New Risk • May 23
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.5% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Earnings are forecast to decline by an average of 0.5% per year for the foreseeable future. Announcement • May 23
Vipshop Holdings Limited Provides Earnings Guidance for the Second Quarter of 2026 Vipshop Holdings Limited provided earnings guidance for the second quarter of 2026. For the period, the company expects total net revenues to be between RMB24.5 billion and RMB25.8 billion, representing a year-over-year decrease of approximately 5% to 0%. Reported Earnings • May 22
First quarter 2026 earnings released: EPS: CN¥4.60 (vs CN¥3.78 in 1Q 2025) First quarter 2026 results: EPS: CN¥4.60 (up from CN¥3.78 in 1Q 2025). Revenue: CN¥26.6b (up 1.2% from 1Q 2025). Net income: CN¥2.21b (up 14% from 1Q 2025). Profit margin: 8.3% (up from 7.4% in 1Q 2025). Revenue is forecast to grow 1.5% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Global Multiline Retail industry. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Board Change • May 20
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 9 highly experienced directors. Non-Executive Director Donghao Yang was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • May 11
Vipshop Holdings Limited to Report Q1, 2026 Results on May 21, 2026 Vipshop Holdings Limited announced that they will report Q1, 2026 results Pre-Market on May 21, 2026 Announcement • Feb 13
Vipshop Holdings Limited to Report Q4, 2025 Results on Feb 26, 2026 Vipshop Holdings Limited announced that they will report Q4, 2025 results Pre-Market on Feb 26, 2026 Reported Earnings • Nov 25
Third quarter 2025 earnings released: EPS: CN¥2.48 (vs CN¥2.00 in 3Q 2024) Third quarter 2025 results: EPS: CN¥2.48 (up from CN¥2.00 in 3Q 2024). Revenue: CN¥21.4b (up 3.4% from 3Q 2024). Net income: CN¥1.22b (up 17% from 3Q 2024). Profit margin: 5.7% (up from 5.1% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.3% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Global Multiline Retail industry. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 25% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Nov 25
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 8 highly experienced directors. Non-Executive Director Donghao Yang was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Nov 20
Vipshop Holdings Limited Provides Earnings Guidance for the Fourth Quarter 2025 Vipshop Holdings Limited provided earnings guidance for the fourth quarter 2025. For the fourth quarter of 2025, the Company expects its total net revenues to be between RMB33.2 billion and RMB34.9 billion, representing a year-over-year increase of approximately 0% to 5%. Announcement • Nov 13
Vipshop Holdings Limited, Annual General Meeting, Dec 05, 2025 Vipshop Holdings Limited, Annual General Meeting, Dec 05, 2025, at 11:00 China Standard Time. Location: 128 dingxin road, haizhu district, 510220., guangzhou China Announcement • Nov 10
Vipshop Holdings Limited to Report Q3, 2025 Results on Nov 20, 2025 Vipshop Holdings Limited announced that they will report Q3, 2025 results Pre-Market on Nov 20, 2025 Board Change • Oct 20
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 8 highly experienced directors. Non-Executive Director Donghao Yang was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Sep 30
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 8 highly experienced directors. Non-Executive Director Donghao Yang was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Sep 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 8 highly experienced directors. Non-Executive Director Donghao Yang was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Aug 14
Vipshop Holdings Limited Provides Earnings Guidance for the Third Quarter of 2025 Vipshop Holdings Limited provided earnings guidance for the third quarter of 2025. For the third quarter of 2025, the company expects its total net revenues to be between RMB 20.7 billion and RMB 21.7 billion, representing a year-over-year increase of approximately 0% to 5%. These forecasts reflect the company's current and preliminary view on the market and operational conditions, which is subject to change. Announcement • Aug 04
Vipshop Holdings Limited to Report Q2, 2025 Results on Aug 14, 2025 Vipshop Holdings Limited announced that they will report Q2, 2025 results Pre-Market on Aug 14, 2025 Board Change • Jul 30
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 8 highly experienced directors. Non-Executive Director Donghao Yang was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Jun 25
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 8 highly experienced directors. Non-Executive Director Donghao Yang was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • May 20
Vipshop Holdings Limited Provides Revenue Guidance for the Second Quarter of 2025 Vipshop Holdings Limited provided revenue guidance for the second quarter of 2025. For the second quarter of 2025, the Company expects its total net revenues to be between RMB 25.5 billion and RMB 26.9 billion, representing a year-over-year decrease of approximately 5% to 0%. Announcement • May 12
Vipshop Holdings Limited to Report Q1, 2025 Results on May 20, 2025 Vipshop Holdings Limited announced that they will report Q1, 2025 results at 9:30 AM, US Eastern Standard Time on May 20, 2025 Board Change • Feb 24
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 8 highly experienced directors. Non-Executive Director Donghao Yang was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Feb 11
Vipshop Holdings Limited to Report Q4, 2024 Results on Feb 21, 2025 Vipshop Holdings Limited announced that they will report Q4, 2024 results Pre-Market on Feb 21, 2025 Board Change • Jan 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 8 highly experienced directors. Non-Executive Director Donghao Yang was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Dec 10
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 8 highly experienced directors. Non-Executive Director Donghao Yang was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 20
Third quarter 2024 earnings released: EPS: CN¥2.00 (vs CN¥2.23 in 3Q 2023) Third quarter 2024 results: EPS: CN¥2.00 (down from CN¥2.23 in 3Q 2023). Revenue: CN¥20.7b (down 9.2% from 3Q 2023). Net income: CN¥1.05b (down 14% from 3Q 2023). Profit margin: 5.1% (down from 5.3% in 3Q 2023). The decrease in margin was driven by lower revenue. Revenue is expected to decline by 1.8% p.a. on average during the next 3 years, while revenues in the Global Multiline Retail industry are expected to grow by 10%. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Announcement • Nov 19
Vipshop Holdings Limited Provides Earnings Guidance for the Fourth Quarter of 2024 Vipshop Holdings Limited provided earnings guidance for the fourth quarter of 2024. For the quarter, the company expects its total net revenues to be between RMB 31.2 billion and RMB 32.9 billion, representing a year-over-year decrease of approximately 10% to 5%. These forecasts reflect the Company's current and preliminary view on the market and operational conditions, which is subject to change. Announcement • Nov 11
Vipshop Holdings Limited to Report Q3, 2024 Results on Nov 19, 2024 Vipshop Holdings Limited announced that they will report Q3, 2024 results Pre-Market on Nov 19, 2024 Announcement • Nov 08
Vipshop Holdings Limited, Annual General Meeting, Dec 06, 2024 Vipshop Holdings Limited, Annual General Meeting, Dec 06, 2024, at 11:00 China Standard Time. Location: 128 dingxin road, haizhu district, guangzhou 510220, China Valuation Update With 7 Day Price Move • Sep 26
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to Mex$307, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 14x in the Multiline Retail industry globally. Total returns to shareholders of 40% over the past three years. Announcement • Sep 20
Vipshop Holdings Limited Announces Change of Chief Technology Officer Mr. Tao Feng, chief technology officer of Vipshop Holdings Limited has tendered his resignation as chief technology officer due to personal reasons and will serve the Company until September 27, 2024. In relation to Mr. Feng's departure, Mr. Mike Li has been appointed as the chief technology officer of the Company, effective September 19, 2024. Mr. Mike Li has extensive experience working in China's internet industry. Prior to joining Vipshop, Mr. Li served as a high-level researcher for the Local Services Group of Alibaba Group Holding Limited from December 2020 to September 2024. Prior to that, he served as a senior technology specialist for the search and recommendation business unit of Alibaba Group from January 2013 to December 2020. Prior to joining Alibaba Group, Mr. Li served as a senior technology director of Asiainfo (China) Software Co. Ltd. from July 2003 to January 2013. Mr. Li received his bachelor's degree in electrical engineering and automation from Changchun University of Technology in 2000. Mr. Li received another bachelor's degree in computer science and technology from Zhejiang University in 2003. Reported Earnings • Aug 22
Second quarter 2024 earnings released: EPS: CN¥3.55 (vs CN¥3.81 in 2Q 2023) Second quarter 2024 results: EPS: CN¥3.55 (down from CN¥3.81 in 2Q 2023). Revenue: CN¥26.9b (down 3.6% from 2Q 2023). Net income: CN¥1.93b (down 7.9% from 2Q 2023). Profit margin: 7.2% (down from 7.5% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue is expected to decline by 1.9% p.a. on average during the next 3 years, while revenues in the Global Multiline Retail industry are expected to grow by 10%. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 22
Second quarter 2024 earnings released: EPS: CN¥3.55 (vs CN¥3.81 in 2Q 2023) Second quarter 2024 results: EPS: CN¥3.55 (down from CN¥3.81 in 2Q 2023). Revenue: CN¥26.9b (down 3.6% from 2Q 2023). Net income: CN¥1.93b (down 7.9% from 2Q 2023). Profit margin: 7.2% (down from 7.5% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue is expected to decline by 1.9% p.a. on average during the next 3 years, while revenues in the Global Multiline Retail industry are expected to grow by 10%. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 21
Second quarter 2024 earnings released: EPS: CN¥3.55 (vs CN¥3.81 in 2Q 2023) Second quarter 2024 results: EPS: CN¥3.55 (down from CN¥3.81 in 2Q 2023). Revenue: CN¥26.9b (down 3.6% from 2Q 2023). Net income: CN¥1.93b (down 7.9% from 2Q 2023). Profit margin: 7.2% (down from 7.5% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue is expected to decline by 1.9% p.a. on average during the next 3 years, while revenues in the Global Multiline Retail industry are expected to grow by 10%. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 21
Second quarter 2024 earnings released: EPS: CN¥3.55 (vs CN¥3.81 in 2Q 2023) Second quarter 2024 results: EPS: CN¥3.55 (down from CN¥3.81 in 2Q 2023). Revenue: CN¥26.9b (down 3.6% from 2Q 2023). Net income: CN¥1.93b (down 7.9% from 2Q 2023). Profit margin: 7.2% (down from 7.5% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue is expected to decline by 1.9% p.a. on average during the next 3 years, while revenues in the Global Multiline Retail industry are expected to grow by 10%. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 21
Second quarter 2024 earnings released: EPS: CN¥3.55 (vs CN¥3.81 in 2Q 2023) Second quarter 2024 results: EPS: CN¥3.55 (down from CN¥3.81 in 2Q 2023). Revenue: CN¥26.9b (down 3.6% from 2Q 2023). Net income: CN¥1.93b (down 7.9% from 2Q 2023). Profit margin: 7.2% (down from 7.5% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue is expected to decline by 1.9% p.a. on average during the next 3 years, while revenues in the Global Multiline Retail industry are expected to grow by 10%. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Announcement • Aug 12
Vipshop Holdings Limited to Report Q2, 2024 Results on Aug 20, 2024 Vipshop Holdings Limited announced that they will report Q2, 2024 results at 9:30 AM, US Eastern Standard Time on Aug 20, 2024 Board Change • Aug 07
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 8 highly experienced directors. Non-Executive Director Donghao Yang was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • May 23
First quarter 2024 earnings released: EPS: CN¥4.27 (vs CN¥3.21 in 1Q 2023) First quarter 2024 results: EPS: CN¥4.27 (up from CN¥3.21 in 1Q 2023). Revenue: CN¥27.6b (flat on 1Q 2023). Net income: CN¥2.32b (up 25% from 1Q 2023). Profit margin: 8.4% (up from 6.8% in 1Q 2023). Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Global Multiline Retail industry. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Announcement • May 23
Vipshop Holdings Limited Provides Earnings Guidance for the Second Quarter of 2024 Vipshop Holdings Limited provided earnings guidance for the second quarter of 2024. For the quarter, the company expects its total net revenues to be between RMB 26.5 billion and RMB 27.9 billion, representing a year-over-year decrease of approximately 5% to 0%. These forecasts reflect the Company's current and preliminary view on the market and operational conditions, which is subject to change. Announcement • May 15
Vipshop Holdings Limited to Report Q1, 2024 Results on May 22, 2024 Vipshop Holdings Limited announced that they will report Q1, 2024 results Pre-Market on May 22, 2024 Board Change • May 13
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 8 highly experienced directors. Non-Executive Director Donghao Yang was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Apr 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 8 highly experienced directors. Non-Executive Director Donghao Yang was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 29
Full year 2023 earnings released: EPS: CN¥14.67 (vs CN¥9.90 in FY 2022) Full year 2023 results: EPS: CN¥14.67 (up from CN¥9.90 in FY 2022). Revenue: CN¥112.9b (up 9.4% from FY 2022). Net income: CN¥8.12b (up 29% from FY 2022). Profit margin: 7.2% (up from 6.1% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Global Multiline Retail industry. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 27% per year, which means it is significantly lagging earnings. Board Change • Feb 23
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 8 highly experienced directors. Non-Executive Director Donghao Yang was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Feb 21
Vipshop Holdings Limited to Report Q4, 2023 Results on Feb 28, 2024 Vipshop Holdings Limited announced that they will report Q4, 2023 results Pre-Market on Feb 28, 2024 Board Change • Jan 24
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 8 highly experienced directors. Non-Executive Director Donghao Yang was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Buying Opportunity • Dec 23
Now 20% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be Mex$348, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 16%. For the next 3 years, revenue is forecast to grow by 4.8% per annum. Earnings is also forecast to grow by 5.4% per annum over the same time period. Buying Opportunity • Nov 21
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 1.2%. The fair value is estimated to be Mex$339, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 16%. For the next 3 years, revenue is forecast to grow by 4.8% per annum. Earnings is also forecast to grow by 5.6% per annum over the same time period. Reported Earnings • Nov 16
Third quarter 2023 earnings released: EPS: CN¥2.23 (vs CN¥2.73 in 3Q 2022) Third quarter 2023 results: EPS: CN¥2.23 (down from CN¥2.73 in 3Q 2022). Revenue: CN¥22.8b (up 5.3% from 3Q 2022). Net income: CN¥1.21b (down 28% from 3Q 2022). Profit margin: 5.3% (down from 7.8% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Global Multiline Retail industry. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Announcement • Nov 15
Vipshop Holdings Limited Provides Earnings Forecast for the Fourth Quarter of 2023 Vipshop Holdings Limited provides earnings forecast for the fourth quarter of 2023. For the fourth quarter of 2023, the Company expects its total net revenues to be between RMB 31.8 billion and RMB 33.3 billion, representing a year-over-year increase of approximately 0% to 5%. Board Change • Nov 13
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 8 highly experienced directors. Non-Executive Director Donghao Yang was the last director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Announcement • Nov 10
Vipshop Holdings Limited, Annual General Meeting, Dec 07, 2023 Vipshop Holdings Limited, Annual General Meeting, Dec 07, 2023, at 11:00 China Standard Time. Location: 128 Dingxin Road, Haizhu District, Gangzhou China Announcement • Nov 08
Vipshop Holdings Limited to Report Q3, 2023 Results on Nov 14, 2023 Vipshop Holdings Limited announced that they will report Q3, 2023 results Pre-Market on Nov 14, 2023 Valuation Update With 7 Day Price Move • Oct 10
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to Mex$300, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 14x in the Multiline Retail industry globally. Total loss to shareholders of 22% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at Mex$566 per share. Board Change • Sep 26
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 1 experienced director. 8 highly experienced directors. Non-Executive Director Donghao Yang was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Aug 22
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 1 experienced director. 8 highly experienced directors. Non-Executive Director Donghao Yang was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Aug 19
Vipshop Holdings Limited Provides Revenue Guidance for the Third Quarter of 2023 Vipshop Holdings Limited provided revenue guidance for the third quarter of 2023. For the third quarter of 2023, the company expects its total net revenues to be between RMB 21.6 billion and RMB 22.7 billion, representing a year-over-year increase of approximately 0% to 5%. These forecasts reflect the company's current and preliminary view on the market and operational conditions, which is subject to change. Announcement • Aug 08
Vipshop Holdings Limited to Report Q2, 2023 Results on Aug 18, 2023 Vipshop Holdings Limited announced that they will report Q2, 2023 results Pre-Market on Aug 18, 2023 Reported Earnings • May 24
First quarter 2023 earnings released: EPS: CN¥3.21 (vs CN¥1.62 in 1Q 2022) First quarter 2023 results: EPS: CN¥3.21 (up from CN¥1.62 in 1Q 2022). Revenue: CN¥27.5b (up 9.1% from 1Q 2022). Net income: CN¥1.86b (up 70% from 1Q 2022). Profit margin: 6.8% (up from 4.3% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Multiline Retail industry in South America. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Announcement • May 16
Vipshop Holdings Limited to Report Q1, 2023 Results on May 23, 2023 Vipshop Holdings Limited announced that they will report Q1, 2023 results Pre-Market on May 23, 2023 Buying Opportunity • May 12
Now 21% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be Mex$348, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.2% over the last 3 years. Earnings per share has grown by 7.8%. For the next 3 years, revenue is forecast to grow by 5.3% per annum. Earnings is also forecast to grow by 3.2% per annum over the same time period. Reported Earnings • Apr 20
Full year 2022 earnings released: EPS: CN¥9.90 (vs CN¥6.88 in FY 2021) Full year 2022 results: EPS: CN¥9.90 (up from CN¥6.88 in FY 2021). Revenue: CN¥103.2b (down 12% from FY 2021). Net income: CN¥6.30b (up 35% from FY 2021). Profit margin: 6.1% (up from 4.0% in FY 2021). The increase in margin was driven by lower expenses. Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Multiline Retail industry in South America. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Board Change • Apr 19
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 1 experienced director. 8 highly experienced directors. Non-Executive Director Donghao Yang was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Mar 02
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 1 experienced director. 8 highly experienced directors. Non-Executive Director Donghao Yang was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 24
Full year 2022 earnings released: EPS: CN¥4.95 (vs CN¥6.88 in FY 2021) Full year 2022 results: EPS: CN¥4.95. Revenue: CN¥103.2b (down 12% from FY 2021). Net income: CN¥6.30b (up 35% from FY 2021). Profit margin: 6.1% (up from 4.0% in FY 2021). The increase in margin was driven by lower expenses. Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Global Online Retail industry. Announcement • Feb 14
Vipshop Holdings Limited to Report Q4, 2022 Results on Feb 23, 2023 Vipshop Holdings Limited announced that they will report Q4, 2022 results at 9:30 AM, US Eastern Standard Time on Feb 23, 2023 Valuation Update With 7 Day Price Move • Dec 06
Investor sentiment improved over the past week After last week's 35% share price gain to Mex$245, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 22x in the Online Retail industry globally. Total loss to shareholders of 4.3% over the past three years. Board Change • Nov 30
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 1 experienced director. 8 highly experienced directors. Non-Executive Director Donghao Yang was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 23
Third quarter 2022 earnings released: EPS: CN¥2.73 (vs CN¥0.93 in 3Q 2021) Third quarter 2022 results: EPS: CN¥2.73 (up from CN¥0.93 in 3Q 2021). Revenue: CN¥21.6b (down 13% from 3Q 2021). Net income: CN¥1.69b (up 168% from 3Q 2021). Profit margin: 7.8% (up from 2.5% in 3Q 2021). The increase in margin was driven by lower expenses. Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Online Retail industry in South America. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Nov 18
Investor sentiment improved over the past week After last week's 29% share price gain to Mex$181, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 20x in the Online Retail industry globally. Total loss to shareholders of 23% over the past three years. Board Change • Nov 16
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 1 experienced director. 8 highly experienced directors. Non-Executive Director Donghao Yang was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Oct 22
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 1 experienced director. 8 highly experienced directors. Non-Executive Director Donghao Yang was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment deteriorated over the past week After last week's 17% share price decline to Mex$174, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 16x in the Online Retail industry globally. Total loss to shareholders of 1.9% over the past three years. Valuation Update With 7 Day Price Move • Aug 26
Investor sentiment improved over the past week After last week's 16% share price gain to Mex$223, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 18x in the Online Retail industry globally. Total returns to shareholders of 33% over the past three years. Reported Earnings • Aug 20
Second quarter 2022 earnings released: EPS: CN¥1.99 (vs CN¥1.59 in 2Q 2021) Second quarter 2022 results: EPS: CN¥1.99 (up from CN¥1.59 in 2Q 2021). Revenue: CN¥24.5b (down 17% from 2Q 2021). Net income: CN¥1.28b (up 17% from 2Q 2021). Profit margin: 5.2% (up from 3.7% in 2Q 2021). The increase in margin was driven by lower expenses. Over the next year, revenue is forecast to grow 1.2%, compared to a 21% growth forecast for the Online Retail industry in Mexico. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jun 07
Investor sentiment improved over the past week After last week's 16% share price gain to Mex$198, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 18x in the Online Retail industry globally. Total returns to shareholders of 39% over the past three years. Board Change • May 02
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 1 experienced director. 8 highly experienced directors. Non-Executive Director Donghao Yang was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Mar 12
Investor sentiment deteriorated over the past week After last week's 22% share price decline to Mex$135, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 17x in the Online Retail industry globally. Total loss to shareholders of 9.8% over the past three years. Reported Earnings • Feb 25
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: EPS: CN¥6.88 (down from CN¥8.75 in FY 2020). Revenue: CN¥117.1b (up 15% from FY 2020). Net income: CN¥4.68b (down 21% from FY 2020). Profit margin: 4.0% (down from 5.8% in FY 2020). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.1%. Over the next year, revenue is forecast to grow 3.1%, compared to a 66% growth forecast for the retail industry in Mexico. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Board Change • Feb 09
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 1 experienced director. 8 highly experienced directors. Non-Executive Director Donghao Yang was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Dec 15
Investor sentiment deteriorated over the past week After last week's 16% share price decline to Mex$186, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 20x in the Online Retail industry globally. Total returns to shareholders of 66% over the past three years. Board Change • Dec 14
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 1 experienced director. 8 highly experienced directors. Non-Executive Director Donghao Yang was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 20
Third quarter 2021 earnings released: EPS CN¥0.93 (vs CN¥1.84 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: CN¥24.9b (up 7.5% from 3Q 2020). Net income: CN¥628.4m (down 50% from 3Q 2020). Profit margin: 2.5% (down from 5.4% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Board Change • Nov 09
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 1 experienced director. 8 highly experienced directors. Non-Executive Director Donghao Yang was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Sep 16
Investor sentiment deteriorated over the past week After last week's 16% share price decline to Mex$260, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 22x in the Online Retail industry globally. Total returns to shareholders of 115% over the past three years. Reported Earnings • Aug 21
Second quarter 2021 earnings released: EPS CN¥1.59 (vs CN¥2.28 in 2Q 2020) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: CN¥29.6b (up 23% from 2Q 2020). Net income: CN¥1.09b (down 29% from 2Q 2020). Profit margin: 3.7% (down from 6.4% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. 
