Conference Call to Be Held at 7:30
A.M. U.S. Eastern Time on August 18,
2023
GUANGZHOU, China, Aug. 18,
2023 /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, 2023.
Second Quarter 2023 Highlights
- Total net revenues for the second quarter of 2023
increased by 13.6% year over year to RMB27.9
billion (US$3.8 billion) from
RMB24.5 billion in the prior year
period.
- GMV[1]
for the second quarter of 2023 increased by 24.5% year over year to
RMB50.6 billion from RMB40.6 billion in the prior year period.
- Gross profit for the second quarter of 2023
increased by 23.4% year over year to RMB6.2
billion (US$855.3 million)
from RMB5.0 billion in the prior year
period.
- Net income attributable to Vipshop's shareholders
for the second quarter of 2023 increased by 63.5% year over
year to RMB2.1 billion (US$289.3
million) from RMB1.3 billion
in the prior year period.
- Non-GAAP net income attributable to Vipshop's
shareholders[2] for the second quarter of
2023 increased by 50.8% year over year to RMB2.4 billion
(US$331.2 million) from RMB1.6 billion in the prior year period.
- The number of active customers[3] for the second quarter of
2023 increased by 9.6% year over year to 45.7 million from 41.7
million in the prior year period.
- Total orders[4] for the second quarter of
2023 increased by 14.7% year over year to 213.8 million from 186.3
million in the prior year period.
Mr. Eric Shen, Chairman and Chief
Executive Officer of Vipshop, stated, "We had a strong second
quarter driven by our well-executed merchandising strategy. During
the quarter, our team was able to secure much more quality supply
from core brands, which fueled the broad-based strength in
apparel-related categories. Customers also showed stronger
preference for us as they constantly seek value for money, led by
robust momentum in our Super VIP members. With our clear-cut value
proposition in discount retail, we are well positioned to capture
the opportunity to further gain mindshare among consumers, making
Vipshop the first go-to online shopping platform for apparel. To
that end, we are building out our capabilities to offer a rich and
diverse selection of great value, as well as reassuring customer
service and experience. We are convinced that our unique business
model will support us for the long-term growth."
Mr. Mark Wang, Chief Financial
Officer of Vipshop, further commented, "In the second quarter, we
achieved strong top-line growth with profitability beyond
expectations. Our commitment to discipline in day-to-day execution
helped drive quality growth and greater efficiency, leading to
strong margin expansion across the board. Furthermore, we continued
to unlock value for shareholders through the existing US$1 billion share repurchase program, with
US$348.5 million of our ADSs
repurchased during the quarter. Looking forward, we are confident
that we will maintain quality and healthy growth in both top line
and bottom line."
Second Quarter 2023 Financial Results
REVENUES
Total net revenues for the second quarter of 2023 increased by
13.6% year over year to RMB27.9
billion (US$3.8 billion) from
RMB24.5 billion in the prior year
period, primarily attributable to the growth in active customers
and spending driven by the recovery in consumption of discretionary
categories.
GROSS PROFIT
Gross profit for the second quarter of 2023 increased by 23.4%
year over year to RMB6.2 billion
(US$855.3 million) from RMB5.0 billion in the prior year period. Gross
margin for the second quarter of 2023 increased to 22.2% from 20.5%
in the prior year period.
OPERATING EXPENSES
Total operating expenses for the second quarter of 2023
increased by 13.7% year over year to RMB4.5
billion (US$617.8 million)
from RMB3.9 billion in the prior year
period. As a percentage of total net revenues, total operating
expenses for the second quarter of 2023 was 16.1%, which stayed
flat as compared with the prior year period.
- Fulfillment expenses for the second quarter
of 2023 increased by 22.8% year over year to RMB2.2 billion (US$300.8
million) from RMB1.8 billion
in the prior year period. As a percentage of total net revenues,
fulfillment expenses for the second quarter of 2023 was 7.8%, as
compared with 7.2% in the prior year period.
- Marketing expenses for the second quarter of
2023 increased by 60.6% year over year to RMB892.5 million (US$123.1
million) from RMB555.6 million
in the prior year period. As a percentage of total net revenues,
marketing expenses for the second quarter of 2023 was 3.2%, as
compared with 2.3% in the prior year period.
- Technology and content expenses for the
second quarter of 2023 increased by 7.6% year over year to
RMB443.0 million (US$61.1 million) from RMB411.8 million in the prior year period. As a
percentage of total net revenues, technology and content expenses
for the second quarter of 2023 decreased to 1.6% from 1.7% in the
prior year period.
- General and administrative expenses for the
second quarter of 2023 decreased by 19.4% year over year to
RMB963.1 million (US$132.8 million) from RMB1.2 billion in the prior year period. As a
percentage of total net revenues, general and administrative
expenses for the second quarter of 2023 decreased to 3.5% from
4.9% in the prior year period.
INCOME FROM OPERATIONS
Income from operations for the second quarter of 2023 increased
by 51.1% year over year to RMB1.9
billion (US$264.3 million)
from RMB1.3 billion in the prior year
period. Operating margin for the second quarter of 2023 increased
to 6.9% from 5.2% in the prior year period.
Non-GAAP income from operations[5] for the second quarter of 2023,
which excluded share-based compensation expenses, increased by
48.2% year over year to RMB2.3
billion (US$316.9 million)
from RMB1.6 billion in the prior year
period. Non-GAAP operating margin[6] for the second quarter of 2023
increased to 8.2% from 6.3% in the prior year period.
NET INCOME
Net income attributable to Vipshop's shareholders for the
second quarter of 2023 increased by 63.5% year over year to
RMB2.1 billion (US$289.3 million) from RMB1.3 billion in the prior year period. Net
margin attributable to Vipshop's shareholders for the second
quarter of 2023 increased to 7.5% from 5.2% in the prior year
period. Net income attributable to Vipshop's shareholders per
diluted ADS[7] for the
second quarter of 2023 increased to RMB3.75 (US$0.52)
from RMB1.97 in the prior year
period.
Non-GAAP net income attributable to Vipshop's shareholders for
the second quarter of 2023, which excluded (i) share-based
compensation expenses, (ii) impairment loss of investments, (iii)
investment loss (gain) and revaluation of investments excluding
dividends, (iv) reconciling items on the share of equity method
investments, and (v) tax effects on non-GAAP adjustments, increased
by 50.8% year over year to RMB2.4
billion (US$331.2 million)
from RMB1.6 billion in the prior year
period. Non-GAAP net margin attributable to Vipshop's
shareholders[8] for
the second quarter of 2023 increased to 8.6% from 6.5% in the prior
year period. Non-GAAP net income attributable to Vipshop's
shareholders per diluted ADS[9] for the second quarter of 2023
increased to RMB4.30 (US$0.59) from RMB2.45 in the prior year period.
For the quarter ended June 30,
2023, the Company's weighted average number of ADSs used in
computing diluted income per ADS was 559,098,330.
BALANCE SHEET AND CASH FLOW
As of June 30, 2023, the Company
had cash and cash equivalents and restricted cash of RMB18.3 billion (US$2.5
billion) and short term investments of RMB1.5 billion (US$200.2
million).
For the quarter ended June 30,
2023, net cash generated from operating activities was
RMB4.1 billion (US$559.0 million), and free cash
flow[10], a non-GAAP measurement of liquidity, was
as follows:
For the three months
ended
|
|
June
30, 2022
RMB'000
|
June
30, 2023
RMB'000
|
June
30, 2023
US$'000
|
Net cash
generated from operating activities
|
4,465,779
|
4,053,402
|
558,990
|
Reconciling
items:
|
|
|
|
Net impact from internet financing
activities[11]
|
107,151
|
199,429
|
27,503
|
Capital
expenditures
|
(1,311,564)
|
(1,658,548)
|
(228,724)
|
Free
cash inflow
|
3,261,366
|
2,594,283
|
357,769
|
|
For the trailing twelve
months ended
|
|
June
30, 2022
RMB'000
|
June
30, 2023
RMB'000
|
June
30, 2023
US$'000
|
Net cash
generated from operating activities
|
8,456,749
|
11,764,313
|
1,622,373
|
Reconciling
items:
|
|
|
|
Net impact from internet financing activities
|
232,857
|
315,313
|
43,484
|
Capital
expenditures
|
(4,165,254)
|
(3,906,017)
|
(538,664)
|
Free cash
inflow
|
4,524,352
|
8,173,609
|
1,127,193
|
Share Repurchase Program
During the quarter ended June 30,
2023, the Company repurchased US$348.5 million of its ADSs under its current
US$1 billion share repurchase
program, which is effective through March
2025. As of June 30, 2023, the
Company has an unutilized amount of US$564.9
million under this program.
Business Outlook
For the third quarter of 2023, the Company expects its total net
revenues to be between RMB21.6
billion and RMB22.7 billion,
representing a year-over-year increase of approximately 0% to 5%.
These forecasts reflect the Company's current and preliminary view
on the market and operational conditions, which is subject to
change.
Exchange Rate
The Company's business is primarily conducted in China and the significant majority of revenues
generated are denominated in Renminbi. This announcement contains
currency conversions of Renminbi amounts into U.S. dollars solely
for the convenience of the reader. Unless otherwise noted, all
translations from Renminbi to U.S. dollars are made at a rate of
RMB7.2513 to US$1.00, the effective noon buying rate on
June 30, 2023 as set forth in the
H.10 statistical release of the Federal Reserve Board. No
representation is made that the Renminbi amounts could have been,
or could be, converted, realized or settled into U.S. dollars at
that rate on June 30, 2023, or at any
other rate.
Conference Call Information
The Company will hold a conference call on Friday, August 18, 2023 at 7:30 am U.S. Eastern Time, 7:30 pm Beijing Time to discuss the financial
results.
All participants wishing to join the conference call must
pre-register online using the link provided below.
Registration Link:
https://register.vevent.com/register/BIa5ce1fd594754eeb9ce17294566f615c
Once pre-registration has been completed, each participant will
receive dial-in numbers and a unique access PIN via email. To join
the conference, participants should use the dial-in details
followed by the PIN code.
A live webcast of the earnings conference call can be accessed
at https://edge.media-server.com/mmc/p/xoxhojmv. An archived
webcast will be available at the Company's investor relations
website at http://ir.vip.com.
About Vipshop Holdings Limited
Vipshop Holdings Limited is a leading online discount retailer
for brands in China. Vipshop
offers high quality and popular branded products to consumers
throughout China at a significant
discount to retail prices. Since it was founded in August 2008, the Company has rapidly built a
sizeable and growing base of customers and brand partners. For more
information, please visit https://ir.vip.com/.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates" and similar statements. Among other things,
the business outlook and quotations from management in this
announcement, as well as Vipshop's strategic and operational plans,
contain forward-looking statements. Vipshop may also make written
or oral forward-looking statements in its periodic reports to the
U.S. Securities and Exchange Commission (the "SEC"), in its annual
report to shareholders, in press releases and other written
materials and in oral statements made by its officers, directors or
employees to third parties. Statements that are not historical
facts, including statements about Vipshop's beliefs and
expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. A number of
factors could cause actual results to differ materially from those
contained in any forward-looking statement, including but not
limited to the following: Vipshop's goals and strategies; Vipshop's
future business development, results of operations and financial
condition; the expected growth of the online discount retail market
in China; Vipshop's ability to
attract customers and brand partners and further enhance its brand
recognition; Vipshop's expectations regarding needs for and market
acceptance of flash sales products and services; competition in the
discount retail industry; the potential impact of the COVID-19 to
Vipshop's business operations and the economy in China and elsewhere generally; fluctuations in
general economic and business conditions in China and assumptions underlying or related to
any of the foregoing. Further information regarding these and other
risks is included in Vipshop's filings with the SEC. All
information provided in this press release is as of the date of
this press release, and Vipshop does not undertake any obligation
to update any forward-looking statement, except as required under
applicable law.
Use of Non-GAAP Financial Measures
The condensed consolidated financial information is derived from
the Company's unaudited interim condensed consolidated financial
statements prepared in conformity with accounting principles
generally accepted in the United States
of America ("U.S. GAAP"), except that comparative cash
flows for the period presented and detailed footnote disclosures
required by Accounting Standards Codification 270, Interim
Reporting ("ASC270"), have been omitted. Vipshop uses non-GAAP net
income attributable to Vipshop's shareholders, non-GAAP net income
attributable to Vipshop's shareholders per diluted ADS, non-GAAP
income from operations, non-GAAP operating margin, non-GAAP net
margin attributable to Vipshop's shareholders, and free cash flow,
each of which is a non-GAAP financial measure. For the periods
presented in this press release, non-GAAP net income attributable
to Vipshop's shareholders is net income attributable to Vipshop's
shareholders excluding (i) share-based compensation expenses, (ii)
impairment loss of investments, (iii) investment loss (gain) and
revaluation of investments excluding dividends, (iv) reconciling
items on the share of equity method investments, and (v) tax
effects on non-GAAP adjustments. Non-GAAP net income attributable
to Vipshop's shareholders per diluted ADS is computed using
non-GAAP net income attributable to Vipshop's shareholders divided
by weighted average number of diluted ADS outstanding for computing
diluted earnings per ADS. Non-GAAP income from operations is income
from operations excluding share-based compensation expenses.
Non-GAAP operating margin is non-GAAP income from operations as a
percentage of total net revenues. Non-GAAP net margin attributable
to Vipshop's shareholders is non-GAAP net income attributable to
Vipshop's shareholders as a percentage of total net revenues. Free
cash flow is net cash from operating activities adding back the
impact from internet financing activities and less capital
expenditures, which include purchase and deposits of property and
equipment and land use rights. Impact from internet financing
activities added back or deducted from free cash flow contains
changes in the balances of financial products, which are primarily
consumer financing and supplier financing that the Company provides
to customers and suppliers. The Company believes that separate
analysis and exclusion of the non-cash impact of (i) share-based
compensation expenses, (ii) impairment loss of investments, (iii)
investment loss (gain) and revaluation of investments excluding
dividends, (iv) reconciling items on the share of equity method
investments, and (v) tax effects on non-GAAP adjustments add
clarity to the constituent parts of its performance. The Company
reviews these non-GAAP financial measures together with GAAP
financial measures to obtain a better understanding of its
operating performance. It uses these non-GAAP financial measures
for planning, forecasting and measuring results against the
forecast. The Company believes that non-GAAP financial measures are
useful supplemental information for investors and analysts to
assess its operating performance without the effect of (i)
share-based compensation expenses, (ii) impairment loss of
investments, (iii) investment loss (gain) and revaluation of
investments excluding dividends, (iv) reconciling items on the
share of equity method investments, and (v) tax effects on non-GAAP
adjustments. Free cash flow enables the Company to assess liquidity
and cash flow, taking into account the impact from internet
financing activities and the financial resources needed for the
expansion of fulfillment infrastructure, technology platform and
Shan Shan Outlets. Share-based compensation expenses have been and
will continue to be significant recurring expenses in its business.
However, the use of non-GAAP financial measures has material
limitations as an analytical tool. One of the limitations of using
non-GAAP financial measures is that they do not include all items
that impact the Company's net income for the period. In addition,
because non-GAAP financial measures are not measured in the same
manner by all companies, they may not be comparable to other
similar titled measures used by other companies. One of the key
limitations of free cash flow is that it does not represent the
residual cash flow available for discretionary expenditures.
The presentation of these non-GAAP financial measures is not
intended to be considered in isolation from, or as a substitute
for, the financial information prepared and presented in accordance
with U.S. GAAP. For more information on these non-GAAP financial
measures, please see the table captioned "Vipshop Holdings Limited
Reconciliations of GAAP and Non-GAAP Results" at the end of this
release.
Investor Relations Contact
Tel: +86 (20) 2233-0732
Email: IR@vipshop.com
[1] "Gross merchandise
value (GMV)" is defined as the total Renminbi value of all products
and services sold through the Company's online sales business,
online marketplace platform, Shan Shan Outlets, and other offline
stores during the relevant period, including through the Company's
websites and mobile apps, third-party websites and mobile apps,
Shan Shan Outlets, and other offline stores, which were fulfilled
by either the Company or its third-party merchants, regardless of
whether or not the goods were delivered or returned. GMV includes
shipping charges paid by buyers to sellers. For prudent
considerations, the Company does not consider products or services
to be sold if the relevant orders were placed and canceled
pre-shipment and only included orders that left the Company's or
other third-party vendors' warehouses.
[2] Non-GAAP net income attributable
to Vipshop's shareholders is a non-GAAP financial measure, which,
for the periods presented in this press release, is defined as net
income attributable to Vipshop's shareholders excluding (i)
share-based compensation expenses, (ii) impairment loss of
investments, (iii) investment loss (gain) and revaluation of
investments excluding dividends, (iv) reconciling items on the
share of equity method investments, and (v) tax effects on non-GAAP
adjustments.
[3] "Active
customers" is defined as registered members who have purchased from
the Company's online sales business or the Company's online
marketplace platforms at least once during the relevant
period.
[4] "Total orders"
is defined as the total number of orders placed during the relevant
period, including the orders for products and services sold through
the Company's online sales business and the Company's online
marketplace platforms (excluding, for the avoidance of doubt,
orders from the Company's offline stores and outlets), net of
orders returned.
[5] Non-GAAP
income from operations is a non-GAAP financial measure, which is
defined as income from operations excluding share-based
compensation expenses.
[6] Non-GAAP
operating margin is a non-GAAP financial measure, which is defined
as non-GAAP income from operations as a percentage of total net
revenues.
[7] "ADS" means
American depositary share, each of which represents 0.2 Class A
ordinary share.
[8] Non-GAAP net
margin attributable to Vipshop's shareholders is a non-GAAP
financial measure, which is defined as non-GAAP net income
attributable to Vipshop's shareholders, as a percentage of total
net revenues.
[9] Non-GAAP net
income attributable to Vipshop's shareholders per diluted ADS is a
non-GAAP financial measure, which is defined as non-GAAP net income
attributable to Vipshop's shareholders, divided by the weighted
average number of diluted ADSs outstanding for computing diluted
earnings per ADS.
[10] Free cash flow is
a non-GAAP financial measure, which is defined as net cash from
operating activities adding back the impact from internet financing
activities and less capital expenditures, which include purchase
and deposits of property and equipment and land use
rights.
[11] Net impact
from internet financing activities represents net cash flow
relating to the Company's financial products, which are primarily
consumer financing and supplier financing that the Company provides
to its customers and suppliers.
|
Vipshop Holdings
Limited
|
|
|
|
|
Unaudited Condensed Consolidated Statements of
Income and Comprehensive Income
|
|
|
|
|
(In thousands, except for share and per share
data)
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
June 30,2022
|
June 30,2023
|
June 30,2023
|
|
June 30,2022
|
June 30,2023
|
June 30,2023
|
|
RMB'000
|
RMB'000
|
USD'000
|
|
RMB'000
|
RMB'000
|
USD'000
|
|
|
|
|
|
|
|
|
Product
revenues
|
23,160,136
|
26,163,113
|
3,608,058
|
|
47,086,568
|
52,100,943
|
7,185,049
|
Other revenues
(1)
|
1,375,118
|
1,716,187
|
236,673
|
|
2,693,204
|
3,314,740
|
457,124
|
Total net
revenues
|
24,535,254
|
27,879,300
|
3,844,731
|
|
49,779,772
|
55,415,683
|
7,642,173
|
Cost of
revenues
|
(19,510,909)
|
(21,677,355)
|
(2,989,444)
|
|
(39,746,961)
|
(43,309,175)
|
(5,972,608)
|
Gross
profit
|
5,024,345
|
6,201,945
|
855,287
|
|
10,032,811
|
12,106,508
|
1,669,565
|
Operating
expenses:
|
|
|
|
|
|
|
|
Fulfillment
expenses (2)
|
(1,776,011)
|
(2,181,066)
|
(300,783)
|
|
(3,470,954)
|
(3,964,897)
|
(546,784)
|
Marketing
expenses
|
(555,570)
|
(892,505)
|
(123,082)
|
|
(1,314,845)
|
(1,729,399)
|
(238,495)
|
Technology and
content expenses
|
(411,756)
|
(443,046)
|
(61,099)
|
|
(802,127)
|
(835,809)
|
(115,263)
|
General and
administrative expenses
|
(1,195,167)
|
(963,117)
|
(132,820)
|
|
(2,249,881)
|
(2,010,788)
|
(277,300)
|
Total operating
expenses
|
(3,938,504)
|
(4,479,734)
|
(617,784)
|
|
(7,837,807)
|
(8,540,893)
|
(1,177,842)
|
Other operating
income
|
182,444
|
194,288
|
26,794
|
|
355,896
|
336,577
|
46,416
|
Income from
operations
|
1,268,285
|
1,916,499
|
264,297
|
|
2,550,900
|
3,902,192
|
538,139
|
Investment (loss)
gain and revaluation of investments
|
(7,344)
|
39,354
|
5,427
|
|
(41,802)
|
81,334
|
11,216
|
Impairment loss
of investments
|
(50,000)
|
(19,105)
|
(2,635)
|
|
(50,000)
|
(19,105)
|
(2,635)
|
Interest
expense
|
(6,494)
|
(1,989)
|
(274)
|
|
(11,229)
|
(7,696)
|
(1,061)
|
Interest
income
|
189,982
|
183,168
|
25,260
|
|
389,676
|
405,133
|
55,870
|
Exchange
gain
|
217,299
|
282,636
|
38,977
|
|
205,117
|
274,449
|
37,848
|
Income before
income tax expense and share of (loss)
income of equity method investees
|
1,611,728
|
2,400,563
|
331,052
|
|
3,042,662
|
4,636,307
|
639,377
|
Income tax
expenses
|
(296,717)
|
(339,056)
|
(46,758)
|
|
(588,560)
|
(729,201)
|
(100,561)
|
Share of (loss)
income of equity method investees
|
(27,885)
|
49,202
|
6,785
|
|
(70,891)
|
81,009
|
11,172
|
Net
income
|
1,287,126
|
2,110,709
|
291,079
|
|
2,383,211
|
3,988,115
|
549,988
|
Net income attributable
to non-controlling interests
|
(4,236)
|
(13,255)
|
(1,828)
|
|
(4,657)
|
(31,931)
|
(4,403)
|
Net income
attributable to Vipshop's shareholders
|
1,282,890
|
2,097,454
|
289,251
|
|
2,378,554
|
3,956,184
|
545,585
|
|
|
|
|
|
|
|
|
Shares used in
calculating earnings per share (3):
|
|
|
|
|
|
|
|
Weighted average
number of Class A and Class B
ordinary shares:
|
|
|
|
|
|
|
|
—Basic
|
129,149,941
|
110,053,473
|
110,053,473
|
|
132,186,466
|
112,975,907
|
112,975,907
|
—Diluted
|
129,934,399
|
111,819,666
|
111,819,666
|
|
132,973,941
|
114,669,108
|
114,669,108
|
|
|
|
|
|
|
|
|
Net earnings per
Class A and Class B ordinary share
|
|
|
|
|
|
|
|
Net income
attributable to Vipshop's shareholders——Basic
|
9.93
|
19.06
|
2.63
|
|
17.99
|
35.02
|
4.83
|
Net income
attributable to Vipshop's shareholders——Diluted
|
9.87
|
18.76
|
2.59
|
|
17.89
|
34.50
|
4.76
|
|
|
|
|
|
|
|
|
Net earnings per
ADS (1 ordinary share equals to 5 ADSs)
|
|
|
|
|
|
|
|
Net income
attributable to Vipshop's shareholders——Basic
|
1.99
|
3.81
|
0.53
|
|
3.60
|
7.00
|
0.97
|
Net income
attributable to Vipshop's shareholders——Diluted
|
1.97
|
3.75
|
0.52
|
|
3.58
|
6.90
|
0.95
|
(1) Other revenues primarily consist of product
promotion and online advertising revenues, lease income mainly
earned from
the Shan Shan Outlets ,fees charged to third-party merchants which
the Company provides platform access for sales of their
products, revenue from third-party logistics services, loan
facilitation service income and membership fee
income.
|
|
(1) Other revenues primarily consist of product
promotion and
online advertising revenues, lease income mainly earned from
the Shan Shan Outlets ,fees charged to third-party merchants
which the Company provides platform access for sales of their
products, revenue from third-party logistics services, loan
facilitation service income and membership fee
income.
|
(2) Fulfillment expenses include shipping and
handling expenses, which amounted RMB1.3 billion and RMB 1.6
billion in the
three month periods ended June 30,2022 and June 30,2023,
respectively.
|
|
(2) Fulfillment expenses include shipping and
handling
expenses, which amounted RMB2.5 billion and RMB2.9 billion
in the six month periods ended June 30,2022 and June
30,2023, respectively.
|
(3) Authorized share capital is re-classified and
re-designated into Class A ordinary shares and Class B ordinary
shares, with
each Class A ordinary share being entitled to one vote and each
Class B ordinary share being entitled to ten votes on all
matters that are subject to shareholder vote.
|
|
(3) Authorized share capital is re-classified and
re-designated
into Class A ordinary shares and Class B ordinary shares, with
each Class A ordinary share being entitled to one vote and
each Class B ordinary share being entitled to ten votes on all
matters that are subject to shareholder vote.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
June 30,2022
|
June 30,2023
|
June 30,2023
|
|
June 30,2022
|
June 30,2023
|
June 30,2023
|
|
RMB'000
|
RMB'000
|
USD'000
|
|
RMB'000
|
RMB'000
|
USD'000
|
Share-based
compensation expenses are included in the
operating expenses as follows:
|
|
|
|
|
|
|
|
Fulfillment
expenses
|
19,362
|
23,173
|
3,196
|
|
37,629
|
38,542
|
5,315
|
Marketing
expenses
|
3,839
|
8,383
|
1,156
|
|
6,203
|
17,711
|
2,442
|
Technology and
content expenses
|
68,930
|
92,906
|
12,812
|
|
124,137
|
154,273
|
21,275
|
General and
administrative expenses
|
190,668
|
256,996
|
35,441
|
|
352,500
|
475,076
|
65,516
|
Total
|
282,799
|
381,458
|
52,605
|
|
520,469
|
685,602
|
94,548
|
Vipshop Holdings
Limited
|
Unaudited Condensed Consolidated Balance
Sheets
|
(In thousands, except for share and per share
data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,2022
|
June 30,2023
|
June 30,2023
|
|
RMB'000
|
RMB'000
|
USD'000
|
ASSETS
|
|
|
|
CURRENT
ASSETS
|
|
|
|
Cash and cash
equivalents
|
21,938,653
|
17,279,939
|
2,383,013
|
Restricted
cash
|
1,164,748
|
1,006,743
|
138,836
|
Short term
investments
|
1,595,904
|
1,451,565
|
200,180
|
Accounts receivable,
net
|
567,730
|
715,435
|
98,663
|
Amounts due from
related parties,net
|
670,187
|
697,735
|
96,222
|
Other receivables and
prepayments,net
|
2,280,449
|
2,011,608
|
277,413
|
Loan
receivables,net
|
882
|
1,939
|
267
|
Inventories
|
5,515,880
|
4,081,458
|
562,859
|
Total current
assets
|
33,734,433
|
27,246,422
|
3,757,453
|
NON-CURRENT
ASSETS
|
|
|
|
Property and equipment,
net
|
16,225,589
|
16,435,045
|
2,266,496
|
Deposits for property
and equipment
|
296,717
|
32,760
|
4,518
|
Land use rights,
net
|
7,638,506
|
7,920,624
|
1,092,304
|
Intangible assets,
net
|
336,599
|
334,710
|
46,159
|
Investment in equity
method investees
|
2,162,872
|
2,150,450
|
296,561
|
Other
investments
|
2,660,305
|
3,026,766
|
417,410
|
Other long-term
assets
|
91,762
|
1,301,765
|
179,522
|
Goodwill
|
755,213
|
755,213
|
104,149
|
Deferred tax assets,
net
|
681,770
|
690,820
|
95,268
|
Operating lease
right-of-use assets
|
891,744
|
592,035
|
81,645
|
Total non-current
assets
|
31,741,077
|
33,240,188
|
4,584,032
|
TOTAL ASSETS
|
65,475,510
|
60,486,610
|
8,341,485
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
CURRENT
LIABILITIES
|
|
|
|
Short term
loans
|
2,687,438
|
507,971
|
70,052
|
Accounts
payable
|
15,018,138
|
13,363,632
|
1,842,929
|
Advance from
customers
|
1,737,424
|
1,345,158
|
185,506
|
Accrued expenses
and other current liabilities
|
8,394,742
|
7,998,783
|
1,103,081
|
Amounts due to
related parties
|
151,736
|
151,807
|
20,935
|
Deferred
income
|
400,207
|
350,632
|
48,354
|
Operating lease
liabilities
|
136,435
|
82,909
|
11,434
|
Total current
liabilities
|
28,526,120
|
23,800,892
|
3,282,291
|
NON-CURRENT
LIABILITIES
|
|
|
|
Deferred tax
liability
|
573,734
|
557,137
|
76,833
|
Deferred income-non
current
|
1,469,685
|
1,691,196
|
233,227
|
Operating lease
liabilities
|
832,928
|
724,807
|
99,955
|
Total non-current
liabilities
|
2,876,347
|
2,973,140
|
410,015
|
TOTAL LIABILITIES
|
31,402,467
|
26,774,032
|
3,692,306
|
|
|
|
|
EQUITY:
|
|
|
|
Class A ordinary shares
(US$0.0001 par value, 483,489,642
shares authorized,124,060,090 and 98,537,695 shares
issued,of which 101,621,330 and 92,789,889 shares were
outstanding as of December 31,2022 and June 30,2023,
respectively)
|
80
|
62
|
9
|
Class B ordinary shares
(US$0.0001 par value, 16,510,358
shares authorized, and 15,560,358 and 15,560,358 shares
issued and outstanding as of December 31, 2022 and June
30,2023, respectively)
|
11
|
11
|
2
|
Treasury shares,at
cost(22,438,760 and 5,747,806 Class A
shares as of December 31, 2022 and June 30,2023,
respectively )
|
(8,352,511)
|
(3,502,901)
|
(483,072)
|
Additional paid-in
capital
|
13,091,781
|
3,918,724
|
540,417
|
Retained
earnings
|
28,720,304
|
32,676,488
|
4,506,294
|
Accumulated other
comprehensive loss
|
(707,628)
|
(736,986)
|
(101,635)
|
Non-controlling
interests
|
1,321,006
|
1,357,180
|
187,164
|
Total shareholders'
equity
|
34,073,043
|
33,712,578
|
4,649,179
|
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY
|
65,475,510
|
60,486,610
|
8,341,485
|
Vipshop Holdings
Limited
|
|
|
|
|
Reconciliations of GAAP and Non-GAAP
Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
June 30,2022
|
June 30,2023
|
June 30,2023
|
|
June 30,2022
|
June 30,2023
|
June 30,2023
|
|
RMB'000
|
RMB'000
|
USD'000
|
|
RMB'000
|
RMB'000
|
USD'000
|
Income from
operations
|
1,268,285
|
1,916,499
|
264,297
|
|
2,550,900
|
3,902,192
|
538,139
|
Share-based
compensation expenses
|
282,799
|
381,458
|
52,605
|
|
520,469
|
685,602
|
94,548
|
Non-GAAP income
from operations
|
1,551,084
|
2,297,957
|
316,902
|
|
3,071,369
|
4,587,794
|
632,687
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Vipshop's shareholders
|
1,282,890
|
2,097,454
|
289,251
|
|
2,378,554
|
3,956,184
|
545,585
|
Share-based
compensation expenses
|
282,799
|
381,458
|
52,605
|
|
520,469
|
685,602
|
94,548
|
Impairment loss
of investments
|
50,000
|
19,105
|
2,635
|
|
50,000
|
19,105
|
2,635
|
Investment loss
(gain) and revaluation of investments
excluding dividends
|
9,884
|
(39,352)
|
(5,427)
|
|
45,619
|
(81,333)
|
(11,216)
|
Reconciling items
on the share of equity method
investments(4)
|
(31,777)
|
(22,897)
|
(3,158)
|
|
19,737
|
(37,612)
|
(5,187)
|
Tax effects on
non-GAAP adjustments
|
(1,387)
|
(34,432)
|
(4,748)
|
|
(3,144)
|
(71,390)
|
(9,845)
|
Non-GAAP net
income attributable to Vipshop's
shareholders
|
1,592,409
|
2,401,336
|
331,158
|
|
3,011,235
|
4,470,556
|
616,520
|
(4) To exclude the GAAP to non-GAAP reconciling items
relating to investment loss (gain) and revaluation of
investments
on the share of equity method
investments.
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in
calculating earnings per share:
|
|
|
|
|
|
|
|
Weighted average
number of Class A and Class B
ordinary shares:
|
|
|
|
|
|
|
|
—Basic
|
129,149,941
|
110,053,473
|
110,053,473
|
|
132,186,466
|
112,975,907
|
112,975,907
|
—Diluted
|
129,934,399
|
111,819,666
|
111,819,666
|
|
132,973,941
|
114,669,108
|
114,669,108
|
|
|
|
|
|
|
|
|
Non-GAAP net
income per Class A and Class B ordinary
share
|
|
|
|
|
|
|
|
Non-GAAP net
income attributable to Vipshop's
shareholders——Basic
|
12.33
|
21.82
|
3.01
|
|
22.78
|
39.57
|
5.46
|
Non-GAAP net
income attributable to Vipshop's
shareholders——Diluted
|
12.26
|
21.48
|
2.96
|
|
22.65
|
38.99
|
5.38
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net
income per ADS (1 ordinary share equal to
5 ADSs)
|
|
|
|
|
|
|
|
Non-GAAP net
income attributable to Vipshop's
shareholders——Basic
|
2.47
|
4.36
|
0.60
|
|
4.56
|
7.91
|
1.09
|
Non-GAAP net
income attributable to Vipshop's
shareholders——Diluted
|
2.45
|
4.30
|
0.59
|
|
4.53
|
7.80
|
1.08
|
View original
content:https://www.prnewswire.com/news-releases/vipshop-reports-unaudited-second-quarter-2023-financial-results-301904354.html
SOURCE Vipshop Holdings Limited