GUANGZHOU, China, Feb. 25, 2021 /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 fourth quarter and full year ended December 31, 2020.
Fourth Quarter and Full Year 2020 Highlights
- Total net revenue for the fourth quarter of 2020
increased by 22.0% year over year to RMB35.8
billion (US$5.5 billion) from
RMB29.3 billion in the prior year
period. Total net revenue for the full year of 2020
increased by 9.5% year over year to RMB101.9
billion (US$15.6 billion) from
RMB93.0 billion in the prior
year.
- GMV[1] for the fourth quarter of
2020 increased by 25% year over year to RMB59.3 billion from RMB47.6 billion in the prior year period.
GMV for the full year of 2020 increased by 11% year over
year to RMB165.0 billion from
RMB148.2 billion in the prior
year.
- Gross profit for the fourth quarter of 2020 increased by
12.1% year over year to RMB7.8
billion (US$1.2 billion) from
RMB7.0 billion in the prior year
period. Gross profit for the full year of 2020 increased by
2.9% year over year to RMB21.3
billion (US$3.3 billion) from
RMB20.7 billion in the prior
year.
- Net income attributable to Vipshop's shareholders for
the fourth quarter of 2020 increased by 67.7% year over year to
RMB2.4 billion (US$374.1 million) from RMB1.5 billion in the prior year period. Net
income attributable to Vipshop's shareholders for the full year
of 2020 increased by 47.1% year over year to RMB5.9 billion (US$905.3
million) from RMB4.0 billion
in the prior year.
- Non-GAAP net income attributable to Vipshop's
shareholders[2] for the fourth quarter of
2020 increased by 33.4% year over year to RMB2.6 billion (US$394.8
million) from RMB1.9 billion
in the prior year period. Non-GAAP net income attributable to
Vipshop's shareholders for the full year of 2020 increased by
25.0% year over year to RMB6.3
billion (US$960.7 million)
from RMB5.0 billion in the prior
year.
- The number of active customers[3] for the
fourth quarter of 2020 increased by 37% year over year to 53.0
million from 38.6 million in the prior year period. The number
of active customers for the full year of 2020 increased by 22%
year over year to 83.9 million from 69.0 million in the prior
year.
- Total orders[4] for the fourth quarter of
2020 increased by 30% year over year to 227.3 million from 174.6
million in the prior year period. Total orders for the full
year of 2020 increased by 22% year over year to 692.4 million from
566.3 million in the prior year.
Mr. Eric Shen, Chairman and Chief
Executive Officer of Vipshop, stated, "We are delighted to have
finished the year of 2020 with strong financial and operational
results in the fourth quarter. The growth in our number of active
customers in the fourth quarter of 2020 continued to accelerate,
reaching 37% year over year. Our GMV in the quarter has also shown
strong growth momentum, with total GMV increasing by 25% year over
year to 59.3 billion from 47.6 billion in the prior year period,
driven by a strong 28% year-over-year increase in apparel-related
GMV. We are glad that our customers, old and new, are recognizing
the value of our differentiated offerings, as exemplified by a 10%
year-over-year increase in our conversion rate in the fourth
quarter of 2020. Looking ahead, we will continue to be keenly
focused on our merchandising strategy, while at the same time,
enhancing our big data and technological capabilities to cater to
the diversified needs of a broader customer base, particularly in
our core categories, aiming to further expand our market share in
China's discount retail
market."
Mr. David Cui, Chief Financial
Officer of Vipshop, further commented, "We continued to deliver
accelerated topline growth in the fourth quarter of 2020, driven by
the strong growth in our number of active customers, of which new
customers grew even faster on a year-over-year basis. In addition,
our net income grew faster than our revenues, demonstrating
enhanced profitability, and we generated robust free cash inflow
for the trailing twelve months ended December 31, 2020. We believe these successes
result from our focus on offering our customers desirable
merchandises at deep discounts, while providing them with superior
shopping experience. We are committed to continuing to offer value
to our customers while helping our brand partners grow their
business and monetize their excess inventory quickly and
effectively, ultimately generating sustainable return for our
shareholders."
Fourth Quarter 2020 Financial Results
REVENUE
Total net revenue for the fourth quarter of 2020 increased by
22.0% year over year to RMB35.8
billion (US$5.5 billion) from
RMB29.3 billion in the prior year
period, primarily driven by the growth in the number of total
active customers.
GROSS PROFIT
Gross profit for the fourth quarter of 2020 increased by 12.1%
year over year to RMB7.8 billion
(US$1.2 billion) from RMB7.0 billion in the prior year period. Gross
margin for the fourth quarter of 2020 was 21.9%, as compared with
23.9% in the prior year period.
OPERATING EXPENSES
Total operating expenses for the fourth quarter of 2020 were
RMB5.4 billion (US$830.9 million), as compared with RMB5.4 billion in the prior year period. As a
percentage of total net revenue, total operating expenses for the
fourth quarter of 2020 decreased to 15.2% from 18.3% in the prior
year period.
- Fulfillment expenses for the fourth quarter of
2020 were RMB2.2 billion
(US$335.6 million), as compared with
RMB2.1 billion in the prior year
period. As a percentage of total net revenue, fulfillment expenses
for the fourth quarter of 2020 decreased to 6.1% from 7.0% in the
prior year period, primarily attributable to the change in
fulfillment logistic arrangement.
- Marketing expenses for the fourth quarter of 2020
were RMB1.7 billion (US$261.1 million), as compared with RMB944.1 million in the prior year period. As a
percentage of total net revenue, marketing expenses for the fourth
quarter of 2020 were 4.8%, as compared with 3.2% in the prior year
period, primarily attributable to increased investment in customer
acquisition.
- Technology and content expenses for the fourth
quarter of 2020 decreased to RMB272.4
million (US$41.7 million) from
RMB362.2 million in the prior year
period. As a percentage of total net revenue, technology and
content expenses for the fourth quarter of 2020 decreased to 0.8%
from 1.2% in the prior year period.
- General and administrative expenses for the
fourth quarter of 2020 were RMB1.3
billion (US$192.5 million), as
compared with RMB1.7 billion in the
prior year period. As a percentage of total net revenue, general
and administrative expenses for the fourth quarter of 2020
decreased to 3.5% from 5.9% in the prior year period.
INCOME FROM OPERATIONS
Income from operations for the fourth quarter of 2020 increased
by 45.9% year over year to RMB2.6
billion (US$396.9 million)
from RMB1.8 billion in the prior year
period. Operating margin for the fourth quarter of 2020 increased
to 7.2% from 6.1% in the prior year period.
Non-GAAP income from operations[5]for the fourth quarter of
2020, which excluded share-based compensation expenses and
amortization of intangible assets resulting from business
acquisitions, increased by 30.2% year over year to RMB2.8 billion (US$432.1
million) from RMB2.2 billion
in the prior year period. Non-GAAP operating income
margin[6] for the fourth quarter of 2020 increased to
7.9% from 7.4% in the prior year period.
NET INCOME
Net income attributable to Vipshop's shareholders for the fourth
quarter of 2020 increased by 67.7% year over year to RMB2.4 billion (US$374.1
million) from RMB1.5 billion
in the prior year period. Net margin attributable to Vipshop's
shareholders for the fourth quarter of 2020 increased to 6.8% from
5.0% in the prior year period. Net income attributable to Vipshop's
shareholders per diluted ADS[7] for the fourth
quarter of 2020 increased to RMB3.51
(US$0.54) from RMB2.14 in the prior year period.
Non-GAAP net income attributable to Vipshop's shareholders for
the fourth quarter of 2020, which excluded (i) share-based
compensation expenses, (ii) tax effect of share-based compensation
expenses, (iii) impairment loss of investments, (iv) amortization
of intangible assets resulting from business acquisitions, (v) tax
effect of amortization of intangible assets resulting from business
acquisitions, (vi) investment gain and revaluation of investments
excluding dividends, (vii) tax effect of investment gain and
revaluation of investments excluding dividends, and (viii) share of
loss in investment of limited partnerships that are accounted for
as equity method investees, increased by 33.4% year over year to
RMB2.6 billion (US$394.8 million) from RMB1.9 billion in the prior year period. Non-GAAP
net margin attributable to Vipshop's shareholders[8] for the
fourth quarter of 2020 increased to 7.2% from 6.6% in the prior
year period. Non-GAAP net income attributable to Vipshop's
shareholders per diluted ADS[9] for the fourth quarter of 2020
increased to RMB3.70 (US$0.57) from RMB2.84 in the prior year period.
For the quarter ended December 31,
2020, the Company's weighted average number of ADSs used in
computing diluted income per ADS was 696,098,755.
BALANCE SHEET AND CASH FLOW
As of December 31, 2020, the
Company had cash and cash equivalents and restricted cash of
RMB12.8 billion (US$2.0 billion) and short term investments of
RMB7.3 billion (US$1.1 billion).
For the quarter ended December 31,
2020, net cash from operating activities was RMB7.2 billion (US$1.1
billion), and free cash flow[10], a non-GAAP measurement of
liquidity, was as follows:
For the three months
ended
|
|
Dec 31,
2019
RMB'000
|
Dec 31,
2020
RMB'000
|
Dec 31,
2020
US$'000
|
Net cash from
operating activities
|
6,091,889
|
7,227,682
|
1,107,691
|
|
Add: Net impact from
Internet financing
activities[11]
|
(1,231,955)
|
(90,565)
|
(13,880)
|
|
Less: Capital
expenditures
|
(1,135,856)
|
(499,787)
|
(76,596)
|
|
Free cash
inflow
|
3,724,078
|
6,637,330
|
1,017,215
|
|
Full Year 2020 Financial Results
Total net revenue for the full year of 2020 increased by 9.5%
year over year to RMB101.9 billion
(US$15.6 billion) from RMB93.0 billion in the prior year, primarily
driven by the growth in the number of total active customers.
Gross profit for the full year of 2020 increased by 2.9% year
over year to RMB21.3 billion
(US$3.3 billion) from RMB20.7 billion in the prior year. Gross margin
for the full year of 2020 was 20.9%, as compared with 22.2% in the
prior year.
Income from operations for the full year of 2020 increased by
22.8% year over year to RMB5.9
billion (US$898.1 million)
from RMB4.8 billion in the prior
year. Operating margin for the full year of 2020 increased to 5.8%
from 5.1% in the prior year.
Non-GAAP income from operations for the full year of 2020, which
excluded share-based compensation expenses and amortization of
intangible assets resulting from business acquisitions, increased
by 19.0% year over year to RMB6.8
billion (US$1.0 billion) from
RMB5.8 billion in the prior year.
Non-GAAP operating income margin for the full year of 2020
increased to 6.7% from 6.2% in the prior year.
Net income attributable to Vipshop's shareholders for the full
year of 2020 increased by 47.1% year over year to RMB5.9 billion (US$905.3
million) from RMB4.0 billion
in the prior year. Net margin attributable to Vipshop's
shareholders for the full year of 2020 increased to 5.8% from 4.3%
in the prior year. Net income attributable to Vipshop's
shareholders per diluted ADS for the full year of 2020 increased to
RMB8.56 (US$1.31) from RMB5.92 in the prior year.
Non-GAAP net income attributable to Vipshop's shareholders for
the full year of 2020, which excluded (i) share-based compensation
expenses, (ii) tax effect of share-based compensation expenses,
(iii) impairment loss of investments, (iv) amortization of
intangible assets resulting from business acquisitions, (v) tax
effect of amortization of intangible assets resulting from business
acquisitions, (vi) investment gain and revaluation of investments
excluding dividends, (vii) tax effect of investment gain and
revaluation of investments excluding dividends, and (viii) share of
loss in investment of limited partnership that is accounted for as
an equity method investee, increased by 25.0% year over year to
RMB6.3 billion (US$960.7 million) from RMB5.0 billion in the prior year. Non-GAAP net
margin attributable to Vipshop's shareholders for the full year of
2020 increased to 6.2% from 5.4% in the prior year. Non-GAAP net
income attributable to Vipshop's shareholders per diluted ADS for
the full year of 2020 increased to RMB9.08 (US$1.39)
from RMB7.38 in the prior year.
For the full year of 2020, the Company's weighted average number
of ADSs used in computing diluted earnings per ADS was
690,180,050.
For the full year of 2020, net cash from operating activities
was RMB11.8 billion (US$1.8 billion), and free cash flow, a non-GAAP
measurement of liquidity, was as follows:
For the trailing
twelve months ended
|
|
Dec 31,
2019
RMB'000
|
Dec 31,
2020
RMB'000
|
Dec 31,
2020
US$'000
|
Net cash
from operating activities
|
12,290,183
|
11,820,444
|
1,811,562
|
|
Add: Net impact from
Internet financing
activities[11]
|
(5,542,083)
|
(1,226,467)
|
(187,964)
|
|
Less: Capital
expenditures
|
(4,277,673)
|
(2,271,896)
|
(348,183)
|
|
Free cash
inflow
|
2,470,427
|
8,322,081
|
1,275,415
|
|
Business Outlook
For the first quarter of 2021, the Company expects its total net
revenue to be between RMB27.2 billion
and RMB28.2 billion, representing a
year-over-year growth rate of approximately 45% to 50%. 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
RMB6.5250 to US$1.00, the effective noon buying rate on
December 31, 2020 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 31, 2020, or at
any other rate.
Conference Call Information
The Company will hold a conference call on Thursday, February 25, 2021 at 7:30 am Eastern Time or 8:30 pm Beijing Time to discuss its financial
results and operating performance for the fourth quarter and full
year of 2020.
All participants wishing to join the conference call must
pre-register online using the link provided below. Once
pre-registration has been complete, participants will receive
dial-in numbers, a passcode, and a unique registrant ID. To join
the conference, simply dial the number in the calendar invite you
receive after pre-registration, enter the passcode followed by your
PIN, and you will join the conference instantly.
Conference
ID
|
#2154516
|
Registration
Link
|
http://apac.directeventreg.com/registration/event/2154516
|
The replay will be accessible through March 5, 2021 by dialing the following
numbers:
United States Toll
Free:
|
+1-855-452-5696
|
International:
|
+61-2-8199-0299
|
Conference
ID:
|
#2154516
|
A live and archived webcast of the conference call will also 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 www.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 demand 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 income margin, non-GAAP net margin attributable
to Vipshop's shareholders, and free cash flow, each of which is a
non-GAAP financial measure. Non-GAAP net income attributable to
Vipshop's shareholders is net income attributable to Vipshop's
shareholders excluding (i) share-based compensation expenses, (ii)
tax effect of share-based compensation expenses, (iii) impairment
loss of investments, (iv) amortization of intangible assets
resulting from business acquisitions, (v) tax effect of
amortization of intangible assets resulting from business
acquisitions, (vi) investment gain and revaluation of investments
excluding dividends, (vii) tax effect of investment gain and
revaluation of investments excluding dividends, and (viii) share of
loss in investment of limited partnerships that are accounted for
as equity method investees. 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 and
amortization of intangible assets resulting from business
acquisitions. Non-GAAP operating income margin is non-GAAP income
from operations as a percentage of total net revenue. 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 revenue. 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, and
purchase of other assets. 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 (a) share-based
compensation, (b) impairment loss of investments, (c) amortization
of intangible assets resulting from business acquisitions, (d)
investment gain and revaluation of investments excluding dividends,
and (e) share of loss in investment of limited partnerships that
are accounted for as equity method investees 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 (1) non-cash share-based
compensation expenses, (2) impairment loss of investments, (3)
amortization of intangible assets resulting from business
acquisitions, (4) investment gain and revaluation of investments
excluding dividends, and (5) share of loss in investment of limited
partnerships that are accounted for as equity method investees.
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 and technology platform. Share-based
compensation expenses and amortization of intangible assets 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.
[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, offline
stores, and Shan Shan Outlets during the relevant period, including
through the Company's websites and mobile apps, third-party
websites and mobile apps, Vipshop offline stores and Vipmaxx
offline stores, as well as Shan Shan Outlets that 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 is defined as net income attributable to
Vipshop's shareholders excluding (i) share-based compensation
expenses, (ii) tax effect of share-based compensation expenses,
(iii) impairment loss of investments, (iv) amortization of
intangible assets resulting from business acquisitions, (v) tax
effect of amortization of intangible assets resulting from business
acquisitions, (vi) investment gain and revaluation of investments
excluding dividends, (vii) tax effect of investment gain and
revaluation of investments excluding dividends, and (viii) share of
loss in investment of limited partnerships that are accounted for
as equity method investees.
|
[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 and amortization of intangible
assets resulting from business acquisitions.
|
[6] Non-GAAP
operating income 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 ADS outstanding for computing diluted
earnings per ADS.
|
[10] Free cash
flow is a non-GAAP financial measure, which is defined as net cash
from (used in) 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, and purchase of other assets.
|
[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
31,2019
|
December
31,2020
|
December
31,2020
|
|
December
31,2019
|
December
31,2020
|
December
31,2020
|
|
RMB'000
|
RMB'000
|
USD'000
|
|
RMB'000
|
RMB'000
|
USD'000
|
|
|
|
|
|
|
|
|
Product
revenues
|
28,062,306
|
34,111,067
|
5,227,750
|
|
88,721,311
|
97,449,712
|
14,934,822
|
Other revenues
(1)
|
1,256,798
|
1,663,874
|
255,000
|
|
4,273,107
|
4,408,777
|
675,675
|
Total net
revenues
|
29,319,104
|
35,774,941
|
5,482,750
|
|
92,994,418
|
101,858,489
|
15,610,497
|
Cost of
revenues
|
(22,318,374)
|
(27,927,515)
|
(4,280,079)
|
|
(72,314,190)
|
(80,573,181)
|
(12,348,380)
|
Gross
profit
|
7,000,730
|
7,847,426
|
1,202,671
|
|
20,680,228
|
21,285,308
|
3,262,117
|
Operating
expenses:
|
|
|
|
|
|
|
|
Fulfillment expenses
(2)
|
(2,052,916)
|
(2,189,585)
|
(335,569)
|
|
(7,317,706)
|
(6,878,991)
|
(1,054,251)
|
Marketing
expenses
|
(944,100)
|
(1,703,582)
|
(261,085)
|
|
(3,323,927)
|
(4,284,274)
|
(656,594)
|
Technology and
content expenses
|
(362,160)
|
(272,379)
|
(41,744)
|
|
(1,568,107)
|
(1,221,264)
|
(187,167)
|
General and
administrative expenses
|
(1,732,020)
|
(1,256,115)
|
(192,508)
|
|
(4,064,264)
|
(3,748,548)
|
(574,490)
|
Goodwill impairment
loss
|
(278,263)
|
0
|
0
|
|
(278,263)
|
0
|
0
|
Total operating
expenses
|
(5,369,459)
|
(5,421,661)
|
(830,906)
|
|
(16,552,267)
|
(16,133,077)
|
(2,472,502)
|
Other operating
income
|
144,162
|
164,011
|
25,136
|
|
645,413
|
707,855
|
108,483
|
Income from
operations
|
1,775,433
|
2,589,776
|
396,901
|
|
4,773,374
|
5,860,086
|
898,098
|
Investment gain and
revaluation of investments
|
(30,529)
|
200,276
|
30,694
|
|
166,932
|
980,868
|
150,325
|
Impairment loss of
investments
|
(43,973)
|
(38,114)
|
(5,841)
|
|
(127,589)
|
(43,160)
|
(6,614)
|
Interest
expense
|
(14,740)
|
(6,269)
|
(961)
|
|
(86,004)
|
(67,357)
|
(10,323)
|
Interest
income
|
70,287
|
155,255
|
23,794
|
|
217,027
|
449,017
|
68,815
|
Foreign exchange
loss
|
(35,162)
|
(98,021)
|
(15,022)
|
|
(935)
|
(160,097)
|
(24,536)
|
Income before income
tax expense and share of gain of equity method investees
|
1,721,316
|
2,802,903
|
429,565
|
|
4,942,805
|
7,019,357
|
1,075,765
|
Income tax
expenses
|
(313,802)
|
(384,660)
|
(58,952)
|
|
(983,554)
|
(1,130,016)
|
(173,183)
|
Share of gain of
equity method investees
|
2,488
|
29,468
|
4,516
|
|
27,182
|
30,015
|
4,600
|
Net income
|
1,410,002
|
2,447,711
|
375,129
|
|
3,986,433
|
5,919,356
|
907,182
|
Net loss(income)
attributable to non-controlling interests
|
45,556
|
(6,898)
|
(1,057)
|
|
30,399
|
(12,399)
|
(1,900)
|
Net income
attributable to Vipshop's shareholders
|
1,455,558
|
2,440,813
|
374,072
|
|
4,016,832
|
5,906,957
|
905,282
|
|
|
|
|
|
|
|
|
Shares used in
calculating earnings per share (3):
|
|
|
|
|
|
|
|
Weighted average
number of Class A and Class B ordinary shares:
|
|
|
|
|
|
|
|
—Basic
|
133,954,320
|
135,646,247
|
135,646,247
|
|
133,524,129
|
135,077,790
|
135,077,790
|
—Diluted
|
135,976,408
|
139,219,751
|
139,219,751
|
|
136,081,415
|
138,036,010
|
138,036,010
|
|
|
|
|
|
|
|
|
Net earnings per
Class A and Class B ordinary share
|
|
|
|
|
|
|
|
Net income
attributable to Vipshop's shareholders——Basic
|
10.87
|
17.99
|
2.76
|
|
30.08
|
43.73
|
6.70
|
Net income
attributable to Vipshop's shareholders——Diluted
|
10.70
|
17.53
|
2.69
|
|
29.58
|
42.79
|
6.56
|
|
|
|
|
|
|
|
|
Net earnings per ADS
(1 ordinary share equals to 5 ADSs)
|
|
|
|
|
|
|
|
Net income
attributable to Vipshop's shareholders——Basic
|
2.17
|
3.60
|
0.55
|
|
6.02
|
8.75
|
1.34
|
Net income
attributable to Vipshop's shareholders——Diluted
|
2.14
|
3.51
|
0.54
|
|
5.92
|
8.56
|
1.31
|
(1) Other revenues
primarily consist of revenues from third-party logistics services,
product promotion and online advertising, fees charged to
third-party
merchants which the Company provides platform access for sales of
their products, interest income from microcredit and consumer
financing services,
inventory and warehouse management services to certain
suppliers, loan facilitation service income, and lease income
earned from the Shan Shan
Outlets.
|
|
|
(1) Other revenues
primarily consist of revenues from third-party logistics
services, product promotion and online advertising, fees charged to
third-
party merchants which the Company provides platform access for
sales of
their products, interest income from microcredit and consumer
financing
services, inventory and warehouse management services to
certain
suppliers, loan facilitation service income, and lease income
earned from
the Shan Shan Outlets.
|
(2) Fulfillment
expenses include shipping and handling expenses, which amounted
RMB 1.36 billion and RMB 1.5 billion in the three month
periods
ended December 31,2019 and December 31,2020,
respectively.
|
|
|
(2)
Fulfillment expenses include shipping and handling expenses,
which
amounted RMB 4.63 billion and RMB 4.5 billion in the twelve
month
periods ended December 31,2019 and 2020,
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 e
ntitled to ten votes on all matters that are subject to shareholder
vote.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
December
31,2019
|
December
31,2020
|
December
31,2020
|
|
December
31,2019
|
December
31,2020
|
December
31,2020
|
|
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
|
24,044
|
23,025
|
3,529
|
|
112,683
|
100,486
|
15,400
|
Marketing
expenses
|
1,725
|
3,529
|
541
|
|
35,038
|
16,534
|
2,534
|
Technology and
content expenses
|
8,098
|
20,598
|
3,157
|
|
180,493
|
152,234
|
23,331
|
General and
administrative expenses
|
65,315
|
176,701
|
27,081
|
|
359,869
|
681,794
|
104,490
|
Total
|
99,182
|
223,853
|
34,308
|
|
688,083
|
951,048
|
145,755
|
Vipshop Holdings
Limited
|
Unaudited
Condensed Consolidated Balance Sheets
|
(In thousands,
except for share and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,2019
|
December
31,2020
|
December
31,2020
|
|
RMB'000
|
RMB'000
|
USD'000
|
ASSETS
|
|
|
|
CURRENT
ASSETS
|
|
|
|
Cash and cash
equivalents
|
6,573,808
|
11,995,415
|
1,838,378
|
Restricted
cash
|
1,145,477
|
815,906
|
125,043
|
Short term
investments
|
3,052,726
|
7,328,719
|
1,123,175
|
Accounts receivable,
net
|
1,295,766
|
334,529
|
51,269
|
Amounts due from
related parties
|
47,964
|
333,539
|
51,117
|
Other receivables and
prepayments,net
|
2,897,893
|
2,286,359
|
350,400
|
Loan
receivables,net
|
306,115
|
27,258
|
4,177
|
Inventories
|
7,708,292
|
7,642,509
|
1,171,266
|
Assets held for
sale
|
0
|
408,748
|
62,643
|
Total current
assets
|
23,028,041
|
31,172,982
|
4,777,468
|
NON-CURRENT
ASSETS
|
|
|
|
Property and
equipment, net
|
11,256,810
|
13,584,459
|
2,081,909
|
Deposits for property
and equipment
|
101,800
|
73,718
|
11,298
|
Land use rights,
net
|
5,541,108
|
6,062,792
|
929,164
|
Intangible assets,
net
|
337,310
|
333,022
|
51,038
|
Investment in equity
method investees
|
3,112,952
|
1,949,787
|
298,818
|
Other
investments
|
2,002,756
|
2,861,034
|
438,472
|
Other long-term
assets
|
608,073
|
100,328
|
15,376
|
Amounts due from
related party-non current
|
102,000
|
0
|
0
|
Goodwill
|
236,711
|
593,662
|
90,983
|
Deferred tax assets,
net
|
539,561
|
628,267
|
96,286
|
Operating lease
right-of-use assets
|
1,715,556
|
1,580,763
|
242,263
|
Total non-current
assets
|
25,554,637
|
27,767,832
|
4,255,607
|
TOTAL
ASSETS
|
48,582,678
|
58,940,814
|
9,033,075
|
|
|
|
|
LIABILTIES
AND EQUITY
|
|
|
|
CURRENT
LIABILITIES
|
|
|
|
Short term
loans
|
1,093,645
|
1,043,426
|
159,912
|
Accounts
payable
|
13,792,200
|
15,191,313
|
2,328,171
|
Advance from
customers
|
1,233,165
|
1,558,891
|
238,911
|
Accrued expenses and
other current liabilities
|
6,534,575
|
7,696,996
|
1,179,616
|
Amounts due to
related parties
|
532,788
|
444,100
|
68,061
|
Deferred
income
|
405,994
|
334,431
|
51,254
|
Operating lease
liabilities
|
333,268
|
299,791
|
45,945
|
Total current
liabilities
|
23,925,635
|
26,568,948
|
4,071,870
|
NON-CURRENT
LIABILITIES
|
|
|
|
Long term
loans
|
64,515
|
0
|
0
|
Deferred tax
liability
|
165,098
|
432,995
|
66,359
|
Deferred income-non
current
|
782,068
|
1,070,891
|
164,121
|
Operating lease
liabilities
|
1,395,665
|
1,360,946
|
208,574
|
Other long term
liabilities
|
0
|
121,245
|
18,582
|
Total non-current
liabilities
|
2,407,346
|
2,986,077
|
457,636
|
TOTAL
LIABILITIES
|
26,332,981
|
29,555,025
|
4,529,506
|
|
|
|
|
EQUITY:
|
|
|
|
Class A ordinary
shares (US$0.0001 par value, 483,489,642 shares authorized, and
117,584,362
and 119,223,484 shares issued and outstanding as of December 31,
2019 and December
31,2020, respectively)
|
76
|
77
|
12
|
Class B ordinary
shares (US$0.0001 par value, 16,510,358 shares authorized, and
16,510,358
and 16,510,358 shares issued and outstanding as of December 31,
2019 and December
31,2020, respectively)
|
11
|
11
|
2
|
Additional paid-in
capital
|
9,959,497
|
10,816,185
|
1,657,653
|
Retained
earnings
|
11,924,228
|
17,740,415
|
2,718,838
|
Accumulated other
comprehensive loss
|
(56,656)
|
(58,954)
|
(9,036)
|
Non-controlling
interests
|
422,541
|
888,055
|
136,100
|
Total shareholders'
equity
|
22,249,697
|
29,385,789
|
4,503,569
|
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY
|
48,582,678
|
58,940,814
|
9,033,075
|
|
|
|
|
Vipshop Holdings
Limited
|
|
|
|
|
Reconciliations of GAAP and Non-GAAP
Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
December
31,2019
|
December
31,2020
|
December
31,2020
|
|
December
31,2019
|
December
31,2020
|
December
31,2020
|
|
RMB'000
|
RMB'000
|
USD'000
|
|
RMB'000
|
RMB'000
|
USD'000
|
Income from
operations
|
1,775,433
|
2,589,776
|
396,901
|
|
4,773,374
|
5,860,086
|
898,098
|
Share-based
compensation expenses
|
99,182
|
223,853
|
34,308
|
|
688,083
|
951,048
|
145,755
|
Goodwill impairment
loss
|
278,263
|
-
|
-
|
|
278,263
|
-
|
-
|
Amortization of
intangible assets resulting from business
acquisitions
|
13,032
|
5,896
|
904
|
|
14,468
|
35,377
|
5,422
|
Non-GAAP income from
operations
|
2,165,910
|
2,819,525
|
432,113
|
|
5,754,188
|
6,846,511
|
1,049,275
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
1,410,002
|
2,447,711
|
375,129
|
|
3,986,433
|
5,919,356
|
907,182
|
Share-based
compensation expenses
|
99,182
|
223,853
|
34,308
|
|
688,083
|
951,048
|
145,755
|
Goodwill impairment
loss
|
278,263
|
-
|
-
|
|
278,263
|
-
|
-
|
Impairment loss of
investments
|
43,973
|
38,114
|
5,841
|
|
127,589
|
43,160
|
6,614
|
Investment gain and
revaluation of investments excluding dividends
|
39,998
|
(22,269)
|
(3,413)
|
|
(155,390)
|
(668,568)
|
(102,462)
|
Share of loss in
investment of limited partnerships that are accounted for as an
equity method
investee
|
28,459
|
4,085
|
626
|
|
41,707
|
83,404
|
12,782
|
Tax effect of
investment gain and revaluation of investments excluding
dividends
|
(6,483)
|
(9,253)
|
(1,418)
|
|
22,588
|
29,513
|
4,523
|
Tax effect of
share-based compensation expenses
|
0
|
(103,438)
|
(15,853)
|
|
0
|
(103,438)
|
(15,853)
|
Amortization of
intangible assets resulting from business acquisitions
|
13,032
|
5,896
|
904
|
|
14,468
|
35,377
|
5,422
|
Tax effect of
amortization of intangible assets resulting from business
acquisitions
|
(3,258)
|
(1,474)
|
(226)
|
|
(3,617)
|
(8,844)
|
(1,355)
|
Non-GAAP net
income
|
1,903,168
|
2,583,225
|
395,898
|
|
5,000,124
|
6,281,008
|
962,608
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Vipshop's shareholders
|
1,455,558
|
2,440,813
|
374,072
|
|
4,016,832
|
5,906,957
|
905,282
|
Share-based
compensation expenses
|
99,182
|
223,853
|
34,308
|
|
688,083
|
951,048
|
145,755
|
Goodwill impairment
loss
|
261,259
|
-
|
-
|
|
261,259
|
-
|
-
|
Impairment loss of
investments
|
43,973
|
38,114
|
5,841
|
|
127,589
|
43,160
|
6,614
|
Investment gain and
revaluation of investments excluding dividends
|
39,998
|
(22,269)
|
(3,413)
|
|
(155,390)
|
(668,568)
|
(102,462)
|
Share of loss in
investment of limited partnerships that are accounted for as an
equity method
investee
|
28,459
|
4,085
|
626
|
|
41,707
|
83,404
|
12,782
|
Tax effect of
investment gain and revaluation of investments excluding
dividends
|
(6,483)
|
(9,253)
|
(1,418)
|
|
22,588
|
29,513
|
4,523
|
Tax effect of
share-based compensation expenses
|
0
|
(103,438)
|
(15,853)
|
|
0
|
(103,438)
|
(15,853)
|
Amortization of
intangible assets resulting from business
acquisitions
|
12,639
|
5,896
|
904
|
|
14,045
|
35,377
|
5,422
|
Tax effect of
amortization of intangible assets resulting from business
acquisitions
|
(3,160)
|
(1,474)
|
(226)
|
|
(3,511)
|
(8,844)
|
(1,355)
|
Non-GAAP net income
attributable to Vipshop's shareholders
|
1,931,425
|
2,576,327
|
394,841
|
|
5,013,202
|
6,268,609
|
960,708
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in
calculating earnings per share:
|
|
|
|
|
|
|
|
Weighted average
number of Class A and Class B ordinary shares:
|
|
|
|
|
|
|
|
—Basic
|
133,954,320
|
135,646,247
|
135,646,247
|
|
133,524,129
|
135,077,790
|
135,077,790
|
—Diluted
|
135,976,408
|
139,219,751
|
139,219,751
|
|
136,081,415
|
138,036,010
|
138,036,010
|
|
|
|
|
|
|
|
|
Non-GAAP net income
per Class A and Class B ordinary share
|
|
|
|
|
|
|
|
Non-GAAP net income
attributable to Vipshop's shareholders——Basic
|
14.42
|
18.99
|
2.91
|
|
37.55
|
46.41
|
7.11
|
Non-GAAP net income
attributable to Vipshop's shareholders——Diluted
|
14.20
|
18.51
|
2.84
|
|
36.91
|
45.41
|
6.96
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income
per ADS (1 ordinary share equal to 5 ADSs)
|
|
|
|
|
|
|
|
Non-GAAP net income
attributable to Vipshop's shareholders——Basic
|
2.88
|
3.80
|
0.58
|
|
7.51
|
9.28
|
1.42
|
Non-GAAP net income
attributable to Vipshop's shareholders——Diluted
|
2.84
|
3.70
|
0.57
|
|
7.38
|
9.08
|
1.39
|
View original
content:http://www.prnewswire.com/news-releases/vipshop-reports-unaudited-fourth-quarter-and-full-year-2020-financial-results-301235325.html
SOURCE Vipshop Holdings Limited