Vipshop Holdings Limited Investor Presentation November 2025 Disclaimer This presentation has been prepared by Vipshop Holdings Limited (the "Company") solely for information purpose. By viewing or accessing the information contained in this material, you hereby acknowledge and agree that no representations, warranties or undertakings, express or implied, are made by the Company or any of its directors, shareholders, employees, agents, affiliates, advisors or representatives as to, and no reliance should be ...

Business Overview - Vipshop is China's leading online discount retailer for brands, offering branded products at exceptional value[6] - The company's competitive strengths include high market demand, strong merchandising expertise, superior customer experience, operational excellence, and visionary management[9] - Vipshop's unique business model connects brands and customers through great value and differentiated products, supported by business intelligence, a merchant platform, and optimized IT infrastructure[16] - The company is a partner-of-choice discount retail platform for brands, offering a one-stop inventory solution with proven sales efficiency and ROI[19] Customer Engagement - Vipshop has a highly engaged and loyal customer base with strong purchasing power, with approximately 75% of customers being women and over 70% being post-80s and -90s[27] - In FY 2024, repeat customers totaled 73 million, representing 86% of total active customers, while active Super VIP customers numbered 8.8 million, contributing 49% of online net GMV and shopping >7x more frequently with >8x ARPU compared to Non-SVIP customers[27] - Total active customers reached 847 million in 2024, a decrease of 31% compared to 874 million in 2023[30] Financial Performance - Vipshop reported total net revenues of RMB 108421 million in 2024, a decrease of 39% from RMB 112856 million in 2023[51] - The company maintained solid profitability, with a non-GAAP net income attributable to Vipshop's shareholders of RMB 9033 million in 2024[51] - Vipshop has a healthy gross margin, with a gross profit of RMB 25470 million in 2024[57] Capital Expenditure and Shareholder Return - Key assets include 20 Shan Shan Outlets, 7 bonded warehouses, and 7 distribution centers[75] - The company has consistently returned value to shareholders, with a total of US$27359 million returned from FY2021 to FY2024 through share repurchases and dividends[77] - For fiscal year 2024, Vipshop paid an annual cash dividend of US$2474 million and continues share repurchase under the current US$10 billion share repurchase program[78]

Business Overview - Vipshop is China's leading online discount retailer for brands, offering branded products at exceptional value[6] - The company's competitive strengths include high market demand, strong merchandising expertise, superior customer experience, operational excellence, and visionary management[9] - Vipshop's unique business model connects brands and customers through differentiated products, business intelligence, and optimized infrastructure[16] - The company provides a one-stop inventory solution for brands, reaching a unique group of high-value customers[19] Customer Engagement - Vipshop has a loyal customer base, with 73 million repeat customers in FY 2024, representing 86% of total active customers[27] - Active Super VIP customers reached 8.8 million in FY 2024, with a year-over-year growth of 16%, contributing 49% of online net GMV[27] - The company's total active customers were 84.7 million[30] Financial Performance - Vipshop's total net revenues were RMB 108421 million in 2024[51] - The company's net income attributable to Vipshop's shareholders (Non-GAAP) was RMB 9033 million in 2024[51] - The company's net margin attributable to Vipshop's shareholders (Non-GAAP) was 8.3% in 2024[52] - The company has a strong cash position, with RMB 29054 million in cash and cash equivalents, restricted cash & short-term investments in 1Q25[72] ESG Commitment - Vipshop's MSCI ESG Rating maintained at "AA", a leader among over 300 companies in the consumer discretionary industry[41]