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Vipshop Reports Unaudited Fourth Quarter and Full Year 2023 Financial Results

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10 months ago

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Conference Call to Be Held at 7:30 A.M. U.S. Eastern Time on February 28, 2024

GUANGZHOU, China, Feb. 28, 2024 /PRNewswire/ — Vipshop Holdings Limited (NYSE: VIPS), a leading online discount retailer for brands in China (“Vipshop” or the “Company”), today announced its unaudited financial results for the quarter and full year ended December 31, 2023.

Fourth Quarter and Full Year 2023 Highlights

Total net revenues for the fourth quarter of 2023 increased by 9.2% year over year to RMB34.7 billion (US$4.9 billion) from RMB31.8 billion in the prior year period. Total net revenues for the full year of 2023 increased by 9.4% year over year to RMB112.9 billion (US$15.9 billion) from RMB103.2 billion in the prior year.GMV[1] for the fourth quarter of 2023 increased by 21.9% year over year to RMB66.4 billion from RMB54.4 billion in the prior year period. GMV for the full year of 2023 increased by 18.7% year over year to RMB208.0 billion from RMB175.2 billion in the prior year.Gross profit for the fourth quarter of 2023 increased by 19.3% year over year to RMB8.2 billion (US$1.2 billion) from RMB6.9 billion in the prior year period. Gross profit for the full year of 2023 increased by 19.0% year over year to RMB25.7 billion (US$3.6 billion) from RMB21.6 billion in the prior year.Net income attributable to Vipshop’s shareholders for the fourth quarter of 2023 increased by 32.2% year over year to RMB3.0 billion (US$415.8 million) from RMB2.2 billion in the prior year period. Net income attributable to Vipshop’s shareholders for the full year of 2023 increased by 28.9% year over year to RMB8.1 billion (US$1.1 billion) from RMB6.3 billion in the prior year.Non-GAAP net income attributable to Vipshop’s shareholders[2] for the fourth quarter of 2023 increased by 43.4% year over year to RMB3.2 billion (US$450.5 million) from RMB2.2 billion in the prior year period. Non-GAAP net income attributable to Vipshop’s shareholders for the full year of 2023 increased by 39.1% year over year to RMB9.5 billion (US$1.3 billion) from RMB6.8 billion in the prior year.The number of active customers[3] for the fourth quarter of 2023 increased by 2.3% year over year to 48.5 million from 47.5 million in the prior year period. The number of active customers for the full year of 2023 increased by 3.9% year over year to 87.4 million from 84.1 million in the prior year.Total orders[4] for the fourth quarter of 2023 increased by 7.2% year over year to 234.3 million from 218.5 million in the prior year period. Total orders for the full year of 2023 increased by 9.8% year over year to 812.3 million from 739.5 million in the prior year.

Mr. Eric Shen, Chairman and Chief Executive Officer of Vipshop, stated, “We rounded off 2023 with a set of results well beyond our expectations, as we successfully executed our merchandising strategy to seize opportunities in value-based spending amid strong seasonal demand. Apparel categories continued to fuel our growth and outperformed the industry average all year long, which helped us cross RMB200 billion in total annual GMV for the first time in our history. Our strategy focusing on discount retail for brands pays off. We have made great progress in merchandise expansion and value-for-money perception. This has been instrumental in increased customer loyalty and double-digit growth in active Super VIP members. Looking ahead, we are confident that our sustainable business model will lead us to longer-term growth.”

Mr. Mark Wang, Chief Financial Officer of Vipshop, further commented, “We delivered another quarter of solid financial performance, ending 2023 as the most profitable year in our history. Benefiting from a number of efficiency improvement initiatives last year, we are acting faster, pushing forward company priorities, and building greater synergies. We look forward to maintaining operating discipline while investing in areas that can better engage with brand partners and customers. Moreover, our board of directors approved an annual cash dividend policy, demonstrating our confidence in future growth and earnings as well as long-term commitment to shareholder value creation.”

Fourth Quarter 2023 Financial Results

REVENUES 

Total net revenues for the fourth quarter of 2023 increased by 9.2% year over year to RMB34.7 billion (US$4.9 billion) from RMB31.8 billion in the prior year period, primarily attributable to the growth in active customers and spending driven by the recovery in consumption of discretionary categories.

GROSS PROFIT

Gross profit for the fourth quarter of 2023 increased by 19.3% year over year to RMB8.2 billion (US$1.2 billion) from RMB6.9 billion in the prior year period. Gross margin for the fourth quarter of 2023 increased to 23.7% from 21.7% in the prior year period.

OPERATING EXPENSES

Total operating expenses for the fourth quarter of 2023 increased by 4.8% year over year to RMB4.9 billion (US$685.8 million) from RMB4.6 billion in the prior year period. As a percentage of total net revenues, total operating expenses for the fourth quarter of 2023 decreased to 14.0% from 14.6% in the prior year period.

Fulfillment expenses for the fourth quarter of 2023 increased by 17.0% year over year to RMB2.5 billion (US$355.7 million) from RMB2.2 billion in the prior year period. As a percentage of total net revenues, fulfillment expenses for the fourth quarter of 2023 was 7.3%, as compared with 6.8% in the prior year period.Marketing expenses for the fourth quarter of 2023 decreased by 10.7% year over year to RMB843.2 million (US$118.8 million) from RMB944.1 million in the prior year period. As a percentage of total net revenues, marketing expenses for the fourth quarter of 2023 decreased to 2.4% from 3.0% in the prior year period.Technology and content expenses for the fourth quarter of 2023 increased by 21.5% year over year to RMB496.4 million (US$69.9 million) from RMB408.5 million in the prior year period. As a percentage of total net revenues, technology and content expenses for the fourth quarter of 2023 was 1.4%, as compared with 1.3% in the prior year period.General and administrative expenses for the fourth quarter of 2023 decreased by 11.7% year over year to RMB1.0 billion (US$141.5 million) from RMB1.1 billion in the prior year period. As a percentage of total net revenues, general and administrative expenses for the fourth quarter of 2023 decreased to 2.9% from 3.6% in the prior year period.

INCOME FROM OPERATIONS

Income from operations for the fourth quarter of 2023 increased by 46.2% year over year to RMB3.7 billion (US$516.7 million) from RMB2.5 billion in the prior year period. Operating margin for the fourth quarter of 2023 increased to 10.6% from 7.9% in the prior year period.

Non-GAAP income from operations[5] for the fourth quarter of 2023, which excluded share-based compensation expenses, increased by 42.5% year over year to RMB4.0 billion (US$556.8 million) from RMB2.8 billion in the prior year period. Non-GAAP operating margin[6] for the fourth quarter of 2023 increased to 11.4% from 8.7% in the prior year period.

NET INCOME

Net income attributable to Vipshop’s shareholders for the fourth quarter of 2023 increased by 32.2% year over year to RMB3.0 billion (US$415.8 million) from RMB2.2 billion in the prior year period. Net margin attributable to Vipshop’s shareholders for the fourth quarter of 2023 increased to 8.5% from 7.0% in the prior year period. Net income attributable to Vipshop’s shareholders per diluted ADS[7] for the fourth quarter of 2023 increased to RMB5.35 (US$0.75) from RMB3.66 in the prior year period.

Non-GAAP net income attributable to Vipshop’s shareholders for the fourth quarter of 2023, which excluded (i) share-based compensation expenses, (ii) impairment loss of investments, (iii) investment (gain) loss and revaluation of investments excluding dividends, (iv) reconciling items on the share of equity method investments, and (v) tax effects on non-GAAP adjustments, increased by 43.4% year over year to RMB3.2 billion (US$450.5 million) from RMB2.2 billion in the prior year period. Non-GAAP net margin attributable to Vipshop’s shareholders[8] for the fourth quarter of 2023 increased to 9.2% from 7.0% in the prior year period. Non-GAAP net income attributable to Vipshop’s shareholders per diluted ADS[9] for the fourth quarter of 2023 increased to RMB5.79 (US$0.82) from RMB3.65 in the prior year period.

For the quarter ended December 31, 2023, the Company’s weighted average number of ADSs used in computing diluted income per ADS was 551,902,525.

BALANCE SHEET AND CASH FLOW

As of December 31, 2023, the Company had cash and cash equivalents and restricted cash of RMB26.3 billion (US$3.7 billion) and short term investments of RMB2.0 billion (US$279.3 million).

For the quarter ended December 31, 2023, net cash generated from operating activities was RMB8.7 billion (US$1.2 billion), and free cash flow[10], a non-GAAP measurement of liquidity, was as follows:

For the three months ended

Dec 31, 2022

Dec 31, 2023

Dec 31, 2023

RMB’000

RMB’000

US$’000

Net cash generated from operating activities

6,525,597

8,696,378

1,224,859

Reconciling items:

   Net impact from internet financing activities[11]

243,833

53,725

7,567

   Capital expenditures

(587,100)

(1,398,506)

(196,975)

Free cash inflow

6,182,330

7,351,597

1,035,451

Full Year 2023 Financial Results

Total net revenues for the full year of 2023 increased by 9.4% year over year to RMB112.9 billion (US$15.9 billion) from RMB103.2 billion in the prior year.

Gross profit for the full year of 2023 increased by 19.0% year over year to RMB25.7 billion (US$3.6 billion) from RMB21.6 billion in the prior year. Gross margin for the full year of 2023 increased to 22.8% from 21.0% in the prior year.

Income from operations for the full year of 2023 increased by 46.9% year over year to RMB9.1 billion (US$1.3 billion) from RMB6.2 billion in the prior year. Operating margin for the full year increased to 8.1% from 6.0% in the prior year.

Non-GAAP income from operations for the full year of 2023, which excluded share-based compensation expenses, increased by 43.3% year over year to RMB10.6 billion (US$1.5 billion) from RMB7.4 billion in the prior year. Non-GAAP operating margin for the full year of 2023 increased to 9.4% from 7.2% in the prior year.

Net income attributable to Vipshop’s shareholders for the full year of 2023 increased by 28.9% year over year to RMB8.1 billion (US$1.1 billion) from RMB6.3 billion in the prior year. Net margin attributable to Vipshop’s shareholders for the full year of 2023 increased to 7.2% from 6.1% in the prior year. Net income attributable to Vipshop’s shareholders per diluted ADS for the full year of 2023 increased to RMB14.42 (US$2.03) from RMB9.83 in the prior year.

Non-GAAP net income attributable to Vipshop’s shareholders for the full year of 2023, which excluded (i) share-based compensation expenses, (ii) impairment loss of investments, (iii) investment (gain) loss and revaluation of investments excluding dividends, (iv) reconciling items on the share of equity method investments, and (v) tax effects on non-GAAP adjustments, increased by 39.1% year over year to RMB9.5 billion (US$1.3 billion) from RMB6.8 billion in the prior year. Non-GAAP net margin attributable to Vipshop’s shareholders for the full year of 2023 increased to 8.4% from 6.6% in the prior year. Non-GAAP net income attributable to Vipshop’s shareholders per diluted ADS for the full year of 2023 increased to RMB16.90 (US$2.38) from RMB10.67 in the prior year.

For the full year of 2023, the Company’s weighted average number of ADSs used in computing diluted earnings per ADS was 562,761,990.

For the full year of 2023, net cash generated from operating activities was RMB14.4 billion (US$2.0 billion), and free cash flow, a non-GAAP measurement of liquidity, was as follows:

For the trailing twelve months ended

Dec 31, 2022

Dec 31, 2023

Dec 31, 2023

RMB’000

RMB’000

US$’000

Net cash generated from operating activities

10,519,692

14,414,513

2,030,242

Reconciling items:

   Net impact from internet financing activities

408,550

104,964

14,784

   Capital expenditures

(3,102,589)

(5,230,737)

(736,734)

Free cash inflow

7,825,653

9,288,740

1,308,292

Share Repurchase Program

During the quarter ended December 31, 2023, the Company repurchased US$3.4 million of its ADSs under its current US$1 billion share repurchase program, which is effective through March 2025. As of December 31, 2023, the Company had an unutilized amount of US$548.1 million under this program.

Annual Dividend Policy and Declaration of 2023 Dividend

On February 22, 2024, the board of directors of the Company adopted an annual cash dividend policy, under which the Company may choose to declare and distribute a cash dividend each year in accordance with the memorandum and articles of association of the Company and the applicable laws and regulations. Under the policy, the board of directors of the Company reserves the discretion relating to the determination to make dividend distributions and the amount of such distributions in any particular year, depending on the Company’s operations and earnings, cash flow, financial condition, and other relevant factors.

Accordingly, on the same day, for the fiscal year of 2023, the board of directors of the Company declared a dividend of US$2.15 per ordinary share, or US$0.43 per ADS, to holders of ordinary shares and holders of ADSs of record as of the close of business on March 15, 2024. The aggregate amount of cash dividends to be paid will be approximately US$250 million, which is expected to be paid on April 8, 2024. Holders of the Company’s ADSs will receive the cash dividends through the depositary, Deutsche Bank Trust Company Americas, subject to the terms of the deposit agreement.

Business Outlook

For the first quarter of 2024, the Company expects its total net revenues to be between RMB27.5 billion and RMB28.9 billion, representing a year-over-year increase of approximately 0% to 5%. These forecasts reflect the Company’s current and preliminary view on the market and operational conditions, which is subject to change.

Exchange Rate

The Company’s business is primarily conducted in China and the significant majority of revenues generated are denominated in Renminbi. This announcement contains currency conversions of Renminbi amounts into U.S. dollars solely for the convenience of the reader. Unless otherwise noted, all translations from Renminbi to U.S. dollars are made at a rate of RMB7.0999 to US$1.00, the effective noon buying rate on December 29, 2023 as set forth in the H.10 statistical release of the Federal Reserve Board. No representation is made that the Renminbi amounts could have been, or could be, converted, realized or settled into U.S. dollars at that rate on December 29, 2023, or at any other rate.

Conference Call Information

The Company will hold a conference call on Wednesday, February 28, 2024 at 7:30 am U.S. Eastern Time, 8:30 pm Beijing Time to discuss the financial results.

All participants wishing to join the conference call must pre-register online using the link provided below.

Registration Link: https://register.vevent.com/register/BIcb871fc012e045edb5fd02b7c2874334 

Once pre-registration has been completed, each participant will receive dial-in numbers and a unique access PIN via email. To join the conference, participants should use the dial-in details followed by the PIN code.

A live webcast of the earnings conference call can be accessed at https://edge.media-server.com/mmc/p/rvsmyjg9. An archived webcast will be available at the Company’s investor relations website at http://ir.vip.com.

About Vipshop Holdings Limited

Vipshop Holdings Limited is a leading online discount retailer for brands in China. Vipshop offers high quality and popular branded products to consumers throughout China at a significant discount to retail prices. Since it was founded in August 2008, the Company has rapidly built a sizeable and growing base of customers and brand partners. For more information, please visit https://ir.vip.com/.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as Vipshop’s strategic and operational plans, contain forward-looking statements. Vipshop may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Vipshop’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Vipshop’s goals and strategies; Vipshop’s future business development, results of operations and financial condition; the expected growth of the online discount retail market in China; Vipshop’s ability to attract customers and brand partners and further enhance its brand recognition; Vipshop’s expectations regarding needs for and market acceptance of flash sales products and services; competition in the discount retail industry; the potential impact of the COVID-19 to Vipshop’s business operations and the economy in China and elsewhere generally; fluctuations in general economic and business conditions in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Vipshop’s filings with the SEC. All information provided in this press release is as of the date of this press release, and Vipshop does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Use of Non-GAAP Financial Measures

The condensed consolidated financial information is derived from the Company’s unaudited interim condensed consolidated financial statements prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), except that comparative consolidated statements of income and cash flows for the period presented and detailed footnote disclosures required by Accounting Standards Codification 270, Interim Reporting (“ASC270”), have been omitted. Vipshop uses non-GAAP net income attributable to Vipshop’s shareholders, non-GAAP net income attributable to Vipshop’s shareholders per diluted ADS, non-GAAP income from operations, non-GAAP operating margin, non-GAAP net margin attributable to Vipshop’s shareholders, and free cash flow, each of which is a non-GAAP financial measure. For the periods presented in this press release, non-GAAP net income attributable to Vipshop’s shareholders is net income attributable to Vipshop’s shareholders excluding (i) share-based compensation expenses, (ii) impairment loss of investments, (iii) investment (gain) loss and revaluation of investments excluding dividends, (iv) reconciling items on the share of equity method investments, and (v) tax effects on non-GAAP adjustments. Non-GAAP net income attributable to Vipshop’s shareholders per diluted ADS is computed using non-GAAP net income attributable to Vipshop’s shareholders divided by weighted average number of diluted ADS outstanding for computing diluted earnings per ADS. Non-GAAP income from operations is income from operations excluding share-based compensation expenses. Non-GAAP operating margin is non-GAAP income from operations as a percentage of total net revenues. Non-GAAP net margin attributable to Vipshop’s shareholders is non-GAAP net income attributable to Vipshop’s shareholders as a percentage of total net revenues. Free cash flow is net cash from operating activities adding back the impact from internet financing activities and less capital expenditures, which include purchase and deposits of property and equipment and land use rights. Impact from internet financing activities added back or deducted from free cash flow contains changes in the balances of financial products, which are primarily consumer financing and supplier financing that the Company provides to customers and suppliers. The Company believes that separate analysis and exclusion of the non-cash impact of (i) share-based compensation expenses, (ii) impairment loss of investments, (iii) investment (gain) loss and revaluation of investments excluding dividends, (iv) reconciling items on the share of equity method investments, and (v) tax effects on non-GAAP adjustments add clarity to the constituent parts of its performance. The Company reviews these non-GAAP financial measures together with GAAP financial measures to obtain a better understanding of its operating performance. It uses these non-GAAP financial measures for planning, forecasting and measuring results against the forecast. The Company believes that non-GAAP financial measures are useful supplemental information for investors and analysts to assess its operating performance without the effect of (i) share-based compensation expenses, (ii) impairment loss of investments, (iii) investment (gain) loss and revaluation of investments excluding dividends, (iv) reconciling items on the share of equity method investments, and (v) tax effects on non-GAAP adjustments. Free cash flow enables the Company to assess liquidity and cash flow, taking into account the impact from internet financing activities and the financial resources needed for the expansion of fulfillment infrastructure, technology platform and Shan Shan Outlets. Share-based compensation expenses have been and will continue to be significant recurring expenses in its business. However, the use of non-GAAP financial measures has material limitations as an analytical tool. One of the limitations of using non-GAAP financial measures is that they do not include all items that impact the Company’s net income for the period. In addition, because non-GAAP financial measures are not measured in the same manner by all companies, they may not be comparable to other similar titled measures used by other companies. One of the key limitations of free cash flow is that it does not represent the residual cash flow available for discretionary expenditures.

The presentation of these non-GAAP financial measures is not intended to be considered in isolation from, or as a substitute for, the financial information prepared and presented in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned “Vipshop Holdings Limited Reconciliations of GAAP and Non-GAAP Results” at the end of this release.

Investor Relations Contact

Tel: +86 (20) 2233-0732
Email: IR@vipshop.com 

[1] “Gross merchandise value (GMV)” is defined as the total Renminbi value of all products and services sold through the Company’s online sales business, online marketplace platform, Shan Shan Outlets, and other offline stores during the relevant period, including through the Company’s websites and mobile apps, third-party websites and mobile apps, Shan Shan Outlets, and other offline stores, which were fulfilled by either the Company or its third-party merchants, regardless of whether or not the goods were delivered or returned. GMV includes shipping charges paid by buyers to sellers. For prudent considerations, the Company does not consider products or services to be sold if the relevant orders were placed and canceled pre-shipment and only included orders that left the Company’s or other third-party vendors’ warehouses.

[2] Non-GAAP net income attributable to Vipshop’s shareholders is a non-GAAP financial measure, which, for the periods presented in this press release, is defined as net income attributable to Vipshop’s shareholders excluding (i) share-based compensation expenses, (ii) impairment loss of investments, (iii) investment (gain) loss and revaluation of investments excluding dividends, (iv) reconciling items on the share of equity method investments, and (v) tax effects on non-GAAP adjustments.

[3] “Active customers” is defined as registered members who have purchased from the Company’s self-operated online sales business or the Company’s online marketplace platforms, excluding those who made their purchases from the Company’s online stores operated at third-party platforms, at least once during the relevant period. Beginning in the fourth quarter of 2023, the Company has updated its definition of “active customers,” excluding the registered members who made their purchases from the Company’s online stores operated at third-party platforms. The active customer figures for the historical periods presented in this press release have been retrospectively adjusted accordingly.

[4] “Total orders” is defined as the total number of orders placed during the relevant period, including the orders for products and services sold through the Company’s online sales business and the Company’s online marketplace platforms (excluding, for the avoidance of doubt, orders from the Company’s offline stores and outlets), net of orders returned.

[5] Non-GAAP income from operations is a non-GAAP financial measure, which is defined as income from operations excluding share-based compensation expenses.

[6] Non-GAAP operating margin is a non-GAAP financial measure, which is defined as non-GAAP income from operations as a percentage of total net revenues.

[7] “ADS” means American depositary share, each of which represents 0.2 Class A ordinary share.

[8] Non-GAAP net margin attributable to Vipshop’s shareholders is a non-GAAP financial measure, which is defined as non-GAAP net income attributable to Vipshop’s shareholders, as a percentage of total net revenues.

[9] Non-GAAP net income attributable to Vipshop’s shareholders per diluted ADS is a non-GAAP financial measure, which is defined as non-GAAP net income attributable to Vipshop’s shareholders, divided by the weighted average number of diluted ADSs outstanding for computing diluted earnings per ADS.

[10] Free cash flow is a non-GAAP financial measure, which is defined as net cash from operating activities adding back the impact from internet financing activities and less capital expenditures, which include purchase and deposits of property and equipment and land use rights.

[11] Net impact from internet financing activities represents net cash flow relating to the Company’s financial products, which are primarily consumer financing and supplier financing that the Company provides to its customers and suppliers.

 

 

 

Vipshop Holdings Limited

Unaudited Condensed Consolidated Statements of Income and Comprehensive Income 

(In thousands, except for share and per share data)

Three Months Ended

Twelve Months Ended

December 31, 2022

December 31, 2023

December 31, 2023

December 31, 2022

December 31, 2023

December 31, 2023

RMB’000

RMB’000

USD’000

RMB’000

RMB’000

USD’000

Product revenues 

29,914,304

32,435,188

4,568,401

97,250,078

105,613,485

14,875,348

Other revenues (1)

1,843,456

2,239,288

315,397

5,902,411

7,242,535

1,020,090

Total net revenues

31,757,760

34,674,476

4,883,798

103,152,489

112,856,020

15,895,438

Cost of revenues

(24,857,565)

(26,441,622)

(3,724,225)

(81,536,409)

(87,135,128)

(12,272,726)

Gross profit

6,900,195

8,232,854

1,159,573

21,616,080

25,720,892

3,622,712

Operating expenses:

Fulfillment expenses (2)

(2,157,586)

(2,525,204)

(355,668)

(7,247,210)

(8,262,004)

(1,163,679)

Marketing expenses

(944,051)

(843,208)

(118,763)

(2,831,316)

(3,242,215)

(456,656)

Technology and content expenses

(408,543)

(496,442)

(69,922)

(1,605,422)

(1,767,530)

(248,951)

General and administrative expenses

(1,137,858)

(1,004,539)

(141,486)

(4,459,518)

(4,146,568)

(584,032)

Total operating expenses

(4,648,038)

(4,869,393)

(685,839)

(16,143,466)

(17,418,317)

(2,453,318)

Other operating income

257,062

304,818

42,933

724,832

801,560

112,897

Income from operations

2,509,219

3,668,279

516,667

6,197,446

9,104,135

1,282,291

Investment gain (loss) and revaluation of investments

257,064

(4,449)

(627)

546,031

(18,054)

(2,543)

Impairment loss of investments

(34,347)

0

0

(93,904)

(19,105)

(2,691)

Interest expense

(4,311)

(14,770)

(2,080)

(24,258)

(22,932)

(3,230)

Interest income

198,255

208,913

29,425

764,018

780,292

109,902

Exchange gain (loss)

160,542

(78,151)

(11,007)

687,871

162,666

22,911

Income before income tax expense and share of income of
equity method investees

3,086,422

3,779,822

532,378

8,077,204

9,987,002

1,406,640

Income tax expenses 

(903,839)

(771,969)

(108,730)

(1,758,810)

(1,866,004)

(262,821)

Share of income (loss) of equity method investees

59,176

(25,236)

(3,554)

(6,559)

80,301

11,310

Net income

2,241,759

2,982,617

420,094

6,311,835

8,201,299

1,155,129

Net income attributable to non-controlling interests

(7,998)

(30,470)

(4,292)

(13,019)

(84,675)

(11,926)

Net income attributable to Vipshop’s shareholders

2,233,761

2,952,147

415,802

6,298,816

8,116,624

1,143,203

Shares used in calculating earnings per share (3):

Weighted average number of Class A and Class B ordinary
shares:

—Basic

121,010,371

108,441,659

108,441,659

127,235,048

110,695,778

110,695,778

—Diluted

122,089,636

110,380,505

110,380,505

128,157,304

112,552,398

112,552,398

Net earnings per Class A and Class B ordinary share

Net income attributable to Vipshop’s shareholders——Basic

18.46

27.22

3.83

49.51

73.32

10.33

Net income attributable to Vipshop’s shareholders——Diluted

18.30

26.75

3.77

49.15

72.11

10.16

Net earnings per ADS (1 ordinary share equals to 5 ADSs)

Net income attributable to Vipshop’s shareholders——Basic

3.69

5.44

0.77

9.90

14.66

2.07

Net income attributable to Vipshop’s shareholders——Diluted

3.66

5.35

0.75

9.83

14.42

2.03

(1) Other revenues primarily consist of product promotion and online advertising revenues, lease income mainly earned from
the Shan Shan Outlets ,fees charged to third-party merchants which the Company provides platform access for sales of their
products, revenue from third-party logistics services, loan facilitation service income and membership fee income.

(1) Other revenues primarily consist of product promotion and
online advertising revenues, lease income mainly earned from
the Shan Shan Outlets, fees charged to third-party merchants 
which the Company provides platform access for sales of their
products, revenue from third-party logistics services, loan
facilitation service income and membership fee income.

(2) Fulfillment expenses include shipping and handling expenses, which amounted RMB1.5 billion and RMB1.8 billion  in the
three month periods ended December 31, 2022 and December 31, 2023, respectively.

(2) Fulfillment expenses include shipping and handling
expenses, which amounted RMB5.1 billion and RMB5.8 billion 
in the twelve month periods ended December 31, 2022 and
December 31, 2023, respectively.

(3) Authorized share capital is re-classified and re-designated into Class A ordinary shares and Class B ordinary shares, with
each Class A ordinary share being entitled to one vote and each Class B ordinary share being entitled to ten votes on all
matters that are subject to shareholder vote.

(3) Authorized share capital is re-classified and re-designated
into Class A ordinary shares and Class B ordinary shares, with
each Class A ordinary share being entitled to one vote and
each Class B ordinary share being entitled to ten votes on all
matters that are subject to shareholder vote.

Three Months Ended

Twelve Months Ended

December 31, 2022

December 31, 2023

December 31, 2023

December 31, 2022

December 31, 2023

December 31, 2023

RMB’000

RMB’000

USD’000

RMB’000

RMB’000

USD’000

Share-based compensation expenses are included in the
operating expenses as follows:

Fulfillment expenses

16,913

18,586

2,618

74,063

77,926

10,976

Marketing expenses

4,489

7,683

1,082

14,630

33,379

4,701

Technology and content expenses

52,588

86,591

12,196

242,714

330,197

46,507

General and administrative expenses

191,191

171,805

24,198

876,174

1,068,304

150,467

Total

265,181

284,665

40,094

1,207,581

1,509,806

212,651

 

 

 

Vipshop Holdings Limited

Unaudited Condensed Consolidated Balance Sheets

(In thousands, except for share and per share data)

December 31, 2022

December 31, 2023

December 31, 2023

RMB’000

RMB’000

USD’000

ASSETS

CURRENT ASSETS

Cash and cash equivalents

21,938,653

25,414,729

3,579,590

Restricted cash 

1,164,748

882,637

124,317

Short term investments

1,595,904

1,983,201

279,328

Accounts receivable, net

567,730

778,767

109,687

Amounts due from related parties, net

670,187

553,502

77,959

Other receivables and prepayments, net

2,280,449

2,298,612

323,753

Loan receivables, net

882

4,437

625

Inventories

5,515,880

5,644,713

795,041

Total current assets

33,734,433

37,560,598

5,290,300

NON-CURRENT ASSETS

Property and equipment, net

16,225,589

16,882,100

2,377,794

Deposits for property and equipment

296,717

200,739

28,273

Land use rights, net

7,638,506

10,132,626

1,427,151

Intangible assets, net

336,599

332,821

46,877

Investment in equity method investees

2,162,872

2,155,561

303,604

Other investments

2,660,305

2,916,189

410,737

Other long-term assets

91,762

147,669

20,799

Goodwill

755,213

755,213

106,370

Deferred tax assets, net

681,770

685,017

96,483

Operating lease right-of-use assets

891,744

554,061

78,038

Total non-current assets

31,741,077

34,761,996

4,896,126

TOTAL ASSETS

65,475,510

72,322,594

10,186,426

LIABILITIES AND  EQUITY 

CURRENT LIABILITIES

Short term loans

2,687,438

1,425,576

200,788

Accounts payable

15,018,138

17,259,395

2,430,935

Advance from customers 

1,737,424

1,689,881

238,015

Accrued expenses and other current liabilities 

8,394,742

9,560,449

1,346,562

Amounts due to related parties 

151,736

150,373

21,180

Deferred income 

400,207

457,594

64,451

Operating lease liabilities

136,435

80,868

11,390

Total current liabilities

28,526,120

30,624,136

4,313,321

NON-CURRENT LIABILITIES

Deferred tax liability 

573,734

692,492

97,535

Deferred income-non current 

1,469,685

1,756,949

247,461

Operating lease liabilities

832,928

689,259

97,080

Total non-current liabilities

2,876,347

3,138,700

442,076

TOTAL LIABILITIES

31,402,467

33,762,836

4,755,397

EQUITY:

Class A ordinary shares (US$0.0001 par value, 483,489,642
shares authorized,124,060,090 and 98,877,929 shares
issued, of which 101,621,330 and 92,900,247 shares were 
outstanding as of December 31, 2022 and December
31, 2023, respectively) 

80

62

9

Class B ordinary shares (US$0.0001 par value, 16,510,358
shares authorized, and 15,560,358 and 15,560,358 shares
issued and outstanding as of December 31, 2022 and
December 31, 2023, respectively) 

11

11

2

Treasury shares,at cost(22,438,760 and 5,977,682 Class A
shares as of December 31, 2022 and December 31, 2023,
respectively )

(8,352,511)

(3,624,763)

(510,537)

Additional paid-in capital

13,091,781

4,444,755

626,031

Retained earnings

28,720,304

36,836,928

5,188,373

Accumulated other comprehensive loss

(707,628)

(695,589)

(97,972)

Non-controlling interests

1,321,006

1,598,354

225,123

Total shareholders’ equity

34,073,043

38,559,758

5,431,029

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 

65,475,510

72,322,594

10,186,426

 

 

 

Vipshop Holdings Limited

Reconciliations of GAAP and Non-GAAP Results

Three Months Ended

Twelve Months Ended

December 31, 2022

December 31, 2023

December 31, 2023

December 31, 2022

December 31, 2023

December 31, 2023

RMB’000

RMB’000

USD’000

RMB’000

RMB’000

USD’000

Income from operations

2,509,219

3,668,279

516,667

6,197,446

9,104,135

1,282,291

Share-based compensation expenses

265,181

284,665

40,094

1,207,581

1,509,806

212,651

Non-GAAP income from operations

2,774,400

3,952,944

556,761

7,405,027

10,613,941

1,494,942

Net income attributable to Vipshop’s shareholders

2,233,761

2,952,147

415,802

6,298,816

8,116,624

1,143,203

Share-based compensation expenses

265,181

284,665

40,094

1,207,581

1,509,806

212,651

Impairment loss of investments

34,347

0

0

93,904

19,105

2,691

Investment (gain) loss and revaluation of investments
excluding dividends

(257,064)

4,449

627

(533,826)

18,309

2,579

Reconciling items on the share of equity method
investments(4)

(46,430)

27,502

3,874

2,965

7,606

1,071

Tax effects on non-GAAP adjustments

1,270

(70,495)

(9,929)

(232,532)

(161,580)

(22,758)

Non-GAAP net income attributable to Vipshop’s shareholders

2,231,065

3,198,268

450,468

6,836,908

9,509,870

1,339,437

(4) To exclude the GAAP to non-GAAP reconciling items relating to investment (gain) loss and revaluation of investments on the
share of equity method investments.

Shares used in calculating earnings per share:

Weighted average number of Class A and Class B ordinary
shares:

—Basic

121,010,371

108,441,659

108,441,659

127,235,048

110,695,778

110,695,778

—Diluted

122,089,636

110,380,505

110,380,505

128,157,304

112,552,398

112,552,398

Non-GAAP net income per Class A and Class B ordinary
share

Non-GAAP net income attributable to Vipshop’s shareholders
——Basic

18.44

29.49

4.15

53.73

85.91

12.10

Non-GAAP net income attributable to Vipshop’s shareholders
——Diluted

18.27

28.97

4.08

53.35

84.49

11.90

Non-GAAP net income per ADS (1 ordinary share equal to 5
ADSs)

Non-GAAP net income attributable to Vipshop’s shareholders
——Basic

3.69

5.90

0.83

10.75

17.18

2.42

Non-GAAP net income attributable to Vipshop’s shareholders
——Diluted

3.65

5.79

0.82

10.67

16.90

2.38

 

 

View original content:https://www.prnewswire.com/news-releases/vipshop-reports-unaudited-fourth-quarter-and-full-year-2023-financial-results-302073753.html

SOURCE Vipshop Holdings Limited

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Technology

Movate Appoints Industry Veteran Srijit Menon as Chief Revenue Officer for Digital Services to Drive Strategic Growth and Transformation

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36 minutes ago

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January 6, 2025

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BANGALORE, India, Jan. 6, 2025 /PRNewswire/ — Movate, a leading digital technology and customer experience (CX) services company, is pleased to announce the appointment of Srijit Menon as its Executive Vice President and Chief Revenue Officer (CRO) for Digital Services. In this pivotal role, Srijit will oversee Global Sales and Account Management across Movate’s key service lines, including Digital Infrastructure, Digital Engineering, Enterprise Products, and Content & Data Services. He will drive transformative growth through a consultative, outcome-based approach that enhances Movate’s leadership in the evolving digital services ecosystem by building strategic partnerships with global clients.

With over 25 years of global leadership experience in cloud and digital services, Srijit has held senior positions at reputed organizations such as HCL Tech, Wipro, IBM, PwC, and Siemens. Known for his ability to close large deals and acquire marquee clients, Srijit has spearheaded outsourcing engagements worth more than $2 billion for over 50 global customers. His work spans diverse industries such as Manufacturing, Hi-Tech, BFSI, Telecom, Retail, and Life Sciences, where he has consistently delivered measurable business outcomes through digital transformation initiatives.

Prior to joining Movate, Srijit served as Senior Vice President and Head of Manufacturing Industries at HCL Tech, managing a portfolio of several hundred million dollars for Global 2000 clients. His career highlights include cultivating high-impact customer relationships, leading strategic client engagements, and mentoring future-ready leadership. These achievements underscore his deep understanding of the market dynamics required to drive scalable and sustainable business growth.

Commenting on the appointment, Sunil Mittal, CEO of Movate said, “We are thrilled to welcome Srijit to the Movate family. With a stellar track record of driving strategic growth, building strong client partnerships, and spearheading transformative initiatives, Srijit embodies the leadership and vision that align with our ambitious goals. His deep expertise in harnessing AI and advanced technologies to shape customer-centric strategies will be pivotal in advancing our position as a digital innovator. With Srijit’s leadership, we are poised to set new benchmarks, elevate client experiences, and deliver unparalleled value on a global scale.”

On joining Movate, Srijit Menon said, “In an era where AI and digital technologies are reshaping industries at unprecedented speed, businesses need a trusted partner to navigate this complexity and unlock tangible outcomes. Movate’s unique combination of deep industry expertise, innovative digital solutions, and a relentless focus on delivering real-world value positions it as a standout player in the market. I’m excited to join this exceptional team and leverage my experience to reinforce Movate’s position as the digital partner of choice for Global 2000 enterprises.”

Srijit holds an MBA (PGDM) from IIM Ahmedabad, an MS in Software Systems from BITS Pilani, and a B.Tech in Computer Science & Engineering from Calicut University. Beyond his professional accomplishments, he is passionate about travel, photography, badminton, movies, and comics, and resides in Chicago with his family.

This appointment underscores Movate’s commitment to driving strategic growth and delivering transformative solutions that empower global enterprises to thrive in the digital era.

About Movate

Movate is a digital technology and customer experience services company committed to disrupting the industry with boundless agility, human-centered innovation, and relentless focus on driving client outcomes. It helps ambitious, growth-oriented companies across industries stay ahead of the curve by leveraging its diverse talent of over 12,000 full-time Movators across 21 global locations and a gig network of thousands of technology experts across 60 countries, speaking over 100 languages. Movate has emerged as one of the most awarded and analyst-accredited companies in its revenue range. To know more, visit: www.movate.com.

Follow Movate on LinkedIn, Facebook and Twitter.

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Tencent Cloud Recognized Again in the Gartner® “Competitive Landscape: Video Platform Services” Report, solidifying its Pioneering Position in the Asia-Pacific Market

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January 6, 2025

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HONG KONG, Jan. 6, 2025 /PRNewswire/ — Tencent Cloud, the cloud business of global technology company Tencent, announced today that it is once again recognized as a Representative Vendor in the Gartner® “Competitive Landscape: Video Platform Services” report. We believe this recognition highlights our leading audio and video technology and product portfolio advantages along with its comprehensive global services—reaffirming Tencent Cloud’s dominant position in the Asia-Pacific market for audio and video capabilities and its robust global competitiveness.

According to the recently released 2024 Gartner® “Magic Quadrant™ for Communications Platform as a Service (CPaaS)” report, Tencent Cloud positioned highest in the Asia-Pacific region in terms of Ability to Execute, and was the only Chinese company recognized in the Magic Quadrant. Furthermore, Tencent Cloud has maintained its position in the CPaaS field as the Asia-Pacific region’s top market share holder for three consecutive years.

The Gartner® “Competitive Landscape: Video Platform Services” report pointed out, “Due to technological advancements, improved accessibility, and the rise of diverse and personalized content, the global demand for various OTT video content (such as streaming, entertainment, lifestyle, education, and social media digital platforms and applications) continues to grow. As a result, vendors are trying to differentiate themselves through additional services, expanding their product offerings beyond VPS workflow services, and integrating emerging technologies such as generative artificial intelligence.”

Industry Leading Technology Powers the Digital Transformation of Global Companies

Powered by globally leading technology, Tencent Cloud Media Processing Service offers a comprehensive, one-stop solution tailored for industries like M&E, e-commerce, and education, and expands its global footprint to drive the digital transformation of industries worldwide. Presently, Tencent Cloud has established close collaborations and provided stable technical support to numerous overseas enterprises, including Japan’s top karaoke application Pokekara, Singaporean streaming media service provider BeLive, Indonesia’s media giant TribunNews, Thailand’s digital content platform Ookbee, and Pakistan’s online TV platform ARY ZAP etc.

Serving the global market relies heavily on cutting-edge technological support. Tencent Cloud’s MPaaS offers a comprehensive suite of capabilities, including media processing (MPS), cloud live streaming (CSS), cloud video on-demand (VOD), and live event broadcasting (LEB). Notably, Tencent Cloud’s MPS boasts leading edges in encoding technology, image quality enhancement, media quality inspection, and media AI. Furthermore, Tencent Cloud keeps paying attention to media framework openness and fostering a robust industry ecosystem.

In terms of encoding technology, Tencent Cloud’s MPS possesses leading encoding capabilities in the audio and video industry. It can save over 50% of the bitrate without compromising quality, significantly reducing operational costs for enterprises. Its mainstream encoding formats support the most comprehensive standards, including H.264/H.265/H.266/VP9/AV1, as well as the Chinese standards AVS2/AVS3. In the MSU World Video Coding Contest held at Moscow State University in 2024, Tencent’s encoder took first place in all 15 indicators, once again achieving the best performance overall. Additionally, it supports the most comprehensive audio and video encoding standards, including VP8, H.264, VP9, H.265, AV1, AVS3, and H.266.

Audio and video quality is one of the industry’s major concerns. In this regard, for needs such as upgrading old video sources and enhancing image quality, MPS provides over ten enhancement capabilities through AI technology, including detail enhancement, color enhancement, SDR to HDR conversion, super-resolution, intelligent frame interpolation, and more, effectively helping enterprises and users address various audio and video quality issues.

In addition to its leading technology research and development capabilities, Tencent Cloud has actively participated in the development of the H.266/VVC standard, becoming the world’s first cloud provider to support H.266/VVC. Tencent Cloud holds key positions in the standardization organization, including as the joint chief editor and co-chair of the H.266/VVC standard, and is a significant technical contributor. Moreover, Tencent Cloud is the only Founding Member of AV1 in China and actively participates in the development of the AV2 standard, as well as the engineering of the H.267 standard.

On the ecological front, MPS collaborates with overseas ecosystem partners in areas such as audio and video processing and transmission. It supports technologies like Dolby Atmos, Dolby Vision, Nielsen, Nagra digital watermarks, and transmission standards such as SRT, SMPTE2022-07, SMPTE ST2110 with JPEG-XS, and NDI. This ensures that audio and video can be transmitted with low latency, stability, and smoothness.

The Tencent Cloud audio and video team actively leads or participates in the development of many open-source audio and video projects such as SRS, SRT, VLC, fostering a mutually beneficial relationship between the cloud and the open-source community.

AIGC innovation: leading the future of new audio and video experiences

Staying at the global forefront demands ongoing tech innovation, and Tencent Cloud’s audio-video solutions are delving into deep integration with AIGC. According to the recently released IDC “China Video Cloud Market Tracker, 2024 1H report”, Tencent Cloud maintains the top market share in both the video live streaming cloud services market and video production and media asset management field. Particularly noteworthy is the integration of audio and video with artificial intelligence, which exceeds expectations in terms of interaction and content creation. For instance, Tencent Cloud’s brand-new media intelligence products have been introduced and extensively applied in scenarios such as short dramas and live broadcasting.

Tencent Cloud has launched an all-in-one solution for short dramas, offering intelligent functions such as subtitle extraction, translation, original subtitle erasure, translation subtitle suppression, voice cloning, and video synthesis to facilitate low-cost international expansion of short dramas. In live broadcasting scenarios, by leveraging AI capabilities, Tencent Cloud also provides real-time subtitles without language restrictions and real-time translation and synthesis substitution capabilities, assisting international clients in overcoming language barriers during live broadcasts.

In addition to media intelligence, Tencent Cloud’s rendering capability also integrates AI capability, enriching the capabilities and application scenarios of digital humans. In the past, high-precision real-time interactive digital humans required a significant amount of computing power. By integrating with AI capabilities and leveraging Tencent Cloud’s cloud-based real-time rendering capability, users can now experience ultra-high precision, smooth, and delicate digital human content on lightweight terminals such as mini-programs and H5, enabling seamless communication anytime, anywhere.

Furthermore, Tencent Cloud’s rendering has introduced various solutions such as cloud phones, 24/7 live streaming of digital humans, and native recording, among others, deeply applied in education, e-commerce, and other scenarios. Combined with fast live streaming capabilities, it provides a one-stop bullet screen interactive live streaming solution. Hosts only need a mobile phone to conduct bullet screen game live broadcasts in the live room without the need to download or install games and purchase broadcasting equipment.

As innovative technologies continue to converge, Tencent Cloud will persist in constructing an international business landscape from a global perspective. Leveraging its deep accumulation in the audio and video domain, Tencent Cloud will continuously optimize core technologies, actively embrace innovative technologies, and enhance the competitiveness of its audio and video products. Simultaneously, through deep collaboration with various industries, Tencent Cloud aims to assist industries in achieving high-quality development and provide a digital support and business innovation path for enterprise internationalization.

Gartner, Competitive Landscape: Video Platform Services, 18 December 2024

Gartner, Magic Quadrant for Communications Platform as a Service, 24 June 2024

Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

GARTNER and MAGIC QUADRANT are registered trademarks of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved.

About Tencent Cloud

Tencent Cloud, one of the world’s leading cloud companies, is committed to creating innovative solutions to resolve real-world issues and enabling digital transformation for smart industries. Through our extensive global infrastructure, Tencent Cloud provides businesses across the globe with stable and secure industry-leading cloud products and services, leveraging technological advancements such as cloud computing, Big Data analytics, AI, IoT and network security. It is our constant mission to meet the needs of industries across the board, including the fields of gaming, media and entertainment, finance, healthcare, property, retail, travel and transportation.

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SOURCE Tencent Cloud

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NIKON EXHIBITS AT CES 2025

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36 minutes ago

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January 6, 2025

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LAS VEGAS, Jan. 5, 2025 /PRNewswire/ — CES BOOTH #19504 — Nikon Corporation (Nikon) will exhibit at CES 2025, one of the world’s largest digital technology trade shows, which will take place in Las Vegas, Nevada, from January 7 to 10. The Nikon booth (#19504) will be located in the Central Hall at the Las Vegas Convention Center (LVCC).

As set forth in the Medium-Term Management Plan, Nikon is striving to become a key technology solutions company in a global society where humans and machines co-create seamlessly by 2030. The Nikon booth will offer interactive and experiential content featuring our state-of-the-art technologies that support society’s foundation and creativity, alongside co-creation initiatives with our partners.

Nikon is also pleased to announce that the Z6III mirrorless camera has been selected as a CES Innovation

Awards® 2025 Honoree in the Imaging category. The Nikon Z6III features the world’s first partially stacked CMOS sensor to deliver ultra-fast readout speeds and high frame rates, making it the most versatile, capable and powerful mid-range mirrorless camera designed to give photographers and videographers unmatched performance. The Z6III will be displayed at the Innovation Awards Showcase at CES 2025, as well as in the Nikon booth with other Z series mirrorless cameras and lenses.

Main Exhibits at the Nikon Booth:

Immersive video content: A drone video taken by Nikon Creates Corporation, a subsidiary of Nikon, will be shown at the booth entrance. The footage, shown on two large screens measuring 7m x 3m (23ft x 10ft) and 2.5m x 3m (8ft x 10ft), will offer visitors an immersive experience.Robot vision system: The system enables flexible robot operation, equipped with dynamic vision that surpasses humans and an image processing engine. The demonstration will take place in a futuristic kitchen setting where the robot vision system will pick up objects flexibly, swiftly and accurately. Nikon’s “C3 eMotion” is built into the robot arm, which packages the parts necessary for robotic joints.Riblet processing: Inspired by shark skin, microscopic grooves are created on the surface of materials using Nikon’s original laser processing technology. This reduces frictional resistance, such as of air and water, and can improve energy efficiency in various fields. Visitors will be able to view actual materials that have undergone riblet processing and participate in a quiz using a touch panel screen.In-vehicle camera system: Co-created with Mitsubishi Fuso Truck and Bus Corporation, the innovative in-vehicle camera system integrates telephoto and wide-angle lens functions (released on December 19, 2024). Visitors can experience the view from inside a truck while experiencing the benefits of this system in checking both far away and in the close periphery simultaneously, as VR footage.Nikon Z Series mirrorless cameras and lenses: In addition to viewing the newest product in the Z Series, visitors will be able to have their portraits taken by a professional photographer using the new Nikon Z50II. This is an opportunity for show-goers to get a free updated headshot or social media profile picture captured with high-quality Nikon equipment. Attendees can sign up on-site to participate. Furthermore, Nikon Inc., a subsidiary of Nikon, entered into a Space Act agreement with the National Aeronautics and Space Administration (NASA) to support the development of a Handheld Universal Lunar Camera (HULC) to be used for the Artemis campaign, where NASA will explore the Moon for scientific discovery, technology advancement, and learn how to live and work on the lunar surface as it prepares for human mission to Mars. NASA plans to use the Nikon Z9 (launched to the International Space Station in December 2021), modified to be compatible for space missions, starting with Artemis III, which will send the first humans to explore the lunar South Pole region. The CES 2025 exhibit will feature items such as a thermal insulation blanket that will protect the camera and its lens from the dust and extreme temperature changes in the moon’s environment.Virtual production: An experiential exhibit called “Studio Extreme*” will be set up where visitors can participate in creating videos that merge the real and virtual worlds. The shoot will use Studiobot LT, a robot arm and motion control system from Mark Roberts Motion Control Limited (MRMC), a subsidiary of Nikon. The end of the arm will have a cinema camera attached to it from RED Digital Cinema, Inc., which became a wholly owned subsidiary of Nikon in April 2024. Visitors can stand in front of a video background projected onto a giant LED screen and create their own weather forecast TV program as they pose as a weather forecaster.

Please check the special website for more information on the exhibit products. CES 2025 Special Website

About Nikon
Nikon Inc. is a world leader in digital imaging, precision optics and technologies for photo and video capture; globally recognized for setting new standards in product design and performance for an award-winning array of equipment that enables visual storytelling and content creation. Nikon Inc. distributes consumer and professional Z Series mirrorless cameras, digital SLR cameras, a vast array of NIKKOR and NIKKOR Z lenses, Speedlights and system accessories, Nikon COOLPIX® compact digital cameras and Nikon software products. For more information, dial (800) NIKON-US or visit www.nikonusa.com, which links all levels of photographers and visual storytellers to the Web’s most comprehensive learning and sharing communities. Connect with Nikon on Facebook, X, YouTube, Instagram, TikTok and Threads.

Specifications, equipment, and release dates are subject to change without any notice or obligation on the part of the manufacturer.

*”Studio Extreme” will be a joint exhibit with Disguise Technologies Limited

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SOURCE Nikon Inc.

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