Conference Call to Be Held at 7:30 A.M. U.S. Eastern Time on November 18, 2021
GUANGZHOU, China, Nov. 18, 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
quarter ended September 30, 2021.
Third Quarter 2021 Highlights
- Total net revenue for the third quarter of 2021
increased by 7.5% year over year to RMB24.9
billion (US$3.9 billion) from
RMB23.2 billion in the prior year
period.
- GMV[1] for the third quarter of 2021
increased by 5% year over year to RMB40.2
billion from RMB38.3 billion
in the prior year period.
- Gross profit for the third quarter of 2021 was
RMB4.8 billion (US$751.4 million), as compared with RMB4.9 billion in the prior year period.
- Net income attributable to Vipshop's shareholders for
the third quarter of 2021 was RMB628.4
million (US$97.5 million), as
compared with RMB1.2 billion in the
prior year period.
- Non-GAAP net income attributable to Vipshop's
shareholders [2] for the third quarter of 2021 was
RMB1.0 billion (US$159.6 million), as compared with RMB1.4 billion in the prior year period.
- The number of active customers [3] for the
third quarter of 2021 increased to 43.9 million from 43.4 million
in the prior year period.
- Total orders [4] for the third quarter of
2021 were 172.9 million, which largely stayed flat as compared with
172.8 million in the prior year period.
Mr. Eric Shen, Chairman and Chief
Executive Officer of Vipshop, stated, "In the third quarter of
2021, our business demonstrated resilience in a challenging macro
and retail environment. Our key operating metrics continued to
improve year over year, with total active customers increasing to
43.9 million and total GMV reaching RMB40.2
billion. We are encouraged by the developments made through
the implementation of our merchandising strategy, which enabled our
core brand partners to increase sales efficiencies, while also
expanding our high-value customer base. We will continue to
strengthen our position as a leading discount retailer for brands
and our value proposition to partners and customers to drive solid,
quality and sustainable business growth."
Mr. David Cui, Chief Financial
Officer of Vipshop, further commented, "We have delivered top-line
growth in line with our expectations, primarily driven by the solid
contribution from our high-value customers who helped improve the
overall average revenue per user. Our profitability remained solid
as we were more disciplined in spending and focused on improving
operating efficiencies. Going forward, we will continue to drive
business synergies on the merchandising and operation ends to
deliver steady financial performance."
Third Quarter 2021 Financial Results
REVENUE
Total net revenue for the third quarter of 2021 increased by
7.5% year over year to RMB24.9
billion (US$3.9 billion) from
RMB23.2 billion in the prior year
period, primarily driven by the growth in the average revenue per
user.
GROSS PROFIT
Gross profit for the third quarter of 2021 was RMB4.8 billion (US$751.4
million), as compared with RMB4.9
billion in the prior year period. Gross margin for the third
quarter of 2021 was 19.4%, as compared with 21.1% in the prior year
period.
OPERATING EXPENSES
Total operating expenses for the third quarter of 2021 were
RMB4.2 billion (US$659.2 million), as compared with RMB3.9 billion in the prior year period. As a
percentage of total net revenue, total operating expenses for the
third quarter of 2021 was 17.0%, as compared with 16.9% in the
prior year period.
- Fulfillment expenses for the third quarter of
2021 were RMB1.6 billion
(US$251.2 million), which largely
stayed flat as compared with the corresponding period in 2020. As a
percentage of total net revenue, fulfillment expenses for the third
quarter of 2021 decreased to 6.5% from 7.0% in the prior year
period.
- Marketing expenses for the third quarter of 2021
were RMB1.2 billion (US$192.7 million), as compared with RMB1.1 billion in the prior year period. As a
percentage of total net revenue, marketing expenses for the third
quarter of 2021 was 5.0%, as compared with 4.9% in the prior year
period.
- Technology and content expenses for the third
quarter of 2021 were RMB366.8 million
(US$56.9 million), as compared with
RMB305.1 million in the prior year
period. As a percentage of total net revenue, technology and
content expenses for the third quarter of 2021 was 1.5%, as
compared with 1.3% in the prior year period.
- General and administrative expenses for the third
quarter of 2021 were RMB1.0 billion
(US$158.4 million), as compared with
RMB848.6 million in the prior year
period. As a percentage of total net revenue, general and
administrative expenses for the third quarter of 2021 was 4.1%, as
compared with 3.7% in the prior year period.
INCOME FROM OPERATIONS
Income from operations for the third quarter of 2021 was
RMB770.8 million (US$119.6 million), as compared with RMB1.2 billion in the prior year period.
Operating margin for the third quarter of 2021 was 3.1%, as
compared with 5.4% in the prior year period.
Non-GAAP income from operations[5] for the third
quarter of 2021, which excluded share-based compensation expenses
and amortization of intangible assets resulting from business
acquisitions, was RMB1.1 billion
(US$163.9 million), as compared with
RMB1.5 billion in the prior year
period. Non-GAAP operating income margin[6] for the
third quarter of 2021 was 4.2%, as compared with 6.4% in the prior
year period.
NET INCOME
Net income attributable to Vipshop's shareholders for the third
quarter of 2021 was RMB628.4 million
(US$97.5 million), as compared with
RMB1.2 billion in the prior year
period. Net margin attributable to Vipshop's shareholders for the
third quarter of 2021 was 2.5%, as compared with 5.4% in the prior
year period. Net income attributable to Vipshop's shareholders per
diluted ADS[7] for the third quarter of 2021 decreased
to RMB0.92 (US$0.14) from RMB1.80 in the prior year period.
Non-GAAP net income attributable to Vipshop's shareholders for
the third quarter of 2021, which excluded (i) share-based
compensation expenses, (ii) impairment loss of investments, (iii)
investment gain and revaluation of investments excluding dividends,
(iv) share of loss (gain) in investment of limited partnerships
that are accounted for as equity method investees, (v) amortization
of intangible assets resulting from business acquisitions, and (vi)
tax effects on non-GAAP adjustments, was RMB1.0 billion (US$159.6
million), as compared with RMB1.4
billion in the prior year period. Non-GAAP net margin
attributable to Vipshop's shareholders[8] for the third
quarter of 2021 was 4.1%, as compared with 6.0% in the prior year
period. Non-GAAP net income attributable to Vipshop's shareholders
per diluted ADS[9] for the third quarter of 2021
decreased to RMB1.50 (US$0.23) from RMB2.01 in the prior year period.
For the quarter ended September 30,
2021, the Company's weighted average number of ADSs used in
computing diluted income per ADS was 684,019,890.
BALANCE SHEET AND CASH FLOW
As of September 30, 2021, the
Company had cash and cash equivalents and restricted cash of
RMB13.2 billion (US$2.0 billion) and short term investments of
RMB3.7 billion (US$569.3 million).
For the quarter ended September 30,
2021, net cash used in operating activities was RMB1.7 billion (US$261.7
million), and free cash flow[10], a non-GAAP
measurement of liquidity, was as follows:
For the three months
ended
|
|
Sep 30, 2020
RMB'000
|
Sep 30, 2021
RMB'000
|
Sep 30, 2021
US$'000
|
Net cash generated from
(used in) operating
activities
|
1,202,504
|
(1,685,936)
|
(261,653)
|
|
Reconciling
items:
Net impact from
Internet financing
activities[11]
|
(178,412)
|
(9,230)
|
(1,432)
|
|
Capital
expenditures
|
(627,434)
|
(1,003,573)
|
(155,752)
|
|
Free cash
inflow(outflow)
|
396,658
|
(2,698,739)
|
(418,837)
|
|
For the trailing twelve
months ended
|
|
Sep 30, 2020
RMB'000
|
Sep 30, 2021
RMB'000
|
Sep 30, 2021
US$'000
|
Net cash generated from
operating activities
|
10,684,651
|
7,099,135
|
1,101,768
|
|
Reconciling
items:
Net impact from
Internet financing activities[11]
|
(2,367,857)
|
(175,185)
|
(27,188)
|
|
Capital
expenditures
|
(2,907,965)
|
(2,873,998)
|
(446,037)
|
|
Free cash
inflow
|
5,408,829
|
4,049,952
|
628,543
|
|
Business Outlook
For the fourth quarter of 2021, the Company expects its total
net revenue to be between RMB35.8
billion and RMB37.6 billion,
representing a year-over-year growth rate 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
RMB6.4434 to US$1.00, the effective noon buying rate on
September 30, 2021 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 September 30, 2021, or
at any other rate.
Conference Call Information
The Company will hold a conference call on Thursday, November 18, 2021 at 7:30 am US 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. Once
pre-registration has been completed, participants will receive
dial-in numbers, a passcode, and a unique registrant ID via email.
To join the conference, participants should use the dial-in details
in the email and then enter the event passcode followed by the
registrant ID.
Conference
ID
|
#1080234
|
Registration
Link
|
http://apac.directeventreg.com/registration/event/1080234
|
A replay of the conference call will be accessible until
November 24, 2021 via the following
dial-in details:
United States Toll Free:
+1-855-452-5696
International:
+61-2-8199-0299
Conference ID:
#1080234
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.
[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, Shan Shan Outlets and city
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 and city 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) impairment loss of investments, (iii) investment
gain and revaluation of investments excluding dividends, (iv) share
of loss (gain) in investment of limited partnerships that are
accounted for as equity method investees, (v) amortization of
intangible assets resulting from business acquisitions, and (vi)
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 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.
|
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 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)
impairment loss of investments, (iii) investment gain and
revaluation of investments excluding dividends, (iv) share of loss
(gain) in investment of limited partnerships that are accounted for
as equity method investees, (v) amortization of intangible assets
resulting from business acquisitions, and (vi) 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 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 (gain) 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 (gain) 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.
Investor Relations Contact
Tel: +86 (20) 2233-0732
Email: IR@vipshop.com
Vipshop Holdings
Limited
|
Unaudited Condensed
Consolidated Statements of Income and Comprehensive
Income
|
(In thousands,
except for share and per share data)
|
|
|
Three Months
Ended
|
|
|
September
30,2020
|
September
30,2021
|
September
30,2021
|
|
|
RMB'000
|
RMB'000
|
USD'000
|
|
|
|
|
|
|
Product
revenues
|
22,161,443
|
23,532,005
|
3,652,110
|
|
Other revenues
(1)
|
1,018,583
|
1,389,801
|
215,694
|
|
Total net
revenues
|
23,180,026
|
24,921,806
|
3,867,804
|
|
Cost of
revenues
|
(18,299,063)
|
(20,080,295)
|
(3,116,413)
|
|
Gross profit
|
4,880,963
|
4,841,511
|
751,391
|
|
Operating
expenses:
|
|
|
|
|
Fulfillment expenses
(2)
|
(1,619,487)
|
(1,618,292)
|
(251,155)
|
|
Marketing
expenses
|
(1,139,484)
|
(1,241,727)
|
(192,713)
|
|
Technology and content
expenses
|
(305,106)
|
(366,845)
|
(56,933)
|
|
General and
administrative expenses
|
(848,594)
|
(1,020,703)
|
(158,411)
|
|
Total operating
expenses
|
(3,912,671)
|
(4,247,567)
|
(659,212)
|
|
Other operating
income
|
279,820
|
176,842
|
27,445
|
|
Income from
operations
|
1,248,112
|
770,786
|
119,624
|
|
Investment gain and
revaluation of investments
|
186,596
|
(30,310)
|
(4,704)
|
|
Impairment loss of
investments
|
0
|
(36,000)
|
(5,587)
|
|
Interest
expense
|
(4,623)
|
(4,253)
|
(660)
|
|
Interest
income
|
112,286
|
163,053
|
25,305
|
|
Foreign exchange
gain(loss)
|
(96,558)
|
17,134
|
2,659
|
|
Income before income
tax expense and share of gain
(loss) of equity method investees
|
1,445,813
|
880,410
|
136,637
|
|
Income tax
expenses
|
(247,757)
|
(212,305)
|
(32,949)
|
|
Share of gain (loss) of
equity method investees
|
53,598
|
(30,912)
|
(4,797)
|
|
Net income
|
1,251,654
|
637,193
|
98,891
|
|
Net income attributable
to non-controlling interests
|
(7,255)
|
(8,842)
|
(1,372)
|
|
Net income attributable
to Vipshop's shareholders
|
1,244,399
|
628,351
|
97,519
|
|
|
|
|
|
|
Shares used in
calculating earnings per share (3):
|
|
|
|
|
Weighted average number
of Class A and Class B
ordinary shares:
|
|
|
|
|
—Basic
|
135,372,361
|
135,419,982
|
135,419,982
|
|
—Diluted
|
138,166,925
|
136,803,978
|
136,803,978
|
|
|
|
|
|
|
Net earnings per Class
A and Class B ordinary share
|
|
|
|
|
Net income attributable
to Vipshop's shareholders——
Basic
|
9.19
|
4.64
|
0.72
|
|
Net income attributable
to Vipshop's shareholders——
Diluted
|
9.01
|
4.59
|
0.71
|
|
|
|
|
|
|
Net earnings per ADS (1
ordinary share equals to 5
ADSs)
|
|
|
|
|
Net income attributable
to Vipshop's shareholders——
Basic
|
1.84
|
0.93
|
0.14
|
|
Net income attributable
to Vipshop's shareholders——
Diluted
|
1.80
|
0.92
|
0.14
|
|
|
|
|
|
|
(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 1.1 billion and RMB 1.1 billion in the
three month periods ended September 30,2020 and September 30,2021,
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
|
|
Three Months
Ended
|
|
|
September
30,2020
|
September
30,2021
|
September
30,2021
|
|
|
RMB'000
|
RMB'000
|
USD'000
|
|
Share-based
compensation expenses are included in
the operating expenses as follows:
|
|
|
|
|
Fulfillment
expenses
|
24,341
|
28,032
|
4,351
|
|
Marketing
expenses
|
4,405
|
15,821
|
2,455
|
|
Technology and content
expenses
|
42,033
|
73,103
|
11,345
|
|
General and
administrative expenses
|
161,502
|
168,579
|
26,163
|
|
|
|
|
|
|
Total
|
232,281
|
285,535
|
44,314
|
|
Vipshop Holdings
Limited
|
Unaudited Condensed
Consolidated Balance Sheets
|
(In thousands,
except for share and per share data)
|
|
|
|
|
|
|
|
|
|
December
31,2020
|
September
30,2021
|
September
30,2021
|
|
RMB'000
|
RMB'000
|
USD'000
|
ASSETS
|
|
|
|
CURRENT
ASSETS
|
|
|
|
Cash and cash
equivalents
|
11,995,415
|
12,529,110
|
1,944,487
|
Restricted
cash
|
815,906
|
632,263
|
98,126
|
Short term
investments
|
7,328,719
|
3,668,316
|
569,314
|
Accounts receivable,
net
|
334,529
|
446,758
|
69,336
|
Amounts due from
related parties
|
333,539
|
351,560
|
54,561
|
Other receivables and
prepayments,net
|
2,286,359
|
2,204,838
|
342,185
|
Loan
receivables,net
|
27,258
|
571
|
89
|
Inventories
|
7,642,509
|
6,116,915
|
949,330
|
Assets held for
sale
|
408,748
|
0
|
0
|
Total current
assets
|
31,172,982
|
25,950,331
|
4,027,428
|
NON-CURRENT
ASSETS
|
|
|
|
Property and equipment,
net
|
13,584,459
|
14,133,081
|
2,193,420
|
Deposits for property
and equipment
|
73,718
|
357,989
|
55,559
|
Land use rights,
net
|
6,062,792
|
5,919,464
|
918,686
|
Intangible assets,
net
|
333,022
|
320,966
|
49,813
|
Investment in equity
method investees
|
1,949,787
|
2,298,361
|
356,700
|
Other
investments
|
2,861,034
|
2,685,844
|
416,837
|
Other long-term
assets
|
100,328
|
674,338
|
104,656
|
Goodwill
|
593,662
|
593,662
|
92,135
|
Deferred tax assets,
net
|
628,267
|
810,126
|
125,730
|
Operating lease
right-of-use assets
|
1,580,763
|
1,255,571
|
194,862
|
Total non-current
assets
|
27,767,832
|
29,049,402
|
4,508,398
|
TOTAL
ASSETS
|
58,940,814
|
54,999,733
|
8,535,826
|
|
|
|
|
LIABILTIES AND
EQUITY
|
|
|
|
CURRENT
LIABILITIES
|
|
|
|
Short term
loans
|
1,043,426
|
1,801,759
|
279,629
|
Accounts
payable
|
15,191,313
|
9,817,836
|
1,523,704
|
Advance from
customers
|
1,558,891
|
1,240,279
|
192,488
|
Accrued expenses and
other current liabilities
|
7,696,996
|
6,515,679
|
1,011,218
|
Amounts due to related
parties
|
444,100
|
316,984
|
49,195
|
Deferred
income
|
334,431
|
359,609
|
55,810
|
Operating lease
liabilities
|
299,791
|
304,293
|
47,226
|
Total current
liabilities
|
26,568,948
|
20,356,439
|
3,159,270
|
NON-CURRENT
LIABILITIES
|
|
|
|
Deferred tax
liability
|
432,995
|
442,725
|
68,710
|
Deferred income-non
current
|
1,070,891
|
1,036,214
|
160,818
|
Operating lease
liabilities
|
1,360,946
|
1,034,705
|
160,584
|
Other long
term liabilities
|
121,245
|
232,729
|
36,119
|
Total non-current
liabilities
|
2,986,077
|
2,746,373
|
426,231
|
TOTAL
LIABILITIES
|
29,555,025
|
23,102,812
|
3,585,501
|
|
|
|
|
EQUITY:
|
|
|
|
Class A ordinary shares
(US$0.0001 par value,
483,489,642 shares authorized,119,223,484 and
122,694,341 shares issued,of which 119,223,484
and 119,951,351 shares were outstanding as of
December 31, 2020 and September 30,2021, respectively)
|
77
|
80
|
12
|
Class B ordinary shares
(US$0.0001 par value,
16,510,358 shares authorized, and 16,510,358 and
15,560,358 shares issued and outstanding as of
December 31, 2020 and September 30,2021,
respectively)
|
11
|
11
|
2
|
Treasury shares,at
cost(Nil and 2,742,990 Class A
shares as of December 31, 2020 and September
30,2021, respectively )
|
0
|
(1,927,719)
|
(299,177)
|
Additional paid-in
capital
|
10,816,185
|
11,921,880
|
1,850,247
|
Retained
earnings
|
17,740,415
|
21,006,717
|
3,260,191
|
Accumulated other
comprehensive loss
|
(58,954)
|
(107,901)
|
(16,745)
|
Non-controlling
interests
|
888,055
|
1,003,853
|
155,795
|
Total shareholders'
equity
|
29,385,789
|
31,896,921
|
4,950,325
|
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY
|
58,940,814
|
54,999,733
|
8,535,826
|
|
|
|
|
|
|
|
|
|
Vipshop Holdings
Limited
|
Reconciliations of
GAAP and Non-GAAP Results
|
|
|
|
|
|
Three Months
Ended
|
|
September
30,2020
|
September
30,2021
|
September
30,2021
|
|
RMB'000
|
RMB'000
|
USD'000
|
Income from
operations
|
1,248,112
|
770,786
|
119,624
|
Share-based
compensation expenses
|
232,281
|
285,535
|
44,314
|
Amortization of
intangible assets resulting from
business acquisitions
|
5,896
|
0
|
0
|
Non-GAAP income from
operations
|
1,486,289
|
1,056,321
|
163,938
|
|
|
|
|
|
|
|
|
Net income attributable
to Vipshop's shareholders
|
1,244,399
|
628,351
|
97,519
|
Share-based
compensation expenses
|
232,281
|
285,535
|
44,314
|
Impairment loss of
investments
|
0
|
36,000
|
5,587
|
Investment gain and
revaluation of investments
excluding dividends
|
(84,961)
|
66,650
|
10,344
|
Share of loss(gain) in
investment of limited
partnerships that are accounted for as an equity
method investee
|
(4,747)
|
16,968
|
2,633
|
Amortization of
intangible assets resulting from
business acquisitions
|
5,896
|
0
|
0
|
Tax effects on non-GAAP
adjustments
|
(7,284)
|
(4,907)
|
(762)
|
Non-GAAP net income
attributable to Vipshop's
shareholders
|
1,385,584
|
1,028,597
|
159,635
|
|
|
|
|
|
|
|
|
Shares used in
calculating earnings per share:
|
|
|
|
Weighted average number
of Class A and Class B
ordinary shares:
|
|
|
|
—Basic
|
135,372,361
|
135,419,982
|
135,419,982
|
—Diluted
|
138,166,925
|
136,803,978
|
136,803,978
|
|
|
|
|
Non-GAAP net income per
Class A and Class B
ordinary share
|
|
|
|
Non-GAAP net income
attributable to Vipshop's
shareholders——Basic
|
10.24
|
7.60
|
1.18
|
Non-GAAP net income
attributable to Vipshop's
shareholders——Diluted
|
10.03
|
7.52
|
1.17
|
|
|
|
|
|
|
|
|
Non-GAAP net income per
ADS (1 ordinary share
equal to 5 ADSs)
|
|
|
|
Non-GAAP net income
attributable to Vipshop's
shareholders——Basic
|
2.05
|
1.52
|
0.24
|
Non-GAAP net income
attributable to Vipshop's
shareholders——Diluted
|
2.01
|
1.50
|
0.23
|
View original
content:https://www.prnewswire.com/news-releases/vipshop-reports-unaudited-third-quarter-2021-financial-results-301427809.html
SOURCE Vipshop Holdings Limited