Vip, Lenovo and Netease report strong growth in profit

Three Chinese listed companies — Vip.com, Lenovo and Netease — announced their latest financial reports showing strong profit growth on Thursday.

Online retail platform Vip.com recorded 26.1 billion yuan ($3.8 billion) in net revenue in the fourth quarter of 2018, a rise of 8.1 percent year-on-year. The company has reported profits for 25th consecutive quarters, according to the company's unaudited financial report.

The net profits attributable to shareholders reached 913.6 million yuan based on non-GAAP accounting, Vip.com's report said.

Lenovo Group said its revenue and net profit in fiscal third quarter that ended on Dec 31 were $14.04 billion and $233 million, respectively, a 4.9 percent and 38.7 percent increase from a year earlier, above the market expected of $13.9 billion and $200.1 million.

Dotcom company NetEase's revenue in the fourth quarter reached $2.89 billion, surging 35.8 percent compared with the same period of last year, said the company's unaudited financial report.

NetEase's net revenue from game business and e-commerce business were $1.66 billion and $971.4 million, respectively, a 37.7 percent and 43.5 percent rise.

The net profits attributable to NetEase's shareholders jumped 32 percent to $246.9 billion.