Vipshop Holdings Ltd (VIPS) 2025 Q3 法說會逐字稿

Ladies and gentlemen, good day, everyone, and welcome to Vipshop Holdings third quarter 2025 earnings conference call. At this time, I would like to turn the call over to Ms. Jessie Zheng, Vipshop Holdings Head of Investor Relations. Please proceed.

女士、先生們，大家好，歡迎參加唯品會控股2025年第三季業績電話會議。此時，我謹將電話轉交給唯品會控股投資者關係負責人鄭女士。請繼續。

Thank you, operator. Hello, everyone, and thank you for joining Vipshop's third 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，感謝各位參加唯品會2025年第三季財報電話會議。今天和我們在一起的是我們的共同創辦人、董事長兼執行長沈志強，以及我們的財務長王馬克。

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 Ligation Reform Act of 1995.

在管理層開始發表準備好的發言之前，我想提醒各位，今天的討論將包含根據 1995 年美國私人證券訴訟改革法案安全港條款作出的前瞻性陳述。

Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from our current expectations. Potential risks and uncertainties include, but are not limited to, those outlined in our safe harbor statement in our earnings release and public filings with the Securities and Exchange Commission, which also applies to this quarter to extend any forward-looking statements may be made.

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。潛在風險和不確定性包括但不限於我們在盈利報告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，該聲明也適用於本季度，以延長任何前瞻性聲明的期限。

Please note that certain financial measures used on this call, such as non-GAAP operating income, non-GAAP net income attributable to Vipshop's shareholders 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.

請注意，本次電話會議中所使用的某些財務指標，例如非GAAP營業收入、歸屬於唯品會股東的非GAAP淨收入以及每ADS非GAAP淨收入，均不符合美國通用會計準則。有關我們的非GAAP指標與GAAP指標的調節詳情，請參閱我們的獲利報告。

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

接下來，我將把電話交給沈先生。

Good morning and good evening, everyone. Welcome, and thank you for joining our third quarter 2025 earnings conference call. Our third quarter results demonstrate tangible progress on our past best growth, we are pleased with a clear top line expansion lead primarily by notable improvement in customer trends and across our core categories.

各位早安/晚安。歡迎各位參加我們2025年第三季財報電話會議，感謝您的參與。我們第三季的業績表明，我們在以往最佳成長的基礎上取得了實際進展，我們很高興看到營收大幅成長，這主要得益於客戶趨勢和我們核心品類的顯著改善。

Total active customers regained year-over-year growth super VIP membership continued to deliver double-digit growth. In the third quarter, active Super VIP customers grew by 11% year-over-year, contributing 51% of our online spending. This sustained growth was primarily driven by continually upgrade to SVIP exclusive product and service benefits coupled with more target engagement initiative, which effectively convert regular customer.

活躍用戶總數恢復了同比增長，超級VIP會員繼續保持兩位數增長。第三季度，活躍的超級VIP客戶年增11%，貢獻了我們在線上消費的51%。這項持續成長主要得益於 SVIP 專屬產品和服務權益的不斷升級，以及更有針對性的互動舉措，從而有效地轉化了一般客戶。

In terms of category performance, we saw accelerated momentum in apparel related category through the quarter. Our team successfully drive -- delivered a powerful brand of quality, value and style. This was achieved through the merchandising strategy that highlights high-value brands trending categories and popular selling points, all of which are deeply aligned with customer priorities. Against the dynamic industry backdrop, we were navigating this operational environment, which agility and efficiency.

從品類表現來看，本季服裝相關品類的成長動能明顯加快。我們的團隊成功打造了——一個強大的品牌，兼具品質、價值和風格。這是透過商品陳列策略實現的，該策略突出高價值品牌、熱門品類和流行賣點，所有這些都與客戶的優先事項高度契合。在瞬息萬變的產業背景下，我們努力適應這種注重敏捷性和效率的營運環境。

We are strategically realigned the organization for long-term success implementing change to strengthen our unique position as off-price retailer for brands. We focus on reinforce the ply well from merchandising customer engagement to operation. At our core, we are a merchandising lead company. We compete through offering affordable and differentiated assortment. We continue to enhance our leadership in the deep discount product offering, and we are deepening our category specialization to curate product offerings that deliver great relevance and distinct value, we start to see new momentum in customer and sales by acting upon engaging bright sports and customer performance.

我們正在對組織進行策略調整，以實現長期成功，實施變革以加強我們作為品牌折扣零售商的獨特地位。我們致力於從商品銷售、客戶互動到營運等各個環節加強企業實力。我們的核心業務是商品銷售。我們透過提供價格實惠且差異化的產品組合來參與競爭。我們不斷鞏固在深度折扣產品領域的領先地位，並深化品類專業化，精心打造具有高度相關性和獨特價值的產品。透過積極參與體育賽事和提升客戶表現，我們開始看到客戶和銷售方面出現新的成長動能。

As an example, we are rebuilding our methanol and child care division to better integrate relevant apparel and non-apparel categories. This reshaped assortment in designed to force cross category growth and creating -- create lasting value for customers as the journey through different life stage. We are bringing this level of specialization across each category in our business.

例如，我們正在重建甲醇和兒童保育部門，以便更好地整合相關的服裝和非服裝類別。此重新調整的產品組合旨在推動跨品類成長，並為顧客在不同人生階段創造持久價值。我們將這種專業化程度引入我們業務的各個領域。

In addition, we have an opportunity to scale through our differentiated product portfolio. One is made for Vipshop, which again delivered strong sales growth in the quarter. We are deepening our collaboration with more high-value brand partners. The team as capitalization on our categories insights to motivate brand to allocate and create more in season and on-trend supplier and at competitive price.

此外，我們擁有透過差異化產品組合實現規模化發展的機會。其中一款是為唯品會製作的，唯品會在本季再次實現了強勁的銷售成長。我們正在深化與更多高價值品牌合作夥伴的合作。團隊利用我們對品類的洞察，激勵品牌方分配資源，以具競爭力的價格，從當季和潮流供應商採購更多產品。

A compelling case in Pond is a leading running shoe brand, which drove 50% of its September sales on our platform from Made for VIP after making selected popular items exclusive to us. Another case is a leading women apparel brand which build sales momentum by customized more deep discount, high-demand offering from its inventory fabrics.

Pond 是一個很有說服力的例子，作為領先的跑鞋品牌，Pond 在將其精選的熱門商品獨家提供給我們的平台後，9 月份 50% 的銷售額都來自 Made for VIP 平台。另一個例子是一家領先的女裝品牌，它透過客製化更大幅度的折扣和提供庫存布料的高需求產品來建立銷售勢頭。

The other line of differentiated is a carefully current portfolio of popular items, which we proactively source from both domestic and global brand partners. We have seen strong momentum when we offer the right brand of the quality, value and style and giving the fashion relevance. It's generally wide a panel to young and middle class customers who increasingly come back to enjoy the fun of fresh cell and the treasury has beyond the merchandising is how we do better to apparel to customers.

另一條差異化產品線是精心挑選的、與時俱進的熱門商品組合，我們積極主動地從國內外品牌合作夥伴處採購這些商品。我們看到，當我們提供品質、價值和風格都合適的品牌，並賦予其時尚相關性時，就會出現強勁的成長勢頭。通常來說，它面向的是年輕和中產階級客戶，他們越來越多地回來享受新鮮細胞帶來的樂趣，而財務部門已經超越了商品銷售，這就是我們如何更好地為顧客提供服裝。

In addition to sustaining strong mind share with our core customer cohorts, we are actively experimenting with new market formats such as improved content and short-form dramas by adopting an integrated strategy across marketing growth and engagement, we are seeing early wins. This approach enables this approach enables a disciplined balance our cost efficiency and strategic investment, improving our performance in acquiring actively and retaining customers to further engage our customers along their journey, we focus on facilitating the broadening and the discovery of the broad range of the new and existing offerings.

除了在核心客戶群中保持強大的品牌影響力外，我們還積極嘗試新的市場形式，例如改進內容和短劇。透過整合行銷成長和互動策略，我們已經看到了初步的成功。這種方法能夠確保我們在成本效益和策略性投資之間取得平衡，提高我們在積極獲取和留住客戶方面的績效，並在客戶的整個旅程中進一步吸引他們，我們專注於促進新舊產品和服務的拓展和發現。

Our notable area of improvement is searching and recommendations. Our systemic upgrade of relevant models, air grin and product operations have translated into the measurable gains. In the third quarter, enhancement in our search and recommendation systems lead to a tangible increase in commissions directly contribution to sales growth.

我們在搜尋和推薦方面還有很大的進步空間。我們對相關模型、空氣動力學和產品營運的系統性升級已轉化為可衡量的效益。第三季度，搜尋和推薦系統的改進帶來了佣金的顯著成長，直接促進了銷售成長。

We also continue to elevate the experience for our SVIP customers. We want them to feel special, valued and delighted with early visits and we are delivering on this promise more consistently. In the third quarter, we launched a series of by invitation private sales. SVIP customer was granted exclusive access to the cure selection of major brands at deep discounts, which delivered a powerful sense of value and successful boosted membership loyalty.

我們也會持續提升SVIP客戶的體驗。我們希望他們感到特別、受到重視，並對早期參觀感到滿意，我們正在越來越穩定地兌現這一承諾。第三季度，我們推出了一系列邀請制私人銷售活動。SVIP 客戶享有獨家購買各大品牌精選產品的優惠折扣，這帶來了強烈的價值感，並成功提高了會員忠誠度。

Lastly, we expect technology to play a strong load to type into the potential of growth and efficiency. We are clear on the path to accelerate the AI application across our business. Our immediately focus is on deploying AI agent to enhance key areas including search and recommendations, customer service, external marketing and business analytics. We expect these innovations to create more engaging customer experience in power brands with advanced tools improve marketing efficiency and generate actionable business insights.

最後，我們預計技術將在發揮成長和效率潛力方面發揮重要作用。我們已明確在業務中加速應用人工智慧的路徑。我們目前的重點是部署人工智慧代理，以增強搜尋和推薦、客戶服務、外部行銷和商業分析等關鍵領域。我們期望這些創新能為實力品牌創造更具吸引力的客戶體驗，利用先進的工具提高行銷效率並產生可操作的商業洞察。

As an example, we are seeing good adoption of our Triton AI feature customers really enjoy using it to virtual try to close, save looks and share with brand before buying. We are also gaining the traction with AI ads. As a glowing share, campaign new leverage AI to upgrade marketing, creative and media placements boosting customers' acquisition efficiency.

例如，我們看到 Triton AI 功能得到了很好的應用，客戶非常喜歡使用它來進行虛擬試穿、保存搭配效果並在購買前與品牌分享。我們在人工智慧廣告方面也越來越受歡迎。作為一項引人注目的舉措，該活動利用人工智慧升級行銷、創意和媒體投放，從而提高客戶獲取效率。

We are encouraged by the momentum in our business. Our operations are better aligned and our teams are collaborating at a new level to unlock synergies, and we continue to adapt to stay ahead of market trends and customer experience expansions. The entire organization is leading into the opportunities ahead of us, we have great confidence in our long-term road map for sustainable profitable growth.

公司目前的業務發展勢頭令人鼓舞。我們的營運更加協調一致，團隊之間的協作也達到了新的水平，從而釋放了協同效應。我們不斷調整自身，以維持對市場趨勢和客戶體驗擴展的領先地位。整個組織都在積極迎接未來的機遇，我們對實現永續獲利成長的長期路線圖充滿信心。

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

現在，我把電話交給我們的財務長馬克王，讓他來介紹我們的財務表現。

Thanks, Eric, and hello, everyone. I'm pleased to report a set of healthy financial results for the third quarter. Total net revenues turned to growth and exceeded expectations along with solid earnings expansion. This performance validates our disciplined model with balance growth investment with value creation, upholding our long-stated goal of achieving high-quality growth.

謝謝埃里克，大家好。我很高興地向大家報告第三季良好的財務表現。總淨收入轉為成長並超越預期，同時獲利也實現了穩健成長。這項業績驗證了我們嚴謹的模式，即在成長投資和價值創造之間取得平衡，從而實現了我們長期以來追求高品質成長的目標。

Our strategic yet prudent growth investment focused on value-driven opportunities in merchandising expansion, especially into the differentiated portfolio, consumer-facing marketing, better engagement with customers as well as AI-centered technology advancements throughout our operations. All aligned with our longer with our long-term road map for success.

我們採取了策略性但審慎的成長投資策略，重點關注商品銷售擴張中的價值驅動型機會，特別是差異化產品組合、面向消費者的營銷、更好地與客戶互動以及我們運營中以人工智慧為中心的技術進步。一切都與我們長期的成功路線圖一致。

We make sure everything we do to be powering our virtual slide well within the business that translates into sustainable and profitable growth. As Eric stated, we are seeing the benefits of recent strategic teams. We are engaged by the progress or and expect to see the impact of our initiatives built into the rest of the year and beyond. We have great confidence our long-term outlook and our capabilities to delivering value for our stakeholders.

我們確保我們所做的一切都能為我們的虛擬滑梯提供良好的業務動力，從而轉化為可持續的盈利成長。正如艾瑞克所說，我們正在看到近期策略團隊帶來的好處。我們對取得的進展感到興奮，並期待看到我們的舉措在今年餘下的時間裡以及未來更長的時間裡產生影響。我們對我們的長期前景和為利害關係人創造價值的能力充滿信心。

Again, I would like to reaffirm our commitment to shareholder returns in 2025, which is no less than 75% of RMB9 million full year 2024 non-GAAP net income. So far this year, we are firmly on track for the past. Have returned a total of over USD730 million to shareholders through a combination of dividend payments and share buybacks.

我再次重申我們對股東回報的承諾，即到 2025 年，股東回報將不少於 2024 年全年非公認會計準則淨利潤 900 萬元人民幣的 75%。今年到目前為止，我們正穩步朝著去年的目標前進。透過分紅和股票回購，已累計向股東返還超過 7.3 億美元。

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 renminbi, and all percentage change a year-over-year change unless otherwise noted.

接下來是我們的詳細季度財務亮點。在開始之前，我想澄清一下，以下所有財務數字均以人民幣為單位，除非另有說明，所有百分比變化均為同比變化。

Total net revenues for the third quarter of 2025 increased by 3.4% year-over-year to RMB21.4 billion from RMB20.7 billion in the prior year period. Gross profit was RMB4.9 billion, compared with RMB5.0 billion in the prior year period. Gross margin was 23.0% compared with 24.0% in in the prior year period. Total operating expenses were RMB3.9 billion compared with RMB3.8 billion in the prior year period.

2025年第三季總淨收入年增3.4%，從去年同期的207億元人民幣增至人民幣214億元。毛利為人民幣49億元，而去年同期為人民幣50億元。毛利率為 23.0%，而去年同期為 24.0%。總營運支出為人民幣39億元，而去年同期為人民幣38億元。

As a percentage of total net revenues, total operating expenses were 18.5% compared with 18.2% in the prior year period. Fulfillment expenses were RMB1.9 billion compared with RMB1.7 billion in the prior year period. As a percentage of total net revenues, fulfillment expenses were 8.7% compared with 8.4% in the prior year period.

營運總費用佔淨收入的百分比為 18.5%，而去年同期為 18.2%。履約費用為人民幣19億元，去年同期為人民幣17億元。物流費用佔總淨收入的百分比為 8.7%，而去年同期為 8.4%。

Marketing expenses were RMB667.2 million compared with RMB617.8 million in the prior year period. As a percentage of total net revenues, marketing expenses were 3.1% compared with 3.0% in the prior year period. Technology and content expenses were RMB438.6 million compared with RMB454.2 million in the prior year period. As a percentage of total net revenues, technology and accounting expenses were 2.1% compared with 2.2% in the prior year period.

行銷費用為人民幣6.672億元，而去年同期為人民幣6.178億元。行銷費用佔總淨收入的百分比為 3.1%，而去年同期為 3.0%。技術和內容支出為人民幣4.386億元，而去年同期為人民幣4.542億元。技術和會計費用佔總淨收入的百分比為 2.1%，而去年同期為 2.2%。

General and administrative expenses were RMB984.6 million compared with RMB957.8 million in the prior year period. As a percentage of total net revenues, general and administrative expenses were 4.6%, which remained stable as compared with that in the prior year period.

一般及行政費用為人民幣9.846億元，而上年同期為人民幣9.578億元。一般及行政費用佔總淨收入的4.6%，與去年同期相比維持穩定。

Income from operations was RMB1.26 billion compared with RMB1.33 billion in the prior year period. Operating margin was 5.9% compared with 6.4% in the prior year period. Non-GAAP income from operations was RMB1.6 billion compared with RMB1.7 billion in the prior year period. Non-GAAP operating margin was 7.5% compared with 8.2% in the prior year period.

營業收入為人民幣12.6億元，而去年同期為人民幣13.3億元。營業利益率為 5.9%，而去年同期為 6.4%。非GAAP營業收入為人民幣16億元，而上年同期為17億元。非GAAP營業利益率為7.5%，而上年同期為8.2%。

Net income attributable to Vipshop shareholders increased by 16.8% year-over-year to RMB1.2 billion from RMB1.0 billion in the prior year period. Net margin attributable to Vipshop shareholders increased to 5.7% from 5.1% in the prior year period. Net income attributable to Vipshop's shareholders per diluted ADS increased to RMB2.42 from RMB1.97 in the prior year period.

歸屬於唯品會股東的淨利年增16.8%，從去年同期的10億元人民幣增加至12億元。歸屬於唯品會股東的淨利率從去年同期的5.1%增加到5.7%。歸屬於唯品會股東的每股攤薄後美國存託憑證淨利從上年同期的人民幣1.97元增至人民幣2.42元。

Non-GAAP net income attributable to Vipshop's shareholders increased by 14.6% year-over-year to RMB1.5 billion from RMB1.3 billion in the prior year period. Non-GAAP net margin attributable to Vipshop's shareholders increased to 7.0% from 6.3% in the prior year period. Non-GAAP net income attributable to Vipshop's shareholders per diluted ADS increased to RMB2.98 from RMB2.47 in the prior year period. As of September 30, 2025, the company had cash and cash equivalents and restricted cash of RMB25.1 billion and short-term investments of RMB5.9 billion.

歸屬於唯品會股東的非GAAP淨利潤年增14.6%，從上年同期的人民幣13億元增至人民幣15億元。歸屬於唯品會股東的非GAAP淨利率從去年同期的6.3%增加到7.0%。歸屬於唯品會股東的非GAAP淨利（每股稀釋後ADS）從去年同期的2.47元增加到2.98元。截至2025年9月30日，該公司擁有現金及現金等價物及受限現金人民幣251億元，短期投資人民幣59億元。

Looking forward to the fourth quarter of 2025, we expect our total net revenues to be between RMB33.2 billion and RMB34.9 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 is subject to change.

展望 2025 年第四季度，我們預計總淨收入將在人民幣 332 億元至人民幣 349 億元之間，年增約 0% 至 5%。請注意，此預測反映了我們目前對市場和營運狀況的初步看法，但可能會發生變化。

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

接下來，我想進入問答環節。

(Operator Instructions) Thomas Chong, Jefferies.

（操作說明）托馬斯·鐘，傑富瑞。

(spoken in foreign language) Thanks, management, for taking my question. My first question is about the online shopping competitive landscape. Can management comment about the latest trend as well as the potential impact coming from quick commerce?

（用外語說）謝謝管理階層回答我的問題。我的第一個問題是關於網上購物的競爭格局。管理階層能否就最新趨勢以及快速商務可能帶來的影響發表一些看法？

And my second question is about the monthly GMV momentum quarter-to-date. How is the performance we are seeing in October and November? And how we should think about the 2026 outlook?

我的第二個問題是關於本季迄今為止的月度 GMV 動量。10月和11月的表現如何？那我們該如何看待2026年的前景呢？

(spoken in foreign language)

（用外語說）

Okay. So first, in response to your question on quick e-commerce, I think we are definitely not going into quick e-commerce, but we are looking at what appeals to customers that are attracted to quickly e-commerce and convenience is something that matters, but that matters more in grocery shopping, food delivery and some household essentials that are not spending advance, et cetera, not in apparel-related categories, which consumers typically do not care so much about fast delivery.

好的。首先，針對您提出的關於快速電子商務的問題，我認為我們肯定不會涉足快速電子商務，但我們正在研究哪些因素會吸引那些被快速電子商務吸引的顧客，便利性固然重要，但這更多地體現在雜貨購物、食品配送和一些無需提前消費的家庭必需品等領域，而不是服裝相關類別，因為消費者通常不太在意服裝的快速配送。

But anyway, we've made progress with that convenience as part of our worry-free value proposition to customers. I think, for example, there are a few notable things. One is the delivery metrics. Next delivery has been rolled out for certain standardized categories -- products in some cities. Second is accelerating the delivery of apparel products in some key cities. And lastly, the logistics trajectories are actually optimized for customer returns to our warehouses, et cetera.

但無論如何，作為我們為客戶提供的無憂價值主張的一部分，我們在便利性方面取得了進展。例如，我認為有幾點值得注意。一是交付指標。下一代配送服務已在部分城市針對特定標準化類別的產品推出。其次，加快在一些重點城市的服飾產品配送速度。最後，物流路線實際上針對客戶退貨到我們倉庫等情況進行了最佳化。

So these efforts are still focused on driving refined supply chain management to support business growth as well as operating efficiency. Secondly, in terms of the recent GMV sales trend, if we look at October and November to date, actually, we are seeing a decent growth momentum. The entire Double 11 promotional period, we actually recorded a decent year-over-year growth.

因此，這些努力仍然集中在推動精細化的供應鏈管理，以支持業務成長和營運效率。其次，就近期GMV銷售趨勢而言，如果我們看一下10月和11月至今的數據，實際上，我們看到了不錯的成長動能。在整個雙十一促銷期間，我們實際上實現了不錯的同比增長。

So we are reasonably positive on the business performance of the fourth quarter, which we guided 0% to 5% revenue growth. And for 2026, we do see there are opportunities in off-price retail brands. And we are -- on the other hand, we do expect consumer sentiment tend to normalize a bit more. So we will still have reasonable expectations for growth and -- but we are pursuing a road map for a balanced growth and profitability. So that's the road map for long-term success. That is simply high-quality development.

因此，我們對第四季的業務表現持較為樂觀的態度，我們先前預期營收將成長0%至5%。展望 2026 年，我們認為折扣零售品牌領域存在機會。另一方面，我們預期消費者情緒會逐漸趨於正常化。因此，我們仍然會對成長抱持合理的預期，但我們正在製定實現平衡成長和獲利能力的路線圖。這就是實現長期成功的路線圖。這才是真正的高品質開發。

Thank you.

謝謝。

Alicia Yap, Citigroup.

Alicia Yap，花旗集團。

Hi, good evening, management, can you hear me okay?

您好，晚上好，各位領導，請問你們聽得到我說話嗎？

Yes.

是的。

Okay. Yes. (spoken in foreign language)

好的。是的。（用外語說）

Thanks for taking my questions. The first question is, can management elaborate the details changes and the restructuring of your merchandising team? And do these changes help the latest quarter performance? And are these mainly on improving your predictions of the customer preference?

謝謝您回答我的問題。第一個問題是，管理階層能否詳細說明貴公司商品團隊的變更和重組細節？這些調整對最近一個季度的業績有幫助嗎？這些主要是為了提高你對顧客偏好的預測能力嗎？

Or is it true for improving your relationship on securing better merchandise that fits to your Super VIP members? And how do you anticipate the change? The changes could further help the financial performance? And second question is, can you also elaborate how AI has been helping VIP in terms of your financial growth? Can AI help to target the churn user and also attract them back to VIP platform? Thank you.

或者，這真的有助於改善您與超級VIP會員的關係，確保他們獲得更適合他們的優質商品？你如何預見這種變化？這些變化或許能進一步提升財務表現？第二個問題是，您能否詳細說明人工智慧是如何幫助 VIP 實現財務成長的？人工智慧能否協助鎖定流失用戶，並吸引他們重返VIP平台？謝謝。

(spoken in foreign language)

（用外語說）

Okay. So first, on the recent organizational changes, it's simply that we we've realigned the entire organization for long-term environment. Actually, it's not one department change. It's across the entire organization between -- among different teams, including merchandising, customer operations and technology, et cetera. I think the major purpose of this organization change is to infuse more agility and efficiency into our business model, especially our founders, two founders actually are much more hands-on on daily operations.

好的。首先，關於最近的組織變革，我們只是對整個組織進行了重新調整，以適應長期環境。實際上，這並非一次部門變動。它遍及整個組織——在不同的團隊之間，包括商品銷售、客戶營運和技術等。我認為這次組織變革的主要目的是為我們的商業模式註入更多敏捷性和效率，尤其是我們的兩位創辦人，他們實際上更加親力親為地參與日常營運。

So the teams can make quick decisions and turn these decisions into actions. And also, we've replaced some of the senior leaders of the major merchandising teams with new talent. And so basically, we've refreshed the entire organization, and we make consistent upgrades so that teams can collaborate at new levels to unlock synergies.

這樣一來，團隊就能迅速做出決策並將這些決策轉化為行動。此外，我們也用新人才取代了主要商品銷售團隊的一些高階領導。因此，我們基本上對整個組織進行了重組，並不斷進行升級，以便團隊能夠在新的水平上進行協作，從而釋放協同效應。

For example, on the merchandising side, as we mentioned on the call, for some of the divisions, we are trying to build a reshaped assortment, including apparel and non-apparel categories to focus -- to foster cross-category purchases. And on customer engagement, we've actually adopt an integrated approach from marketing growth and engagement so that we can become more efficient to attract and activate and retain customers through a series of adjustments.

例如，在商品銷售方面，正如我們在電話會議中提到的，對於一些部門，我們正在努力建立一個重新調整的產品組合，包括服裝和非服裝類別，以促進跨類別購買。在客戶互動方面，我們實際上採用了行銷成長和互動相結合的綜合方法，以便透過一系列調整，更有效地吸引、激活和留住客戶。

And also on the technology side, we focus on building the teams into the next phase of technology advancement, et cetera. So we are making -- we are implementing all these changes so that we can always stay ahead of market trends and customer expectations.

此外，在技術方面，我們也專注於將團隊建立到下一階段的技術進步等等。因此，我們正在做出——我們正在實施所有這些改變，以便我們始終能夠走在市場趨勢和客戶期望的前沿。

On the second question about AI, definitely, we are trying to accelerate AI application across our business. Just a simple AI application can be very vital to driving business growth and efficiency. For example, we've added a lot of visualized model background to facilitate customer experience and try and -- virtually try on clothes and making better choices, et cetera.

關於第二個關於人工智慧的問題，我們當然正在努力加快人工智慧在我們業務中的應用。一個簡單的AI應用就能對推動業務成長和提高效率起到至關重要的作用。例如，我們添加了許多視覺化模型背景，以提升客戶體驗，並讓客戶能夠虛擬試穿衣服，做出更好的選擇等等。

So actually, AI has had brought benefits to conversion directly contributing to sales growth. Also, we've made a lot of efforts on AI advertising. A growing share of our marketing campaigns actually leverage AI-generated content to upgrade marketing creators and media placement. This has actually boosted customer acquisition efficiency.

所以實際上，人工智慧已經為轉換率帶來了好處，直接促進了銷售成長。此外，我們在人工智慧廣告方面也投入了大量精力。我們越來越多的行銷活動實際上利用人工智慧產生的內容來提升行銷內容創作和媒體投放效果。這實際上提高了客戶獲取效率。

Of course, we are also experimenting with AI agents to be used in solving problems like customer churn out or how to keep customers on our platform, how to improve their customer experience with our platform. We do believe AI has a lot of potential in driving efficiency as well as supporting our long-term growth.

當然，我們也在嘗試使用人工智慧代理來解決諸如客戶流失、如何留住客戶、如何改善客戶在我們平台上的客戶體驗等問題。我們相信人工智慧在提高效率和支持我們的長期發展方面具有巨大潛力。

Andre Chang, JPMorgan.

安德烈張，摩根大通。

(spoken in foreign language) Thank you, management, for taking my question. I have two questions. The first question is about the operation. We noticed the company delivered decent net profit growth in the third quarter. However, the operating profit and operating margin still delivered some decline year-on-year.

（用外語）謝謝管理階層接受我的問題。我有兩個問題。第一個問題是關於手術的。我們注意到該公司第三季淨利潤實現了不錯的成長。然而，營業利潤和營業利益率仍有年減。

Now management mentioned before that the increasing GMV and the revenue should help economy scale and the margin recovery. So we want to know when and through whatever the management expects that the operating margin and the operating profit can return to positive year-on-year growth.

管理層之前提到過，不斷增長的GMV和收入應該有助於規模經濟和利潤率恢復。因此，我們想知道管理階層預計何時以及透過何種方式，營業利潤率和營業利潤才能恢復到逐年正成長。

The second question is about the recent news talking about the management -- the company's thinking about Hong Kong listing. We wonder anything the management can share on this front.

第二個問題是關於最近有關管理層的新聞——該公司正在考慮在香港上市。我們想知道管理階層能否就此透露一些資訊。

Thank you very much.

非常感謝。

Hello, I'm Mark. Thanks for your question. Your first question is regarding our gross margin. And actually, our gross profit margin declined in the third quarter and reflect our efforts to provide more customer incentive and especially for SVIP and other high-value customers and standardized products to maximize sales and revenue growth. And for the longer term, we expect the gross profit margin to be comparable to the level in 2024 and largely stable around 23%, depending on the change of product mix from quarter-to-quarter.

你好，我是馬克。謝謝你的提問。您的第一個問題是關於我們的毛利率。事實上，我們第三季的毛利率有所下降，這反映了我們為客戶，特別是SVIP和其他高價值客戶，提供更多激勵措施以及標準化產品，以最大限度地提高銷售額和收入成長所做的努力。從長遠來看，我們預計到 2024 年毛利率將與目前的水平相當，並基本穩定在 23% 左右，具體數值取決於每季產品組合的變化。

So except that, regarding the marketing expenses, we also increased a little bit the marketing expenses to attract more customers. And we think that in the future, those merchandising capabilities and also the AI technology application and also the marketing expenses will also the main trigger for our GMV growth. And for your second question, actually, we have been closely followed the change for the market -- for the capital markets. And if there is any progress, we will update the market.

除此之外，關於行銷費用，我們也稍微增加了行銷費用，以吸引更多顧客。我們認為，未來這些商品銷售能力、人工智慧技術應用以及行銷支出也將是我們GMV成長的主要驅動力。至於你的第二個問題，實際上，我們一直在密切關注市場——資本市場的變化。如有任何進展，我們將向市場通報。

Thank you.

謝謝。

Wei Xiong, UBS.

熊偉，瑞銀。

(spoken in foreign language) Thank you, management, for taking my question. Firstly, we've seen the active customer number and revenue growth have turned positive this quarter. Should we expect continued sequential improvement in the fourth quarter? What are our investment plan and the operational focus for users and for customers at the moment? And how should we think about the user growth and the revenue growth for next year?

（用外語）謝謝管理階層接受我的問題。首先，我們看到本季活躍客戶數量和收入成長均轉正。我們是否可以預期第四季會繼續較上季改善？我們目前的投資計畫和營運重點是什麼？主要面向使用者和客戶。那麼，我們該如何看待明年的用戶成長和收入成長呢？

And secondly, just wondering, are we having any -- do we have -- what are our latest thoughts on the shareholder return program for next year? Thank you.

其次，我想問一下，我們對明年的股東回報計畫有什麼最新的想法嗎？謝謝。

(spoken in foreign language)

（用外語說）

So let me first translate our response to your question on customer and revenue growth, for 2026 and beyond. I think for the longer term, we always stay focused on achieving steady growth in customer revenue and earnings. We believe the sustainable and profitable growth model -- revenue growth model should be driven by high-quality growth in customers as well as ARPU.

首先，讓我翻譯一下我們對您提出的關於 2026 年及以後客戶和收入成長問題的答案。我認為從長遠來看，我們始終專注於實現客戶收入和利潤的穩定成長。我們認為，可持續且獲利的成長模式——收入成長模式——應該由高品質的客戶成長以及 ARPU 成長來驅動。

So for the near term, we do expect customer growth will accelerate, for example, in Q4 as compared to Q3 in terms of year-over-year growth. And for 2026, we continue to believe that the revenue growth should be driven by growth in customer number and in addition to ARPU. We've made a lot of efforts in driving customer growth, and we are experimenting with a lot of new ways, whether it's marketing format or channel investment, et cetera.

因此，就近期而言，我們預期客戶成長將會加速，例如，與第三季相比，第四季的年成長率將會上升。對於 2026 年，我們仍然認為營收成長應該由客戶數量的成長以及 ARPU 的成長來推動。我們在推動客戶成長方面投入了大量精力，並且正在嘗試許多新的方法，無論是行銷形式還是通路投資等等。

All these efforts are oriented to acquire new customers, high-quality new customers, activate dormant or inactive customers as well as continue to expand our SVIP high-value customer base. So we do have confidence that for the long term, we can drive the top line growth on the basis of both customer growth and ARPU expansion.

所有這些努力都是為了獲取新客戶、高品質的新客戶，激活休眠或不活躍的客戶，並繼續擴大我們的 SVIP 高價值客戶群。因此我們有信心，從長遠來看，我們可以透過客戶成長和 ARPU 成長來推動營收成長。

Okay. For the second question regarding the total return to shareholders. Our return to growth demonstrate our disciplined capabilities to manage the business to achieve balanced growth. And we are more confident that we can achieve relatively stable and healthy profit and cash flow levels. And for the past, we have returned over USD3.4 billion to shareholders since April 2021 in the form of buyback and dividend.

好的。關於股東總回報的第二個問題。我們恢復成長證明了我們具備嚴謹的業務管理能力，能夠達到均衡成長。我們更有信心實現相對穩定健康的利潤和現金流水準。過去，自 2021 年 4 月以來，我們已透過股票回購和分紅的形式向股東返還了超過 34 億美元。

And for 2025, we are on track with our commitment to returning no less than 75% of the full year 2024 non-GAAP net income to shareholders. And as of the date we published the third quarter results, we have returned a total of over USD730 million through dividends and buyback. And for the next year, actually, we will continue to invest in our business to grow and improving profit and generate cash to support our dividend payment and buyback. We will evaluate appropriate level next year. Thank you.

對於 2025 年，我們正按計畫履行承諾，將 2024 年全年非 GAAP 淨收入的至少 75% 返還給股東。截至我們公佈第三季業績之日，我們已透過分紅和股票回購累計返還超過 7.3 億美元。事實上，在接下來的一年裡，我們將繼續投資於我們的業務，以實現成長和提高利潤，並產生現金以支持我們的股息支付和股票回購。明年我們將評估合適的水平。謝謝。

Thank you. And I show no further questions in the queue at this time. I would now like to turn the call back to Jessie for closing remarks.

謝謝。目前隊列中沒有其他問題了。現在我想把電話轉回給傑西，請她做總結發言。

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溝通。

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，您現在可以斷開連接了。