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Vipshop Reports Unaudited Second Quarter 2024 Financial Results

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Conference Call to Be Held at 7:30 A.M. U.S. Eastern Time on August 20, 2024

GUANGZHOU, China, Aug. 20, 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 ended June 30, 2024.

Second Quarter 2024 Highlights

Total net revenues for the second quarter of 2024 were RMB26.9 billion (US$3.7 billion), compared with RMB27.9 billion in the prior year period.GMV[1] for the second quarter of 2024 was RMB50.6 billion, which largely stayed flat compared with that in the prior year period.Gross profit for the second quarter of 2024 increased by 2.2% year over year to RMB6.3 billion (US$872.6 million) from RMB6.2 billion in the prior year period. Net income attributable to Vipshop’s shareholders for the second quarter of 2024 was RMB1.9 billion (US$265.7 million), compared with RMB2.1 billion in the prior year period.Non-GAAP net income attributable to Vipshop’s shareholders[2] for the second quarter of 2024 was RMB2.2 billion (US$298.0 million), compared with RMB2.4 billion in the prior year period.The number of active customers[3] for the second quarter of 2024 was 44.3 million, compared with 45.6 million in the prior year period.Total orders[4] for the second quarter of 2024 were 197.8 million, compared with 213.8 million in the prior year period.

Mr. Eric Shen, Chairman and Chief Executive Officer of Vipshop, stated, “Our second quarter results reflected the agility of our team and the resilience of our business model, as we achieved operational excellence in the face of slower sales momentum. The fundamental strength of our business was evidenced by the resilient performance of our core brands and active Super VIP members. In the second quarter, we continued to sharpen our focus on enriching merchandise offerings, delivering value, and providing worry-free services, which are our core competitive edges. Looking ahead, we will stay close to customer needs, continue investing in our merchandising capabilities, and consistently execute on the discount retail fundamentals to achieve quality growth for the long term.”

Mr. Mark Wang, Chief Financial Officer of Vipshop, further commented, “In the second quarter, we achieved solid profitability despite ongoing pressure on the topline growth. Our continued efforts in operating efficiency improvement helped us maintain consistent and healthy margins. Moreover, we accelerated our pace of preserving shareholder value with over US$200 million having been utilized for share buybacks during the quarter, and a new share repurchase program of up to US$1 billion will be in place after we fully utilize the remaining amount under the existing program. While uncertainties remain in the near term, we believe that our disciplined approach to managing the business, along with the long-term investments we are making in line with our strategy, positions us well to deliver sustainable and profitable growth in the long run.”

Second Quarter 2024 Financial Results

REVENUES 

Total net revenues for the second quarter of 2024 were RMB26.9 billion (US$3.7 billion), compared with RMB27.9 billion in the prior year period.

GROSS PROFIT

Gross profit for the second quarter of 2024 increased by 2.2% year over year to RMB6.3 billion (US$872.6 million) from RMB6.2 billion in the prior year period. Gross margin for the second quarter of 2024 increased to 23.6% from 22.2% in the prior year period.

OPERATING EXPENSES

Total operating expenses for the second quarter of 2024 decreased by 4.2% year over year to RMB4.3 billion (US$590.8 million) from RMB4.5 billion in the prior year period. As a percentage of total net revenues, total operating expenses for the second quarter of 2024 decreased to 16.0% from 16.1% in the prior year period.

Fulfillment expenses for the second quarter of 2024 decreased by 0.8% year over year to RMB2.16 billion (US$297.9 million) from RMB2.18 billion in the prior year period. As a percentage of total net revenues, fulfillment expenses for the second quarter of 2024 was 8.1%, compared with 7.8% in the prior year period.Marketing expenses for the second quarter of 2024 decreased by 17.0% year over year to RMB740.7 million (US$101.9 million) from RMB892.5 million in the prior year period. As a percentage of total net revenues, marketing expenses for the second quarter of 2024 decreased to 2.8% from 3.2% in the prior year period.Technology and content expenses for the second quarter of 2024 increased by 10.0% year over year to RMB487.2 million (US$67.0 million) from RMB443.0 million in the prior year period. As a percentage of total net revenues, technology and content expenses for the second quarter of 2024 was 1.8%, compared with 1.6% in the prior year period.General and administrative expenses for the second quarter of 2024 decreased by 6.5% year over year to RMB900.7 million (US$123.9 million) from RMB963.1 million in the prior year period. As a percentage of total net revenues, general and administrative expenses for the second quarter of 2024 decreased to 3.4% from 3.5% in the prior year period.

INCOME FROM OPERATIONS

Income from operations for the second quarter of 2024 increased by 16.5% year over year to RMB2.2 billion (US$307.2 million) from RMB1.9 billion in the prior year period. Operating margin for the second quarter of 2024 increased to 8.3% from 6.9% in the prior year period.

Non-GAAP income from operations[5] for the second quarter of 2024, which excluded share-based compensation expenses, increased by 11.6% year over year to RMB2.6 billion (US$352.9 million) from RMB2.3 billion in the prior year period. Non-GAAP operating margin[6] for the second quarter of 2024 increased to 9.5% from 8.2% in the prior year period.

NET INCOME

Net income attributable to Vipshop’s shareholders for the second quarter of 2024 was RMB1.9 billion (US$265.7 million), compared with RMB2.1 billion in the prior year period. Net margin attributable to Vipshop’s shareholders for the second quarter of 2024 was 7.2%, compared with 7.5% in the prior year period. Net income attributable to Vipshop’s shareholders per diluted ADS[7] for the second quarter of 2024 was RMB3.49 (US$0.48), compared with RMB3.75 in the prior year period.

Non-GAAP net income attributable to Vipshop’s shareholders for the second quarter of 2024, 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, was RMB2.2 billion (US$298.0 million), compared with RMB2.4 billion in the prior year period. Non-GAAP net margin attributable to Vipshop’s shareholders[8] for the second quarter of 2024 was 8.1%, compared with 8.6% in the prior year period. Non-GAAP net income attributable to Vipshop’s shareholders per diluted ADS[9] for the second quarter of 2024 was RMB3.91 (US$0.54), compared with RMB4.30 in the prior year period.

For the quarter ended June 30, 2024, the Company’s weighted average number of ADSs used in computing diluted income per ADS was 553,677,165.

BALANCE SHEET AND CASH FLOW

As of June 30, 2024, the Company had cash and cash equivalents and restricted cash of RMB21.6 billion (US$3.0 billion) and short term investments of RMB1.9 billion (US$264.3 million).

For the quarter ended June 30, 2024, net cash generated from operating activities was RMB287.1 million (US$39.5 million), and free cash flow[10], a non-GAAP measurement of liquidity, was as follows:

For the three months ended

June 30, 2023

 

RMB’000

June 30, 2024

 

RMB’000

June 30, 2024

 

US$’000

Net cash generated from operating activities

4,053,402

287,090

39,505

Reconciling items:

   Net impact from internet financing activities[11]

199,429

27,193

3,742

   Capital expenditures

(1,658,548)

(1,178,086)

(162,110)

Free cash inflow (outflow)

2,594,283

(863,803)

(118,863)

 

For the trailing twelve months ended

June 30, 2023

 

RMB’000

June 30, 2024

 

RMB’000

June 30, 2024

 

US$’000

Net cash generated from operating activities

11,764,313

9,626,765

1,324,687

Reconciling items:

   Net impact from internet financing activities

315,313

(84,782)

(11,666)

   Capital expenditures

(3,906,017)

(4,360,210)

(599,985)

Free cash inflow

8,173,609

5,181,773

713,036

Share Repurchase Program

During the quarter ended June 30, 2024, the Company repurchased US$205.9 million of its ADSs under its current US$1 billion share repurchase program, which is effective through March 2025. As of June 30, 2024, the Company has an unutilized amount of US$330.3 million under this program.

The board of directors has authorized a new share repurchase program under which the Company may repurchase up to US$1 billion of its American depositary shares or Class A ordinary shares for a 24-month period commencing from the full utilization of the existing share repurchase program adopted in March 2023, as amended.

The Company will implement its share repurchases in accordance with applicable rules and requirements under the Securities Exchange Act of 1934, as amended, and the Company’s insider trading policy. The Company’s board of directors will review the share repurchase programs periodically, and may authorize adjustment of their terms and size. The Company expects to fund the repurchases out of its existing cash balance.

Amended and Restated 2014 Share Incentive Plan

The Company adopted an Amended and Restated 2014 Share Incentive Plan, as approved and authorized by the board of directors of the Company and its compensation committee. This plan amends and restates the original plan in its entirety, primarily for the purpose of extending the term of the original plan, and assumes all awards granted under the original plan. The Amended and Restated 2014 Share Incentive Plan will expire upon the tenth anniversary of the effective date.

Business Outlook

For the third quarter of 2024, the Company expects its total net revenues to be between RMB20.5 billion and RMB21.6 billion, representing a year-over-year decrease of approximately 10% 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 translations 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 RMB7.2672 to US$1.00, the effective noon buying rate on June 28, 2024 as set forth in the H.10 statistical release of the Federal Reserve Board. No representation is made that the Renminbi amounts could have been, or could be, converted, realized or settled into U.S. dollars at that rate on June 28, 2024, or at any other rate.

Conference Call Information

The Company will hold a conference call on Tuesday, August 20, 2024 at 7:30 am U.S. Eastern Time, 7:30 pm Beijing Time to discuss the financial results.

All participants wishing to join the conference call must pre-register online using the link provided below.

Registration Link: https://register.vevent.com/register/BIfbccf9124acb48109bcc343f7ada8c5b

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/7y28oi6a. 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; 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 cash flows for the period presented and the 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 given period, including 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 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 updated its definition of “active customers” to exclude registered members who make 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 given period, including the orders for products and services sold through the Company’s online sales business and on the Company’s online marketplace platforms (excluding, for the avoidance of doubt, orders from the Company’s offline stores and outlets), net of orders returned.

[5] Non-GAAP income from operations is a non-GAAP financial measure, which is defined as income from operations excluding share-based compensation expenses.

[6] Non-GAAP operating margin is a non-GAAP financial measure, which is defined as non-GAAP income from operations as a percentage of total net revenues.

[7] “ADS” means American depositary share, each of which represents 0.2 Class A ordinary share.

[8] Non-GAAP net margin attributable to Vipshop’s shareholders is a non-GAAP financial measure, which is defined as non-GAAP net income attributable to Vipshop’s shareholders, as a percentage of total net revenues.

[9] Non-GAAP net income attributable to Vipshop’s shareholders per diluted ADS is a non-GAAP financial measure, which is defined as non-GAAP net income attributable to Vipshop’s shareholders, divided by the weighted average number of diluted ADSs outstanding for computing diluted earnings per ADS.

[10] Free cash flow is a non-GAAP financial measure, which is defined as net cash from operating activities adding back the impact from internet financing activities and less capital expenditures, which include purchase and deposits of property and equipment and land use rights.

[11] Net impact from internet financing activities represents net cash flow relating to the Company’s financial products, which are primarily consumer financing and supplier financing that the Company provides to its customers and suppliers.

 

 

 Vipshop Holdings Limited 

 Unaudited Condensed Consolidated Statements of Income and Comprehensive Income  

 (In thousands, except for share and per share data) 

Three Months Ended

Six Months Ended

June 30,2023

June 30,2024

June 30,2024

June 30,2023

June 30,2024

June 30,2024

RMB’000

RMB’000

USD’000

RMB’000

RMB’000

USD’000

Product revenues 

26,163,113

25,077,607

3,450,794

52,100,943

50,924,737

7,007,477

Other revenues (1)

1,716,187

1,797,561

247,353

3,314,740

3,596,311

494,869

 Total net revenues 

27,879,300

26,875,168

3,698,147

55,415,683

54,521,048

7,502,346

 Cost of revenues 

(21,677,355)

(20,533,956)

(2,825,566)

(43,309,175)

(41,634,335)

(5,729,075)

 Gross profit 

6,201,945

6,341,212

872,581

12,106,508

12,886,713

1,773,271

 Operating expenses: 

 Fulfillment expenses (2) 

(2,181,066)

(2,164,681)

(297,870)

(3,964,897)

(4,150,206)

(571,087)

 Marketing expenses 

(892,505)

(740,662)

(101,918)

(1,729,399)

(1,431,546)

(196,987)

 Technology and content expenses 

(443,046)

(487,156)

(67,035)

(835,809)

(969,057)

(133,347)

 General and administrative expenses 

(963,117)

(900,671)

(123,936)

(2,010,788)

(1,829,758)

(251,783)

 Total operating expenses 

(4,479,734)

(4,293,170)

(590,759)

(8,540,893)

(8,380,567)

(1,153,204)

 Other operating income 

194,288

184,380

25,372

336,577

485,978

66,873

 Income from operations 

1,916,499

2,232,422

307,194

3,902,192

4,992,124

686,940

 Investment gain (loss) and revaluation of investments 

39,354

(17,855)

(2,457)

81,334

(21,413)

(2,947)

 Impairment loss of investments 

(19,105)

(14,691)

(2,022)

(19,105)

(14,691)

(2,022)

 Interest expense 

(1,989)

(13,666)

(1,881)

(7,696)

(24,221)

(3,333)

 Interest income 

183,168

191,656

26,373

405,133

407,713

56,103

 Exchange gain (loss) 

282,636

(74,896)

(10,306)

274,449

(77,263)

(10,632)

 Income before income tax expense and share of income of equity
method investees 

2,400,563

2,302,970

316,901

4,636,307

5,262,249

724,109

 Income tax expenses  

(339,056)

(405,646)

(55,819)

(729,201)

(1,024,932)

(141,035)

 Share of income of equity method investees 

49,202

47,203

6,495

81,009

55,138

7,587

 Net income 

2,110,709

1,944,527

267,577

3,988,115

4,292,455

590,661

Net income attributable to non-controlling interests

(13,255)

(13,320)

(1,833)

(31,931)

(44,538)

(6,129)

 Net income attributable to Vipshop’s shareholders 

2,097,454

1,931,207

265,744

3,956,184

4,247,917

584,532

 Shares used in calculating earnings per share (3): 

 Weighted average number of Class A and Class B ordinary
shares: 

 —Basic 

110,053,473

108,709,998

108,709,998

112,975,907

108,584,522

108,584,522

 —Diluted 

111,819,666

110,735,433

110,735,433

114,669,108

110,708,271

110,708,271

 Net earnings per Class A and Class B ordinary share 

 Net income attributable to Vipshop’s shareholders——Basic 

19.06

17.76

2.44

35.02

39.12

5.38

 Net income attributable to Vipshop’s shareholders——Diluted 

18.76

17.44

2.40

34.50

38.37

5.28

 Net earnings per ADS (1 ordinary share equals to 5 ADSs) 

 Net income attributable to Vipshop’s shareholders——Basic 

3.81

3.55

0.49

7.00

7.82

1.08

 Net income attributable to Vipshop’s shareholders——Diluted 

3.75

3.49

0.48

6.90

7.67

1.06

(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 RMB 1.6 billion and RMB1.5 billion in the three
month periods ended June 30,2023 and June 30,2024, respectively.

(2) Fulfillment expenses include shipping and handling expenses,
which amounted RMB2.9 billion and RMB2.9 billion in the six month
periods ended June 30,2023 and June 30,2024, respectively.

(3) Authorized share capital is re-classified and re-designated into Class A ordinary shares and Class B ordinary shares, with each 
Class A ordinary share being entitled to one vote and each Class B ordinary share being entitled to ten votes on all matters that are
subject to shareholder vote.

(3) Authorized share capital is re-classified and re-designated into
Class A ordinary shares and Class B ordinary shares, with each
Class A ordinary share being entitled to one vote and each Class B
ordinary share being entitled to ten votes on all matters that are
subject to shareholder vote.

Three Months Ended

Six Months Ended

June 30,2023

June 30,2024

June 30,2024

June 30,2023

June 30,2024

June 30,2024

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 

23,173

20,727

2,852

38,542

41,091

5,654

 Marketing expenses 

8,383

7,516

1,034

17,711

15,335

2,110

 Technology and content expenses 

92,906

96,856

13,328

154,273

190,288

26,185

 General and administrative expenses 

256,996

206,985

28,482

475,076

380,832

52,404

 Total 

381,458

332,084

45,696

685,602

627,546

86,353

 

 

 Vipshop Holdings Limited 

 Unaudited Condensed Consolidated Balance Sheets 

 (In thousands, except for share and per share data) 

December 31,2023

June 30,2024

June 30,2024

RMB’000

RMB’000

USD’000

ASSETS

CURRENT ASSETS

Cash and cash equivalents

25,414,729

21,030,780

2,893,932

Restricted cash 

882,637

587,796

80,883

Short term investments

1,983,201

1,920,872

264,321

Accounts receivable, net

778,767

932,010

128,249

Amounts due from related parties,net

553,502

574,880

79,106

Other receivables and prepayments,net

2,298,612

2,529,655

348,092

Loan receivables,net

4,437

5,476

754

Inventories

5,644,713

4,172,868

574,206

Total current assets

37,560,598

31,754,337

4,369,543

NON-CURRENT ASSETS

Property and equipment, net

16,882,100

17,585,608

2,419,860

Deposits for property and equipment

200,739

178,269

24,531

Land use rights, net

10,132,626

10,433,786

1,435,737

Intangible assets, net

332,821

329,733

45,373

Investment in equity method investees

2,155,561

2,063,075

283,889

Other investments

2,916,189

3,163,209

435,272

Other long-term assets

147,669

237,930

32,740

Goodwill

755,213

755,213

103,921

Deferred tax assets, net

685,017

689,995

94,946

Operating lease right-of-use assets

554,061

459,412

63,217

Total non-current assets

34,761,996

35,896,230

4,939,486

TOTAL ASSETS

72,322,594

67,650,567

9,309,029

 LIABILITIES AND  EQUITY  

 CURRENT LIABILITIES 

 Short term loans 

1,425,576

2,485,533

342,021

 Accounts payable 

17,259,395

12,225,160

1,682,238

 Advance from customers  

1,689,881

1,319,266

181,537

 Accrued expenses and other current liabilities  

9,560,449

8,029,983

1,104,963

 Amounts due to related parties  

150,373

184,165

25,342

 Deferred income  

457,594

432,360

59,495

 Operating lease liabilities 

80,868

66,052

9,089

Total current liabilities

30,624,136

24,742,519

3,404,685

 NON-CURRENT LIABILITIES 

Deferred tax liability 

692,492

647,273

89,068

Deferred income-non current 

1,756,949

1,951,942

268,596

 Operating lease liabilities 

689,259

607,278

83,564

Total non-current liabilities

3,138,700

3,206,493

441,228

TOTAL LIABILITIES

33,762,836

27,949,012

3,845,913

EQUITY:

Class A ordinary shares (US$0.0001 par value, 483,489,642
shares authorized,98,877,929 and 99,958,367 shares issued,of
which 92,900,247 and 91,129,644 shares were outstanding as of
December 31,2023 and June 30,2024, respectively) 

62

63

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, 2023 and June 30,2024,
respectively) 

11

11

2

Treasury shares,at cost(5,977,682 and 8,828,723 Class A shares
as of December 31,2023 and June 30,2024, respectively )

(3,624,763)

(5,205,735)

(716,333)

Additional paid-in capital

4,444,755

4,751,653

653,849

Retained earnings

36,836,928

39,414,170

5,423,570

Accumulated other comprehensive loss

(695,589)

(684,551)

(94,197)

Non-controlling interests

1,598,354

1,425,944

196,216

Total shareholders’ equity

38,559,758

39,701,555

5,463,116

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 

72,322,594

67,650,567

9,309,029

 

 

 Vipshop Holdings Limited 

 Reconciliations of GAAP and Non-GAAP Results 

Three Months Ended

Six Months Ended

June 30,2023

June 30,2024

June 30,2024

June 30,2023

June 30,2024

June 30,2024

RMB’000

RMB’000

USD’000

RMB’000

RMB’000

USD’000

 Income from operations 

1,916,499

2,232,422

307,194

3,902,192

4,992,124

686,940

 Share-based compensation expenses 

381,458

332,084

45,696

685,602

627,546

86,353

 Non-GAAP income from operations 

2,297,957

2,564,506

352,890

4,587,794

5,619,670

773,293

 Net income attributable to Vipshop’s shareholders 

2,097,454

1,931,207

265,744

3,956,184

4,247,917

584,532

 Share-based compensation expenses 

381,458

332,084

45,696

685,602

627,546

86,353

 Impairment loss of investments 

19,105

14,691

2,022

19,105

14,691

2,022

 Investment (gain) loss and revaluation of investments excluding dividends 

(39,352)

17,855

2,457

(81,333)

21,413

2,947

 Reconciling items on the share of equity method investments(4) 

(22,897)

(15,124)

(2,081)

(37,612)

(28,647)

(3,942)

 Tax effects on non-GAAP adjustments 

(34,432)

(115,297)

(15,865)

(71,390)

(134,789)

(18,548)

 Non-GAAP net income attributable to Vipshop’s shareholders 

2,401,336

2,165,416

297,973

4,470,556

4,748,131

653,364

(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 

110,053,473

108,709,998

108,709,998

112,975,907

108,584,522

108,584,522

 —Diluted 

111,819,666

110,735,433

110,735,433

114,669,108

110,708,271

110,708,271

 Non-GAAP net income per Class A and Class B ordinary share 

 Non-GAAP net income attributable to Vipshop’s shareholders——Basic 

21.82

19.92

2.74

39.57

43.73

6.02

 Non-GAAP net income attributable to Vipshop’s shareholders——Diluted 

21.48

19.55

2.69

38.99

42.89

5.90

 Non-GAAP net income per ADS (1 ordinary share equal to 5 ADSs) 

 Non-GAAP net income attributable to Vipshop’s shareholders——Basic 

4.36

3.98

0.55

7.91

8.75

1.20

 Non-GAAP net income attributable to Vipshop’s shareholders——Diluted 

4.30

3.91

0.54

7.80

8.58

1.18

 

View original content:https://www.prnewswire.com/news-releases/vipshop-reports-unaudited-second-quarter-2024-financial-results-302226220.html

SOURCE Vipshop Holdings Limited

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Best Accounting Software for Medium-Sized Business UK (2026): QuickBooks Advanced Recognised as a Scalable Finance Platform for UK Mid-Market Businesses by Consumer365

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NEW YORK, May 9, 2026 /PRNewswire/ — As demand for scalable financial tools grows, attention is shifting towards the best accounting software for medium-sized businesses in the UK in 2026, as organisations face increasingly complex accounting requirements. Consumer365 has recognised QuickBooks as a cloud-based platform supporting more structured financial management, reflecting a wider focus on improving automation, visibility, and compliance readiness.

Best Accounting Software for Medium-Sized Business UK

QuickBooks – developed as a cloud-based accounting platform, it enables medium-sized businesses to manage financial operations, automate core accounting processes, and maintain compliance with UK regulatory requirements.

Growing Demand for Scalable Financial Systems in the UK Mid-Market

Medium-sized businesses in the UK are operating in an environment where financial management is becoming increasingly complex. Growth introduces additional reporting layers, heightened regulatory expectations, and the need for consistent financial oversight across departments.

Traditional accounting methods are often no longer sufficient under these conditions. Spreadsheet-based systems and entry-level tools can struggle to deliver accurate, timely insights. This creates visibility gaps that can impact planning and decision-making.

QuickBooks has been identified within this context as a platform designed to support more structured financial management. Its positioning reflects a broader shift towards systems that centralise financial data and reduce fragmentation across business operations.

QuickBooks Positioned as a Scalable Financial Platform

QuickBooks operates as a cloud-based accounting system developed by Intuit. It is designed to support businesses that require more than basic bookkeeping functionality, focusing on helping organisations manage financial processes in a more connected and scalable way.

A key aspect of its design is the ability to consolidate financial information within a single system. This allows businesses to manage invoicing, expenses, reporting, and cash flow tracking without relying on multiple disconnected tools.

The platform is also structured to support growth. As businesses expand, financial operations often become more distributed across teams. QuickBooks enables multiple users to work within the same system while maintaining structured access controls, helping ensure consistency and oversight as complexity increases.

Financial Visibility, Automation, and Operational Control

One of the central functions of QuickBooks is improving financial visibility across business operations. Real-time data access allows organisations to monitor cash flow, expenses, and overall financial performance without waiting for end-of-period reporting cycles.

Automation plays a significant role in reducing manual workload. Financial processes such as invoicing, transaction categorisation, and expense tracking can be streamlined, reducing reliance on repetitive manual input and supporting more consistent financial records.

Operational control is reinforced through structured user permissions. Businesses can assign access levels based on roles, ensuring financial data is managed securely while still enabling collaboration across departments. This structure is particularly relevant for medium-sized organisations where multiple teams interact with financial systems.

Integration, Compliance, and System Connectivity

QuickBooks is designed to integrate with a range of business tools commonly used by UK organisations. These include payroll systems, customer relationship management platforms, and other operational software. This level of connectivity helps ensure that financial data remains consistent across systems.

Compliance is also a core part of the platform’s structure. UK businesses must meet specific regulatory requirements, including VAT reporting and Making Tax Digital standards. QuickBooks includes features that support these obligations within the system, reducing the need for manual compliance processes.

By aligning financial reporting with regulatory standards, the platform helps organisations maintain accurate records while reducing the administrative burden associated with tax and compliance requirements.

Operational Impact and Long-Term Financial Structure

As businesses grow, financial systems often become central to overall operational structure. Decisions related to hiring, investment, and expansion rely on access to accurate and timely financial data. Systems that lack integration or real-time visibility can slow decision-making and introduce inefficiencies.

QuickBooks supports a more structured approach by centralising financial information. This reduces fragmentation and helps ensure consistency across the organisation. It also supports continuity, minimising the need for frequent system changes as businesses scale.

The platform is designed to adapt to increasing complexity over time. As transaction volumes grow and reporting requirements expand, it remains stable while accommodating additional users and workflows.

This approach aligns with the needs of medium-sized businesses transitioning from smaller-scale operations to more advanced financial environments.

Market Context and Financial Management Trends

The recognition of QuickBooks reflects broader developments in financial technology adoption among UK medium-sized businesses. Organisations are increasingly prioritising systems that improve efficiency while reducing operational complexity.

Financial management is no longer limited to recordkeeping. It has become a core business function that influences strategic planning and overall performance. As a result, platforms that provide integrated financial oversight are becoming more relevant across a wide range of industries.

QuickBooks fits within this shift by offering a system that combines core accounting functionality with workflow automation and reporting capabilities. This supports businesses that require both day-to-day financial management and longer-term planning tools.

The emphasis on scalability also reflects changing expectations in the mid-market sector. Businesses are seeking platforms that can grow with them, rather than systems that need to be replaced as operational requirements evolve.

Conclusion

Consumer365 has recognised QuickBooks as a relevant financial platform for medium-sized businesses operating in the UK in 2026. The recognition highlights its focus on scalability, financial visibility, and structured operational control.

The platform is positioned to support organisations as they move beyond basic accounting systems and adopt more integrated financial management structures. Its emphasis on automation, compliance support, and system connectivity aligns with the operational needs of growing businesses.

As financial complexity continues to increase across the mid-market sector, tools that centralise financial data and support real-time decision-making are becoming more widely adopted. QuickBooks represents one of the platforms contributing to this shift towards more structured financial management approaches.

To read the full review, please visit the Consumer365 website.

About Intuit

Intuit is the global financial technology platform that powers prosperity for the people and communities we serve. With approximately 100 million customers worldwide using products such as TurboTax, Credit Karma, QuickBooks and Mailchimp, we believe that everyone should have the opportunity to prosper. We never stop working to find new, innovative ways to make that possible. Please visit us at Intuit.com and find us on social for the latest information about Intuit and our products and services.

About Consumer365.org: Consumer365 provides consumer news and industry insights. As an affiliate, Consumer365 may earn commissions from sales generated using links provided.

Disclaimer

Where AI content is used: This information is intended to outline our general product direction, but represents no obligation and should not be relied on in making a purchasing decision. Additional terms, conditions and fees may apply with certain features and functionality. Eligibility criteria may apply. Product offers, features, functionality are subject to change without notice.

General content disclaimer: This information is provided free of charge and is intended to be helpful to a wide range of businesses. Because of its general nature the information cannot be taken as comprehensive and they do not constitute and should never be used as a substitute for legal, accounting, tax or professional advice. Intuit cannot guarantee that the information applies to the individual circumstances of your business. Despite our best efforts it is possible that some information may be out of date.

Any reliance you place on information found on this site or linked to on other websites will be at your own risk. You should consider seeking the advice of independent advisers and should always check your decisions against your normal business methods and best practice in your field of business.

 

View original content:https://www.prnewswire.com/news-releases/best-accounting-software-for-medium-sized-business-uk-2026-quickbooks-advanced-recognised-as-a-scalable-finance-platform-for-uk-mid-market-businesses-by-consumer365-302766759.html

SOURCE Consumer365.org

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BOE continues to launch new products and solutions in the field of high-end displays

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LOS ANGELES, May 9, 2026 /PRNewswire/ — 

1、Redefine Visual Experience with Scientific Standards! BOE Releases Core Research Findings on OLED Display Clarity-Legibility Index, Paving the Way for the Industry’s First Transparent Pro Standard to Deliver Supreme Visual Experience

With the rapid popularization of OLED display technology, basic screen indicators including resolution, color gamut and brightness keep improving. Meanwhile, display transparency — a core experience metric that determines visual comfort , image authenticity and premium visual quality — has drawn growing attention across the industry.

Recently, BOE has empowered the launch of the industry’s first flagship high-transparency OLED display panel, setting an industry-leading benchmark in four key dimensions: color, depth , clarity and dynamic range. It ushers high-end display into a new era, shifting from purely numerical technical specifications to ultimate user-centric visual experience.

In addition, BOE officially unveiled its in-depth research achievements on OLED display transparency. It has identified the core underlying factors affecting visual transparency through scientific research, pioneered the industry’s first display transparency index formula, and facilitated the release of the first authoritative evaluation standard for OLED display transparency. This marks an industry’s transformation from specs-oriented to experience-driven development. This marks a full-process breakthrough covering underlying technical analysis, scientifically guided image quality development and mass production application.

At present, the group standard 《Standard of Associations Organic light emitting diode display —Evaluation method for display clarity》, led and formulated by BOE based on relevant research outcomes, has been officially issued. As the world’s first dedicated evaluation standard focusing on OLED display transparency, it fills the long-standing industry gap in correlating subjective visual perception with objective image quality parameters.

Leveraging this standard and transparency research results, BOE has assisted partners in developing the industry’s first flagship high-transparency OLED screen. The company has built a comprehensive technical system for OLED visual transparency. Supported by cutting-edge technologies such as tandem, LTPO and high-precision Demura crosstalk optimization algorithms, BOE and its partners have carried out full-link optimization from display panels to end devices.

Going forward, BOE will continue to deepen research on display human factors engineering and visual experience. Through technological innovation and standard leadership, it will bring more ultimate, high-transparency premium display experiences to users worldwide.

2、BOE Beneficial “Natural” Light Technology (BNL): Solving Visual Health Pain Points and Leading the Display Industry Trend

In an era of ubiquitous displays, users are spending increasingly longer hours on screens. Nevertheless, the luminous properties of conventional displays poorly align with the human visual system, sparking widespread consumer concerns over visual health. To address such challenges, BOE draws inspiration from natural light. By deeply analyzing natural light and extracting beneficial features highly consistent with health and comfort, BOE established the Beneficial “Natural” Light Technology (BNL) architecture. Evolving from single technical upgrades to a systematic solution, BNL replicates the merits of natural light across four core dimensions: Depolarization Adjustment, Spectrum Optimization, Light Profile Optimization and Time-varying Adaptation, advancing display technology toward healthy viewing.

BNL & Visual Health

Depolarization Adjustment: The linearly polarized light of traditional displays causes targeted stimulation to retinal lutein, resulting in dry eyes, eyelid redness and other discomforts. Based on the mainstream Circular Polarization (QWP) solution, BOE BNL has developed a series of technologies like BSF/RDF Random Depolarization technology and un-Polarization,which convert linearly polarized light into randomly polarized light, enabling balanced lutein utilization across the entire visual field, and deliver natural-light-level eye protection.

Spectrum Optimization: Conventional narrow-band RGB spectra feature poor continuity and imbalanced energy distribution, with excessive high-energy blue light that induces eye strain and increases risks of macular damage. Beyond Low Blue Light solutions, BOE BNL has developed Natural-like Spectrum, Beneficial Red Light, Infrared Light and Circadian Rhythm technologies. Multiple clinical studies have verified that Beneficial Red Light and Infrared Light can effectively inhibit axial elongation and accelerate eye microcirculation.  BOE takes the lead in integrating such optics into displays,achieving a spectral distribution matching degree of over 60%, an energy ratio of Beneficial Red Light (650–670 nm) exceeding 50%, and independent on/off switching and energy adjustment of Infrared Light. Meanwhile, Circadian Rhythm technology regulates melatonin secretion to safeguard sleep quality. Shifting from passive harm reduction to active eye benefits, BOE BNL delivers all-round visual health protection.

Light Profile Optimization: Conventional screens are prone to surface reflection and glare, which interfere with visual recognition and cause cumulative eye fatigue. Powered by industry-leading Anti-Glare, Low Reflection and Wide Viewing Angle technologies, BOE BNL accurately simulates the diffuse reflection of natural light to deliver consistent visual comfort across diverse viewing angles. For instance, BOE UB Cell technology achieves a DGR value below 5 with negligible glare and reflection, ensuring sustained visual comfort.

Time-varying Adaptation: Conventional displays tend to produce low-frequency flicker and fixed brightness and color temperature that fail to adapt to ambient changes, forcing frequent eye muscle adjustments and leading to discomfort. By adopting Flicker Free and Light Self-adaptive technologies, BOE BNL delivers stable, ultra-smooth visuals that replicate the comfort of natural light.

SID 2026: BOE Launches New BNL Display Products

At SID Display Week 2026, BOE launched new BNL health display products. The highlight product is the industry’s first 13.8-inch BNL health display tablet. It integrates all four core dimensions,supported by 7 core BNL technologies, to deliver a healthy and comfortable visual experience.

As a global leader in the display industry, BOE has led the development and officially issued the world’s first “Natural Light” display standard via the Zhongguancun Standardization Association,and has jointly issued the White Paper on Natural Light Display Technologies (Engineering Considerations, Application Value and Challenges) with TÜV Rheinland to drive standardized and high-quality industrial development. In the future, BOE will continue to iterate on technologies, diversify product forms and application scenarios, advance the grading standards for Beneficial “Natural” Light displays, and protect users’ visual health.

View original content to download multimedia:https://www.prnewswire.com/news-releases/boe-continues-to-launch-new-products-and-solutions-in-the-field-of-high-end-displays-302767491.html

SOURCE BOE Technology Group Co., Ltd.

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BitradeX BXC First Two Subscription Rounds Sell Out, Total Subscriptions Exceed 14M USDT

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LONDON, May 9, 2026 /PRNewswire/ — BitradeX Capital’s ecosystem equity token, BXC, has completed its first and second subscription rounds, selling a total of 50 million BXC with subscriptions exceeding 14 million USDT. The first round sold out in 90 seconds, while the second closed within 48 hours.

While the fundraising size is not unusually large by crypto standards, the structure of the sale has attracted market attention. The first two rounds were not open to the public, but limited to high-tier BitradeX users. The first round was available only to V5 users and above, while the second round expanded access to V3 users and above.

According to BitradeX’s tier system, V3+ users typically have higher recurring investment activity through AiBot, longer platform usage history, and stronger ecosystem participation. This means the early BXC allocation was absorbed mainly by the platform’s internal high-value user base, rather than short-term speculative participants.

This approach differs from many token fundraising campaigns that prioritize broad public participation and market hype. BitradeX instead adopted a more selective, staged model, gradually lowering the participation threshold while keeping the sale within its active ecosystem community.

BXC is positioned as more than a standard platform token. Its value framework is linked to BitradeX Capital’s broader ecosystem, including its exchange business, AiBot quantitative strategies, BTX Card payments, and Labs incubation platform. Public information indicates that BXC holders may receive staking rewards, benefit from ecosystem buybacks and burns, and gain priority access to Launchpad projects and governance participation.

The third subscription round is launched on April 30 at $0.35 USDT per BXC, with a total supply of 100 million BXC. It is now open to users participating in AiBot recurring investment. The fourth round price is expected to rise to $0.45 USDT.

The long-term value of BXC will ultimately depend on the growth of BitradeX’s underlying businesses, including exchange profitability, AiBot user expansion, and BTX Card adoption. However, the rapid sellout of the first two rounds suggests that BitradeX’s core user base has already shown strong confidence in the ecosystem’s future.

View original content:https://www.prnewswire.com/news-releases/bitradex-bxc-first-two-subscription-rounds-sell-out-total-subscriptions-exceed-14m-usdt-302767467.html

SOURCE BitradeX Capital

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