Vipshop Reports Unaudited Second Quarter 2025 Financial Results

Conference Call to Be Held at 7:30 A.M. U.S. Eastern Time on August 14, 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 June 30, 2025. Second Quarter 2025 Highlights Total net revenues for the second quarter of 2025 were RMB25.8 billion (US$3.6 billion), compared with RMB26.9 billion in the prior year period. GMV[1] for the second quarter of 2025 increased by 1.7% year over year to RMB51.4 billion from RMB50.6 billion in the prior year period. Gross profit for the second quarter of 2025 was RMB6.1 billion (US$845.2 million), compared with RMB6.3 billion in the prior year period. Net income attributable to Vipshop's shareholders for the second quarter of 2025 was RMB1.5 billion (US$208.0 million), compared with RMB1.9 billion in the prior year period. Non-GAAP net income attributable to Vipshop's shareholders[2] for the second quarter of 2025 was RMB2.1 billion (US$290.0 million), compared with RMB2.2 billion in the prior year period. The number of active customers[3] for the second quarter of 2025 was 43.5 million, compared with 44.3 million in the prior year period. Total orders[4] for the second quarter of 2025 were 193.0 million, compared with 197.8 million in the prior year period. Mr. Eric Shen, Chairman and Chief Executive Officer of Vipshop, stated, "Our business trajectory showed stabilization as we acted swiftly to revive customer activity and sales momentum. Total GMV has returned to growth, driven by solid performance in apparel categories and double-digit growth in Super VIP members. Anchored by our vision of discount retail for brands, we have implemented changes within our organization to enhance the self-reinforcing flywheel across merchandising, operations and customer engagement. With our scale, strategic clarity and merchandising strength, we are executing with confidence on our path to long-term success." Mr. Mark Wang, Chief Financial Officer of Vipshop, further commented, "We delivered another quarter of healthy profitability, demonstrating our consistent financial discipline in prioritizing growth initiatives and optimizing resource allocation. Looking ahead, our consistent strategy and focused execution position us well to return to sustainable growth. Meanwhile, we remain firmly on track to deliver on our shareholder return commitments, having distributed a total of US$614.1 million through dividends and buybacks in the first half of 2025." Second Quarter 2025 Financial Results REVENUES Total net revenues for the second quarter of 2025 were RMB25.8 billion (US$3.6 billion), compared with RMB26.9 billion in the prior year period. GROSS PROFIT Gross profit for the second quarter of 2025 was RMB6.1 billion (US$845.2 million), compared with RMB6.3 billion in the prior year period. Gross margin for the second quarter of 2025 was 23.5%, compared with 23.6% in the prior year period. OPERATING EXPENSES Total operating expenses for the second quarter of 2025 increased by 6.3% year over year to RMB4.6 billion (US$637.0 million) from RMB4.3 billion in the prior year period. As a percentage of total net revenues, total operating expenses for the second quarter of 2025 were 17.7%, compared with 16.0% in the prior year period. Fulfillment expenses for the second quarter of 2025 decreased by 2.6% year over year to RMB2.1 billion (US$294.4 million) from RMB2.2 billion in the prior year period. As a percentage of total net revenues, fulfillment expenses for the second quarter of 2025 were 8.2%, compared with 8.1% in the prior year period. Marketing expenses for the second quarter of 2025 decreased by 3.3% year over year to RMB715.9 million (US$99.9 million) from RMB740.7 million in the prior year period. As a percentage of total net revenues, marketing expenses for the second quarter of 2025 were 2.8%, which remained stable as compared with that in the prior year period. Technology and content expenses for the second quarter of 2025 decreased by 9.3% year over year to RMB442.0 million (US$61.7 million) from RMB487.2 million in the prior year period. As a percentage of total net revenues, technology and content expenses for the second quarter of 2025 were 1.7%, compared with 1.8% in the prior year period. General and administrative expenses for the second quarter of 2025 were RMB1.3 billion (US$181.0 million), compared with RMB900.7 million in the prior year period, primarily reflecting an increase in the share-based compensation expenses for Shan Shan Outlets. As a percentage of total net revenues, general and administrative expenses for the second quarter of 2025 were 5.0%, compared with 3.4% in the prior year period. INCOME FROM OPERATIONS Income from operations for the second quarter of 2025 was RMB1.7 billion (US$237.0 million), compared with RMB2.2 billion in the prior year period. Operating margin for the second quarter of 2025 was 6.6%, compared with 8.3% in the prior year period. Non-GAAP income from operations[5] for the second quarter of 2025, which excluded share-based compensation expenses, was RMB2.4 billion (US$334.4 million), compared with RMB2.6 billion in the prior year period. Non-GAAP operating margin[6] for the second quarter of 2025 was 9.3%, compared with 9.5% in the prior year period. NET INCOME Net income attributable to Vipshop's shareholders for the second quarter of 2025 was RMB1.5 billion (US$208.0 million), compared with RMB1.9 billion in the prior year period. Net margin attributable to Vipshop's shareholders for the second quarter of 2025 was 5.8%, compared with 7.2% in the prior year period. Net income attributable to Vipshop's shareholders per diluted ADS[7] for the second quarter of 2025 was RMB2.91 (US$0.41), compared with RMB3.49 in the prior year period. Non-GAAP net income attributable to Vipshop's shareholders for the second quarter of 2025, which excluded (i) share-based compensation expenses, (ii) impairment loss of investments, (iii) investment loss (gain) 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 RMB2.1 billion (US$290.0 million), compared with RMB2.2 billion in the prior year period. Non-GAAP net margin attributable to Vipshop's shareholders[8] for the second quarter of 2025 was 8.0%, compared with 8.1% in the prior year period. Non-GAAP net income attributable to Vipshop's shareholders per diluted ADS[9] for the second quarter of 2025 was RMB4.06 (US$0.57), compared with RMB3.91 in the prior year period. For the quarter ended June 30, 2025, the Company's weighted average number of ADSs used in computing diluted income per ADS was 511,765,820. BALANCE SHEET AND CASH FLOW As of June 30, 2025, the Company had cash and cash equivalents and restricted cash of RMB24.7 billion (US$3.5 billion) and short term investments of RMB3.0 billion (US$416.2 million). For the quarter ended June 30, 2025, net cash generated from operating activities was RMB1.3 billion (US$181.6 million), and free cash flow[10], a non-GAAP measurement of liquidity, was as follows: For the three months ended June 30, 2024 RMB'000 June 30, 2025 RMB'000 June 30, 2025 US$'000 Net cash generated from operating activities 287,090 1,301,049 181,619 Reconciling items: Net impact from internet financing activities[11] 27,193 56,614 7,903 Capital expenditures (1,178,086) (555,862) (77,595) Free cash (outflow) inflow (863,803) 801,801 111,927 For the trailing twelve months ended June 30, 2024 RMB'000 June 30, 2025 RMB'000 June 30, 2025 US$'000 Net cash generated from operating activities 9,626,765 9,673,390 1,350,353 Reconciling items: Net impact from internet financing activities (84,782) 73,437 10,251 Capital expenditures (4,360,210) (2,908,504) (406,012) Free cash inflow 5,181,773 6,838,323 954,592 Share Repurchase Program During the quarter ended June 30, 2025, the Company repurchased US$349.8 million of its ADSs under its current US$1.0 billion share repurchase program, which is effective through February 2027. As of June 30, 2025, the Company had an unutilized amount of US$646.0 million under this program. Business Outlook For the third quarter of 2025, the Company expects its total net revenues to be between RMB20.7 billion and RMB21.7 billion, representing a year-over-year increase of approximately 0% to 5%. 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 RMB7.1636 to US$1.00, the effective noon buying rate on June 30, 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 June 30, 2025 or at any other rate. Conference Call Information The Company will hold a conference call on Thursday, August 14, 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/BI2192d872e0794484950ff9361d783729 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/q2wjofki. 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) impairment loss of investments, (iii) investment loss (gain) 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 loss (gain) 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 loss (gain) 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 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) 2233-0732Email: [email protected] [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) impairment loss of investments, (iii) investment loss (gain) 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 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. [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 Six Months Ended June 30,2024 June 30,2025 June 30,2025 June 30,2024 June 30,2025 June 30,2025 RMB'000 RMB'000 USD'000 RMB'000 RMB'000 USD'000 Product revenues 25,077,607 23,797,383 3,321,987 50,924,737 48,090,503 6,713,175 Other revenues (1) 1,797,561 2,008,977 280,442 3,596,311 3,984,399 556,201 Total net revenues 26,875,168 25,806,360 3,602,429 54,521,048 52,074,902 7,269,376 Cost of revenues (20,533,956) (19,751,363) (2,757,184) (41,634,335) (39,937,696) (5,575,087) Gross profit 6,341,212 6,054,997 845,245 12,886,713 12,137,206 1,694,289 Operating expenses: Fulfillment expenses (2) (2,164,681) (2,109,239) (294,438) (4,150,206) (3,999,193) (558,266) Marketing expenses (740,662) (715,900) (99,936) (1,431,546) (1,448,048) (202,140) Technology and content expenses (487,156) (442,039) (61,706) (969,057) (891,109) (124,394) General and administrative expenses (900,671) (1,296,338) (180,962) (1,829,758) (2,247,136) (313,688) Total operating expenses (4,293,170) (4,563,516) (637,042) (8,380,567) (8,585,486) (1,198,488) Other operating income 184,380 206,423 28,816 485,978 422,979 59,046 Income from operations 2,232,422 1,697,904 237,019 4,992,124 3,974,699 554,847 Investment (loss) gain and revaluation of investments (17,855) 37,106 5,180 (21,413) (353) (49) Impairment loss of investments (14,691) 0 0 (14,691) 0 0 Interest expense (13,666) (23,482) (3,278) (24,221) (33,721) (4,707) Interest income 191,656 195,951 27,354 407,713 418,901 58,476 Exchange loss (74,896) (18,849) (2,631) (77,263) (31,784) (4,437) Income before income tax expense and share of income of equitymethod investees 2,302,970 1,888,630 263,644 5,262,249 4,327,742 604,130 Income tax expenses (405,646) (407,189) (56,841) (1,024,932) (914,856) (127,709) Share of income of equity method investees 47,203 36,357 5,075 55,138 85,222 11,897 Net income 1,944,527 1,517,798 211,878 4,292,455 3,498,108 488,318 Net income attributable to non-controlling interests (13,320) (28,049) (3,915) (44,538) (65,514) (9,145) Net income attributable to Vipshop's shareholders 1,931,207 1,489,749 207,963 4,247,917 3,432,594 479,173 Shares used in calculating earnings per share (3): Weighted average number of Class A and Class B ordinaryshares: —Basic 108,709,998 101,229,148 101,229,148 108,584,522 101,951,703 101,951,703 —Diluted 110,735,433 102,353,164 102,353,164 110,708,271 103,374,279 103,374,279 Net earnings per Class A and Class B ordinary share Net income attributable to Vipshop's shareholders——Basic 17.76 14.72 2.05 39.12 33.67 4.70 Net income attributable to Vipshop's shareholders——Diluted 17.44 14.55 2.03 38.37 33.21 4.64 Net earnings per ADS (1 ordinary share equals to 5 ADSs) Net income attributable to Vipshop's shareholders——Basic 3.55 2.94 0.41 7.82 6.73 0.94 Net income attributable to Vipshop's shareholders——Diluted 3.49 2.91 0.41 7.67 6.64 0.93 (1) Other revenues primarily consist of product promotion and online advertising revenues, lease income mainly earned from theShan 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 onlineadvertising revenues, lease income mainly earned from the ShanShan Outlets, fees charged to third-party merchants which theCompany provides platform access for sales of their products,revenue from third-party logistics services, loan facilitation serviceincome and membership fee income. (2) Fulfillment expenses include shipping and handling expenses, which amounted RMB 1.5 billion and RMB 1.5 billion in thethree month periods ended June 30,2024 and June 30,2025, respectively. (2) Fulfillment expenses include shipping and handling expenses,which amounted RMB 2.9 billion and RMB 2.8 billion in the sixmonth periods ended June 30,2024 and June 30,2025, respectively. (3) Authorized share capital is re-classified and re-designated into Class A ordinary shares and Class B ordinary shares, with eachClass A ordinary share being entitled to one vote and each Class B ordinary share being entitled to ten votes on all matters that aresubject to shareholder vote. (3) Authorized share capital is re-classified and re-designated intoClass A ordinary shares and Class B ordinary shares, with eachClass A ordinary share being entitled to one vote and each Class Bordinary share being entitled to ten votes on all matters that aresubject to shareholder vote. Three Months Ended Six Months Ended June 30,2024 June 30,2025 June 30,2025 June 30,2024 June 30,2025 June 30,2025 RMB'000 RMB'000 USD'000 RMB'000 RMB'000 USD'000 Share-based compensation expenses are included in theoperating expenses as follows: Fulfillment expenses 20,727 15,844 2,212 41,091 36,021 5,028 Marketing expenses 7,516 18,177 2,537 15,335 25,219 3,520 Technology and content expenses 96,856 73,992 10,329 190,288 162,837 22,731 General and administrative expenses 206,985 589,838 82,338 380,832 824,376 115,078 Total 332,084 697,851 97,416 627,546 1,048,453 146,357 Vipshop Holdings Limited Unaudited Condensed Consolidated Balance Sheets (In thousands, except for share and per share data) December 31,2024 June 30,2025 June 30,2025 RMB'000 RMB'000 USD'000 ASSETS CURRENT ASSETS Cash and cash equivalents 26,352,161 24,238,054 3,383,502 Restricted cash 602,342 502,594 70,159 Short term investments 1,872,756 2,981,248 416,166 Accounts receivable, net 915,158 1,018,720 142,208 Amounts due from related parties,net 548,145 545,766 76,186 Other receivables and prepayments,net 2,473,050 2,845,006 397,148 Loan receivables,net 6,878 8,890 1,241 Inventories 5,032,069 4,276,040 596,912 Total current assets 37,802,559 36,416,318 5,083,522 NON-CURRENT ASSETS Property and equipment, net 18,292,771 18,490,736 2,581,207 Deposits for property and equipment 164,955 10,416 1,454 Land use rights, net 10,686,400 10,548,442 1,472,506 Intangible assets, net 327,844 325,955 45,502 Investment in equity method investees 2,002,043 2,219,807 309,873 Other investments 3,355,489 3,377,873 471,533 Other long-term assets 434,206 286,156 39,946 Goodwill 755,213 755,213 105,424 Deferred tax assets, net 681,029 713,496 99,600 Operating lease right-of-use assets 433,617 439,426 61,342 Total non-current assets 37,133,567 37,167,520 5,188,387 TOTAL ASSETS 74,936,126 73,583,838 10,271,909 LIABILITIES AND EQUITY CURRENT LIABILITIES Short term loans 2,399,629 6,663,000 930,119 Accounts payable 15,190,560 11,733,049 1,637,870 Advance from customers 2,035,184 1,530,985 213,717 Accrued expenses and other current liabilities 9,663,421 8,400,509 1,172,668 Amounts due to related parties 104,187 127,674 17,823 Deferred income 476,796 489,117 68,278 Operating lease liabilities 57,224 59,788 8,346 Total current liabilities 29,927,001 29,004,122 4,048,821 NON-CURRENT LIABILITIES Deferred tax liability 783,863 595,592 83,141 Deferred income-non current 2,084,038 2,258,212 315,234 Operating lease liabilities 591,995 594,153 82,941 Total non-current liabilities 3,459,896 3,447,957 481,316 TOTAL LIABILITIES 33,386,897 32,452,079 4,530,137 EQUITY: Total shareholders' equity (US$0.0001 par value, 500 millionshares authorized, 117.5 million shares issued, and 98.6 millionshares outstanding as of June 30, 2025) (4) 39,968,813 39,500,179 5,514,012 Non-controlling interests 1,580,416 1,631,580 227,760 Total shareholders' equity 41,549,229 41,131,759 5,741,772 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 74,936,126 73,583,838 10,271,909 (4) The number of treasury stock as of June 30, 2025 was 17.0 million, of which 17.0 million are Class A ordinary sharesrepurchased under the share repurchase program. Vipshop Holdings Limited Reconciliations of GAAP and Non-GAAP Results Three Months Ended Six Months Ended June 30,2024 June 30,2025 June 30,2025 June 30,2024 June 30,2025 June 30,2025 RMB'000 RMB'000 USD'000 RMB'000 RMB'000 USD'000 Income from operations 2,232,422 1,697,904 237,019 4,992,124 3,974,699 554,847 Share-based compensation expenses 332,084 697,851 97,416 627,546 1,048,453 146,357 Non-GAAP income from operations 2,564,506 2,395,755 334,435 5,619,670 5,023,152 701,204 Net income attributable to Vipshop's shareholders 1,931,207 1,489,749 207,963 4,247,917 3,432,594 479,173 Share-based compensation expenses 332,084 697,851 97,416 627,546 1,048,453 146,357 Impairment loss of investments 14,691.00 - - 14,691 - - Investment loss (gain) and revaluation of investments excludingdividends 17,855 (36,715) (5,125) 21,413 744 104 Reconciling items on the share of equity method investments(5) (15,124) 23,641 3,300 (28,647) 23,702 3,309 Tax effects on non-GAAP adjustments (115,297) (97,308) (13,584) (134,789) (119,891) (16,736) Non-GAAP net income attributable to Vipshop's shareholders 2,165,416 2,077,218 289,970 4,748,131 4,385,602 612,207 (5) To exclude the GAAP to non-GAAP reconciling items relating to investment (gain) loss and revaluation of investments on theshare of equity method investments. Shares used in calculating earnings per share: Weighted average number of Class A and Class B ordinaryshares: —Basic 108,709,998 101,229,148 101,229,148 108,584,522 101,951,703 101,951,703 —Diluted 110,735,433 102,353,164 102,353,164 110,708,271 103,374,279 103,374,279 Non-GAAP net income per Class A and Class B ordinary share Non-GAAP net income attributable to Vipshop'sshareholders——Basic 19.92 20.52 2.86 43.73 43.02 6.01 Non-GAAP net income attributable to Vipshop'sshareholders——Diluted 19.55 20.29 2.83 42.89 42.42 5.92 Non-GAAP net income per ADS (1 ordinary share equal to 5ADSs) Non-GAAP net income attributable to Vipshop'sshareholders——Basic 3.98 4.10 0.57 8.75 8.60 1.20 Non-GAAP net income attributable to Vipshop'sshareholders——Diluted 3.91 4.06 0.57 8.58 8.48 1.18 SOURCE Vipshop Holdings Limited WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

Vipshop Reports Unaudited Second Quarter 2025 Financial Results

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