Vipshop Holdings Limited Investor Presentation February 2026 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 ...

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]