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Lianxiu Duan

Vice President and Equity Research Analyst at Barclays PLC

Lianxiu Duan is a Vice President and Equity Research Analyst at Barclays, specializing in the coverage of the US utilities sector with a particular focus on electric, gas, and water utilities. She has followed prominent companies such as Dominion Energy, Exelon, Duke Energy, and American Water Works, providing investment recommendations supported by thorough sector analysis. Since joining Barclays in 2018 after earning her PhD in Economics from Princeton University, Duan has distinguished herself through rigorous financial modeling and industry insights, reflected in strong performance metrics with positive stock-picking returns recognized by sector peers. Duan also maintains FINRA registrations and holds Series 7 and Series 63 securities licenses, underscoring her professional expertise in equity research.

Lianxiu Duan's questions to Vipshop Holdings (VIPS) leadership

Question · Q1 2025

Lianxiu Duan from Barclays asked about the company's marketing strategy for the year, specifically how it plans to balance marketing spend with maintaining a stable margin profile while aiming for a return to GMV growth in the second half.

Answer

CEO Eric Shen (interpreted by Jessie Fan) stated that marketing spend will remain disciplined, projecting it to be around 3% of revenue for the full year, similar to previous periods. He emphasized that the company focuses on the ROI of its marketing initiatives and believes customer growth is driven by a combination of merchandise, value, and service, not just spending. Therefore, he does not expect marketing to be a drag on margins.

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Question · Q3 2024

Lianxiu Duan (Roger Duan) of Barclays asked for a performance breakdown by product category in Q3 and inquired about any changes observed in SVIP user behavior, such as shopping frequency or average order size.

Answer

CEO Eric Shen, via interpreter Jessie Fan, reported that in Q3, apparel GMV saw a small decline while standardized items experienced a larger decline. For SVIPs, active customers grew 11% year-over-year to 7.5 million, contributing 49% of online spending. While new SVIPs had a dilutive effect, the ARPU for existing cohorts saw a small decline driven by lower frequency, whereas the average ticket size remained relatively stable. He noted no additional deterioration in SVIP customer health.

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