Vipshop Reports Unaudited Second Quarter 2026 Financial Results

Conference Call to Be Held at 7:30 A.M. U.S. Eastern Time on August 25, 2026

GUANGZHOU, China, Aug. 25, 2026 /PRNewswire/ -- Vipshop Holdings Limited (NYSE: VIPS), a leading off-price retailer in China ("Vipshop" or the "Company"), today announced its unaudited financial results for the quarter ended June 30, 2026.

Second Quarter 2026 Highlights

Mr. Eric Shen, Chairman and Chief Executive Officer of Vipshop, stated, "We navigated a challenging consumer environment in the second quarter by staying disciplined to our core value proposition — offering a curated selection of high-value branded products to our most loyal customers. The solid performance of our active SVIPs validated the enduring strength of our business model. Leveraging our proven foundation, we are actively strengthening our competitive moat by sharpening merchandising, elevating customer experience, and scaling AI across our operations. These focused initiatives position us firmly for sustainable, long-term growth."

Mr. Mark Wang, Chief Financial Officer of Vipshop, further commented, "In the second quarter, our top-line performance stayed within our guided range, reflecting disciplined execution amid subdued consumer demand. We maintained a steadfast focus on margin health, which helped preserve operating profitability. During the first half, we returned approximately US$400 million to shareholders through dividends and share repurchases, and we remain on track to meet our full-year shareholder return target. Supported by solid operating fundamentals and strong cash generation to reinvest strategically, we are confident in our path toward profitable, long-term growth."

Second Quarter 2026 Financial Results

REVENUES

Total net revenues for the second quarter of 2026 were RMB24.7 billion (US$3.6 billion), compared with RMB25.8 billion in the prior year period.

GROSS PROFIT

Gross profit for the second quarter of 2026 was RMB5.8 billion (US$848.1 million), compared with RMB6.1 billion in the prior year period. Gross margin for the second quarter of 2026 was 23.3%, compared with 23.5% in the prior year period.

OPERATING EXPENSES

Total operating expenses for the second quarter of 2026 decreased by 2.4% year over year to RMB4.5 billion (US$656.5 million) from RMB4.6 billion in the prior year period. As a percentage of total net revenues, total operating expenses for the second quarter of 2026 were 18.0%, compared with 17.7% in the prior year period.

INCOME FROM OPERATIONS

Income from operations for the second quarter of 2026 was RMB1.5 billion (US$224.0 million), compared with RMB1.7 billion in the prior year period. Operating margin for the second quarter of 2026 was 6.2%, compared with 6.6% in the prior year period.

Non-GAAP income from operations [5] for the second quarter of 2026, which excluded share-based compensation expenses, was RMB2.0 billion (US$295.7 million), compared with RMB2.4 billion in the prior year period. Non-GAAP operating margin [6] for the second quarter of 2026 was 8.1%, compared with 9.3% in the prior year period.

INCOME TAX EXPENSES

Income Tax Expenses for the second quarter of 2026 were RMB3.3 billion (US$491.8 million), compared with RMB407.2 million in the prior year period. The increase was primarily driven by (i) an income tax expense of RMB1.63 billion relating to the one-off investment gain recognized by Shan Shan Commercial Group Co., Ltd., the original holder of the underlying assets, upon the issuance of a commercial REIT, and (ii) an accrued withholding tax expense of RMB1.56 billion reflecting the withholding tax treatments of historical dividend distributions from mainland China to Hong Kong regarding applicable policies on tax treaty benefits.

NET INCOME

Net income attributable to Vipshop's shareholders for the second quarter of 2026 increased by 189.1% year over year to RMB4.3 billion (US$634.7 million) from RMB1.5 billion in the prior year period, primarily due to a one-off investment gain of RMB5.79 billion from the listing of a commercial REIT. Net margin attributable to Vipshop's shareholders for the second quarter of 2026 increased to 17.4% from 5.8% in the prior year period. Net income attributable to Vipshop's shareholders per diluted ADS [7] for the second quarter of 2026 increased to RMB8.82 (US$1.30) from RMB2.91 in the prior year period.

Non-GAAP net income attributable to Vipshop's shareholders for the second quarter of 2026, which excluded (i) share-based compensation expenses, (ii) impairment loss of investments, (iii) investment (gain) loss and revaluation of investments excluding dividends, (iv) reconciling items on the share of equity method investments, and (v) tax effects on non-GAAP adjustments, was RMB392.2 million (US$57.8 million), compared with RMB2.1 billion in the prior year period, primarily due to a one-time withholding tax adjustment relating to certain historical dividend distributions. Non-GAAP net margin attributable to Vipshop's shareholders [8] for the second quarter of 2026 was 1.6%, compared with 8.0% in the prior year period. Non-GAAP net income attributable to Vipshop's shareholders per diluted ADS [9] for the second quarter of 2026 was RMB0.80 (US$0.12), compared with RMB4.06 in the prior year period.

For the quarter ended June 30, 2026, the Company's weighted average number of ADSs used in computing diluted income per ADS was 488,098,800.

BALANCE SHEET AND CASH FLOW

As of June 30, 2026, the Company had cash and cash equivalents and restricted cash of RMB29.9 billion (US$4.4 billion) and short term investments of RMB3.6 billion (US$533.3 million).

For the quarter ended June 30, 2026, net cash used in operating activities was RMB374.7 million (US$55.2 million), and free cash flow [10], a non-GAAP measurement of liquidity, was as follows:

For the three months ended

June 30, 2025

RMB'000

June 30, 2026

RMB'000

June 30, 2026

US$'000

Net cash generated from (used in) operating

activities

1,301,049

(374,692)

(55,223)

Reconciling items:

Net impact from internet financing activities [11]

56,614

(130,015)

(19,162)

Capital expenditures

(555,862)

(244,000)

(35,961)

Free cash inflow (outflow)

801,801

(748,707)

(110,346)

For the trailing twelve months ended

June 30, 2025

RMB'000

June 30, 2026

RMB'000

June 30, 2026

US$'000

Net cash generated from operating activities

9,673,390

8,766,247

1,291,985

Reconciling items:

Net impact from internet financing activities

73,437

(51,648)

(7,612)

Capital expenditures

(2,908,504)

(1,512,848)

(222,966)

Free cash inflow

6,838,323

7,201,751

1,061,407

Share Repurchase Program

During the quarter ended June 30, 2026, the Company repurchased US$99.1 million of its ADSs under its current US$1.0 billion share repurchase program adopted in February 2025, as amended (the "Existing Program"), which is effective through February 2027. As of June 30, 2026, the Company had an unutilized amount of US$216.9 million under the Existing Program.

In addition, on August 20, 2026, the board of directors authorized a new share repurchase program under which the Company may repurchase up to US$1.0 billion of its American depositary shares or Class A ordinary shares for a 24-month period commencing from the full utilization of the Existing Program.

The Company will implement its share repurchases in accordance with applicable rules and requirements under the Securities Exchange Act of 1934, as amended, and the Company's insider trading policy. The Company's board of directors will review the share repurchase programs periodically, and may authorize adjustment of their terms and size. The Company expects to fund the repurchases out of its existing cash balance.

Recent Development

In June 2026, the Company listed a closed-end commercial real estate securities investment fund in relation to two outlets operated by Shan Shan Outlets (the "Vipshop Commercial REIT") on the Shanghai Stock Exchange (fund code: 508603.SH). The Company subscribed for 49% of the units issued by the Vipshop Commercial REIT and deconsolidated the underlying entities holding the two outlets under U.S. GAAP. Upon the completion of the Vipshop Commercial REIT, the Company raised gross proceeds of approximately RMB7.70 billion. During the second quarter of 2026, the Company recognized an investment gain of RMB5.79 billion, with an associated income tax expense of RMB1.63 billion.

Business Outlook

For the third quarter of 2026, the Company expects its total net revenues to be between RMB20.3 billion and RMB21.4 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 RMB6.7851 to US$1.00, the effective noon buying rate on June 30, 2026 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 June 30, 2026 or at any other rate.

Conference Call Information

The Company will hold a conference call on Tuesday, August 25, 2026 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/BI9c75c14882da41dfae0c983d6e126453

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/qifrf6to. 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 off-price retailer in China. Vipshop offers high-quality and popular branded products to consumers throughout China at deep discounts through diverse online and offline channels. Since its founding in 2008, the Company has built a large and loyal customer base and extensive brand partnerships. 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 off-price retailer 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) impairment loss of investments, (iii) investment (gain) loss and revaluation of investments excluding dividends, (iv) reconciling items on the share of equity method investments, and (v) 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) impairment loss of investments, (iii) investment (gain) loss and revaluation of investments excluding dividends, (iv) reconciling items on the share of equity method investments, and (v) 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) impairment loss of investments, (iii) investment (gain) loss and revaluation of investments excluding dividends, (iv) reconciling items on the share of equity method investments, and (v) 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 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: [email protected]

[1] "Gross merchandise value (GMV)" is defined as the total value of all products and services sold through the Company's online channels, Shan Shan Outlets (including Vipshop Outlet REIT and Vipshop Commercial REIT operated and managed by Shan Shan Outlets), and other Vipshop offline stores during the given period, including the Company's Vipshop App mobile application, vip.com website, Vipshop WeChat Mini-Program, online stores that are operated at third-party platforms, Shan Shan Outlets and its corresponding Vipshop Outlet REIT, as well as Vipshop 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. Out of prudence, 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) impairment loss of investments, (iii) investment (gain) loss and revaluation of investments excluding dividends, (iv) reconciling items on the share of equity method investments, and (v) tax effects on non-GAAP adjustments.

[3] "Active customers" is defined as registered members who have purchased from the Company's Vipshop mobile app, vip.com website and Vipshop WeChat Mini-Program at least once during the relevant period.

[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 channels, including the Company's Vipshop App mobile application, vip.com website, Vipshop WeChat Mini-Program, online stores that are operated at third-party 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

Six Months Ended

June 30,2025

June 30,2026

June 30,2025

June 30,2026

RMB'000

USD'000

RMB'000

USD'000

Product revenues

23,797,383

22,660,148

3,339,693

48,090,503

46,991,741

6,925,726

Other revenues (1)

2,008,977

2,047,001

301,691

3,984,399

4,289,916

632,255

Total net revenues

25,806,360

24,707,149

3,641,384

52,074,902

51,281,657

7,557,981

Cost of revenues

(19,751,363)

(18,952,457)

(2,793,247)

(39,937,696)

(39,031,816)

(5,752,578)

Gross profit

6,054,997

5,754,692

848,137

12,137,206

12,249,841

1,805,403

Operating expenses

Fulfillment expenses (2)

(2,109,239)

(2,138,027)

(315,106)

(3,999,193)

(4,184,948)

(616,785)

Marketing expenses

(715,900)

(760,337)

(112,060)

(1,448,048)

(1,479,648)

(218,073)

Technology and content expenses

(442,039)

(486,175)

(71,653)

(891,109)

(934,386)

(137,711)

General and administrative expenses

(1,296,338)

(1,069,893)

(157,683)

(2,247,136)

(2,020,349)

(297,763)

Total operating expenses

(4,563,516)

(4,454,432)

(656,502)

(8,585,486)

(8,619,331)

(1,270,332)

Other operating income

206,423

219,397

32,335

422,979

386,916

57,024

Income from operations

1,697,904

1,519,657

223,970

3,974,699

4,017,426

592,095

Investment gain (loss) and revaluation of investments

37,106

5,801,875

855,091

(353)

5,853,058

862,634

Impairment loss of investments

(23,738)

(3,499)

(23,738)

(3,499)

Interest expense

(23,482)

(242,774)

(35,780)

(33,721)

(272,685)

(40,189)

Interest income

195,951

180,179

26,555

418,901

360,202

53,087

Exchange loss

(18,849)

(13,172)

(1,941)

(31,784)

(31,984)

(4,714)

Income before income tax expense and share of income of equity

method investees

1,888,630

7,222,027

1,064,396

4,327,742

9,902,279

1,459,414

Income tax expenses

(407,189)

(3,337,244)

(491,849)

(914,856)

(3,856,535)

(568,383)

Share of income of equity method investees

36,357

455,250

67,096

85,222

557,773

82,206

Net income

1,517,798

4,340,033

639,643

3,498,108

6,603,517

973,237

Net income attributable to non-controlling interests

(28,049)

(33,840)

(4,987)

(65,514)

(91,017)

(13,414)

Net income attributable to Vipshop's shareholders

1,489,749

4,306,193

634,656

3,432,594

6,512,500

959,823

Shares used in calculating earnings per share (3):

Weighted average number of Class A and Class B ordinary shares:

—Basic

101,229,148

96,241,715

101,951,703

96,134,860

—Diluted

102,353,164

97,619,760

103,374,279

98,133,799

Net earnings per Class A and Class B ordinary share

Net income attributable to Vipshop's shareholders—Basic

14.72

44.74

6.59

33.67

67.74

9.98

Net income attributable to Vipshop's shareholders—Diluted

14.55

44.11

6.50

33.21

66.36

9.78

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

Net income attributable to Vipshop's shareholders—Basic

2.94

8.95

1.32

6.73

13.55

2.00

Net income attributable to Vipshop's shareholders—Diluted

2.91

8.82

1.30

6.64

13.27

1.96

(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.

(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 1.5 billion

and RMB 1.6 billion in the three month periods ended June 30,2025 and June 30,2026, respectively.

(2) Fulfillment expenses include shipping and

handling expenses, which amounted RMB 2.8

billion and RMB 3.0 billion in the six month

periods ended June 30,2025 and June 30,

2026, 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.

(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

Six Months Ended

June 30,2025

June 30,2026

June 30,2025

June 30,2026

RMB'000

USD'000

RMB'000

USD'000

Share-based compensation expenses are included

in the operating expenses as follows:

Fulfillment expenses

15,844

15,115

2,228

36,021

30,201

4,451

Marketing expenses

18,177

13,611

2,006

25,219

25,717

3,790

Technology and content expenses

73,992

77,702

11,452

162,837

146,065

21,527

General and administrative expenses

589,838

380,086

56,018

824,376

505,177

74,454

Total

697,851

486,514

71,704

1,048,453

707,160

104,222

Vipshop Holdings Limited

Unaudited Condensed Consolidated Balance Sheets

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

December 31,2025

June 30,2026

RMB'000

USD'000

ASSETS

Current assets

Cash and cash equivalents

22,990,435

29,246,429

4,310,390

Restricted cash

1,132,729

604,940

89,157

Short term investments

5,777,222

3,618,481

533,298

Accounts receivable, net

889,220

564,378

83,179

Amounts due from related parties,net

762,781

2,304,182

339,594

Other receivables and prepayments,net

2,860,301

3,126,697

460,818

Loan receivables,net

9,166

5,094

751

Inventories

5,153,413

4,327,466

637,790

Total current assets

39,575,267

43,797,667

6,454,977

Non-current assets

Property and equipment, net

18,311,533

16,396,786

2,416,587

Deposits for property and equipment

6,420

7,187

1,059

Land use rights, net

10,426,682

9,895,876

1,458,472

Intangible assets, net

324,067

322,176

47,483

Investment in equity method investees

3,136,784

7,616,184

1,122,487

Other investments

4,800,356

4,980,862

734,088

Held-to-maturity securities

806,443

118,855

Other long-term assets

351,085

245,460

36,176

Goodwill

755,213

651,522

96,022

Deferred tax assets, net

757,113

745,599

109,888

Operating lease right-of-use assets

398,798

391,481

57,697

Total non-current assets

39,268,051

42,059,576

6,198,814

TOTAL ASSETS

78,843,318

85,857,243

12,653,791

LIABILITIES AND EQUITY

Current liabilities

Short term loans

5,844,620

10,968,130

1,616,502

Accounts payable

12,536,639

10,350,342

1,525,452

Advance from customers

1,890,586

1,400,249

206,371

Accrued expenses and other current liabilities

9,941,146

10,777,673

1,588,432

Amounts due to related parties

101,782

116,306

17,141

Deferred income

520,853

534,916

78,837

Operating lease liabilities

47,458

46,005

6,780

Total current liabilities

30,883,084

34,193,621

5,039,515

Non-current liabilities

Deferred tax liability

707,322

625,720

92,220

Deferred income-non current

2,252,797

2,150,778

316,985

Operating lease liabilities

556,951

554,729

81,757

Total non-current liabilities

3,517,070

3,331,227

490,962

TOTAL LIABILITIES

34,400,154

37,524,848

5,530,477

EQUITY

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

shares authorized, 101.4 million shares issued, and 95.1 million

shares outstanding as of June 30, 2026) (4)

41,004,749

44,987,634

6,630,357

Non-controlling interests

3,438,415

3,344,761

492,957

Total shareholders' equity

44,443,164

48,332,395

7,123,314

Total liabilities and shareholders' equity

78,843,318

85,857,243

12,653,791

(4) The number of treasury stock as of June 30, 2026 was 6.3 million,

all of which are Class A ordinary shares repurchased under the share repurchase program.

Vipshop Holdings Limited

Reconciliations of GAAP and Non-GAAP Results

Three Months Ended

Six Months Ended

June 30,2025

June 30,2026

June 30,2025

June 30,2026

RMB'000

USD'000

RMB'000

USD'000

Income from operations

1,697,904

1,519,657

223,970

3,974,699

4,017,426

592,095

Share-based compensation expenses

697,851

486,514

71,704

1,048,453

707,160

104,222

Non-GAAP income from operations

2,395,755

2,006,171

295,674

5,023,152

4,724,586

696,317

Net income attributable to Vipshop's shareholders

1,489,749

4,306,193

634,656

3,432,594

6,512,500

959,823

Share-based compensation expenses

697,851

486,514

71,704

1,048,453

707,160

104,222

Impairment loss of investments

23,738

3,499

23,738

3,499

Investment (gain) loss and revaluation of investments excluding

dividends

(36,715)

(5,780,744)

(851,976)

744

(5,831,927)

(859,520)

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

23,641

(75,267)

(11,093)

23,702

(113,629)

(16,747)

Tax effects on non-GAAP adjustments

(97,308)

1,431,779

211,018

(119,891)

1,399,993

206,333

Non-GAAP net income attributable to Vipshop's shareholders

2,077,218

392,213

57,808

4,385,602

2,697,835

397,610

(5) To exclude the GAAP to non-GAAP reconciling items relating to investment gain 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

101,229,148

96,241,715

101,951,703

96,134,860

—Diluted

102,353,164

97,619,760

103,374,279

98,133,799

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

Non-GAAP net income attributable to Vipshop's shareholders

—Basic

20.52

4.08

0.60

43.02

28.06

4.14

Non-GAAP net income attributable to Vipshop's shareholders

—Diluted

20.29

4.02

0.59

42.42

27.49

4.05

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

Non-GAAP net income attributable to Vipshop's shareholders

—Basic

4.10

0.82

0.12

8.60

5.61

0.83

Non-GAAP net income attributable to Vipshop's shareholders

—Diluted

4.06

0.80

0.12

8.48

5.50

0.81

SOURCE Vipshop Holdings Limited