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Vipshop Holdings Limited (VIPS) is a leading online discount retailer in China, specializing in a flash sales model that offers branded products at substantial discounts during limited time periods. The company operates through its Vipshop Online Platform, which includes the Vipshop App, Vipshop WeChat Mini-Program, and vip.com website. VIPS collaborates with domestic and international brands to sell products such as apparel, accessories, and standardized goods, creating a thrilling shopping experience for its customers.
- Vip.com - Operates as the primary online platform for flash sales, offering deeply discounted branded products across categories such as apparel, accessories, and standardized goods.
- Shan Shan Outlets - Manages offline outlet stores, providing customers with discounted branded products in physical retail locations.
- Others - Includes additional business activities such as Internet finance, offline shops, and City Outlets, contributing to diversified revenue streams.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Arthur Xiaobo Hong ExecutiveBoard | Co-Founder, Vice Chairman, COO | None provided | Co-founded VIPS; Vice Chairman since January 2011 and COO since August 2012; experienced entrepreneur in consumer goods and e-commerce. | |
Eric Ya Shen ExecutiveBoard | Co-Founder, Chairman, CEO | None provided | Co-founded VIPS in August 2010; over 20 years of experience in consumer goods and e-commerce; holds an EMBA from Cheung Kong Graduate School of Business. | |
Mark Wang Executive | Chief Financial Officer | Independent Director of Beijing Kingsoft Office Software | CFO of VIPS since May 2023; previously held senior finance roles at Benlai Group, Xiaomi, and Huawei; seasoned finance expert with a bachelor's degree in finance. | |
Chun Liu Board | Independent Director | Senior Vice President of Phoenix TV; Independent Director of DL Holdings Group Limited | Independent director at VIPS since March 2013; experienced media executive with leadership roles in broadcasting and corporate governance. | |
Donghao Yang Board | Director | CFO of Yatsen Holding Limited; Independent Director of Xpeng Inc. | Former CFO of VIPS (2011-2020); joined as a director in November 2020; extensive experience in finance and leadership roles across multiple industries. | |
Frank Lin Board | Independent Director | General Partner at DCM; Board member at 51Talk, GigaCloud, Kuaishou, QuantaSing, and Tuniu | Independent director at VIPS since January 2011; venture capitalist with extensive board experience across multiple companies; MBA from Stanford University. | |
Jacky Yu Xu Board | Director | Co-founder, Chairman, and CEO of Trendy International Group; Director of several private companies | Director at VIPS since January 2011; co-founder of Trendy International Group, a major fashion conglomerate. | |
Kathleen Chien Board | Independent Director | COO and Acting CFO of 51job, Inc. | Independent director at VIPS since March 2012; chairperson of the Audit Committee; experienced in HR services and financial management. | |
Martin Chi Ping Lau Board | Director | President and Executive Director of Tencent Holdings; Independent Director of Xpeng Inc. | Joined VIPS as a director in December 2017; President of Tencent since 2006; holds degrees in electrical engineering and an MBA from Kellogg School of Management. | |
Nanyan Zheng Board | Independent Director | Executive Chairman of Delonix Group; Partner at Ocean Link; Chairman of Cubic City Service Apartment Group | Independent director at VIPS since March 2012; co-founder of 7 Days Group Holdings; extensive experience in hospitality and private equity. |
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Given that you reached an 8-year high gross profit margin of 23.5% in 2024, and you plan to invest a portion of this gross profit to incentivize brand partners, how do you anticipate this will impact your gross margin in 2025, and what measures are you taking to balance this investment with maintaining solid profitability?
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While your apparel categories were up 2% and accounted for 75% of total GMV, your non-apparel business has been underperforming. What specific strategies are you implementing to drive growth in your non-apparel segments, and how significant do you expect the government trade-in program to be in boosting non-apparel sales?
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Active Super VIP members increased by 50% and contributed to 51% of your online spending in Q4. However, there was a slight decline in ARPU due to the influx of new members. What steps are you taking to accelerate spending among new Super VIP members and sustain ARPU growth among your existing loyal customer base?
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You've mentioned deploying AI technologies internally, including generative AI models like DeepSeek, to improve productivity and efficiency. Can you elaborate on the tangible impacts these technologies have had on your operations so far, and what future applications do you envision to enhance customer experience and competitiveness?
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Consumer sentiment remains cautious, and you indicated uncertainty in meeting the high or low end of your Q1 revenue guidance. If consumer spending does not recover as expected, what contingency plans do you have to adjust your growth strategies, and how might this impact your goal to return to a positive growth trajectory in 2025?