Vipshop Reports Unaudited Fourth Quarter and Full Year 2024 Financial Results

Core Viewpoint - Vipshop Holdings Limited reported financial results for Q4 and full year 2024, showing a challenging year but exceeding expectations in the fourth quarter, with a focus on apparel categories and a strong performance from Super VIP customers [3][13]. Financial Performance - Total net revenues for Q4 2024 were RMB 33.2 billion (US$4.6 billion), a decrease from RMB 34.7 billion in the prior year [4][13]. - Gross profit for Q4 2024 was RMB 7.6 billion (US$ 1.0 billion), down from RMB 8.2 billion in the prior year, with a gross margin of 23.0% compared to 23.7% [5][13]. - Income from operations for Q4 2024 was RMB 2.9 billion (US$390.6 million), down from RMB 3.7 billion in the prior year, resulting in an operating margin of 8.6$ 335.2 million), down from RMB 3.0 billion in the prior year, with a net margin of 7.4% compared to 8.5% [9][13]. - For the full year 2024, total net revenues were RMB 108.4 billion (US$14.9 billion), down from RMB 112.9 billion in the prior year [16][19]. Customer Metrics - The number of active customers for Q4 2024 was 45.7 million, down from 48.5 million in the prior year [13]. - Total orders for Q4 2024 were 217.5 million, compared to 234.3 million in the prior year [13]. Cash Flow and Shareholder Returns - Net cash generated from operating activities for Q4 2024 was RMB 8.9 billion (US$ 1.2 billion) [15]. - The company repurchased US$43.3 million of its ADSs under its US$ 1.0 billion share repurchase program [23]. - An annual cash dividend of US$ 2.40 per ordinary share was declared for fiscal year 2024, with a payment date expected on April 25, 2025 [24]. Business Outlook - For Q1 2025, the company expects total net revenues to be between RMB 26.3 billion and RMB 27.6 billion, reflecting a year-over-year decrease of approximately 5% to 0% [25].