Vipshop Holdings Ltd (VIPS) 2025 Q1 法說會逐字稿

Ladies and gentlemen, good day, everyone, and welcome to Vipshop Holdings Limited first quarter 2025 earnings conference call.

女士、先生們，大家好，歡迎參加唯品會控股有限公司2025年第一季財報電話會議。

At this time, I would like to turn the call to Ms. Jessie Zheng, Vipshop's Head of Investor Relations. Please proceed.

現在，我想把電話轉給唯品會投資者關係主管 Jessie Zheng 女士。請繼續。

Thank you, operator. Hello, everyone, and thank you for joining Vipshop's first quarter 2025 earnings conference call. With us today are Eric Shen, our Co-Founder, Chairman and CEO; and Mark Wang, our CFO.

謝謝您，接線生。大家好，感謝大家參加唯品會2025年第一季財報電話會議。今天與我們在一起的是我們的聯合創始人、董事長兼首席執行官 Eric Shen 和我們的財務長 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.

在管理階層開始發表準備好的演講之前，我想提醒大家，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聲明。前瞻性陳述受風險和不確定性的影響，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 outlining our Safe Harbor statements in our earnings release and 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.

潛在風險和不確定性包括但不限於我們在收益報告中和向美國證券交易委員會提交的公開文件中概述的安全港聲明，這些風險和不確定性也適用於本次電話會議中可能做出的任何前瞻性陳述。

Please note that certain financial measures used on this call, such as non-GAAP operating income, non-GAAP net income attributable to Vipshop shareholders and non-GAAP net income per ADS are not presented in accordance with the US GAAP. Please refer to our earnings release for details relating to the reconciliation of our non-GAAP measures to GAAP measures.

請注意，本次電話會議中使用的某些財務指標，例如非公認會計準則營業收入、非公認會計準則歸屬於唯品會股東的淨利潤以及非公認會計準則每股美國存託憑證淨利潤，均不符合美國公認會計準則。有關非公認會計準則 (non-GAAP) 指標與公認會計準則 (GAAP) 指標的調節詳情，請參閱我們的收益報告。

With that, I would now like to turn the call over to Mr. Eric Shen.

現在，我想將電話轉給 Eric Shen 先生。

Good morning, and good evening, everyone. Welcome, and thank you for joining our first quarter 2025 earnings conference call.

大家早安，晚上好。歡迎，感謝您參加我們的 2025 年第一季財報電話會議。

Our first quarter results came in largely as expected. We continue to make progress on our path to return to growth. Our team stayed ahead our trend to offer more unique and quality off-price seasonal items that were more relevant to customer preference. We see apparel category achieved positive growth in the first quarter.

我們第一季的業績基本上符合預期。我們在恢復成長的道路上不斷取得進展。我們的團隊緊跟潮流，提供更獨特、更優質、更符合顧客偏好的折扣季節性商品。我們看到服裝類別在第一季實現了正成長。

Super VIP membership extended its double-digit growth. In the first quarter, active's SVIP customer increased by 18% from a year ago and accounted for 51% of our online spending. This hardcore cohort our customers show clear strength in terms of sales and the revenue growth.

超級VIP會員數延續兩位數成長。第一季度，活躍的SVIP客戶比去年同期增加了18%，占我們線上支出的51%。我們的這個核心客戶群在銷售和收入成長方面展現了明顯的實力。

We are keeping a clear eye on the broadest customer trend. We still see customers choose more wellness to spend on family and seasonal essentials and they are gradually catching up on spending in most discretion categories. We -- remain anchored to the value proposition of discount retail for brands, certainly upon our long-standing merchandising strategy. We are also making change throughout organizations in how we align with those priorities, operator in greater synergy and drive unique compelling customer value.

我們密切關注最廣泛的客戶趨勢。我們仍然看到消費者在家庭和季節性必需品上選擇更多的健康支出，並且他們在大多數可自由支配類別中的支出正在逐漸趕上。我們仍然堅持品牌折扣零售的價值主張，當然也堅持我們長期的行銷策略。我們也在整個組織內做出改變，以便與這些優先事項保持一致，以更大的協同效應運作並推動獨特的引人注目的客戶價值。

Our teams are restricted in the way that more aligned and efficient, so that they can act with speed to potential into growth. We will highlight the strategic priorities to grow the share of branded supply at exceptional value to invest in customer engaging initiatives that drive traffic, frequency and multi-category purchases and to speed up technology advancement that's driven value creation for business.

我們的團隊受到更協調和高效的限制，以便他們能夠快速採取行動，將潛力轉化為成長。我們將強調策略重點，以卓越的價值增加品牌供應的份額，投資於推動流量、頻率和多類別購買的客戶參與計劃，並加快推動企業價值創造的技術進步。

Starting with merchandising. We are focused on the brand and the products where we have made the biggest difference for customers. Its key that has driven traffic and customer growth. That's why we believe in the power of merchandising capabilities, which we are leveraging to quickly adapt to trend across fashion tele, as measures and family lifestyle categories, continuously giving customers more reasons to stay here.

從商品銷售開始。我們專注於為客戶帶來最大改變的品牌和產品。這是推動流量和客戶成長的關鍵。這就是為什麼我們相信行銷能力的力量，我們正在利用這種能力快速適應時尚電視、措施和家庭生活方式類別的趨勢，不斷為客戶提供更多留在這裡的理由。

One of the best example in our [Made for] Vipshop business, which continued to outperform in the first quarter, a total of more than 200 brands joined this program by the end of March. We were close to the brand partner in transforming customized offering based on customer insights and changing trends. We were moving fast to deliver a more compelling brand of quality and value.

我們的唯品會業務就是最好的例子之一，該業務在第一季繼續表現出色，截至 3 月底，共有 200 多個品牌加入了該計劃。我們與品牌合作夥伴密切合作，根據客戶洞察和不斷變化的趨勢轉變客製化產品。我們正在快速行動，以提供更具吸引力的優質和價值品牌。

We also have the prominent channel for Made for Vipshop. We expect it to become the to go place for customers to discover affordable on-trend products that they cannot find anywhere else.

我們還有專為唯品會打造的著名頻道。我們希望它成為顧客發現在其他地方找不到的實惠流行產品的首選之地。

In the first quarter, we also unveiled more unexpected high fresh selection to keep customers coming back to see what's new. Customers were overjoyed with some of the best views they got such as Beverly coach and more or through the invite-only provide sales, we are trying to gain traction with customers as a place for fresh cell and trade hunting.

在第一季度，我們還推出了更多意想不到的高新鮮度選擇，以吸引顧客回來查看新品。顧客們對他們所看到的一些最佳景觀感到非常高興，例如貝弗利長途汽車等，或者透過僅限邀請提供的銷售，我們正試圖吸引顧客，成為新鮮細胞和貿易狩獵的場所。

Turning to customers. We aspire to bring together the best what they want in the unique shopping experience. On top of the compelling way our product offering, customers know that we stand behind what we sell. That's why our SVIP customers are clearly growing more attract to our platform because of affordable and reliable nature in our business.

轉向客戶。我們渴望在獨特的購物體驗中為他們提供他們想要的最佳商品。除了我們提供的產品引人注目的方式之外，客戶還知道我們對所銷售的產品有可靠的保證。這就是為什麼我們的 SVIP 客戶顯然越來越被我們的平台所吸引，因為我們的業務價格實惠且可靠。

We have planned to make the loyalty program bigger and better. We are focused on how we could further differentiate it. For example, our customers are often family shoppers who love travel. So new second quarter, SVIP member received more relevant and rewarding life privileges such as a Gold Card upgrades for Chimelong theme park and hotel accommodations and so on.

我們計劃讓忠誠度計劃變得更大、更好。我們專注於如何進一步使其與眾不同。例如，我們的顧客通常是熱愛旅行的家庭購物者。因此新的第二季度，SVIP會員將獲得更多相關和獎勵的生活特權，例如長隆主題公園金卡升級和酒店住宿等。

We also increased the power of AI throughout the customer experience in many ways. We were being improve our AI-powered algorithm to enhance the logic behind search and recommendations. We were leveraging general AI to create high-impact content, including smart mix-and-match content that make product page more compelling and automatic customer review summary that highlight key insights to help shoppers.

我們也透過多種方式增強了人工智慧在整個客戶體驗中的作用。我們正在改進我們的人工智慧演算法，以增強搜尋和推薦背後的邏輯。我們利用通用人工智慧來創建高影響力的內容，包括使產品頁面更具吸引力的智慧混搭內容，以及突出顯示關鍵見解以幫助購物者的自動客戶評論摘要。

We will also apply AI to customer service, handling product inquiries, generating personally related recommendations and potentially acting as smart shopping assistance. Also by leveraging general AI, we generate target marketing creatives for diverse platforms and audience, helping enhance customer acquisitions efficiencies.

我們也將把人工智慧應用於客戶服務，處理產品諮詢，產生個人相關的建議，並可能充當智慧購物助理。此外，透過利用通用人工智慧，我們為不同的平台和受眾產生目標行銷創意，幫助提高客戶獲取效率。

So we will continue to invest in opportunities for long-term success. We look to set ourselves apart, provide more than what customers expect and building the unique experience. Against a backdrop of ongoing uncertainty, I'm confident in our teams, we -- who have navigated through several years of our volatility to keep pace with customer trends, doubled down on execution of our strategy and regain growth track.

因此，我們將繼續投資於長期成功的機會。我們希望脫穎而出，提供超越客戶期望的服務並打造獨特的體驗。在持續不確定的背景下，我對我們的團隊充滿信心，我們度過了數年的動盪時期，跟上了客戶趨勢，加倍執行我們的策略並重新回到成長軌道。

At this point, let me hand over the call to our CFO, Mark Wang, to go over our financial results.

現在，請允許我將電話交給我們的財務長 Mark Wang，來報告我們的財務表現。

Thanks, Eric, and hello, everyone. In the first quarter, we sustained solid profitability despite sales pressure due to muted sentiment on discretionary spend. As we prudently increased investments in building customer and brand momentum to face growth opportunities. Margins softened modestly compared with a year ago, but still help up healthily within our expectations. This underscored our capacity to drive operational efficiency, build on years of efforts and refining internal management.

謝謝，埃里克，大家好。第一季度，儘管可自由支配支出情緒低迷導致銷售面臨壓力，但我們仍保持了穩健的獲利能力。我們審慎增加對建立客戶和品牌動能的投資，以因應成長機會。與一年前相比，利潤率略有下降，但仍在我們的預期範圍內健康成長。這凸顯了我們提高營運效率、在多年努力的基礎上完善內部管理的能力。

As Eric mentioned, we are driving important teams within the organization for our long-term success. It will be an enhanced mindsight across the business to fund growth, synergy, and efficiency opportunities we can take to the bottom line. We will remain focused on executing these strategic priorities with greater agility while maintaining discipline.

正如 Eric 所提到的，我們正在推動組織內的重要團隊實現我們的長期成功。它將增強整個企業的思維能力，為我們可以實現盈利的成長、協同和效率機會提供資金。我們將繼續專注於以更大的靈活性執行這些策略重點，同時保持紀律。

Turning to our shareholder return program. Our full year 2025 commitment remains unchanged, returning no less than 75% of the RMB9 billion full year 2024 non-GAAP net income to shareholders. Year-to-date, we have returned over USD400 million to shareholders, which includes approximately USD250 million in annual dividend distribution and over USD150 million in share repurchase.

談到我們的股東回報計劃。我們對2025年全年的承諾保持不變，即向股東返還2024年全年90億元人民幣非公認會計準則淨收入的不低於75%。年初至今，我們已向股東返還超過 4 億美元，其中包括約 2.5 億美元的年度股息分配和超過 1.5 億美元的股票回購。

Now, moving to our detailed quarterly financial highlights. Before I get started, I would like to clarify that all financial numbers present below are in RMB and all the percentage change are year-over-year change, unless otherwise noted.

現在，我們來看看詳細的季度財務亮點。在開始之前，我想先澄清一下，除非另有說明，以下所有的財務數字都是人民幣，所有的百分比變化都是同比變化。

Total net revenues for the first quarter of 2025 were RMB26.3 billion compared with RMB27.6 billion in the prior year period. Gross profit was RMB6.1 billion compared with RMB6.5 billion in the prior year period. Gross margin was 23.2% compared with 23.7% in the prior year period.

2025年第一季總淨收入為人民幣263億元，去年同期為人民幣276億元。毛利為人民幣61億元，去年同期為人民幣65億元。毛利率為23.2%，去年同期為23.7%。

Total operating expenses decreased by 1.6% year-over-year to RMB4.0 billion from RMB4.1 billion in the prior year period. As a percentage of total net revenues, total operating expenses were 15.3% compared with 14.8% in the prior year period.

總營業費用由去年同期的41億元下降1.6%至40億元。總營運費用佔總淨收入的百分比為 15.3%，而去年同期為 14.8%。

Fulfillment expenses decreased by 4.8% year-over-year to RMB1.9 billion from RMB2.0 billion in the prior year period. As a percentage of total net revenues, fulfillment expenses were 7.2%, which remained stable as compared with that in the prior year period.

履行費用由去年同期的20億元下降至19億元，年減4.8%。履約費用佔總淨收入的7.2%，與去年同期相比保持穩定。

Marketing expenses increased by 6.0% year-over-year to RMB732.1 million from RMB690.9 million in the prior year period. As a percentage of total net revenues, marketing expenses were 2.8% compared with 2.5% in the prior year period.

行銷費用由去年同期的人民幣6.909億元成長6.0%至人民幣7.321億元。佔總淨收入的百分比為 2.8%，而去年同期為 2.5%。

Technology and content expenses decreased by 6.8% year-over-year to RMB449.1 million from RMB481.9 million in the prior year period. As a percentage of total net revenues, technology and content expenses were 1.7%, which remained stable as compared with that in the prior year period.

技術和內容費用從去年同期的人民幣4.819億元年減6.8%至人民幣4.491億元。技術和內容費用佔總淨收入的百分比為 1.7%，與去年同期相比保持穩定。

General and administrative expenses increased by 2.3% year-over-year to RMB950.8 million from RMB929.1 million in the prior year period. As a percentage of total net revenues, general and administrative expenses were 3.6% compared with 3.4% in the prior year period.

一般及行政開支由去年同期的 9.291 億元增至 9.508 億元，年增 2.3%。一般及行政開支佔總淨收入的百分比為 3.6%，去年同期為 3.4%。

Income from operations was RMB2.3 billion compared with RMB2.8 billion in the prior year period. Operating margin was 8.7% compared with 10.0% in the prior year period. Non-GAAP income from operations was RMB2.6 billion compared with RMB3.1 billion in the prior year period. Non-GAAP operating margin was 10.0% compared with 11.1% in the prior year period.

營業收入為人民幣23億元，去年同期為人民幣28億元。營業利益率為 8.7%，而去年同期為 10.0%。非美國通用會計準則營業利潤為26億元人民幣，去年同期為31億元。非公認會計準則營業利益率為 10.0%，去年同期為 11.1%。

Net income attributable to Vipshop's shareholders was RMB1.9 billion compared with RMB2.3 billion in the prior year period. Net margin attributable to Vipshop's shareholders was 7.4% compared with 8.4% in the prior year period. Net income attributable to Vipshop's shareholders per diluted ADS was RMB3.72 compared with RMB4.18 in the prior year period.

歸屬於唯品會股東的淨利為19億元人民幣，去年同期為23億元。歸屬於唯品會股東的淨利率為 7.4%，去年同期為 8.4%。歸屬於唯品會股東的每股攤薄美國存託憑證淨利為3.72元人民幣，去年同期為4.18元。

Non-GAAP net income attributable to Vipshop's shareholders was RMB2.3 billion compared with RMB2.6 billion in the prior year period. Non-GAAP net margin attributable to Vipshop shareholders was 8.8% compared with 9.3% in the prior year period. Non-GAAP net income attributable to Vipshop's shareholders per diluted ADS was RMB4.43 compared with RMB4.66 in the prior year period.

非美國通用會計準則下，歸屬於唯品會股東的淨利為23億元人民幣，去年同期為26億元。歸屬於唯品會股東的非美國通用會計準則淨利率為 8.8%，去年同期為 9.3%。非美國通用會計準則下，唯品會股東每股攤薄淨利為4.43元人民幣，去年同期為4.66元。

As of March 31, 2025, the company had cash and cash equivalents and a restricted cash of RMB28.9 billion, and short-term investments of RMB192.3 million. Looking forward to the second quarter of 2025, we expect our total net revenues to be between RMB25.5 billion and RMB26.9 billion, representing a year-over-year decrease of approximately 5% to 0%.

截至2025年3月31日，本公司擁有現金及現金等價物及受限現金289億元人民幣，短期投資1.923億元。展望2025年第二季度，我們預期總淨收入在人民幣255億元至人民幣269億元之間，年減約5%至0%。

Please note that this forecast reflects our current and preliminary view of the market and operational conditions, which is subject to change.

請注意，此預測反映了我們對市場和營運狀況的當前和初步看法，可能會發生變化。

With that, I would now like to open the call to Q&A.

現在，我想開始問答環節。

(Operator Instructions) Thomas Chong, Jefferies.

（操作員指示）Thomas Chong，Jefferies。

(spoken in foreign language)

（用外語說）

Thanks management for taking my question. My question is about the recent consumer sentiment. Can management comment about the monthly GMV trend so far we are seeing in Q2, given a lot of events happening like a tariff, macro headwinds, et cetera, and how we should think about the revenue and the earnings outlook for the full year 2025?

感謝管理層回答我的問題。我的問題是關於最近的消費者情緒。考慮到關稅、宏觀逆風等許多事件，管理層能否評論一下我們在第二季度迄今為止看到的月度 GMV 趨勢，以及我們應該如何看待 2025 年全年的收入和盈利前景？

And my second question is about the upcoming June 18 campaign. Can management comment about the latest sentiment and how the event is different from last year or similar to last year from an industry perspective? Thank you.

我的第二個問題是關於即將到來的6月18日競選活動。管理層能否評論一下最新的情緒以及從行業角度來看此次活動與去年有何不同或相似之處？謝謝。

(spoken in foreign language)

（用外語說）

(interpreted) Okay. Regarding your first question on consumption. I think in the past few months, we do see signs of improvement in overall consumption sentiment. After muted start in January and February, actually, we do see some margin improvement in March in terms of sales, and into the second quarter, April plus May to date, we see actually even better sales momentum.

（翻譯）好的。關於你的第一個問題，關於消費。我認為在過去的幾個月裡，我們確實看到了整體消費情緒改善的跡象。在經歷了 1 月和 2 月的低迷之後，實際上，我們確實看到 3 月份的銷售利潤率有所提高，而進入第二季度，即 4 月和 5 月至今，我們的銷售勢頭實際上甚至更好。

And for the 2025 full year outlook, we maintain our view that we are going to regain growth track in the second half -- in the third quarter or the fourth quarter after a negative 5% to 0% growth trends in the first half. And on margins, we have a good demand of our overall profitability because of our disciplined investment and also management. So we maintain our view on margins as we are. We believe that on a full year basis, our net margins will be largely comparable as we had achieved in 2024.

對於 2025 年全年展望，我們仍然認為，在經歷了上半年 5% 至 0% 的負成長趨勢後，我們將在下半年（第三季或第四季）恢復成長軌道。就利潤率而言，由於我們嚴謹的投資和管理，我們對整體獲利能力有良好的要求。因此，我們維持對利潤率的看法。我們相信，從全年來看，我們的淨利潤率將與 2024 年的水準大致相當。

And in terms of the second question on the June 18 promotion, actually, you may have noticed that the industry promotion has been quite lengthy. It lasted for a month and consumers are growing accustomed to these promotions and the subsidies. Everything is readily available. They actually don't have to stockpile anything. But they do look for value. They focus on deals. So they are still responding to our promotions.

關於第二個問題，關於6月18日的推廣活動，實際上，您可能已經注意到，行業推廣活動已經持續了很長時間。活動持續了一個月，消費者也逐漸習慣了這些促銷和補貼。一切都唾手可得。他們實際上不需要儲存任何東西。但他們確實在尋找價值。他們專注於交易。所以他們仍在回應我們的促銷活動。

If these are -- they do have a shopping needs in terms of family and seasonal essentials, but the overall trend becomes quite normalized for everybody. So for Vipshop we just focus on providing a unique quality and off-price value-for-money deals for consumers.

如果是的話——他們確實有家庭和季節性必需品方面的購物需求，但整體趨勢對每個人來說都變得相當正常化。因此，對於唯品會來說，我們只專注於為消費者提供獨特的品質和物有所值的優惠。

Alicia Yap, Citigroup.

花旗集團的 Alicia Yap。

Hi. Thank you. (spoken in foreign language)

你好。謝謝。（用外語說）

Thanks management for taking my questions. I have a question related to the tariffs. I understand that our business does not have a direct collaborations with the cross-border sales and also the tariff, but just wonder if some of these excess supply from apparel that's supposed to aim for the export market, that were temporarily diverted to the domestic market in April or the last couple of months, that actually attract away some of the user demand to the competitor sites.

感謝管理層回答我的問題。我有一個與關稅相關的問題。我知道我們的業務與跨境銷售和關稅沒有直接關係，但我懷疑這些原本針對出口市場的服裝過剩供應，是否會在 4 月份或過去幾個月暫時轉移到國內市場，從而將部分用戶需求吸引到競爭對手的網站。

Second quick question is that just wondering if our management or company have any view about potential secondary listing in Hong Kong? Thank you.

第二個快速問題是，只是想知道我們的管理階層或公司對在香港的潛在二次上市有何看法？謝謝。

(spoken in foreign language)

（用外語說）

(interpreted) Let me translate first. In terms of the tariff question, we have very limited exposure to exports and we do have a very limited amount of direct purchase from the US market monthly healthcare products or non-US origin products. But overall the exposure is very small.

（翻譯）我先翻譯一下。就關稅問題而言，我們的出口業務非常有限，而且我們從美國市場直接購買的每月保健產品或非美國原產產品的數量非常有限。但整體來說曝光度很小。

And in terms of export companies trying to divert their export goods to domestic markets, we do see that because in April, we have already started to work with these export companies trying to see the possibilities to help them gain access to our customers on Vipshop. And -- but it takes time because there are a lot of different standards for export versus domestically manufactured products in terms of brand, trademark, and quality certification et cetera.

對於出口企業試圖將出口商品轉移到國內市場的情況，我們確實看到了這一點，因為從四月份開始，我們就已經開始與這些出口企業合作，嘗試尋找幫助他們接觸唯品會客戶的可能性。但這需要時間，因為出口產品和國內製造產品在品牌、商標、品質認證等方面有許多不同的標準。

We believe over time export companies, especially those with quality supply chain capabilities, will choose domestic market as one of the options for them to gain a wider base of consumers within China. And we are trying to grab any opportunities arising from that in terms of getting access to quality brand supply et cetera. But it takes time.

我們相信，隨著時間的推移，出口公司，特別是那些擁有優質供應鏈能力的公司，將選擇國內市場作為其在中國獲得更廣泛消費者群體的選擇之一。我們正努力抓住由此產生的任何機會，以獲得優質品牌供應等等。但這需要時間。

Okay. Alice, thanks for your question regarding the Hong Kong listing. And we have been closely following change in the capital market developments and evaluating the option of Hong Kong listing internally. So we will keep the market posted if there is any progress. Thank you.

好的。Alice，感謝您關於香港上市的問題。我們一直在密切關注資本市場的發展變化，並在內部評估香港上市的選擇。因此，如果有任何進展，我們將向市場通報。謝謝。

Wei Xiong, UBS.

熊偉，瑞銀。

(spoken in foreign language)

（用外語說）

Thank you management for taking my questions. I have two questions. The first one is regarding our SVIP program. We can see the SVIP member growth has been very steady over the past few quarters. Can we please update our strategy here to further drive the SVIP growth going forward? And do we have any goal for the second half and next year?

感謝管理層回答我的問題。我有兩個問題。第一個是關於我們 SVIP 計劃。我們可以看到，過去幾季 SVIP 會員成長非常穩定。我們能否在此更新我們的策略以進一步推動 SVIP 未來的成長？我們對下半年和明年有什麼目標嗎？

And second, just a quick one. Could management update the competitive landscape change you have seen over the past few weeks amid over the past few months amid the macro uncertainty for the e-commerce competition? Thank you.

第二，簡單說一下。鑑於電子商務競爭的宏觀不確定性，管理階層能否更新您在過去幾週和過去幾個月中看到的競爭格局變化？謝謝。

(spoken in foreign language)

（用外語說）

(interpreted) First, SVIP customers, we do see very solid momentum in the growth of SVIP customers and it has extended double-digit growth for several quarters and it continues to be so in Q1 and in Q2 to date. And we think we have a very strong confidence that we can continue to achieve double-digit growth for SVIP customers for the full year of 2025.

(解釋)首先，SVIP 客戶，我們確實看到 SVIP 客戶的成長勢頭非常強勁，並且已經連續幾個季度保持兩位數增長，並且在第一季度和第二季度仍然保持這種增長勢頭。我們認為，我們非常有信心能夠在 2025 年全年繼續為 SVIP 客戶實現兩位數的成長。

And of course we are also working on a lot of initiatives to drive the SVIP customer growth especially in terms of merchandising. We are trying to provide more unique, exclusive off-price -- product offerings all through invite-only private sales to attract more SVIP customers. And by doing so, we believe that we will increase the retention of SVIP customers as well. And we do believe that over time SVIP contribution in terms of online spending will grow from the current 51% to even higher levels in the foreseeable future.

當然，我們也在開展多項措施來推動 SVIP 客戶的成長，特別是在商品銷售方面。我們正嘗試透過僅限邀請的私人銷售提供更多獨特、獨家的折扣產品，以吸引更多 SVIP 客戶。透過這樣做，我們相信我們也將提高 SVIP 客戶的保留率。我們確實相信，隨著時間的推移，SVIP 線上消費的貢獻將從目前的 51% 成長到可預見的未來的更高水準。

And second, in terms of industry dynamics, apparently, it's a very and hyper-competitive environment. We believe that the only way for Vipshop to survive and to compete and to win in this e-commerce sector is to remain anchored to the value proposition of discount retail for brands and also there are a lot of business models in terms of how to sell the products, including live-streaming platforms or shelf-based e-commerce. But the long-term factors that drive consumers in terms of where they choose to shop has always been great merchandise, great prices, and great services.

其次，從產業動態來看，顯然這是一個競爭非常激烈的環境。我們相信，唯品會在這個電子商務領域生存、競爭和取勝的唯一方法是繼續堅持品牌折扣零售的價值主張，並且在如何銷售產品方面有很多商業模式，包括直播平台或基於貨架的電子商務。但決定消費者購物地點的長期因素一直是優質的商品、優惠的價格和優質的服務。

So we will continue to deepen our initiatives in terms to enhance the flywheel from merchandise to value to customer engagement. We believe that by remaining highly focused in discount retail for brands will gradually become the online outlet and this is the gateway for consumers to access our deep discount product offerings. We will believe we have the capabilities and the capacity to compete and win in this market.

因此，我們將繼續深化我們的舉措，以增強從商品到價值再到客戶參與的飛輪。我們相信，透過高度專注於品牌折扣零售，品牌將逐漸成為網路銷售管道，這是消費者獲取我們深度折扣產品的入口。我們相信我們有能力和實力在這個市場上競爭並獲勝。

Jialong Shi, Nomura.

石家龍，野村。

(spoken in foreign language) Good evening management. I have three questions. And the first question is, what is the latest trend? What is the latest shopping frequency ARPU trend for Super VIP members?

（外語）管理層晚上好。我有三個問題。第一個問題是，最新的趨勢是什麼？超級VIP會員最新購物頻率ARPU趨勢如何？

And the second question is, what is the latest trend for your return rate?

第二個問題是，你們的退貨率的最新趨勢是什麼？

And third and last question is, despite all these challenges for the e-commerce industry, just wonder if management still maintain the previous capital return guidance for this year. Thank you.

第三個也是最後一個問題是，儘管電子商務產業面臨所有這些挑戰，但不知道管理階層是否仍維持今年先前的資本回報指引。謝謝。

(spoken in foreign language)

（用外語說）

(interpreted) Okay. So first let me translate your first two questions. In terms of SVIP operating metrics, it has been quite stable. And otherwise, we do see a small decline because of the dilutive impact from new SVIP customers who need time to ramp up their spending. But if you look at the two year cohort of SVIP customers, actually, the ARPU decline is much smaller. And we are trying to leverage more unique and exclusive merchandising to increase the loyalty, frequency and across category purchase opportunities for SVIP customers.

（翻譯）好的。首先讓我翻譯一下你的前兩個問題。從SVIP營運指標來看，還是比較穩定的。除此之外，我們確實看到了小幅下降，因為新的 SVIP 客戶需要時間來增加支出，從而產生了稀釋效果。但如果你看一下 SVIP 客戶兩年來的群體，實際上，ARPU 下降幅度要小得多。我們正在嘗試利用更多獨特和專屬的商品來提高 SVIP 客戶的忠誠度、頻率和跨類別購買機會。

And we do see a lot of potential there because a lot of because many of our SVIP customers are family shoppers will look to shop across categories for the whole family. And it's just a matter of time for us to optimize our personalized store recommendation and to increase these -- to translate this across category purchase potential into growth.

我們確實看到了很多潛力，因為我們的許多 SVIP 客戶都是家庭購物者，他們會為全家人購買跨類別的商品。對我們來說，優化個人化商店推薦並增加這些推薦只是時間問題——將跨類別購買潛力轉化為成長。

In terms of return rates, overall, the return rates have been stabilized. I think in the past quarter, it has increased by a little bit over 2 percentage points. We have a very stable return policy for customers. And in the past six to seven years, we have been adhering to that policy. So that's why our return rate has moderated over time to a low-single-digit increase every year rather than dramatic increases on those other some of the other platforms.

從退貨率來看，整體來看退貨率已經趨於穩定。我認為在過去的一個季度裡，這一數字增加了2個百分點多一點。我們為客戶提供非常穩定的退貨政策。在過去的六、七年裡，我們一直堅持這項政策。這就是為什麼我們的退貨率隨著時間的推移逐漸減緩，每年僅增加個位數，而其他一些平台的退貨率卻出現大幅增長。

Okay. Jialong, regarding your third question, let me give you a full picture for this point. So although we are facing short-term pressure and the dynamic industry change, we have a solid business model and with disciplined operations and solid execution. So we are confident that we can achieve relatively stable and healthy profit and cash inflow.

好的。佳龍，關於你的第三個問題，讓我來全面地介紹這一點。因此，儘管我們面臨短期壓力和動態的行業變化，但我們擁有穩固的商業模式、嚴謹的營運和穩健的執行。因此我們有信心實現相對穩定、健康的利潤和現金流入。

So we have returned over USD3 billion to shareholders since April 2021 in the form of buyback and dividends. And year-to-date we have returned over USD400 million to shareholders, which include approximately USD250 million in annual dividend distribution and over USD150 million through our buyback program.

因此，自 2021 年 4 月以來，我們已以回購和股利的形式向股東返還了超過 30 億美元。今年迄今為止，我們已向股東返還超過 4 億美元，其中包括約 2.5 億美元的年度股息和透過回購計畫返還的超過 1.5 億美元。

So I would like to emphasize for 2025, as we mentioned before, we are going to return no less than 75% of our full year 2024 non-GAAP net income to shareholders in discretionary share repurchase and dividend distribution. Thank you.

因此，我想強調一下，對於 2025 年，正如我們之前提到的，我們將以自由支配的股票回購和股息分配的方式，將不低於 2024 年全年非 GAAP 淨收入的 75% 返還給股東。謝謝。

Eddy Wang, Morgan Stanley.

摩根士丹利的 Eddy Wang。

(Spoken in Foreign Language)

（以外語講）

Thank you management for taking my questions. I have two questions. First is about the trading policy. I noticed that we have a channel on the app, which is focused on the trading program. So just wondering what the sales and incremental sales or GMV actually coming from the trading program. And how should we expect this benefit in the second quarter and the second half?

感謝管理層回答我的問題。我有兩個問題。首先是關於貿易政策。我注意到我們在應用程式上有一個頻道，專注於交易程式。所以只是想知道銷售額和增量銷售額或 GMV 實際上來自交易計劃。那麼，我們該如何期待第二季和下半年的這項收益呢？

And second question is, I just noticed that we have issued a rate for the Shan Shan Outlets. So is there any the change of the Shan Shan strategy after we get the funding fund rates? Thank you.

第二個問題是，我剛剛注意到我們已經發布了杉杉奧特萊斯的費率。那麼杉杉的策略在拿到融資利率之後會有什麼改變嗎？謝謝。

(spoken in foreign language)

（用外語說）

So first on the trading program. The trading program mostly covers home appliances, which is not a strong suit for the Vipshop. And also consumer don't feel a lot buying home appliances on Vipshop. They don't have that mind share.

首先討論交易計劃。交易項目主要涉及家電產品，而這並不是唯品會的強項。而且消費者在唯品會上購買家電的熱情也不高。他們沒有那種心智份額。

So, in total, we expect any contribution from the trading programs will be around 1% of our total GMV. So it's not going to be to have a meaningful impact on our financial performance.

因此，總體而言，我們預計交易計劃的貢獻將占我們總 GMV 的 1% 左右。因此，它不會對我們的財務業績產生重大影響。

Okay. Eddy, thanks for your second question regarding the Shan Shan Outlets lease program. And outlets business in China is huge and fast-growing. The outlets business is a long-proven and profitable offline business, which positioning also a discount retail for brand.

好的。Eddy，感謝您提出的關於杉杉奧特萊斯租賃計劃的第二個問題。中國的奧特萊斯業務規模龐大且成長迅速。奧特萊斯業務是一項久經考驗且獲利能力強的線下業務，其定位也是品牌的折扣零售。

Well, Vipshop is also a leading online discount retailer for brand. So definitely we have huge synergies with outlets business, not only from the brand partner side, but also from the user side.

嗯，唯品會也是一家領先的品牌線上折扣零售商。因此，我們與奧特萊斯業務無疑具有巨大的協同效應，不僅從品牌合作夥伴方面，而且從用戶方面。

At the end of last quarter, we have 20 Shan Shan Outlets. We are one of the largest outlets group in China. And the underlying Ningbo Xingtong outlets has been in operation for 14 years and is one of our best and popular outlets in Shan Shan Group.

截至上個季度末，我們有 20 家杉杉門市。我們是中國最大的奧特萊斯集團之一。其旗下的寧波星通門市已營運14年，是杉杉集團旗下最優秀、最受歡迎的門市之一。

So we have submitted the lease application documents to the China Securities Regulatory Committee and the Shanghai Stock Exchange for their review and approval. And the lease could be regarded as a financing platform. We can respond by enrolling more outlet projects into race and the funds can be used to reinvest into new outlet projects and the merger and acquisition of existing projects so which will help us to expand our outlets business more efficiently. Thank you.

因此，我們已將租賃申請文件提交給中國證監會和上海證券交易所審批。租賃可以看作是一個融資平台。我們可以透過引入更多的奧特萊斯項目來應對，並將資金用於再投資新的奧特萊斯項目和現有項目的併購，這將幫助我們更有效地擴展奧特萊斯業務。謝謝。

Roger Duan, Barclays.

巴克萊銀行的 Roger Duan。

(Spoken in Foreign Language)

（以外語講）

Thank you management for taking my question. My question is on sales, marketing, and margins for this year. Management previously mentioned that we want to have GMV return to positive growth in the second half of the year, while also maintaining a quite stable margin profile for the remainder of the year. So my question is on how should we think about your marketing campaign cadence and the balance between spending on marketing and maintaining margin profile for the year? Thank you.

感謝管理層回答我的問題。我的問題是關於今年的銷售、行銷和利潤。管理層先前曾提到，我們希望 GMV 在下半年恢復正成長，同時在今年剩餘時間內保持相當穩定的利潤率。所以我的問題是，我們應該如何考慮您的行銷活動節奏以及行銷支出與維持年度利潤率之間的平衡？謝謝。

(spoken in foreign language)

（用外語說）

(interpreted) In terms of marketing spend actually marketing spend has been very measured and we are going to be that for the rest of the year. If you look at our numbers in 2024, marketing expense as a percentage of our total revenue was 2.7% and in Q1 it was 2.8% and for the full year we believe it's going to be within 3%. And we continue to evaluate the effectiveness of our marketing initiatives from a lot of perspectives especially on the LTV side.

(解釋) 就行銷支出而言，實際上行銷支出已經非常謹慎，今年剩餘時間我們也將保持這種謹慎態度。如果你看一下我們 2024 年的數據，行銷費用占我們總收入的百分比為 2.7%，第一季為 2.8%，而我們認為全年將在 3% 以內。我們將繼續從多個角度評估我們的行銷措施的有效性，特別是在 LTV 方面。

So we don't believe that marketing spend is the only way to drive customer growth. We believe a combination of merchandise value and services do help drive our customer growth. If you look at our Q1 and Q2 growth in new customers, actually, they are growing nicely, but we actually don't spend so much on marketing.

因此，我們不認為行銷支出是推動客戶成長的唯一途徑。我們相信商品價值和服務的結合確實有助於推動我們的客戶成長。如果你看一下我們第一季和第二季新客戶的成長情況，實際上，成長勢頭良好，但我們在行銷上的投入實際上並沒有那麼多。

And of course, we are trying to diversify our marketing channels, including branding through TV sponsorships and target marketing on a lot of external channels and we are also expanding our partnerships with major media outlets. And we are trying to look for the most valuable channels for us to invest that we can have the best ROI and also have a sustainable growth in high quality customers. So basically we have a very good command of our marketing spend and so we don't think it's going to be a drag for our margins.

當然，我們正在嘗試使我們的行銷管道多樣化，包括透過電視贊助進行品牌推廣和在許多外部管道上進行目標行銷，我們也正在擴大與主要媒體的合作夥伴關係。我們正在努力尋找最有價值的投資管道，以獲得最佳的投資報酬率，並實現高品質客戶的可持續成長。因此，基本上我們對行銷支出有很好的控制，所以我們認為這不會拖累我們的利潤率。

Thank you. Due to time constraints, that concludes today's Q&A session. At this time, I will turn the conference back to Jessie for any closing remarks.

謝謝。由於時間限制，今天的問答環節到此結束。現在，我將把會議交還給傑西，請她做結束語。

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

感謝您今天抽出時間來參加我們的活動。如果您有任何疑問，請隨時聯絡我們的 IR 團隊。因此，我們期待下個季度與您交談。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。

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.

本記錄中標記（翻譯）的部分是由現場通話中的翻譯人員說的。翻譯由贊助此活動的公司提供。