Goldman Sachs: second-quarter results exceeded expectations

Beijing time August 14 Evening News, Goldman Sachs released its investment report today, the only commodities (nyse:vips) second-quarter revenue and diluted earnings per share exceeded Goldman's expectations.

The following is a summary of the contents of the report:

Second quarter results: only the second quarter 2014 net revenue of 829.4 million U.S. dollars, an increase of 136%, higher than we expected 123%. Based on non-US general accounting standards, net profit was 43 million US dollars, up 263.6% from a year earlier than we expected 225.8%. Only the goods will expect the third quarter net revenue will reach 850 million U.S. dollars to 860 million U.S. dollars, an increase of 122% to 124%.

Revenue exceeded expectations: revenue for the second quarter grew 136% per cent year-on-year, higher than the 122% to 124.9% guideline forecast, above our expected 123%. This is mainly due to the growth of active users, the second quarter active users reached 9.3 million, year-on-year growth of 165.7%, the chain growth of 26%, the number of new active users 4.1 million. The total order quantity is 26.3 million, the year-on-year growth 139.1%, the chain growth 30%. Le Bee net second quarter order quantity is 2 million, the chain grows 54%. The number of active users is 1.3 million, the chain growth of 30%. But it also led to a fall of 9% to 194.3 yuan (about $31.5) per order revenue.

Gross profit margin to 24.8%: The only product will be self-employed business margin stability, the second quarter is 23.7%, and the same period was 23.8%, the first quarter of this year is 23.8%, lower than we expected 24.2%. We believe that revenue from the market will drive the growth of gross margin in the future.

The rate of performance expenditure fell: the second quarter only goods meeting performance spending rate of 10.1%, year-on-year decline of 2%, the chain decline of 0.5%, mainly thanks to the size of the increase in order volume effect. Only the goods will be expected to increase the warehouse area to more than 700,000 square meters by 2016.

Marketing spending: Sales in the second quarter rose to an all-time high of 271.3 million yuan, accounting for 5.3% of total revenue, compared with 4.3% in the year to 4.2% in the first quarter. This is mainly due to investment in new product categories, such as cosmetics and mobile business, designed to promote long-term growth of the company. Based on non-US GAAP, the net profit margin for the second quarter was 5.2%, an increase of 1.8% per cent, up from the 4.9% we expected. (Li Ming)