2021-11-24-SEC-唯品会2021Q3财报_6页_723kb

Vipshop 2021 Third Quarter Financial Summary

Core Content

Vipshop Holdings Limited (NYSE: VIPS) reported its unaudited financial results for the third quarter of 2021, ending on September 30, 2021. The results highlight key financial metrics and business performance, alongside management commentary and future outlook.

Main Highlights

• Total Net Revenue: Increased by 7.5% year over year to RMB24.9 billion (US$3.9 billion) from RMB23.2 billion in the prior year.
• GMV (Gross Merchandise Value): Rose by 5% to RMB40.2 billion from RMB38.3 billion in the prior year.
• Gross Profit: Slightly decreased to RMB4.8 billion (US$751.4 million) from RMB4.9 billion in the prior year.
• Net Income Attributable to Shareholders: Declined to RMB628.4 million (US$97.5 million) from RMB1.2 billion in the prior year.
• Non-GAAP Net Income Attributable to Shareholders: Decreased to RMB1.0 billion (US$159.6 million) from RMB1.4 billion in the prior year.
• Active Customers: Increased to 43.9 million from 43.4 million in the prior year.
• Total Orders: Slightly increased to 172.9 million from 172.8 million in the prior year.

Key Financial Metrics

Revenue

• Total Net Revenue: RMB24.9 billion (US$3.9 billion), up 7.5% YoY.

Gross Profit

• Gross Profit: RMB4.8 billion (US$751.4 million), down from RMB4.9 billion in the prior year.
• Gross Margin: 19.4%, compared to 21.1% in the prior year.

Operating Expenses

• Total Operating Expenses: RMB4.2 billion (US$659.2 million), up from RMB3.9 billion in the prior year.
• Fulfillment Expenses: RMB1.6 billion (US$251.2 million), slightly flat YoY, with a margin of 6.5% vs 7.0%.
• Marketing Expenses: RMB1.2 billion (US$192.7 million), up from RMB1.1 billion in the prior year, with a margin of 5.0% vs 4.9%.
• Technology and Content Expenses: RMB366.8 million (US$56.9 million), up from RMB305.1 million, with a margin of 1.5% vs 1.3%.
• General and Administrative Expenses: RMB1.0 billion (US$158.4 million), up from RMB848.6 million, with a margin of 4.1% vs 3.7%.

Income from Operations

• Income from Operations: RMB770.8 million (US$119.6 million), down from RMB1.2 billion in the prior year.
• Operating Margin: 3.1%, compared to 5.4% in the prior year.
• Non-GAAP Income from Operations: RMB1.1 billion (US$163.9 million), down from RMB1.5 billion in the prior year.
• Non-GAAP Operating Margin: 4.2%, compared to 6.4% in the prior year.

Net Income

• Net Income Attributable to Shareholders: RMB628.4 million (US$97.5 million), down from RMB1.2 billion in the prior year.
• Net Margin: 2.5%, compared to 5.4% in the prior year.
• Non-GAAP Net Income Attributable to Shareholders: RMB1.0 billion (US$159.6 million), down from RMB1.4 billion in the prior year.
• Non-GAAP Net Margin: 4.1%, compared to 6.0% in the prior year.
• Net Income per Diluted ADS: RMB0.92 (US$0.14), down from RMB1.80 in the prior year.

Balance Sheet and Cash Flow

• Cash and Cash Equivalents (plus Restricted Cash): RMB13.2 billion (US$2.0 billion) as of September 30, 2021.
• Short Term Investments: RMB3.7 billion (US$569.3 million).
• Net Cash Used in Operating Activities: RMB1.7 billion (US$261.7 million).
• Free Cash Flow (non-GAAP):
  • Three Months Ended September 30, 2021: RMB-2.698 billion (US$-418.8 million).
  • Trailing Twelve Months Ended September 30, 2021: RMB4.049 billion (US$628.5 million).

Business Outlook

• Fourth Quarter 2021 Revenue Forecast: Between RMB35.8 billion and RMB37.6 billion, representing a 0% to 5% YoY growth.
• The forecast is subject to change based on market and operational conditions.

Non-GAAP Financial Measures

• Vipshop provides non-GAAP measures to exclude certain expenses and gains, including:
  • Share-based compensation
  • Amortization of intangible assets
  • Investment gains and revaluations
  • Impairment loss of investments
  • Tax effects on non-GAAP adjustments
• These measures are used to enhance clarity and understanding of the company's performance.

Definitions

• GMV: Total Renminbi value of all products and services sold through Vipshop's platforms, including offline stores.
• Active Customers: Registered members who made at least one purchase through Vipshop's online sales or marketplace platforms.
• Total Orders: Number of orders placed through online platforms, net of returns.

Conference Call

• Date: Thursday, November 18, 2021 at 7:30 A.M. U.S. Eastern Time.
• Dial-in Details:
  • United States Toll Free: +1-855-452-5696
  • International: +61-2-8199-0299
  • Conference ID: #1080234
• A webcast and archived version will be available at http://ir.vip.com.

Contact Information

• Investor Relations Contact:
  • Tel: +86 (20) 2233-0732
  • Email: IR@vipshop.com

Disclaimer

• The document includes forward-looking statements and non-GAAP financial measures, which are subject to risks and uncertainties.
• Vipshop advises that these measures should not be considered in isolation from GAAP financial results.