《唯品会Vipshop Holdings Ltd（VIPS）2024年第二季度业绩报告「NYSE」（英文版）（12页）.pdf》由会员分享，可在线阅读，更多相关《唯品会Vipshop Holdings Ltd（VIPS）2024年第二季度业绩报告「NYSE」（英文版）（12页）.pdf（12页珍藏版）》请在三个皮匠报告上搜索。

1、 1 Vipshop Reports Unaudited Second Quarter 2024 Financial Results Conference Call to Be Held at 7:30 A.M.U.S.Eastern Time on August 20,2024 Guangzhou,China,August 20,2024 Vipshop Holdings Limited(NYSE:VIPS),a leading online discount retailer for brands in China(“Vipshop”or the“Company”),today annou

2、nced its unaudited financial results for the quarter ended June 30,2024.Second Quarter 2024 Highlights Total net revenues for the second quarter of 2024 were RMB26.9 billion(US$3.7 billion),compared with RMB27.9 billion in the prior year period.GMV1 for the second quarter of 2024 was RMB50.6 billion

3、,which largely stayed flat compared with that in the prior year period.Gross profit for the second quarter of 2024 increased by 2.2%year over year to RMB6.3 billion(US$872.6 million)from RMB6.2 billion in the prior year period.Net income attributable to Vipshops shareholders for the second quarter o

4、f 2024 was RMB1.9 billion(US$265.7 million),compared with RMB2.1 billion in the prior year period.Non-GAAP net income attributable to Vipshops shareholders2 for the second quarter of 2024 was RMB2.2 billion(US$298.0 million),compared with RMB2.4 billion in the prior year period.The number of active

5、customers3 for the second quarter of 2024 was 44.3 million,compared with 45.6 million in the prior year period.Total orders4 for the second quarter of 2024 were 197.8 million,compared with 213.8 million in the prior year period.Mr.Eric Shen,Chairman and Chief Executive Officer of Vipshop,stated,“Our

6、 second quarter results reflected the agility of our team and the resilience of our business model,as we achieved operational 1“Gross merchandise value(GMV)”is defined as the total Renminbi value of all products and services sold through the Companys online sales business,online marketplace platform

7、,Shan Shan Outlets,and other offline stores during the given period,including the Companys 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

8、 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 Companys or other third-party

9、vendors warehouses.2 Non-GAAP net income attributable to Vipshops shareholders is a non-GAAP financial measure,which,for the periods presented in this press release,is defined as net income attributable to Vipshops shareholders excluding(i)share-based compensation expenses,(ii)impairment loss of inv

10、estments,(iii)investment(gain)loss and revaluation of investments excluding dividends,(iv)reconciling items on the share of equity method investments,and(v)tax effects on non-GAAP adjustments.3“Active customers”is defined as registered members who have purchased from the Companys self-operated onlin

11、e sales business or the Companys online marketplace platforms,excluding those who made their purchases from the Companys 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 custo

12、mers”to exclude registered members who make their purchases from the Companys online stores operated at third-party platforms.The active customer figures for the historical periods presented in this press release have been retrospectively adjusted accordingly.4“Total orders”is defined as the total n

13、umber of orders placed during the given period,including the orders for products and services sold through the Companys online sales business and on the Companys online marketplace platforms(excluding,for the avoidance of doubt,orders from the Companys offline stores and outlets),net of orders retur

14、ned.2 excellence in the face of slower sales momentum.The fundamental strength of our business was evidenced by the resilient performance of our core brands and active Super VIP members.In the second quarter,we continued to sharpen our focus on enriching merchandise offerings,delivering value,and pr

15、oviding worry-free services,which are our core competitive edges.Looking ahead,we will stay close to customer needs,continue investing in our merchandising capabilities,and consistently execute on the discount retail fundamentals to achieve quality growth for the long term.”Mr.Mark Wang,Chief Financ

16、ial Officer of Vipshop,further commented,“In the second quarter,we achieved solid profitability despite ongoing pressure on the topline growth.Our continued efforts in operating efficiency improvement helped us maintain consistent and healthy margins.Moreover,we accelerated our pace of preserving sh

17、areholder value with over US$200 million having been utilized for share buybacks during the quarter,and a new share repurchase program of up to US$1 billion will be in place after we fully utilize the remaining amount under the existing program.While uncertainties remain in the near term,we believe

18、that our disciplined approach to managing the business,along with the long-term investments we are making in line with our strategy,positions us well to deliver sustainable and profitable growth in the long run.”Second Quarter 2024 Financial Results REVENUES Total net revenues for the second quarter

19、 of 2024 were RMB26.9 billion(US$3.7 billion),compared with RMB27.9 billion in the prior year period.GROSS PROFIT Gross profit for the second quarter of 2024 increased by 2.2%year over year to RMB6.3 billion(US$872.6 million)from RMB6.2 billion in the prior year period.Gross margin for the second qu

20、arter of 2024 increased to 23.6%from 22.2%in the prior year period.OPERATING EXPENSES Total operating expenses for the second quarter of 2024 decreased by 4.2%year over year to RMB4.3 billion(US$590.8 million)from RMB4.5 billion in the prior year period.As a percentage of total net revenues,total op

21、erating expenses for the second quarter of 2024 decreased to 16.0%from 16.1%in the prior year period.Fulfillment expenses for the second quarter of 2024 decreased by 0.8%year over year to RMB2.16 billion(US$297.9 million)from RMB2.18 billion in the prior year period.As a percentage of total net reve

22、nues,fulfillment expenses for the second quarter of 2024 was 8.1%,compared with 7.8%in the prior year period.Marketing expenses for the second quarter of 2024 decreased by 17.0%year over year to RMB740.7 million(US$101.9 million)from RMB892.5 million in the prior year period.As a percentage of total

23、 net revenues,marketing expenses for the second quarter of 2024 decreased to 2.8%from 3.2%in the prior year period.Technology and content expenses for the second quarter of 2024 increased by 10.0%year over year to RMB487.2 million(US$67.0 million)from RMB443.0 million in the prior year period.As a p

24、ercentage of total net revenues,technology and content expenses for the second quarter of 2024 was 1.8%,compared with 1.6%in the prior year period.3 General and administrative expenses for the second quarter of 2024 decreased by 6.5%year over year to RMB900.7 million(US$123.9 million)from RMB963.1 m

25、illion in the prior year period.As a percentage of total net revenues,general and administrative expenses for the second quarter of 2024 decreased to 3.4%from 3.5%in the prior year period.INCOME FROM OPERATIONS Income from operations for the second quarter of 2024 increased by 16.5%year over year to

26、 RMB2.2 billion(US$307.2 million)from RMB1.9 billion in the prior year period.Operating margin for the second quarter of 2024 increased to 8.3%from 6.9%in the prior year period.Non-GAAP income from operations5 for the second quarter of 2024,which excluded share-based compensation expenses,increased

27、by 11.6%year over year to RMB2.6 billion(US$352.9 million)from RMB2.3 billion in the prior year period.Non-GAAP operating margin6 for the second quarter of 2024 increased to 9.5%from 8.2%in the prior year period.NET INCOME Net income attributable to Vipshops shareholders for the second quarter of 20

28、24 was RMB1.9 billion(US$265.7 million),compared with RMB2.1 billion in the prior year period.Net margin attributable to Vipshops shareholders for the second quarter of 2024 was 7.2%,compared with 7.5%in the prior year period.Net income attributable to Vipshops shareholders per diluted ADS7 for the

29、second quarter of 2024 was RMB3.49(US$0.48),compared with RMB3.75 in the prior year period.Non-GAAP net income attributable to Vipshops shareholders for the second quarter of 2024,which excluded(i)share-based compensation expenses,(ii)impairment loss of investments,(iii)investment(gain)loss and reva

30、luation of investments excluding dividends,(iv)reconciling items on the share of equity method investments,and(v)tax effects on non-GAAP adjustments,was RMB2.2 billion(US$298.0 million),compared with RMB2.4 billion in the prior year period.Non-GAAP net margin attributable to Vipshops shareholders8 f

31、or the second quarter of 2024 was 8.1%,compared with 8.6%in the prior year period.Non-GAAP net income attributable to Vipshops shareholders per diluted ADS9 for the second quarter of 2024 was RMB3.91(US$0.54),compared with RMB4.30 in the prior year period.For the quarter ended June 30,2024,the Compa

32、nys weighted average number of ADSs used in computing diluted income per ADS was 553,677,165.BALANCE SHEET AND CASH FLOW 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 margi

33、n 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 Vipshops shareholders is a non-GAAP financial me

34、asure,which is defined as non-GAAP net income attributable to Vipshops shareholders,as a percentage of total net revenues.9 Non-GAAP net income attributable to Vipshops shareholders per diluted ADS is a non-GAAP financial measure,which is defined as non-GAAP net income attributable to Vipshops share

35、holders,divided by the weighted average number of diluted ADSs outstanding for computing diluted earnings per ADS.4 As of June 30,2024,the Company had cash and cash equivalents and restricted cash of RMB21.6 billion(US$3.0 billion)and short term investments of RMB1.9 billion(US$264.3 million).For th

36、e quarter ended June 30,2024,net cash generated from operating activities was RMB287.1 million(US$39.5 million),and free cash flow10,a non-GAAP measurement of liquidity,was as follows:For the three months ended June 30,2023 RMB000 June 30,2024 RMB000 June 30,2024 US$000 Net cash generated from opera

37、ting activities 4,053,402 287,090 39,505 Reconciling items:Net impact from internet financing activities11 199,429 27,193 3,742 Capital expenditures (1,658,548)(1,178,086)(162,110)Free cash inflow(outflow)2,594,283 (863,803)(118,863)For the trailing twelve months ended June 30,2023 RMB000 June 30,20

38、24 RMB000 June 30,2024 US$000 Net cash generated from operating activities 11,764,313 9,626,765 1,324,687 Reconciling items:Net impact from internet financing activities 315,313 (84,782)(11,666)Capital expenditures (3,906,017)(4,360,210)(599,985)Free cash inflow 8,173,609 5,181,773 713,036 Share Rep

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

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

41、 2023,as amended.The Company will implement its share repurchases in accordance with applicable rules and requirements under the Securities Exchange Act of 1934,as amended,and the Companys insider trading policy.The Companys board of directors will review the share repurchase programs periodically,a

42、nd may authorize adjustment of their terms and size.The Company expects to fund the repurchases out of its existing cash balance.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

43、 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 Companys financial products,which are primarily consumer financing and supplier financing that the Company

44、 provides to its customers and suppliers.5 Amended and Restated 2014 Share Incentive Plan The Company adopted an Amended and Restated 2014 Share Incentive Plan,as approved and authorized by the board of directors of the Company and its compensation committee.This plan amends and restates the origina

45、l plan in its entirety,primarily for the purpose of extending the term of the original plan,and assumes all awards granted under the original plan.The Amended and Restated 2014 Share Incentive Plan will expire upon the tenth anniversary of the effective date.Business Outlook For the third quarter of

46、 2024,the Company expects its total net revenues to be between RMB20.5 billion and RMB21.6 billion,representing a year-over-year decrease of approximately 10%to 5%.These forecasts reflect the Companys current and preliminary view on the market and operational conditions,which is subject to change.Ex

47、change Rate The Companys 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 t

48、ranslations from Renminbi to U.S.dollars are made at a rate of RMB7.2672 to US$1.00,the effective noon buying rate on June 28,2024 as set forth in the H.10 statistical release of the Federal Reserve Board.No representation is made that the Renminbi amounts could have been,or could be,converted,reali

49、zed or settled into U.S.dollars at that rate on June 28,2024,or at any other rate.Conference Call Information The Company will hold a conference call on Tuesday,August 20,2024 at 7:30 am U.S.Eastern Time,7:30 pm Beijing Time to discuss the financial results.All participants wishing to join the confe

50、rence call must pre-register online using the link provided below.Registration Link:https:/ 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

51、code.A live webcast of the earnings conference call can be accessed at https:/edge.media- archived webcast will be available at the Companys investor relations website at http:/.About Vipshop Holdings Limited Vipshop Holdings Limited is a leading online discount retailer for brands in China.Vipshop

52、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:/ Harbor Sta

53、tement 6 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,”“inte

54、nds,”“plans,”“believes,”“estimates,”and similar statements.Among other things,the business outlook and quotations from management in this announcement,as well as Vipshops strategic and operational plans,contain forward-looking statements.Vipshop may also make written or oral forward-looking statemen

55、ts 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

56、 statements about Vipshops 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 t

57、o the following:Vipshops goals and strategies;Vipshops future business development,results of operations and financial condition;the expected growth of the online discount retail market in China;Vipshops ability to attract customers and brand partners and further enhance its brand recognition;Vipsho

58、ps 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 the

59、se and other risks is included in Vipshops 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 Financi

60、al Measures The condensed consolidated financial information is derived from the Companys unaudited interim condensed consolidated financial statements prepared in conformity with accounting principles generally accepted in the United States of America(“U.S.GAAP”),except that cash flows for the peri

61、od 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 Vipshops shareholders,non-GAAP net income attributable to Vipshops shareholders per diluted ADS,non-GAAP

62、income from operations,non-GAAP operating margin,non-GAAP net margin attributable to Vipshops 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 Vipshops shareholders is net income attribut

63、able to Vipshops shareholders excluding(i)share-based compensation expenses,(ii)impairment loss of investments,(iii)investment(gain)loss and revaluation of investments excluding dividends,(iv)reconciling items on the share of equity method investments,and(v)tax effects on non-GAAP adjustments.Non-GA

64、AP net income attributable to Vipshops shareholders per diluted ADS is computed using non-GAAP net income attributable to Vipshops shareholders divided by weighted average number of diluted ADS outstanding for computing diluted earnings per ADS.Non-GAAP income from operations is income from operatio

65、ns 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 Vipshops shareholders is non-GAAP net income attributable to Vipshops shareholders as a percentage of total net revenu

66、es.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

67、 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

68、,(ii)impairment loss of investments,(iii)investment(gain)loss and revaluation of investments excluding dividends,(iv)reconciling items on the share of equity method investments,and(v)tax effects on non-GAAP adjustments add clarity to the constituent parts of its performance.The Company reviews 7 the

69、se 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 u

70、seful supplemental information for investors and analysts to assess its operating performance without the effect of(i)share-based compensation expenses,(ii)impairment loss of investments,(iii)investment(gain)loss and revaluation of investments excluding dividends,(iv)reconciling items on the share o

71、f 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 p

72、latform,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 i

73、s that they do not include all items that impact the Companys 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

74、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 accordan

75、ce 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 8 Vipshop Holdings Limited Unaudited Con

76、densed Consolidated Statements of Income and Comprehensive Income (In thousands,except for share and per share data)Three Months Ended Six Months Ended June 30,2023 June 30,2024 June 30,2024 June 30,2023 June 30,2024 June 30,2024 RMB000 RMB000 USD000 RMB000 RMB000 USD000 Product revenues 26,163,113

77、25,077,607 3,450,794 52,100,943 50,924,737 7,007,477 Other revenues(1)1,716,187 1,797,561 247,353 3,314,740 3,596,311 494,869 Total net revenues 27,879,300 26,875,168 3,698,147 55,415,683 54,521,048 7,502,346 Cost of revenues (21,677,355)(20,533,956)(2,825,566)(43,309,175)(41,634,335)(5,729,075)Gros

78、s profit 6,201,945 6,341,212 872,581 12,106,508 12,886,713 1,773,271 Operating expenses:Fulfillment expenses(2)(2,181,066)(2,164,681)(297,870)(3,964,897)(4,150,206)(571,087)Marketing expenses (892,505)(740,662)(101,918)(1,729,399)(1,431,546)(196,987)Technology and content expenses (443,046)(487,156)

79、(67,035)(835,809)(969,057)(133,347)General and administrative expenses (963,117)(900,671)(123,936)(2,010,788)(1,829,758)(251,783)Total operating expenses (4,479,734)(4,293,170)(590,759)(8,540,893)(8,380,567)(1,153,204)Other operating income 194,288 184,380 25,372 336,577 485,978 66,873 Income from o

80、perations 1,916,499 2,232,422 307,194 3,902,192 4,992,124 686,940 Investment gain(loss)and revaluation of investments 39,354 (17,855)(2,457)81,334 (21,413)(2,947)Impairment loss of investments (19,105)(14,691)(2,022)(19,105)(14,691)(2,022)Interest expense (1,989)(13,666)(1,881)(7,696)(24,221)(3,333)

81、Interest income 183,168 191,656 26,373 405,133 407,713 56,103 Exchange gain(loss)282,636 (74,896)(10,306)274,449 (77,263)(10,632)Income before income tax expense and share of income of equity method investees 2,400,563 2,302,970 316,901 4,636,307 5,262,249 724,109 Income tax expenses (339,056)(405,6

82、46)(55,819)(729,201)(1,024,932)(141,035)Share of income of equity method investees 49,202 47,203 6,495 81,009 55,138 7,587 Net income 2,110,709 1,944,527 267,577 3,988,115 4,292,455 590,661 Net income attributable to non-controlling interests(13,255)(13,320)(1,833)(31,931)(44,538)(6,129)Net income a

83、ttributable to Vipshops shareholders 2,097,454 1,931,207 265,744 3,956,184 4,247,917 584,532 Shares used in calculating earnings per share(3):Weighted average number of Class A and Class B ordinary shares:Basic 110,053,473 108,709,998 108,709,998 112,975,907 108,584,522 108,584,522 Diluted 111,819,6

84、66 110,735,433 110,735,433 114,669,108 110,708,271 110,708,271 Net earnings per Class A and Class B ordinary share 9 Net income attributable to Vipshops shareholdersBasic 19.06 17.76 2.44 35.02 39.12 5.38 Net income attributable to Vipshops shareholdersDiluted 18.76 17.44 2.40 34.50 38.37 5.28 Net e

85、arnings per ADS(1 ordinary share equals to 5 ADSs)Net income attributable to Vipshops shareholdersBasic 3.81 3.55 0.49 7.00 7.82 1.08 Net income attributable to Vipshops shareholdersDiluted 3.75 3.49 0.48 6.90 7.67 1.06 (1)Other revenues primarily consist of product promotion and online advertising

86、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 primari

87、ly 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 inc

88、ome and membership fee income.(2)Fulfillment expenses include shipping and handling expenses,which amounted RMB 1.6 billion and RMB1.5 billion in the three month periods ended June 30,2023 and June 30,2024,respectively.(2)Fulfillment expenses include shipping and handling expenses,which amounted RMB

89、2.9 billion and RMB2.9 billion in the six month periods ended June 30,2023 and June 30,2024,respectively.(3)Authorized share capital is re-classified and re-designated into Class A ordinary shares and Class B ordinary shares,with each Class A ordinary share being entitled to one vote and each Class

90、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 ordina

91、ry share being entitled to ten votes on all matters that are subject to shareholder vote.Three Months Ended Six Months Ended June 30,2023 June 30,2024 June 30,2024 June 30,2023 June 30,2024 June 30,2024 RMB000 RMB000 USD000 RMB000 RMB000 USD000 Share-based compensation expenses are included in the o

92、perating expenses as follows:Fulfillment expenses 23,173 20,727 2,852 38,542 41,091 5,654 Marketing expenses 8,383 7,516 1,034 17,711 15,335 2,110 Technology and content expenses 92,906 96,856 13,328 154,273 190,288 26,185 General and administrative expenses 256,996 206,985 28,482 475,076 380,832 52

93、,404 Total 381,458 332,084 45,696 685,602 627,546 86,353 10 Vipshop Holdings Limited Unaudited Condensed Consolidated Balance Sheets (In thousands,except for share and per share data)December 31,2023 June 30,2024 June 30,2024 RMB000 RMB000 USD000 ASSETS CURRENT ASSETS Cash and cash equivalents 25,41

94、4,729 21,030,780 2,893,932 Restricted cash 882,637 587,796 80,883 Short term investments 1,983,201 1,920,872 264,321 Accounts receivable,net 778,767 932,010 128,249 Amounts due from related parties,net 553,502 574,880 79,106 Other receivables and prepayments,net 2,298,612 2,529,655 348,092 Loan rece

95、ivables,net 4,437 5,476 754 Inventories 5,644,713 4,172,868 574,206 Total current assets 37,560,598 31,754,337 4,369,543 NON-CURRENT ASSETS Property and equipment,net 16,882,100 17,585,608 2,419,860 Deposits for property and equipment 200,739 178,269 24,531 Land use rights,net 10,132,626 10,433,786

96、1,435,737 Intangible assets,net 332,821 329,733 45,373 Investment in equity method investees 2,155,561 2,063,075 283,889 Other investments 2,916,189 3,163,209 435,272 Other long-term assets 147,669 237,930 32,740 Goodwill 755,213 755,213 103,921 Deferred tax assets,net 685,017 689,995 94,946 Operati

97、ng lease right-of-use assets 554,061 459,412 63,217 Total non-current assets 34,761,996 35,896,230 4,939,486 TOTAL ASSETS 72,322,594 67,650,567 9,309,029 LIABILITIES AND EQUITY CURRENT LIABILITIES Short term loans 1,425,576 2,485,533 342,021 Accounts payable 17,259,395 12,225,160 1,682,238 Advance f

98、rom customers 1,689,881 1,319,266 181,537 Accrued expenses and other current liabilities 9,560,449 8,029,983 1,104,963 Amounts due to related parties 150,373 184,165 25,342 Deferred income 457,594 432,360 59,495 Operating lease liabilities 80,868 66,052 9,089 Total current liabilities 30,624,136 24,

99、742,519 3,404,685 NON-CURRENT LIABILITIES Deferred tax liability 692,492 647,273 89,068 Deferred income-non current 1,756,949 1,951,942 268,596 Operating lease liabilities 689,259 607,278 83,564 Total non-current liabilities 3,138,700 3,206,493 441,228 TOTAL LIABILITIES 33,762,836 27,949,012 3,845,9

100、13 EQUITY:11 Class A ordinary shares(US$0.0001 par value,483,489,642 shares authorized,98,877,929 and 99,958,367 shares issued,of which 92,900,247 and 91,129,644 shares were outstanding as of December 31,2023 and June 30,2024,respectively)62 63 9 Class B ordinary shares(US$0.0001 par value,16,510,35

101、8 shares authorized,and 15,560,358 and 15,560,358 shares issued and outstanding as of December 31,2023 and June 30,2024,respectively)11 11 2 Treasury shares,at cost(5,977,682 and 8,828,723 Class A shares as of December 31,2023 and June 30,2024,respectively)(3,624,763)(5,205,735)(716,333)Additional p

102、aid-in capital 4,444,755 4,751,653 653,849 Retained earnings 36,836,928 39,414,170 5,423,570 Accumulated other comprehensive loss(695,589)(684,551)(94,197)Non-controlling interests 1,598,354 1,425,944 196,216 Total shareholders equity 38,559,758 39,701,555 5,463,116 TOTAL LIABILITIES AND SHAREHOLDER

103、S EQUITY 72,322,594 67,650,567 9,309,029 Vipshop Holdings Limited Reconciliations of GAAP and Non-GAAP Results Three Months Ended Six Months Ended June 30,2023 June 30,2024 June 30,2024 June 30,2023 June 30,2024 June 30,2024 RMB000 RMB000 USD000 RMB000 RMB000 USD000 Income from operations 1,916,499

104、2,232,422 307,194 3,902,192 4,992,124 686,940 Share-based compensation expenses 381,458 332,084 45,696 685,602 627,546 86,353 Non-GAAP income from operations 2,297,957 2,564,506 352,890 4,587,794 5,619,670 773,293 Net income attributable to Vipshops shareholders 2,097,454 1,931,207 265,744 3,956,184

105、 4,247,917 584,532 Share-based compensation expenses 381,458 332,084 45,696 685,602 627,546 86,353 Impairment loss of investments 19,105 14,691 2,022 19,105 14,691 2,022 Investment(gain)loss and revaluation of investments excluding dividends (39,352)17,855 2,457 (81,333)21,413 2,947 Reconciling item

106、s on the share of equity method investments(4)(22,897)(15,124)(2,081)(37,612)(28,647)(3,942)Tax effects on non-GAAP adjustments (34,432)(115,297)(15,865)(71,390)(134,789)(18,548)Non-GAAP net income attributable to Vipshops shareholders 2,401,336 2,165,416 297,973 4,470,556 4,748,131 653,364 (4)To ex

107、clude the GAAP to non-GAAP reconciling items relating to investment(gain)loss and revaluation of investments on the share of equity method investments.12 Shares used in calculating earnings per share:Weighted average number of Class A and Class B ordinary shares:Basic 110,053,473 108,709,998 108,709

108、,998 112,975,907 108,584,522 108,584,522 Diluted 111,819,666 110,735,433 110,735,433 114,669,108 110,708,271 110,708,271 Non-GAAP net income per Class A and Class B ordinary share Non-GAAP net income attributable to Vipshops shareholdersBasic 21.82 19.92 2.74 39.57 43.73 6.02 Non-GAAP net income att

109、ributable to Vipshops shareholdersDiluted 21.48 19.55 2.69 38.99 42.89 5.90 Non-GAAP net income per ADS(1 ordinary share equal to 5 ADSs)Non-GAAP net income attributable to Vipshops shareholdersBasic 4.36 3.98 0.55 7.91 8.75 1.20 Non-GAAP net income attributable to Vipshops shareholdersDiluted 4.30 3.91 0.54 7.80 8.58 1.18