Technology
Vipshop Reports Unaudited Second Quarter 2024 Financial Results
Published
2 years agoon
By
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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Technology
Best Accounting Software for Medium-Sized Business UK (2026): QuickBooks Advanced Recognised as a Scalable Finance Platform for UK Mid-Market Businesses by Consumer365
Published
11 hours agoon
May 9, 2026By
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.
SOURCE Consumer365.org
Technology
BOE continues to launch new products and solutions in the field of high-end displays
Published
12 hours agoon
May 9, 2026By
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.
Technology
BitradeX BXC First Two Subscription Rounds Sell Out, Total Subscriptions Exceed 14M USDT
Published
15 hours agoon
May 9, 2026By
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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