On May 22nd, Vipshop released its Q1 2024 financial report. According to the financial report, Vipshop achieved a net revenue of 27.6 billion yuan in the first quarter, a year-on-year increase of 0.4%; Non GAAP's net profit was 2.6 billion yuan, a year-on-year increase of 25%. Meanwhile, the GMV in the first quarter was 52.4 billion yuan, a year-on-year increase of 8%; The number of Super VIP (SVIP) active users increased by 11% year-on-year.
Vipshop stated that under its existing stock repurchase plan, the company will repurchase $500 million worth of shares by the end of 2024. According to statistics, from April 2021 to present, Vipshop has cumulatively returned over 2.2 billion US dollars to shareholders through stock repurchases and dividends.
Shen Ya, Chairman and CEO of Vipshop, said, "In the first quarter, we promoted service and technological innovation, continuously introduced high-quality domestic and foreign brands and deeply discounted products, and provided users with a richer treasure hunting shopping experience. With our unique value positioning and solid business foundation, we are confident in achieving long-term stable development."
In the first quarter of this year, Vipshop continued to strengthen its brand's special selling mentality, deepen cooperation with brands, and leverage high quality and price to drive business growth. Core programs such as Super Brand Day achieved a year-on-year sales growth of 37% in the first quarter. As of the end of the first quarter of this year, Vipshop has established customized product cooperation with 180 well-known brands, with a significant increase in the number of customized products and a gradual increase in the proportion of brand performance. The platform data also shows that the number of high-value users attracted by customized products is on the rise.
In terms of technological innovation, Vipshop has created its own self-developed "Chaoche" model, which helps improve brand operation efficiency and enhance user shopping experience by widely applying high-quality graphic and textual content generated by AI. At the same time, the "Chaoche" model is piloting the launch of a conversational shopping guide function, and further optimizing the intelligent customer service experience to provide users with higher quality and efficient services.