Technology

Vipshop Reports Unaudited Fourth Quarter and Full Year 2024 Financial Results

Published

1 year ago

February 21, 2025

Conference Call to Be Held at 7:00 A.M. U.S. Eastern Time on February 21, 2025

GUANGZHOU, China, Feb. 21, 2025 /PRNewswire/ — Vipshop Holdings Limited (NYSE: VIPS), a leading online discount retailer for brands in China (“Vipshop” or the “Company”), today announced its unaudited financial results for the quarter and full year ended December 31, 2024.

Fourth Quarter and Full Year 2024 Highlights

Total net revenues for the fourth quarter of 2024 were RMB33.2 billion (US$4.6 billion), compared with RMB34.7 billion in the prior year period. Total net revenues for the full year of 2024 were RMB108.4 billion (US$14.9 billion), compared with RMB112.9 billion in the prior year.GMV[1] for the fourth quarter of 2024 was RMB66.2 billion, compared with RMB66.4 billion in the prior year period. GMV for the full year of 2024 increased by 0.6% year over year to RMB209.3 billion from RMB208.0 billion in the prior year.Gross profit for the fourth quarter of 2024 was RMB7.6 billion (US$1.0 billion), compared with RMB8.2 billion in the prior year period. Gross profit for the full year of 2024 was RMB25.5 billion (US$3.5 billion), compared with RMB25.7 billion in the prior year.Net income attributable to Vipshop’s shareholders for the fourth quarter of 2024 was RMB2.4 billion (US$335.2 million), compared with RMB3.0 billion in the prior year period. Net income attributable to Vipshop’s shareholders for the full year of 2024 was RMB7.7 billion (US$1.1 billion), compared with RMB8.1 billion in the prior year.Non-GAAP net income attributable to Vipshop’s shareholders[2] for the fourth quarter of 2024 was RMB3.0 billion (US$407.4 million), compared with RMB3.2 billion in the prior year period. Non-GAAP net income attributable to Vipshop’s shareholders for the full year of 2024 was RMB9.0 billion (US$1.2 billion), compared with RMB9.5 billion in the prior year.The number of active customers[3] for the fourth quarter of 2024 was 45.7 million, compared with 48.5 million in the prior year period. The number of active customers for the full year of 2024 was 84.7 million, compared with 87.4 million in the prior year.Total orders[4] for the fourth quarter of 2024 were 217.5 million, compared with 234.3 million in the prior year period. Total orders for the full year of 2024 were 757.5 million, compared with 812.3 million in the prior year.

Mr. Eric Shen, Chairman and Chief Executive Officer of Vipshop, stated, “We delivered results well above our expectations in the fourth quarter, concluding a challenging year. Apparel categories achieved positive growth for both the quarter and full year, as we built upon our merchandising strength to introduce more unique, off-price seasonal offerings that met consumer needs. This helped our total GMV surpass RMB200 billion again in 2024. Super VIPs demonstrated strong momentum with double digit growth and more resilient spending, as they continued to respond to our differentiated value proposition. With the continuity of our strategy, and increased agility and flexibility in our business, we are better positioned going into 2025 and remain confident in our long-term growth trajectory.”

Mr. Mark Wang, Chief Financial Officer of Vipshop, further commented, “We are pleased to have achieved a better balance in our business in the fourth quarter after we reallocated resources to maximize growth while maintaining solid profitability. We believe the swift and disciplined actions taken within our organization have put us on the right track toward returning to sustainable and profitable growth in the foreseeable future. Meanwhile, reflecting our strong profitability and free cash flow, we are committed to consistently delivering value for our shareholders through both share repurchase and cash dividend in 2025.”

Fourth Quarter 2024 Financial Results

REVENUES

Total net revenues for the fourth quarter of 2024 were RMB33.2 billion (US$4.6 billion), compared with RMB34.7 billion in the prior year period.

GROSS PROFIT

Gross profit for the fourth quarter of 2024 was RMB7.6 billion (US$1.0 billion), compared with RMB8.2 billion in the prior year period. Gross margin for the fourth quarter of 2024 was 23.0%, compared with 23.7% in the prior year period.

OPERATING EXPENSES

Total operating expenses for the fourth quarter of 2024 were RMB5.1 billion (US$694.0 million), compared with RMB4.9 billion in the prior year period. As a percentage of total net revenues, total operating expenses for the fourth quarter of 2024 was 15.2%, compared with 14.0% in the prior year period.

Fulfillment expenses for the fourth quarter of 2024 decreased by 2.5% year over year to RMB2.46 billion (US$337.2 million) from RMB2.53 billion in the prior year period. As a percentage of total net revenues, fulfillment expenses for the fourth quarter of 2024 was 7.4%, compared with 7.3% in the prior year period.Marketing expenses for the fourth quarter of 2024 increased by 10.3% year over year to RMB930.3 million (US$127.5 million) from RMB843.2 million in the prior year period. As a percentage of total net revenues, marketing expenses for the fourth quarter of 2024 was 2.8%, compared with 2.4% in the prior year period.Technology and content expenses for the fourth quarter of 2024 decreased by 5.5% year over year to RMB469.2 million (US$64.3 million) from RMB496.4 million in the prior year period. As a percentage of total net revenues, technology and content expenses for the fourth quarter of 2024 was 1.4%, which stayed flat as compared with that in the prior year period.General and administrative expenses for the fourth quarter of 2024 increased by 20.0% year over year to RMB1.2 billion (US$165.1 million) from RMB1.0 billion in the prior year period. As a percentage of total net revenues, general and administrative expenses for the fourth quarter of 2024 was 3.6%, compared with 2.9% in the prior year period.

INCOME FROM OPERATIONS

Income from operations for the fourth quarter of 2024 was RMB2.9 billion (US$390.6 million), compared with RMB3.7 billion in the prior year period. Operating margin for the fourth quarter of 2024 was 8.6%, compared with 10.6% in the prior year period.

Non-GAAP income from operations[5] for the fourth quarter of 2024, which excluded share-based compensation expenses, was RMB3.4 billion (US$464.5 million), compared with RMB4.0 billion in the prior year period. Non-GAAP operating margin[6] for the fourth quarter of 2024 was 10.2%, compared with 11.4% in the prior year period.

NET INCOME

Net income attributable to Vipshop’s shareholders for the fourth quarter of 2024 was RMB2.4 billion (US$335.2 million), compared with RMB3.0 billion in the prior year period. Net margin attributable to Vipshop’s shareholders for the fourth quarter of 2024 was 7.4%, compared with 8.5% in the prior year period. Net income attributable to Vipshop’s shareholders per diluted ADS[7] for the fourth quarter of 2024 was RMB4.69 (US$0.64), compared with RMB5.35 in the prior year period.

Non-GAAP net income attributable to Vipshop’s shareholders for the fourth quarter of 2024, which excluded (i) share-based compensation expenses, (ii) impairment loss of investments, (iii) investment loss (gain) 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 RMB3.0 billion (US$407.4 million), compared with RMB3.2 billion in the prior year period. Non-GAAP net margin attributable to Vipshop’s shareholders[8] for the fourth quarter of 2024 was 9.0%, compared with 9.2% in the prior year period. Non-GAAP net income attributable to Vipshop’s shareholders per diluted ADS[9] for the fourth quarter of 2024 was RMB5.70 (US$0.78), compared with RMB5.79 in the prior year period.

For the quarter ended December 31, 2024, the Company’s weighted average number of ADSs used in computing diluted income per ADS was 521,501,399.

BALANCE SHEET AND CASH FLOW

As of December 31, 2024, the Company had cash and cash equivalents and restricted cash of RMB27.0 billion (US$3.7 billion) and short term investments of RMB1.9 billion (US$256.6 million).

For the quarter ended December 31, 2024, net cash generated from operating activities was RMB8.9 billion (US$1.2 billion), and free cash flow[10], a non-GAAP measurement of liquidity, was as follows:

For the three months ended

Dec 31, 2023

RMB’000

Dec 31, 2024

RMB’000

Dec 31, 2024

US$’000

Net cash generated from operating activities

8,696,378

8,893,726

1,218,435

Reconciling items:

Net impact from internet financing activities[11]

53,725

107,166

14,682

Capital expenditures

(1,398,506)

(588,841)

(80,671)

Free cash inflow

7,351,597

8,412,051

1,152,446

Full Year 2024 Financial Results

Total net revenues for the full year of 2024 were RMB108.4 billion (US$14.9 billion), compared with RMB112.9 billion in the prior year.

Gross profit for the full year of 2024 was RMB25.5 billion (US$3.5 billion), compared with RMB25.7 billion in the prior year. Gross margin for the full year of 2024 increased to 23.5% from 22.8% in the prior year.

Income from operations for the full year of 2024 increased by 0.8% year over year to RMB9.2 billion (US$1.3 billion) from RMB9.1 billion in the prior year. Operating margin for the full year increased to 8.5% from 8.1% in the prior year.

Non-GAAP income from operations for the full year of 2024, which excluded share-based compensation expenses, increased by 0.9% year over year to RMB10.7 billion (US$1.5 billion) from RMB10.6 billion in the prior year. Non-GAAP operating margin for the full year of 2024 increased to 9.9% from 9.4% in the prior year.

Net income attributable to Vipshop’s shareholders for the full year of 2024 was RMB7.7 billion (US$1.1 billion), compared with RMB8.1 billion in the prior year. Net margin attributable to Vipshop’s shareholders for the full year of 2024 was 7.1%, compared with 7.2% in the prior year. Net income attributable to Vipshop’s shareholders per diluted ADS for the full year of 2024 was RMB14.35 (US$1.97), compared with RMB14.42 in the prior year.

Non-GAAP net income attributable to Vipshop’s shareholders for the full year 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 RMB9.0 billion (US$1.2 billion), compared with RMB9.5 billion in the prior year. Non-GAAP net margin attributable to Vipshop’s shareholders for the full year of 2024 was 8.3%, compared with 8.4% in the prior year. Non-GAAP net income attributable to Vipshop’s shareholders per diluted ADS for the full year of 2024 was RMB16.75 (US$2.29), compared with RMB16.90 in the prior year.

For the full year of 2024, the Company’s weighted average number of ADSs used in computing diluted earnings per ADS was 539,279,030.

For the full year of 2024, net cash generated from operating activities was RMB9.1 billion (US$1.3 billion), and free cash flow, a non-GAAP measurement of liquidity, was as follows:

For the trailing twelve months ended

Dec 31, 2023

RMB’000

Dec 31, 2024

RMB’000

Dec 31, 2024

US$’000

Net cash generated from operating activities

14,414,513

9,128,983

1,250,666

Reconciling items:

Net impact from internet financing activities

104,964

55,593

7,616

Capital expenditures

(5,230,737)

(3,562,586)

(488,072)

Free cash inflow

9,288,740

5,621,990

770,210

Share Repurchase Program

During the quarter ended December 31, 2024, the Company repurchased US$43.3 million of its ADSs under its US$1.0 billion share repurchase program adopted in March 2023. As of the date of this earnings release, the Company has fully utilized the remaining authorized amount of this program. The Company plans to continue share repurchases under its US$1.0 billion share repurchase program announced in August 2024, which will be effective until February 2027.

Declaration of 2024 Dividend

The Company’s board of directors has approved and declared an annual cash dividend for fiscal year 2024 in the amount of US$2.40 per ordinary share, or US$0.48 per ADS, to holders of ordinary shares and holders of ADSs of record as of the close of business on April 11, 2025. The payment date is expected to be on April 25, 2025. Holders of the Company’s ADSs will receive the cash dividends through the depositary, Deutsche Bank Trust Company Americas, subject to the terms of the deposit agreement.

Business Outlook

For the first quarter of 2025, the Company expects its total net revenues to be between RMB26.3 billion and RMB27.6 billion, representing a year-over-year decrease of approximately 5% to 0%. 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 RMB7.2993 to US$1.00, the effective noon buying rate on December 31, 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 December 31, or at any other rate.

Conference Call Information

The Company will hold a conference call on Friday, February 21, 2025 at 7:00 am U.S. Eastern Time, 8:00 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/BI94d605c9b9f44cd984fd6a1dd0f5a6b3

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/4brks6io. 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 comparative consolidated statements of income and 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 loss (gain) 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 loss (gain) 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 loss (gain) 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 loss (gain) 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.

[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

Twelve Months Ended

December 31,2023

December 31,2024

December 31,2023

December 31,2024

RMB’000

USD’000

RMB’000

USD’000

Product revenues

32,435,188

30,889,540

4,231,850

105,613,485

100,734,550

13,800,577

Other revenues (1)

2,239,288

2,334,302

319,798

7,242,535

7,686,282

1,053,016

Total net revenues

34,674,476

33,223,842

4,551,648

112,856,020

108,420,832

14,853,593

Cost of revenues

(26,441,622)

(25,596,304)

(3,506,679)

(87,135,128)

(82,951,178)

(11,364,265)

Gross profit

8,232,854

7,627,538

1,044,969

25,720,892

25,469,654

3,489,328

Operating expenses:

Fulfillment expenses (2)

(2,525,204)

(2,460,984)

(337,153)

(8,262,004)

(8,346,864)

(1,143,516)

Marketing expenses

(843,208)

(930,293)

(127,450)

(3,242,215)

(2,979,654)

(408,211)

Technology and content expenses

(496,442)

(469,223)

(64,283)

(1,767,530)

(1,892,434)

(259,262)

General and administrative expenses

(1,004,539)

(1,205,101)

(165,098)

(4,146,568)

(3,992,657)

(546,992)

Total operating expenses

(4,869,393)

(5,065,601)

(693,984)

(17,418,317)

(17,211,609)

(2,357,981)

Other operating income

304,818

289,291

39,633

801,560

915,208

125,383

Income from operations

3,668,279

2,851,228

390,618

9,104,135

9,173,253

1,256,730

Investment (loss) gain and revaluation of investments

(4,449)

72,649

9,953

(18,054)

148,170

20,299

Impairment loss of investments

(3,000)

(411)

(19,105)

(61,246)

(8,391)

Interest expense

(14,770)

(17,560)

(2,406)

(22,932)

(57,676)

(7,902)

Interest income

208,913

227,427

31,157

780,292

809,792

110,941

Exchange gain (loss)

(78,151)

138,633

18,993

162,666

(24,813)

(3,399)

Income before income tax expense and share of income (loss) of equity method investees

3,779,822

3,269,377

447,904

9,987,002

9,987,480

1,368,278

Income tax expenses

(771,969)

(816,363)

(111,841)

(1,866,004)

(2,315,515)

(317,224)

Share of income (loss) of equity method investees

(25,236)

32,799

4,493

80,301

166,980

22,876

Net income

2,982,617

2,485,813

340,556

8,201,299

7,838,945

1,073,930

Net income attributable to non-controlling interests

(30,470)

(39,134)

(5,361)

(84,675)

(99,010)

(13,564)

Net income attributable to Vipshop’s shareholders

2,952,147

2,446,679

335,195

8,116,624

7,739,935

1,060,366

Shares used in calculating earnings per share (3):

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

—Basic

108,441,659

102,688,899

110,695,778

106,074,914

—Diluted

110,380,505

104,300,280

112,552,398

107,855,806

Net earnings per Class A and Class B ordinary share

Net income attributable to Vipshop’s shareholders——Basic

27.22

23.83

3.26

73.32

72.97

10.00

Net income attributable to Vipshop’s shareholders——Diluted

26.75

23.46

3.21

72.11

71.76

9.83

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

Net income attributable to Vipshop’s shareholders——Basic

5.44

4.77

0.65

14.66

14.59

2.00

Net income attributable to Vipshop’s shareholders——Diluted

5.35

4.69

0.64

14.42

14.35

1.97

(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 1.8 billion and RMB 1.8 billionin the three
month periods ended December 31,2023 and December 31,2024, respectively.

(2) Fulfillment expenses include shipping and handling expenses,
which amounted RMB 5.8 billion and RMB 5.9 billion in the twelve month
periods ended December 31,2023 and December 31,2024, 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

Twelve Months Ended

December 31,2023

December 31,2024

December 31,2023

December 31,2024

RMB’000

USD’000

RMB’000

USD’000

Share-based compensation expenses are included in the
operating expenses as follows:

Fulfillment expenses

18,586

22,747

3,116

77,926

84,079

11,519

Marketing expenses

7,683

8,295

1,136

33,379

31,215

4,276

Technology and content expenses

86,591

97,919

13,415

330,197

382,308

52,376

General and administrative expenses

171,805

410,126

56,187

1,068,304

1,040,138

142,498

Total

284,665

539,087

73,855

1,509,806

1,537,740

210,669

Vipshop Holdings Limited

Unaudited Condensed Consolidated Balance Sheets

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

December 31,2023

December 31,2024

RMB’000

USD’000

ASSETS

CURRENT ASSETS

Cash and cash equivalents

25,414,729

26,352,161

3,610,231

Restricted cash

882,637

602,342

82,521

Short term investments

1,983,201

1,872,756

256,567

Accounts receivable, net

778,767

915,158

125,376

Amounts due from related parties,net

553,502

548,145

75,096

Other receivables and prepayments,net

2,298,612

2,473,050

338,806

Loan receivables,net

4,437

6,878

942

Inventories

5,644,713

5,032,069

689,391

Total current assets

37,560,598

37,802,559

5,178,930

NON-CURRENT ASSETS

Property and equipment, net

16,882,100

18,292,771

2,506,099

Deposits for property and equipment

200,739

164,955

22,599

Land use rights, net

10,132,626

10,686,400

1,464,031

Intangible assets, net

332,821

327,844

44,914

Investment in equity method investees

2,155,561

2,002,043

274,279

Other investments

2,916,189

3,355,489

459,700

Other long-term assets

147,669

434,206

59,486

Goodwill

755,213

103,464

Deferred tax assets, net

685,017

681,029

93,301

Operating lease right-of-use assets

554,061

433,617

59,405

Total non-current assets

34,761,996

37,133,567

5,087,278

TOTAL ASSETS

72,322,594

74,936,126

10,266,208

LIABILITIES AND EQUITY

CURRENT LIABILITIES

Short term loans

1,425,576

2,399,629

328,748

Accounts payable

17,259,395

15,190,560

2,081,098

Advance from customers

1,689,881

2,035,184

278,819

Accrued expenses and other current liabilities

9,560,449

9,663,421

1,323,882

Amounts due to related parties

150,373

104,187

14,274

Deferred income

457,594

476,796

65,321

Operating lease liabilities

80,868

57,224

7,840

Total current liabilities

30,624,136

29,927,001

4,099,982

NON-CURRENT LIABILITIES

Deferred tax liability

692,492

783,863

107,389

Deferred income-non current

1,756,949

2,084,038

285,512

Operating lease liabilities

689,259

591,995

81,103

Total non-current liabilities

3,138,700

3,459,896

474,004

TOTAL LIABILITIES

33,762,836

33,386,897

4,573,986

EQUITY:

Class A ordinary shares (US$0.0001 par value, 483,489,642
shares authorized,98,877,929 and 100,640,510 shares issued,of
which 92,900,247 and 86,982,144 shares were outstanding as of
December 31,2023 and December 31,2024, respectively)

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 December 31,2024,
respectively)

Treasury shares,at cost(5,977,682 and 13,028,013 Class A shares
as of December 31,2023 and December 31,2024, respectively )

(3,624,763)

(7,042,759)

(964,854)

Additional paid-in capital

4,444,755

4,912,703

673,038

Retained earnings

36,836,928

42,906,188

5,878,124

Accumulated other comprehensive loss

(695,589)

(807,394)

(110,613)

Non-controlling interests

1,598,354

1,580,416

216,516

Total shareholders’ equity

38,559,758

41,549,229

5,692,222

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

72,322,594

74,936,126

10,266,208

Vipshop Holdings Limited

Reconciliations of GAAP and Non-GAAP Results

Three Months Ended

Twelve Months Ended

December 31,2023

December 31,2024

December 31,2023

December 31,2024

RMB’000

USD’000

RMB’000

USD’000

Income from operations

3,668,279

2,851,228

390,618

9,104,135

9,173,253

1,256,730

Share-based compensation expenses

284,665

539,087

73,855

1,509,806

1,537,740

210,669

Non-GAAP income from operations

3,952,944

3,390,315

464,473

10,613,941

10,710,993

1,467,399

Net income attributable to Vipshop’s shareholders

2,952,147

2,446,679

335,195

8,116,624

7,739,935

1,060,366

Share-based compensation expenses

284,665

539,087

73,855

1,509,806

1,537,740

210,669

Impairment loss of investments

3,000

411

19,105

61,246

8,391

Investment loss (gain) and revaluation of investments excluding
dividends

4,449

(72,130)

(9,882)

18,309

(147,651)

(20,228)

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

27,502

101,478

13,902

7,606

31,753

4,350

Tax effects on non-GAAP adjustments

(70,495)

(44,446)

(6,089)

(161,580)

(190,476)

(26,095)

Non-GAAP net income attributable to Vipshop’s shareholders

3,198,268

2,973,668

407,392

9,509,870

9,032,547

1,237,453

(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

108,441,659

102,688,899

110,695,778

106,074,914

—Diluted

110,380,505

104,300,280

112,552,398

107,855,806

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

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

29.49

28.96

3.97

85.91

85.15

11.67

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

28.97

28.51

3.91

84.49

83.75

11.47

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

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

5.90

5.79

0.79

17.18

17.03

2.33

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

5.79

5.70

0.78

16.90

16.75

2.29

View original content:https://www.prnewswire.com/news-releases/vipshop-reports-unaudited-fourth-quarter-and-full-year-2024-financial-results-302382198.html

SOURCE Vipshop Holdings Limited

Technology

Meridian Singapore Immigration Launches New Website to Simplify the PR Application Journey for Foreigners in Singapore

Published

2 hours ago

April 30, 2026

New online platform provides clear, structured guidance for Employment Pass and S Pass holders navigating Singapore’s residency and Permanent Residency pathways

SINGAPORE, April 30, 2026 /PRNewswire/ — Meridian Singapore Immigration Pte. Ltd. has officially launched its new website at meridianimmigration.sg, a resource built specifically for foreigners living and working in Singapore who are exploring Permanent Residency or long-term residency options.

The platform arrives at a time when Singapore’s expatriate and foreign professional community is growing rapidly, yet many EP and S Pass holders report struggling to find clear, reliable information on the PR application process. Singapore’s immigration framework is among the most structured in Southeast Asia, with eligibility criteria, documentation requirements, and submission windows that change frequently. For individuals navigating this process without professional guidance, the stakes are high and the margin for error is narrow.

Meridian’s website was built to address that gap directly. The platform offers detailed explanations of available immigration pathways, structured consultation options, and educational resources developed by the firm’s team of immigration specialists. Rather than presenting a services catalogue, the site walks users through the considerations relevant to their specific situation, whether they hold an Employment Pass, S Pass, or are planning for their family’s long-term residency in Singapore.

“We built this platform because we saw how overwhelming and confusing the immigration process can be for people who genuinely want to build their lives here,” said a spokesperson for Meridian Singapore Immigration. “Our goal is to be the trusted partner that walks them through every step with clarity and integrity.”

Singapore’s continued attractiveness as a regional hub for multinational corporations, financial institutions, and technology firms means the pipeline of foreigners seeking long-term residency options remains substantial. At the same time, the ICA’s PR application framework has grown more nuanced, with factors such as economic contributions, family ties, and community integration weighed during assessment. Applicants who proceed without a clear understanding of these criteria often submit applications that are either premature or structurally incomplete.

Meridian’s approach centres on preparation and transparency, helping applicants understand where they stand before they apply and what supporting documentation strengthens their case.

Meridian Singapore Immigration Pte. Ltd. is a professional immigration consultancy dedicated to guiding individuals and families through Singapore’s immigration process. Specialising in Permanent Residency (PR) applications, residency pathways, and compliance support, Meridian offers clear, structured solutions tailored to each client’s unique circumstances. Founded on the values of Guidance, Integrity, and Success, Meridian is committed to making immigration simple, transparent, and accessible for everyone. For more information, visit meridianimmigration.sg or contact info@meridianimmigration.sg / +65 8873 1113.

View original content:https://www.prnewswire.com/apac/news-releases/meridian-singapore-immigration-launches-new-website-to-simplify-the-pr-application-journey-for-foreigners-in-singapore-302757392.html

SOURCE Meridian Singapore Immigration Pte. Ltd.

Technology

Socomec, Daitron team up to meet Japan’s growing power demands

Published

2 hours ago

April 30, 2026

TOKYO, April 30, 2026 /PRNewswire/ — Socomec, a century-old electrical group specialising in mission-critical energy, and Japan’s Daitron, an electronics components distributor, have signed a partnership to deliver power conversion solutions and service backup power and electrical-switching systems across Japan.

The deal combines Socomec’s equipment with Daitron’s on-the-ground engineering team, which has more than 74 years of experience in the Japanese market. The two companies will handle everything from project delivery to ongoing maintenance and spare parts.

The partnership covers three product areas: uninterruptible power supplies (UPS), which keep facilities running during outages; power conversion systems, which ensure the availability and continuity of high-quality energy; and static transfer switches, which automatically reroute power loads between sources without interruption.

Beyond equipment sales, the agreement includes training, spare parts, long-term service contracts and a full range of expert services covering prevention, measurement and analysis, consultancy, deployment and optimisation. Socomec will provide product and technical training to Daitron’s team, while Daitron handles installation, servicing and day-to-day client support in Japan.

The target market spans data centres, semiconductor plants, industrial facilities, hospitals and green buildings, all areas where even brief power interruptions can prove costly. Data center demand in particular is surging, driven by the rapid expansion of artificial intelligence infrastructure, with colocation and enterprise facilities among the primary targets.

“Daitron knows the Japanese market inside and out. They have the people, the relationships, and the hands-on experience, and we bring the technology to match,” said Socomec Asia-Pacific CEO O’Niel Dissanayake. “It’s a natural fit, and together we can offer something neither company could deliver alone.”

“Japan’s data centres, chip factories and industrial plants all require power systems they can count on,” said Masaharu Kato, corporate officer of Daitron. “Socomec’s technology is exactly what these customers need, and our job is to make sure it’s installed, maintained and supported properly. That’s what we do best.”

The partnership comes as Japan faces a step change in power demand. Electricity consumption is expected to grow 5.3% over the next decade, driven by data centres and semiconductor factories, according to the country’s grid operator. Industrial energy demand alone is forecast to rise 18.3% over the same period.

That growth is creating strong demand for reliable power infrastructure. Data centres, for example, run around the clock and cannot afford downtime, making backup power and efficient energy management essential. Socomec’s systems are designed to reduce power consumption without sacrificing reliability, a balance that is becoming increasingly important as operators look to manage both costs and environmental commitments.

Both companies say project planning and bids are already underway, with a long-term goal of expanding the partnership’s reach across Japan as demand grows.

About Daitron

Daitron Co., Ltd. is a Japanese engineering and trading company founded in 1952 and headquartered in Osaka. Listed on the Tokyo Stock Exchange (TYO: 7609), Daitron sells and manufactures electronic components, semiconductor processing equipment and power supply systems. The company has more than seven decades of experience serving Japan’s electronics and manufacturing industries.

SOCOMEC: When energy matters

Founded in 1922, SOCOMEC is an independent industrial group of more than 4,800 experts spread across the world in 30 subsidiaries. Our vocation: design, manufacture and sale of electrical equipment, with a strong expertize in critical power applications. In 2025, SOCOMEC achieved a turnover of 997 million euros (not yet audited).

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/socomec-daitron-team-up-to-meet-japans-growing-power-demands-302755570.html

SOURCE Socomec

Technology

Multi-Destination Travel Surges Across Asia-Pacific This Labour Day, Trip.com Group Data Shows

Published

2 hours ago

April 30, 2026

Multi-city travel across Asia-Pacific grew 35% year-on-yearMulti-city travel outpaces single-destination growth by more than 2xSoutheast Asia sees strong double-digit growth, with Thailand up to 52% YoY

SINGAPORE, April 29, 2026 /CNW/ — Multi-city travel across Asia-Pacific grew 35% year-on-year this Labour Day period, according to data from Trip.com Group. Several Asia-Pacific markets including Japan, South Korea, parts of Southeast Asia and Mainland China celebrate Labour Day, driving strong cross-border and domestic travel flows across the region.

Over 30% of international trips now span multiple destinations, highlighting a continued shift towards more complex, itinerary-led travel. This shift reflects a growing preference to maximise time and value with multiple destinations within a single trip rather than a single location.

Multi-destination trips become a defining travel pattern

While single-destination travel continues to account for most bookings, growth is increasingly driven by more complex itineraries. Multi-destination bookings are growing at more than twice the pace of single-destination travel, reflecting stronger demand for flexibility and deeper exploration.

Travellers are increasingly structuring trips across multiple cities to maximise both time and value, with popular combinations including:

Tokyo – Osaka – Kyoto (Japan)Seoul – Busan (South Korea)Bangkok – Phuket (Thailand)

These itineraries reflect a growing preference for multi-stop journeys that blend urban experiences with leisure destinations.

Southeast Asia sees fast growth in multi-destination travel

Across Southeast Asia, demand for multi-destination travel is rising steadily, with strong growth across key markets of Thailand: 52%, Malaysia: 40%, and Singapore: 17%, according to Trip.com Group data.

Top outbound destinations across Southeast Asian markets include Japan (Tokyo, Osaka), South Korea (Seoul), China (Shanghai, Beijing), Thailand (Bangkok), Indonesia (Bali).

In other parts of Asia such as Hong Kong SAR, multi-destination travel also grew by over 50% year-on-year, highlighting growing preference for more complex itineraries over traditional single-destination trips, particularly in well-connected urban markets.

In Mainland China, domestic travel remains a strong base, while overseas journeys are increasingly shaped by multi-destination itineraries, with over 40% of outbound trips spanning multiple destinations and continuing to grow.

This suggests that travellers in this region are increasingly combining multiple cities within a single trip, supported by strong regional connectivity.

Japan’s domestic travel momentum on the rise

Japan is also seeing shifts in domestic travel behaviour, even as outbound demand continues to grow.

In Japan, domestic travel is growing rapidly, indicating rising interest in travelling within the country, accounting for one-quarter of all flight bookings, and to cities such as Tokyo, Sapporo and Okinawa.

Intra-Asia travel dominates Labour Day demand

The Labour Day holiday period continues to be driven by regional travel within Asia-Pacific, with travellers favouring destinations that offer ease of access, diverse experiences, and flexible itineraries.

The Group’s data highlights the continued strength of short-haul travel, supported by strong connectivity and shorter flight durations.

More broadly, the way people travel across Asia-Pacific is evolving. Travellers taking a more deliberate approach to how they plan their trips. While cross-border journeys are increasingly shaped by multi-city itineraries, domestic travel remains a strong and steady part of the landscape. Together, these patterns point to a more flexible and value-conscious mindset, as travellers look to make the most of both time and budget.

About Trip.com Group

Trip.com Group is a leading global travel service provider comprising of Trip.com, Ctrip, Skyscanner, and Qunar. Across its platforms, Trip.com Group helps travellers around the world make informed and cost-effective bookings for travel products and services and enables partners to connect their offerings with users through the aggregation of comprehensive travel-related content and resources, and an advanced transaction platform consisting of apps, websites and 24/7 customer service centres. Founded in 1999 and listed on NASDAQ in 2003 and HKEX in 2021, Trip.com Group has become one of the best-known travel groups in the world, with the mission “to pursue the perfect trip for a better world”. Find out more about Trip.com Group here: group.trip.com.