Nidec Withdraws $1.8 Billion Hostile Bid for Makino Milling
The acquisitive maker of precision motors was offering ¥11,000 for each Makino Milling share. The tender began despite Makino's requests for a delay until while it weighs offers from other suitors. The target company, which previously threatened to grant stock acquisition rights to existing shareholders to block the takeover, protested the move, calling it 'deeply regrettable.'
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BEIJING, Aug. 14, 2025 /PRNewswire/ -- Weibo Corporation ("Weibo" or the "Company") (Nasdaq: WB and HKEX: 9898), a leading social media in China, today announced its unaudited financial results for the second quarter ended June 30, 2025. "We delivered solid performance this quarter," said Gaofei Wang, CEO of Weibo. "On the user product front, we focused on the integration of social products and upgrade of recommendation system, which are aimed at improving user engagement and content consumption on the platform. On the AI technology application front, our user community of AI-powered intelligent search grew robustly, which further drove the increase of the overall search needs of users. On the monetization front, our advertising business exhibited solid trend this quarter, leveraging our strengths in new product launch marketing and our capability to capture advertising budget during the e-commerce season." 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Monthly active users ("MAUs") were 588 million in June 2025. Average daily active users ("DAUs") were 261 million in June 2025. [1] We define constant currency (non-GAAP) by assuming that the average exchange rate in the second quarter of 2025 was the same as it was in the second quarter of 2024, or RMB7.23=US$1.00. Second Quarter 2025 Financial Results For the second quarter of 2025, Weibo's total net revenues were US$444.8 million, an increase of 2% compared to US$437.9 million for the same period last year. Advertising and marketing revenues for the second quarter of 2025 were US$383.4 million, an increase of 2% compared to US$375.3 million for the same period last year. Advertising and marketing revenues excluding advertising revenues from Alibaba were US$347.6 million, an increase of 1% compared to US$342.9 million for the same period last year. Advertising and marketing revenues from Alibaba were US$35.7 million, an increase of 10% compared to US$32.4 million for the same period last year, mainly attributable to incremental marketing demand for the June 18 e-commerce festival. VAS revenues for the second quarter of 2025 were US$61.4 million, a decrease of 2% compared to US$62.6 million for the same period last year. Costs and expenses for the second quarter of 2025 totaled US$299.2 million, a decrease of 1% compared to US$302.5 million for the same period last year. The decrease mainly resulted from the decrease of general and administrative expenses year-over-year, partially offset by the increase in cost of revenues and product development expenses year-over-year. The decrease of general and administrative expenses was primarily due to the collection of an accounts receivable in the second quarter of 2025 which had previously been recognized as bad debt expenses and written off in the past period. Income from operations for the second quarter of 2025 was US$145.6 million, an increase of 8% compared to US$135.4 million for the same period last year. Operating margin for the second quarter of 2025 was 33%, compared to 31% for the same period last year. Non-GAAP income from operations for the second quarter of 2025 was US$161.8 million, compared to US$157.6 million for the same period last year. Non-GAAP operating margin for the second quarter of 2025 was 36%, at similar level compared to the same period last year. Non-operating income for the second quarter of 2025 was US$12.8 million, compared to US$11.4 million for the same period last year. Non-operating income for the second quarter of 2025 mainly included (i) net interest and other income of US$15.9 million; and (ii) investment related impairment of US$4.9 million, which was excluded under non-GAAP measures. Income tax expenses for the second quarter of 2025 were US$31.7 million, compared to US$33.3 million for the same period last year. Net income attributable to Weibo's shareholders for the second quarter of 2025 was US$125.7 million, compared to US$111.9 million for the same period last year. Diluted net income per share attributable to Weibo's shareholders for the second quarter of 2025 was US$0.48, compared to US$0.43 for the same period last year. Non-GAAP net income attributable to Weibo's shareholders for the second quarter of 2025 was US$143.2 million, compared to US$126.3 million for the same period last year. Non-GAAP diluted net income per share attributable to Weibo's shareholders for the second quarter of 2025 was US$0.54, compared to US$0.48 for the same period last year. As of June 30, 2025, Weibo's cash, cash equivalents and short-term investments totaled US$2.11 billion. For the second quarter of 2025, cash provided by operating activities was US$24.8 million, capital expenditures totaled US$17.6 million, and depreciation and amortization expenses amounted to US$14.8 million. Conference Call Weibo's management team will host a conference call from 7:00 AM to 8:00 AM Eastern Time on August 14, 2025 (or 7:00 PM to 8:00 PM Beijing Time on August 14, 2025) to present an overview of the Company's financial performance and business operations. Participants who wish to dial in to the teleconference must register through the below public participant link. Dial-in and instructions will be provided in the confirmation email upon registering. Participants Registration Link: Additionally, a live and archived webcast of this conference call will be available at Non-GAAP Financial Measures This release contains the following non-GAAP financial measures: non-GAAP income from operations, non-GAAP net income attributable to Weibo's shareholders, non-GAAP diluted net income per share attributable to Weibo's shareholders and adjusted EBITDA. These non-GAAP financial measures should be considered in addition to, not as a substitute for, measures of the Company's financial performance prepared in accordance with U.S. GAAP. The Company's non-GAAP financial measures exclude stock-based compensation, amortization of intangible assets resulting from business acquisitions, net results of impairment and provision on investments, gain/loss on sale of investments and fair value change of investments, non-GAAP to GAAP reconciling items on the share of equity method investments, non-GAAP to GAAP reconciling items for the income/loss attributable to non-controlling interests, income tax expense related to the amortization of intangible assets resulting from business acquisitions and fair value change of investments (other non-GAAP to GAAP reconciling items have no tax effect), and amortization of issuance cost of convertible senior notes, unsecured senior notes and long-term loans. Adjusted EBITDA represents non-GAAP net income attributable to Weibo's shareholders before interest income/expense, net, income tax expenses/benefits, and depreciation expenses. The Company's management uses these non-GAAP financial measures in their financial and operating decision-making, because management believes these measures reflect the Company's ongoing operating performance in a manner that allows more meaningful period-to-period comparisons. The Company believes that these non-GAAP financial measures provide useful information to investors and others in the following ways: (i) in comparing the Company's current financial results with the Company's past financial results in a consistent manner, and (ii) in understanding and evaluating the Company's current operating performance and future prospects in the same manner as management does. The Company also believes that the non-GAAP financial measures provide useful information to both management and investors by excluding certain expenses, gains/losses and other items (i) that are not expected to result in future cash payments or (ii) that are non-recurring in nature or may not be indicative of the Company's core operating results and business outlook. Use of non-GAAP financial measures has limitations. The Company's non-GAAP financial measures do not include all income and expense items that affect the Company's operations. They may not be comparable to non-GAAP financial measures used by other companies. Accordingly, care should be exercised in understanding how the Company defines its non-GAAP financial measures. Reconciliations of the Company's non-GAAP financial measures to the nearest comparable GAAP measures are set forth in the section below titled "Unaudited Reconciliation of Non-GAAP to GAAP Results." About Weibo Weibo is a leading social media for people to create, share and discover content online. Weibo combines the means of public self-expression in real time with a powerful platform for social interaction, content aggregation and content distribution. Any user can create and post a feed and attach multi-media and long-form content. User relationships on Weibo may be asymmetric; any user can follow any other user and add comments to a feed while reposting. This simple, asymmetric and distributed nature of Weibo allows an original feed to become a live viral conversation stream. Weibo enables its advertising and marketing customers to promote their brands, products and services to users. Weibo offers a wide range of advertising and marketing solutions to companies of all sizes. Weibo generates a substantial majority of its revenues from the sale of advertising and marketing services, including the sale of social display advertisement and promoted marketing offerings. Weibo displays content in a simple information feed format and offers native advertisement that conform to the information feed on our platform. We are continuously refining our social interest graph recommendation engine, which enables our customers to perform people marketing and target audiences based on user demographics, social relationships, interests and behaviors, to achieve greater relevance, engagement and marketing effectiveness. Safe Harbor Statement This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology, such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "confidence," "estimates" and similar statements. Among other things, Weibo's expected financial performance and strategic and operational plans, as described, without limitation, in quotations from management in this press release, contain forward-looking statements. Weibo may also make written or oral forward-looking statements in the Company's periodic reports to the U.S. Securities and Exchange Commission ("SEC"), in announcements, circulars or other publications made on the website of The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange"), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, Weibo's limited operating history in certain new businesses; failure to sustain or grow active user base and the level of user engagement; the uncertain regulatory landscape in China; fluctuations in the Company's quarterly operating results; the Company's reliance on advertising and marketing sales for a majority of its revenues; failure to successfully develop, introduce, drive adoption of or monetize new features and products; failure to compete effectively for advertising and marketing spending; failure to successfully integrate acquired businesses; risks associated with the Company's investments, including equity pick-up and impairment; failure to compete successfully against new entrants and established industry competitors; changes in the macro-economic environment, including the depreciation of the Renminbi; and adverse changes in economic and political policies of the PRC government and its impact on the Chinese economy. Further information regarding these and other risks is included in Weibo's annual reports on Form 20-F and other filings with the SEC and the Hong Kong Stock Exchange. All information provided in this press release is current as of the date hereof, and Weibo assumes no obligation to update such information, except as required under applicable law. Contact: Investor RelationsWeibo CorporationPhone: +86 10 5898-3336Email: ir@ WEIBO CORPORATION UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands of U.S. dollars, except per share data) Three months endedSix months ended June 30,June 30,June 30,June 30, 2024202520242025 Net revenues: Advertising and marketing $ 375,277$ 383,352$ 714,228$ 722,458 Value-added services 62,59661,446119,142119,195Net revenues 437,873444,798833,370841,653Costs and expenses: Cost of revenues (1) 89,790103,451176,611192,253 Sales and marketing (1) 114,232109,747217,859205,557 Product development (1) 71,68978,068152,415154,089 General and administrative (1) 26,7777,96251,36333,874Total costs and expenses 302,488299,228598,248585,773 Income from operations 135,385145,570235,122255,880Non-operating income (loss): Investment related income (loss), net 245(3,112)(4,725)5,245 Interest and other income (loss), net 11,18215,945(7,429)29,691 11,42712,833(12,154)34,936Income before income tax expenses 146,812158,403222,968290,816 Less: Income tax expenses 33,27531,70558,31955,996Net income 113,537126,698164,649234,820 Less: Net income attributable to non-controlling interests 4714291,019763 Accretion to redeemable non-controlling interests 1,1355842,2611,408 Net income attributable to Weibo's shareholders $ 111,931$ 125,685$ 161,369$ 232,649 Basic net income per share attributable to Weibo's shareholders $ 0.47$ 0.53$ 0.68$ 0.98 Diluted net income per share attributable to Weibo's shareholders $ 0.43$ 0.48$ 0.63$ 0.88Shares used in computing basic net income per share attributable to Weibo's shareholders 237,124238,632236,909238,459 Shares used in computing diluted net income per share attributable to Weibo's shareholders 265,086268,346264,365267,429(1) Stock-based compensation in each category: Cost of revenues $ 1,527$ 980$ 3,300$ 2,219Sales and marketing 3,2112,2347,0345,163Product development 8,2935,34018,73112,180General and administrative 4,1763,4659,1547,504 WEIBO CORPORATION UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands of U.S. dollars)As of December 31,June 30, 20242025AssetsCurrent assets: Cash and cash equivalents $ 1,890,632$ 1,156,292Short-term investments 459,852952,876Accounts receivable, net 339,754376,540Prepaid expenses and other current assets 348,774339,402Amount due from SINA(1) 452,769452,953 Current assets subtotal 3,491,7813,278,063 Property and equipment, net 215,034280,622Goodwill and intangible assets, net 272,004268,159Long-term investments 1,389,1991,419,411Other non-current assets 1,136,4811,292,890Total assets $ 6,504,499$ 6,539,145Liabilities, Redeemable Non-controlling Interests and Shareholders' Equity Liabilities:Current liabilities: Accounts payable $ 158,435$ 186,790Accrued expenses and other current liabilities 652,369582,521Income tax payable 84,69050,295Deferred revenues 72,64277,272 Current liabilities subtotal 968,136896,878Long-term liabilities: Convertible senior notes 320,803322,374Unsecured senior notes 744,662745,146Long-term loans 795,311797,144Other long-term liabilities 96,701101,895 Total liabilities 2,925,6132,863,437 Redeemable non-controlling interests 45,10325,817 Shareholders' equity :Weibo shareholders' equity 3,482,7713,597,121 Non-controlling interests 51,01252,770Total shareholders' equity 3,533,7833,649,891Total liabilities, redeemable non-controlling interests and shareholders' equity $ 6,504,499$ 6,539,145(1) Included short-term loans to and interest receivable from SINA of US$417.7 million as of December 31, 2024 and US$410.2 million as of June 30, 2025. WEIBO CORPORATIONUNAUDITED RECONCILIATION OF NON-GAAP TO GAAP RESULTS(In thousands of U.S. dollars, except per share data)Three months endedSix months endedJune 30,June 30,June 30,June 30,2024202520242025Income from operations$ 135,385$ 145,570$ 235,122$ 255,880 Add: Stock-based compensation 17,207 12,019 38,219 27,066 Amortization of intangible assets resulting from business acquisitions 5,011 4,161 10,070 8,283Non-GAAP income from operations$ 157,603$ 161,750$ 283,411$ 291,229Net income attributable to Weibo's shareholders$ 111,931$ 125,685$ 161,369$ 232,649 Add: Stock-based compensation 17,207 12,019 38,219 27,066 Amortization of intangible assets resulting from business acquisitions 5,011 4,161 10,070 8,283 Investment related gain/loss, net (1) (245) 3,112 4,725 (5,245) Non-GAAP to GAAP reconciling items on the share of equity method investments (8,412) (2,642) 16,946 (1,603) Non-GAAP to GAAP reconciling items for the income/loss attributable to non-controlling interests (435) (578) (871) (1,070) Tax effects on non-GAAP adjustments (2) (1,082) (485) (2,185) (1,219) Amortization of issuance cost of convertible senior notes, unsecured senior notes and long-term loans 2,277 1,943 4,591 3,886Non-GAAP net income attributable to Weibo's shareholders$ 126,252$ 143,215$ 232,864$ 262,747Non-GAAP diluted net income per share attributable to Weibo's shareholders$ 0.48 * $ 0.54 * $ 0.89 * $ 0.99 * Shares used in computing GAAP diluted net income per share attributable to Weibo's shareholders 265,086 268,346 264,365 267,429Shares used in computing non-GAAP diluted net income per share attributable to Weibo's shareholders 265,086 268,346 264,365 267,429Adjusted EBITDA: Net income attributable to Weibo's shareholders$ 111,931$ 125,685$ 161,369$ 232,649 Non-GAAP adjustments 14,321 17,530 71,495 30,098 Non-GAAP net income attributable to Weibo's shareholders 126,252 143,215 232,864 262,747Interest income, net (9,410) (10,098) (18,561) (24,084)Income tax expenses 34,357 32,190 60,504 57,215Depreciation expenses 9,169 10,363 18,586 19,512 Adjusted EBITDA$ 160,368$ 175,670$ 293,393$ 315,390Net revenues$ 437,873$ 444,798$ 833,370$ 841,653Non-GAAP operating margin 36 % 36 % 34 % 35 %(1) To adjust impairment and provision on investments, gain/loss on sale of investments and fair value change of investments. (2) To adjust the income tax effects of non-GAAP adjustments, which primarily related to amortization of intangible assets resulting from business acquisitions and fair value change of investments. Other non-GAAP adjustment items have no tax effect, because (i) they were recorded in entities established in tax free jurisdictions, or (ii) full valuation allowances were provided for related deferred tax assets as it is more-likely-than-not they will not be realized. * Net income attributable to Weibo's shareholders is adjusted for interest expense of convertible senior notes for calculating diluted EPS. WEIBO CORPORATION UNAUDITED ADDITIONAL INFORMATION (In thousands of U.S. dollars)Three months endedSix months endedJune 30,June 30,June 30,June 30,2024202520242025 Net revenuesAdvertising and marketing Non-Ali advertisers$ 342,868$ 347,610$ 659,268$ 644,104 Alibaba 32,40935,74254,96078,354 Subtotal375,277383,352714,228722,458Value-added services62,59661,446119,142119,195$ 437,873$ 444,798$ 833,370$ 841,653 View original content: SOURCE Weibo Corporation Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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GROSS PROFIT Gross profit for the second quarter of 2025 was RMB6.1 billion (US$845.2 million), compared with RMB6.3 billion in the prior year period. Gross margin for the second quarter of 2025 was 23.5%, compared with 23.6% in the prior year period. OPERATING EXPENSES Total operating expenses for the second quarter of 2025 increased by 6.3% year over year to RMB4.6 billion (US$637.0 million) from RMB4.3 billion in the prior year period. As a percentage of total net revenues, total operating expenses for the second quarter of 2025 were 17.7%, compared with 16.0% in the prior year period. Fulfillment expenses for the second quarter of 2025 decreased by 2.6% year over year to RMB2.1 billion (US$294.4 million) from RMB2.2 billion in the prior year period. As a percentage of total net revenues, fulfillment expenses for the second quarter of 2025 were 8.2%, compared with 8.1% in the prior year period. Marketing expenses for the second quarter of 2025 decreased by 3.3% year over year to RMB715.9 million (US$99.9 million) from RMB740.7 million in the prior year period. As a percentage of total net revenues, marketing expenses for the second quarter of 2025 were 2.8%, which remained stable as compared with that in the prior year period. Technology and content expenses for the second quarter of 2025 decreased by 9.3% year over year to RMB442.0 million (US$61.7 million) from RMB487.2 million in the prior year period. As a percentage of total net revenues, technology and content expenses for the second quarter of 2025 were 1.7%, compared with 1.8% in the prior year period. General and administrative expenses for the second quarter of 2025 were RMB1.3 billion (US$181.0 million), compared with RMB900.7 million in the prior year period, primarily reflecting an increase in the share-based compensation expenses for Shan Shan Outlets. As a percentage of total net revenues, general and administrative expenses for the second quarter of 2025 were 5.0%, compared with 3.4% in the prior year period. INCOME FROM OPERATIONS Income from operations for the second quarter of 2025 was RMB1.7 billion (US$237.0 million), compared with RMB2.2 billion in the prior year period. Operating margin for the second quarter of 2025 was 6.6%, compared with 8.3% in the prior year period. Non-GAAP income from operations[5] for the second quarter of 2025, which excluded share-based compensation expenses, was RMB2.4 billion (US$334.4 million), compared with RMB2.6 billion in the prior year period. Non-GAAP operating margin[6] for the second quarter of 2025 was 9.3%, compared with 9.5% in the prior year period. NET INCOME Net income attributable to Vipshop's shareholders for the second quarter of 2025 was RMB1.5 billion (US$208.0 million), compared with RMB1.9 billion in the prior year period. Net margin attributable to Vipshop's shareholders for the second quarter of 2025 was 5.8%, compared with 7.2% in the prior year period. Net income attributable to Vipshop's shareholders per diluted ADS[7] for the second quarter of 2025 was RMB2.91 (US$0.41), compared with RMB3.49 in the prior year period. Non-GAAP net income attributable to Vipshop's shareholders for the second quarter of 2025, which excluded (i) share-based compensation expenses, (ii) impairment loss of investments, (iii) investment loss (gain) and revaluation of investments excluding dividends, (iv) reconciling items on the share of equity method investments, and (v) tax effects on non-GAAP adjustments, was RMB2.1 billion (US$290.0 million), compared with RMB2.2 billion in the prior year period. Non-GAAP net margin attributable to Vipshop's shareholders[8] for the second quarter of 2025 was 8.0%, compared with 8.1% in the prior year period. Non-GAAP net income attributable to Vipshop's shareholders per diluted ADS[9] for the second quarter of 2025 was RMB4.06 (US$0.57), compared with RMB3.91 in the prior year period. For the quarter ended June 30, 2025, the Company's weighted average number of ADSs used in computing diluted income per ADS was 511,765,820. BALANCE SHEET AND CASH FLOW As of June 30, 2025, the Company had cash and cash equivalents and restricted cash of RMB24.7 billion (US$3.5 billion) and short term investments of RMB3.0 billion (US$416.2 million). For the quarter ended June 30, 2025, net cash generated from operating activities was RMB1.3 billion (US$181.6 million), and free cash flow[10], a non-GAAP measurement of liquidity, was as follows: For the three months endedJune 30, 2024 RMB'000 June 30, 2025 RMB'000 June 30, 2025 US$'000 Net cash generated from operating activities 287,090 1,301,049 181,619 Reconciling items: Net impact from internet financing activities[11] 27,193 56,614 7,903 Capital expenditures (1,178,086) (555,862) (77,595) Free cash (outflow) inflow (863,803) 801,801 111,927For the trailing twelve months endedJune 30, 2024 RMB'000 June 30, 2025 RMB'000 June 30, 2025 US$'000 Net cash generated from operating activities 9,626,765 9,673,390 1,350,353 Reconciling items: Net impact from internet financing activities (84,782) 73,437 10,251 Capital expenditures (4,360,210) (2,908,504) (406,012) Free cash inflow 5,181,773 6,838,323 954,592 Share Repurchase Program During the quarter ended June 30, 2025, the Company repurchased US$349.8 million of its ADSs under its current US$1.0 billion share repurchase program, which is effective through February 2027. As of June 30, 2025, the Company had an unutilized amount of US$646.0 million under this program. Business Outlook For the third quarter of 2025, the Company expects its total net revenues to be between RMB20.7 billion and RMB21.7 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. Exchange Rate The Company's business is primarily conducted in China and the significant majority of revenues generated are denominated in Renminbi. This announcement contains currency translations of Renminbi amounts into U.S. dollars solely for the convenience of the reader. Unless otherwise noted, all translations from Renminbi to U.S. dollars are made at a rate of RMB7.1636 to US$1.00, the effective noon buying rate on June 30, 2025 as set forth in the H.10 statistical release of the Federal Reserve Board. No representation is made that the Renminbi amounts could have been, or could be, converted, realized or settled into U.S. dollars at that rate on June 30, 2025 or at any other rate. Conference Call Information The Company will hold a conference call on Thursday, August 14, 2025 at 7:30 am U.S. Eastern Time, 7:30 pm Beijing Time to discuss the financial results. All participants wishing to join the conference call must pre-register online using the link provided below. Registration Link: Once pre-registration has been completed, each participant will receive dial-in numbers and a unique access PIN via email. To join the conference, participants should use the dial-in details followed by the PIN code. A live webcast of the earnings conference call can be accessed at An archived webcast will be available at the Company's investor relations website at About Vipshop Holdings Limited Vipshop Holdings Limited is a leading online discount retailer for brands in China. Vipshop offers high quality and popular branded products to consumers throughout China at a significant discount to retail prices. Since it was founded in August 2008, the Company has rapidly built a sizeable and growing base of customers and brand partners. For more information, please visit Safe Harbor Statement This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as Vipshop's strategic and operational plans, contain forward-looking statements. Vipshop may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in its annual report to shareholders, in press releases and other written materials, and in oral statements made by its officers, directors, or employees to third parties. Statements that are not historical facts, including statements about Vipshop's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Vipshop's goals and strategies; Vipshop's future business development, results of operations and financial condition; the expected growth of the online discount retail market in China; Vipshop's ability to attract customers and brand partners and further enhance its brand recognition; Vipshop's expectations regarding needs for and market acceptance of flash sales products and services; competition in the discount retail industry; fluctuations in general economic and business conditions in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Vipshop's filings with the SEC. All information provided in this press release is as of the date of this press release, and Vipshop does not undertake any obligation to update any forward-looking statement, except as required under applicable law. Use of Non-GAAP Financial Measures The condensed consolidated financial information is derived from the Company's unaudited interim condensed consolidated financial statements prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), except that cash flows for the period presented and the detailed footnote disclosures required by Accounting Standards Codification 270, Interim Reporting ("ASC270") have been omitted. Vipshop uses non-GAAP net income attributable to Vipshop's shareholders, non-GAAP net income attributable to Vipshop's shareholders per diluted ADS, non-GAAP income from operations, non-GAAP operating margin, non-GAAP net margin attributable to Vipshop's shareholders, and free cash flow, each of which is a non-GAAP financial measure. For the periods presented in this press release, non-GAAP net income attributable to Vipshop's shareholders is net income attributable to Vipshop's shareholders excluding (i) share-based compensation expenses, (ii) impairment loss of investments, (iii) investment loss (gain) and revaluation of investments excluding dividends, (iv) reconciling items on the share of equity method investments, and (v) tax effects on non-GAAP adjustments. Non-GAAP net income attributable to Vipshop's shareholders per diluted ADS is computed using non-GAAP net income attributable to Vipshop's shareholders divided by weighted average number of diluted ADS outstanding for computing diluted earnings per ADS. Non-GAAP income from operations is income from operations excluding share-based compensation expenses. Non-GAAP operating margin is non-GAAP income from operations as a percentage of total net revenues. Non-GAAP net margin attributable to Vipshop's shareholders is non-GAAP net income attributable to Vipshop's shareholders as a percentage of total net revenues. Free cash flow is net cash from operating activities adding back the impact from internet financing activities and less capital expenditures, which include purchase and deposits of property and equipment and land use rights. Impact from internet financing activities added back or deducted from free cash flow contains changes in the balances of financial products, which are primarily consumer financing and supplier financing that the Company provides to customers and suppliers. The Company believes that separate analysis and exclusion of the non-cash impact of (i) share-based compensation expenses, (ii) impairment loss of investments, (iii) investment loss (gain) and revaluation of investments excluding dividends, (iv) reconciling items on the share of equity method investments, and (v) tax effects on non-GAAP adjustments add clarity to the constituent parts of its performance. The Company reviews these non-GAAP financial measures together with GAAP financial measures to obtain a better understanding of its operating performance. It uses these non-GAAP financial measures for planning, forecasting, and measuring results against the forecast. The Company believes that non-GAAP financial measures are useful supplemental information for investors and analysts to assess its operating performance without the effect of (i) share-based compensation expenses, (ii) impairment loss of investments, (iii) investment loss (gain) and revaluation of investments excluding dividends, (iv) reconciling items on the share of equity method investments, and (v) tax effects on non-GAAP adjustments. Free cash flow enables the Company to assess liquidity and cash flow, taking into account the impact from internet financing activities and the financial resources needed for the expansion of fulfillment infrastructure, technology platform, and Shan Shan Outlets. Share-based compensation expenses have been and will continue to be significant recurring expenses in its business. However, the use of non-GAAP financial measures has material limitations as an analytical tool. One of the limitations of using non-GAAP financial measures is that they do not include all items that impact the Company's net income for the period. In addition, because non-GAAP financial measures are not measured in the same manner by all companies, they may not be comparable to other similar titled measures used by other companies. One of the key limitations of free cash flow is that it does not represent the residual cash flow available for discretionary expenditures. The presentation of these non-GAAP financial measures is not intended to be considered in isolation from, or as a substitute for, the financial information prepared and presented in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned "Vipshop Holdings Limited Reconciliations of GAAP and Non-GAAP Results" at the end of this release. Investor Relations Contact Tel: +86 (20) 2233-0732Email: IR@ [1] "Gross merchandise value (GMV)" is defined as the total Renminbi value of all products and services sold through the Company's online sales business, online marketplace platform, Shan Shan Outlets, and other offline stores during the given period, including the Company's websites and mobile apps, third-party websites and mobile apps, Shan Shan Outlets, and other offline stores, which were fulfilled by either the Company or its third-party merchants, regardless of whether or not the goods were delivered or returned. GMV includes shipping charges paid by buyers to sellers. For prudent considerations, the Company does not consider products or services to be sold if the orders were placed and canceled pre-shipment and only included orders that left the Company's or other third-party vendors' warehouses. [2] Non-GAAP net income attributable to Vipshop's shareholders is a non-GAAP financial measure, which, for the periods presented in this press release, is defined as net income attributable to Vipshop's shareholders excluding (i) share-based compensation expenses, (ii) impairment loss of investments, (iii) investment loss (gain) and revaluation of investments excluding dividends, (iv) reconciling items on the share of equity method investments, and (v) tax effects on non-GAAP adjustments. [3] "Active customers" is defined as registered members who have purchased from the Company's self-operated online sales business or the Company's online marketplace platforms, excluding those who made their purchases from the Company's online stores operated at third-party platforms, at least once during the relevant period. [4] "Total orders" is defined as the total number of orders placed during the given period, including the orders for products and services sold through the Company's online sales business and on the Company's online marketplace platforms (excluding, for the avoidance of doubt, orders from the Company's offline stores and outlets), net of orders returned. [5] Non-GAAP income from operations is a non-GAAP financial measure, which is defined as income from operations excluding share-based compensation expenses. [6] Non-GAAP operating margin is a non-GAAP financial measure, which is defined as non-GAAP income from operations as a percentage of total net revenues. [7] "ADS" means American depositary share, each of which represents 0.2 Class A ordinary share. [8] Non-GAAP net margin attributable to Vipshop's shareholders is a non-GAAP financial measure, which is defined as non-GAAP net income attributable to Vipshop's shareholders, as a percentage of total net revenues. [9] Non-GAAP net income attributable to Vipshop's shareholders per diluted ADS is a non-GAAP financial measure, which is defined as non-GAAP net income attributable to Vipshop's shareholders, divided by the weighted average number of diluted ADSs outstanding for computing diluted earnings per ADS. [10] Free cash flow is a non-GAAP financial measure, which is defined as net cash from operating activities adding back the impact from internet financing activities and less capital expenditures, which include purchase and deposits of property and equipment and land use rights. [11] Net impact from internet financing activities represents net cash flow relating to the Company's financial products, which are primarily consumer financing and supplier financing that the Company provides to its customers and suppliers. Vipshop Holdings Limited Unaudited Condensed Consolidated Statements of Income and Comprehensive Income (In thousands, except for share and per share data)Three Months EndedSix Months EndedJune 30,2024 June 30,2025 June 30,2025June 30,2024 June 30,2025 June 30,2025RMB'000 RMB'000 USD'000RMB'000 RMB'000 USD'000 Product revenues 25,077,607 23,797,383 3,321,98750,924,737 48,090,503 6,713,175 Other revenues (1) 1,797,561 2,008,977 280,4423,596,311 3,984,399 556,201 Total net revenues 26,875,168 25,806,360 3,602,42954,521,048 52,074,902 7,269,376 Cost of revenues (20,533,956) (19,751,363) (2,757,184)(41,634,335) (39,937,696) (5,575,087) Gross profit 6,341,212 6,054,997 845,24512,886,713 12,137,206 1,694,289 Operating expenses: Fulfillment expenses (2) (2,164,681) (2,109,239) (294,438)(4,150,206) (3,999,193) (558,266) Marketing expenses (740,662) (715,900) (99,936)(1,431,546) (1,448,048) (202,140) Technology and content expenses (487,156) (442,039) (61,706)(969,057) (891,109) (124,394) General and administrative expenses (900,671) (1,296,338) (180,962)(1,829,758) (2,247,136) (313,688) Total operating expenses (4,293,170) (4,563,516) (637,042)(8,380,567) (8,585,486) (1,198,488) Other operating income 184,380 206,423 28,816485,978 422,979 59,046 Income from operations 2,232,422 1,697,904 237,0194,992,124 3,974,699 554,847 Investment (loss) gain and revaluation of investments (17,855) 37,106 5,180(21,413) (353) (49) Impairment loss of investments (14,691) 0 0(14,691) 0 0 Interest expense (13,666) (23,482) (3,278)(24,221) (33,721) (4,707) Interest income 191,656 195,951 27,354407,713 418,901 58,476 Exchange loss (74,896) (18,849) (2,631)(77,263) (31,784) (4,437) Income before income tax expense and share of income of equitymethod investees 2,302,970 1,888,630 263,6445,262,249 4,327,742 604,130 Income tax expenses (405,646) (407,189) (56,841)(1,024,932) (914,856) (127,709) Share of income of equity method investees 47,203 36,357 5,07555,138 85,222 11,897 Net income 1,944,527 1,517,798 211,8784,292,455 3,498,108 488,318 Net income attributable to non-controlling interests (13,320) (28,049) (3,915)(44,538) (65,514) (9,145) Net income attributable to Vipshop's shareholders 1,931,207 1,489,749 207,9634,247,917 3,432,594 479,173 Shares used in calculating earnings per share (3): Weighted average number of Class A and Class B ordinaryshares: —Basic 108,709,998 101,229,148 101,229,148108,584,522 101,951,703 101,951,703 —Diluted 110,735,433 102,353,164 102,353,164110,708,271 103,374,279 103,374,279 Net earnings per Class A and Class B ordinary share Net income attributable to Vipshop's shareholders——Basic 17.76 14.72 2.0539.12 33.67 4.70 Net income attributable to Vipshop's shareholders——Diluted 17.44 14.55 2.0338.37 33.21 4.64 Net earnings per ADS (1 ordinary share equals to 5 ADSs) Net income attributable to Vipshop's shareholders——Basic 3.55 2.94 0.417.82 6.73 0.94 Net income attributable to Vipshop's shareholders——Diluted 3.49 2.91 0.417.67 6.64 0.93 (1) Other revenues primarily consist of product promotion and online advertising revenues, lease income mainly earned from theShan Shan Outlets, fees charged to third-party merchants which the Company provides platform access for sales of their products,revenue from third-party logistics services, loan facilitation service income and membership fee income.(1) Other revenues primarily consist of product promotion and onlineadvertising revenues, lease income mainly earned from the ShanShan Outlets, fees charged to third-party merchants which theCompany provides platform access for sales of their products,revenue from third-party logistics services, loan facilitation serviceincome and membership fee income. (2) Fulfillment expenses include shipping and handling expenses, which amounted RMB 1.5 billion and RMB 1.5 billion in thethree month periods ended June 30,2024 and June 30,2025, respectively.(2) Fulfillment expenses include shipping and handling expenses,which amounted RMB 2.9 billion and RMB 2.8 billion in the sixmonth periods ended June 30,2024 and June 30,2025, respectively. (3) Authorized share capital is re-classified and re-designated into Class A ordinary shares and Class B ordinary shares, with eachClass A ordinary share being entitled to one vote and each Class B ordinary share being entitled to ten votes on all matters that aresubject to shareholder vote.(3) Authorized share capital is re-classified and re-designated intoClass A ordinary shares and Class B ordinary shares, with eachClass A ordinary share being entitled to one vote and each Class Bordinary share being entitled to ten votes on all matters that aresubject to shareholder Months EndedSix Months EndedJune 30,2024 June 30,2025 June 30,2025June 30,2024 June 30,2025 June 30,2025RMB'000 RMB'000 USD'000RMB'000 RMB'000 USD'000 Share-based compensation expenses are included in theoperating expenses as follows: Fulfillment expenses 20,727 15,844 2,21241,091 36,021 5,028 Marketing expenses 7,516 18,177 2,53715,335 25,219 3,520 Technology and content expenses 96,856 73,992 10,329190,288 162,837 22,731 General and administrative expenses 206,985 589,838 82,338380,832 824,376 115,078 Total 332,084 697,851 97,416627,546 1,048,453 146,357 Vipshop Holdings Limited Unaudited Condensed Consolidated Balance Sheets (In thousands, except for share and per share data)December 31,2024 June 30,2025 June 30,2025RMB'000 RMB'000 USD'000 ASSETSCURRENT ASSETSCash and cash equivalents 26,352,161 24,238,054 3,383,502 Restricted cash 602,342 502,594 70,159 Short term investments 1,872,756 2,981,248 416,166 Accounts receivable, net 915,158 1,018,720 142,208 Amounts due from related parties,net 548,145 545,766 76,186 Other receivables and prepayments,net 2,473,050 2,845,006 397,148 Loan receivables,net 6,878 8,890 1,241 Inventories 5,032,069 4,276,040 596,912 Total current assets 37,802,559 36,416,318 5,083,522 NON-CURRENT ASSETSProperty and equipment, net 18,292,771 18,490,736 2,581,207 Deposits for property and equipment 164,955 10,416 1,454 Land use rights, net 10,686,400 10,548,442 1,472,506 Intangible assets, net 327,844 325,955 45,502 Investment in equity method investees 2,002,043 2,219,807 309,873 Other investments 3,355,489 3,377,873 471,533 Other long-term assets 434,206 286,156 39,946 Goodwill 755,213 755,213 105,424 Deferred tax assets, net 681,029 713,496 99,600 Operating lease right-of-use assets 433,617 439,426 61,342 Total non-current assets 37,133,567 37,167,520 5,188,387 TOTAL ASSETS 74,936,126 73,583,838 10,271,909 LIABILITIES AND EQUITY CURRENT LIABILITIES Short term loans 2,399,629 6,663,000 930,119 Accounts payable 15,190,560 11,733,049 1,637,870 Advance from customers 2,035,184 1,530,985 213,717 Accrued expenses and other current liabilities 9,663,421 8,400,509 1,172,668 Amounts due to related parties 104,187 127,674 17,823 Deferred income 476,796 489,117 68,278 Operating lease liabilities 57,224 59,788 8,346 Total current liabilities 29,927,001 29,004,122 4,048,821 NON-CURRENT LIABILITIES Deferred tax liability 783,863 595,592 83,141 Deferred income-non current 2,084,038 2,258,212 315,234 Operating lease liabilities 591,995 594,153 82,941 Total non-current liabilities 3,459,896 3,447,957 481,316 TOTAL LIABILITIES 33,386,897 32,452,079 4,530,137 EQUITY:Total shareholders' equity (US$0.0001 par value, 500 millionshares authorized, 117.5 million shares issued, and 98.6 millionshares outstanding as of June 30, 2025) (4) 39,968,813 39,500,179 5,514,012 Non-controlling interests 1,580,416 1,631,580 227,760 Total shareholders' equity 41,549,229 41,131,759 5,741,772 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 74,936,126 73,583,838 10,271,909 (4) The number of treasury stock as of June 30, 2025 was 17.0 million, of which 17.0 million are Class A ordinary sharesrepurchased under the share repurchase program. Vipshop Holdings Limited Reconciliations of GAAP and Non-GAAP ResultsThree Months EndedSix Months EndedJune 30,2024 June 30,2025 June 30,2025June 30,2024 June 30,2025 June 30,2025RMB'000 RMB'000 USD'000RMB'000 RMB'000 USD'000 Income from operations 2,232,422 1,697,904 237,0194,992,124 3,974,699 554,847 Share-based compensation expenses 332,084 697,851 97,416627,546 1,048,453 146,357 Non-GAAP income from operations 2,564,506 2,395,755 334,4355,619,670 5,023,152 701,204 Net income attributable to Vipshop's shareholders 1,931,207 1,489,749 207,9634,247,917 3,432,594 479,173 Share-based compensation expenses 332,084 697,851 97,416627,546 1,048,453 146,357 Impairment loss of investments 14,691.00 - -14,691 - - Investment loss (gain) and revaluation of investments excludingdividends 17,855 (36,715) (5,125)21,413 744 104 Reconciling items on the share of equity method investments(5) (15,124) 23,641 3,300(28,647) 23,702 3,309 Tax effects on non-GAAP adjustments (115,297) (97,308) (13,584)(134,789) (119,891) (16,736) Non-GAAP net income attributable to Vipshop's shareholders 2,165,416 2,077,218 289,9704,748,131 4,385,602 612,207 (5) To exclude the GAAP to non-GAAP reconciling items relating to investment (gain) loss and revaluation of investments on theshare of equity method investments. Shares used in calculating earnings per share: Weighted average number of Class A and Class B ordinaryshares: —Basic 108,709,998 101,229,148 101,229,148108,584,522 101,951,703 101,951,703 —Diluted 110,735,433 102,353,164 102,353,164110,708,271 103,374,279 103,374,279 Non-GAAP net income per Class A and Class B ordinary share Non-GAAP net income attributable to Vipshop'sshareholders——Basic 19.92 20.52 2.8643.73 43.02 6.01 Non-GAAP net income attributable to Vipshop'sshareholders——Diluted 19.55 20.29 2.8342.89 42.42 5.92 Non-GAAP net income per ADS (1 ordinary share equal to 5ADSs) Non-GAAP net income attributable to Vipshop'sshareholders——Basic 3.98 4.10 0.578.75 8.60 1.20 Non-GAAP net income attributable to Vipshop'sshareholders——Diluted 3.91 4.06 0.578.58 8.48 1.18 View original content: SOURCE Vipshop Holdings Limited Sign in to access your portfolio
