Conference Call to Be Held at 7:30 A.M. U.S. Eastern Time on February 28, 2024
GUANGZHOU, China, Feb. 28,
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 and full year ended December 31,
2023.
Fourth Quarter and Full Year 2023 Highlights
- Total net revenues for the fourth quarter of 2023
increased by 9.2% year over year to RMB34.7
billion (US$4.9 billion) from
RMB31.8 billion in the prior year
period. Total net revenues for the full year of 2023
increased by 9.4% year over year to RMB112.9
billion (US$15.9 billion) from
RMB103.2 billion in the prior
year.
- GMV[1] for the fourth quarter of 2023
increased by 21.9% year over year to RMB66.4
billion from RMB54.4 billion
in the prior year period. GMV for the full year of 2023
increased by 18.7% year over year to RMB208.0 billion from RMB175.2 billion in the prior year.
- Gross profit for the fourth quarter of 2023 increased by
19.3% year over year to RMB8.2
billion (US$1.2 billion) from
RMB6.9 billion in the prior year
period. Gross profit for the full year of 2023 increased by
19.0% year over year to RMB25.7
billion (US$3.6 billion) from
RMB21.6 billion in the prior
year.
- Net income attributable to Vipshop's shareholders for
the fourth quarter of 2023 increased by 32.2% year over year to
RMB3.0 billion (US$415.8 million) from RMB2.2 billion in the prior year period. Net
income attributable to Vipshop's shareholders for the full year
of 2023 increased by 28.9% year over year to RMB8.1 billion (US$1.1
billion) from RMB6.3 billion
in the prior year.
- Non-GAAP net income attributable to Vipshop's
shareholders[2] for the fourth quarter of
2023 increased by 43.4% year over year to RMB3.2 billion (US$450.5
million) from RMB2.2 billion
in the prior year period. Non-GAAP net income attributable to
Vipshop's shareholders for the full year of 2023 increased by
39.1% year over year to RMB9.5
billion (US$1.3 billion) from
RMB6.8 billion in the prior
year.
- The number of active customers[3] for the
fourth quarter of 2023 increased by 2.3% year over year to 48.5
million from 47.5 million in the prior year period. The number
of active customers for the full year of 2023 increased by 3.9%
year over year to 87.4 million from 84.1 million in the prior
year.
- Total orders[4] for the fourth quarter of
2023 increased by 7.2% year over year to 234.3 million from 218.5
million in the prior year period. Total orders for the full
year of 2023 increased by 9.8% year over year to 812.3 million from
739.5 million in the prior year.
Mr. Eric Shen, Chairman and Chief
Executive Officer of Vipshop, stated, "We rounded off 2023 with a
set of results well beyond our expectations, as we successfully
executed our merchandising strategy to seize opportunities in
value-based spending amid strong seasonal demand. Apparel
categories continued to fuel our growth and outperformed the
industry average all year long, which helped us cross RMB200 billion in total annual GMV for the first
time in our history. Our strategy focusing on discount retail for
brands pays off. We have made great progress in merchandise
expansion and value-for-money perception. This has been
instrumental in increased customer loyalty and double-digit growth
in active Super VIP members. Looking ahead, we are confident that
our sustainable business model will lead us to longer-term
growth."
Mr. Mark Wang, Chief Financial
Officer of Vipshop, further commented, "We delivered another
quarter of solid financial performance, ending 2023 as the most
profitable year in our history. Benefiting from a number of
efficiency improvement initiatives last year, we are acting faster,
pushing forward company priorities, and building greater synergies.
We look forward to maintaining operating discipline while investing
in areas that can better engage with brand partners and customers.
Moreover, our board of directors approved an annual cash dividend
policy, demonstrating our confidence in future growth and earnings
as well as long-term commitment to shareholder value creation."
Fourth Quarter 2023 Financial Results
REVENUES
Total net revenues for the fourth quarter of 2023 increased by
9.2% year over year to RMB34.7
billion (US$4.9 billion) from
RMB31.8 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 fourth quarter of 2023 increased by 19.3%
year over year to RMB8.2 billion
(US$1.2 billion) from RMB6.9 billion in the prior year period. Gross
margin for the fourth quarter of 2023 increased to 23.7% from 21.7%
in the prior year period.
OPERATING EXPENSES
Total operating expenses for the fourth quarter of 2023
increased by 4.8% year over year to RMB4.9
billion (US$685.8 million)
from RMB4.6 billion in the prior year
period. As a percentage of total net revenues, total operating
expenses for the fourth quarter of 2023 decreased to 14.0% from
14.6% in the prior year period.
- Fulfillment expenses for the fourth quarter of
2023 increased by 17.0% year over year to RMB2.5 billion (US$355.7
million) from RMB2.2 billion
in the prior year period. As a percentage of total net revenues,
fulfillment expenses for the fourth quarter of 2023 was 7.3%, as
compared with 6.8% in the prior year period.
- Marketing expenses for the fourth quarter of 2023
decreased by 10.7% year over year to RMB843.2 million (US$118.8
million) from RMB944.1 million
in the prior year period. As a percentage of total net revenues,
marketing expenses for the fourth quarter of 2023 decreased to 2.4%
from 3.0% in the prior year period.
- Technology and content expenses for the fourth
quarter of 2023 increased by 21.5% year over year to RMB496.4 million (US$69.9
million) from RMB408.5 million
in the prior year period. As a percentage of total net revenues,
technology and content expenses for the fourth quarter of 2023 was
1.4%, as compared with 1.3% in the prior year period.
- General and administrative expenses for the
fourth quarter of 2023 decreased by 11.7% year over year to
RMB1.0 billion (US$141.5 million) from RMB1.1 billion in the prior year period. As a
percentage of total net revenues, general and administrative
expenses for the fourth quarter of 2023 decreased to 2.9% from 3.6%
in the prior year period.
INCOME FROM OPERATIONS
Income from operations for the fourth quarter of 2023 increased
by 46.2% year over year to RMB3.7
billion (US$516.7 million)
from RMB2.5 billion in the prior year
period. Operating margin for the fourth quarter of 2023 increased
to 10.6% from 7.9% in the prior year period.
Non-GAAP income from operations[5] for the fourth
quarter of 2023, which excluded share-based compensation expenses,
increased by 42.5% year over year to RMB4.0
billion (US$556.8 million)
from RMB2.8 billion in the prior year
period. Non-GAAP operating margin[6] for the fourth
quarter of 2023 increased to 11.4% from 8.7% in the prior year
period.
NET INCOME
Net income attributable to Vipshop's shareholders for the
fourth quarter of 2023 increased by 32.2% year over year to
RMB3.0 billion (US$415.8 million) from RMB2.2 billion in the prior year period. Net
margin attributable to Vipshop's shareholders for the fourth
quarter of 2023 increased to 8.5% from 7.0% in the prior year
period. Net income attributable to Vipshop's shareholders per
diluted ADS[7] for the fourth quarter of 2023 increased
to RMB5.35 (US$0.75) from RMB3.66 in the prior year period.
Non-GAAP net income attributable to Vipshop's shareholders for
the fourth quarter of 2023, which excluded (i) share-based
compensation expenses, (ii) impairment loss of investments, (iii)
investment (gain) loss 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 43.4% year over year to RMB3.2
billion (US$450.5 million)
from RMB2.2 billion in the prior year
period. Non-GAAP net margin attributable to Vipshop's
shareholders[8] for the fourth quarter of 2023
increased to 9.2% from 7.0% in the prior year period. Non-GAAP net
income attributable to Vipshop's shareholders per diluted
ADS[9] for the fourth quarter of 2023 increased to
RMB5.79 (US$0.82) from RMB3.65 in the prior year period.
For the quarter ended December 31,
2023, the Company's weighted average number of ADSs used in
computing diluted income per ADS was 551,902,525.
BALANCE SHEET AND CASH FLOW
As of December 31, 2023, the
Company had cash and cash equivalents and restricted cash of
RMB26.3 billion (US$3.7 billion) and short term investments of
RMB2.0 billion (US$279.3 million).
For the quarter ended December 31,
2023, net cash generated from operating activities was
RMB8.7 billion (US$1.2 billion), and free cash
flow[10], a non-GAAP measurement of liquidity, was as
follows:
For the three months
ended
|
|
Dec 31, 2022
|
|
Dec 31, 2023
|
|
|
Dec 31, 2023
|
|
|
|
|
|
|
|
|
RMB'000
|
|
RMB'000
|
|
|
US$'000
|
Net cash generated from
operating activities
|
6,525,597
|
|
8,696,378
|
|
|
1,224,859
|
Reconciling
items:
|
|
|
|
|
|
|
Net impact
from internet financing activities[11]
|
243,833
|
|
53,725
|
|
|
7,567
|
Capital
expenditures
|
(587,100)
|
|
(1,398,506)
|
|
|
(196,975)
|
Free cash
inflow
|
6,182,330
|
|
7,351,597
|
|
|
1,035,451
|
Full Year 2023 Financial Results
Total net revenues for the full year of 2023 increased by 9.4%
year over year to RMB112.9 billion
(US$15.9 billion) from RMB103.2 billion in the prior year.
Gross profit for the full year of 2023 increased by 19.0% year
over year to RMB25.7 billion
(US$3.6 billion) from RMB21.6 billion in the prior year. Gross margin
for the full year of 2023 increased to 22.8% from 21.0% in the
prior year.
Income from operations for the full year of 2023 increased by
46.9% year over year to RMB9.1
billion (US$1.3 billion) from
RMB6.2 billion in the prior year.
Operating margin for the full year increased to 8.1% from 6.0% in
the prior year.
Non-GAAP income from operations for the full year of 2023, which
excluded share-based compensation expenses, increased by 43.3% year
over year to RMB10.6 billion
(US$1.5 billion) from RMB7.4 billion in the prior year. Non-GAAP
operating margin for the full year of 2023 increased to 9.4% from
7.2% in the prior year.
Net income attributable to Vipshop's shareholders for the full
year of 2023 increased by 28.9% year over year to RMB8.1 billion (US$1.1
billion) from RMB6.3 billion
in the prior year. Net margin attributable to Vipshop's
shareholders for the full year of 2023 increased to 7.2% from 6.1%
in the prior year. Net income attributable to Vipshop's
shareholders per diluted ADS for the full year of 2023 increased to
RMB14.42 (US$2.03) from RMB9.83 in the prior year.
Non-GAAP net income attributable to Vipshop's shareholders for
the full year of 2023, which excluded (i) share-based compensation
expenses, (ii) impairment loss of investments, (iii) investment
(gain) loss 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 39.1%
year over year to RMB9.5 billion
(US$1.3 billion) from RMB6.8 billion in the prior year. Non-GAAP net
margin attributable to Vipshop's shareholders for the full year of
2023 increased to 8.4% from 6.6% in the prior year. Non-GAAP net
income attributable to Vipshop's shareholders per diluted ADS for
the full year of 2023 increased to RMB16.90 (US$2.38)
from RMB10.67 in the prior year.
For the full year of 2023, the Company's weighted average number
of ADSs used in computing diluted earnings per ADS was
562,761,990.
For the full year of 2023, net cash generated from operating
activities was RMB14.4 billion
(US$2.0 billion), and free cash flow,
a non-GAAP measurement of liquidity, was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the trailing twelve
months ended
|
|
Dec 31, 2022
|
|
Dec 31, 2023
|
|
|
Dec 31, 2023
|
|
|
|
|
|
|
|
|
RMB'000
|
|
RMB'000
|
|
|
US$'000
|
Net cash generated from
operating activities
|
10,519,692
|
|
14,414,513
|
|
|
2,030,242
|
Reconciling
items:
|
|
|
|
|
|
|
Net impact
from internet financing activities
|
408,550
|
|
104,964
|
|
|
14,784
|
Capital
expenditures
|
(3,102,589)
|
|
(5,230,737)
|
|
|
(736,734)
|
Free cash
inflow
|
7,825,653
|
|
9,288,740
|
|
|
1,308,292
|
Share Repurchase Program
During the quarter ended December 31,
2023, the Company repurchased US$3.4
million of its ADSs under its current US$1 billion share repurchase program, which is
effective through March 2025. As of
December 31, 2023, the Company had an
unutilized amount of US$548.1 million
under this program.
Annual Dividend Policy and Declaration of 2023
Dividend
On February 22, 2024, the board of
directors of the Company adopted an annual cash dividend policy,
under which the Company may choose to declare and distribute a cash
dividend each year in accordance with the memorandum and articles
of association of the Company and the applicable laws and
regulations. Under the policy, the board of directors of the
Company reserves the discretion relating to the determination to
make dividend distributions and the amount of such distributions in
any particular year, depending on the Company's operations and
earnings, cash flow, financial condition, and other relevant
factors.
Accordingly, on the same day, for the fiscal year of 2023, the
board of directors of the Company declared a dividend of
US$2.15 per ordinary share, or
US$0.43 per ADS, to holders of
ordinary shares and holders of ADSs of record as of the close of
business on March 15, 2024. The
aggregate amount of cash dividends to be paid will be approximately
US$250 million, which is expected to
be paid on April 8, 2024. Holders of
the Company's ADSs will receive the cash dividends through the
depositary, Deutsche Bank Trust Company Americas, subject to the
terms of the deposit agreement.
Business Outlook
For the first quarter of 2024, the Company expects its total net
revenues to be between RMB27.5
billion and RMB28.9 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
RMB7.0999 to US$1.00, the effective noon buying rate on
December 29, 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 December 29, 2023, or at
any other rate.
Conference Call Information
The Company will hold a conference call on Wednesday, February 28, 2024 at 7:30 am U.S. Eastern Time, 8:30 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/BIcb871fc012e045edb5fd02b7c2874334
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/rvsmyjg9. 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
consolidated statements of income and 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 (gain) loss 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
(gain) loss 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
(gain) loss 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 (gain) loss 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
self-operated online sales business or the Company's online
marketplace platforms, excluding those who made their purchases
from the Company's online stores operated at third-party platforms,
at least once during the relevant period. Beginning in the fourth
quarter of 2023, the Company has updated its definition of "active
customers," excluding the registered members who made their
purchases from the Company's online stores operated at third-party
platforms. The active customer figures for the historical
periods presented in this press release have been retrospectively
adjusted accordingly.
|
[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
|
|
Twelve Months
Ended
|
|
December 31,
2022
|
December 31,
2023
|
December 31,
2023
|
|
December 31,
2022
|
December 31,
2023
|
December 31,
2023
|
|
RMB'000
|
RMB'000
|
USD'000
|
|
RMB'000
|
RMB'000
|
USD'000
|
|
|
|
|
|
|
|
|
Product
revenues
|
29,914,304
|
32,435,188
|
4,568,401
|
|
97,250,078
|
105,613,485
|
14,875,348
|
Other revenues
(1)
|
1,843,456
|
2,239,288
|
315,397
|
|
5,902,411
|
7,242,535
|
1,020,090
|
Total net
revenues
|
31,757,760
|
34,674,476
|
4,883,798
|
|
103,152,489
|
112,856,020
|
15,895,438
|
Cost of
revenues
|
(24,857,565)
|
(26,441,622)
|
(3,724,225)
|
|
(81,536,409)
|
(87,135,128)
|
(12,272,726)
|
Gross profit
|
6,900,195
|
8,232,854
|
1,159,573
|
|
21,616,080
|
25,720,892
|
3,622,712
|
Operating
expenses:
|
|
|
|
|
|
|
|
Fulfillment expenses
(2)
|
(2,157,586)
|
(2,525,204)
|
(355,668)
|
|
(7,247,210)
|
(8,262,004)
|
(1,163,679)
|
Marketing
expenses
|
(944,051)
|
(843,208)
|
(118,763)
|
|
(2,831,316)
|
(3,242,215)
|
(456,656)
|
Technology and content
expenses
|
(408,543)
|
(496,442)
|
(69,922)
|
|
(1,605,422)
|
(1,767,530)
|
(248,951)
|
General and
administrative expenses
|
(1,137,858)
|
(1,004,539)
|
(141,486)
|
|
(4,459,518)
|
(4,146,568)
|
(584,032)
|
Total operating
expenses
|
(4,648,038)
|
(4,869,393)
|
(685,839)
|
|
(16,143,466)
|
(17,418,317)
|
(2,453,318)
|
Other operating
income
|
257,062
|
304,818
|
42,933
|
|
724,832
|
801,560
|
112,897
|
Income from
operations
|
2,509,219
|
3,668,279
|
516,667
|
|
6,197,446
|
9,104,135
|
1,282,291
|
Investment gain (loss)
and revaluation of investments
|
257,064
|
(4,449)
|
(627)
|
|
546,031
|
(18,054)
|
(2,543)
|
Impairment loss of
investments
|
(34,347)
|
0
|
0
|
|
(93,904)
|
(19,105)
|
(2,691)
|
Interest
expense
|
(4,311)
|
(14,770)
|
(2,080)
|
|
(24,258)
|
(22,932)
|
(3,230)
|
Interest
income
|
198,255
|
208,913
|
29,425
|
|
764,018
|
780,292
|
109,902
|
Exchange gain
(loss)
|
160,542
|
(78,151)
|
(11,007)
|
|
687,871
|
162,666
|
22,911
|
Income before income
tax expense and share of income of
equity method investees
|
3,086,422
|
3,779,822
|
532,378
|
|
8,077,204
|
9,987,002
|
1,406,640
|
Income tax
expenses
|
(903,839)
|
(771,969)
|
(108,730)
|
|
(1,758,810)
|
(1,866,004)
|
(262,821)
|
Share of income (loss)
of equity method investees
|
59,176
|
(25,236)
|
(3,554)
|
|
(6,559)
|
80,301
|
11,310
|
Net income
|
2,241,759
|
2,982,617
|
420,094
|
|
6,311,835
|
8,201,299
|
1,155,129
|
Net income attributable
to non-controlling interests
|
(7,998)
|
(30,470)
|
(4,292)
|
|
(13,019)
|
(84,675)
|
(11,926)
|
Net income attributable
to Vipshop's shareholders
|
2,233,761
|
2,952,147
|
415,802
|
|
6,298,816
|
8,116,624
|
1,143,203
|
|
|
|
|
|
|
|
|
Shares used in
calculating earnings per share (3):
|
|
|
|
|
|
|
|
Weighted average number
of Class A and Class B ordinary
shares:
|
|
|
|
|
|
|
|
—Basic
|
121,010,371
|
108,441,659
|
108,441,659
|
|
127,235,048
|
110,695,778
|
110,695,778
|
—Diluted
|
122,089,636
|
110,380,505
|
110,380,505
|
|
128,157,304
|
112,552,398
|
112,552,398
|
|
|
|
|
|
|
|
|
Net earnings per Class
A and Class B ordinary share
|
|
|
|
|
|
|
|
Net income attributable
to Vipshop's shareholders——Basic
|
18.46
|
27.22
|
3.83
|
|
49.51
|
73.32
|
10.33
|
Net income attributable
to Vipshop's shareholders——Diluted
|
18.30
|
26.75
|
3.77
|
|
49.15
|
72.11
|
10.16
|
|
|
|
|
|
|
|
|
Net earnings per ADS (1
ordinary share equals to 5 ADSs)
|
|
|
|
|
|
|
|
Net income attributable
to Vipshop's shareholders——Basic
|
3.69
|
5.44
|
0.77
|
|
9.90
|
14.66
|
2.07
|
Net income attributable
to Vipshop's shareholders——Diluted
|
3.66
|
5.35
|
0.75
|
|
9.83
|
14.42
|
2.03
|
(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
RMB1.5 billion and RMB1.8 billion in the
three month periods ended December 31, 2022 and December 31, 2023,
respectively.
|
|
(2) Fulfillment
expenses include shipping and handling
expenses, which amounted RMB5.1 billion and RMB5.8
billion
in the twelve month periods ended December 31, 2022 and
December 31, 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
|
|
Twelve Months
Ended
|
|
December 31,
2022
|
December 31,
2023
|
December 31,
2023
|
|
December 31,
2022
|
December 31,
2023
|
December 31,
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
|
16,913
|
18,586
|
2,618
|
|
74,063
|
77,926
|
10,976
|
Marketing
expenses
|
4,489
|
7,683
|
1,082
|
|
14,630
|
33,379
|
4,701
|
Technology and content
expenses
|
52,588
|
86,591
|
12,196
|
|
242,714
|
330,197
|
46,507
|
General and
administrative expenses
|
191,191
|
171,805
|
24,198
|
|
876,174
|
1,068,304
|
150,467
|
Total
|
265,181
|
284,665
|
40,094
|
|
1,207,581
|
1,509,806
|
212,651
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vipshop Holdings
Limited
|
Unaudited Condensed
Consolidated Balance Sheets
|
(In thousands,
except for share and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
2022
|
December 31,
2023
|
December 31,
2023
|
|
RMB'000
|
RMB'000
|
USD'000
|
ASSETS
|
|
|
|
CURRENT
ASSETS
|
|
|
|
Cash and cash
equivalents
|
21,938,653
|
25,414,729
|
3,579,590
|
Restricted
cash
|
1,164,748
|
882,637
|
124,317
|
Short term
investments
|
1,595,904
|
1,983,201
|
279,328
|
Accounts receivable,
net
|
567,730
|
778,767
|
109,687
|
Amounts due from
related parties, net
|
670,187
|
553,502
|
77,959
|
Other receivables and
prepayments, net
|
2,280,449
|
2,298,612
|
323,753
|
Loan receivables,
net
|
882
|
4,437
|
625
|
Inventories
|
5,515,880
|
5,644,713
|
795,041
|
Total current
assets
|
33,734,433
|
37,560,598
|
5,290,300
|
NON-CURRENT
ASSETS
|
|
|
|
Property and equipment,
net
|
16,225,589
|
16,882,100
|
2,377,794
|
Deposits for property
and equipment
|
296,717
|
200,739
|
28,273
|
Land use rights,
net
|
7,638,506
|
10,132,626
|
1,427,151
|
Intangible assets,
net
|
336,599
|
332,821
|
46,877
|
Investment in equity
method investees
|
2,162,872
|
2,155,561
|
303,604
|
Other
investments
|
2,660,305
|
2,916,189
|
410,737
|
Other long-term
assets
|
91,762
|
147,669
|
20,799
|
Goodwill
|
755,213
|
755,213
|
106,370
|
Deferred tax assets,
net
|
681,770
|
685,017
|
96,483
|
Operating lease
right-of-use assets
|
891,744
|
554,061
|
78,038
|
Total non-current
assets
|
31,741,077
|
34,761,996
|
4,896,126
|
TOTAL
ASSETS
|
65,475,510
|
72,322,594
|
10,186,426
|
|
|
|
|
LIABILITIES
AND EQUITY
|
|
|
|
CURRENT
LIABILITIES
|
|
|
|
Short term
loans
|
2,687,438
|
1,425,576
|
200,788
|
Accounts
payable
|
15,018,138
|
17,259,395
|
2,430,935
|
Advance from
customers
|
1,737,424
|
1,689,881
|
238,015
|
Accrued expenses and
other current liabilities
|
8,394,742
|
9,560,449
|
1,346,562
|
Amounts due to related
parties
|
151,736
|
150,373
|
21,180
|
Deferred
income
|
400,207
|
457,594
|
64,451
|
Operating lease
liabilities
|
136,435
|
80,868
|
11,390
|
Total current
liabilities
|
28,526,120
|
30,624,136
|
4,313,321
|
NON-CURRENT
LIABILITIES
|
|
|
|
Deferred tax
liability
|
573,734
|
692,492
|
97,535
|
Deferred income-non
current
|
1,469,685
|
1,756,949
|
247,461
|
Operating lease
liabilities
|
832,928
|
689,259
|
97,080
|
Total non-current
liabilities
|
2,876,347
|
3,138,700
|
442,076
|
TOTAL
LIABILITIES
|
31,402,467
|
33,762,836
|
4,755,397
|
|
|
|
|
EQUITY:
|
|
|
|
Class A ordinary shares
(US$0.0001 par value, 483,489,642
shares authorized,124,060,090 and 98,877,929 shares
issued, of which 101,621,330 and 92,900,247 shares were
outstanding as of December 31, 2022 and December
31, 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
December 31, 2023, respectively)
|
11
|
11
|
2
|
Treasury shares,at
cost(22,438,760 and 5,977,682 Class A
shares as of December 31, 2022 and December 31, 2023,
respectively )
|
(8,352,511)
|
(3,624,763)
|
(510,537)
|
Additional paid-in
capital
|
13,091,781
|
4,444,755
|
626,031
|
Retained
earnings
|
28,720,304
|
36,836,928
|
5,188,373
|
Accumulated other
comprehensive loss
|
(707,628)
|
(695,589)
|
(97,972)
|
Non-controlling
interests
|
1,321,006
|
1,598,354
|
225,123
|
Total shareholders'
equity
|
34,073,043
|
38,559,758
|
5,431,029
|
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY
|
65,475,510
|
72,322,594
|
10,186,426
|
Vipshop Holdings
Limited
|
Reconciliations of
GAAP and Non-GAAP Results
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
December 31,
2022
|
December 31,
2023
|
December 31,
2023
|
|
December 31,
2022
|
December 31,
2023
|
December 31,
2023
|
|
RMB'000
|
RMB'000
|
USD'000
|
|
RMB'000
|
RMB'000
|
USD'000
|
Income from
operations
|
2,509,219
|
3,668,279
|
516,667
|
|
6,197,446
|
9,104,135
|
1,282,291
|
Share-based
compensation expenses
|
265,181
|
284,665
|
40,094
|
|
1,207,581
|
1,509,806
|
212,651
|
Non-GAAP income from
operations
|
2,774,400
|
3,952,944
|
556,761
|
|
7,405,027
|
10,613,941
|
1,494,942
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable
to Vipshop's shareholders
|
2,233,761
|
2,952,147
|
415,802
|
|
6,298,816
|
8,116,624
|
1,143,203
|
Share-based
compensation expenses
|
265,181
|
284,665
|
40,094
|
|
1,207,581
|
1,509,806
|
212,651
|
Impairment loss of
investments
|
34,347
|
0
|
0
|
|
93,904
|
19,105
|
2,691
|
Investment (gain) loss
and revaluation of investments
excluding dividends
|
(257,064)
|
4,449
|
627
|
|
(533,826)
|
18,309
|
2,579
|
Reconciling items on
the share of equity method
investments(4)
|
(46,430)
|
27,502
|
3,874
|
|
2,965
|
7,606
|
1,071
|
Tax effects on non-GAAP
adjustments
|
1,270
|
(70,495)
|
(9,929)
|
|
(232,532)
|
(161,580)
|
(22,758)
|
Non-GAAP net income
attributable to Vipshop's shareholders
|
2,231,065
|
3,198,268
|
450,468
|
|
6,836,908
|
9,509,870
|
1,339,437
|
(4) To exclude the
GAAP to non-GAAP reconciling items relating to investment (gain)
loss 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
|
121,010,371
|
108,441,659
|
108,441,659
|
|
127,235,048
|
110,695,778
|
110,695,778
|
—Diluted
|
122,089,636
|
110,380,505
|
110,380,505
|
|
128,157,304
|
112,552,398
|
112,552,398
|
|
|
|
|
|
|
|
|
Non-GAAP net income per
Class A and Class B ordinary
share
|
|
|
|
|
|
|
|
Non-GAAP net income
attributable to Vipshop's shareholders
——Basic
|
18.44
|
29.49
|
4.15
|
|
53.73
|
85.91
|
12.10
|
Non-GAAP net income
attributable to Vipshop's shareholders
——Diluted
|
18.27
|
28.97
|
4.08
|
|
53.35
|
84.49
|
11.90
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income per
ADS (1 ordinary share equal to 5
ADSs)
|
|
|
|
|
|
|
|
Non-GAAP net income
attributable to Vipshop's shareholders
——Basic
|
3.69
|
5.90
|
0.83
|
|
10.75
|
17.18
|
2.42
|
Non-GAAP net income
attributable to Vipshop's shareholders
——Diluted
|
3.65
|
5.79
|
0.82
|
|
10.67
|
16.90
|
2.38
|
|
|
|
|
|
|
|
|
View original
content:https://www.prnewswire.com/news-releases/vipshop-reports-unaudited-fourth-quarter-and-full-year-2023-financial-results-302073753.html
SOURCE Vipshop Holdings Limited