Core Points - Vipshop Holdings Limited will hold its annual general meeting of shareholders on December 5, 2025, at its headquarters in Guangzhou, China [1] - No proposals will be submitted for shareholder approval; the meeting will serve as an open forum for discussion between shareholders and management [2] - The record date for determining eligible shareholders to attend the meeting is set for November 10, 2025 [3] Company Information - Vipshop is a leading online discount retailer for brands in China, offering high-quality branded products at significant discounts [6] - The company has filed its annual report on Form 20-F with the U.S. Securities and Exchange Commission, which includes audited financial statements for the fiscal year ended December 31, 2024 [5] - Shareholders can obtain a hard copy of the annual report free of charge by contacting the company [6]

Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies mentioned Core Insights - Shein and Temu are shifting their marketing focus towards Europe due to declining performance in the US market, particularly after the end of de minimis exemptions [1] - App downloads for Shein and Temu in the US have sharply declined, while the rate of decline in Europe has slowed, indicating a potential strategic pivot [3][5] - Weekly active users for Shein and Temu in the US began to decline in April, suggesting a negative trend prior to the regulatory changes [6] Summary by Sections Market Performance - Shein and Temu's app downloads in the US via paid traffic have closely tracked those in five key European markets until recently, with a notable decline in the US [3] - The decline in app downloads for Shein and Temu in the US was approximately 62% in May compared to previous months, while the decline in Europe was less severe [5] Competitive Landscape - Increased competition from online discounters has been noted, with Sainsbury's reporting accelerated sales for Argos, indicating a shift in consumer behavior [1] - H&M and Zara have not experienced a significant increase in app usage or web traffic following the changes affecting Shein and Temu, suggesting that the competitive dynamics may not favor them in the current environment [9]