$Vipshops(VIPS.US) 4Q24 Quick Interpretation: In summary, Vipshop's performance this time is an unexpected result that is not as concerning as it seems under low expectations and weak forecasts. The main point is that, in the past few quarters, the company's order volume and GMV have continued to decline, and with user loss, the market's expectations for Vipshop were generally quite pessimistic, believing that the previous trend would continue. Therefore, it was expected that GMV and order volume would still shrink by -6% to -7% this quarter. However, the actual GMV for this season was flat year-on-year; although zero growth is not good, it is still a significant beat from the perspective of expectations.

Combined with the order volume still showing a year-on-year negative growth of 7%, and the company's explanation, it should mainly be attributed to the strong consumption of high-ticket items among core groups like SVIPS during the winter. According to the company, in the 4Q quarter, the growth of its core category of wearable products has turned positive year-on-year.

Although apart from the unexpected GMV, Vipshop's revenue, user numbers, and profit indicators are still in a state of year-on-year negative growth, remaining in a weak cycle. However, the company announced that the previous $10 million repurchase quota has been fully utilized, and it has launched a new $1 billion repurchase quota effective until February 2027. Additionally, a special dividend of $0.48 per ADS, totaling $250 million, is commendable from the perspective of shareholder returns.