Vipshop Holdings Ltd · NYSE:VIPS
Vipshop — Q4 2025 Earnings Presentation
27 slides from Vipshop's earnings presentation, February 2026
Slide 1: Vipshop Holdings Limited Investor Presentation
Vipshop Holdings Limited Investor Presentation February 2026
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by Vipshop Holdings Limited (the “Company”) solely for information purpose. By viewing or accessing the information contained in this material, you hereby acknowledge and agree that no representations, warranties or undertakings, express or implied, are
Slide 3: China's Leading Online Discount Retailer for Brands
China's Leading Online Discount Retailer for Brands Branded Products at Exceptional Value 3
Slide 4: 2025 Annual Highlights of Results
2025 Annual Highlights of Results(1) RMB214 Bn 85 MM 732 MM GMV Active Customers Total Orders RMB105.9 Bn RMB8.7 Bn 53 Qtrs RMB5.4 Bn of Consecutive Revenue Net Income(2) Free Cash Flow Profitability Note: (1) All data presented on this page is for the full year of 2025. (2) Net income refers to non
Slide 5: Business Overview
Business Overview 唯品会保密信息，未经许可不得扩散
Slide 6: Our Competitive Strengths
Our Competitive Strengths 1 High Market Demand and Great Growth Potential for China’s Online Discount Retail Market 2 Strong Merchandising Expertise Making us Partner-of-Choice Discount Retail Platform for Brands 3 Superior Customer Experience Fostering Highly Engaged and Loyal Customers with Strong
Slide 7: High Market Demand and Great Growth Potential for China's Online Discount Retail Market
High Market Demand and Great Growth Potential for China’s Online Discount Retail Market Driver 1: Strong Demand for Driver 2: Growing Needs for Brands Discounted Merchandise to Monetize Inventory Effectively among Chinese Consumers • Sustainable supply for discount retail market, as • More mature, r
Slide 8: Strong and Reinforced Flywheel
Strong and Reinforced Flywheel Reduce end-to-end operational costs Consumer demand for quality branded and achieve win-win for all parties 6 1 products with attractive value for money through efficient operation Consistently providing customers Attract more quality 5 2 with quality branded products
Slide 9: Enhanced Merchandising Capabilities
Enhanced Merchandising Capabilities Deep Industry Merchandising Business Intelligence Expertise Professionals & Merchant Platform Merchandise Customer Insight Operation • Carefully select a rich and diverse • Predict consumer preferences and • Adjust product mix timely and selection of popular brand
Slide 10: Partner-of-Choice Discount Retail Platform for Brands
Partner-of-Choice Discount Retail Platform for Brands Specialized platform for One-stop inventory solution with monetizing inventory without proven sales efficiency and ROI brand dilution and pricing dilemma Reaching a unique group of high-value Diversified online and offline customers who care for
Slide 11: Optimized Product Mix
Optimized Product Mix Core Brands 900+ mass-market brands contribute to the majority Core of sales Business Differentiated Products Made-for-Vipshop customized products and opportunistic buying initiative Fresh and Trendy Brands Emerging and most sought-after brands in a range of styles to attract y
Slide 12: Superior Customer Experience
Superior Customer Experience Trust Value Ease • Guaranteed product • Value-for-money • Treasure-hunting and gimmick- authenticity free shopping experience • Great prices every day • Buyer-selected branded • Best-in-class delivery service products • Affordable within desired price via industry leader
Slide 13: Highly Engaged and Loyal Customers with Strong Purchasing Power
Highly Engaged and Loyal Customers with Strong Purchasing Power Customer Profile Customer Loyalty Active Super VIP Customers ~75% Women % of online net GMV(1) 52% (# in millions) 11% % of total active customers 12% 16% 70%+ Post-80s and -90s 9.8 8.8 7.6 Avg. shopping freq. >7x v.s. Non-SVIP customer
Slide 14: Quality Customer Base with Growth Potential
Quality Customer Base with Growth Potential Total Active Customers (in million)(1) China’s Online Shoppers(2) 976 MM Vipshop 87.4 84.7 84.8 Cumulative Customers(3) 312 MM 45.7 45.3 Vipshop Total Active Customers 84.8 MM 2023 2024 2025 4Q24 4Q25 Notes: (1) “Active customers” is defined as registered
Slide 15: Operational Excellence Powered by Data and Technology
Operational Excellence Powered by Data and Technology Merchant Platform Best-in-Class Technology-enabled for Efficiency Gain Fulfillment Capabilities Business Synergy • A full set of processes and • Digitalized systems that • Best match products to tools to help brand partners enhance orders, logist
Slide 16: Visionary and Experienced Management Team with Proven Track Record
Visionary and Experienced Management Team with Proven Track Record Eric Ya Shen Arthur Xiaobo Hong Mark Wang Mike Li Co-Founder, Co-Founder, Chairman, CEO Vice Chairman, COO Chief Financial Officer Chief Technology Officer • Innovative entrepreneur in • Innovative entrepreneur in • Seasoned expert i
Slide 17: Our ESG Commitment
Our ESG Commitment Environmental Social Governance • Pledge to achieve carbon neutrality in • Continuous efforts in female • Ensure good governance as its own operations and a 50% empowerment, rural vitalization, compliant, disciplined corporate reduction in Scope 3 carbon emission community integra
Slide 18: Our Future
Our Future Solidify Market Leadership by Enhancing Merchandising Capabilities • Strengthen, expand and differentiate merchandise portfolio by fully leveraging our merchandising expertise to reinforce value proposition to brand partners Grow Customer Base and Increase Customer Engagement • Integrate
Slide 19: Financial Highlights
Financial Highlights 19
Slide 20: Solid Profitability Despite Macro Uncertainties
Solid Profitability Despite Macro Uncertainties Total Net Revenues Net Income and Net Margin Attributable to Vipshop’s Shareholders (Non-GAAP)(1) (RMB in millions) (RMB in millions) 8.4% 8.3% 8.3% 9.0% 8.8% 112,856 108,421 105,920 9,510 9,033 8,745 33,224 32,474 2,974 2,858 2023 2024 2025 4Q24 4Q25
Slide 21: Healthy Gross Margin
Healthy Gross Margin Gross Profit and Gross Margin (RMB in millions) 35,000 23.5% 23.6% 23.7% 23.7% 23.6% 24.0% 23.5% 22.8% 23.1% 23.0% 23.2% 23.0% 22.9% 25.0% 22.2% 21.4% 30,000 25,721 25,470 20.0% 24,490 25,000 20,000 15.0% 15,000 10.0% 10,000 8,233 7,628 7,444 5,905 6,202 6,546 6,341 6,082 6,055
Slide 22: Well-managed Operating Expenses
Well-managed Operating Expenses Fulfillment Expenses Marketing Expenses (RMB in millions) as % of total net revenues (RMB in millions) as % of total net revenues 12,000 7.3% 7.7% 7.8% 7.4% 7.5% 9.0% 7.0% 7,000 2.9% 2.7% 2.8% 2.8% 2.7% 10,000 4.0% 8,262 8,347 8,292 6,000 5.0% 2.0% 8,000 5,000 0.0% 3.
Slide 23: Sustainable and Profitable Business Model
Sustainable and Profitable Business Model Net Income and Net Margin Attributable to Vipshop’s Shareholders (Non-GAAP)(1) (RMB in millions) 53 Quarters of Consecutive Profitability since 4Q2012 9.2% 9.3% 9.0% 8.8% 8.8% 11,000 10,978 10,956 10,934 10,912 8.4% 8.3% 8.3% 8.6% 8.1% 8.1% 10.0% 10,890 10,8
Slide 24: Strong Cash Position
Strong Cash Position (RMB in millions) 29,054 31,023 29,900 14,500 28,281 27,559 28,827 27,722 30,000 23,539 24,014 12,500 20,410 19,738 20,101 20,000 10,500 9,289 8,841 8,640 8,784 8,500 8,174 8,119 10,000 6,838 6,500 5,622 5,353 0 5,182 5,173 4,562 4,500 -10,000 2,500 -20,000 500 1Q23 2Q23 3Q23 4Q
Slide 25: CapEx Summary
CapEx Summary (RMB in millions) Primary Usage: Locations of Key Assets 5,231 • Shan Shan Outlets; (as of December 31, 2025) 3,563 • Land use rights; 2,067 • Office buildings; Harbin • Office and other operating Urumqi equipment and IT software. FY2023 FY2024 FY2025 Shenyang Dalian Key Assets Highlig
Slide 26: Consistent Shareholder Return
Consistent Shareholder Return US$ in mn Share Repurchase Dividend Total FY2021 300.9 - 300.9 FY2022 952.3 - 952.3 FY2023 713.3 - 713.3 FY2024 536.1 233.3 769.4 FY2025 696.7 247.4 944.1 Total 3,679.9 FY2026 Shareholder Return • Declared an annual dividend for fiscal 2025 in the amount of US$3.10 per
Slide 27: Thanks
THANKS ime A £ u