The net profit of Vipshop will exceed 6 billion yuan in 20021,and Vipshop will announce the fourth quarter and annual financial report of last year. In 20021year, the accumulated revenue of Vipshop was 1 17 1 billion yuan, up by 15% year-on-year. Vipshop 202 1 has a net profit of over 6 billion yuan.
Vipshop 202 1 has a net profit of over 6 billion yuan 1. On February 23rd, Beijing time, Vipshop (vip.com, NYSE:VIPS) disclosed the unaudited financial performance of the fourth quarter and the whole year of 2002/kloc-0. Thanks to the growth of active users, the total revenue of 202 1 increased by 14.9% year-on-year to11100 million yuan. The net profit of 202 1 non-GAAP was 6 billion yuan, down 4.76% year-on-year.
Among them, the total revenue in the fourth quarter of last year was 3.4/kloc-0.0 billion yuan, down 4.75% year-on-year, in line with market expectations. In the fourth quarter, the non-GAAP net profit was 65.438+0.8 billion yuan, down 30.77% year-on-year.
Shen Ya, Chairman and CEO of Vipshop, said: "In the past year, we strategically focused on core brands and high-value customers, improved the level of business collaboration, and made great efforts to strengthen our position and value as a leading brand discount retailer. Looking forward to the future, we will firmly implement the good goods strategy, continuously deepen brand cooperation, improve customer acquisition efficiency, continue to use good goods to attract users to visit and shop continuously, and achieve high-quality and sustainable long-term growth. "
In 20021year, the overall business of vipshop achieved steady growth. Specifically, in 20021year, GMV increased by 16% year-on-year to191500 million yuan. The total order volume of the whole year increased by 14% to 787 million copies. The number of active customers increased by 65,438+02% year-on-year to 93.9 million.
Among them, the operational indicators of the core SVIP users of Vipshop are outstanding. The number of active users of core SVIP increased by 50% year-on-year, and the net online transaction volume accounted for 36%. The annual ARPU of SVIP users is 8 times that of non-SVIP users.
Shen Ya said in the evening conference call that at present, SVIP contributes 36% of the sales, and will continue to promote more middle-level users to become SVIP in the future to increase consumption. Because of its relatively high discount and return rate, the gross profit brought by SVIP to Vipshop may be low, but the overall contribution is many times that of ordinary users, so it still has a good return in theory.
As far as single season is concerned, the overall operating performance of Vipshop slowed down in the fourth quarter of last year. Specifically, the gross profit margin was 19.7% in the fourth quarter and 2 1.9% in the same period in 2020. In the fourth quarter, GMV was 57 billion yuan, down 3.88% year-on-year. The number of active customers in the fourth quarter was 49.2 million, a year-on-year decrease of 7. 17%. In the fourth quarter, the total orders were 2170,000 copies, down 4.4 1% year-on-year.
In view of the business performance in the fourth quarter of last year, Shen Ya analyzed on the conference call that the overall performance in the fourth quarter was weak, including weather and persistent epidemic. "Our main category is clothes, and the influence of seasonal factors on Vipshop is quite critical. Q4' s gross profit margin dropped to 65,438+09.7%, mainly due to many promotions and subsidies. However, because the weather is not very cold and the return is not high, the gross profit margin performance in the fourth quarter of this year will be abnormal. "
Regarding the update of user growth strategy, Shen Ya said on the conference call that last year, Vipshop made some adjustments in the cost of acquiring users, instead of spending money indiscriminately, it invested in acquiring high-quality users. Strictly use LTV (life cycle value) adjustment to measure the customer acquisition cost of each channel, and return to this month. If some new customers give up after a long time, they will also cut off some expenses such as sending coupons and advertising to old customers. Including branding, such as TV series and various short videos, a complete model has been established.
Shen Ya said, "We hope to continue the user growth strategy in the fourth quarter of last year. This year, we will vigorously acquire new customers and ensure the retention of old customers, and invest heavily in users. " In addition, in the standard business, Shen Ya also put forward new expectations: "Normal online shoppers will buy a lot of standard products in life besides clothes, so this year Vipshop will intensify its efforts to make some adjustments in solving online shopping categories, hoping to have an advantage in standard products."
As for the impact of the rise of the live broadcast industry, Shen Ya said, "The live broadcast did affect our' shelf e-commerce' at the beginning, but in the long run, the impact of live broadcast on us is actually not great, and it is basically in a stable stage."
For business prospects, Vipshop expects the total revenue in the first quarter of 2022 to be between 27 billion yuan and 28.4 billion yuan, with a year-on-year decline of about 5% to 0%.
Shen Ya said in a conference call that it is difficult to predict the situation this year. The persistence of the epidemic and the consumer confidence and enthusiasm of users are hard to see. On the whole, we think that 2022 will be relatively stable and there will be no particularly big ups and downs.
As of the close of February 23rd, Vipshop reported $8.86 before trading, down 9.96%. In the past 250 days, the decline has reached 74.4 1%.
Vipshop 202 1 has a net profit of over 6 billion yuan. 1Before the closing of the US stock market on February 23rd, Vipshop announced its financial report for the fourth quarter and the whole year of last year.
The data shows that Vipshop's revenue in the fourth quarter of last year was 3,465.438+billion yuan, down 5% year-on-year and up 37% quarter-on-quarter, and its net profit was 654.38+0.423 billion yuan, down more than 40% year-on-year.
In 20021year, the accumulated revenue of Vipshop was 1 17 1 billion yuan, up by 15% year-on-year.
The fourth quarter is the peak season for e-commerce sales, and revenue growth is expected. However, it is more noteworthy that the year-on-year growth rate of orders, GMV and active users of Vipshop has been declining for several months, and it turned from growth to decline in the fourth quarter, in which the number of orders decreased by 5% to 2170,000 yuan, GMV decreased by 4% to 57 billion yuan, and the number of active users decreased by more than 7% to 4,920 yuan.
Such obvious weakness is in stark contrast to 2020. Therefore, although Vipshop actively lowered its revenue guidance at the end of last year, after the release of the financial report, its share price still experienced a short-term diving, once falling more than 10%.
In fact, since the first half of 20021,the performance of Vipshop has entered a weak period, and the growth rate of GMV and users has slowed down. The capital market that has noticed this change has already indicated its attitude. Since the end of March last year, the share price of Vipshop has been "devastated", and the current share price is only about one-fifth of that at that time.
Figure: Vipshop's share price trend
Generally speaking, the reason why the operation of Vipshop will turn down is not only its own positioning limitations, but also the reasons of intensified external competition and diversified drainage methods.
From the perspective of internal operation strategy, Vipshop, as a vertical e-commerce, mainly focuses on the "sale" of big-name clothing, and is destined to play a "supporting role" in the giant game. With the increasing number of sub-tracks by e-commerce giants, the living space of Vipshop will be squeezed step by step.
For example, JD.COM, which was originally based on 3C digital appliances, has already reached cooperation with many big brands such as LV, Bulgari and Dior, and has diverted the Vipshop platform by virtue of its high-volume self-operated mode.
From the external environment, the demographic dividend gradually disappeared and the traffic peaked. Taobao and JD.COM have invested a lot of money in innovation and promotion, and Vipshop is no exception. Since last year, Vipshop has sponsored or planted many variety shows and TV dramas such as "Riding the Wind and Waves" and "Nothing 30", and the marketing expenses have been stable at more than 654.38 billion yuan, far higher than the single-digit expenses of last year. In the fourth quarter, the marketing expenses were still 654.38+065.438+ 100 million yuan.
However, its input and harvest are not proportional, and its quarterly active users have not increased significantly. In the first and third quarters of last year, the number of users decreased month-on-month, and it picked up in the fourth quarter.
In addition, there are new ways to bring goods and drainage to Vipshop, such as live broadcast and planting grass. Especially after the live broadcast room appeared on various e-commerce platforms, the head anchor directly connected the brand and consumers, which saved a lot of middleman links and gave the anchor the bargaining power. Vipshop's "special sale" mode is basically to reduce the prices of some goods after reaching cooperation with brands. Live broadcast can bring freshness and more fun to consumers. The advantages of Vipshop are slowly being hidden into the darkness.
For the performance guidance in the first quarter of this year, Vipshop expects revenue of 27-28.4 billion yuan, down 0-5% year-on-year. It can be speculated that the number of users and the downward trend of GMV will not change.
Compared with other vertical e-commerce companies that have gradually broken away from the killing of giants, Vipshop, which has been profitable for more than 30 consecutive quarters, has proved its strength.
However, as the external environment is more and more "rolled up", Vipshop may also need to make some changes, try new sales models, or make its core advantages more obvious. After all, even Ali will learn from JD.COM in turn. COM's self-operated model.
It is not easy to survive, but do it and cherish it.
The net profit of Vipshop 202 1 exceeded 6 billion yuan. 1On the evening of February 23rd, Vipshop, a brand sales e-commerce company, released its 20021fourth quarter and annual financial report. In 20021year, the number of active users of Vipshop increased by 12% to 93.9 million compared with 2020, and the annual revenue increased by 15% to171100 million yuan.
However, on a quarterly basis, the traffic ceiling of the e-commerce industry is also affecting Vipshop: the number of orders, platform transaction volume, active users and other indicators in the first three quarters of Vipshop 202/KLOC-0 have all declined unnecessarily. In the fourth quarter, the number of company orders decreased by 5% to 2170,000, the platform transaction volume decreased by 4% to 57 billion yuan, and the number of active users decreased by more than 7% to 49.2 million.
As can be seen from the financial report data, when the competition in the e-commerce industry enters the era of stock competition, when the traffic of integrated e-commerce platforms such as Ali and Pinduoduo becomes more and more concentrated, the rise of new e-commerce companies such as Tik Tok and Aauto Quicker further squeezes the living environment of vertical e-commerce companies such as Vipshop.
It is worth noting that in 20021year, Vipshop, like Taobao, Pinduoduo and JD.COM, also invested in innovation and promotion. Vipshop has sponsored or planted many fire variety shows and TV series such as Thirty Standing, Big Sister Riding the Wind and Waves. The marketing expenses in a single quarter are stable at more than 65.438 billion yuan, and the marketing expenses in the fourth quarter are still 65.438+065.438 billion yuan, which is much higher than the marketing expenses of less than 65.438 billion yuan per quarter in 2020.
However, it is more difficult to promote innovation, and behind the investment in marketing expenses, indicators such as active users have not increased significantly year-on-year. The number of active users of Vipshop in 20021quarter did not increase significantly. The number of active users in the third quarter was basically the same as that in the previous year, while the number of active users in the fourth quarter decreased by more than 7% year-on-year to 49.2 million.
At the same time, new delivery modes such as live e-commerce and content e-commerce planting grass also have an impact on Vipshop. Especially after the live broadcast rooms appear on various e-commerce platforms, the head anchors directly connect with brands and consumers, so that the anchors also have strong bargaining power for brands, which has reached a cooperation with Vipshop and brands to reduce the homogenization of the "special sale" mode of some commodity prices. Compared with traditional graphic e-commerce, live broadcast can bring more freshness and more fun to consumers, which stifles the advantages of Vipshop to some extent.
In this case, Vipshop is positioned to dig deep into high-value and high-activity member users and seek opportunities in "small but beautiful" vertical e-commerce. Vipshop will continue to enhance its channel capabilities and improve the supply side. For example, in view of the national consumption trend, Vipshop will strengthen the operation of domestic brands; In response to young users' pursuit of healthy living and technological experience, Vipshop will continue to enrich SKUs of smart home appliances, healthy meals and other categories, bringing more choices to consumers.
According to the financial report data, in 20021year, the number of active users of vipshop's core SVIP (i.e. paying members) increased by 50% year-on-year, and the net online transaction volume accounted for 36%. The annual contribution rate of SVIP users to the platform is about 8 times that of non-SVIP users, and it has the characteristics of high repurchase rate, high purchasing power and high retention rate. Vipshop said that in the future, it will promote the paid membership system and cover more high-value consumers.
In order to attract users to become paying members, in August, 2002 1, Vipshop launched the "Buy1Send 9" membership month of Vipshop Super VIP in conjunction with nine platforms including Tencent Video, QQ Music, Meituan, Ding Dong Shopping and Atour Group, and its membership rights covered many fields such as audio and video, catering and travel, and adopted the same path as JD.COM to enhance the sense of paying members.
However, I am still very cautious about the future expectations of Vipshop. According to the performance guideline for the first quarter of this year published in its annual report, in the first quarter of 20021year, Vipshop expects its revenue to be 27 billion to 28.4 billion yuan, down 0% to 5% year-on-year. It can be speculated that the core data such as the number of users and platform turnover in the fourth quarter of 2002/KLOC-0 may continue to be weak.
However, compared with other players whose vertical e-commerce has been gradually eliminated in the killing of giants, Vipshop, which has been profitable for more than 30 consecutive quarters, has also demonstrated its ability to operate vertical e-commerce. However, in the era of e-commerce stock operation, it is inevitable to change Vipshop. When Ali wants to learn from JD.COM. COM, Vipshop should also try a new sales model to make its core advantages more obvious.