Conference Call to Be Held at 7:30 A.M. U.S. Eastern Time on August 18, 2021
GUANGZHOU, China, Aug. 18, 2021 /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
second quarter ended June 30,
2021.
Second Quarter 2021 Highlights
- Total net revenue for the second quarter of 2021
increased by 22.8% year over year to RMB29.6
billion (US$4.6 billion) from
RMB24.1 billion in the prior year
period.
- GMV[1] for the second quarter
of 2021 increased by 25% year over year to RMB48.1 billion from RMB38.4 billion in the prior year period.
- Gross profit for the second quarter of 2021 increased by
20.6% year over year to RMB6.0
billion (US$922.6 million)
from RMB4.9 billion in the prior year
period.
- Net income attributable to Vipshop's shareholders for
the second quarter of 2021 was RMB1.1
billion (US$169.2 million), as
compared with RMB1.5 billion in the
prior year period.
- Non-GAAP net income attributable to Vipshop's
shareholders[2] for the second quarter of 2021
increased by 11.3% year over year to RMB1.5
billion (US$227.6 million)
from RMB1.3 billion in the prior year
period.
- The number of active customers[3] for the
second quarter of 2021 increased by 32% year over year to 51.1
million from 38.8 million in the prior year period.
- Total orders[4] for the second quarter of
2021 increased by 30% year over year to 221.5 million from 170.5
million in the prior year period.
Mr. Eric Shen, Chairman and Chief
Executive Officer of Vipshop, stated, "In the second quarter of
2021, we maintained solid business momentum through robust
execution of our merchandising strategy. In the quarter, we
observed healthy trends across our core operating metrics, with
total number of active users and total GMV growing by 32% and 25%
year over year, respectively. We were also delighted to see our
value proposition continues to make us the discount platform of
choice for brand partners to collaborate with and to incentivize
their contribution to our premium product offerings. We believe
that our ability to offer differentiated selections of quality
products to our customers at competitive prices while adding value
for our brand partners will further solidify our leading position
in China's discount retail
market."
Mr. David Cui, Chief Financial
Officer of Vipshop, further commented, "During the second quarter
of 2021, we delivered solid topline growth and profitability,
driven by sustainable growth momentum in our business. In addition,
we generated robust free cash inflow of RMB7.1 billion for the trailing twelve months
ended June 30, 2021, compared with
RMB4.1 billion in the prior year
period. In the second quarter, we repurchased approximately
US$301 million of our ADSs in
accordance with the US$500 million
share repurchase program we adopted in March
2021, showing both our confidence in the robustness of our
business model and our dedication to delivering long-term value to
our shareholders."
Second Quarter 2021 Financial Results
REVENUE
Total net revenue for the second quarter of 2021 increased by
22.8% year over year to RMB29.6
billion (US$4.6 billion) from
RMB24.1 billion in the prior year
period, primarily driven by the growth in the number of total
active customers.
GROSS PROFIT
Gross profit for the second quarter of 2021 increased by 20.6%
year over year to RMB6.0 billion
(US$922.6 million) from RMB4.9 billion in the prior year period. Gross
margin for the second quarter of 2021 was 20.1% as compared with
20.5% in the prior year period.
OPERATING EXPENSES
Total operating expenses for the second quarter of 2021 were
RMB4.8 billion (US$750.7 million), as compared with RMB3.8 billion in the prior year period. As a
percentage of total net revenue, total operating expenses for the
second quarter of 2021 was 16.4% as compared with 15.8% in the
prior year period.
- Fulfillment expenses for the second quarter of
2021 were RMB2.1 billion
(US$318.7 million), as compared with
RMB1.7 billion in the prior year
period. As a percentage of total net revenue, fulfillment expenses
for the second quarter of 2021 decreased to 6.9% from 7.0% in the
prior year period.
- Marketing expenses for the second quarter of 2021
were RMB1.4 billion (US$218.0 million), as compared with RMB1.0 billion in the prior year period. As a
percentage of total net revenue, marketing expenses for the second
quarter of 2021 were 4.8%, as compared with 4.3% in the prior year
period. The increase was primarily attributable to increased
investment in advertising activities relating to customer
acquisition and retention.
- Technology and content expenses for the second
quarter of 2021 was RMB369.9 million
(US$57.3 million), as compared with
RMB305.4 million in the prior year
period. As a percentage of total net revenue, technology and
content expenses for the second quarter of 2021 decreased to 1.2%
from 1.3% in the prior year period.
- General and administrative expenses for the
second quarter of 2021 were RMB1.0
billion (US$156.7 million), as
compared with RMB804.6 million in the
prior year period. As a percentage of total net revenue, general
and administrative expenses for the second quarter of 2021 was
3.4%, as compared with 3.3% in the prior year period.
INCOME FROM OPERATIONS
Income from operations for the second quarter of 2021 increased
by 18.6% year over year to RMB1.5
billion (US$227.8 million)
from RMB1.2 billion in the prior year
period. Operating margin for the second quarter of 2021 was 5.0%,
as compared with 5.1% in the prior year period.
Non-GAAP income from operations[5] for the second
quarter of 2021, which excluded share-based compensation expenses
and amortization of intangible assets resulting from business
acquisitions, increased by 16.1% year over year to RMB1.7 billion (US$268.6
million) from RMB1.5 billion
in the prior year period. Non-GAAP operating income
margin[6] for the second quarter of 2021 was 5.9%, as
compared with 6.2% in the prior year period.
NET INCOME
Net income attributable to Vipshop's shareholders for the second
quarter of 2021 was RMB1.1 billion
(US$169.2 million), as compared with
RMB1.5 billion in the prior year
period. Net margin attributable to Vipshop's shareholders for the
second quarter of 2021 was 3.7%, as compared with 6.4% in the prior
year period. Net income attributable to Vipshop's shareholders per
diluted ADS[7] for the second quarter of 2021
decreased to RMB1.56 (US$0.24) from RMB2.24 in the prior year period.
Non-GAAP net income attributable to Vipshop's shareholders for
the second quarter of 2021 , which excluded (i) share-based
compensation expenses, (ii) impairment loss of investments, (iii)
investment gain and revaluation of investments excluding dividends,
(iv) share of loss (gain) in investment of limited partnerships
that are accounted for as equity method investees, (v) amortization
of intangible assets resulting from business acquisitions, and (vi)
tax effects on non-GAAP adjustments, increased by 11.3% year over
year to RMB1.5 billion (US$227.6 million) from RMB1.3 billion in the prior year period. Non-GAAP
net margin attributable to Vipshop's
shareholders[8] for the second quarter of 2021 was
5.0%, as compared with 5.5% in the prior year period. Non-GAAP net
income attributable to Vipshop's shareholders per diluted
ADS[9] for the second quarter of 2021 increased to
RMB2.10 (US$0.32) from RMB1.92 in the prior year period.
For the quarter ended June 30,
2021, the Company's weighted average number of ADSs used in
computing diluted income per ADS was 701,295,575.
BALANCE SHEET AND CASH FLOW
As of June 30, 2021, the Company
had cash and cash equivalents and restricted cash of RMB16.5 billion (US$2.6
billion) and short term investments of RMB3.6 billion (US$564.2
million).
For the quarter ended June 30,
2021, net cash generated from operating activities was
RMB2.0 billion (US$309.2 million), and free cash
flow[10], a non-GAAP measurement of liquidity, was as
follows:
For the three months
ended
|
|
|
June 30,
2020
RMB'000
|
June 30,
2021
RMB'000
|
June 30,
2021
US$'000
|
|
Net cash generated
from operating activities
|
5,088,869
|
1,996,409
|
309,204
|
|
Reconciling
items:
Net impact
from Internet financing activities[11]
|
(311,652)
|
(21,535)
|
(3,335)
|
|
Capital
expenditures
|
(452,630)
|
(637,190)
|
(98,688)
|
|
Free cash
inflow
|
4,324,587
|
1,337,684
|
207,181
|
|
For the trailing
twelve months ended
|
|
|
June 30,
2020
RMB'000
|
June 30,
2021
RMB'000
|
June 30,
2021
US$'000
|
|
Net cash generated
from operating activities
|
11,549,627
|
9,987,575
|
1,546,878
|
|
Reconciling
items:
Net impact
from Internet financing activities[11]
|
(4,027,419)
|
(344,367)
|
(53,336)
|
|
Capital
expenditures
|
(3,375,199)
|
(2,497,859)
|
(386,869)
|
|
Free cash
inflow
|
4,147,009
|
7,145,349
|
1,106,673
|
|
Share Repurchase Program
On March 30, 2021, the Company's
board of directors approved a share repurchase program, pursuant to
which the Company may purchase up to US$500
million of its Class A ordinary shares over a 24-month
period, ending on March 29, 2023. As
of June 30, 2021, the Company had
repurchased approximately US$301
million of its ADSs representing Class A ordinary shares
under the program.
Business Outlook
For the third quarter of 2021, the Company expects its total net
revenue to be between RMB24.3 billion
and RMB25.5 billion, representing a
year-over-year growth rate of approximately 5% to 10%. 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 conversions 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
RMB6.4566 to US$1.00, the effective noon buying rate on
June 30, 2021 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 June 30, 2021, or at any
other rate.
Conference Call Information
The Company will hold a conference call on Wednesday, August 18, 2021 at 7:30 am US Eastern Time, 7:30 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. Once
pre-registration has been completed, participants will receive
dial-in numbers, a passcode, and a unique registrant ID via email.
To join the conference, participants should use the dial-in details
in the email and then enter the event passcode followed by the
registrant ID.
Conference
ID
|
#2472109
|
Registration
Link
|
http://apac.directeventreg.com/registration/event/2472109
|
A replay of the conference call will be accessible until
August 25, 2021 via the following
dial-in details:
United States Toll
Free: +1-855-452-5696
International:
+61-2-8199-0299
Conference
ID:
#2472109
A live and archived webcast of the conference call will also be
available at the Company's investor relations website at
https://ir.vip.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, offline stores, Shan Shan Outlets
and city outlets during the relevant period, including through the
Company's websites and mobile apps, third-party websites and mobile
apps, Vipshop offline stores and Vipmaxx offline stores, as well as
Shan Shan Outlets and city outlets that 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 relevant 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 is defined as net income attributable to Vipshop's
shareholders excluding (i) share-based compensation expenses, (ii)
impairment loss of investments, (iii) investment gain and
revaluation of investments excluding dividends, (iv) share of loss
(gain) in investment of limited partnerships that are accounted for
as equity method investees, (v) amortization of intangible assets
resulting from business acquisitions, and (vi) tax effects on
non-GAAP adjustments.
|
[3] "Active customers"
is defined as registered members who have purchased from the
Company's online sales business or the Company's online
marketplace platforms at least once during the relevant
period.
|
[4] "Total orders" is defined as
the total number of orders placed during the relevant period,
including the orders for products and services sold
through the Company's online sales business and 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 and amortization of intangible assets resulting
from business acquisitions.
|
[6] Non-GAAP operating income 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 ADS outstanding for computing diluted earnings per
ADS.
|
[10] Free cash flow is a non-GAAP
financial measure, which is defined as net cash from (used in)
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, and
purchase of other assets.
|
[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.
|
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 demand for and market
acceptance of flash sales products and services; competition in the
discount retail industry; the potential impact of the COVID-19 to
Vipshop's business operations and the economy in China and elsewhere generally; 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 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 income margin, non-GAAP net margin attributable
to Vipshop's shareholders, and free cash flow, each of which is a
non-GAAP financial measure. 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 gain and
revaluation of investments excluding dividends, (iv) share of loss
(gain) in investment of limited partnerships that are accounted for
as equity method investees, (v) amortization of intangible assets
resulting from business acquisitions, and (vi) 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 and amortization of
intangible assets resulting from business acquisitions. Non-GAAP
operating income margin is non-GAAP income from operations as a
percentage of total net revenue. 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 revenue. 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, and purchase of other assets. 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 (a) share-based compensation, (b) impairment loss of
investments, (c) amortization of intangible assets resulting from
business acquisitions, (d) investment gain and revaluation of
investments excluding dividends, and (e) share of loss (gain) in
investment of limited partnerships that are accounted for as equity
method investees 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
(1) non-cash share-based compensation expenses, (2) impairment loss
of investments, (3) amortization of intangible assets resulting
from business acquisitions, (4) investment gain and revaluation of
investments excluding dividends, and (5) share of loss (gain) in
investment of limited partnerships that are accounted for as equity
method investees. 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 and technology
platform. Share-based compensation expenses and amortization of
intangible assets 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
Vipshop Holdings
Limited
|
Unaudited
Condensed Consolidated Statements of Income and Comprehensive
Income
|
(In thousands,
except for share and per share data)
|
|
|
Three Months
Ended
|
|
|
June
30,2020
|
March
31,2021
|
June
30,2021
|
June
30,2021
|
|
|
RMB'000
|
RMB'000
|
RMB'000
|
USD'000
|
|
|
|
|
|
|
|
Product
revenues
|
23,213,007
|
27,221,752
|
28,226,826
|
4,371,779
|
|
Other revenues
(1)
|
897,660
|
1,176,745
|
1,380,876
|
213,870
|
|
Total net
revenues
|
24,110,667
|
28,398,497
|
29,607,702
|
4,585,649
|
|
Cost of
revenues
|
(19,170,864)
|
(22,803,674)
|
(23,650,875)
|
(3,663,054)
|
|
Gross
profit
|
4,939,803
|
5,594,823
|
5,956,827
|
922,595
|
|
Operating
expenses:
|
|
|
|
|
|
Fulfillment expenses
(2)
|
(1,676,229)
|
(1,793,138)
|
(2,057,504)
|
(318,667)
|
|
Marketing
expenses
|
(1,028,903)
|
(1,294,068)
|
(1,407,584)
|
(218,007)
|
|
Technology and
content expenses
|
(305,381)
|
(337,516)
|
(369,936)
|
(57,296)
|
|
General and
administrative expenses
|
(804,619)
|
(956,688)
|
(1,011,849)
|
(156,716)
|
|
Total operating
expenses
|
(3,815,132)
|
(4,381,410)
|
(4,846,873)
|
(750,686)
|
|
Other operating
income
|
115,336
|
298,000
|
360,554
|
55,843
|
|
Income from
operations
|
1,240,007
|
1,511,413
|
1,470,508
|
227,752
|
|
Investment gain and
revaluation of investments
|
551,443
|
97,936
|
(74,173)
|
(11,488)
|
|
Impairment loss of
investments
|
0
|
0
|
(161,734)
|
(25,049)
|
|
Interest
expense
|
(21,070)
|
(3,696)
|
(1,614)
|
(250)
|
|
Interest
income
|
100,286
|
153,424
|
160,114
|
24,799
|
|
Foreign exchange
gain(loss)
|
(14,272)
|
30,950
|
(50,684)
|
(7,850)
|
|
Income before income
tax expense and share of gain of equity method investees
|
1,856,394
|
1,790,027
|
1,342,417
|
207,914
|
|
Income tax
expenses
|
(324,883)
|
(306,959)
|
(312,749)
|
(48,439)
|
|
Share of gain of
equity method investees
|
7,588
|
64,642
|
55,596
|
8,611
|
|
Net income
|
1,539,099
|
1,547,710
|
1,085,264
|
168,086
|
|
Net loss(income)
attributable to non-controlling interests
|
(2,179)
|
(2,240)
|
7,218
|
1,118
|
|
Net income
attributable to Vipshop's shareholders
|
1,536,920
|
1,545,470
|
1,092,482
|
169,204
|
|
|
|
|
|
|
|
Shares used in
calculating earnings per share (3):
|
|
|
|
|
|
Weighted average
number of Class A and Class B ordinary shares:
|
|
|
|
|
|
—Basic
|
134,956,142
|
136,459,216
|
137,142,451
|
137,142,451
|
|
—Diluted
|
137,322,667
|
141,842,600
|
140,259,115
|
140,259,115
|
|
|
|
|
|
|
|
Net earnings per
Class A and Class B ordinary share
|
|
|
|
|
|
Net income
attributable to Vipshop's shareholders——Basic
|
11.39
|
11.33
|
7.97
|
1.23
|
|
Net income
attributable to Vipshop's shareholders——Diluted
|
11.19
|
10.90
|
7.79
|
1.21
|
|
|
|
|
|
|
|
Net earnings per ADS
(1 ordinary share equals to 5 ADSs)
|
|
|
|
|
|
Net income
attributable to Vipshop's shareholders——Basic
|
2.28
|
2.27
|
1.59
|
0.25
|
|
Net income
attributable to Vipshop's shareholders——Diluted
|
2.24
|
2.18
|
1.56
|
0.24
|
|
|
|
|
|
|
|
(1) Other revenues
primarily consist of revenues from third-party logistics services,
product promotion and online advertising, fees
charged to third-party merchants which the Company provides
platform access for sales of their products, interest income
from
microcredit and consumer financing services, inventory and
warehouse management services to certain suppliers, loan
facilitation
service income, and lease income earned from the Shan Shan
Outlets.
|
(2) Fulfillment
expenses include shipping and handling expenses, which amounted
RMB 1.1 billion,1.2 billion and RMB 1.5 billion in
the three month periods ended June 30,2020,March 31,2021 and June
30,2021, 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.
|
|
Three Months
Ended
|
|
June
30,2020
|
March
31,2021
|
June
30,2021
|
June
30,2021
|
|
RMB'000
|
RMB'000
|
RMB'000
|
USD'000
|
Share-based
compensation expenses are included
in the operating expenses as follows:
|
|
|
|
|
Fulfillment
expenses
|
25,905
|
19,750
|
22,336
|
3,459
|
Marketing
expenses
|
4,661
|
4,289
|
4,153
|
643
|
Technology and
content expenses
|
45,201
|
52,581
|
67,238
|
10,414
|
General and
administrative expenses
|
172,136
|
143,517
|
163,899
|
25,385
|
Total
|
247,903
|
220,137
|
257,626
|
39,901
|
Vipshop Holdings
Limited
|
|
Unaudited
Condensed Consolidated Balance Sheets
|
|
(In thousands,
except for share and per share data)
|
|
|
|
|
|
|
|
|
|
December
31, 2020
|
June
30, 2021
|
June
30, 2021
|
|
|
|
RMB'000
|
RMB'000
|
USD'000
|
|
ASSETS
|
|
|
|
|
|
CURRENT
ASSETS
|
|
|
|
|
|
Cash and cash
equivalents
|
|
11,995,415
|
15,666,775
|
2,426,475
|
|
Restricted
cash
|
|
815,906
|
798,450
|
123,664
|
|
Short term
investments
|
|
7,328,719
|
3,642,851
|
564,206
|
|
Accounts receivable,
net
|
|
334,529
|
376,443
|
58,304
|
|
Amounts due from
related parties
|
|
333,539
|
353,333
|
54,724
|
|
Other receivables and
prepayments,net
|
|
2,286,359
|
2,177,100
|
337,190
|
|
Loan
receivables,net
|
|
27,258
|
4,345
|
673
|
|
Inventories
|
|
7,642,509
|
5,941,222
|
920,178
|
|
Assets held for
sale
|
|
408,748
|
19,528
|
3,024
|
|
Total current
assets
|
|
31,172,982
|
28,980,047
|
4,488,438
|
|
NON-CURRENT
ASSETS
|
|
|
|
|
|
Property and
equipment, net
|
|
13,584,459
|
13,925,275
|
2,156,750
|
|
Deposits for property
and equipment
|
|
73,718
|
264,260
|
40,929
|
|
Land use rights,
net
|
|
6,062,792
|
6,029,328
|
933,824
|
|
Intangible assets,
net
|
|
333,022
|
320,989
|
49,715
|
|
Investment in equity
method investees
|
|
1,949,787
|
2,323,273
|
359,829
|
|
Other
investments
|
|
2,861,034
|
2,722,120
|
421,603
|
|
Other long-term
assets
|
|
100,328
|
292,604
|
45,319
|
|
Goodwill
|
|
593,662
|
593,662
|
91,947
|
|
Deferred tax assets,
net
|
|
628,267
|
706,254
|
109,385
|
|
Operating lease
right-of-use assets
|
|
1,580,763
|
1,355,352
|
209,917
|
|
Total non-current
assets
|
|
27,767,832
|
28,533,117
|
4,419,218
|
|
TOTAL
ASSETS
|
|
58,940,814
|
57,513,164
|
8,907,656
|
|
|
|
|
|
|
|
LIABILTIES
AND EQUITY
|
|
|
|
|
|
CURRENT
LIABILITIES
|
|
|
|
|
|
Short term
loans
|
|
1,043,426
|
1,959,516
|
303,490
|
|
Accounts
payable
|
|
15,191,313
|
12,289,830
|
1,903,452
|
|
Advance from
customers
|
|
1,558,891
|
1,238,674
|
191,846
|
|
Accrued expenses and
other current liabilities
|
|
7,696,996
|
7,108,980
|
1,101,041
|
|
Amounts due to
related parties
|
|
444,100
|
410,538
|
63,584
|
|
Deferred
income
|
|
334,431
|
314,409
|
48,696
|
|
Operating lease
liabilities
|
|
299,791
|
313,508
|
48,556
|
|
Total current
liabilities
|
|
26,568,948
|
23,635,455
|
3,660,665
|
|
NON-CURRENT
LIABILITIES
|
|
|
|
|
|
Deferred tax
liability
|
|
432,995
|
452,105
|
70,022
|
|
Deferred income-non
current
|
|
1,070,891
|
1,086,398
|
168,262
|
|
Operating lease
liabilities
|
|
1,360,946
|
1,129,494
|
174,936
|
|
Other long term
liabilities
|
|
121,245
|
176,055
|
27,267
|
|
Total non-current
liabilities
|
|
2,986,077
|
2,844,052
|
440,487
|
|
TOTAL
LIABILITIES
|
|
29,555,025
|
26,479,507
|
4,101,152
|
|
|
|
|
|
|
|
EQUITY:
|
|
|
|
|
|
Class A ordinary
shares (US$0.0001 par value, 483,489,642 shares
authorized,119,223,484 and 122,424,418 shares issued,of which
119,223,484 and 119,681,428 shares were outstanding as of
December
31, 2020 and June 30,2021, respectively)
|
|
77
|
79
|
12
|
|
Class B ordinary
shares (US$0.0001 par value, 16,510,358 shares
authorized, and 16,510,358 and 15,560,358 shares issued and
outstanding as of December 31, 2020 and June 30,2021,
respectively)
|
|
11
|
11
|
2
|
|
Treasury shares,at
cost(Nil and 2,742,990 Class A shares as of December
31, 2020 and June 30,2021, respectively )
|
|
0
|
(1,927,719)
|
(298,566)
|
|
Additional paid-in
capital
|
|
10,816,185
|
11,692,079
|
1,810,872
|
|
Retained
earnings
|
|
17,740,415
|
20,378,367
|
3,156,207
|
|
Accumulated other
comprehensive loss
|
|
(58,954)
|
(103,681)
|
(16,055)
|
|
Non-controlling
interests
|
|
888,055
|
994,521
|
154,032
|
|
Total shareholders'
equity
|
|
29,385,789
|
31,033,657
|
4,806,504
|
|
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|
58,940,814
|
57,513,164
|
8,907,656
|
|
Vipshop Holdings
Limited
|
Reconciliations of GAAP and Non-GAAP
Results
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
June
30,2020
|
June
30,2021
|
June
30,2021
|
|
|
RMB'000
|
RMB'000
|
USD'000
|
Income from
operations
|
|
1,240,007
|
1,470,508
|
227,752
|
Share-based
compensation expenses
|
|
247,903
|
257,626
|
39,901
|
Amortization of
intangible assets resulting from business acquisitions
|
|
5,896
|
5,896
|
913
|
Non-GAAP income from
operations
|
|
1,493,806
|
1,734,030
|
268,566
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Vipshop's shareholders
|
|
1,536,920
|
1,092,482
|
169,204
|
Share-based
compensation expenses
|
|
247,903
|
257,626
|
39,901
|
Impairment loss of
investments
|
|
0
|
161,734
|
25,049
|
Investment gain and
revaluation of investments excluding dividends
|
|
(551,443)
|
103,043
|
15,959
|
Share of loss(gain)
in investment of limited partnerships that are accounted
for as an equity method investee
|
|
27,739
|
(50,009)
|
(7,745)
|
Amortization of
intangible assets resulting from business acquisitions
|
|
5,896
|
5,896
|
913
|
Tax effects on
non-GAAP adjustments
|
|
53,570
|
(101,261)
|
(15,683)
|
Non-GAAP net income
attributable to Vipshop's shareholders
|
|
1,320,585
|
1,469,511
|
227,598
|
|
|
|
|
|
|
|
|
|
|
Shares used in
calculating earnings per share:
|
|
|
|
|
Weighted average
number of Class A and Class B ordinary shares:
|
|
|
|
|
—Basic
|
|
134,956,142
|
137,142,451
|
137,142,451
|
—Diluted
|
|
137,322,667
|
140,259,115
|
140,259,115
|
|
|
|
|
|
Non-GAAP net income
per Class A and Class B ordinary share
|
|
|
|
|
Non-GAAP net income
attributable to Vipshop's shareholders——Basic
|
|
9.79
|
10.72
|
1.66
|
Non-GAAP net income
attributable to Vipshop's shareholders——Diluted
|
|
9.62
|
10.48
|
1.62
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income
per ADS (1 ordinary share equal to 5 ADSs)
|
|
|
|
|
Non-GAAP net income
attributable to Vipshop's shareholders——Basic
|
|
1.96
|
2.14
|
0.33
|
Non-GAAP net income
attributable to Vipshop's shareholders——Diluted
|
|
1.92
|
2.10
|
0.32
|
View original
content:https://www.prnewswire.com/news-releases/vipshop-reports-unaudited-second-quarter-2021-financial-results-301357775.html
SOURCE Vipshop Holdings Limited