In This Article:
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Total Net Revenues (Q4 2024): RMB33.2 billion, compared with RMB34.7 billion in the prior year period.
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Gross Profit (Q4 2024): RMB7.6 billion, compared with RMB8.2 billion in the prior year period.
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Gross Margin (Q4 2024): 23.0%, compared with 23.7% in the prior year period.
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Total Operating Expenses (Q4 2024): RMB5.1 billion, compared with RMB4.9 billion in the prior year period.
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Operating Margin (Q4 2024): 8.6%, compared with 10.6% in the prior year period.
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Net Income Attributable to Shareholders (Q4 2024): RMB2.4 billion, compared with RMB3.0 billion in the prior year period.
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Net Margin Attributable to Shareholders (Q4 2024): 7.4%, compared with 8.5% in the prior year period.
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Non-GAAP Net Income Attributable to Shareholders (Q4 2024): RMB3.0 billion, compared with RMB3.2 billion in the prior year period.
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Cash and Cash Equivalents (as of Dec 31, 2024): RMB27.0 billion.
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Short-term Investments (as of Dec 31, 2024): RMB1.9 billion.
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Total Net Revenues (Full Year 2024): RMB108.4 billion, compared with RMB112.9 billion in the prior year.
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Gross Margin (Full Year 2024): 23.5%, compared with 22.8% in the prior year.
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Operating Margin (Full Year 2024): 8.5%, compared with 8.1% in the prior year.
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Net Income Attributable to Shareholders (Full Year 2024): RMB7.7 billion, compared with RMB8.1 billion in the prior year.
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Non-GAAP Net Income Attributable to Shareholders (Full Year 2024): RMB9.0 billion, compared with RMB9.5 billion in the prior year.
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Revenue Guidance (Q1 2025): Expected to be between RMB26.3 billion and RMB27.6 billion, representing a year-over-year decrease of approximately 5% to 0%.
Release Date: February 21, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Vipshop Holdings Ltd (NYSE:VIPS) delivered results above expectations in the fourth quarter, indicating strong execution and adaptability.
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The apparel category experienced positive growth, contributing to 75% of total GMV, the highest in the company's history.
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Super VIP membership saw a 50% increase in active members, accounting for 51% of online spending in the fourth quarter.
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The company successfully introduced over 1,500 new brands, including partnerships with high-profile global brands.
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Vipshop Holdings Ltd (NYSE:VIPS) achieved an eight-year high gross margin of 23.5% for the full year, driven by the strong performance of the apparel business.
Negative Points
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Total net revenues for the fourth quarter decreased to RMB33.2 billion from RMB34.7 billion in the prior year period.
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Gross profit and operating margin both saw declines compared to the prior year period, indicating pressure on profitability.
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Marketing expenses increased by 10.3% year-over-year, impacting overall cost management.
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Net income attributable to Vipshop's shareholders decreased to RMB2.4 billion from RMB3.0 billion in the prior year period.
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The company anticipates a year-over-year decrease in total net revenues for the first quarter of 2025, reflecting ongoing market challenges.