Key TakeawaysVipshop reported second-quarter revenue that fell 3.6% year-over-year and orders that dropped to 197.8 million from 213.8 million.The retailer's third-quarter revenue guidance fell short of expectations.Vipshop American depositary receipts (ADRs) plunged in intraday trading Tuesday. Vipshop Holdings (VIPS) American depository receipts (ADRs) plunged in intraday trading Tuesday after the Chinese discount retailer reported falling second-quarter sales and an underwhelming outlook. The company rep ...

Vipshop Holdings Limited (NYSE:VIPS) Q2 2024 Earnings Conference Call August 20, 2024 7:30 AM ET Company Participants Jessie Zheng - Head of IR Eric Shen - Co-Founder, Chairman & CEO Mark Wang - CFO Conference Call Participants Thomas Chong - Jefferies Alicia Yap - Citi Andre Chang - JPMorgan Ronald Keung - Goldman Sachs Jialong Shi - Nomura Operator Ladies and gentlemen, good day, everyone and welcome to Vipshop Holdings Limited Second Quarter 2024 Earnings Conference Call. At this time, I would like to t ...

U.S. stock futures were mixed this morning, with the S&P 500 futures gaining around 0.1% on Tuesday.Shares of Vipshop Holdings Limited VIPS fell sharply in today's pre-market trading after reporting second-quarter results.Vipshop reported second-quarter sales of $3.7 billion, down by 3.6% year-on-year, which topped the Wall Street view of $3.66 billion. Vipshop Holdings registered adjusted earnings per ADS of 54 cents, which aligns with the analyst consensus.For the third quarter of 2024, the company expect ...

Exhibit 99.1 Vipshop Reports Unaudited First Quarter 2024 Financial Results Conference Call to Be Held at 7:30 A.M. U.S. Eastern Time on May 22, 2024 Guangzhou, China, May 22, 2024 — 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 March 31, 2024. First Quarter 2024 Highlights • Total net revenues for the first quarter of 2024 increased by 0.4% year over year to RM ...

Financial Performance - Total net revenues for Q2 2024 were RMB26.9 billion (US$3.7 billion), a decrease of 3.6% from RMB27.9 billion in the prior year period[2] - Gross profit increased by 2.2% year over year to RMB6.3 billion (US$872.6 million), with a gross margin of 23.6%, up from 22.2% in the prior year[6] - Net income attributable to shareholders for Q2 2024 was RMB1.9 billion (US$265.7 million), down from RMB2.1 billion in the prior year, resulting in a net margin of 7.2%[11] - Total net revenues for the three months ended June 30, 2024, were RMB 26,875,168, a decrease of 3.6% compared to RMB 27,879,300 for the same period in 2023[30] - Net income attributable to Vipshop's shareholders for the three months ended June 30, 2024, was RMB 1,931,207, a decrease of 7.9% from RMB 2,097,454 for the same period in 2023[30] - The company reported a diluted net income per ADS of $0.48 for the three months ended June 30, 2024, compared to $0.49 for the same period in 2023[31] - Non-GAAP net income attributable to Vipshop's shareholders for the three months ended June 30, 2024, was RMB 2,232,422, reflecting an increase of 16.5% compared to RMB 1,916,499 for the same period in 2023[30] - Non-GAAP net income attributable to Vipshop's shareholders for the three months ended June 30, 2024, was RMB 2.17 billion, compared to RMB 2.40 billion for the same period in 2023, representing a decline of approximately 9.58%[38] Customer and Order Metrics - The number of active customers decreased to 44.3 million from 45.6 million in the prior year period[3] - Total orders for Q2 2024 were 197.8 million, compared to 213.8 million in the prior year[3] Cash Flow and Liquidity - Free cash flow for Q2 2024 was negative RMB118.9 million (US$16.4 million), compared to a positive free cash inflow of RMB2.6 billion in the prior year[15] - Free cash flow for the six months ended June 30, 2024, was RMB 4,992,124, indicating strong liquidity and cash flow management[30] - Cash and cash equivalents as of June 30, 2024, were RMB21.6 billion (US$3.0 billion), with short-term investments of RMB1.9 billion (US$264.3 million)[14] - Cash and cash equivalents decreased from RMB 25.41 billion as of December 31, 2023, to RMB 21.03 billion as of June 30, 2024, a reduction of about 17.3%[36] Operating Expenses - Operating income increased by 16.5% year over year to RMB2.2 billion (US$307.2 million), with an operating margin of 8.3%[10] - Operating expenses for the three months ended June 30, 2024, totaled RMB 4,293,170, a decrease of 4.2% from RMB 4,479,734 for the same period in 2023[30] - Total operating expenses for the three months ended June 30, 2024, were RMB 332.1 million, down from RMB 381.5 million in the same period of 2023, reflecting a reduction of about 12.9%[34] - Fulfillment expenses for the three months ended June 30, 2024, were RMB 1.5 billion, compared to RMB 1.6 billion for the same period in 2023, indicating a decrease of approximately 6.25%[32] - Share-based compensation expenses for the three months ended June 30, 2024, were RMB 20.73 million, down from RMB 23.17 million in the same period of 2023, reflecting a decrease of about 10.6%[34] Future Outlook - For Q3 2024, the company expects total net revenues to be between RMB20.5 billion and RMB21.6 billion, reflecting a year-over-year decrease of approximately 10% to 5%[20] - The company anticipates continued growth in the online discount retail market in China, focusing on enhancing brand recognition and customer attraction strategies[24] - Vipshop's strategic plans include expanding fulfillment infrastructure and technology platforms to support future growth initiatives[26] Balance Sheet Highlights - Total current assets decreased from RMB 37.56 billion as of December 31, 2023, to RMB 31.75 billion as of June 30, 2024, a decline of approximately 15.5%[36] - Total liabilities decreased from RMB 33.76 billion as of December 31, 2023, to RMB 27.95 billion as of June 30, 2024, a reduction of approximately 17.2%[36] - The company’s total assets decreased from RMB 72.32 billion as of December 31, 2023, to RMB 67.65 billion as of June 30, 2024, a decline of approximately 6.2%[36] - The weighted average number of diluted shares for the three months ended June 30, 2024, was 110.74 million, compared to 111.82 million for the same period in 2023, indicating a decrease of about 0.97%[39]

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]