Vipshop Holdings Ltd · NYSE:VIPS
Vipshop — Q1 2026 Earnings Presentation
27 slides from Vipshop's earnings presentation, May 2026
Slide 1: Vipshop Holdings Limited Investor Presentation
Vipshop Holdings Limited Investor Presentation May 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 Off-price Retailer for Brands
China's Leading Off-price Retailer for Brands Branded Products at Exceptional Value 3
Slide 4: Business Overview
Business Overview
Slide 5: Our Unique Value Propositions
Our Unique Value Propositions As the pioneer of off-price retailer in China, we deliver tangible value to both our brand partners and customers Brands Customers Effective Inventory Monetization without Brand Dilution Curated Selections by Professional Merchandizing Team Business Intelligence and Mer
Slide 6: 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 7: Multi-channel Strategy Driving Outlet Leadership
Multi-channel Strategy Driving Outlet Leadership Addressing Try-On-Led Demand Through the Outlet Channel 22(1) Shan Shan Outlets • Capturing consumers who prefer physical product interaction and try-on • Elevate in-person customer experience through personalized recommendations and interactive servi
Slide 8: Our Competitive Strengths
Our Competitive Strengths 1 High Market Demand and Great Growth Potential for China’s 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 Purcha
Slide 9: High Market Demand and Great Growth Potential for China's Discount Retail Market
High Market Demand and Great Growth Potential for China’s Discount Retail Market Driver 1: Strong Demand for Discounted Driver 2: Growing Needs for Brands Merchandise among Chinese Consumers to Monetize Inventory Effectively • More mature, rational and focusing on value-for- • Sustainable supply for
Slide 10: 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 11: 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 12: Optimized Product Mix
Optimized Product Mix Core Brands 1,000+ 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
Slide 13: 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 14: 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) (2) 52% (# in millions) % of total active 11% 12% 16% customers(2) 70%+ Post-80s and -90s 9.8 8.8 7.6 Avg. shopping freq. (2) >7x v.s. Non-SV
Slide 15: 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) 0.9% 312 MM 41.3 41.7 Vipshop Total Active Customers 84.8 MM 2023 2024 2025 1Q25 1Q26 Notes: (1) “Active customers” is defined as regist
Slide 16: 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 17: 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 18: 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 19: 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 20: Financial Highlights
Financial Highlights 20
Slide 21: 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% 8.8% 8.7% 112,856 108,421 105,920 9,510 9,033 8,745 1.2% 26,269 26,575 2,308 2,306 2023 2024 2025 1Q25
Slide 22: Healthy Gross Margin
Healthy Gross Margin Gross Profit and Gross Margin (RMB in millions) 35,000 24.0% 24.4% 23.5% 23.1% 23.6% 23.7% 23.7% 23.6% 23.2% 23.5% 22.8% 23.0% 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
Slide 23: 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% 7.2% 7.7% 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 24: 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) 54 Quarters of Consecutive Profitability since 4Q2012 9.2% 9.3% 9.0% 8.8% 8.8% 8.7% 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
Slide 25: Strong Cash Position
Strong Cash Position (RMB in millions) 29,054 31,023 29,900 30,952 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 8,752 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
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 • Paid an annual dividend for fiscal 2025 in the amount of US$300 million.
Slide 27: THANKS
THANKS ime A £ u