Vipshop Holdings Limited (VIPS) 2026 Q1 法說會逐字稿

Ladies and gentlemen, good day, everyone, and welcome to Vipshop Holdings Limited first-quarter 2026 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.

各位女士、先生，大家好，歡迎參加唯品會控股有限公司 2026 年第一季度業績電話會議。此刻，我想把電話交給唯品會投資者關係負責人 Jessie Zheng 女士。請開始。

Thank you, operator. Hello, everyone, and thank you for joining the Vipshop first-quarter 2026 earnings conference call. With us today are Eric Shen, our Co-Founder, Chairman, and CEO; and Mark Wang, our CFO.

謝謝接線員。各位好，感謝大家參加唯品會 2026 年第一季度業績電話會議。今天與我們一同出席的有：聯合創辦人、董事長兼執行長 Eric Shen，以及財務長 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.

在管理層開始事先準備的發言之前，我想提醒各位，今天的討論將包含依據 1995 年《美國私人證券訴訟改革法案》安全港條款所作出的前瞻性陳述。前瞻性陳述存在風險與不確定性，可能導致實際結果與我們目前的預期存在重大差異。

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

潛在風險與不確定性包括但不限於我們在新聞稿以及向美國證券交易委員會提交的公開文件中安全港聲明所列示的內容；在本次電話會議中如有任何前瞻性陳述，亦同樣適用。

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 US GAAP. Please refer to our earnings release for details relating to the reconciliation of our non-GAAP merits to GAAP merits.

請注意，本次電話會議中使用的若干財務指標，例如非 GAAP 營業利潤、歸屬於唯品會股東的非 GAAP 淨利潤，以及每股 ADS 的非 GAAP 淨利潤，並非依照美國 GAAP 呈列。有關非 GAAP 指標與 GAAP 指標之間的調節詳情，請參閱我們的業績新聞稿。

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

接下來，我想把電話交給 Eric Shen 先生。

Good morning, and good evening, everyone. Welcome, and thank you for joining our first-quarter 2026 earnings conference call. Our first-quarter performance reflected a significant calendar-driven shift caused by the later Chinese New Year. This lead to a successful holiday surge in activity that effectively pulled forward demand, resulting in the softer March.

各位早安、晚安。歡迎各位，感謝參加我們 2026 年第一季度業績電話會議。本季度表現反映出由於農曆新年較晚而帶來的顯著日曆因素位移。這帶動了假期期間活動的成功高峰，實質上提前釋放了需求，從而導致 3 月表現相對偏弱。

What is important to highlight is the sustained health of our customer base. Our holiday results was outstanding, driven by customers who actively sought out our seasonal collection and value promotions. The strength of that demand, especially in apparel, confirms that we remain a top priority for their spending and gives us real confidence in their long-term resilience.

需要重點強調的是，我們客戶基礎的持續健康。我們在假期期間的表現非常出色，主要由積極尋找季節性商品與超值促銷的客戶所帶動。這股需求的強勁程度，尤其是在服飾品類，印證我們仍是其消費支出的優先選擇，也讓我們對其長期韌性充滿信心。

Our customer metrics this quarter further prove that resilience. Total active customers showed positive momentum, led by our SVIP members who grew by 9% year over year. They're paid members accounting for 50% -- 55% of our online spending.

本季度的客戶指標進一步證明了這種韌性。總活躍客戶數呈現正向動能，其中 SVIP 會員年增 9% 並領先帶動。SVIP 為付費會員，貢獻我們線上消費的 50%—55%。

We remain focused on the quality of our growth as we move further into the year. We are making steadily progress in how we optimize merchandising portfolio, engage with customers, and increase AI to [reshape] our off-price retail model.

隨著我們進一步邁入今年，我們仍專注於成長的品質。我們正持續在優化商品組合、深化客戶互動，以及提升 AI 應用以[重塑]我們的折扣零售模式方面穩步推進。

Since realigning our team last year, we are seeing the benefits of the faster, more fluid approach to merchandising. By staying focused on customer relevance and deepening category expertise, we will be able to move from market insights to product-on-shelf more quickly, ensure our deep discount brand inventory hits when demand peaks.

自去年重新調整團隊以來，我們已看到更快速、更靈活的商品運營方式所帶來的成效。透過聚焦客戶相關性並深化品類專業，我們能更快地將市場洞察轉化為上架商品，確保我們深度折扣的品牌庫存在需求高峰時到位。

We are also driven better cross-category engagement as we create our selection along the broad needs of our customers, and develop more effective analytics and marketing tools for brand partners. We are helping shoppers easily discover products across the [apparel], childcare, and home category.

我們也在打造更好的跨品類互動：圍繞客戶的廣泛需求來構建選品，並為品牌合作夥伴開發更有效的分析與行銷工具。我們正協助消費者更容易在[服飾]、母嬰與家居品類中發現商品。

Following our last update, we have transitioned our Made for VIP line into the new phase of growth by raising the bar for quality, style, and value. At the same time, we have tightened our planning with brand partners' seasonal challenges to stay in sync with real-time fashion trends. This approach ensures our lineup is always created and on trend.

在上次更新之後，我們已將 Made for VIP 系列推進到新的成長階段，進一步提高品質、風格與性價比標準。同時，我們也與品牌合作夥伴就季節性節奏進行更緊密的規劃，以便與即時的時尚趨勢保持同步。這一做法確保我們的產品組合始終精心打造並緊跟潮流。

Looking ahead, we will continue to involve their exclusive offering into the primary driver of customer mindshare and brand loyalty. Building on our optimistic buying strategy, we will successfully speed up our buying cycle. Over the past few months, our teams have locked in a high value of exclusive low-priced inventory that is now flow through the platform.

展望未來，我們將持續把這些獨家供給打造為驅動客戶心智份額與品牌忠誠度的核心動力。在我們更為積極的採購策略基礎上，我們將成功加快採購週期。過去幾個月，我們的團隊已鎖定大量高性價比的獨家低價庫存，目前正陸續在平台上釋出。

This has enhanced the treasure hunt experience for our customers. We are seeing strong daily habits from our high-value shoppers, who are returning more frequently to discover our latest arrivals. This differentiates merchandising approach, directly feeds in the strength of our SVIP program by offering exclusive access to private sales and unique inventory.

這提升了客戶的「尋寶式」購物體驗。我們看到高價值客戶形成了強勁的日常使用習慣，他們更頻繁回訪以探索最新上新。這種差異化的商品策略，透過提供私密特賣與獨特庫存的專屬權益，直接強化了我們 SVIP 計畫的吸引力。

We are driving both member acquisitions and loyalty. A great example is our recent event with global athletic brands, where curated selection deliver a surge in new SVIP sign-ups, particularly among young male shoppers and sales value many times above the baseline. In line with the push of high-value engagement, we have shifted towards a more target acquisition model using refined [targeting] that identify members with the highest long-term value.

我們同時推動會員拉新與忠誠度提升。一個很好的例子是我們近期與全球運動品牌合作的活動，精選商品帶動 SVIP 新增註冊大幅成長，尤其在年輕男性客群中表現突出，銷售額也遠高於基準水準。配合高價值互動的推進，我們已轉向更具目標性的拉新模式，透過更精細的[定向]識別長期價值最高的會員。

By replacing genetic benefits with a tiered service system, we are directly rewarding higher spending with exclusive product access, deepened discount, one-stop customer support, and the value-added benefit. This will further optimize the conventions and individual spend. These integrated assets ensure the SVIP program remains our primary engine for sustainable revenues and earnings growth.

透過以分層服務體系取代通用型權益，我們以更高消費直接回饋更高等級的專屬商品權限、更深折扣、一站式客服支援以及增值權益。這將進一步優化轉化率與人均消費。這些整合能力確保 SVIP 計畫仍是我們可持續營收與盈利成長的主要引擎。

As the pace of the change in retail accelerate, we were excited to embrace the broad opportunities AI offers. Our initial journey focused on putting the customer first; enhancing experiences through virtual try-ons, smart search, and recommendations; and automate customer support. We also leverage AIGC to reach potential customers more effectively with automated content.

隨著零售變革加速，我們很高興擁抱 AI 所帶來的廣泛機會。我們的初期探索聚焦於以客戶為先：透過虛擬試穿、智慧搜尋與推薦提升體驗，並自動化客服支援。我們也運用 AIGC 以自動化內容更有效觸達潛在客戶。

Having proven this use case, we are now shifting our focus towards scaling that capabilities for great operational impact. For example, we are using generative AI to scale personalized marketing by combining our operational expertise with real-time customer feedback. Our AI marketing agent effectively generates tailored creative across video, photo, and text forms. This has already driven a clear lift in our customer-acquisition efficiency.

在驗證這些應用場景後，我們正把重心轉向擴大相關能力，以帶來更大的營運影響。例如，我們正使用生成式 AI 擴大個人化行銷規模，將我們的營運專長與即時客戶回饋相結合。我們的 AI 行銷代理能有效生成針對性的創意素材，涵蓋影片、圖片與文字形式。這已明顯提升我們的獲客效率。

Beyond the marketing, AI is increasingly empowering our brand partners with advanced business [analytics], deep customer cohort insights, and optimized merchandising strategy. By angling our strategy in the off-price model and leveraging best-in-class technology, we have identified more effective ways to serve our customers from dynamic merchandising to the smart supply chain.

除行銷之外，AI 也日益賦能我們的品牌合作夥伴，提供先進的商業[分析]、更深入的客群分層洞察，以及更優化的商品策略。透過在折扣模式上校準我們的策略並運用一流技術，我們已找到更多有效方式服務客戶，從動態選品到智慧供應鏈皆是如此。

This allows us to continue earning customer loyalties through every interaction. We remain committed to investing in our people and our platform. We are confident that by continuously optimizing our operational strategies, we will driven steadily profitable growth for the long term.

這使我們能在每一次互動中持續贏得客戶忠誠。我們仍致力於投資我們的人才與平台。我們相信，透過持續優化營運策略，我們將在長期推動穩健且具盈利性的成長。

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

接下來，我把電話交給我們的財務長 Mark Wang，請他介紹財務結果。

Thanks, Eric, and hello, everyone. Our latest results landed within our guided range, reflecting a dynamic quarter that was heavily influenced by late Chinese New Year. The holiday period triggered a concentrated surge in demand for winter and early spring apparel categories, where our merchandise trends resonate well with a broader base of consumers.

謝謝你，Eric，各位好。我們最新業績落在指引區間內，反映出本季度在農曆新年較晚的影響下呈現較強的動態變化。假期期間帶動冬季與初春服飾品類的需求集中爆發，而我們的商品趨勢與更廣泛的消費者群體高度契合。

By successfully capturing this big season opportunities, we proved the effectiveness of our coordinated efforts across merchandising, customer engagement, and operations. This operational synergy directly fed into our bottom line. Margins remain healthy and stable, underpinned by highly favorable category mix and our continued operational discipline.

透過成功把握這一重要的季節性機會，我們證明了在選品、客戶互動與營運方面協同發力的有效性。這種營運協同直接體現在我們的利潤表上。在有利的品類結構以及我們持續的營運紀律支撐下，利潤率保持健康且穩定。

As Eric outlined, we maintained focused strategic investments in our key growth drivers, expanding differentiated merchandise offerings, lifting SVIP's engagement, and scaling AI integration across our operations. At the same time, we continue to manage our broader resource pool with strict prudence, dynamically shifting spend to our most productive activities.

正如 Eric 所述，我們持續在關鍵成長驅動因素上進行聚焦的策略性投入，包括擴大差異化商品供給、提升 SVIP 互動度，以及在全營運範圍內擴大 AI 整合。同時，我們也以嚴格審慎的態度管理更廣泛的資源配置，並動態將支出轉向最具產出的活動。

This balanced approach ensure we sustain solid baseline profitability by prioritizing high-quality profitable revenue today. Simultaneously, it allows us to systematically strengthen our foundations for the long term even as we navigate an uncertain macroeconomic backdrop.

這種平衡的方法確保我們透過優先聚焦於當下高品質且具獲利性的營收，維持穩健的基礎獲利能力。同時，即使在不確定的總體經濟背景下前行，也能讓我們有系統地強化長期基礎。

Turning to shareholder returns, we remain firmly on track to deliver on our 2026 commitment of returning no less than 75% of full-year 2025 non-GAAP net income to shareholders. In April, we completed our annual dividend, distributing approximately USD300 million.

談到股東回報，我們仍堅定按計畫推進，履行我們於2026年所承諾的：向股東返還不低於2025年全年非GAAP淨利的75%。4月，我們完成年度股利發放，分派約3億美元。

For the quarters ahead, we look forward to executing the remaining balance of our shareholder return program. Our free cash flow outlook is robust, and we have the full financial capacity to meet our full-year allocation target.

展望未來幾個季度，我們期待執行股東回報計畫的剩餘部分。我們的自由現金流展望強勁，且具備充足的財務能力達成全年資金配置目標。

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 RMB, and all the percentage changes are year-over-year change unless otherwise noted.

接下來進入更詳細的季度財務重點。在開始之前，我想先澄清：以下呈現的所有財務數字均以人民幣計，且除非另有說明，所有百分比變動均為同比變動。

Total net revenues for the first quarter of 2026 increased by 1.2% year over year to RMB26.6 billion from RMB26.3 billion in the prior-year period. Gross profit increased by 6.8% year over year to RMB6.5 billion from RMB6.1 billion in the prior-year period. Gross margin increased to 24.4% from 23.2% in in the prior-year period.

2026年第一季度總淨營收同比增長1.2%，由上年同期的人民幣263億元增至人民幣266億元。毛利同比增長6.8%，由上年同期的人民幣61億元增至人民幣65億元。毛利率由上年同期的23.2%提升至24.4%。

Total operating expenses were RMB4.2 billion compared with RMB4.0 billion in the prior-year period. As a percentage of total net revenue, total operating expenses was 15.7% compared with 15.3% in the prior-year period. Fulfillment expenses were RMB2.0 billion compared with RMB1.9 billion in the prior-year period. As a percentage of total net revenues, fulfillment expenses were 7.7% compared with 7.2% in the prior-year period.

總營業費用為人民幣42億元，較上年同期的人民幣40億元增加。以總淨營收百分比計，總營業費用為15.7%，上年同期為15.3%。履約費用為人民幣20億元，上年同期為人民幣19億元。以總淨營收百分比計，履約費用為7.7%，上年同期為7.2%。

Marketing expenses decreased by 1.8% year over year to RMB719.3 million from RMB732.1 million in the prior-year period. As a percentage of total net revenues, marketing expenses decreased to 2.7% from 2.8% in the prior-year period. Technology and content expenses decreased by 0.2% year over year to RMB448.2 million from RMB449.1 million in the prior-year period.

行銷費用同比下降1.8%，由上年同期的人民幣7.321億元降至人民幣7.193億元。以總淨營收百分比計，行銷費用由上年同期的2.8%降至2.7%。技術與內容費用同比下降0.2%，由上年同期的人民幣4.491億元降至人民幣4.482億元。

As a percentage of total net revenues, technology and content expenses was 1.7%, which stays flat as compared with that in the prior-year period. General and administrative expenses were RMB950.5 million compared with RMB950.8 million in the prior-year period. As a percentage of total net revenues, general and administrative expenses were 3.6%, which stays flat as compared with that in the prior-year period.

以總淨營收百分比計，技術與內容費用為1.7%，與上年同期持平。一般及行政費用為人民幣9.505億元，上年同期為人民幣9.508億元。以總淨營收百分比計，一般及行政費用為3.6%，與上年同期持平。

Income from operations increased by 9.7% year over year to RMB2.5 billion from RMB2.3 billion in the prior-year period. Operating margin increased to 9.4% from 8.7% in the prior-year period. Non-GAAP income from operations increased by 3.5% year over year to RMB2.7 billion from RMB2.6 billion in the prior-year period. Non-GAAP operating margin increased to 10.2% from 10.0% in the prior-year period.

營業利潤同比增長9.7%，由上年同期的人民幣23億元增至人民幣25億元。營業利潤率由上年同期的8.7%提升至9.4%。非GAAP營業利潤同比增長3.5%，由上年同期的人民幣26億元增至人民幣27億元。非GAAP營業利潤率由上年同期的10.0%提升至10.2%。

Net income attributable to Vipshop's shareholders increased by 13.6% year over year to RMB2.2 billion from RMB1.9 billion in the prior-year period. Net margin attributable to Vip shareholders increased to 8.3% from 7.4% in the prior-year period. Net income attributable to Vipshop shareholders per diluted ADS increased to RMB4.48 from RMB3.72 in the prior-year period.

歸屬於唯品會股東的淨利同比增長13.6%，由上年同期的人民幣19億元增至人民幣22億元。歸屬於唯品股東的淨利率提升至8.3%，上年同期為7.4%。歸屬於唯品會股東的每股攤薄ADS淨利由上年同期的人民幣3.72元增至人民幣4.48元。

Non-GAAP net income attributable to Vipshop shareholders was RMB2.31 billion compared with RMB2.31 billion in the prior-year period. Non-GAAP net margin attributable to Vipshop's shareholders was 8.7% compared with 8.8% in the prior-year period. Non-GAAP net income attributable to Vipshop's shareholders per diluted ADS increased to RMB4.68 from RMB4.43 in the prior year. As of March 31, 2026, we had cash and cash equivalents and restricted cash of RMB28.3 billion and short-term investments of RMB2.7 billion.

歸屬於唯品會股東的非GAAP淨利為人民幣23.1億元，與上年同期的人民幣23.1億元相比持平。歸屬於唯品會股東的非GAAP淨利率為8.7%，上年同期為8.8%。歸屬於唯品會股東的每股攤薄ADS非GAAP淨利由上年的人民幣4.43元增至人民幣4.68元。截至2026年3月31日，我們的現金及現金等價物與受限制現金為人民幣283億元，短期投資為人民幣27億元。

Looking forward to the second quarter of 2026, we expect our total net revenues to be between RMB24.5 billion and RMB25.8 billion, representing a year-over-year decrease of approximately 5% to 0%. Please note that this forecast reflects our current and the preliminary view of the market and operational conditions, which is subject to change.

展望2026年第二季度，我們預計總淨營收將介於人民幣245億元至人民幣258億元之間，代表同比下降約5%至0%。請注意，此預測反映我們目前對市場及營運狀況的初步看法，未來可能有所變動。

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

接下來，我想開放進入問答環節。

(Operator Instructions) Thomas Chong, Jefferies.

(接線員指示) Jefferies 的 Thomas Chong。

(spoken in foreign language) Let me translate into English. My first question is about the monthly GMV trend. Given that we have seen some softness in industry parcel volume the past few weeks or even last month, so how is our monthly GMV so far?

(以外語發言) 我來翻譯成英文。我的第一個問題是關於每月GMV的趨勢。鑑於過去幾週甚至上個月我們看到行業包裹量有些疲軟，那麼目前我們的每月GMV表現如何？

And my second question is relating to June 18, how should we think about the [trend] this year versus last year? And on top of that, how is the consumer sentiment these days that we should think about the outlook for the second half?

我的第二個問題與6月18日有關，今年相較去年我們應該如何看待其[趨勢]？此外，近期消費者情緒如何？我們應如何據此看待下半年的展望？

(interpreted) Okay. So we actually started the year on a very strong note. We have seen a holiday surge during the January to February period when consumers actually concentrate their buying activities. And that effectively pulled forward demand. So following the holiday period, we saw a very apparent moderation of sales in March.

(口譯) 好的。其實我們今年開局非常強勁。在1月至2月期間，消費者的購買活動較為集中，我們看到假期帶來的需求激增。這在一定程度上提前釋放了需求。因此在假期過後，我們在3月看到銷售出現非常明顯的放緩。

And as we enter the second quarter, the April data does not turn out very well. Slightly, it's not improving from March. And into May, to date, still very challenging. But actually, we saw a slight pickup in consumer activity. But as we have been through half of the quarter, it seems that we have relatively low visibility on consumer sentiment and activity.

進入第二季度後，4月的數據表現不太理想。相較3月並沒有改善。截至目前，5月仍然非常具挑戰。不過，我們確實看到消費者活動略有回升。但由於本季度已過半，看起來我們對消費者情緒與活動的可見度仍相對有限。

How the rest of the quarter will turn out still depends on the month-long industry promotion, which we also don't have very big expectations. So we think it's more prudent for us to give a conservative guidance and reset our second-quarter expectations.

本季度剩餘時間的表現仍取決於為期一個月的行業促銷活動，而我們對此也沒有很高的期待。因此，我們認為給出較為保守的指引、並下調第二季度預期會更為審慎。

Turning to our outlook for the full year, we think we still have opportunities in the second half. And we believe as consumer sentiment may be improving marginally, we should be able to capture opportunities in discretionary spending, especially apparel. And we look forward to making the best effort to maintain a steady operational performance for the second half. So for the full year, I will continue to believe that we will maintain steady outlook.

談到全年展望，我們認為下半年仍有機會。我們相信，隨著消費者情緒可能小幅改善，我們應能把握可選消費的機會，尤其是服飾品類。我們也期待盡最大努力，在下半年維持穩健的營運表現。因此就全年而言，我仍然相信我們將維持穩健的展望。

Vicky Wu, CICC.

中金公司的 Vicky Wu。

(spoken in foreign language) I will translate by myself. I would like to ask for some updates regarding Shan Shan Outlets. First, could you walk us through Shan Shan's first-quarter performance? And second, we've noticed that the Vipshop commercial REIT is about to be launched. And how should we assess its subsequent impact on the financial statements?

(以外語發言) 我自己來翻譯。我想請教一些關於杉杉奧特萊斯的最新進展。第一，能否請您帶我們回顧一下杉杉第一季度的表現？第二，我們注意到唯品會商業REIT即將推出。我們應如何評估其後續對財務報表的影響？

Well, thanks for your question. And actually, Shan Shan Outlet business is quite strong in the first quarter, and the GMV grows around 30% year over year. So -- and thanks for your question regarding the REIT. And I think some of the investors may be aware that Vipshop commercial REIT obtained official approval from the CSRC and the Shanghai Stock Exchange in late April and complete the pricing process on May 19.

好的，感謝您的提問。其實，杉杉奧萊業務在第一季表現相當強勁，GMV 年增約 30%。另外——也謝謝您關於 REIT 的提問。我想部分投資人可能已經知道，唯品會商業 REIT 已於 4 月下旬獲得中國證監會及上海證券交易所的正式核准，並於 5 月 19 日完成定價流程。

And there are two underlying assets. Shan Shan Outlets in Zhengzhou and Harbin, both are mature outlets operate for around 10 years. And both outlets hold leading positions in their regional markets. Zhengzhou outlets is the highest-grossing outlets in Henan province. But the Harbin outlets ranks first in Heilongjiang province.

其底層資產共有兩項。分別為鄭州與哈爾濱的杉杉奧萊，兩者皆為已營運約 10 年的成熟奧萊。且兩家奧萊在各自區域市場均處於領先地位。鄭州奧萊為河南省銷售額最高的奧萊。而哈爾濱奧萊則在黑龍江省排名第一。

And the commercial REITs usually feature more flexible policy regarding the fund usage and expansion mechanism. And actually, in addition to these three outlets already used as underlying assets for the REITs, we also hold another 18-outlet project, demonstrating strong potential for future expansion. We will conduct further evaluation based on our strategy and market conditions.

商業 REIT 通常在資金使用與擴張機制方面具備更靈活的政策特徵。此外，除了這三家已作為 REIT 底層資產的奧萊之外，我們還持有另外 18 個奧萊項目，顯示未來擴張具備強勁潛力。我們將根據自身策略與市場狀況進一步評估。

And for the accounting treatment for this Zhengzhou and Harbin, we subscribed for 49% of the total shares in the commercial REIT. In simple terms, we will lose control and we will deconsolidate the investment from our financials and recognize the related investment again accordingly.

至於鄭州與哈爾濱這兩項資產的會計處理，我們認購了該商業 REIT 總份額的 49%。簡單來說，我們將失去控制權，並將該投資自合併報表中除列，並相應重新確認相關投資。

And more specifically, on a GAAP basis, we will book a one-time investment gain of around RMB5.3 billion in the second quarter, an increase of RMB1.7 billion income tax expenses. And cash flow-wise, we will see a significant increase in net cash inflow of RMB1.7 billion in the second quarter.

更具體而言，在 GAAP 口徑下，我們將於第二季確認一次性投資收益約人民幣 53 億元，同時所得稅費用增加人民幣 17 億元。在現金流方面，第二季淨現金流入將顯著增加人民幣 17 億元。

Alicia Yap, Citigroup.

Alicia Yap，花旗集團。

(spoken in foreign language) I wanted to follow up -- I think management earlier mentioned that since you guys saw April is a negative growth for your platform. And then maybe May, that also -- so far month-to-date is also -- seems to be negative.

（外語發言）我想追問一下——我記得管理層先前提到，4 月你們平台出現負成長。那麼 5 月到目前為止的月內表現似乎也——看起來仍是負成長。

But then I think last week, we have China retail sales data, is the total apparel sales is actually grew 3.6% in April. So just wanted to see where is the misconnect? Is it a lot of these spending been shifting to offline? Or is it there are some of the market share -- our market shares are losing to other online platform?

但我想上週我們看到中國零售銷售數據，4 月整體服裝銷售其實成長了 3.6%。所以想了解這之間的落差在哪裡？是否有相當一部分支出轉向線下？或者是我們的市佔率正在被其他線上平台搶走？

And then related to that is also on the Shan Shan Outlet. Also, I think management mentioned, the platform grew like 30%-plus. I also wanted to know, is this because of the consumer behavior that you observed started to shift more to the offline shopping? Or is it because Shan Shan actually have certain merchandise that VIP online does not have?

另外相關的問題也在杉杉奧萊。我想管理層提到該平台成長 30% 以上。我也想知道，這是否因為你們觀察到消費者行為開始更多轉向線下購物？或者是因為杉杉本身有一些唯品會線上沒有的商品？

(interpreted) Okay. So the NBS data, the apparel sales, the growth of 3.6%, you have mentioned actually refers to both online and offline. Based on our observation, actually online, we have noted -- we have seen a very notable decline. And we are actually quite in line with the industry trend.

（口譯）好的。您提到的國家統計局數據，服裝銷售 3.6% 的成長，其實包含線上與線下。根據我們的觀察，線上方面我們確實看到——非常明顯的下滑。而且我們的表現其實與行業趨勢相當一致。

And offline, we do see very strong growth. We believe it could be -- the difference of consumer activity with online and offline shopping. When they do online shopping, they tend to return a lot. So that would make the sales and after revenue data more compressed.

而在線下，我們確實看到非常強勁的成長。我們認為這可能與消費者在線上與線下購物的行為差異有關。消費者在線上購物時，退貨比例往往較高。因此會使得銷售與後續收入數據被壓縮。

And with offline, consumers do shift part of their spending increasingly to outlet channels. And it's actually the same with merchants, with brand partners. They have been shifting a little bit more resources through offline outlet channels as well.

而在線下，消費者確實將部分支出愈來愈多地轉向奧萊渠道。商戶端、品牌合作夥伴也是如此。他們也在透過線下奧萊渠道投入更多資源。

But we think it's still partially holiday-driven. And going forward, we have to see whether the momentum can be sustained. In addition, the offline outlet -- the outperformance is actually benefiting from a higher concentration of certain categories, especially sportswear and outdoor products.

但我們認為這仍部分是由假期因素帶動。往後還需要觀察這股動能是否能夠持續。此外，線下奧萊的超預期表現，也受益於某些品類的較高集中度，尤其是運動服飾與戶外產品。

That makes their sales performance exceptionally strong because consumers tend to shop into these categories. It's just being fitting in with their lifestyle. And it's actually the same thing with the online category performance. Even in April and May, when we do see a broader weakness in the apparel category, our sportswear and outdoor products continued to outperform.

這使得其銷售表現特別強勁，因為消費者傾向於購買這些品類。這也更符合他們的生活方式。線上品類表現其實也是同樣的情況。即便在 4 月與 5 月，我們看到服裝大盤更廣泛的疲弱，我們的運動服飾與戶外產品仍持續跑贏。

I think the real weakness is actually going into a discretionary -- more discretionary apparel categories like women's wear and men's wear, which are pretty much fashion-driven. So I think we still need some time to see whether the discretionary spending will turn out better than expected going forward.

我認為真正的疲弱其實出現在更偏可選消費的服裝品類，例如女裝與男裝，這些基本上更受時尚趨勢驅動。因此我想我們仍需要一些時間，觀察未來可選消費是否會比預期更好。

Ronald Keung, Goldman Sachs.

Ronald Keung，高盛。

(spoken in foreign language) First, I want to ask about the GMV gap with revenue. Is that due to Shan Shan or maybe the return rates have changed?

（外語發言）第一個問題，我想問 GMV 與營收之間的差距。這是因為杉杉奧萊，還是退貨率發生了變化？

Second is given that the March, April, May trends have been quite soft, should we take this or read this into the second half given the pace in the third quarter last year is not a low one, which, therefore, the basis is normal? So how should we think of the recent trends and translating to our expectations into the second half?

第二個問題是，鑑於 3 月、4 月、5 月的趨勢都相當疲弱，我們是否應該把這種情況延伸解讀到下半年？因為去年第三季的增速基數並不低，因此比較基期是正常的。那麼我們應該如何看待近期趨勢，並將其轉化為對下半年的預期？

Well, thanks for your question, and let me answer the first question. Actually, the year-over-year growth gap between revenue and GMV in the first quarter increased due to the following two reasons. The first one is return exchange rate slightly increased year over year due to higher contribution from apparel categories and SVIP members.

好的，感謝您的提問，我先回答第一個問題。其實第一季營收與 GMV 的年增差距擴大，主要有以下兩個原因。第一，退換貨率較去年同期略有上升，原因是服裝品類與 SVIP 會員的貢獻占比提高。

And secondly, just you mentioned, the increased GMV contribution from Shan Shan Outlets. Given the Shan Shan operates on a commission-based model, so from accounting-wise, we recognize this revenue based on that method, which result in revenue to GMV gap become wider.

第二點如您所提到，杉杉奧萊的 GMV 貢獻占比提升。由於杉杉採用以佣金為基礎的模式運營，因此在會計處理上我們按該方式確認收入，導致營收與 GMV 的差距變得更大。

(interpreted) In terms of our full-year outlook, even when we face near-term pressure from March to May to date, we think it's still within our control. It's just from negative 5% to 0%. That's the range we are confident to maintain.

（口譯）就全年展望而言，即便我們在 3 月至目前 5 月面臨短期壓力，我們認為仍在可控範圍內。大約是在負 5% 到 0% 之間。這是我們有信心維持的區間。

And also, the recent softness is related to a number of factors: weather condition, seasonal transition to spring and the summer apparel. Of course, there is a bit of uncertainties on consumer sentiment and behavior, et cetera.

此外，近期的疲弱也與多項因素相關：天氣狀況、季節從春季過渡到夏季服裝等。當然，消費者情緒與行為等方面也存在一些不確定性。

So we may need more time to see whether the trend will be improving going forward. But for the full year, we would think our full-year target is still achievable. And by continuously optimizing our operational strategies, we should be able to maintain at least a steady business performance.

因此我們可能還需要更多時間觀察未來趨勢是否會改善。但就全年而言，我們認為全年目標仍可達成。並且透過持續優化我們的營運策略，我們應能至少維持穩健的業務表現。

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。接下來我將把會議交回給 Jessie，請她做結語。

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.

感謝各位今天撥冗參與。如有任何問題，請隨時聯繫我們的投資人關係團隊。期待在下個季度再與各位交流。

And 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。感謝各位參與，現在可以掛線。

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.

本逐字稿中標註（口譯）的部分，為現場電話會議中由口譯員所說的內容。該口譯員由本活動的主辦公司提供。