Vipshop Holdings Ltd (VIPS) 2025 Q2 法說會逐字稿

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

女士們、先生們，大家好，歡迎參加唯品會控股有限公司2025年第二季財報電話會議。

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

現在，我想將電話轉給唯品會投資者關係主管鄭潔女士。請繼續。

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

謝謝接線生。大家好，感謝您參加唯品會2025年第二季財報電話會議。今天與我們一起出席的有我們的共同創辦人、董事長兼執行長沈南鵬，以及我們的財務長王立軍。

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，這些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 and the public filings with the Securities and Exchange Commission, which also apply 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的安全港聲明和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利潤、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，並非按照美國公認會計準則 (GAAP) 列報。有關非公認會計準則指標與公認會計準則指標調節的詳細信息，請參閱我們的業績報告。

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 antd good evening, everyone. Welcome, and thank you for joining our second quarter 2025 earnings conference call. In the second quarter, our team acted swiftly to revive custom activities and the sales momentum, driving stabilization in our business. These efforts delivered a measurable progress against our key price qualities for renewed growth.

大家早安，晚上好！歡迎大家參加我們2025年第二季財報電話會議。在第二季度，我們的團隊迅速採取行動，重振了客戶體驗和銷售勢頭，推動了業務的穩定。這些努力使我們在關鍵價格品質方面取得了顯著進展，從而實現了新的成長。

Total GMV returned to growth driven by clear strength in apparel-related category, reflecting our refined adjustments in the merchandising portfolio. Total active customers also showed clear signs of recovery. Super VIP membership sustained its double-digit growth. In the second quarter, active SVIP customers increased by 15% year-over-year, contributing 52% of our online spending. These high-value custom segments continued to outperform in terms of sales and revenue growth.

總交易額（GMV）恢復成長，服裝類目表現強勁，反映了我們對商品組合的精細調整。總活躍客戶數也呈現明顯的復甦跡象。超級VIP會員數維持兩位數成長。第二季度，SVIP活躍客戶數較去年同期成長15%，貢獻了我們線上消費的52%。這些高價值客製化細分市場在銷售和收入成長方面持續保持優異表現。

With the fast-moving industry dynamic, we remain anchored to the vision of the discount retail for brands. We believe at its heart, discount retail for brand is about offering customer-beloved brands, and high-quality products at exceptional value, while the execution mainly innovate, the fundamentals stay true, great brands, great quality and great value.

面對瞬息萬變的產業動態，我們始終堅守品牌折扣零售的願景。我們深信，品牌折扣零售的核心在於提供顧客喜愛的品牌和物超所值的優質產品，而執行則以創新為主，始終秉持核心理念：優秀的品牌、卓越的品質和超值的價格。

To achieve this, we are making change to shaping our merchandising strategy, which is key to deliver unique, compelling value to brand partners and customers. We are relying our merchandising team to better capitalize our own evolving customer trends and lifestyle while enhancing cross-category synergies.

為了實現這一目標，我們正在調整行銷策略，這對於為品牌合作夥伴和顧客提供獨特且極具吸引力的價值至關重要。我們依靠行銷團隊更好地掌握不斷變化的顧客趨勢和生活方式，同時增強跨品類協同效應。

Operationally, we are taking a more holistic approach to plan and manage our brand and customer interactions to maximize platform-wide value creation. We will also unify the marketing, customer growth and engagement efforts to advance customer value through each life cycle stage across customer segments.

在營運方面，我們將採取更全面的方法來規劃和管理品牌與客戶互動，以最大限度地創造整個平台的價值。我們也將統一行銷、客戶成長和互動工作，以提升不同客戶群在各個生命週期階段的客戶價值。

We hope these initiatives will ingest great agility and efficiency into our business model, creating a self-reinforcing flywheel that advance our growth priority from merchandising operations to customer engagement.

我們希望這些措施將為我們的商業模式註入極大的靈活性和效率，創造一個自我強化的飛輪，推動我們的成長重點從商品銷售營運轉向客戶參與。

So start with merchandising. We are pursuing a path that is unique to Vipshop. We focus on the three pillars of our merchandising strategy, relevancy, differentiation, and specialization. In a competitive environment, we are standing out by consistently offering customers high-value brands that they love, exclusively made for Vipshop customized products and carefully curated portfolio of highly sought after items.

那麼，就從商品銷售開始吧。我們追求的是唯品會獨有的銷售策略。我們專注於商品銷售策略的三大支柱：相關性、差異化和專業化。在競爭激烈的環境中，我們始終如一地為顧客提供他們喜愛的高價值品牌、專為唯品會定制的產品以及精心挑選的熱門商品組合，從而脫穎而出。

In the meantime, we keep up with new trends, new styles and innovative fabrics and the materials in each category. This ensures a steady and sustainable inflow of inventory that aligns with shifting customer demand.

同時，我們緊跟新潮流、新風格、創新布料以及各品類材料的潮流。這確保了庫存的穩定和持續流入，以滿足不斷變化的客戶需求。

In the first half, we added close to 500 brands to our platform, which are gaining traction among customers. The Made for Vipshop line is a key part of our differentiation. It's delivering a more compelling brand of the quality and value that results in high-value customers, repeat purchase and bad conversions. In the second quarter, it maintained strong sales momentum, contributing a meaningful portfolio of our apparel sales. For many brands, this customized product accounting for more than 20% of their sales on our platform.

上半年，我們平台新增了近500個品牌，這些品牌正逐漸贏得顧客的青睞。唯品會專屬客製化系列是我們差異化策略的關鍵組成部分。它以更具吸引力的品質和價值，為品牌帶來更具吸引力的體驗，從而吸引高價值客戶、提升復購率並降低轉換率。第二季度，該系列保持了強勁的銷售勢頭，為我們的服裝銷售貢獻了顯著的份額。對於許多品牌而言，這款客製化產品在我們平台上的銷售額佔比超過20%。

In the second quarter, we added more high fashion selections, achieving improved sell-through. We saw growing customer recognition of our platform as the go-to place for fresh sale the treasure huntings, leveraging our global sales capabilities, we will have the steady stream of differentiated items that flows into our assortment, so that shoppers always have something to discover as they come back.

第二季度，我們增加了更多高級時尚商品，實現了更高的銷售量。我們發現，越來越多的顧客認可我們的平台是尋找新品的首選平台。憑藉我們全球銷售能力，我們將持續不斷地將差異化商品引入我們的產品線，讓顧客每次回訪都能發現新的驚喜。

For our customers, we continue to create a unique experience that not only reinforce the affordability and reliability they love, but also inspires them to discover the value and the freshness we offer. This is coming from optimized traffic allocation along with the customer journey, enhanced through improved research and the recommendations for both existing and new offerings.

我們持續為顧客打造獨特的體驗，不僅強化他們所鍾愛的實惠性和可靠性，更激勵他們探索我們所提供的價值和新鮮感。這源自於優化的客流量分配和客戶旅程，並透過改進研究以及對現有和新產品的推薦來增強。

A good example of our customer-centric approach is the SVIP loyalty program. In the second quarter, we upgraded our private sales for SVIP members, offering high beloved branded products to create a great sense of exclusive delight. We expect the loyalty program to deliver a more differentiated and personalized experience for our top-tier customers.

我們以客戶為中心的理念的一個很好的例子就是SVIP忠誠度計劃。第二季度，我們升級了SVIP會員的私人銷售服務，提供備受喜愛的品牌產品，營造出尊享的愉悅體驗。我們期待該計劃能為我們的頂級客戶提供更加差異化和個人化的體驗。

Lastly, we continue to develop and leverage AI capabilities as part as our overall technology advancement to drive growth and efficiency. We are deepening collaboration with the business team to expand AI application cases and deliver valuable results. We see promising early traction across our AI initiatives.

最後，我們將繼續開發和利用人工智慧技術，並將其作為我們整體技術進步的一部分，以推動成長和效率。我們正在深化與業務團隊的合作，以擴展人工智慧應用案例並取得有價值的成果。我們看到，我們各項人工智慧計畫都取得了積極的早期進展。

AI-generated reviews and Q&A are contributing to enhanced customer journey. AI-driven per sales support issuing initiative benefits to conversions and issue resolution. Besides AI-powered marketing contents are demonstrated effective reach to potential customers.

AI 產生的評論和問答有助於提升客戶旅程。 AI 驅動的銷售支援發布計畫有助於提升轉換率和問題解決率。此外，AI 賦能的行銷內容已被證明能夠有效觸及潛在客戶。

Despite the near-term challenges, we are investing in multiple ways to grow share across our merchandising, portfolio and customer segments. Our road map for sustainable profitable growth in the long term relies on a consistent and collaborative execution every day. It stays true to who we have always been while adapting to evolving trends, enhancing our capabilities and always thinking about our unique role in retail for today's customers.

儘管短期內面臨挑戰，我們仍在透過多種方式進行投資，以提升我們在商品銷售、產品組合和客戶細分領域的份額。我們長期可持續獲利成長的路線圖依賴於每天始終如一、協作的執行。這不僅體現了我們一貫的作風，也體現了我們適應不斷變化的趨勢、提升自身能力，並始終思考我們在零售領域為當今顧客服務的獨特角色。

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. We have delivered another quarter of healthy profitability, with margins hold up well as we moved and pace to stabilize the business. This underscores our team's consistent financial discipline in a dynamic operating environment.

謝謝，Eric，大家好。我們又一個季度實現了健康的盈利，利潤率在我們逐步穩定業務的步伐中保持良好。這凸顯了我們團隊在動態營運環境中始終如一的財務紀律。

During the quarter, we prioritize investments in growth initiatives related to customer engagement and the merchandising categories where we saw good momentum. We were more agile to dynamically reallocate resources in response to more productive activities that really help the business grow in a profit.

本季度，我們優先投資與客戶互動相關的成長計劃，以及我們觀察到良好成長動能的商品類別。我們更靈活地動態地重新分配資源，以應對更俱生產力、真正有助於業務獲利成長的活動。

As Eric indicated, through a series of organizational change, we have further enhanced strategic clarity and execution speed across the company. Though we are early on our journey, these actions are building tangible traction, enabling us to position the business for a return to sustainable, profitable growth in the quarters ahead.

正如Eric所言，透過一系列組織變革，我們進一步提升了整個公司的策略清晰度和執行速度。儘管我們才剛起步，但這些舉措正在產生切實的推動力，使我們能夠在未來幾季恢復業務的可持續獲利成長。

Furthermore, we are firmly on track to deliver our shareholder return commitment for 2025, which is no less than 75% of the RMB9 billion full year 2024 non-GAAP net income. In the first half, we distributed a total of over USD640 million through a combination of dividend payments and share buyback, reflecting both our robust cash flow generation and the conviction in the company's fundamental value and the growth prospects.

此外，我們正穩步履行2025年股東回報承諾，即不低於2024年全年90億元人民幣非公認會計準則淨利潤的75%。上半年，我們透過股利和股票回購等方式共發放超過6.4億美元，不僅體現了我們強勁的現金流生成能力，也反映了我們對公司基本價值和成長前景的信心。

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 the percentage change are year-over-year change, unless otherwise noted.

現在開始我們詳細的季度財務摘要。在開始之前，我想澄清一下，以下所有財務數據均以人民幣計算，所有百分比變化均為同比變化，除非另有說明。

Total net revenues for the second quarter of 2025 were RMB25.8 billion compared with RMB26.9 billion in the prior year period. Gross profit was RMB6.1 billion compared with RMB6.3 billion in the prior year period. Gross margin was 23.5% compared with 23.6% in the prior year period.

2025年第二季總淨營收為人民幣258億元，去年同期為人民幣269億元。毛利為人民幣61億元，去年同期為人民幣63億元。毛利率為23.5%，去年同期為23.6%。

Total operating expenses increased by 6.3% year-over-year to RMB4.6 billion from RMB4.3 billion in the prior year period. As a percentage of total net revenue, total operating expenses were 17.7% compared with 16.0% in the prior year period.

總營運費用較去年同期成長6.3%，從去年同期的43億元增加到46億元。總營運費用佔總淨收入的17.7%，去年同期為16.0%。

Fulfillment expenses decreased by 2.6% year-over-year to RMB2.1 billion from RMB2.2 billion in the prior year period. As a percentage of total net revenues, fulfillment expenses were 8.2% compared with 8.1% in the prior year period.

履約費用年減2.6%至21億元人民幣，去年同期為22億元。履約費用佔總淨收入的8.2%，去年同期為8.1%。

Marketing expenses decreased by 3.3% year-over-year to RMB715.9 million from RMB740.7 million in the prior year period. As a percentage of total net revenues, marketing expenses were 2.8%, which remained stable as compared with that in the prior year period.

行銷費用較去年同期下降3.3%至7.159億元人民幣，去年同期為7.407億元。行銷費用佔總淨收入的2.8%，與去年同期持平。

Technology and content expenses decreased by 9.3% year-over-year to RMB442.0 million from RMB487.2 million in the prior year period. As a percentage of total net revenues, technology and content expenses were 1.7% compared with 1.8% in the prior year period.

科技與內容支出較去年同期下降9.3%至4.42億元人民幣，去年同期為4.872億元。技術與內容支出佔總淨收入的1.7%，去年同期為1.8%。

General and administrative expenses were RMB1.3 billion compared with RMB900.7 million in the prior year period, primarily reflecting an increase in the share-based compensation expenses for Shan Shan Outlets. As a percentage of total net revenues, general and administrative expenses were 5.0% compared with 3.4% in the prior year period.

管理費用為人民幣13億元，去年同期為人民幣9.007億元，主要反映了杉杉奧特萊斯股權激勵費用的增加。管理費用佔總淨收入的5.0%，去年同期為3.4%。

Income from operations was RMB1.7 billion compared with RMB2.2 billion in the prior year period. Operating margin was 6.6% compared with 8.3% in the prior year period.

營業利潤為人民幣17億元，去年同期為人民幣22億元。營業利益率為6.6%，去年同期為8.3%。

non-GAAP income from operations was RMB2.4 billion compared with RMB2.6 billion in the prior year period. Non-GAAP operating margin was 9.3% compared with 9.5% in the prior year period.

非美國通用會計準則下營業利潤為人民幣24億元，去年同期為人民幣26億元。非美國通用會計準則下營業利益率為9.3%，去年同期為9.5%。

Net income attributable to Vipshop shareholders was RMB1.5 billion compared with RMB1.9 billion in the prior year period. Net margin attributable to Vipshop shareholders was 5.8% compared with 7.2% in the prior year period. Net income attributable to Vipshop shareholders per diluted ADS was RMB2.91 compared with RMB3.49 in the prior year period.

歸屬於唯品會股東的淨利為人民幣15億元，去年同期為19億元。歸屬於唯品會股東的淨利率為5.8%，去年同期為7.2%。歸屬於唯品會股東的每股美國存託憑證攤薄淨利潤為人民幣2.91元，去年同期為人民幣3.49元。

non-GAAP net income attributable to Vipshop shareholders was RMB2.1 billion compared with RMB2.2 billion in the prior year period. Non-GAAP net margin attributable to Vipshop shareholders was 8.0% compared with 8.1% in the prior year period. Non-GAAP net income attributable to Vipshop shareholders per diluted ADS was RMB4.06 compared with RMB3.91 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人民幣21億元，去年同期為人民幣22億元。非美國通用會計準則下，歸屬於唯品會股東的淨利率為8.0%，去年同期為8.1%。非美國通用會計準則下，歸屬於唯品會股東的每股美國存託憑證攤薄淨利為人民幣4.06元，去年同期為人民幣3.91元。

As of June 30, 2025, the company had cash and cash equivalents and a restricted cash of RMB24.7 billion, with short-term investments of RMB3.0 billion.

截至2025年6月30日，本公司擁有現金及現金等價物及受限現金247億元人民幣，短期投資30億元。

Looking forward to the third quarter of 2025. We expect our total net revenues to be between RMB20.7 billion and RMB21.7 billion, representing a year-over-year increase of approximately 0% to 5%. Please note that this forecast reflects our current and preliminary view of the market and operational conditions, which are subject to change.

展望2025年第三季度，我們預期總淨收入將在人民幣207億元至人民幣217億元之間，年增約0%至5%。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判斷，未來可能會有所調整。

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)

（操作員指示）

Alicia Yap, Citigroup.

花旗集團的 Alicia Yap。

My first question is about the latest e-commerce competition. I understand that there is very limited overlap, but curious to get management's view whether the recent start-up initiatives of quick commerce by other e-commerce platforms have any impact on Vipshop? Have you seen any change of purchasing frequency declining or budget spend coming down by your customers?

我的第一個問題是關於最近的電商競爭。我知道兩者的重疊度很小，但我很好奇管理層對其他電商平台最近推出的快消品舉措的看法，這對唯品會有什麼影響？你們是否注意到顧客的購買頻率下降或預算支出減少？

My second question is about the weather. So given the recent uncertainty of weather condition with heavy rain and flood in many areas of China, has that affected the apparel items purchasing demand for the summer closing?

第二個問題是關於天氣的。近期中國多出現暴雨、洪澇等天氣狀況，是否影響了夏季服飾採購需求？

(spoken in foreign language)

（用外語說）

(Interpreted) So on the potential impact from the instant or quick e-commerce, we don't see any material impact on our business. As you know, we are very much focused on apparel sales. And just a small portion of our business is standardized items, which are more suitable for quicker delivery, especially when customers see they can get most of the very essentials within half an hour delivery.

（翻譯）所以，關於即時或快速電商的潛在影響，我們認為不會對我們的業務造成任何實質影響。正如你所知，我們非常專注於服裝銷售。我們業務中只有一小部分是標準化商品，這些商品更適合更快的配送，尤其是當顧客發現他們能在半小時內收到大部分必需品時。

They may choose to shop on quick e-commerce -- through quick e-commerce. But overall, we don't see any meaningful impact on our business so far. And on customer behavior, there could be some change. But at the end of the day, it depends on the quality and pricing of the offerings, especially in standardized items.

他們可能會選擇在快捷電商上購物—透過快捷電商。但總體而言，目前我們還沒有看到對業務有任何實質的影響。消費者行為可能會有一些變化。但歸根結底，這取決於產品的品質和定價，尤其是標準化產品。

On weather conditions, also we don't see a very meaningful impact despite volatile weather conditions across many regions in China, whether it's rain or flood, we don't see very much impact on people's outing -- travel plans or apparel purchases. And we look at the data across different tiers of cities, and we don't see any abnormalities with regard to their travel all apparel shopping activities.

就天氣狀況而言，儘管中國許多地區的天氣狀況變化無常，無論是降雨還是洪水，我們都沒有發現對人們出行——旅行計劃或服裝購買——造成太大影響。我們查看了不同層級城市的數據，發現他們的旅遊和服裝購物活動都沒有出現任何異常。

Andre Chang, JPMorgan.

摩根大通的 Andre Chang。

(spoken in foreign language) My first question is about the third quarter revenue guidance returning to positive year-on-year. I want to understand whether there is any comparison effect that helping the year-on-year growth? Or we are back to growth trajectory again, suggesting that the company will maintain a positive growth in the coming quarters?

（外語）我的第一個問題是關於第三季營收指引恢復年成長。我想了解一下，這是否是比較效應，有助於年成長？或者說，我們又回到了成長軌跡，這意味著公司將在未來幾季保持正成長？

My second question is about the share repurchase. The company bought back nearly USD350 million in the second quarter, which is the highest in two years. I wonder if there's any reason for such a strong jump of buyback? And should we expect such momentum to continue into second half this year given the management commitment in terms of shareholder return for 2025?

我的第二個問題是關於股票回購的。該公司第二季回購了近3.5億美元的股票，這是兩年來的最高水準。我想知道回購如此強勁成長的原因是什麼？考慮到管理階層對2025年股東回報的承諾，我們是否可以預期這種勢頭會持續到今年下半年？

(Interpreted) so Andre, on your first question on Q3 guidance, we guided for top line growth at 0% to 5%. And we achieved this positive momentum to the efforts we have made in the last few quarters. We've made a lot of organization changes and the adjustments in terms of merchandising and operations so that we actually have started to see there clear recovery in terms of customer growth.

（譯）安德烈，關於你關於第三季業績指引的第一個問題，我們預期營收成長率在0%到5%之間。過去幾個季度的努力讓我們取得了積極的成長勢頭。我們在組織架構、商品銷售和營運方面進行了大量調整，因此客戶成長方面已經開始明顯復甦。

Total active customers actually have returned to growth so far year-over-year, especially we have seen new customers which have been struggle for a few quarters have returned to growth as well. If customers of that to regrow and naturally, we are more confident about sales and revenue growth.

到目前為止，總活躍客戶數量實際上已經恢復同比增長，尤其是我們看到幾個季度以來一直處於困境的新客戶也恢復了增長。如果這些客戶能夠自然地重新成長，我們對銷售和收入成長更有信心。

So we actually -- and also on the merchandising side, we've been talking a lot about providing more consumer relevance and differentiated offerings, especially to provide them with more items at competitive pricing. So we've done a lot of optimization on the merchandising front as well. So that's why we guide a positive top line growth for Q3, and we don't think there is any material base effect for Q3.

所以實際上——在商品銷售方面，我們一直在談論如何提供更貼近消費者的差異化產品，尤其是以更具競爭力的價格為他們提供更多商品。因此，我們在商品銷售方面也做了很多優化。這就是為什麼我們預期第三季營收將實現正成長，而且我們認為第三季不會出現任何實質的基數效應。

And for Q4, we also want to see a positive growth in terms of top line. But Q3, admittedly, we actually had a high rate in 2024. We actually benefited, to some extent from the long streak of cold weather conditions. But overall, we are confident that we can maintain growth for the quarters ahead. And we are looking to accelerate the growth in the foreseeable future after we see our recent changes and adjustments materialize into a real growth engine.

對於第四季度，我們也希望看到營收實現正成長。但不可否認的是，我們在2024年第三季的營收成長確實很高。我們實際上在一定程度上受益於持續的寒冷天氣。但總體而言，我們有信心在未來幾季保持成長。在看到我們最近的變革和調整轉化為真正的成長引擎後，我們期待在可預見的未來加速成長。

Okay. Regarding your second question. Thanks for your question regarding the buyback program. And actually, there is no special reason for increasing the amount of the share buyback in the second quarter. We just committed to return value to our shareholders continuously.

好的。關於您的第二個問題。感謝您關於回購計劃的問題。實際上，增加第二季的股票回購規模並沒有什麼特殊原因。我們只是致力於持續為股東帶來價值回報。

As you may aware that we have mentioned before, we are going to return less than 75% of our full year 2024 non-GAAP net income to shareholders in discretionary share repurchasing or dividend distribution. Actually, that's amounted almost around USD900 million. So we're just committed to return value to our shareholders, and we will continue to invest in our business goals and improving profit and generating cash to support our dividend payout and buyback.

您可能已經注意到，我們之前提到過，我們將以可自由支配的股票回購或股息分配的方式，將2024年全年非公認會計準則淨利潤的不到75%返還給股東。實際上，這筆返還金額約為9億美元。因此，我們致力於為股東創造價值，並將繼續投資於我們的業務目標，提高利潤並創造現金，以支持我們的股息發放和股票回購。

(Operator Instructions)

（操作員指示）

Wei Xiong, UBS.

熊偉，瑞銀。

(spoken in foreign language) First, we noticed the relatively stable gap between GMV and the revenue this quarter. Just wondering, could the management share any latest trend regarding the return rate on our platform? Do we see any further room to improvement to narrow this gap going forward? Or that gap widen a little bit, considering the very healthy growth of SVIP users in the second half of the year?

（外語）首先，我們注意到本季GMV和收入之間的差距相對穩定。請問管理階層能否分享一下我們平台退貨率的最新趨勢？未來我們是否還有進一步改進的空間來縮小這一差距？或者，考慮到下半年SVIP用戶的健康成長，這一差距可能會略有擴大？

And secondly, on the other revenue side, could management share the latest progress and revenue and profit trends for Shan Shan Outlet business as well as some strategic planning and outlook for next year?

其次，在收入方面，管理階層能否分享杉杉奧特萊斯業務的最新進展和收入及利潤趨勢，以及明年的一些策略規劃和展望？

(Interpreted) Thank you, Xiong Wei. On your first question in terms of return rate, we actually see no surprise as regard to return rate. For years, we have seen some relatively stable return from customer behavior. It's just that SVIP customers are growing very nicely at double digits. So we potentially will look at a 2 percentage points to 3 percentage point increase every year in terms of return rate due to the structure factor, but it will be smoothed out on a quarterly basis, which we do believe that at some point, we will see a flattish return rate quarter-by-quarter.

（翻譯）謝謝熊偉。關於您第一個關於退貨率的問題，我們實際上並不感到驚訝。多年來，我們看到客戶行為帶來的回報相對穩定。只是SVIP客戶的成長速度非常快，達到了兩位數。因此，由於結構性因素，我們預期退貨率每年可能會成長2到3個百分點，但這個成長會逐季趨於穩定。我們相信，在某個時候，我們會看到逐季的退貨率趨於平穩。

The second question on Shan Shan Outlets, we have seen a very good momentum in terms of Shan Shan Outlets. We have a total of 20 stores now and the comparable same-store growth maintained at double digits for several quarters.

第二個問題關於杉杉奧特萊斯，我們看到杉杉奧特萊斯發展勢頭非常好，目前我們一共有20家門店，可比同店銷售額增速連續幾個季度都保持在兩位數。

And we continue to look for the right cities or locations to expand our outlet business given the fact that the outlet industry is actually prospering in China and are actually riding on the tailwind of value for money consumption. And we do believe that there are still a decent amount of cities or locations that are suitable for outlet expansion, and we intend to build the outlet business as part of our strategic and long-term assets.

鑑於奧特萊斯產業在中國蓬勃發展，並正乘著物有所值消費的東風，我們將繼續尋找合適的城市或地點來拓展奧特萊斯業務。我們堅信，仍有相當多的城市或地點適合奧特萊斯擴張，我們打算將奧特萊斯業務打造為我們戰略性長期資產的一部分。

I show no further questions at this time. I will turn the conference back to Jessie for any closing remarks.

我現在沒有其他問題了。我會把會議交還給傑西，請她做最後發言。

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.

感謝您今天抽出時間參加我們的活動。如有任何疑問，請隨時聯絡我們的投資者關係團隊。我們期待下個季度與您再次相聚。

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

今天的電話會議到此結束。感謝您的參與，現在可以掛斷電話了。

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.

本記錄中標註（翻譯）的部分由現場翻譯人員朗讀。該翻譯人員由本次活動的贊助商提供。