Vipshop Holdings Limited (VIPS) closed at $15.79 in the latest trading session, marking a +1.22% move from the prior day. The stock outpaced the S&P 500's daily gain of 1.2%. At the same time, the Dow added 0.69%, and the tech-heavy Nasdaq gained 1.59%.Coming into today, shares of the company had lost 6.02% in the past month. In that same time, the Computer and Technology sector lost 6.83%, while the S&P 500 lost 4.16%.The investment community will be paying close attention to the earnings performance of Vi ...

The recommendations of Wall Street analysts are often relied on by investors when deciding whether to buy, sell, or hold a stock. Media reports about these brokerage-firm-employed (or sell-side) analysts changing their ratings often affect a stock's price. Do they really matter, though?Let's take a look at what these Wall Street heavyweights have to say about Vipshop Holdings Limited (VIPS) before we discuss the reliability of brokerage recommendations and how to use them to your advantage.Vipshop currently ...

GUANGZHOU, China, April 18, 2024 /PRNewswire/ -- Vipshop Holdings Limited (NYSE: VIPS), a leading online discount retailer for brands in China ("Vipshop" or the "Company"), today announced that the Company has filed its annual report on Form 20-F that includes its audited financial statements for three years ended December 31, 2023 with the Securities and Exchange Commission on April 18, 2024. The annual report is available on the Company's website at ir.vip.com. Holders of the Company's securities may requ ...

聚焦于春夏消费的唯品会4.19品牌特卖节将迎高潮。 唯品会相关负责人介绍，4月19日，4.19品牌特卖节进入销量爆发期，全球品质品牌馆中，国内外知名品牌迎来超低折扣，其中巴拉巴拉人气爆款低至2折，纳维凯尔Navigare全场低至1.5折， Babycare全场3折起，朗姿连衣裙低至1.5折等。当晚8点，“5折狂秒”活动将开启，诸多大牌爆款将在60天日常最低价的基础上再打5折，知名品牌与极致折扣吸引了众多消费者关注。 作为特卖电商平台一年中最重要的大促活动之一，4.19品牌特卖节已经成为春夏消费的一个风向标。唯品会数据显示，4.19品牌特卖节开启以来，潮流穿搭、国潮服饰、运动户外、美妆护肤、营养保健等品类尤其受关注。同时，国货品牌聚焦于大牌折扣，成为消费持续回暖的引领者。 今年春夏是国潮季，唯品会4.19品牌特卖节上，国风新中式低至1折，马面裙、旗袍、盘扣女装等成为消费者的热搜词汇，数据显示，活动开启以来，新中式女装销量同比倍增。 新中式服饰销量爆发是春夏潮流穿搭迅速增长的一个序曲，在4.19品牌特卖节中，众多潮流时装凭借超低折扣获得消费者青睐，其中，玖姿T恤低至158元，Teeni ...

Vipshop Holdings Limited (VIPS) closed the most recent trading day at $15.15, moving -1.17% from the previous trading session. The stock trailed the S&P 500, which registered a daily loss of 0.22%. Elsewhere, the Dow gained 0.06%, while the tech-heavy Nasdaq lost 0.52%.Coming into today, shares of the company had lost 13.73% in the past month. In that same time, the Computer and Technology sector lost 1.64%, while the S&P 500 lost 1.66%.Analysts and investors alike will be keeping a close eye on the perform ...

Consolidated Variable Interest Entities (VIEs) - Consolidated variable interest entities contributed 2.6%, 1.1%, and 0.3% of total net revenues in 2021, 2022, and 2023, respectively[11] - Vipshop E-Commerce, a consolidated variable interest entity, is primarily engaged in e-commerce platform operations, with shareholders Eric Ya Shen and Chan Huang holding 66.7% and 33.3% equity interests, respectively[13] - Vipshop Information, another consolidated variable interest entity, primarily engages in internet finance business, with shareholders Eric Ya Shen and Chan Huang holding 99.2% and 0.8% equity interests, respectively[13] - Pin Jun Tong, a consolidated variable interest entity with no substantive business, has shareholders Eric Ya Shen and Arthur Xiaobo Hong holding 65% and 35% equity interests, respectively[13] - The company's ability to pay dividends depends on dividends from PRC subsidiaries and fees from consolidated variable interest entities, as Vipshop Holdings Limited has no operations of its own[20] - The company relies on contractual arrangements with consolidated variable interest entities, which may not be as effective as direct ownership, potentially leading to disputes and enforcement challenges[115] - Shareholders of Vipshop E-Commerce, who are also employees of the company, may have conflicts of interest that could adversely affect the business[116] - The company may lose access to critical assets held by the consolidated variable interest entities if they undergo bankruptcy or liquidation proceedings[117] - The company faces substantial uncertainties regarding the interpretation and application of PRC laws and regulations, which could affect the enforceability of contractual arrangements with the consolidated variable interest entities[114] - The PRC Foreign Investment Law, effective January 1, 2020, introduces uncertainties regarding the company's corporate structure and contractual arrangements, potentially impacting its operations[119] - The company may face adverse tax consequences if PRC tax authorities determine that contracts with the consolidated variable interest entities do not comply with arm's length principles[120] Financial Performance - Consolidated total revenue for 2023 was RMB 112,856,020 thousand, an increase from RMB 103,152,489 thousand in 2022[24] - Comprehensive income for 2023 was RMB 8,213,338 thousand, compared to RMB 5,692,806 thousand in 2022[24] - Cash and cash equivalents as of December 31, 2023, were RMB 25,414,729 thousand, up from RMB 21,938,653 thousand in 2022[25] - Restricted cash increased to RMB 882,637 thousand in 2023 from RMB 1,164,748 thousand in 2022[25] - Short-term investments rose to RMB 1,983,201 thousand in 2023 from RMB 1,595,904 thousand in 2022[25] - Total assets for 2023 were RMB 72,322,594 thousand, compared to RMB 65,475,510 thousand in 2022[26] - Total liabilities for 2023 were RMB 33,762,836 thousand, up from RMB 31,402,467 thousand in 2022[26] - Shareholders' equity for 2023 was RMB 38,559,758 thousand, compared to RMB 34,073,043 thousand in 2022[26] - Net revenue contributed by Vipshop China and its subsidiaries accounted for 90% in 2023, up from 87% in 2021[24] - Net cash provided by operating activities for 2023 was RMB 14,414,513 thousand, a significant increase from RMB 10,519,692 thousand in 2022[28] - Net cash used in investing activities for 2023 was RMB 5,160,337 thousand, compared to RMB 1,049,153 thousand provided in 2022[28][29] - Net cash used in financing activities for 2023 was RMB 6,146,005 thousand, slightly higher than RMB 5,573,391 thousand in 2022[28][29] - Loans to group companies in 2023 amounted to RMB 1,255,813 thousand, a decrease from RMB 2,016,823 thousand in 2022[28][29] - Repayments from group companies in 2023 were RMB 3,263,935 thousand, up from RMB 2,007,601 thousand in 2022[28][29] - Change in amount due from group companies in 2023 was RMB 5,086,910 thousand, down from RMB 6,362,371 thousand in 2022[28][29] - Other investing activities in 2023 resulted in a net cash outflow of RMB 5,160,337 thousand, compared to a net inflow of RMB 1,049,153 thousand in 2022[28][29] - Borrowings under loan from group companies in 2023 were RMB 1,255,813 thousand, down from RMB 2,016,823 thousand in 2022[28][29] - Repayment to group companies in 2023 was RMB 3,263,935 thousand, up from RMB 2,007,601 thousand in 2022[28][29] - Change in amount due to ultimate holding company in 2023 was RMB 5,086,910 thousand, down from RMB 6,362,371 thousand in 2022[28][29] - Net revenues for 2023 reached RMB 112.86 billion (USD 15.90 billion), a 9.4% increase from 2022[32] - Operating income for 2023 was RMB 801.56 million (USD 112.90 million), up 10.6% from 2022[32] - Fulfillment expenses increased to RMB 8.26 billion (USD 1.16 billion) in 2023, up 7.0% from 2022[32] - Marketing expenses rose to RMB 3.24 billion (USD 456.66 million) in 2023, a 14.5% increase from 2022[32] - Technology and content expenses grew to RMB 1.77 billion (USD 248.95 million) in 2023, up 10.1% from 2022[32] - Total assets increased to RMB 72.32 billion (USD 10.19 billion) in 2023, up 10.5% from 2022[33] - Cash and equivalents reached RMB 26.30 billion (USD 3.70 billion) in 2023, a 13.8% increase from 2022[33] - Basic earnings per ADS for 2023 were RMB 14.66 (USD 2.07), up 48.1% from 2022[32] - Diluted earnings per ADS for 2023 were RMB 14.42 (USD 2.03), up 46.7% from 2022[32] - Total operating expenses increased to RMB 17.42 billion (USD 2.45 billion) in 2023, up 7.9% from 2022[32] Regulatory and Compliance Risks - The company was listed as a Commission-Identified Issuer under the HFCAA in May 2022 but was removed from the list after the PCAOB vacated its December 2021 determination[16] - Future identification as a Commission-Identified Issuer under the HFCAA could lead to a prohibition on trading in the U.S. if the PCAOB is unable to inspect auditors in China for two consecutive years[17] - The company is not currently required to undergo cybersecurity review by the CAC unless deemed a critical information infrastructure operator or network platform operator affecting national security[19] - Failure to complete required filing procedures with the CSRC or other regulatory requirements could materially impact the company's ability to raise capital and conduct operations[19] - The company may be required to undergo cybersecurity reviews if designated as a critical information infrastructure operator, potentially affecting its ability to conduct overseas offerings[76] - The company may face challenges in complying with evolving PRC regulations on confidentiality and archives administration for overseas securities offerings, which could impact its operations[133] - The company's e-commerce business may be adversely affected by the complexity, uncertainties, and changes in PRC internet-related regulations[135] - The company operates its Vipshop Online Platform and other platforms in China through contractual arrangements with variable interest entities due to foreign investment restrictions, which may disrupt business, subject the company to sanctions, or compromise enforceability of related contracts[136] - The company has submitted an application for the License for Online Transmission of Audio-visual Programs for its live streaming service, but there is no assurance of timely approval, which could lead to penalties or operational restrictions[136] - The company may be subject to penalties if its operations do not comply with new laws and regulations, such as the E-commerce Law, which imposes requirements on e-commerce platform operators[138] - The company's financial services may require additional value-added telecommunication business operating licenses, and failure to obtain or maintain these licenses could result in fines or operational restrictions[136] - The company's ability to convert Renminbi into foreign currencies is subject to PRC government controls, which may limit the availability of funds for operations or dividends outside mainland China[144] - The company's exposure to exchange rate fluctuations is managed through limited hedging options, such as foreign exchange forward contracts, but these may not fully mitigate risks[143] - The company's ability to provide loans or capital contributions to its PRC subsidiaries is subject to government approvals and registrations, which could delay or restrict funding for business expansion[146] - The company faces restrictions on using Renminbi converted from foreign exchange capitals for expenditures beyond approved business scopes, which may limit its ability to transfer and use net proceeds from public offerings, potentially affecting its financial condition[148] - PRC regulations on mergers and acquisitions impose additional procedures and requirements, including anti-monopoly notifications, which could delay or complicate the company's acquisition activities[149] - Foreign investments in key areas with national security concerns require prior filing with the NDRC and Ministry of Commerce, and failure to comply may result in penalties or forced divestment[149] - PRC residents holding shares in the company must register with SAFE, and non-compliance could restrict the company's ability to distribute dividends or inject capital into its PRC subsidiaries[151] - The company's PRC resident employees participating in stock incentive plans must register with SAFE, and non-compliance may result in fines or legal sanctions[154] - Indirect transfers of equity interests in PRC resident enterprises by non-PRC holding companies may be subject to PRC enterprise income tax, and the company may face reporting obligations or withholding requirements[155] - The company may face challenges in complying with STA Public Notice 7 for past and future equity transactions, which could adversely affect its financial condition[155] - Overseas regulators face difficulties in conducting investigations or collecting evidence within China, which may complicate shareholder claims or regulatory actions against the company[158] - The company may be subject to a 25% PRC enterprise income tax on global income if deemed a PRC resident enterprise, potentially impacting operations and profitability[159][161] - Non-PRC investors may face a 10% withholding tax on dividends or interest, and a 10% tax on gains from ADS or share transfers, which could affect investment value[162] - The company's failure to make adequate employee benefit contributions as required by PRC regulations may result in penalties and adversely affect financial condition[163] Operational Risks and Challenges - The company relies on third-party delivery companies for product order fulfillment, and any failure in reliable delivery services could materially and adversely affect its business and reputation[55][56] - The company worked with over 29,000 brand partners as of December 31, 2023, and its ability to source products on favorable terms is critical to maintaining revenue and profit margins[52] - The company has expanded its offline retail business, operating 16 Shan Shan Outlets and other stores nationwide as of December 31, 2023, but faces challenges in competing with established offline competitors[46] - The company's future growth depends on attracting new customers and increasing spending and repeat purchase rates of existing customers, which is influenced by changing consumer preferences[47] - The company's reputation for selling authentic, high-quality products is crucial, particularly for cosmetics and mother and baby care products, as any perception of inferior quality could harm its business[47] - The company's ability to maintain superior customer experience and high-quality customer service is vital, as failures in platform reliability, delivery, or after-sales services could lead to decreased sales[48] - The company's brand recognition and reputation are critical to its competitiveness, and any negative publicity or perception of counterfeit goods could damage its business[51] - The company's relationships with brand partners, including international brands, are essential for securing favorable pricing and product availability, and any deterioration in these relationships could harm its growth prospects[54] - The company's offline retail expansion requires significant capital and personnel, and profitability in this segment may take time to cover operational costs[46] - The company recorded inventory write-downs of RMB35.3 million, RMB130.7 million, and RMB(681.2) million (US$(95.9) million) for the years ended December 31, 2021, 2022, and 2023, respectively[59] - The company spent RMB295.6 million, RMB222.4 million, and RMB233.0 million (US$32.8 million) on IT and cybersecurity protections for the years ended December 31, 2021, 2022, and 2023, respectively[66] - The company's product return rate increased during 2021 to 2023 due to higher sales contribution from apparel products and the popularity of the Super VIP Membership program[60] - Online retail sales of apparel products accounted for a significant portion of the company's total net revenues and are expected to continue growing[61] - The company's logistics network consists of regional logistics hubs and local distribution centers, with plans to complete construction of certain logistics centers[62] - The company's IT systems are critical to its success, with no material system failures reported in 2023[65] - The company accepts payments through its own Vipshop Payment service and third-party services like WeChat Pay and Alipay, with WeChat Pay processing a significant portion of total orders[70] - The company's growth and profitability are sensitive to changes in consumer confidence and spending in China, influenced by economic and political conditions[73] - The company faces competition from pure-play online discount retailers, other online discount retailers, and new forms of e-commerce such as live streaming platforms in China[57] - The company's competitors may have greater resources, larger customer bases, and more favorable terms from brand partners, potentially affecting its market share and operating margins[58] - The company worked with over 25,000, 27,000, and 29,000 brand partners via its Vipshop Online Platform as of December 31, 2021, 2022, and 2023, respectively[74] - The company faces risks related to counterfeit or unauthorized products, which could harm its reputation and lead to significant settlement expenses[74] - The company generates and processes a large quantity of data, facing challenges in protecting data against cyberattacks and fraudulent behavior[75] - The company is subject to evolving data privacy laws, including China's Data Security Law and Personal Information Protection Law, which could increase compliance costs[76] - The company has adopted rigorous security measures, including encryption technology, to protect customer information, but risks of data breaches remain[80] - The company holds 287 granted patents, 954 patent applications, 2,187 registered trademarks in China, and 125 registered trademarks outside China as of December 31, 2023[82] - The company faces challenges in enforcing intellectual property rights in China, which could result in substantial costs and resource diversion[82] - The company may incur additional costs to comply with cross-border data flow regulations, such as the Provisions on Promoting and Regulating Cross-Border Data Flows[78] - The company has conducted cybersecurity self-examinations as directed by the Office of Cyberspace Affairs Commission of the Guangzhou Municipal Party Committee[76] - The company faces potential intellectual property infringement claims, which could result in significant monetary liabilities and disrupt business operations[84] - The company may be subject to litigation and regulatory proceedings, including intellectual property claims, contract disputes, and consumer protection claims, which could harm its reputation and financial condition[85] - The company is exposed to increased scrutiny under China's Anti-monopoly Law, with potential fines of up to 10% of annual sales revenue for illegal business concentration[88] - The company may incur significant costs and resources to comply with evolving anti-monopoly and anti-unfair competition regulations in China[89] - The company is subject to changing laws and regulations, including China's amended Company Law, which may increase compliance costs and divert management attention[91] - Strategic acquisitions or alliances could result in significant financial and managerial resource allocation, potentially diverting focus from core business operations[93] - The company's logistics hubs and data centers are critical to operations, and any extended interruption could materially impact business performance[94] - Pandemics or epidemics, such as COVID-19, could disrupt operations and negatively affect the company's financial condition and results[95] - The company's internet finance business is exposed to credit risks, and a deterioration in asset quality could adversely impact its financial performance[96] - The company's internet finance business faces risks of nonpayment of loans and potential bad debts, which could materially affect its financial condition and results of operations[97] - The company may be exposed to product liability claims due to defective products sold, potentially leading to significant costs and reputational damage[98] - The company cannot assure future profitability or positive cash flow, as it depends on revenue growth, cost control, and operational efficiency[99] - Limited insurance coverage could expose the company to significant costs and business disruption, particularly due to natural disasters or property damage[100] - The company's business operations heavily rely on its management team, and the loss of key personnel could severely disrupt operations[101] - The company faces challenges in attracting, training, and retaining qualified personnel, which could adversely affect its business growth[102] - Failure to renew leases or find suitable alternative facilities could disrupt operations and increase relocation expenses[103] - The company's use of leased properties may be challenged by third parties, potentially leading to business interruptions and relocation costs[104] - The company's internal control over financial reporting was effective as of December 31, 2023, but any failure to maintain this could harm investor confidence and stock price[107] - The company's results of operations are subject to quarterly fluctuations due to seasonality, particularly during holidays and promotional campaigns[110] Customer and Market Data - Total number

The latest trading session saw Vipshop Holdings Limited (VIPS) ending at $17.15, denoting a -1.83% adjustment from its last day's close. The stock trailed the S&P 500, which registered a daily loss of 1.23%. Elsewhere, the Dow saw a downswing of 1.36%, while the tech-heavy Nasdaq depreciated by 1.4%.Prior to today's trading, shares of the company had lost 1.58% over the past month. This has lagged the Computer and Technology sector's gain of 2.32% and the S&P 500's gain of 1.61% in that time.The investment ...

When deciding whether to buy, sell, or hold a stock, investors often rely on analyst recommendations. Media reports about rating changes by these brokerage-firm-employed (or sell-side) analysts often influence a stock's price, but are they really important?Before we discuss the reliability of brokerage recommendations and how to use them to your advantage, let's see what these Wall Street heavyweights think about Vipshop Holdings Limited (VIPS) .Vipshop currently has an average brokerage recommendation (ABR ...

浦银国际研究 财务模型更新 | 互联网行业 唯品会（VIPS.US）：换季需求或受气 赵丹 浦 候影响，预计利润率同比改善 首席互联网分析师 银 dan_zhao@spdbi.com 国 (852) 2808 6436 受气候因素影响，我们略微下调公司盈利预测，调整目标价至 19 美 际 杨子超，CFA 元，维持“持有”评级。 互联网分析师 charles_yang@spdbi.com 由于天气影响穿戴类换季需求，且受去年同期高基数影响，唯品会3 (852) 2808 6409 财 月份销售表现或弱于预期，我们预计公司今年 1 季度GMV 实现中单 务 2024年4月2日 位数增长。由于公司一季度未做激进营销投放，我们预计公司用户数 模 型 基本持平，受益于SVIP 用户增长，ARPU或有所提升。 评级 更 新 因此，我们调整一季度预测收入至人民币277亿元，同比增长 0.7%， 目标价（美元） 19 调整后净利润为 22.5 亿元，调整后净利率同比改善 0.6pp 至 8.1%； ...

证券研究报告 | 2024年03月28日 唯品会（VIPS.N） 增持 2024Q1 前瞻：气候影响公司 Q1 收入增速，利润增长平稳  公司研究·海外公司快评  互联网·互联网Ⅱ  投资评级：增持（维持评级） 证券分析师： 张伦可 0755-81982651 zhanglunke@guosen.com.cn 执证编码：S0980521120004 联系人： 王颖婕 0755-81983057 wangyingjie1@guosen.com.cn 事项： 唯品会（VIPS.N）即将发布2024年一季度财报。 国信互联网观点：1）收入端：2024Q1，我们预计唯品会收入262亿元，yoy +1%，增速同环比有所放缓， 主要原因是倒春寒影响叠加去年Q1高基数。行业角度看，据国家统计局数据，2024年1-2月服装类消费 零售总额增速为2%，3月倒春寒使得春装换季需求减弱；公司层面看，本季度公司拉新速度放缓，88VIP 会员数持续提升，预计GMV增长驱动因素为老客提频。利润端：料2024Q1经调整经营利润率9.3%，Non-GAAP 归母净利率7.7%，同比分别+1.4pct和+0.2pct，主要原因是公司成本 ...