Technology
Vipshop Reports Unaudited Fourth Quarter and Full Year 2024 Financial Results
Published
1 year agoon
By
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 31,2024
December 31,2023
December 31,2024
December 31,2024
RMB’000
RMB’000
USD’000
RMB’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
0
(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
102,688,899
110,695,778
106,074,914
106,074,914
—Diluted
110,380,505
104,300,280
104,300,280
112,552,398
107,855,806
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 31,2024
December 31,2023
December 31,2024
December 31,2024
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
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
December 31,2024
RMB’000
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
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)
62
64
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 December 31,2024,
respectively)
11
11
2
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 31,2024
December 31,2023
December 31,2024
December 31,2024
RMB’000
RMB’000
USD’000
RMB’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
0
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
102,688,899
110,695,778
106,074,914
106,074,914
—Diluted
110,380,505
104,300,280
104,300,280
112,552,398
107,855,806
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
You may like
Technology
NIX United Achieves AWS AI Competency After Rigorous Audit
Published
21 minutes agoon
July 23, 2026By
AI-enabled software development company NIX United has officially achieved the AWS AI Competency designation from Amazon Web Services (AWS). The recognition validates NIX’s proven expertise in architecting, securing, and deploying enterprise-grade artificial intelligence and machine learning solutions on AWS.
TAMPA, Fla., July 23, 2026 /PRNewswire-PRWeb/ — For enterprise organizations, the designation provides independent validation of NIX’s end-to-end AI capabilities across solution architecture, data security, governance, and operational excellence. It is based on successful production deployments, including a generative AI customer feedback analytics platform and an AI-powered medical education solution. The competency also provides eligible customers with access to AWS-validated frameworks, specialized technical resources, and AWS GenAI Innovation Funding programs.
Moving Beyond AI Demos to Production Value
While AI adoption accelerates, organizations face a critical barrier: transitioning from impressive proofs of concept to production-grade applications. Building AI for the modern enterprise requires solving complex challenges around regulatory compliance and seamless system integration.
To earn the AWS AI Competency, NIX completed a comprehensive technical audit demonstrating its ability to deliver scalable AI solutions. The evaluation covered engineering practices, security controls, governance frameworks, and operational excellence, while highlighting NIX’s experience applying generative AI to complex business workflows.
Strategic Benefits for Enterprise Clients
“AI must be engineered for long-term production value,” said Artur Bakulin, Head of RnD and Innovation at NIX United. “Earning the AWS AI Competency reflects our commitment to building AI architectures grounded in verifiable return on investment.”
For NIX clients, this designation provides:
Reduced project risk through AWS-validated architectures that support data privacy, security, and regulatory compliance.Faster project execution with access to eligible AWS funding programs, including subsidized AI assessments, Proofs of Concept (PoCs), and AWS GenAI Innovation Funding.Long-term scalability with solutions engineered to move seamlessly from pilot projects to business-critical production environments.
Organizations exploring generative AI initiatives can work with NIX experts to evaluate their eligibility for the AWS GenAI Innovation Funding Program and identify opportunities to accelerate adoption.
Frequently Asked Questions
Q: What specific competency did NIX United achieve?
A: NIX achieved the AWS AI Competency, a formal designation by Amazon Web Services verifying a partner’s technical proficiency and robust customer success in delivering generative AI solutions.
Q: What criteria did AWS use to evaluate NIX United?
A: AWS conducted a comprehensive technical audit covering NIX’s solution architecture, security controls, governance frameworks, and delivery methodology.
Q: How can enterprise clients fund their AI initiatives with NIX United?
A: Through NIX’s status as an advanced AWS partner, eligible clients can access the AWS GenAI Innovation Funding Program to offset costs for AI assessments, proofs-of-concept, and full-scale implementations.
Media Contact
Yevheniia Kryvenko, NIX United, 1 7272563558, yevheniia.kryvenko@nixs.com, NIX United
View original content:https://www.prweb.com/releases/nix-united-achieves-aws-ai-competency-after-rigorous-audit-302831769.html
SOURCE NIX United
Technology
Apollo and San Jose Earthquakes Announce Official Sleeve and Go-to-Market Partnership, Bringing the AI GTM System to Major League Soccer
Published
21 minutes agoon
July 23, 2026By
First-of-its-kind partnership to help Earthquakes capitalize on soccer’s surging popularity through AI-powered GTM transformation
SAN FRANCISCO, July 23, 2026 /PRNewswire/ — Apollo, the AI go-to-market system, announced today a multiyear Official Sleeve Partnership with Major League Soccer’s San Jose Earthquakes that entails becoming both the club’s Official Go-to-Market Partner and the first go-to-market (GTM) company to combine a professional sports sponsorship with a full-scale partnership for revenue operations transformation.
As soccer continues its unprecedented rise in popularity across the United States, with MLS seeing a 62% year-over-year increase in viewership to kick off the 2026 season, the unique partnership positions the Earthquakes to modernize their GTM, accelerate revenue and capitalize on the sport’s expanding global audience.
In the partnership, Apollo will serve as both a brand sponsor with its logo featured prominently on the right sleeve of the Earthquakes’ jersey, and as a technology partner, powering the club’s GTM strategy. The club will deploy Apollo’s system across key revenue-generating functions, including group ticket sales, sponsorship pipeline management, inbound lead routing and season ticket renewals, creating a modern GTM system designed to drive fan engagement and commercial growth.
“We see this partnership as a natural extension of Apollo’s mission to make world-class go-to-market accessible to everyone by bringing it to the world’s most popular game,” said Matt Curl, CEO of Apollo. “Soccer is entering an incredible growth phase in the U.S., creating a once-in-a-generation opportunity for clubs to deepen fan relationships and accelerate commercial growth. Every professional sports team is running a revenue business focused on finding customers, engaging fans, growing sponsorships and driving renewals. By bringing together data, intelligence and execution into one system, we’re helping the Earthquakes build a modern commercial operation that will become a model for the future of sports.”
The partnership reflects Apollo’s broader vision that every organization can benefit from its AI GTM system. With the rise in soccer’s popularity, clubs face increasing pressure to convert fan interest into lasting relationships, ticket sales, sponsorships and recurring revenue. While sports organizations have historically relied on fragmented tools across ticketing, sponsorship sales, CRM and marketing, Apollo brings those workflows together into one connected system to help organizations capitalize on this moment.
For the Earthquakes, that means:
Modernizing group ticket sales workflowsImproving inbound lead managementGrowing sponsorship pipelineStreamlining season ticket renewal campaignsGiving sales and marketing teams a unified system
“While excitement around soccer continues to grow across the country, we’re investing in the technology and systems that will help us better engage our supporters and continue growing our commercial business,” said Earthquakes President Jared Shawlee. “I started my career in sales and have never seen the kind of technology that Apollo provides. This will transform our approach to sales and marketing by giving us one system to connect data, automate workflows and create a more connected experience for Quakes fans throughout their journey with the club.”
“We are excited to roll out the Apollo AI GTM system to revenue teams across our organization,” added Earthquakes Chief Strategy Officer Ian Anderson. “Apollo is at the forefront of AI-powered GTM and the Quakes are committed to being ahead of the technology curve for our industry.”
The Earthquakes become Apollo’s first official sports partner, laying the foundation for a broader strategy to bring modern GTM technology to sports organizations worldwide. Apollo plans to use the partnership as a blueprint for working with hundreds of professional sports organizations facing similar revenue and commercial challenges.
“This is just the beginning,” added Curl. “Professional sports organizations have the same GTM challenges as fast-growing businesses. We’re excited to demonstrate what’s possible when data, intelligence, and execution come together in a single system to help teams build stronger relationships with fans, partners, and customers.”
The partnership will officially debut ahead of the Earthquakes’ annual California Clasico match on Saturday, July 25, against the LA Galaxy at Stanford Stadium, with Apollo and the club jointly celebrating the launch through customer events, social activations and in-stadium experiences.
About Apollo
Apollo is the AI GTM System that uniquely combines data, intelligence, and execution in one loop helping every business find and win their next customer. Trusted by millions of users and over 600,000 companies worldwide, Apollo combines one of the industry’s largest B2B contact databases with a purpose built GTM intelligence engine and a full execution stack, in an all-in-one system. Learn more at apollo.io.
About San Jose Earthquakes
The San Jose Earthquakes, one of Major League Soccer’s original teams, are the epicenter for soccer in Northern California, playing at the highest professional level in the United States. The club won MLS Cups in 2001 and 2003 and took home Supporters’ Shields in 2005 and 2012. The Earthquakes are based out of PayPal Park, an 18,000-seat soccer-specific stadium that opened in 2015 and is the first cloud-enabled venue in MLS. The organization was originally founded in 1974 in the North American Soccer League, and in 2024, celebrated its 50th anniversary of positively impacting communities around Northern California. The club’s nonprofit arm, the Quakes Foundation, focuses on health and fitness initiatives for local underserved youth and fighting food insecurity. For more information about the Earthquakes, visit sjearthquakes.com.
View original content to download multimedia:https://www.prnewswire.com/news-releases/apollo-and-san-jose-earthquakes-announce-official-sleeve-and-go-to-market-partnership-bringing-the-ai-gtm-system-to-major-league-soccer-302832676.html
SOURCE Apollo.io
Technology
CIQ Arms Federal Agencies and Contractors with Kernel-Level Detection and BOD 26-04-Compliant Remediation
Published
21 minutes agoon
July 23, 2026By
RLC Pro Hardened and Ascender Pro together give federal teams kernel exploitation detection as it happens and CVE remediation before it wipes out an entire fleet
RENO, Nev., July 23, 2026 /PRNewswire/ — CIQ, the founding commercial sponsor of Rocky Linux, today announced the launch of an RLC Pro Hardened and Ascender Pro deployment that gives federal agencies real-time kernel exploit detection, audit-ready compliance, and automated remediation in a single deployment. The pairing gives federal teams a stronger position inside the three-day remediation window Binding Operational Directive (BOD) 26-04 sets for the highest-risk vulnerabilities on federal systems.
On June 10, 2026, CISA issued BOD 26-04, and the three-day clock starts when a flaw enters the Known Exploited Vulnerabilities (KEV) catalog, not when a patch ships. For the most dangerous vulnerabilities, the exploit often arrives before the patch does, leaving agencies with a compliance deadline and no fix to apply yet. Non-compliance penalties can include a range of administrative consequences, including greater regulatory oversight and asset disconnection.
RLC Pro Hardened, CIQ’s federal-ready Enterprise Linux distribution, answers that gap. It is the first Enterprise Linux distribution to ship runtime kernel exploitation detection enabled and supported by default, giving agencies a record of what happened during the window before a fix shipped. CIQ delivered that capability well before BOD 26-04 put federal agencies on a three-day clock.
“A single critical vulnerability can impact an entire federal fleet before it’s even confirmed as a CVE,” said Gregory Kurtzer, founder and CEO of CIQ. “RLC Pro Hardened’s LKRG catches the exploit behavior at the kernel the moment it happens, patch or no patch. Once remediation is required, Ascender Pro orchestrates it across the entire fleet and proves it happened, system by system. Agencies get both sides covered without rebuilding their infrastructure.”
RLC Pro Hardened ships with Linux Kernel Runtime Guard (LKRG), which validates kernel integrity continuously and records kernel-level exploitation as it happens. The distribution also arrives audit-ready, with FIPS 140-3 validated cryptography and CIQ-engineered lockdown playbooks for DISA STIG, CIS and NIST 800-171.
Ascender Pro adds Reaqt, an event-driven engine that watches fleet logs, matches them against rule sets, and fires the right Ansible playbook automatically. Across a fleet, that closes issues faster than manual, ticket-driven review.
More About BOD 26-04
BOD 26-04 replaced the severity-score deadlines of BOD 22-01 and BOD 19-02 with a risk model. It scores each vulnerability on four factors: public exposure, presence in the KEV catalog, exploit automation and technical impact. A vulnerability that meets all four carries a three-calendar-day remediation deadline, the shortest CISA has set in a Binding Operational Directive. Agency remediation policies must support the directive by August 7, 2026.
About CIQ
CIQ is the founding support and services partner for Rocky Linux and a leading provider of enterprise Linux infrastructure. CIQ delivers commercially supported Linux offerings, high-performance computing solutions and AI infrastructure to enterprises, government agencies, research institutions and supercomputing centers worldwide. CIQ’s products include the Rocky Linux from CIQ (RLC Pro) family of operating systems, Ascender Pro for IT automation, Fuzzball job-based container orchestration, Warewulf cluster provisioning and Apptainer, the leading container system for high-performance computing. For more information, visit ciq.com.
MEDIA CONTACT:
Cristin Connelly
Cathey Communications for CIQ
cristin@cathey.co
View original content to download multimedia:https://www.prnewswire.com/news-releases/ciq-arms-federal-agencies-and-contractors-with-kernel-level-detection-and-bod-26-04-compliant-remediation-302833327.html
SOURCE CIQ
NIX United Achieves AWS AI Competency After Rigorous Audit
Apollo and San Jose Earthquakes Announce Official Sleeve and Go-to-Market Partnership, Bringing the AI GTM System to Major League Soccer
CIQ Arms Federal Agencies and Contractors with Kernel-Level Detection and BOD 26-04-Compliant Remediation
Send Rakhi to UK swiftly with UK Gifts Portal
Whiteboard Series with NEAR | Ep: 45 Joel Thorstensson from ceramic.network
New Gooseneck Omni Antennas Offer Enhanced Signals in a Durable Package
Why You Should Build on #NEAR – Co-founder Illia Polosukhin at CV Labs
Whiteboard Series with NEAR | Ep: 45 Joel Thorstensson from ceramic.network
NEAR End of Year Town Hall 2021: The Open Web World, MetaBUILD 2 Hackathon and 2021 recap
Trending
-
Technology5 days agoEmdoor Launches “Ailyn” AI Hub at WAIC 2026: Unifying Intelligence Across Every Device
-
Technology4 days agoPenetron Strengthens Global Research Collaboration at ICSHM 2026
-
Technology5 days agoAI-Powered Connectivity: APAC Charts a Path to a Smarter Digital Future
-
Coin Market4 days agoSaylor turns up heat with ‘110 reasons’ why BIP-110 is a bad idea
-
Coin Market4 days agoWill the US get CLARITY this week? Bitcoin’s new $80K target: Hodler’s Digest, July 19
-
Technology4 days ago“Every Day CO₂ Challenge”: More Than a Game, A New Way of Learning
-
Technology4 days ago
China-Europe Youth Exchange Campaign: When Fashion Meets Football — A Green Pitch Appointment for Cross-Cultural Dialogue
-
Technology4 days agoPowering ASEAN’s Manufacturing Transformation: IME 2026 Connects Technology, Industry and Opportunity
