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Vipshop Holdings Ltd

Vipshop Reports Unaudited First Quarter 2025 Financial Results

Conference Call to Be Held at 7:30 A.M.U.S. Eastern Time on May 20, 2025

GUANGZHOU, China , May 20, 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 ended March 31, 2025.

First Quarter 2025 Highlights

  • Total net revenues for the first quarter of 2025 were RMB26.3 billion (US$3.6 billion), compared with RMB27.6 billion in the prior year period.
  • GMV[1]for the first quarter of 2025 was RMB52.38 billion, compared with RMB52.44 billion in the prior year period.
  • Gross profit for the first quarter of 2025 was RMB6.1 billion (US$838.2 million), compared with RMB6.5 billion in the prior year period.
  • Net income attributable to Vipshop's shareholders for the first quarter of 2025 was RMB1.9 billion (US$267.7 million), compared with RMB2.3 billion in the prior year period.
  • Non-GAAP net income attributable to Vipshop's shareholders [2] for the first quarter of 2025 was RMB2.3 billion (US$318.1 million), compared with RMB2.6 billion in the prior year period.
  • The number of active customers [3] for the first quarter of 2025 was 41.3 million, compared with 43.1 million in the prior year period.
  • Total orders [4] for the first quarter of 2025 were 167.2 million, compared with 178.5 million in the prior year period.

Mr. Eric Shen, Chairman and Chief Executive Officer of Vipshop, stated, "Our first-quarter performance was broadly in line with our expectations. We continued to make progress on the strategic actions we have set out to return to growth. We're pleased to see further expansion of our unique and high-quality off-price brand supply, which drove the double-digit growth in Super VIP customers. Building on our long-standing merchandising strategy, we are implementing changes throughout the organization to align with our growth priorities, operate with greater synergy, and deliver uniquely compelling value to our customers. We are confident that we will have all the building blocks to achieve long-term success."

Mr. Mark Wang, Chief Financial Officer of Vipshop, further commented, "We delivered solid profitability in the first quarter while continuously optimizing our resource allocation to maximize growth opportunities.  Looking ahead, we remain focused on executing our strategic priorities to regain growth trajectory while investing with discipline and driving efficiency. We are committed to delivering shareholder value through our ongoing share repurchase program."

First Quarter 2025 Financial Results

REVENUES

Total net revenues for the first quarter of 2025 were RMB26.3 billion (US$3.6 billion), compared with RMB27.6 billion in the prior year period.

GROSS PROFIT

Gross profit for the first quarter of 2025 was RMB6.1 billion (US$838.2 million), compared with RMB6.5 billion in the prior year period. Gross margin for the first quarter of 2025 was 23.2%, compared with 23.7% in the prior year period.

OPERATING EXPENSES

Total operating expenses for the first quarter of 2025 decreased by 1.6% year over year to RMB4.0 billion (US$554.2 million) from RMB4.1 billion in the prior year period. As a percentage of total net revenues, total operating expenses for the first quarter of 2025 were 15.3%, compared with 14.8% in the prior year period.

  • Fulfillment expenses for the first quarter of 2025 decreased by 4.8% year over year to RMB1.9 billion (US$260.4 million) from RMB2.0 billion in the prior year period. As a percentage of total net revenues, fulfillment expenses for the first quarter of 2025 were 7.2%, which remained stable as compared with that in the prior year period.
  • Marketing expenses for the first quarter of 2025 increased by 6.0% year over year to RMB732.1 million (US$100.9 million) from RMB690.9 million in the prior year period. As a percentage of total net revenues, marketing expenses for the first quarter of 2025 were 2.8%, compared with 2.5% in the prior year period.
  • Technology and content expenses for the first quarter of 2025 decreased by 6.8% year over year to RMB449.1 million (US$61.9 million) from RMB481.9 million in the prior year period. As a percentage of total net revenues, technology and content expenses for the first quarter of 2025 were 1.7%, which remained stable as compared with that in the prior year period.
  • General and administrative expenses for the first quarter of 2025 increased by 2.3% year over year to RMB950.8 million (US$131.0 million) from RMB929.1 million in the prior year period. As a percentage of total net revenues, general and administrative expenses for the first quarter of 2025 were 3.6%, compared with 3.4% in the prior year period.

INCOME FROM OPERATIONS

Income from operations for the first quarter of 2025 was RMB2.3 billion (US$313.8 million), compared with RMB2.8 billion in the prior year period. Operating margin for the first quarter of 2025 was 8.7%, compared with 10.0% in the prior year period.

Non-GAAP income from operations[5] for the first quarter of 2025, which excluded share-based compensation expenses, was RMB2.6 billion (US$362.1 million), compared with RMB3.1 billion in the prior year period. Non-GAAP operating margin[6] for the first quarter of 2025 was 10.0%, compared with 11.1% in the prior year period.

NET INCOME

Net income attributable to Vipshop's shareholders for the first quarter of 2025 was RMB1.9 billion (US$267.7 million), compared with RMB2.3 billion in the prior year period. Net margin attributable to Vipshop's shareholders for the first quarter of 2025 was 7.4%, compared with 8.4% in the prior year period. Net income attributable to Vipshop's shareholders per diluted ADS[7] for the first quarter of 2025 was RMB3.72 (US$0.51), compared with RMB4.18 in the prior year period.

Non-GAAP net income attributable to Vipshop's shareholders for the first quarter of 2025, which excluded (i) share-based compensation expenses, (ii) investment loss and revaluation of investments excluding dividends, (iii) reconciling items on the share of equity method investments, and (iv) tax effects on non-GAAP adjustments, was RMB2.3 billion (US$318.1 million), compared with RMB2.6 billion in the prior year period. Non-GAAP net margin attributable to Vipshop's shareholders[8] for the first quarter of 2025 was 8.8%, compared with 9.3% in the prior year period. Non-GAAP net income attributable to Vipshop's shareholders per diluted ADS[9] for the first quarter of 2025 was RMB4.43 (US$0.61), compared with RMB4.66 in the prior year period.

For the quarter ended March 31, 2025, the Company's weighted average number of ADSs used in computing diluted income per ADS was 521,575,548.

BALANCE SHEET AND CASH FLOW

As of March 31, 2025, the Company had cash and cash equivalents and restricted cash of RMB28.9 billion (US$4.0 billion) and short term investments of RMB192.3 million (US$26.5 million).

For the quarter ended March 31, 2025, net cash used in operating activities was RMB1.0 billion (US$142.0 million), and free cash flow[10], a non-GAAP measurement of liquidity, was as follows:

For the three months ended


March 31,

2024

 

RMB'000

March 31,

2025

 

RMB'000

March 31,

2025

 

US$'000

Net cash used in operating activities

(560,723)

(1,030,275)

(141,976)

Reconciling items:




   Net impact from internet financing activities[11]

(63,163)

(74,740)

(10,299)

   Capital expenditures

(712,063)

(680,205)

(93,735)

Free cash outflow

(1,335,949)

(1,785,220)

(246,010)


For the trailing twelve months ended


March 31,

2024

 

RMB'000

March 31,

2025

 

RMB'000

March 31,

2025

 

US$'000

Net cash generated from operating activities

13,393,077

8,659,431

1,193,302

Reconciling items:




   Net impact from internet financing activities

87,454

44,016

6,066

   Capital expenditures

(4,840,672)

(3,530,728)

(486,547)

Free cash inflow

8,639,859

5,172,719

712,821

Share Repurchase Program

During the quarter ended March 31, 2025, the Company repurchased US$16.9 million of its ADSs. The Company has fully utilized its US$1.0 billion share repurchase program adopted in March 2023 and has continued share repurchase of US$4.3 million under its current US$1.0 billion share repurchase program, which is effective for a 24-month period through February 2027.

Business Outlook

For the second quarter of 2025, the Company expects its total net revenues to be between RMB25.5 billion and RMB26.9 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 RMB7.2567 to US$1.00, the effective noon buying rate on March 31, 2025 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 March 31, 2025 or at any other rate.

Conference Call Information

The Company will hold a conference call on Tuesday, May 20, 2025 at 7:30 amU.S. Eastern Time, 7:30 pmBeijing 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-conf.media-server.com/register/BIf52e8ab26da948e69cba40bd7b13d7a1

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/jwdwgyjv. 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 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) investment loss and revaluation of investments excluding dividends, (iii) reconciling items on the share of equity method investments, and (iv) 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) investment loss and revaluation of investments excluding dividends, (iii) reconciling items on the share of equity method investments, and (iv) 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) investment loss and revaluation of investments excluding dividends, (iii) reconciling items on the share of equity method investments, and (iv) 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) investment loss and revaluation of investments excluding dividends, (iii) reconciling items on the share of equity method investments, and (iv) 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


March 31,2024

March 31,2025

March 31,2025


RMB'000

RMB'000

USD'000





Product revenues

25,847,130

24,293,121

3,347,682

Other revenues (1)

1,798,751

1,975,422

272,220

 Total net revenues 

27,645,881

26,268,543

3,619,902

 Cost of revenues 

(21,100,380)

(20,186,333)

(2,781,751)

 Gross profit 

6,545,501

6,082,210

838,151

 Operating expenses: 




 Fulfillment expenses (2) 

(1,985,526)

(1,889,954)

(260,443)

 Marketing expenses 

(690,884)

(732,148)

(100,893)

 Technology and content expenses 

(481,901)

(449,071)

(61,884)

 General and administrative expenses 

(929,088)

(950,795)

(131,023)

 Total operating expenses 

(4,087,399)

(4,021,968)

(554,243)

 Other operating income 

301,599

216,556

29,842

 Income from operations 

2,759,701

2,276,798

313,750

 Investment loss and revaluation of investments 

(3,558)

(37,459)

(5,162)

 Interest expense 

(10,555)

(10,240)

(1,411)

 Interest income 

216,058

222,950

30,723

Exchange loss

(2,367)

(12,936)

(1,783)

 Income before income tax expense and share of income of equity

method investees 

2,959,279

2,439,113

336,117

 Income tax expenses  

(619,286)

(507,667)

(69,958)

 Share of income of equity method investees 

7,934

48,865

6,734

 Net income 

2,347,927

1,980,311

272,893

 Net income attributable to non-controlling interests 

(31,218)

(37,466)

(5,163)

 Net income attributable to Vipshop's shareholders 

2,316,709

1,942,845

267,730





 Shares used in calculating earnings per share (3): 




 Weighted average number of Class A and Class B ordinary

shares: 




 —Basic 

108,459,047

102,682,285

102,682,285

 —Diluted 

110,912,953

104,315,110

104,315,110





 Net earnings per Class A and Class B ordinary share 




 Net income attributable to Vipshop's shareholders——Basic 

21.36

18.92

2.61

 Net income attributable to Vipshop's shareholders——Diluted 

20.89

18.62

2.57





 Net earnings per ADS (1 ordinary share equals to 5 ADSs) 




 Net income attributable to Vipshop's shareholders——Basic 

4.27

3.78

0.52

 Net income attributable to Vipshop's shareholders——Diluted 

4.18

3.72

0.51

(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 1.4 billion and RMB 1.3 billion in the
three month periods ended March 31,2024 and March 31,2025, 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


March 31,2024

March 31,2025

March 31,2025


RMB'000

RMB'000

USD'000

 Share-based compensation expenses are included in the

operating expenses as follows: 




 Fulfillment expenses 

20,364

20,177

2,780

 Marketing expenses 

7,820

7,042

970

 Technology and content expenses 

93,433

88,845

12,243

 General and administrative expenses 

173,847

234,539

32,320

 Total 

295,464

350,603

48,314

 

 

 

Vipshop Holdings Limited  

 Unaudited Condensed Consolidated Balance Sheets

 (In thousands, except for share and per share data) 



December 31,2024

March 31,2025

March 31,2025


RMB'000

RMB'000

USD'000

ASSETS




CURRENT ASSETS




Cash and cash equivalents

26,352,161

28,369,482

3,909,419

Restricted cash 

602,342

492,608

67,883

Short term investments

1,872,756

192,340

26,505

Accounts receivable, net

915,158

960,788

132,400

Amounts due from related parties,net

548,145

501,497

69,108

Other receivables and prepayments,net

2,473,050

2,731,930

376,470

Loan receivables,net

6,878

5,937

818

Inventories

5,032,069

4,179,459

575,945

Total current assets

37,802,559

37,434,041

5,158,548

NON-CURRENT ASSETS




Property and equipment, net

18,292,771

18,237,712

2,513,224

Deposits for property and equipment

164,955

170,818

23,539

Land use rights, net

10,686,400

10,618,047

1,463,206

Intangible assets, net

327,844

326,900

45,048

Investment in equity method investees

2,002,043

2,248,736

309,884

Other investments

3,355,489

3,322,838

457,899

Other long-term assets

434,206

275,292

37,936

Goodwill

755,213

755,213

104,071

Deferred tax assets, net

681,029

750,262

103,389

Operating lease right-of-use assets

433,617

434,936

59,936

Total non-current assets

37,133,567

37,140,754

5,118,132

TOTAL ASSETS

74,936,126

74,574,795

10,276,680





 LIABILITIES AND  EQUITY  




 CURRENT LIABILITIES 




 Short term loans 

2,399,629

4,436,780

611,405

 Accounts payable 

15,190,560

12,410,216

1,710,173

 Advance from customers  

2,035,184

1,577,818

217,429

 Accrued expenses and other current liabilities  

9,663,421

10,188,850

1,404,060

 Amounts due to related parties  

104,187

133,967

18,461

 Deferred income  

476,796

475,680

65,550

 Operating lease liabilities 

57,224

58,585

8,073

Total current liabilities

29,927,001

29,281,896

4,035,151

 NON-CURRENT LIABILITIES 




Deferred tax liability 

783,863

689,728

95,047

Deferred income-non current 

2,084,038

2,193,915

302,330

 Operating lease liabilities 

591,995

591,405

81,498

Total non-current liabilities

3,459,896

3,475,048

478,875

TOTAL LIABILITIES

33,386,897

32,756,944

4,514,026





EQUITY:




Total shareholders' equity (US$0.0001 par value, 500 million

shares authorized, 116.9 million shares issued, and 103.0 million

shares outstanding as of March 31, 2025) (4)

39,968,813

40,214,319

5,541,681

Non-controlling interests

1,580,416

1,603,532

220,973

Total shareholders' equity

41,549,229

41,817,851

5,762,654

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 

74,936,126

74,574,795

10,276,680

(4) The number of treasury stock as of March 31, 2025 was 12.6 million, of which 12.6 million are Class A ordinary shares
repurchased under the share repurchase program

 

 

 

 Vipshop Holdings Limited 

 Reconciliations of GAAP and Non-GAAP Results



Three Months Ended


March 31,2024

March 31,2025

March 31,2025


RMB'000

RMB'000

USD'000

 Income from operations 

2,759,701

2,276,798

313,750

 Share-based compensation expenses 

295,464

350,603

48,314

 Non-GAAP income from operations 

3,055,165

2,627,401

362,064









 Net income attributable to Vipshop's shareholders 

2,316,709

1,942,845

267,730

 Share-based compensation expenses 

295,464

350,603

48,314

 Investment loss and revaluation of investments excluding dividends 

3,558

37,459

5,162

 Reconciling items on the share of equity method investments(5) 

(13,523)

61

8

 Tax effects on non-GAAP adjustments 

(19,492)

(22,583)

(3,112)

 Non-GAAP net income attributable to Vipshop's shareholders 

2,582,716

2,308,385

318,102

(5) 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 

108,459,047

102,682,285

102,682,285

 —Diluted 

110,912,953

104,315,110

104,315,110





 Non-GAAP net income per Class A and Class B ordinary share 




 Non-GAAP net income attributable to Vipshop's

shareholders——Basic 

23.81

22.48

3.10

 Non-GAAP net income attributable to Vipshop's

shareholders——Diluted 

23.29

22.13

3.05









 Non-GAAP net income per ADS (1 ordinary share equal to 5

ADSs) 




 Non-GAAP net income attributable to Vipshop's

shareholders——Basic 

4.76

4.50

0.62

 Non-GAAP net income attributable to Vipshop's

shareholders——Diluted 

4.66

4.43

0.61

 

 

SOURCE Vipshop Holdings Limited