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Vipshop Reports Unaudited First Quarter 2025 Financial Results

Conference Call to Be Held at 7:30 A.M. U.S. Eastern Time on May 20, 2025

GUANGZHOU, China, May 20, 2025 /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 ended March 31, 2025.

First Quarter 2025 Highlights

  • Total net revenues for the first quarter of 2025 were RMB26.3 billion (US$3.6 billion), compared with RMB27.6 billion in the prior year period.
  • GMV[1] for the first quarter of 2025 was RMB52.38 billion, compared with RMB52.44 billion in the prior year period.
  • Gross profit for the first quarter of 2025 was RMB6.1 billion (US$838.2 million), compared with RMB6.5 billion in the prior year period.
  • Net income attributable to Vipshop’s shareholders for the first quarter of 2025 was RMB1.9 billion (US$267.7 million), compared with RMB2.3 billion in the prior year period.
  • Non-GAAP net income attributable to Vipshop’s shareholders[2] for the first quarter of 2025 was RMB2.3 billion (US$318.1 million), compared with RMB2.6 billion in the prior year period.
  • The number of active customers[3] for the first quarter of 2025 was 41.3 million, compared with 43.1 million in the prior year period.
  • Total orders[4] for the first quarter of 2025 were 167.2 million, compared with 178.5 million in the prior year period.

Mr. Eric Shen, Chairman and Chief Executive Officer of Vipshop, stated, “Our first-quarter performance was broadly in line with our expectations. We continued to make progress on the strategic actions we have set out to return to growth. We’re pleased to see further expansion of our unique and high-quality off-price brand supply, which drove the double-digit growth in Super VIP customers. Building on our long-standing merchandising strategy, we are implementing changes throughout the organization to align with our growth priorities, operate with greater synergy, and deliver uniquely compelling value to our customers. We are confident that we will have all the building blocks to achieve long-term success.”

Mr. Mark Wang, Chief Financial Officer of Vipshop, further commented, “We delivered solid profitability in the first quarter while continuously optimizing our resource allocation to maximize growth opportunities.  Looking ahead, we remain focused on executing our strategic priorities to regain growth trajectory while investing with discipline and driving efficiency. We are committed to delivering shareholder value through our ongoing share repurchase program.”

First Quarter 2025 Financial Results

REVENUES

Total net revenues for the first quarter of 2025 were RMB26.3 billion (US$3.6 billion), compared with RMB27.6 billion in the prior year period.

GROSS PROFIT

Gross profit for the first quarter of 2025 was RMB6.1 billion (US$838.2 million), compared with RMB6.5 billion in the prior year period. Gross margin for the first quarter of 2025 was 23.2%, compared with 23.7% in the prior year period.

OPERATING EXPENSES

Total operating expenses for the first quarter of 2025 decreased by 1.6% year over year to RMB4.0 billion (US$554.2 million) from RMB4.1 billion in the prior year period. As a percentage of total net revenues, total operating expenses for the first quarter of 2025 were 15.3%, compared with 14.8% in the prior year period.

  • Fulfillment expenses for the first quarter of 2025 decreased by 4.8% year over year to RMB1.9 billion (US$260.4 million) from RMB2.0 billion in the prior year period. As a percentage of total net revenues, fulfillment expenses for the first quarter of 2025 were 7.2%, which remained stable as compared with that in the prior year period.
  • Marketing expenses for the first quarter of 2025 increased by 6.0% year over year to RMB732.1 million (US$100.9 million) from RMB690.9 million in the prior year period. As a percentage of total net revenues, marketing expenses for the first quarter of 2025 were 2.8%, compared with 2.5% in the prior year period.
  • Technology and content expenses for the first quarter of 2025 decreased by 6.8% year over year to RMB449.1 million (US$61.9 million) from RMB481.9 million in the prior year period. As a percentage of total net revenues, technology and content expenses for the first quarter of 2025 were 1.7%, which remained stable as compared with that in the prior year period.
  • General and administrative expenses for the first quarter of 2025 increased by 2.3% year over year to RMB950.8 million (US$131.0 million) from RMB929.1 million in the prior year period. As a percentage of total net revenues, general and administrative expenses for the first quarter of 2025 were 3.6%, compared with 3.4% in the prior year period.

INCOME FROM OPERATIONS

Income from operations for the first quarter of 2025 was RMB2.3 billion (US$313.8 million), compared with RMB2.8 billion in the prior year period. Operating margin for the first quarter of 2025 was 8.7%, compared with 10.0% in the prior year period.

Non-GAAP income from operations[5] for the first quarter of 2025, which excluded share-based compensation expenses, was RMB2.6 billion (US$362.1 million), compared with RMB3.1 billion in the prior year period. Non-GAAP operating margin[6] for the first quarter of 2025 was 10.0%, compared with 11.1% in the prior year period.

NET INCOME

Net income attributable to Vipshop’s shareholders for the first quarter of 2025 was RMB1.9 billion (US$267.7 million), compared with RMB2.3 billion in the prior year period. Net margin attributable to Vipshop’s shareholders for the first quarter of 2025 was 7.4%, compared with 8.4% in the prior year period. Net income attributable to Vipshop’s shareholders per diluted ADS[7] for the first quarter of 2025 was RMB3.72 (US$0.51), compared with RMB4.18 in the prior year period.

Non-GAAP net income attributable to Vipshop’s shareholders for the first quarter of 2025, which excluded (i) share-based compensation expenses, (ii) investment loss and revaluation of investments excluding dividends, (iii) reconciling items on the share of equity method investments, and (iv) tax effects on non-GAAP adjustments, was RMB2.3 billion (US$318.1 million), compared with RMB2.6 billion in the prior year period. Non-GAAP net margin attributable to Vipshop’s shareholders[8] for the first quarter of 2025 was 8.8%, compared with 9.3% in the prior year period. Non-GAAP net income attributable to Vipshop’s shareholders per diluted ADS[9] for the first quarter of 2025 was RMB4.43 (US$0.61), compared with RMB4.66 in the prior year period.

For the quarter ended March 31, 2025, the Company’s weighted average number of ADSs used in computing diluted income per ADS was 521,575,548.

BALANCE SHEET AND CASH FLOW

As of March 31, 2025, the Company had cash and cash equivalents and restricted cash of RMB28.9 billion (US$4.0 billion) and short term investments of RMB192.3 million (US$26.5 million).

For the quarter ended March 31, 2025, net cash used in operating activities was RMB1.0 billion (US$142.0 million), and free cash flow[10], a non-GAAP measurement of liquidity, was as follows:

For the three months ended

March 31,

2024

 

RMB’000

March 31,

2025

 

RMB’000

March 31,

2025

 

US$’000

Net cash used in operating activities

(560,723)

(1,030,275)

(141,976)

Reconciling items:

   Net impact from internet financing activities[11]

(63,163)

(74,740)

(10,299)

   Capital expenditures

(712,063)

(680,205)

(93,735)

Free cash outflow

(1,335,949)

(1,785,220)

(246,010)

For the trailing twelve months ended

March 31,

2024

 

RMB’000

March 31,

2025

 

RMB’000

March 31,

2025

 

US$’000

Net cash generated from operating activities

13,393,077

8,659,431

1,193,302

Reconciling items:

   Net impact from internet financing activities

87,454

44,016

6,066

   Capital expenditures

(4,840,672)

(3,530,728)

(486,547)

Free cash inflow

8,639,859

5,172,719

712,821

Share Repurchase Program

During the quarter ended March 31, 2025, the Company repurchased US$16.9 million of its ADSs. The Company has fully utilized its US$1.0 billion share repurchase program adopted in March 2023 and has continued share repurchase of US$4.3 million under its current US$1.0 billion share repurchase program, which is effective for a 24-month period through February 2027.

Business Outlook

For the second quarter of 2025, the Company expects its total net revenues to be between RMB25.5 billion and RMB26.9 billion, representing a year-over-year decrease of approximately 5% to 0%. 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 translations 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 RMB7.2567 to US$1.00, the effective noon buying rate on March 31, 2025 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 March 31, 2025 or at any other rate.

Conference Call Information

The Company will hold a conference call on Tuesday, May 20, 2025 at 7:30 am U.S. Eastern Time, 7:30 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-conf.media-server.com/register/BIf52e8ab26da948e69cba40bd7b13d7a1

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/jwdwgyjv. 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; 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 cash flows for the period presented and the 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) investment loss and revaluation of investments excluding dividends, (iii) reconciling items on the share of equity method investments, and (iv) 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) investment loss and revaluation of investments excluding dividends, (iii) reconciling items on the share of equity method investments, and (iv) 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) investment loss and revaluation of investments excluding dividends, (iii) reconciling items on the share of equity method investments, and (iv) 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 given period, including 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 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) investment loss and revaluation of investments excluding dividends, (iii) reconciling items on the share of equity method investments, and (iv) 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 updated its definition of “active customers” to exclude registered members who make their purchases from the Company’s online stores operated at third-party platforms.

[4] “Total orders” is defined as the total number of orders placed during the given period, including the orders for products and services sold through the Company’s online sales business and on 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

March 31,2024

March 31,2025

March 31,2025

RMB’000

RMB’000

USD’000

Product revenues

25,847,130

24,293,121

3,347,682

Other revenues (1)

1,798,751

1,975,422

272,220

 Total net revenues 

27,645,881

26,268,543

3,619,902

 Cost of revenues 

(21,100,380)

(20,186,333)

(2,781,751)

 Gross profit 

6,545,501

6,082,210

838,151

 Operating expenses: 

 Fulfillment expenses (2) 

(1,985,526)

(1,889,954)

(260,443)

 Marketing expenses 

(690,884)

(732,148)

(100,893)

 Technology and content expenses 

(481,901)

(449,071)

(61,884)

 General and administrative expenses 

(929,088)

(950,795)

(131,023)

 Total operating expenses 

(4,087,399)

(4,021,968)

(554,243)

 Other operating income 

301,599

216,556

29,842

 Income from operations 

2,759,701

2,276,798

313,750

 Investment loss and revaluation of investments 

(3,558)

(37,459)

(5,162)

 Interest expense 

(10,555)

(10,240)

(1,411)

 Interest income 

216,058

222,950

30,723

Exchange loss

(2,367)

(12,936)

(1,783)

 Income before income tax expense and share of income of equity

method investees 

2,959,279

2,439,113

336,117

 Income tax expenses  

(619,286)

(507,667)

(69,958)

 Share of income of equity method investees 

7,934

48,865

6,734

 Net income 

2,347,927

1,980,311

272,893

 Net income attributable to non-controlling interests 

(31,218)

(37,466)

(5,163)

 Net income attributable to Vipshop’s shareholders 

2,316,709

1,942,845

267,730

 Shares used in calculating earnings per share (3): 

 Weighted average number of Class A and Class B ordinary

shares: 

 —Basic 

108,459,047

102,682,285

102,682,285

 —Diluted 

110,912,953

104,315,110

104,315,110

 Net earnings per Class A and Class B ordinary share 

 Net income attributable to Vipshop’s shareholders——Basic 

21.36

18.92

2.61

 Net income attributable to Vipshop’s shareholders——Diluted 

20.89

18.62

2.57

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

 Net income attributable to Vipshop’s shareholders——Basic 

4.27

3.78

0.52

 Net income attributable to Vipshop’s shareholders——Diluted 

4.18

3.72

0.51

(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 RMB 1.4 billion and RMB 1.3 billion in the
three month periods ended March 31,2024 and March 31,2025, 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.

Three Months Ended

March 31,2024

March 31,2025

March 31,2025

RMB’000

RMB’000

USD’000

 Share-based compensation expenses are included in the

operating expenses as follows: 

 Fulfillment expenses 

20,364

20,177

2,780

 Marketing expenses 

7,820

7,042

970

 Technology and content expenses 

93,433

88,845

12,243

 General and administrative expenses 

173,847

234,539

32,320

 Total 

295,464

350,603

48,314

 

 

 

Vipshop Holdings Limited 

 Unaudited Condensed Consolidated Balance Sheets

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

December 31,2024

March 31,2025

March 31,2025

RMB’000

RMB’000

USD’000

ASSETS

CURRENT ASSETS

Cash and cash equivalents

26,352,161

28,369,482

3,909,419

Restricted cash 

602,342

492,608

67,883

Short term investments

1,872,756

192,340

26,505

Accounts receivable, net

915,158

960,788

132,400

Amounts due from related parties,net

548,145

501,497

69,108

Other receivables and prepayments,net

2,473,050

2,731,930

376,470

Loan receivables,net

6,878

5,937

818

Inventories

5,032,069

4,179,459

575,945

Total current assets

37,802,559

37,434,041

5,158,548

NON-CURRENT ASSETS

Property and equipment, net

18,292,771

18,237,712

2,513,224

Deposits for property and equipment

164,955

170,818

23,539

Land use rights, net

10,686,400

10,618,047

1,463,206

Intangible assets, net

327,844

326,900

45,048

Investment in equity method investees

2,002,043

2,248,736

309,884

Other investments

3,355,489

3,322,838

457,899

Other long-term assets

434,206

275,292

37,936

Goodwill

755,213

755,213

104,071

Deferred tax assets, net

681,029

750,262

103,389

Operating lease right-of-use assets

433,617

434,936

59,936

Total non-current assets

37,133,567

37,140,754

5,118,132

TOTAL ASSETS

74,936,126

74,574,795

10,276,680

 LIABILITIES AND  EQUITY  

 CURRENT LIABILITIES 

 Short term loans 

2,399,629

4,436,780

611,405

 Accounts payable 

15,190,560

12,410,216

1,710,173

 Advance from customers  

2,035,184

1,577,818

217,429

 Accrued expenses and other current liabilities  

9,663,421

10,188,850

1,404,060

 Amounts due to related parties  

104,187

133,967

18,461

 Deferred income  

476,796

475,680

65,550

 Operating lease liabilities 

57,224

58,585

8,073

Total current liabilities

29,927,001

29,281,896

4,035,151

 NON-CURRENT LIABILITIES 

Deferred tax liability 

783,863

689,728

95,047

Deferred income-non current 

2,084,038

2,193,915

302,330

 Operating lease liabilities 

591,995

591,405

81,498

Total non-current liabilities

3,459,896

3,475,048

478,875

TOTAL LIABILITIES

33,386,897

32,756,944

4,514,026

EQUITY:

Total shareholders’ equity (US$0.0001 par value, 500 million

shares authorized, 116.9 million shares issued, and 103.0 million

shares outstanding as of March 31, 2025) (4)

39,968,813

40,214,319

5,541,681

Non-controlling interests

1,580,416

1,603,532

220,973

Total shareholders’ equity

41,549,229

41,817,851

5,762,654

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 

74,936,126

74,574,795

10,276,680

(4) The number of treasury stock as of March 31, 2025 was 12.6 million, of which 12.6 million are Class A ordinary shares
repurchased under the share repurchase program

 

 

 

 Vipshop Holdings Limited 

 Reconciliations of GAAP and Non-GAAP Results

Three Months Ended

March 31,2024

March 31,2025

March 31,2025

RMB’000

RMB’000

USD’000

 Income from operations 

2,759,701

2,276,798

313,750

 Share-based compensation expenses 

295,464

350,603

48,314

 Non-GAAP income from operations 

3,055,165

2,627,401

362,064

 Net income attributable to Vipshop’s shareholders 

2,316,709

1,942,845

267,730

 Share-based compensation expenses 

295,464

350,603

48,314

 Investment loss and revaluation of investments excluding dividends 

3,558

37,459

5,162

 Reconciling items on the share of equity method investments(5) 

(13,523)

61

8

 Tax effects on non-GAAP adjustments 

(19,492)

(22,583)

(3,112)

 Non-GAAP net income attributable to Vipshop’s shareholders 

2,582,716

2,308,385

318,102

(5) 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 

108,459,047

102,682,285

102,682,285

 —Diluted 

110,912,953

104,315,110

104,315,110

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

 Non-GAAP net income attributable to Vipshop’s

shareholders——Basic 

23.81

22.48

3.10

 Non-GAAP net income attributable to Vipshop’s

shareholders——Diluted 

23.29

22.13

3.05

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

ADSs) 

 Non-GAAP net income attributable to Vipshop’s

shareholders——Basic 

4.76

4.50

0.62

 Non-GAAP net income attributable to Vipshop’s

shareholders——Diluted 

4.66

4.43

0.61

 

 

Meizu Deepens Its Globalization by Launching Cutting-Edge Smartphones and Wearables

SHENZHEN, China, May 20, 2025 /PRNewswire/ — Following its high-profile showcase at MWC 2025 and strategic collaborations with Geely, Meizu reaffirmed its global ambitions with an online launch event on May 20. The event launched five new smartphones—MEIZU Mblu 22, MEIZU Mblu 22 Pro, MEIZU Note 22, MEIZU Note 22 5G, and MEIZU Note 22 Pro 5G—alongside the AR smart glasses StarV View and the health-centric StarV Ring2. This launch marks Meizu’s bold re-entry into the global market, driven by its All in AI strategy and commitment to delivering innovative, interconnected ecosystems.

Reimagining Mobile Innovation: The Next-Generation Smartphone Portfolio


Designed for value-driven consumers, the MEIZU Mblu 22 and MEIZU Mblu 22 Pro balance affordability with high-grade performance. MEIZU Mblu 22 features a 6.79-inch HD+ display with a 90Hz refresh rate, powered by an octa-core processor delivering balanced performance. Its 5,000mAh battery supports day-long usage, while the F1.8 large aperture camera captures stunning landscapes and captivating portraits with breathtaking clarity. Its price will range from $79 to $89.


MEIZU Mblu 22 Pro Elevates the experience with a powerful MediaTek Helio G81 processor, a 6.79-inch FHD+ 120Hz ultra smooth display, and 50MP ultra HD main camera plus 2MP macro camera. Its Titan shield architecture is constructed with high-strength materials and rigorously tested for reliability. Its price will range from $99 to $129.


However, the MEIZU Note 22 lineup targets tech enthusiasts with a perfect balance of performance and price. MEIZU Note 22 is equipped with a stunning triple-camera system — 108MP main camera,  8MP ultra-wide camera and a 2MP portrait camera — capturing beautiful vivid moments day and night. Its 5,000mAh battery supports 40W fast charging, while 6.78-inch FHD+ 120Hz ultra AMOLED display delivers a smooth interactive experience. Its price will range from $179 to $299.


MEIZU Note 22 5G is equipped with up to 24 GB RAM to ensure the phone is running smoothly for longer periods. It also supports 5G connectivity and features a 50MP triple-camera system with AI scene optimization for photo enhancements. The premium stylish design with the idea of traditional Chinese architecture makes this phone stand out. Its price will range from $169 to $229.


MEIZU Note 22 Pro 5G  boasts a Snapdragon 7s Gen 3 processor, a 50MP ultra HD main camera, and Meizu’s proprietary Flyme AIOS, which learns user habits to optimize battery life, app performance, and multitasking. The model also includes a 6200 mAh long-lasting battery with 80W fast charging, reducing battery anxiety. Its price will range from $299 to $369.


Beyond Smartphones: StarV View AR Glasses and StarV Ring2

At the launch event, Meizu also brings its smart wearables to the global market. The StarV View merges style with cutting-edge AR capabilities. It has 188-inch 120Hz display with ultra high definition of 85mm/LP and 10-level brightness adjustment, creating a cinematic viewing for users. However, it is only 74g and is easy to take anywhere. It also supports 0-600 diopter adjustment and is very friendly to people with myopia. The glasses are like a private theater in your pocket.


While the StarV Ring2 revolutionizes wearable health tech. Wearing the ring, you can track your sleep data and assess sleep quality, monitor your heart rate, exercise duration and empower you to manage health and stress. It has an IP68 rating of water resistance, which means you can wear it everywhere, even while you are swimming. Powered by Flyme OS, you can also control your phone or glasses by using the ring.


Overseas Flyme AI Ecosystem Strategy

These smartphones and wearables will firstly be available in Russia, Spain, Malaysia and Vietnam, and will be available in more than 30 countries and regions, including Asia Pacific, Latin America, the Middle East, Central Asia, and Europe. This new product launch event takes Meizu to a new stage in the global market, leveraging its “smartphones+XR+smart cars” ecosystem to deliver seamless cross-device experiences.

Cheng Li, Meizu’s CMO for Global Business, emphasized the brand’s roadmap: “Our All in AI strategy bridges hardware, software, and services to create a seamless smart life. We will continue to develop new products to bring consumers more cost-effective and personalised electronic products according to the habits of consumers in different countries and regions.”

Meizu is the smartphone brand of DreamSmart Group, which carries AI eco-products in three product areas, which are smartphones, XR and smart cars. With deep technological expertise in multiple industries, DreamSmart is recognized as a leader in smart ecosystems.

This launch isn’t merely a product showcase—it’s a manifesto for the AI-driven future. By fusing hardware excellence with adaptive intelligence, Meizu positions itself as a pioneer in an era where technology anticipates human needs. With smartphones, AR glasses, and health wearables working in concert, the brand is poised to redefine global standards for innovation, connectivity, and user-centric design.

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Goodsleep Revolutionizing Sleep Comfort in Singapore

SINGAPORE, May 20, 2025 /PRNewswire/ — In an industry dominated by big players in the market, Goodsleep Singapore has boldly entered the Singaporean sleep market with a refreshing promise: Customisable sleep solutions at wallet-friendly prices. Founded in 2020, the homegrown brand is shaking up the bedding industry by making it accessible without the hefty price tag. The Signature Mattress is engineered with features typically reserved for higher end brands – like enhanced zonal support, GlacierCool with Anti Dust Mite fabric, and individual pocket springs at a fraction of the price consumers are used to seeing. The brand’s direct-to-consumer model eliminates the middleman, allowing it to pass significant savings on customers. Their strategic moves enable affordability while maintaining high standards in craftsmanship.

“We believe that everyone deserves a good sleep, not just those who can afford to pay thousands of dollars for a mattress,” said the founder. “By cutting unnecessary overhead and focusing on what truly matters—comfort, durability, and support—we’re able to deliver a premium product at an affordable price.”

Goodsleep Signature Mattress
Goodsleep Signature Mattress

Understanding the needs of local consumers, Goodsleep has thoughtfully designed its products to fit Singapore’s sultry weather with the use of GlacierCool technology, a breathable and cool to touch fabric that dissipates heat and enhanced airflow – making it ideal for tropical nights. The Signature Mattress is also fully customisable with three firmness level inserts: Soft, Medium, and Firm, allowing consumers to tailor their mattress to their exact preference. Paired with motion-isolating individual pocket springs, the Signature Mattress offers an uninterrupted and deeply restorative sleep experience.

More than just mattresses

Goodsleep has curated a selection of sleep-enhancing accessories including Ergonomic Cloud Memory Foam Pillows with adjustable support layers available to add on for the perfect sleep and the Forest 2-in-1 Dehumidifier and Air Purifier, designed to improve air quality and humidity levels for optimal sleep conditions.

By offering holistic sleep support, the brand is positioning itself as more than just a mattress company – it’s becoming a one-stop shop for better rest.

Designed for the locals by the locals

Goodsleep proudly researched and designed all its products in Singapore, for Singapore. Compact mattress packaging for easy delivery, and a 10-year product warranty to further reflect their customer-first approach.

With demands for effective, high-quality sleep solutions continue to grow, Goodsleep is carving out a strong presence with its customisable, premium grade wallet-friendly products. With a clear focus on innovative customer-centric design, the brand is quickly emerging as a standout in Singapore’s market. For those looking to elevate their nightly rest without stretching their budget, Goodsleep offers a smart and compelling alternative. Their commitment positions them as a promising player in the industry. If sleep is the ultimate luxury, Goodsleep is putting it within reach.

Watch Goodsleep Signature Mattress here:
https://youtu.be/4nuQF6VXW_w

Point of Contact:
hello@goodsleep.sg / https://wa.me/6586858813

Website:
www.goodsleep.sg

Socials:
https://www.instagram.com/goodsleepsg/
https://www.facebook.com/GoodsleepSg
https://www.tiktok.com/@sg.goodsleep
https://www.youtube.com/@GoodsleepSG

 

100+ Events, From Prototype to Product: SuperAI’s Singapore AI Week (16-22 June) Unites the Global AI Ecosystem

  • Singapore AI Week will stage 100+ events across 10 themed Community Hubs, from Mixmag’s creative-tech stage to the National Youth Council/Wavesparks student programme.
  • Over US$250,000 in builder capital up for grabs: up to US$100,000 investment opportunity from 500 Global for the Genesis Startup Competition; US$50,000 in Draper University prizes headline the NEXT Hackathon.
  • AI Creator Lab presented by AMD equips artists and makers with cutting-edge Ryzen(TM)-powered hardware and live mentorship.

SINGAPORE, May 20, 2025 /PRNewswire/ — SuperAI today unveiled the anchor events, prize pools, and community activations that will turn Singapore AI Week (16-22 June) into the city-state’s largest AI festival to date. More than 100 events – spanning a US$50,000 hackathon, a US$200,000 startup competition, and AMD’s hands-on AI Creator Lab – will map the journey from prototype to product and draw over 7,000 technologists to the flagship SuperAI conference at Marina Bay Sands (18-19 June).

“AI’s trajectory is everyone’s question right now,” said Peter Noszek, Co-Founder of SuperAI. “With AMD, AWS, 500 Global and over 150 partners, we’re opening the doors to this next wave of innovation. Builders, investors or the simply curious – there’s a session here for everyone.”

Through the SuperAI NEXT Hackathon (17-19 June), 60 AI and machine learning engineers will race round-the-clock to ship working products, competing for US$50,000 in prizes from Draper U, guided by AWS mentors.

SuperAI will also host the Genesis Startup Competition, in partnership with AWS, 500 Global, and Plug & Play APAC, as 10 finalists chosen from hundreds of global applicants will vie for over US$200,000 in funding and support, including an up to US$100,000 seed investment from 500 Global (subject to final agreement on terms and due diligence).

Khailee Ng, Managing Partner at 500 Global, said: “Genesis provides a catalytic moment for AI founders: a US$100,000 cheque, SuperAI’s global spotlight, and connections that compress a year of fundraising and networking into a single week.”

Jielun Ong, Senior Director at Plug and Play APAC added: “Great startups aren’t built in garages anymore, they’re built within ecosystems. They don’t just need capital but also cross-pollination with experts, fellow founders and corporate partners and that is what Plug and Play stands for.”

This year, SuperAI joins forces with AMD to present AI Creator Lab (19 June), for a live, hands-on showcase of creative workflows accelerated by AMD Ryzen™ AI 300 series processors. Creator Lab will showcase live demos with AV Mapping, and panels with AMD and Microsoft covering mobility, performance and ethics in the creator economy.

“At AMD, we have a bold vision to enable the future of AI everywhere – bringing open, high-performance computing to every developer, AI start-up and enterprise around the world,” said Peter Chambers, Managing Director of Sales, APAC and Country Manager, Australia, AMD. “AI PCs represent the next frontier in computing, transforming how we work, create as well as connect. We’re excited to collaborate with SuperAI to demonstrate how Ryzen™ AI PCs are supercharging creators’ workflows.”

Events extend from Marina Bay Sands to Punggol Digital District, with activations by The Generative Beings, AI Connex, MixMag and more. “Neural Networking,” hosted by HubSpot for Startups, Antler and Kadan Capital, will match AI-startup founders 1-to-1 with investors.

Policy will also take centre stage: GFTN Connect – AI Edition (18 June), organized by the Global Finance & Technology Network, a non-profit initiated by the Monetary Authority of Singapore, will convene global policymakers, regulators, and innovators for a high-level discussion on the intersection of AI, finance, and governance.

To widen access, SuperAI is partnering with Wavesparks and the National Youth Council to provide complimentary tickets to 100 students worldwide, plus curated career-matching activities.

For tickets, speaker updates, and partnership opportunities for SuperAI Singapore, visit www.superai.com. To see the latest Singapore AI Week programme, visit www.superai.com/sg-ai-week.

Peter Noszek, Co-Founder of SuperAI, is available for an interview.

About SuperAI Singapore

SuperAI is Asia’s largest AI event. Showcasing the transformative power of artificial intelligence, SuperAI brings together frontier technology visionaries, developers, startups, enterprises, researchers, and policymakers to shape the future. Taking place 18-19 June 2025 at the iconic Marina Bay Sands, SuperAI Singapore will convene over 7,000 attendees from more than 100 countries to explore and unveil developments in robotics, health, finance—and AI’s impact across industries and society.

 

HTX DeepThink: Bullish Sentiment Builds as BTC Holds Steady–Which Altcoins Will Lead the Rotation?

SINGAPORE, May 20, 2025 /PRNewswire/ — As mid-May unfolds, crypto market sentiment continues to rise. While major assets trend steadily upward, capital is beginning to rotate into fundamentally solid altcoins. In this edition of HTX DeepThink, Chloe (@ChloeTalk1) from HTX Research shares her macro outlook and strategic insights, with a spotlight on rotation opportunities across the SUI ecosystem and the emerging AttentionFi sector.


Macro Outlook: Rising Bullish Sentiment Amidst Steady Short-Term Uptrend

This week’s U.S. economic calendar is light on major data releases. Market attention is primarily directed towards Federal Reserve officials’ interpretations of recent commentary suggesting a possible single interest rate cut in 2025.

Analysis of options market data shows a prevailing bullish sentiment: the Call/Put open interest ratio has reached 1.55, accompanied by increasing premiums for call options. At the same time, short-term implied volatility (IV) has dropped to a new 18-month low of 35–40%.

In short: the market is experiencing “euphoric sentiment amid calm volatility.” Under such conditions, Bitcoin could retest new highs within the next 30–45 days, targeting the $105K–$115K range. However, this mix of high sentiment and low volatility often conceals the build-up of excessive leverage. A sudden surge in IV or a meaningful drop below $100K could trigger a sharp deleveraging event.

Strategic Positioning: Capital Rotation into High-Quality Altcoins for Momentum Capture

From a capital allocation perspective, rotating a portion of capital into fundamentally strong and liquid altcoins may present an opportunity to capitalize on potential spillover momentum from Bitcoin’s upward trajectory. This edition of HTX DeepThink highlights promising sectors and projects worthy of investor attention.

SUI Ecosystem: All-Time High Market Cap, Undervalued Core Project

The SUI chain has reached an all-time high in market cap, but its ecosystem projects have yet to follow with substantial gains. This opens a window for early positioning in undervalued ecosystem leaders. HTX has listed two standout projects within the SUI ecosystem: Haedal and Bluefin.

  • Haedal is the dominant LST (liquid staking) protocol on SUI, commanding 76% of market share and benefiting from strong network effects.
  • Bluefin, SUI’s flagship perpetual DEX, currently holds a market cap of only $31.6M yet has achieved an annualized revenue of $8.2M, implying a price-to-sales (P/S) ratio of just 3.8x—far lower than GMX (9.1x) and Drift (12.4x). The upcoming V2 upgrade will introduce veTokenomics and new trading incentives, potentially boosting both user activity and protocol revenues.

Given the rising attention on SUI’s mainnet, Haedal and Bluefin appear to exhibit dual potential for valuation recovery and Beta-driven upside, which may warrant mid-term attention from market participants.

AttentionFi: Capitalizing on Bull Market User Acquisition Premium

New Web3 projects are launching rapidly, and the cost of user acquisition is soaring. In traditional channels like Telegram, Google, or Red Note, user acquisition cost (UAC) is calculated via “traffic × conversion rate.” With CPCs at $0.5–1.0 and conversion rates around 10%, it can cost $5–10 to acquire a real, retained user.

Kaito offers a far more efficient “attention engine.” Its API charges based on a combination of reputation score and meaningful engagement. As a result, project teams can acquire real users with 3–4x higher retention at just $2–3 per user—much lower than traditional channels. With this model, Kaito has grown rapidly, expanding from 30 to 120 integrated projects in the past three months, and quadrupling API call volume.

Meanwhile, $KAITO staking has surged to 19.7M tokens, and the protocol has cumulatively bought back and burned 3.7M tokens, creating a strong demand-supply mismatch and deflationary pressure that supports higher price ceilings.

On Base chain’s IDO platform Virtuals, users who stake ≥5,000 $KAITO can earn Virgen Points to redeem IDO allocations. Several recent IDOs have seen 10–30x returns on day one, forming a lucrative loop: stake → points → arbitrage.

With the recent listing of $KAITO on HTX, its liquidity is expanding—and in a bull market where competition for user attention intensifies, Kaito’s combination of low-cost, high-precision targeting and deflationary tokenomics makes it a promising asset to watch.

*The above content  is not an investment advice and does not constitute any offer or solicitation to offer or recommendation of any investment product.

About HTX DeepThink:

HTX DeepThink is a flagship market insights column created by HTX, dedicated to exploring global macro trends, key economic indicators, and major developments across the crypto industry. In a world where volatility is the norm, HTX DeepThink aims to help readers “Find Order in Chaos.”

About HTX Research

HTX Research is the dedicated research arm of HTX Group, responsible for conducting in-depth analyses, producing comprehensive reports, and delivering expert evaluations across a broad spectrum of topics, including cryptocurrency, blockchain technology, and emerging market trends.

 

Phu Quoc Airport Set for Mega Upgrade Ahead of APEC 2027

a phoenix-inspired design of Phu Quoc International Airport
a phoenix-inspired design of Phu Quoc International Airport

Phu Quoc International Airport in Kien Giang Province will undergo major expansion and upgrades to support the 2027 APEC (Asia-Pacific Economic Cooperation) Economic Leaders’ Week and boost local socio-economic and tourism development.

Enfinity Global closes €100 Million Bond with Eiffel to Accelerate Energy Storage and Solar PV Projects in Europe

MIAMI, May 20, 2025 /PRNewswire/ — Enfinity Global Inc., a leader in renewable energy, today announced the successful closing of an up to €100 million bond facility to support the deployment of its energy storage and solar PV projects across Europe. The facility is being provided by Eiffel Investment Group, an independent asset manager focused on sustainable investments, through four of its investment vehicles.

This transaction marks a significant milestone, that underscores the platform’s quality for investors and Enfinity’s execution capabilities. It is also the company’s first financing of its battery energy storage system (BESS) portfolio in Europe, where it is developing a 6.4 GW BESS pipeline—including 5.1 GW in Italy and 1.3 GW in the UK. Energy storage is a key component of Enfinity’s strategy to deliver 24/7 renewable energy solutions to corporate and industrial customers while contributing to grid resilience.

“We are thankful to Eiffel Investment Group for supporting the growth of our Italian platform,” said Carlos Domenech, CEO of Enfinity Global. “The future of competitive low carbon energy solutions relies on innovation of technologies and financings supported by market leaders,”  he added.

We are proud to support Enfinity Global in its growth ,”  said Pierre-Antoine Machelon, head of Infrastructure Funds at Eiffel Investment Group .  “Building a long-term relationship while structuring a tailor-made  financing is at the heart of Eiffel DNA. This transaction highlights our commitment to providing  financial solutions to accelerate the decarbonization in Europe .

Enfinity Global’s has currently secured  €865 million for Europe through multiple junior and senior debt agreements. The Company ranks among Italy’s top 10 independent power producers (IPP) by installed capacity, with 232 MW operational, 538  MW under construction, and 805 MW of approved solar capacity. Enfinity also leads Italy’s solar PPA market, having signed one-third of all the new capacity contracted in 2024[1].

“Enfinity Global continues to expand its renewable energy footprint, leveraging our expertise to accelerate the clean energy transition while delivering reliable and cost-effective solutions for the European market,” commented Julio Fournier Fisas, General Manager of Enfinity Global for Europe. “We appreciate partners like Eiffel Investment Group who share our vision for the future of energy.”

“We are very happy to accompany top performing companies like Enfinity ,” commented Jean-Charles Arrago, head of Eiffel Infrastructure debt strategy. With this facility, we are able to accelerate the rollout of a 24/7 renewable electricity production capacity in Italy.”

[1] Elemens Dev & Deals 2024 Report and Elemens Lookout Q1 2025.

 

Delta Electronics Spotlights Cutting-Edge Digital Twin Solution at SEMICON Southeast Asia 2025 to Accelerate Smart Manufacturing

SINGAPORE, May 20, 2025 /PRNewswire/ — Delta Electronics, a global leader in power management and smart green solutions, is showcasing its Digital Twin Solution at SEMICON Southeast Asia 2025, highlighting its capabilities in next-generation digitized smart manufacturing for a broad range of semiconductor production applications.

Delta Electronics, alongside other industry leaders, showcases innovations for smarter, more sustainable semiconductor production at SEMICON SEA 2025.
Delta Electronics, alongside other industry leaders, showcases innovations for smarter, more sustainable semiconductor production at SEMICON SEA 2025.

Delta’s Digital Twin Solution features DIATwin, a virtual machine development platform that helps manufacturers enhance production efficiency, precision, and cost structure through virtual simulation, verification, and commissioning of machines before physical deployment.

“The next era of smart manufacturing is defined by intelligence, connectivity, and sustainability,” said Mr. Jimmy Wan, Country Manager, Delta Electronics Singapore and Malaysia. He added, “As industries accelerate toward digitalization and electrification, manufacturers must rethink how they design, produce, and optimize at scale. By integrating Delta’s advanced industrial automation and energy-saving solutions, as well as our data-driven insights, our customers can enhance agility, resilience, and competitiveness for sustained growth in a rapidly evolving industrial landscape.”

Under the theme “Optimizing Precision with Digital Twin and Smart Manufacturing Solutions,” Delta is also demonstrating advanced industrial automation, data centre, and energy infrastructure technologies that enhance manufacturing accuracy, process optimization, and operational reliability.

Enabling Smarter Semiconductor Manufacturing with Digital Twin
In semiconductor manufacturing, precision and efficiency are critical, yet traditional machine setup often involves costly trial-and-error adjustments. Delta’s Digital Twin Solution addresses this by creating a Virtual Machine Development Platform DIATwin that enables manufacturers to virtually simulate, verify, and commission machine before physical deployment. For instance, production teams can digitally model and optimize wafer handling parameters in a high-fidelity simulation, reducing downtime and enhancing accuracy before applying changes to equipment. This cyber-physical integration enhances development efficiency, predictive optimization, and parameter fine-tuning, as well as accelerates new product introduction, ultimately ensuring greater precision, reliability, and compliance with industry standards.

Key Solutions on Display
On-site, Delta is also highlighting its U.S.-based subsidiary Universal Instruments’ High-Speed Wafer Feeder (HSWF), a cutting-edge solution that seamlessly integrates with the FuzionSC™ Platform to deliver a comprehensive multi-die advanced packaging solution. The platform supports the broadest range of feeding devices and can place high-accuracy active and passive components on various substrates. Paired with the HSWF, this system enables manufacturers to handle multiple unique wafer types simultaneously, streamlining high-density semiconductor assembly. The equipment also features a wafer expander and an automatic wafer loading/unloading, making it highly adaptable for advanced packaging multi-chip applications. By integrating Universal Instruments’ advanced packaging technology with Delta’s expertise in automation and digitalization, semiconductor manufacturers can achieve greater production efficiency (approximately 20-25%), enhanced thermal management, and improved yield rates—accelerating time-to-market for next-generation semiconductor devices.

Delta’s advanced automation solutions also include AI-driven quality control and high-precision die pick-and-place technology for semiconductor assembly. The booth showcases Delta’s complete facility management and control system powered by the VTScada platform—offering real-time data monitoring, seamless equipment integration, and an intuitive, highly customizable interface for comprehensive industrial monitoring. The ESS solution integrates LFP battery system, power conditioning systems, and the DeltaGrid® energy management system. It enables centralized control, optimized energy usage, and enhanced operational resilience through functions such as peak shaving, load shifting, and backup power support.

Delta remains committed to advancing smart and sustainable semiconductor manufacturing to help manufacturers optimize production while reducing environmental impact. Aligned with the event’s focus on sustainable progress, Delta will continue to drive global ESG initiatives, including its goal of achieving net-zero emissions by 2050, its commitment to circular economy principles, and the development of energy-efficient solutions across smart cities, renewable energy, and green buildings.

SEMICON Southeast Asia 2025 is taking place at the Sands Expo and Convention Centre, Singapore until May 22, 2025. Visit Delta’s booth at B2009, EXPO Hall E (B2) to experience its innovative solutions that is shaping the future of the industry. For more information, please visit: https://www.delta-singapore.com/en-SG/landingpage/semicon-sea-2025.

ABOUT DELTA ELECTRONICS INT’L (Singapore)
The company is a wholly owned subsidiary of Delta Electronics, Inc.

ABOUT DELTA
Delta, founded in 1971, and listed on the Taiwan Stock Exchange (code:2308), is a global leader in switching power supplies and thermal management products with a thriving portfolio of IoT-based smart energy-saving systems and solutions in the fields of industrial automation, building automation, telecom power, data center infrastructure, EV charging, renewable energy, energy storage and display, to nurture the development of smart manufacturing and sustainable cities. As a world-class corporate citizen guided by its mission statement, “To provide innovative, clean and energy-efficient solutions for a better tomorrow,” Delta leverages its core competence in high-efficiency power electronics and its ESG-embedded business model to address key environmental issues, such as climate change. Delta serves customers through its sales offices, R&D centers and manufacturing facilities spread over close to 200 locations across 5 continents.

Throughout its history, Delta has received various global awards and recognition for its business achievements, innovative technologies and dedication to ESG. Since 2011, Delta has been listed on the Dow Jones Best-in-Class World Index (formerly the DJSI World Index of Dow Jones Sustainability™ Indices) for 14 consecutive years. Delta has also won CDP with double A List for 4 times for its substantial contribution to climate change and water security issues and has been named Supplier Engagement Leader for its continuous development of a sustainable value chain for 7 consecutive years.

For detailed information about Delta, please visit: www.deltaww.com