近期事件香港上市传闻：市场传闻称唯品会考虑最早于2026年在香港上市，公司管理层表示正密切关注 资本市场变化，但未确认具体计划。这一动向可能成为市场关注焦点。 战略推进奢侈品正品鉴定合作：2025年11月，唯品会全面接入中国中检正品管理库，实现奢侈品逐件检 验和鉴定报告全覆盖，以提升正品保障能力。AI技术应用：公司加速AI与业务融合，如推出AI试衣功 能"穿上看看"，并探索AI在搜索推荐、智能客服等场景的应用，以提升运营效率。会员体系深化：超级 VIP（SVIP）活跃用户持续保持两位数增长，2025年第三季度贡献线上销售额的51%，公司通过专属特 卖活动强化高价值用户粘性。 行业政策与环境内需政策支持：2025年中央经济工作会议强调2026年将扩大内需作为重点任务，若政策 发力，可能对唯品会为主的服饰电商平台形成支撑。但需关注消费复苏节奏和行业竞争加剧的风险。 来源：经济观察网 经济观察网 基于截至2026年2月13日的公开信息，唯品会（VIPS）近期有以下值得关注的事件动态，主 要涉及财务业绩、业务战略和市场传闻等方面。 业绩经营情况2025年第四季度及全年财报：公司预计在2026年初发布2025年全年及第 ...

经济观察网 基于截至2026年1月的公开信息，唯品会（VIPS）有以下事件值得关注。 公司状况 市场传闻称唯品会考虑最早于2026年在香港上市，公司管理层表示正密切关注资本市场变化，但尚未确 认具体计划。若推进上市，可能对资本结构和流动性产生影响。 业绩战略 唯品会承诺2025年将不低于75%的2024年Non-GAAP净利润（约9亿美元）通过分红和回购回馈股东。 截至2025年第三季度，年内已回馈股东超7.3亿美元，2026年可能继续执行类似政策。 业务与技术发展 公司正加速AI应用，如推出AI试衣功能"穿上看看"，并探索AI智能体在搜索推荐、客服等领域的应 用，以提升运营效率。这类技术进展可能长期影响用户体验和成本结构。 公司业务状况 2025年11月，唯品会全面接入中国中检正品管理库，对奢侈品逐件检验，以强化正品心智。此举旨在提 升高端商品信任度，但需观察其对用户增长的拉动作用。 行业政策与环境 2026年国内扩大内需政策可能对服饰消费形成支撑，但电商行业竞争激烈，唯品会需维持其品牌特卖定 位以应对挑战。 公司对2025年第四季度营收的指引为同比增长0%至5%（预计区间332亿至349亿元），但受暖冬天 ...

Core Viewpoint - Vipshop Holdings Limited, a leading online discount retailer in China, is set to announce its fourth quarter and full year 2025 financial results on February 26, 2026, before the US market opens [1] Group 1: Financial Results Announcement - The financial results will be discussed in a conference call scheduled for February 26, 2026, at 7:00 am US Eastern Time and 8:00 pm Beijing Time [1] - Participants must pre-register online to join the conference call, receiving dial-in numbers and a unique access PIN via email [1] - A live webcast of the earnings conference call will be available, with an archived version accessible on the company's investor relations website [1] Group 2: Company Overview - Vipshop Holdings Limited specializes in offering high-quality branded products at significant discounts to retail prices [1] - The company has established a growing customer base and brand partnerships since its founding in August 2008 [1]

Company Overview - Vipshop Holdings Limited is a leading online discount retailer in China, focusing on a diversified product portfolio and robust logistics infrastructure to serve millions of customers nationwide [6] - The company operates a direct-to-consumer e-commerce model, generating revenue from product sales, logistics, and value-added services [7] - Vipshop targets value-conscious consumers seeking branded merchandise at discounted prices, emphasizing customer loyalty and brand partnerships [8] Financial Performance - As of February 11, 2026, Vipshop's stock price was $17.56, with a market capitalization of $8.82 billion [4] - The company reported a total revenue of $15.46 billion and a net income of $1.03 billion for the trailing twelve months [4] - In the third quarter, Vipshop achieved revenue of RMB21.4 billion (approximately $3.0 billion), reflecting a year-over-year increase of 3.4%, while net income attributable to shareholders rose by 16.8% to RMB1.2 billion (approximately $171.5 million) [9] Recent Developments - North of South Capital sold 1,093,316 shares of Vipshop, valued at an estimated $21.04 million, during the fourth quarter, reducing its stake to 2,262,683 shares worth $40.03 million at quarter's end [2][3] - Following the sale, Vipshop now represents 3.6% of North of South Capital's reportable assets, down from 6.3% in the previous quarter [3] - Despite the sale, Vipshop's performance has been strong, with shares up 20.9% over the past year, outperforming the S&P 500 by 6.55 percentage points [3] Strategic Positioning - Vipshop's strategy includes deep supplier relationships and exclusive brand partnerships to secure attractive pricing [6] - The company is positioned as a mid-tier player in the China consumer market, with a focus on large emerging market and Asia tech names in its investment portfolio [10] - Long-term investors may view the recent stake reduction as tactical, as the business continues to generate profits and cash, with guidance for up to 5% revenue growth in the next quarter [11]

Core Viewpoint - Vipshop, a discount e-commerce platform, has announced a "Spring Festival Never Closes" service in collaboration with SF Express, allowing for normal delivery of certain products during the Spring Festival period [1] Group 1: Spring Festival Service - From February 12 to February 24, products marked with "Spring Festival Never Closes" will be delivered normally, while other products will have delayed shipping starting February 15 [1] - Orders signed for between February 11 and February 26 will have an upgraded return policy from 7 days to 15 days for no reason [1] - Vipshop's self-operated product return service will remain available year-round without interruption [1] Group 2: Government Consumption Coupons - The government consumption coupon program offers discounts of "60 yuan off 300 yuan," "80 yuan off 400 yuan," and "100 yuan off 500 yuan," applicable to various product categories [2] - Consumers can randomly draw one coupon per day during the event period, and there is a dedicated section for local Hubei products [2] Group 3: Sales Performance and Promotions - Since February, sales in categories such as outdoor sports, holiday gifts, and snacks have been increasing on the platform [2] - Vipshop has launched multiple promotional activities during the Spring Festival, combining deep discounts with government consumption coupons to enhance consumer shopping experiences [2]

Group 1 - Vipshop is conducting a Spring Festival goods promotion until February 15, featuring a final wave of limited-time discounts, including a 15% reduction on selected items [1] - The promotion includes categories such as snacks, beverages, and clothing, with a special focus on the limited purchase of 53° Feitian Moutai [1] - The campaign aims to stimulate consumer demand during the Spring Festival by utilizing search codes for red envelopes and combining government subsidy coupons [1] Group 2 - Vipshop's stock price has shown significant volatility over the past week, with a 3.28% increase on February 5 and a 3.76% increase on February 6, driven by the overall rise of Chinese concept stocks [2] - Following this, the stock experienced a decline, with a 0.17% drop on February 9 and a 2.12% drop on February 10, attributed to cautious market sentiment amid MSCI index adjustments [2] - The latest closing price on February 11 showed a slight decrease of 0.23%, with an overall increase of 4.47% over the observed period and a trading range fluctuation of 8.95% [2]

Group 1 - Major tech stocks experienced a broad increase, with SanDisk rising over 8%, Oracle up 2%, and NVIDIA increasing by more than 1% [1][2] - Other notable gainers included Tesla, Broadcom, Apple, and Amazon, all showing positive movement [1] - The three major U.S. stock indices opened higher, with the Nasdaq up 0.77%, the Dow Jones up 0.41%, and the S&P 500 up 0.62% [3] Group 2 - Chinese concept stocks mostly rose, with Kingsoft Cloud increasing by over 11%, Bilibili up more than 3%, and Century Internet and Beike both rising over 2% [2][4] - Storage-related stocks rebounded, with Micron Technology rising over 6% and Western Digital increasing by more than 4% [4]

越到年底，很多人越容易产生一种矛盾的心态。 一方面，新年临近，总希望家里能有点变化：换一台用了多年的家电，给父母添点实在的年货，或者干 脆把生活里那些将就了一年的东西，趁着过年换掉。 另一方面，打开购物平台，却发现优惠越来越复杂，规则越来越绕，抢一次便宜，反而成了一种需要投 入精力的"技术活"。 在这样的情绪之下，"福利"这两个字，正在变得越来越现实。用户要的是真正能被算清楚、用得上的好 处。 马年新年将至，唯品会推出"马年焕新，礼遇美好"活动，从即日起持续到2026年12月31日。与其说这是 一场传统意义上的促销，不如说，它更像一次把福利慢慢交到用户手里的尝试。 不再拼手速，新年的福利开始回归日常节奏 如果回顾这几年电商的主流玩法，会发现一个明显变化：促销越来越集中，节点越来越短，用户却越来 越累。 限时、秒杀、倒计时，这些曾经有效的手段，在短视频和直播全面介入卖货之后，被放大到了极致。几 乎每个平台、每个行业，都在用相似的方式争夺注意力。 在很多人的记忆里，唯品会并不是一个陌生的平台。它曾经是电商行业Top3，是许多人第一次以更低 价格买到大牌正品的入口，也是一些家庭在电商刚刚普及的阶段，反复使用的购物选 ...

Group 1 - The core point of the article is that Vipshop (Guangzhou) Software Co., Ltd. has obtained a patent for a "vector collaborative management method, device, electronic equipment, and storage medium" with the authorization announcement number CN115757967B, applied for on November 2022 [1] - Vipshop (Guangzhou) Software Co., Ltd. was established in 2021 and is located in Guangzhou, primarily engaged in software and information technology services [1] - The company has a registered capital of 1 million RMB and holds a total of 237 patent information and 19 administrative licenses according to data analysis from Tianyancha [1]

Core Viewpoint - The middle class is shifting its purchasing behavior towards more affordable and practical down jackets, moving away from high-priced luxury brands to options available in supermarkets and discount platforms [1][3][5] Group 1: Changing Consumer Behavior - Middle-class consumers are increasingly purchasing down jackets priced between 100-400 yuan, with popular items selling out quickly in stores like Sam's Club [1] - There is a noticeable trend of middle-class consumers discussing the practicality and warmth of down jackets, indicating a shift towards value-driven purchasing [3] - High-net-worth individuals are actively seeking high-cost performance down jackets, indicating a broader trend of consumers prioritizing functionality over brand prestige [5] Group 2: Value and Quality Perception - The core value of down jackets is recognized as warmth and durability rather than brand logos, leading to a change in consumer perception [5][10] - Discount platforms like Vipshop are attracting consumers by offering branded down jackets at significantly reduced prices, making high-quality options more accessible [5] - The purchasing experience on these platforms is seen as transparent and reliable, allowing consumers to make informed decisions based on clear product specifications [10]