with projected revenue of RMB 20.6 billion [2]. - The gross margin is anticipated to be 23.0%, a decrease of 0.6 percentage points year-on-year, while the adjusted net profit is expected to be RMB 1.26 billion, with an adjusted net profit margin of 6.1%, down 2.0 percentage points year-on-year [2]. - For 2024, the estimated revenue is projected to be RMB 107 billion, with an adjusted net profit of RMB 8.62 billion and an adjusted net profit margin of 8.0% [2]. Financial Forecast Changes - Revenue for 2024E is forecasted at RMB 107,047 million, slightly down from the previous forecast of RMB 107,363 million, indicating a change of -0.29% [3]. - The gross profit is expected to be RMB 25,032 million, with a gross margin of 23.4%, reflecting a minor increase of 0.1 percentage points from the prior forecast [3]. - The adjusted net profit for 2024E is revised to RMB 8,616 million, down 2.85% from the previous estimate of RMB 8,868 million, with an adjusted net profit margin of 8.0% [3].

*唯品会APP个人中心查询银行特惠或唯品福利社，了解活动详情。 活动时间 在唯品会APP购买指定商品 使用62开头龙卡信用卡分期支付 享至高50元满减优惠 唯品会缤纷购物季 福利继续 给您心仪的商品 送分期优惠啦 2024年9月30日起 至2024年12月31日 卡号62开头的建行龙卡信用卡银联单标卡（商务卡、专项分期卡除外）持卡用 户，以下简称"持卡用户"。 活动内容 在 "唯品会"APP 购指定产品，收银台选择 唯品支付 分期付款并 绑定建行62开 头的龙卡信用卡银联单标卡（商务卡、专项分期卡除外） 进行 分期支付 时，可 享受订单金额实付 满300元减15元或满600元减30元或满1000元减50元优惠 。 *活动期间， 每月每名用户每个档位限享一次满减优惠 ，且同一笔订单不同满减优惠档位 不可叠加享受。满减名额不少于49000名，名额用完，活动即止 （ 满减名额以在收银台支 付的先后顺序进行排序，额满即止；具体满减情况请以收银台显示为准）。参与此活动的 用户如提前终止分期，中国建设银行有权从其信用卡账户中扣回已享受的满减优惠。 活动细则 活动对象 • ✦ ✦ 1.以上活动仅限在唯品会APP 9.6.5 ...

Vipshop Holdings Limited (NYSE: VIPS ) reports a large number of users, relationships with many brands, and an established logistic network. In my opinion, further development of the company's AI-searched content , ERP systems, and automatization could bring future freeLondon Stock Market Research is a service offered by an ex-investment banker from the city of London. After around 11 years in the industry, I decided to drop out, and made dollars out of what I learned in business. I appreciate value investm ...

We Are Vipshop Holdings Limited (NYSE:VIPS) is a well-known online Chinese marketplace specializing in selling discounted goods primarily apparel. I have followed the company since 2021, when I published an article with a buy recommendation. In recent quarters, the company has attracted the attention of value investors due to its low valuation and its apparent ability to deliver profitable growth. The initial investment thesis was based on the idea of a slow recovery in the post-Covid era, which was exp ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of $14.96 per ADS based on a 6X PE valuation for 2024 [3][6]. Core Insights - The company reported a net revenue of 26.9 billion RMB in Q2 2024, a year-on-year decline of 3.6%, while the non-GAAP net profit was 2.2 billion RMB, down 8.3% year-on-year [1]. - The gross margin for Q2 2024 was 23.6%, an increase of 1.4 percentage points year-on-year, attributed to cost control and improved operational efficiency [1]. - The company’s active customer base decreased by 2.8% year-on-year to 44.3 million, while the GMV remained flat at 50.6 billion RMB [1]. - The company has initiated a stock buyback of $2 billion and announced a new $1 billion stock repurchase plan, indicating a commitment to returning value to shareholders [1]. Financial Summary - The company’s revenue for 2024 is projected to be 110.3 billion RMB, reflecting a decrease of 2.2% compared to 2023 [2]. - Non-GAAP net profit forecasts for 2024, 2025, and 2026 are 9.48 billion RMB, 9.78 billion RMB, and 10.12 billion RMB, respectively, with year-on-year changes of -0.3%, +3.1%, and +3.4% [2]. - The company’s EBITDA for 2024 is expected to be 10.59 billion RMB, with a P/E ratio of 4.6 [2].

Investment Rating - Maintains an "Overweight" rating [2] Core Views - External consumption environment and competition impact led to a downward revision of net profit forecasts for 2024-26 to 9/9.6/10 billion RMB, with growth rates of -6/7/5% respectively [2] - Q2 revenue and membership metrics fell short of expectations, but SVIP performance was strong [2] - GMV: 50.6 billion RMB, flat YoY [2] - Active members: 44.3 million, down 2.9% YoY [2] - Orders: 197.8 million, down 7.5% YoY [2] - SVIP members: 7.4 million, up 11% YoY, contributing 47% of online consumption [2] - Core financial metrics: [2] - Revenue: 26.88 billion RMB, down 3.7% YoY, within guidance range (26.5-27.9 billion RMB) [2] - Non-GAAP net profit: 2.17 billion RMB, down 9.8% YoY [2] - Gross margin: 23.6%, up 1.4 percentage points YoY [2] - Non-GAAP net margin: 8.1%, down 0.5 percentage points YoY [2] - Q3 guidance is cautious, with revenue expected to be 26.5-27.9 billion RMB, down 10-5% YoY [2] - The company completed a $200 million stock repurchase in Q2 and plans to repurchase up to $1 billion in the next 24 months [2] - Plans to use over 75% of 2024 Non-GAAP net profit for repurchases or dividends, equivalent to approximately 14.9% of the latest market cap [2] Business Strategy - Continues to enhance SVIP services by enriching differentiated product offerings and increasing exclusive promotional events [2] - Introduced over 600 new well-known brands to meet evolving consumer demands [2] - Deepened cooperation with nearly 200 brands in customized products, with Q2 customized product GMV growing over 140% and higher repurchase rates compared to similar products [2] - Super Brand Day and Super Category Day overall performance grew over 49% [2] - Plans to add 4-20 new outlet stores by the end of the year, with Q2 outlet performance continuing to show strength [2] Financial Summary - Revenue (billion RMB): 101.9 (2020A), 117.1 (2021A), 103.2 (2022A), 112.9 (2023A), 108.2 (2024E), 114.8 (2025E), 119.4 (2026E) [5] - Revenue growth (%): 10 (2020A), 15 (2021A), -12 (2022A), 9 (2023A), -4 (2024E), 6 (2025E), 4 (2026E) [5] - Gross profit (billion RMB): 21.3 (2020A), 23.1 (2021A), 21.6 (2022A), 25.7 (2023A), 24.9 (2024E), 26.5 (2025E), 27.7 (2026E) [5] - Net profit (billion RMB): 5.9 (2020A), 4.7 (2021A), 6.3 (2022A), 8.1 (2023A), 7.7 (2024E), 8.2 (2025E), 8.5 (2026E) [5] - Net profit growth (%): 63 (2020A), 60 (2021A), 68 (2022A), 95 (2023A), 90 (2024E), 96 (2025E), 100 (2026E) [5] Market Data - 52-week price range (USD): 19.05-11.56 [3] - Current shares outstanding (million): 107 [3] - Current market cap (billion USD): 6.3 [3]

浦银国际研究 财务模型更新 | 互联网行业 唯品会（VIPS.US）：增长压力仍存 收入符合指引，利润维持相对稳定。公司 2Q24 收入人民币 269 亿元， 同比下降 3.6%，符合先前指引（265 亿-279 亿元），主要受高基数及 消费情绪偏弱影响。2Q24 GMV 为 506 亿元，同比持平，其中服装品 类表现良好，标品较弱；订单量同比下降 7.5%至 1.98 亿，活跃买家 数同比下降 3.1%至 4,430 万。活跃 SVIP 会员数同比增长 11%，贡献 线上消费的 40%。毛利率保持高位，2Q24 同比提升 1.4pp 至 23.6%， 调整后净利率同比下降 0.5pp 至 8.1%。 三季度仍保持谨慎，加大股东回报。由于消费情绪低迷，公司对三季 度指引保持谨慎，预计 3Q24 收入人民币 205 亿-216 亿元，对应同比 下降 10%至 5%。三季度至今，服装品类 GMV 略有下降，非服装品类 GMV 下降幅度更大，主要是由于行业补贴水平较高，但公司补贴政 策相对克制。展望下半年，公司将继续稳固服装品类优势，并促进 SVIP 用户增长，提高消费频次及订单价；对于标品品类，公司目标逐渐企 稳 ...

Robert WayI first wrote about my initial thesis on Vipshop Holdings (NYSE:VIPS) in December of last year. Then in July of this year, I warned in my follow-up article that “VIPS has faced both expected and unexpected challenges in 2024. It is predictable that VIPS's Q2 results will be under tremendous pressure.” Unfortunately, my warnings for VIPS has proven to be prescient, as VIPS reported horrendous Q2 2024 results on August 20th before the bell. Revenue, active customers and orders were all down duri ...

Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Views - The company's revenue for the quarter was 26.9 billion yuan, a year-on-year decrease of 3.6%, primarily due to weak demand and increased competition [3] - Product revenue was 25.1 billion yuan, down 4.1% year-on-year, with wearables showing low single-digit growth and standard products declining due to competition [3] - Other revenue increased by 5% year-on-year to 1.8 billion yuan, driven by the growth of Shan Shan Outlet stores [3] - For Q3 2024, management expects revenue growth to be in the range of -10% to -5% due to continued weak demand and competitive pressures [3] Operational Data - GMV for the quarter remained flat at 50.6 billion yuan, with the gap between GMV and revenue growth narrowing [4] - Active buyers decreased by 3% year-on-year to 44.3 million, with the number of purchases per user declining in the low single digits and average order value increasing [4] - SuperVIP members grew by 11% year-on-year to 7.4 million, accounting for 47% of the company's online transaction value [4] Profitability - Non-GAAP net profit for the quarter was 2.2 billion yuan, down 10% year-on-year, with the net profit margin decreasing from 8.6% to 8.1% due to foreign exchange losses, partially offset by adjusted operating profit growth [4] - Adjusted operating profit increased by 12% year-on-year, with an adjusted operating profit margin of 9.5%, driven by continuous improvement in gross margin [4] Shareholder Returns - The company repurchased $210 million worth of shares in Q2, with $330 million remaining in the current repurchase plan, valid until March 31, 2025 [6] - A new $1 billion repurchase program has been approved, effective for 2 years after the current plan is exhausted [6] - The company plans to allocate at least 75% of its 2024 full-year non-GAAP net profit for share repurchases and dividends, with an estimated shareholder return of 6.8 billion yuan and a return rate of around 15% [6] Financial Forecasts - Revenue forecasts for 2024-2026 have been revised downward to 1090/1126/1195 billion yuan, with adjustments of -7.6%/-10.1%/-10.1% [8] - Adjusted net profit forecasts for 2024-2026 have been revised to 90/97/103 billion yuan, with adjustments of -6.9%/-8.4%/-4.9% [8] - The company's current stock price corresponds to a 2024 PE of 5x, with a 2024-2026 revenue/adjusted net profit compound growth rate of 5%/7% [8] - The target price has been revised to $14-15, representing a 37%/38% reduction, with an upside potential of 20%-30% [8] Financial Metrics - Revenue for 2022-2026E is projected at 103152/112856/108959/112614/119537 million yuan, with year-on-year changes of -11.9%/9.4%/-3.5%/3.4%/6.1% [10] - Adjusted net profit for 2022-2026E is projected at 6837/9544/8971/9686/10317 million yuan, with year-on-year changes of 13.7%/39.6%/-6.0%/8.0%/6.5% [10] - EBIT margin for 2022-2026E is projected at 4.9%/8.3%/7.9%/7.5%/7.5% [10] - ROE for 2022-2026E is projected at 20.9%/25.8%/19.5%/17.4%/15.6% [10] - PE ratio for 2022-2026E is projected at 8.2/5.3/5.0/4.6/4.3 [10]