[Report Overview](index=1&type=section&id=1.%20Report%20Overview) [Introduction](index=1&type=section&id=1.1.%20Introduction) Vipshop Holdings Limited reported unaudited Q2 2023 financial results, affirming its leading position as a China-based online discount retailer - Company: Vipshop Holdings Limited (NYSE: VIPS), a leading online discount retailer for brands in China[1](index=1&type=chunk) - Report Type: Unaudited financial results for the quarter ended June 30, 2023[1](index=1&type=chunk) - Announcement Date: August 18, 2023[1](index=1&type=chunk) [Second Quarter 2023 Highlights](index=1&type=section&id=1.2.%20Second%20Quarter%202023%20Highlights) Vipshop achieved strong Q2 2023 growth in revenues, GMV, gross profit, net income, active customers, and total orders | Metric | Q2 2023 (RMB) | Q2 2022 (RMB) | YoY Change | | :-------------------------------- | :------------ | :------------ | :--------- | | Total Net Revenues | 27.9 billion | 24.5 billion | +13.6% | | GMV | 50.6 billion | 40.6 billion | +24.5% | | Gross Profit | 6.2 billion | 5.0 billion | +23.4% | | Net Income (attributable to shareholders) | 2.1 billion | 1.3 billion | +63.5% | | Non-GAAP Net Income (attributable to shareholders) | 2.4 billion | 1.6 billion | +50.8% | | Active Customers | 45.7 million | 41.7 million | +9.6% | | Total Orders | 213.8 million | 186.3 million | +14.7% | [Management Remarks](index=2&type=section&id=1.3.%20Management%20Remarks) CEO Eric Shen attributed strong Q2 performance to merchandising strategy and customer value, while CFO Mark Wang highlighted robust growth, profitability, and shareholder returns - CEO Eric Shen emphasized the success of the merchandising strategy, increased quality supply from core brands, and strong customer preference for value, particularly from Super VIP members, positioning Vipshop as a go-to platform for apparel[4](index=4&type=chunk) - CFO Mark Wang noted strong top-line growth and profitability exceeding expectations, driven by disciplined execution and efficiency, leading to margin expansion. The company also repurchased **US$348.5 million** of ADSs under its **US$1 billion** program[4](index=4&type=chunk)[17](index=17&type=chunk) [Second Quarter 2023 Detailed Financial Performance](index=2&type=section&id=2.%20Second%20Quarter%202023%20Detailed%20Financial%20Performance) [Revenues](index=2&type=section&id=2.1.%20Revenues) Total net revenues for Q2 2023 increased by 13.6% year-over-year to RMB27.9 billion, driven by active customer growth and discretionary spending | Metric | Q2 2023 (RMB) | Q2 2022 (RMB) | YoY Change | | :----------------- | :------------ | :------------ | :--------- | | Total Net Revenues | 27.9 billion | 24.5 billion | +13.6% | - Revenue growth was primarily attributable to the growth in active customers and spending driven by the recovery in consumption of discretionary categories[5](index=5&type=chunk) [Gross Profit](index=2&type=section&id=2.2.%20Gross%20Profit) Gross profit for Q2 2023 rose by 23.4% year-over-year to RMB6.2 billion, with gross margin expanding to 22.2% from 20.5% | Metric | Q2 2023 (RMB) | Q2 2022 (RMB) | YoY Change | Margin (Q2 2023) | Margin (Q2 2022) | | :----------- | :------------ | :------------ | :--------- | :--------------- | :--------------- | | Gross Profit | 6.2 billion | 5.0 billion | +23.4% | 22.2% | 20.5% | [Operating Expenses](index=2&type=section&id=2.3.%20Operating%20Expenses) Total operating expenses increased by 13.7% year-over-year to RMB4.5 billion, remaining flat at 16.1% of total net revenues, influenced by varied category changes | Metric | Q2 2023 (RMB) | Q2 2022 (RMB) | YoY Change | % of Revenue (Q2 2023) | % of Revenue (Q2 2022) | | :--------------------- | :------------ | :------------ | :--------- | :--------------------- | :--------------------- | | Total Operating Expenses | 4.5 billion | 3.9 billion | +13.7% | 16.1% | 16.1% | [Fulfillment Expenses](index=2&type=section&id=2.3.1.%20Fulfillment%20Expenses) Fulfillment expenses increased to RMB2.2 billion, representing 7.8% of total net revenues in Q2 2023 | Metric | Q2 2023 (RMB) | Q2 2022 (RMB) | YoY Change | % of Revenue (Q2 2023) | % of Revenue (Q2 2022) | | :----------------- | :------------ | :------------ | :--------- | :--------------------- | :--------------------- | | Fulfillment Expenses | 2.2 billion | 1.8 billion | +22.8% | 7.8% | 7.2% | [Marketing Expenses](index=2&type=section&id=2.3.2.%20Marketing%20Expenses) Marketing expenses rose to RMB892.5 million, accounting for 3.2% of total net revenues in Q2 2023 | Metric | Q2 2023 (RMB) | Q2 2022 (RMB) | YoY Change | % of Revenue (Q2 2023) | % of Revenue (Q2 2022) | | :--------------- | :------------ | :------------ | :--------- | :--------------------- | :--------------------- | | Marketing Expenses | 892.5 million | 555.6 million | +60.6% | 3.2% | 2.3% | [Technology and Content Expenses](index=2&type=section&id=2.3.3.%20Technology%20and%20Content%20Expenses) Technology and content expenses increased to RMB443.0 million, representing 1.6% of total net revenues in Q2 2023 | Metric | Q2 2023 (RMB) | Q2 2022 (RMB) | YoY Change | % of Revenue (Q2 2023) | % of Revenue (Q2 2022) | | :-------------------------- | :------------ | :------------ | :--------- | :--------------------- | :--------------------- | | Technology & Content Expenses | 443.0 million | 411.8 million | +7.6% | 1.6% | 1.7% | [General and Administrative Expenses](index=3&type=section&id=2.3.4.%20General%20and%20Administrative%20Expenses) General and administrative expenses decreased to RMB963.1 million, representing 3.5% of total net revenues in Q2 2023 | Metric | Q2 2023 (RMB) | Q2 2022 (RMB) | YoY Change | % of Revenue (Q2 2023) | % of Revenue (Q2 2022) | | :-------------------------------- | :------------ | :------------ | :--------- | :--------------------- | :--------------------- | | General & Administrative Expenses | 963.1 million | 1.2 billion | -19.4% | 3.5% | 4.9% | [Income from Operations](index=3&type=section&id=2.4.%20Income%20from%20Operations) Income from operations increased by 51.1% to RMB1.9 billion (6.9% margin), and non-GAAP income rose 48.2% to RMB2.3 billion (8.2% margin) | Metric | Q2 2023 (RMB) | Q2 2022 (RMB) | YoY Change | Margin (Q2 2023) | Margin (Q2 2022) | | :-------------------------- | :------------ | :------------ | :--------- | :--------------- | :--------------- | | Income from Operations | 1.9 billion | 1.3 billion | +51.1% | 6.9% | 5.2% | | Non-GAAP Income from Operations | 2.3 billion | 1.6 billion | +48.2% | 8.2% | 6.3% | [Net Income](index=3&type=section&id=2.5.%20Net%20Income) Net income attributable to shareholders surged 63.5% to RMB2.1 billion (7.5% margin), and non-GAAP net income rose 50.8% to RMB2.4 billion (8.6% margin) | Metric | Q2 2023 (RMB) | Q2 2022 (RMB) | YoY Change | Margin (Q2 2023) | Margin (Q2 2022) | Diluted EPS (Q2 2023) | Diluted EPS (Q2 2022) | | :---------------------------------------- | :------------ | :------------ | :--------- | :--------------- | :--------------- | :-------------------- | :-------------------- | | Net Income (attributable to shareholders) | 2.1 billion | 1.3 billion | +63.5% | 7.5% | 5.2% | 3.75 | 1.97 | | Non-GAAP Net Income (attributable to shareholders) | 2.4 billion | 1.6 billion | +50.8% | 8.6% | 6.5% | 4.30 | 2.45 | [Financial Position and Shareholder Returns](index=4&type=section&id=3.%20Financial%20Position%20and%20Shareholder%20Returns) [Balance Sheet and Cash Flow](index=4&type=section&id=3.1.%20Balance%20Sheet%20and%20Cash%20Flow) As of June 30, 2023, Vipshop maintained strong liquidity with RMB18.3 billion in cash, generating RMB4.1 billion operating cash and RMB2.6 billion free cash flow | Metric | As of June 30, 2023 (RMB) | As of Dec 31, 2022 (RMB) | | :---------------------------------------- | :----------------------- | :----------------------- | | Cash and Cash Equivalents & Restricted Cash | 18.3 billion | 23.1 billion | | Short Term Investments | 1.5 billion | 1.6 billion | | Metric | Q2 2023 (RMB billion) | Q2 2022 (RMB billion) | | :-------------------------------- | :-------------------- | :-------------------- | | Net cash generated from operating activities | 4.05 | 4.47 | | Capital expenditures | -1.66 | -1.31 | | Free cash inflow | 2.59 | 3.26 | [Share Repurchase Program](index=4&type=section&id=3.2.%20Share%20Repurchase%20Program) During Q2 2023, Vipshop repurchased US$348.5 million of ADSs under its US$1 billion program, with US$564.9 million remaining - The company repurchased **US$348.5 million** of its ADSs during the quarter ended June 30, 2023[17](index=17&type=chunk) - As of June 30, 2023, **US$564.9 million** remains unutilized under the current **US$1 billion** share repurchase program, which is effective through March 2025[17](index=17&type=chunk) [Business Outlook and Corporate Information](index=4&type=section&id=4.%20Business%20Outlook%20and%20Corporate%20Information) [Third Quarter 2023 Business Outlook](index=4&type=section&id=4.1.%20Third%20Quarter%202023%20Business%20Outlook) Vipshop forecasts Q3 2023 total net revenues between RMB21.6 billion and RMB22.7 billion, representing 0% to 5% year-over-year growth | Metric | Q3 2023 Forecast (RMB) | YoY Growth | | :----------------- | :--------------------- | :--------- | | Total Net Revenues | 21.6 billion - 22.7 billion | 0% - 5% | - These forecasts reflect the Company's current and preliminary view on market and operational conditions, which is subject to change[18](index=18&type=chunk) [Conference Call Details](index=5&type=section&id=4.2.%20Conference%20Call%20Details) Vipshop held a conference call on August 18, 2023, at 7:30 A.M. U.S. Eastern Time to discuss financial results, with pre-registration and webcast options - A conference call was held on Friday, August 18, 2023, at 7:30 am U.S. Eastern Time to discuss the financial results[21](index=21&type=chunk) - Participants were required to pre-register online to receive dial-in numbers and a unique access PIN. A live webcast and archived webcast were also available[21](index=21&type=chunk) [About Vipshop Holdings Limited](index=5&type=section&id=4.3.%20About%20Vipshop%20Holdings%20Limited) Vipshop is a leading online discount retailer in China, offering discounted branded products and building a growing customer and brand partner base since August 2008 - Vipshop is a leading online discount retailer for brands in China[22](index=22&type=chunk) - The company offers high quality and popular branded products to consumers throughout China at a significant discount to retail prices[22](index=22&type=chunk) - Since its founding in August 2008, Vipshop has rapidly built a sizeable and growing base of customers and brand partners[22](index=22&type=chunk) [Safe Harbor Statement](index=5&type=section&id=4.4.%20Safe%20Harbor%20Statement) This report contains forward-looking statements subject to risks and uncertainties under the U.S. Private Securities Litigation Reform Act of 1995, with no legal obligation to update - This announcement contains forward-looking statements, identifiable by terminology such as 'will,' 'expects,' 'anticipates,' 'future,' 'intends,' 'plans,' 'believes,' and 'estimates'[23](index=23&type=chunk) - These statements are made under the 'safe harbor' provisions of the U.S. Private Securities Litigation Reform Act of 1995 and involve inherent risks and uncertainties[23](index=23&type=chunk) - Vipshop does not undertake any obligation to update any forward-looking statement, except as required under applicable law[23](index=23&type=chunk) [Use of Non-GAAP Financial Measures](index=6&type=section&id=4.5.%20Use%20of%20Non-GAAP%20Financial%20Measures) Vipshop uses non-GAAP financial measures for clearer operating performance insights by excluding non-cash items, acknowledging their analytical limitations - Vipshop uses non-GAAP financial measures (e.g., non-GAAP net income, non-GAAP income from operations, free cash flow) to provide clarity on performance by excluding specific non-cash and non-recurring items[25](index=25&type=chunk) - Non-GAAP adjustments include share-based compensation expenses, impairment loss of investments, investment loss (gain) and revaluation of investments, reconciling items on equity method investments, and tax effects on non-GAAP adjustments[25](index=25&type=chunk) - The company acknowledges that non-GAAP measures have material limitations as analytical tools and are not intended to be considered in isolation from, or as a substitute for, GAAP financial information[25](index=25&type=chunk)[26](index=26&type=chunk) [Unaudited Condensed Consolidated Financial Statements](index=7&type=section&id=5.%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) [Statements of Income and Comprehensive Income](index=7&type=section&id=5.1.%20Statements%20of%20Income%20and%20Comprehensive%20Income) This section presents unaudited condensed consolidated statements of income and comprehensive income for Q2 and H1 2023 and 2022, detailing revenues, costs, and net income | Metric | Q2 2022 (RMB billion) | Q2 2023 (RMB billion) | 6M 2022 (RMB billion) | 6M 2023 (RMB billion) | | :---------------------------------------- | :-------------------- | :-------------------- | :-------------------- | :-------------------- | | Total net revenues | 24.54 | 27.88 | 49.78 | 55.42 | | Cost of revenues | -19.51 | -21.68 | -39.75 | -43.31 | | Gross profit | 5.02 | 6.20 | 10.03 | 12.11 | | Total operating expenses | -3.94 | -4.48 | -7.84 | -8.54 | | Income from operations | 1.27 | 1.92 | 2.55 | 3.90 | | Net income attributable to Vipshop's shareholders | 1.28 | 2.10 | 2.38 | 3.96 | | Net earnings per ADS—Diluted | 1.97 | 3.75 | 3.58 | 6.90 | - Other revenues primarily consist of product promotion and online advertising, lease income, fees from third-party merchants, logistics services, loan facilitation, and membership fees[28](index=28&type=chunk)[29](index=29&type=chunk) | Share-based compensation expenses | Q2 2022 (RMB million) | Q2 2023 (RMB million) | 6M 2022 (RMB million) | 6M 2023 (RMB million) | | :------------------------------------------ | :-------------------- | :-------------------- | :-------------------- | :-------------------- | | Fulfillment expenses | 19.36 | 23.17 | 37.63 | 38.54 | | Marketing expenses | 3.84 | 8.38 | 6.20 | 17.71 | | Technology and content expenses | 68.93 | 92.91 | 124.14 | 154.27 | | General and administrative expenses | 190.67 | 257.00 | 352.50 | 475.08 | | Total | 282.80 | 381.46 | 520.47 | 685.60 | [Balance Sheets](index=9&type=section&id=5.2.%20Balance%20Sheets) This section provides unaudited condensed consolidated balance sheets as of December 31, 2022, and June 30, 2023, detailing assets, liabilities, and equity | Metric | Dec 31, 2022 (RMB billion) | June 30, 2023 (RMB billion) | | :---------------------------------------- | :------------------------- | :-------------------------- | | TOTAL ASSETS | 65.48 | 60.49 | | Total current assets | 33.73 | 27.25 | | Total non-current assets | 31.74 | 33.24 | | TOTAL LIABILITIES | 31.40 | 26.77 | | Total current liabilities | 28.53 | 23.80 | | Total non-current liabilities | 2.88 | 2.97 | | Total shareholders' equity | 34.07 | 33.71 | [Reconciliations of GAAP and Non-GAAP Results](index=10&type=section&id=5.3.%20Reconciliations%20of%20GAAP%20and%20Non-GAAP%20Results) This section details reconciliations between GAAP and Non-GAAP financial measures for income from operations and net income for Q2 and H1 2023 and 2022 | Metric | Q2 2022 (RMB billion) | Q2 2023 (RMB billion) | 6M 2022 (RMB billion) | 6M 2023 (RMB billion) | | :---------------------------------------- | :-------------------- | :-------------------- | :-------------------- | :-------------------- | | Income from operations (GAAP) | 1.27 | 1.92 | 2.55 | 3.90 | | Share-based compensation expenses | 0.28 | 0.38 | 0.52 | 0.69 | | Non-GAAP income from operations | 1.55 | 2.30 | 3.07 | 4.59 | | Net income attributable to Vipshop's shareholders (GAAP) | 1.28 | 2.10 | 2.38 | 3.96 | | Non-GAAP net income attributable to Vipshop's shareholders | 1.59 | 2.40 | 3.01 | 4.47 | | Non-GAAP net income per ADS—Diluted | 2.45 | 4.30 | 4.53 | 7.80 | - Reconciling items for Non-GAAP net income include share-based compensation, impairment loss of investments, investment loss (gain) and revaluation of investments excluding dividends, reconciling items on the share of equity method investments, and tax effects on non-GAAP adjustments[33](index=33&type=chunk)

Financial Data and Key Metrics Changes - Total net revenues for Q1 2023 increased by 9.1% year-over-year to RMB27.5 billion from RMB25.2 billion, driven by growth in active customers and spending [13] - Gross profit rose by 17.9% year-over-year to RMB5.9 billion, with gross margin increasing to 21.4% from 19.8% [13] - Non-GAAP net income increased by 46% year-over-year, with net margin reaching a record high of 7.5% [12][16] - Net income attributable to shareholders increased by 69.6% year-over-year to RMB1.9 billion, with net margin increasing to 6.8% from 4.3% [16] Business Line Data and Key Metrics Changes - Apparel-related categories experienced double-digit GMV growth year-over-year, contributing significantly to overall revenue growth [6][11] - The number of active Super VIP members grew by 15% year-over-year, representing about 42% of online spending [6][30] Market Data and Key Metrics Changes - Strong recovery in consumer sentiment observed post-pandemic, particularly in apparel-related categories as social activities rebound [22] - Growth in active customers and average spending noted, with paid membership growth showing strong momentum [6] Company Strategy and Development Direction - The company focuses on enhancing merchandising capabilities, customer engagement, and service excellence to differentiate itself in the market [7][8] - Plans to invest in merchandising talent and optimize product offerings to meet customer demands and preferences [8] - Emphasis on maintaining a high-quality growth strategy while being disciplined in cost management [12][25] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about growth prospects for the full year, benefiting from the current environment in branded discount retail [24] - Confidence in sustaining profitability despite potential fluctuations, with a focus on high-quality growth rather than just revenue growth [25] - Acknowledgment of increased competition in the e-commerce sector, with a commitment to maintaining a strong value proposition [35] Other Important Information - David Cui announced his departure as CFO, with Mark Wang succeeding him [9][19] - The company fully utilized its $1 billion share repurchase program and announced an increase in the existing buyback program from $500 million to $1 billion [12] Q&A Session Summary Question: Consumer sentiment and GMV trends - Management observed a strong recovery in consumer sentiment post-pandemic, with good momentum in apparel-related categories [22] Question: Long-term growth expectations - Management remains optimistic about growth for the year, benefiting from the current environment and consumer behavior [24] Question: Super VIP member statistics - In Q1 2023, there were 6.3 million active Super VIP members, contributing about 42% of total revenue [30] Question: Competition and marketing expenses - Management plans to focus on core strengths and maintain manageable marketing expenses, with a slight increase expected [35] Question: Growth drivers and GMV vs revenue - Apparel categories showed better performance, with GMV growth outpacing revenue growth due to higher returns in these categories [39] Question: Consumer behavior and consumption downgrade - No clear signs of consumption downgrade were observed; customers continue to spend on apparel and related categories [42] Question: Customer acquisition channels - The company utilizes various marketing channels, including targeted marketing and social media, to enhance customer acquisition [45]

Exhibit 99.1 LOGO Vipshop Reports Unaudited Second Quarter 2023 Financial Results Conference Call to Be Held at 7:30 A.M. U.S. Eastern Time on August 18, 2023 Guangzhou, China, August 18, 2023 — 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, 2023. Second Quarter 2023 Highlights • Total net revenues for the second quarter of 2023 increased by 13.6% year o ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of April 2023 Commission File Number: 001-35454 Vipshop Holdings Limited Vipshop Headquarters, 128 Dingxin Road Haizhu District, Guangzhou 510220 People’s Republic of China (Address of principal executive offices) Indicate by check mark whether the registrant files or will file annual reports under cover of F ...

Vipshop Holdings Limited (NYSE:VIPS) Q4 2022 Earnings Conference Call February 23, 2023 7:30 AM ET Company Participants Jessie Zheng - Head, IR Eric Shen - Co-Founder, Chairman and CEO David Cui - CFO Conference Call Participants Vicky Wei - Citi Thomas Chong - Jefferies Operator Ladies and gentlemen, everyone, and welcome to the Vipshop Holdings Limited Fourth Quarter and Full Year 2022 Earnings Conference Call. At this time, I would like to turn the call to Miss Jessie Zheng, Vipshop, Head of Investor Rel ...

Exhibit 99.1 LOGO Vipshop Reports Unaudited First Quarter 2023 Financial Results Conference Call to Be Held at 7:30 A.M. U.S. Eastern Time on May 23, 2023 Guangzhou, China, May 23, 2023 – 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 March 31, 2023. First Quarter 2023 Highlights • Total net revenues for the first quarter of 2023 increased by 9.1% year over year ...

Vipshop Holdings Limited (NYSE:VIPS) Q3 2022 Results Conference Call November 22, 2022 7:30 AM ET Company Participants Jessie Zheng - Head, IR Eric Shen - Co-Founder, Chairman and CEO David Cui - CFO Conference Call Participants Thomas Chong - Jefferies Ronald Keung - Goldman Sachs Vicky Wei - Citi Andre Chang - JP Morgan Eddy Wang - Morgan Stanley Operator Ladies and gentlemen, good day, everyone, and welcome to Vipshop Holdings Limited Third Quarter 2022 Earnings Conference Call. At this time, I would lik ...

Exhibit 99.1 Vipshop Reports Unaudited Third Quarter 2022 Financial Results Conference Call to Be Held at 7:30 A.M. U.S. Eastern Time on November 22, 2022 Guangzhou, China, November 22, 2022 – 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 September 30, 2022. Third Quarter 2022 Highlights • Total net revenues for the third quarter of 2022 were RMB21.6 billion (US ...