Vipshop's Q2 net profit in 2023 is 2.4 billion yuan, a year-on-year increase of 50.8%

According to news from this site on August 18, Vipshop today released its financial report for the second quarter of 2023 as of June 30. The financial report shows that in the second quarter of 2022, Vipshop’s total net revenue was 27.9 billion yuan (approximately US$3.8 billion), an increase of 13.6% from 24.5 billion yuan in the same period last year. Vipshop’s shareholders’ net profit was 2.1 billion Yuan, an increase of 63.5% over the same period last year, equivalent to approximately US$289.3 millionNot in accordance with U.S. Generally Accepted Accounting Principles (Non-GAAP), the net profit attributable to Vipshop shareholders was 2.4 billion yuan (approximately US$331.2 million) ), an increase of 50.8% compared with 1.6 billion yuan in the same period in 2022.

Second quarter operating results:

• GMV was 50.6 billion yuan, an increase of 24.5% compared to 40.6 billion yuan in the same period in 2022.

• The number of active users was 45.7 million, an increase of 9.6% compared to 41.7 million in the same period in 2022.

• Orders totaled 213.8 million units, an increase of 14.7% compared to 186.3 million units in the same period in 2022.

Second Quarter Financial Performance Report:

• For the same period in 2022, total net revenue was 27.9 billion yuan ( Approximately US$3.8 billion), an increase of 13.6% from 24.5 billion yuan in the same period last year. Gross profit was 6.2 billion yuan (approximately US$855.3 million), compared with 50% in the same period of 2022. 100 million yuan, an increase of 23.4%. Gross margin was 22.2%, compared with 20.5% in the same period in 2022.

• Overall operating expenses were 4.5 billion yuan (approximately US$617.8 million), an increase of 13.7% from 3.9 billion yuan in the same period in 2022

• Compliance expenses were 2.2 billion yuan (approximately US$300.8 million), an increase of 22.8% compared with 1.8 billion yuan in the same period in 2022.

• Marketing expenses were 892.5 million yuan (approximately $123.1 million), an increase of 60.6% compared with 555.6 million yuan in the same period in 2022.

• Technology and content spending reached 443 million yuan (approximately US$61.1 million) in 2023, an increase of 7.6% from 411.8 million yuan in the same period in 2022

• General and administrative expenses were 963.1 million yuan (approximately US$132.8 million), a decrease of 19.4% from 1.2 billion yuan in the same period in 2022

• Operating profit was 19 billion (approximately US$264.3 million), an increase of 51.1% compared with 1.3 billion yuan in the same period in 2022.

• According to Chinese accounting standards, operating profit was 2.3 billion yuan (approximately US$316.9 million), an increase of 48.2% from 1.6 billion yuan in the same period in 2022

• The net profit of Vipshop shareholders was 2.1 billion yuan, an increase of 63.5% over the same period last year, equivalent to approximately US$289.3 million

• Not in accordance with U.S. GAAP ( Non-GAAP), net profit attributable to Vipshop shareholders was 2.4 billion yuan (approximately US$331.2 million), an increase of 50.8% compared with 1.6 billion yuan in the same period in 2022.

• As of June 30, 2023, Vipshop’s total cash, cash equivalents and restricted cash were RMB 18.3 billion (approximately US$2.5 billion), and its total short-term investments were 1.5 billion yuan (approximately US$200.2 million)

• Performance Outlook:

Vipshop estimates that in 2023 Total net revenue in the third quarter of this year will reach 21.6 billion yuan to 22.7 billion yuan, a year-on-year increase of 0 to 5%.

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