Vipshop Holdings Ltd (VIPS) 2024 Q3 法說會逐字稿

Ladies and gentlemen, good day, everyone, and welcome to the Vipshop Holdings Limited third quarter 2021 earnings conference call. At this time, I would like to turn the call to Ms. Jessie Zheng, Vipshop's Head of Investor Relations. Please proceed.

女士們、先生們，大家好，歡迎參加唯品會控股有限公司2021年第三季財報電話會議。現在我想轉給唯品會投資者關係部負責人鄭潔女士。請繼續。

Thank you, operator. Hello, everyone, and thank you for joining Vipshop third quarter 2020 earnings conference call. With us today are Eric Shen, our Co-Founder, Chairman and CEO; and Mark Wang, our CFO.

謝謝你，接線生。大家好，感謝大家參加唯品會2020年第三季財報電話會議。今天與我們一起出席的還有我們的共同創辦人、董事長兼執行長 Eric Shen；和我們的財務長馬克·王(Mark Wang)。

Before management begins their prepared remarks, I would like to remind you that the discussion today will contain forward-looking statements made under the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from our current expectations.

在管理層開始準備好的發言之前，我想提醒您，今天的討論將包含根據 1995 年美國私人證券訴訟改革法案的安全港條款做出的前瞻性陳述。前瞻性陳述存在風險和不確定性，可能導致實際結果與我們目前的預期有重大差異。

Potential risks and uncertainties include but are not limited to those outlined in our safe harbor statement in our earnings release, the public filings with the Securities and Exchange Commission, which also applies to this call to the extent any forward-looking statements may be made.

潛在的風險和不確定性包括但不限於我們的收益發布中的安全港聲明、向美國證券交易委員會提交的公開文件中概述的風險和不確定性，這些風險和不確定性也適用於本次電話會議（只要可能做出任何前瞻性聲明）。

Please note that certain financial measures used on this call, such as non-GAAP operating income, non-GAAP net income and non-GAAP net income per ADS are not presented in accordance with US GAAP. Please refer to our earnings release for details relating to the reconciliations of our non-GAAP measures to GAAP measures. With that, I would now like to turn the call over to Mr. Eric Shen.

請注意，本次電話會議中使用的某些財務指標，例如非 GAAP 營業收入、非 GAAP 淨利潤和非 GAAP 每美國存託股淨利潤，並非按照美國 GAAP 列示。請參閱我們的收益發布，以了解有關我們的非公認會計原則措施與公認會計原則措施的調節的詳細資訊。現在我想把電話轉給沉先生。

Good morning, and good evening, everyone. Welcome, and thank you for joining our third quarter 2024 earnings conference call. Our third quarter results largely meet our expectations aimed still caution the customer segment. We moved quickly to adapt our merchandising and operation priorities to external challenges and took concrete measure to find the biggest opportunities for improvement.

大家早安，晚上好。歡迎並感謝您參加我們的 2024 年第三季財報電話會議。我們的第三季業績基本上符合我們的預期，但仍提醒客戶群。我們迅速採取行動，根據外部挑戰調整我們的銷售和營運重點，並採取具體措施尋找最大的改善機會。

Consistent with recent industry trends, third quarter sales decline reflect softer results in our more discretionary categories as consumers are facing glowing headwinds, which is on their discretionary spend. On the positive note, SVIP membership growth remained strong and at double digits.

與最近的行業趨勢一致，第三季銷售下降反映出我們的可自由支配類別的業績疲軟，因為消費者面臨著可自由支配支出的巨大阻力。從積極的方面來看，SVIP 會員的成長依然強勁，並以兩位數的速度成長。

In the third quarter, active SVIP customers grew 11% year-over-year results in 49% of our online spending. This reflects that our value proposition is well appreciated by our most valuable customers through the best combination of merchandise, value and service. So today, we remain focused on these long-standing sectors that have made us a reliable place to shop and also have been successful in driving top line growth in the past.

第三季度，活躍 SVIP 客戶年增 11%，占我們線上支出的 49%。這反映出我們的價值主張透過商品、價值和服務的最佳組合而受到最有價值客戶的讚賞。因此，今天，我們仍然專注於這些長期存在的行業，這些行業使我們成為可靠的購物場所，並且在過去也成功地推動了收入成長。

We are pushing them forward in a deeper way, being more relevant in merchandising portfolio highlighting even more value throughout our assortment and the increasing customer engagements through our valet reach service. This area has been critical, important to ensure we continue to differentiate our experience from others.

我們正在以更深入的方式推動它們向前發展，在商品組合中變得更加相關，強調我們整個產品系列的更多價值，並透過我們的代客服務提高客戶參與度。這一領域對於確保我們繼續將我們的經驗與其他人區分開來至關重要。

Among the business highlights, we continue to emphasize merchandising capabilities. We believe it's the most impactful way to drive long-term growth. Our team demonstrates that they have the skill set to respond to change in customer behavior and translate it into business results.

在業務亮點中，我們繼續強調商品銷售能力。我們相信這是推動長期成長最有影響力的方式。我們的團隊證明他們擁有應對客戶行為變化並將其轉化為業務成果的技能。

Merchandising is a better shift. In the third quarter, we built assortments more relevant to customer life size and translate category. We're linking into categories with still resilient demand, and we create a better mix of our apparel and the non-apparel product for family shoppers. As a result, we did see strength in categories like sports and outdoor goods and home wear despite the broad-based weakness.

推銷是更好的轉變。在第三季度，我們建立了與客戶生活規模和翻譯類別更相關的分類。我們正在將需求與仍然有彈性的類別聯繫起來，並為家庭購物者創造更好的服裝和非服裝產品組合。因此，儘管存在廣泛的疲軟，但我們確實看到了運動、戶外用品和家居服等品類的強勢。

As we enter the promotional season, we feel good about the size and deep of our supply. We are pleased with the strong inflow of quality brand supply, especially within the deep discount inventory through much more unique product offerings. Some of our long-time brand partners achieved record sales with us through our major promotion channels like super [Gen Day] and super category day.

隨著進入促銷季節，我們對供應的規模和深度感到滿意。我們對優質品牌供應的強勁流入感到高興，特別是透過更獨特的產品提供深度折扣庫存。我們的一些長期品牌合作夥伴透過超級【Gen Day】、超級品類日等主要促銷管道，取得了創紀錄的銷售額。

Many more brands recognized us as a partner of choice, giving the generally lower cost to serve and higher sales efficiency as well as a growing base of our hard-core customers. Within our merchandising, we are also encouraged by the momentum building in our Made for VIP line for customer line products.

更多的品牌將我們視為首選合作夥伴，提供普遍較低的服務成本和更高的銷售效率以及不斷增長的核心客戶群。在我們的銷售中，我們也對客戶系列產品的 Made for VIP 系列的發展勢頭感到鼓舞。

In the third quarter, we worked with about 200 brand partners, adding some renowned global brands in womenswear and footwear to the line. Sales from these customers customized product, extend its solid growth from pre protest. With the brand partners increasingly increased Made for VIP, which have proven to be efficient to attract more quality customers and repeat orders. More than half of the Made for VIP sales came from SVIP and other high-value customers and the majority of their customers actually came back from more purchase in the broader panel categories.

第三季度，我們與約200家品牌合作夥伴合作，增加了一些女裝和鞋類領域的全球知名品牌。這些客戶客製化產品的銷售，延續了前期抗議的穩健成長。隨著品牌合作夥伴的不斷增加，Made for VIP 已被證明能夠有效吸引更多優質客戶和重複訂單。Made for VIP 銷售額的一半以上來自 SVIP 和其他高價值客戶，他們的大多數客戶實際上是從更廣泛的面板類別中進行更多購買而回來的。

Turning to customers. We see spending behaviors that are still showing signs of being stretched. Against that backdrop, our team quickly adjusted to focus on providing really good value for them. We prioritized everyday low price and time limits August, highlight compelling view for our SVIP members and provide target incentive for primary shoppers who tend to spend on high frequency categories.

轉向客戶。我們看到消費行為仍然顯示出緊張的跡象。在這種背景下，我們的團隊迅速調整，專注於為他們提供真正的價值。我們優先考慮 8 月的每日低價和限時，為 SVIP 會員突出引人注目的觀點，並為傾向於在高頻類別上消費的主要購物者提供目標誘因。

Our team is working hard to find more ways to deliver more value for our customers. We also see some early results after we upgrade SVIP privileges like provide sales and special offers, which have carried on for a few quarters. Through both online access and ground events, they are clearly reinforce the trust and loyalty for SVIP members. We are planning this event to stay better aligned with customer interest and the problems to better meet their multiple needs.

我們的團隊正在努力尋找更多方法為客戶提供更多價值。在我們升級 SVIP 特權（例如提供銷售和特別優惠）後，我們也看到了一些早期成果，這些特權已經持續了幾個季度。透過線上存取和地面活動，他們明顯增強了 SVIP 會員的信任和忠誠度。我們計劃這次活動是為了更好地滿足客戶的興趣和問題，以便更好地滿足他們的多種需求。

As it's related to strengthening our business for the future, we continue to experiment and deploy technology in the wide range of user base. One focus is to improve the relevancy and [electric] search and recommendations so that custom of the different intent are more likely to [blow] and shop across categories.

由於這關係到加強我們未來的業務，我們將繼續在廣泛的用戶群中試驗和部署技術。重點之一是提高相關性以及[電動]搜尋和推薦，以便不同意圖的客製化更有可能[吹]和跨類別購物。

The other is to leverage AI capabilities to automize contents all kinds to help customers find and buy what they are looking for. We do see opportunities for technology to become an important driver of both growth and efficiency. Recently, we start to see some marginal strength our customer -- a marginal strength our customer demand.

另一種是利用人工智慧功能自動化各種內容，幫助客戶找到並購買他們想要的東西。我們確實看到技術有機會成為成長和效率的重要驅動力。最近，我們開始看到我們的客戶的一些邊際優勢—我們的客戶需求的邊際優勢。

People have [chose] more willing needs to spend and our customers continue to shop along the holidays and seasonal momentum. While we are doing our best to get back to growth with customer spending yet to fully recover in the discrete portfolio, we are laser focused on the long-term strategy and that are pivotal to our long-lasting success that has always been a firm positioned in this kind of retail for brands to bring in the best of brand partners and to create great value for customers.

人們[選擇了]更願意消費的需求，我們的客戶繼續在假期和季節性勢頭下購物。雖然我們正在盡最大努力恢復客戶支出的成長，但離散投資組合尚未完全恢復，但我們專注於長期策略，這對於我們始終堅定定位的長期成功至關重要在這種零售方式中，品牌可以引入最好的品牌合作夥伴，為顧客創造巨大的價值。

We are driving necessary change in the more aggressive way so that we have all the right building blocks to compete and win. And through it all, we remain delighted on if -- we are remain diligent on execute the retail fundamental our customers expect from us and respond to their consumption shift in the timely manner.

我們正在以更積極的方式推動必要的變革，以便我們擁有所有正確的基礎來競爭和獲勝。縱觀這一切，我們仍然很高興——我們仍然努力執行客戶對我們的期望的零售基本原則，並及時響應他們的消費轉變。

This request specialize and elaborate efforts in merchandise standout strength we are continuing to build on. We believe this will help us increase a panel of our platform and ensure an engaging experience that keeps the Vipshop top of mind in the value dynamic mind. At this point, let me hand over the call to our CFO, Mark Wang, to go over our financial results.

這項要求是我們持續加強產品卓越實力的專業化和精心的努力。我們相信，這將有助於我們增加平台的面板，並確保提供引人入勝的體驗，使唯品在價值動態中始終處於首位。現在，讓我將電話轉交給我們的財務長馬克王，以檢查我們的財務表現。

Okay. Thanks, Eric, and hello, everyone. In the third quarter, we maintained disciplined financial management throughout the organization that delivered solid profitability against a weak top line performance. Gross margin of 24.0% was driven by a small benefit from the increased contribution from the higher-margin apparel categories as well as other revenues on a year-over-year basis.

好的。謝謝埃里克，大家好。第三季度，我們在整個組織內保持了嚴格的財務管理，在營收表現疲軟的情況下實現了穩健的獲利能力。毛利率達到 24.0%，主要得益於高利潤服裝類別以及其他收入同比增長的貢獻增加。

This was more than offside by the deleveraging impact of lower revenue and continued investment in our team. As a result, on the bottom line, non-GAAP net margin attributable to Vipshop's shareholders came in at 6.3%, which was lower year-over-year but within our expected range. Thanks to our team's particular efforts to identify efficiency opportunities.

這不僅是由於收入下降和對我們團隊的持續投資所產生的去槓桿化影響而越位。因此，從淨利潤來看，非美國通用會計準則歸屬於唯品會股東的淨利潤率為 6.3%，年比較低，但在我們的預期範圍內。感謝我們的團隊在尋找提高效率的機會方面付出的特別努力。

Looking at the still challenging environment, we are laser focused on our long-term road map to bring the business back into positive territory. We continue to invest in our merchandising capabilities, tell deeper category by category, to add quality and value that best satisfy customer needs, while reallocation results to maximum -- maximize impact on customer mind share and engagement.

考慮到仍然充滿挑戰的環境，我們專注於我們的長期路線圖，以使業務回到積極的狀態。我們繼續投資於我們的銷售能力，按類別進行更深入的分類，以增加最能滿足客戶需求的品質和價值，同時重新分配結果以最大限度地提高對客戶心智份額和參與度的影響。

And we're always capable of moving these initiatives with a clear picture of their financial implications. We believe we are more integrated in operations now to create a better balance of our focus on sales and profitability.

我們始終能夠在清楚了解這些舉措的財務影響的情況下推動這些舉措。我們相信，我們現在的營運更加一體化，可以更好地平衡我們對銷售和獲利能力的關注。

Turning to capital allocation. Our priorities have remained consistent. In addition to prudently invest in our own business and projects that meet our strategic and financial criteria, we look to support our shareholder return and build on our track record of consistency.

轉向資本配置。我們的優先事項保持一致。除了審慎投資符合我們策略和財務標準的自己的業務和項目外，我們還希望支持我們的股東回報並建立我們的一致性記錄。

In the first 9 months of 2024, we have repurchased a total of nearly USD500 million with USD55.3 million left in the existing USD1 billion share repurchase program. Also, we have a new 2-year buyback program of up to USD1 billion in place.

2024年前9個月，我們共回購了近5億美元，現有10億美元股票回購計畫還剩5,530萬美元。此外，我們還制定了一項高達 10 億美元的新的 2 年回購計畫。

And as a reminder, for 2025, we plan commit no less than 75% of our full year non-GAAP net income attributable to Vipshop shareholders through discretionary share repurchase and the dividend distributions.

需要提醒的是，到2025年，我們計劃透過全權股票回購和股利分配，將不少於75%的全年非美國通用會計準則淨利歸屬於唯品會股東。

Now moving to our detailed quarterly financial highlights. Before I get started, I would like to clarify that all financial numbers presented below are in renminbi and all percentage change year-over-year unless otherwise noted. Total net revenue for the third quarter of 2024, for RMB20.7 billion compared withRMB 22.8 billion in the prior year period.

現在轉向我們詳細的季度財務亮點。在開始之前，我想澄清一下，除非另有說明，以下列出的所有財務數據均以人民幣為單位，並且所有百分比均按年變化。2024年第三季淨收入總額為207億元人民幣，去年同期為228億元。

Gross profit was RMB5.0 billion compared with RMB5.4 billion in the prior year period. Gross margin increased to 24.8% from 23.6% in the prior year period. Total operating expenses decreased by 6.1% year-over-year to RMB3.8 billion from RMB4.0 billion, in the prior year period.

毛利為人民幣50億元，去年同期為人民幣54億元。毛利率從去年同期的23.6%增至24.8%。總營業費用由上年同期的人民幣40億元降至人民幣38億元，較去年同期下降6.1%。

As a percentage of certain net revenues, total operating expenses was 18.2% compared with 17.6% in the prior year period. Fulfillment expenses decreased by 2.0% year-over-year to RMB1.7 billion from RMB1.8 billion in the prior year period. As a percentage of total net revenues, fulfillment expenses was 8.4% compared with 7.8% in the prior year period.

總營運費用佔某些淨收入的百分比為 18.2%，而去年同期為 17.6%。履約費用由上年同期的人民幣18億元降至人民幣17億元，較去年同期下降2.0%。履行費用佔總淨收入的百分比為 8.4%，而去年同期為 7.8%。

Marketing expenses decreased by 7.7% year-over-year to RMB617.8 million from RMB669.6 million in the prior year period. As a percentage of total net revenues, marketing expenses were 3.0% and compared with 2.9% in the prior year period. Technology and content expenses increased by 4.3% year-over-year to RMB454.2 million from RMB435.3 million in the prior year period.

行銷費用由去年同期的人民幣669.6百萬元減少至人民幣617.8百萬元，較去年同期下降7.7%。行銷費用佔總淨收入的百分比為 3.0%，而去年同期為 2.9%。技術及內容支出由上年同期的人民幣4.353億元增加至人民幣4.542億元，較去年同期成長4.3%。

As a percentage of total net revenues, Technology and accounting expenses was 2.2% compared with 1.9% in the prior year period. General and administrative expenses decreased by 15.3% year-over-year to RMB957.8 million from RMB1.1 billion in the prior year period. As a percentage of total net revenues, general and administrative expenses decreased to 4.6% from 5.0% in the prior year period.

技術和會計費用佔總淨收入的百分比為 2.2%，而去年同期為 1.9%。一般及行政費用由上年同期的人民幣11億元增至人民幣957.8百萬元，較去年同期下降15.3%。一般及管理費用佔淨收入總額的百分比從去年同期的 5.0% 下降至 4.6%。

Income from operations was RMB1.3 billion compared with RMB1.5 billion in the prior year period. Operating margin was 6.4% compared with 6.7% in the prior year period. Non-GAAP income from operations was RMB1.7 billion compared with RMB2.1 billion in the prior year period.

營業收入為人民幣13億元，去年同期為人民幣15億元。營業利益率為 6.4%，去年同期為 6.7%。非公認會計原則營運收入為 17 億元，而去年同期為 21 億元。

Non-GAAP operating margin was 8.2% compared with 9.1% in the prior year period. Net income attributable to Vipshop shareholders was RMB1.0 billion compared with RMB1.2 billion in the prior year period. Net margin attributable to Vipshop shareholders was 5.1% compared with 5.3% in the prior year period. Net income attributable to Vipshop's shareholders per diluted ADS was RMB1.97 compared with RMB2.19 in the prior year period.

非 GAAP 營業利益率為 8.2%，去年同期為 9.1%。歸屬於唯品會股東的淨利為人民幣10億元，去年同期為人民幣12億元。唯品會股東淨利為5.1%，去年同期為5.3%。每股稀釋後歸屬於唯品會股東的淨利為人民幣1.97元，去年同期為人民幣2.19元。

Non-GAAP net income attributable to Vipshop shareholders was RMB1.3 billion compared with RMB1.8 billion in the prior year period. Non-GAAP net margin attributable to Vipshop shareholders was 6.3% compared with 8.1% in the prior year period.

非美國通用會計準則歸屬於唯品會股東的淨利為人民幣13億元，去年同期為人民幣18億元。非美國通用會計準則歸屬於唯品會股東的淨利潤率為 6.3%，而去年同期為 8.1%。

Non-GAAP net income attributable to VIP shareholders per diluted ADM was RMB2.47 compared with RMB3.3 in the prior year period. As of September 30, 2024, the company had cash and cash equivalents and the restricted cash of RMB22.5 billion and short-term investments of RMB1.6 billion.

非美國通用會計準則（Non-GAAP）每股攤薄後 ADM 歸屬於 VIP 股東的淨利為人民幣 2.47 元，而上年同期為人民幣 3.3 元。截至2024年9月30日，本公司擁有現金及現金等價物及限制性現金225億元，短期投資16億元。

Looking forward to the fourth quarter of 2024, we expected our total net revenues to be between RMB31.2 billion and RMB32.9 billion, representing a year-over-year decrease of approximately 10% to 5%. Please note that this forecast reflects our current and preliminary view of the market and operational conditions, which is subject to change. With that, I would now like to open the call to Q&A.

展望2024年第四季度，我們預期淨收入總額將在人民幣312億元至人民幣329億元之間，年減約10%至5%。請注意，該預測反映了我們對市場和營運狀況的當前初步看法，可能會發生變化。現在，我想開始問答環節。

(Operator Instructions)

（操作員說明）

Thomas Chong, Jefferies.

托馬斯莊，杰弗里斯。

(spoken in foreign language) My question is about the recent consumer sentiment after recent government supportive measures. Can management share about the monthly GMV trend in Q4 as well as our expectation on 2025 outlook from the perspective of GMV and margin. Given our solid margin profile seen in Q3, in particular, 24% of the GP margin, how should we think about the outlook in 2025? And when should we expect our GMV back to positive near growth trends?

（用外語發言）我的問題是關於最近政府採取支持措施後消費者情緒的情況。管理層能否分享一下第四季度的月度GMV趨勢以及我們從GMV和利潤率角度對2025年前景的預期。鑑於我們在第三季看到的穩健的利潤率，特別是 24% 的毛利率，我們應該如何看待 2025 年的前景？我們什麼時候應該期望我們的 GMV 恢復到正成長趨勢？

(interpreted)

（解釋）

Okay. First of all, the recent business trends quarter-to-date, I think we have been into the quarter for over 50 days. And October was really good, but that was apparently because of the much earlier double 11 promotion, which leads to some front load of consumption. And if we add October and November to date, we are still within the guidance.

好的。首先，從季度至今的近期業務趨勢來看，我認為我們已經進入該季度 50 多天了。10月確實不錯，但這顯然是因為雙11促銷提前得多，導致了一些前期消費。如果我們添加 10 月和 11 月至今，我們仍然處於指導範圍內。

In terms of consumer sentiment, of course, the government sponsored the trading program launched towards the end of September do give us some boost to our certain categories in electronics and home appliances. But since we are primarily focused on apparel categories, we are not very key beneficiary of such programs.

當然，就消費者信心而言，政府贊助的九月底啟動的貿易計劃確實為我們的電子產品和家用電器的某些類別帶來了一些推動。但由於我們主要專注於服裝類別，因此我們並不是此類計劃的主要受益者。

And overall sentiment may have bottomed out following the recent stimulus package, but still, it's a rather rational environment to us. We are still seeing -- customers are still showing signs of being stretched. They are making trade-offs in family budgets, looking for value, booking, focusing on essentials and delaying purchases until the mid of moment.So we haven't seen a very meaningful recovery in consumer sentiment as compared to prior quarters.

在最近的刺激計劃出台後，整體情緒可能已經觸底，但對我們來說，這仍然是一個相當理性的環境。我們仍然看到——客戶仍然表現出捉襟見肘的跡象。他們在家庭預算、尋找價值、預訂、專注於必需品以及推遲購買等方面進行權衡。

And lastly, on 2025 outlook, we do believe that it's -- we think it's pretty unpredictable. We were going to plan our business cautiously. It depends on a number of factors, whether macro is going to have better recovery, whether consumer confidence is going to pick up. And there are a lot of uncertainties. But so we think probably the trend we are seeing in Q4 would be brought forward into a part of 2025. But we are doing our best to get back to growth, especially in terms of GMV as compared to a small decline for GMV in 2024.

最後，關於 2025 年的前景，我們確實認為這是相當不可預測的。我們將謹慎規劃我們的業務。這取決於許多因素，宏觀經濟是否會有更好的復甦，消費者信心是否會回升。並且存在許多不確定性。但我們認為，我們在第四季度看到的趨勢可能會提前到 2025 年的一部分。但我們正在盡最大努力恢復成長，特別是在 GMV 方面，與 2024 年 GMV 的小幅下降相比。

And on margins, I think they're not too much to worry about. We are focused on growing profit dollars. I think in terms of absolute dollar long tender or also on the margin side, we should be able to maintain relatively stable levels. And on cost and expenses, we are going to be -- continue to be very disciplined. And there could be some changes to certain cost and expenses structure, but it should be not a big swing from what we have done for 2024. That's all.

就利潤率而言，我認為他們不必太擔心。我們專注於增加利潤。我認為就美元絕對多頭投標或保證金方面而言，我們應該能夠保持相對穩定的水平。在成本和開支方面，我們將繼續非常自律。某些成本和費用結構可能會發生一些變化，但與我們在 2024 年所做的相比應該不會有太大變化。就這樣。

Alicia Yap, Citigroup.

艾莉西亞葉 (Alicia Yap)，花旗集團。

(spoken in foreign language) So my question is to follow up on overall the single-stage performance and also the 4Q guidance. So just wondering, during the single stage period that 30-plus days, is that you actually able to achieve a positive growth during the single-tier?

（用外語發言）所以我的問題是跟進整體單階段表現以及第四季度的指導。那麼就想知道，在單階段這30多天的時間裡，你們真的能夠在單階段達到正成長嗎？

And then in terms of your guidance, is that conservative because you want to -- not too sure about how the December trends. So that's why you're providing that 5%, 10% decline because the visibility in December are not sure. And then also on the return rate. So if you can compare the return rate for this single space versus last year's single space and versus this year during [18].

然後就您的指導而言，是否保守，因為您想 - 不太確定 12 月的趨勢如何。這就是為什麼你要提供 5%、10% 的下降，因為 12 月的能見度不確定。然後還有退貨率。因此，如果您可以將這個單一空間的回報率與去年的單一空間以及今年的回報率進行比較[18]。

(interpreted)

（解釋）

Okay. First of all, as to Double 11 performance, I think most of the platforms that are comparing us on a full cycle business, basically, we did 28 play of promotions as compared to roughly 20 days last year. And if this full cycle basis, we are doing very well. We are also doing very well with GMV over 20% growth for sure. And also customer and revenue metrics are exceeding our expectations. But if we look at it on a apple-to-apple basis, just comparing the 20 days of the promotional campaigns.

好的。首先，對於雙11的表現，我認為大多數平台都在比較我們的全週期業務，基本上，我們做了28場促銷，而去年大約是20天。如果以這個完整週期為基礎，我們做得非常好。我們也做得非常好，GMV 成長肯定超過 20%。而且客戶和收入指標也超出了我們的預期。但如果我們逐一比較，只需比較 20 天的促銷活動即可。

Actually, it's just in line with our expectations. We think Q4 is still a challenging quarter, and we give our guidance on a relatively conservative basis. And one factor is also -- is about whether. We do have a very high base on -- of -- especially in last Q4, we had actually extended periods of [cold waves], which benefited our business unexpectedly.

事實上，這也正是符合我們的期望。我們認為第四季度仍然是一個充滿挑戰的季度，我們在相對保守的基礎上給出了我們的指導。還有一個因素是──是否。我們確實有一個非常高的基礎，尤其是在上個第四季度，我們實際上經歷了較長時期的[寒潮]，這使我們的業務意外受益。

So this year, apparently is not going to be as cold as last year. And so we based this net -- this weather factor into our guidance -- the Q4 guidance as well. That's why we think Q4 is going to be a little bit challenging.

所以今年顯然不會像去年那麼冷。因此，我們將這個網絡——天氣因素納入我們的指導——第四季度的指導中。這就是為什麼我們認為第四季會有點挑戰。

And lastly, on return rate because we have a very stable resin policy and also services for like 5 to 6 years. And our return rate has been driven in our case, mostly structural factors like power contribution and as VIP contribution, et cetera. So basically, a return rate during the Double 11 is actually are trending in line with our expectations, just adding 2 percentage points in terms of return rate not like in the case of other platforms who had a sudden change in their return policy, which lead to extremely high return rate.

最後，關於回報率，因為我們有非常穩定的樹脂政策和大約 5 到 6 年的服務。在我們的案例中，我們的回報率受到驅動，主要是結構性因素，例如權力貢獻和 VIP 貢獻等。所以基本上，雙11期間的退貨率其實是符合我們預期的，只是退貨率增加了2個百分點，而不是像其他平台突然改變退貨政策，導致退貨率下降。

Ronald Keung, Goldman Sachs.

姜羅納德，高盛。

(spoken in foreign language)

（用外語說）

Just 2 questions. One is your gross margins reached record high in the third quarter. Last year, fourth quarter gross margins were even higher. Just how should we think about the apparel mix, which usually is good for gross margin and the outlook for gross margins for 4Q.

只有 2 個問題。一是第三季毛利率創歷史新高。去年第四季的毛利率甚至更高。我們應該如何看待服裝組合，這通常有利於毛利率和第四季毛利率的前景。

Second is your profit decline was wider than operating profit and seemingly a 30% increase in tax expenses. Is that related to our transfer of cash onshore to offshore to financial returns? How should we think about this income line outlook?

其次，您的利潤下降幅度大於營業利潤，而且稅費似乎增加了 30%。這與我們將境內現金轉移至境外以獲得財務回報有關嗎？我們該如何看待這個營收線前景？

(interpreted)

（解釋）

So in terms of our GP margin outlook, I think for Q3 we had 24%, which was driven by a small benefit from pure contribution and also higher other revenue. But looking into Q4, as you know, we continue to invest to grow. So especially given the current competitive environment, if we see an opportunity to invest a portion of our current profit margin to gain sustainable growth in dollars, we would do that.

因此，就我們的毛利率前景而言，我認為第三季度我們的毛利率為 24%，這是由純粹貢獻帶來的小額收益以及更高的其他收入所推動的。但展望第四季度，如您所知，我們將繼續投資以實現成長。因此，特別是考慮到當前的競爭環境，如果我們看到有機會投資當前利潤率的一部分以獲得美元的可持續成長，我們就會這樣做。

So for GP margin in Q4, we expect it to be marginally lower than Q3, but it should be within the range of 23%.

因此，對於第四季度的毛利率，我們預計會略低於第三季度，但應該在23%的範圍內。

Okay. And regarding the first question, you talked about the gross margin, let me give you some supplementary comments. For the third quarter, the gross margin expansion was primarily driven by the following reasons. The first one is the higher-margin apparel categories, which had a higher contribution year-over-year. The second one is we have many cost-saving initiatives to improve gross margin, including optimized merchandising poly, we manage customer incentive and so on.

好的。關於第一個問題，你提到了毛利率，我補充一下。第三季毛利率擴張主要由以下原因推動。第一個是利潤率較高的服裝類別，其年比貢獻較高。第二個是我們有許多節省成本的措施來提高毛利率，包括優化商品陳列、我們管理顧客誘因等等。

The third is higher contribution from higher-margin other revenues that -- because the other revenues, we also got some of the like senses revenue, which is recognized as net revenue approach. That means we recognized net -- rental income for extension outlet income. So that means the gross margin is higher, which was booked in the other revenues, okay?

第三是來自較高利潤的其他收入的更高貢獻——因為其他收入，我們也得到了一些類似的收入，這被認為是淨收入方法。這意味著我們確認了擴展店收入的淨租金收入。這意味著毛利率更高，這是計入其他收入的，好嗎？

So that is main 3 reasons for the gross revenue higher than before. And for your second question, that's a very good question. Just regarding the -- regarding the effective tax rate, non-GAAP expenses. Jessie mentioned that we distribute some of the dividends from the entities in the China land, the entities in Hong Kong.

這是總收入高於以前的三個主要原因。對於你的第二個問題，這是一個非常好的問題。只是關於——關於有效稅率、非公認會計原則費用。Jessie提到，我們分配了中國土地實體、香港實體的一些股利。

The reason is that we need to do the share buyback, as we mentioned before, Okay. This quarter, we remit around RMB3.5 billion. So that means we have -- we have RMB175 million withhold income tax expenses. Okay. So exclude the factor, I mean, with hold income tax expenses, the ETR would have been around 17% to 18%. I think for the long term, exclude the withholding income tax impact, the EPR could be still around 17% to 18%.

原因是我們需要進行股票回購，正如我們之前提到的，好吧。本季，我們匯出人民幣約35億元。這意味著我們有 1.75 億元的預扣所得稅費用。好的。因此，排除這個因素，我的意思是，如果保留所得稅費用，ETR 將約為 17% 至 18%。我認為從長遠來看，排除預扣所得稅的影響，EPR 仍可能在 17% 至 18% 左右。

Roger Duan, Barclays.

羅傑·段，巴克萊銀行。

(spoken in foreign language)

（用外語說）

I'm going to test myself. I have 2 questions. First, for third quarter, can management share in terms of different product categories do we see any difference in terms of performance because it looks like apparels have grown in terms of GMV contribution in third quarter?

我要測試一下自己。我有 2 個問題。首先，對於第三季度，管理層能否分享一下不同產品類別的表現，因為看起來服裝在第三季度的 GMV 貢獻方面有所增長，我們是否看到業績方面有任何差異？

And my second question is on IP users. Can management share whether we have seen any changes in consumer behavior during the quarter in terms of shopping frequency or average bucket size?

我的第二個問題是關於IP用戶的。管理階層能否分享一下，本季消費者行為在購物頻率或平均購物桶大小方面是否有任何變化？

(interpreted)

（解釋）

Okay. First, on Q3, category-wise, we see apparel have a small decline in terms of GMV, while standardized items had a bigger decline, but it's not worsening as compared to prior quarters. And it's because of the competitive competition on price on price advantage by other platforms. And with that, we are making serious adjustments and especially we are giving out some limited and targeted incentives for example, for family of shoppers to increase their chance of -- increase of their chance of doing shopping across different categories, especially in daily essentials.

好的。首先，從第三季的類別來看，我們看到服裝的 GMV 略有下降，而標準化商品的下降幅度較大，但與前幾季相比並沒有惡化。而且是因為其他平台在價格上的競爭優勢。為此，我們正在做出認真的調整，特別是我們正在提供一些有限的和有針對性的激勵措施，例如，為購物者家庭增加他們進行不同類別購物的機會，特別是在日常必需品方面。

And we are seeing some early results from that, and we hope that we would gradually narrow the loss from standardized items. And on SVIP, we are seeing a very solid momentum. We had 7.5 million active super VIP customers in Q3, which accounted for roughly 49% of our online spending. In terms of customer base, that was 11% growth year-over-year.

我們正在看到一些初步結果，我們希望能夠逐步縮小標準化項目的損失。在 SVIP 上，我們看到了非常強勁的勢頭。第三季我們有 750 萬活躍超級 VIP 客戶，約占我們線上支出的 49%。就客戶群而言，年增 11%。

And apparently, new SVIP customers for the quarter, it takes time for them to ramp up their frequency and therefore, ARPU. So they have, to some extent, a dilutive effect on the whole SVIP base. But if we look at the same cohort, for example, the 2-year SVIP customers, we see their performance are actually relatively stable, but we do see a small decline in ARPU but that was primarily driven by frequency -- less frequency and average ticket size remained gradually stable. Apart from that, we actually don't see any additional loss of consumer health as to SVIP customers.

顯然，本季的新 SVIP 客戶需要時間來提高頻率，從而提高 ARPU。因此，它們在某種程度上對整個 SVIP 基礎產生了稀釋作用。但如果我們觀察同一群體，例如 2 年 SVIP 客戶，我們會發現他們的表現實際上相對穩定，但我們確實看到 ARPU 略有下降，但這主要是由頻率驅動的——頻率和平均頻率較低門票規模逐漸穩定。除此之外，我們實際上沒有看到 SVIP 客戶的消費者健康受到任何額外損失。

Jialong Shi, Nomura.

石家龍，野村。

(spoken in foreign language)

（用外語說）

I have 2 follow-up questions. The first question is about the decline in the ARPU for SVIP member, just tried to get more color from management at were the possible reason for the decline in the ARPU or average spending for SVIP member? Second question is about the trading subsidies funded by the government. Just wondering if any of the IP VIPS business benefited or will likely be benefited from this trading subsidy scheme?

我有 2 個後續問題。第一個問題是關於 SVIP 會員的 ARPU 下降，我只是想從管理層那裡獲得更多信息，請問 SVIP 會員的 ARPU 或平均支出下降的可能原因是什麼？第二個問題是關於政府資助的交易補貼。只是想知道是否有任何 IP VIPS 業務受益於或可能受益於該交易補貼計劃？

(interpreted)

（解釋）

So for SVIP customers, we do realize that they have a small decline in frequency even for the same cohort of customers. We are making a lot of efforts to increase engagement with SVIP customers. For example, we are planning to lower the bar for SVIP customers in terms of membership privileges, for renewal and for new customers who first -- who become SVIP member for the first time.

因此，對於 SVIP 客戶，我們確實意識到，即使對於同一群客戶，他們的頻率也略有下降。我們正在做出大量努力來增加與 SVIP 客戶的互動。例如，我們計劃降低 SVIP 客戶的會員特權、續約門檻以及首次成為 SVIP 會員的新客戶的門檻。

And we are also planning to cover the additional 5% of discount to more brands and the merchants. We are launching a lot of online and also ground events such as private sales and special offers to reinforce the trust and loyalty from our SVIP customers. And I think the essence of this SVIP enhancement program is intended to, one, is to increase their retention and also repeat orders.

我們還計劃將額外的5%折扣覆蓋給更多的品牌和商家。我們正在推出許多線上和地面活動，例如私人銷售和特別優惠，以增強 SVIP 客戶的信任和忠誠度。我認為這個 SVIP 增強計劃的本質是，第一，是增加他們的保留率和重複訂單。

And second is to find more opportunities for cross-category purchases, especially for family shoppers because most -- a majority -- most of the SVIP customers actually do have very strong trust and loyalty in Vipshop. And if we provide a great combination of product, value and service, they wouldn't hesitate to shop with us more often. And that's for SVIP customers.

其次是尋找更多跨品類購買的機會，特別是對於家庭購物者來說，因為大多數——大多數——大多數SVIP客戶實際上對唯品會有很強的信任和忠誠度。如果我們提供產品、價值和服務的完美結合，他們會毫不猶豫地更頻繁地在我們這裡購物。這是針對 SVIP 客戶的。

And for trading programs for our offline outlets, actually, we -- the primary business is still on apparel category. So we barely benefit from the trading program. And for online, business, we expect there should be a couple -- a few million -- a few hundred million ranging from RMB400 million to RMB500 million additional sales from trading programs. This is not meaningful enough to drive our GMV or revenue. It could be that our platform is still more recognized by customers as a great place to shop for apparel and accessories instead of electronics and home appliances.

至於我們線下店的交易項目，實際上，我們主要業務仍然是服裝類別。所以我們幾乎沒有從交易計劃中受益。對於線上業務，我們預期交易程序應該會帶來數百萬到幾億人民幣 4 億到 5 億元的額外銷售額。這不足以推動我們的 GMV 或收入。可能我們的平台仍然更受客戶認可，是購買服裝和配件而不是電子產品和家用電器的好地方。

Having said that, we are moving -- we are trying to cooperate with the government departments to see whether they would be willing to extend the trading programs to other categories. Of course, it hasn't -- spending to apparel categories for now, but we do see the opportunities if the trading program extend to additional categories, we should be benefiting from that.

話雖如此，我們正在採取行動——我們正在嘗試與政府部門合作，看看他們是否願意將貿易計劃擴展到其他類別。當然，目前還沒有在服裝類別上進行支出，但我們確實看到如果貿易計劃擴展到其他類別的機會，我們應該會從中受益。

Due to the time constraint, this concludes today's Q&A session. At this time, I'll turn the call back to Jessie for any closing remarks.

由於時間關係，今天的問答環節到此結束。此時，我會將電話轉回給 Jessie，讓其結束語。

Thank you for taking the time to join us today. If you have any questions, please don't hesitate to contact our IR team. We look forward to speaking with you next quarter.

感謝您今天抽空加入我們。如果您有任何疑問，請隨時聯絡我們的 IR 團隊。我們期待下個季度與您交談。

This concludes today's conference call. Thank you all for participating. You may now disconnect your lines.

今天的電話會議到此結束。感謝大家的參與。現在您可以斷開線路。

Portions of this transcript that are marked (interpreted) were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

此文字記錄中標記（翻譯）的部分是由現場通話中的口譯員說出的。口譯員由贊助本次活動的公司提供。