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Andre Chang

Research Analyst at JPMorgan Chase & Co.

Andre Chang is an Analyst at JPMorgan Chase & Co., specializing in equity research across multiple key sectors including technology, healthcare, finance, and consumer goods. He currently covers five publicly traded companies and is recognized for generating a robust track record, with above-average returns and a competitive analyst ranking on platforms assessing performance metrics. Chang began his analyst career in the early 2020s and has maintained his role at JPMorgan since joining, leveraging his expertise to provide data-driven insights for institutional clients. He holds relevant securities licenses in accordance with industry standards and maintains professional credentials required for sell-side equity research.

Andre Chang's questions to Vipshop Holdings (VIPS) leadership

Question · Q3 2025

Andre Chang noted Vipshop's decent net profit growth in Q3 2025 but observed a decline in operating profit and margin. He asked when management expects operating margin and profit to return to positive year-on-year growth. He also inquired about recent news regarding a potential Hong Kong listing.

Answer

CFO Mark Wang attributed the Q3 2025 gross profit margin decline to increased customer incentives, particularly for SVIP and standardized products, and higher marketing expenses. He expects gross profit margin to remain largely stable around 23% long-term, depending on product mix. Regarding a Hong Kong listing, he stated the company is monitoring capital market changes and will provide updates if there is any progress.

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Question · Q3 2025

Andre Chang questioned the decline in operating profit and margin in Q3 despite decent net profit growth, asking when management expects these metrics to return to positive year-over-year growth. He also asked for an update on the recent news regarding a potential Hong Kong listing.

Answer

Mark Wang, CFO, attributed the gross profit margin decline to efforts in providing more customer incentives, especially for SVIP and standardized products, to maximize sales. He expects gross profit margin to be comparable to 2024 levels, around 23%. He noted increased marketing expenses and stated that merchandising capabilities, AI technology, and marketing will be key triggers for GMV growth. Regarding a Hong Kong listing, he mentioned closely following capital market changes and would update the market if there was any progress.

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