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 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numbers and a unique access PIN via email [1] - A live webcast of the earnings conference call will be available, with an archived version accessible on the company's investor relations website [1] Group 2: Company Overview - Vipshop Holdings Limited specializes in offering high-quality branded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]

Core Points - Vipshop Holdings Limited plans to release its third quarter 2025 financial results on November 20, 2025, before the US market opens [1] - A conference call to discuss the financial results will be held on the same day at 7:00 am US Eastern Time [1] - Participants must pre-register online to join the conference call [2] Company Overview - Vipshop Holdings Limited is a leading online discount retailer for brands in China, offering high-quality branded products at significant discounts [4] - The company has rapidly built a sizeable and growing customer base and brand partnerships since its founding in August 2008 [4]

Core Insights - Momentum investing contrasts with the traditional "buy low and sell high" strategy, focusing instead on "buying high and selling higher" to capitalize on fast-moving stocks [1] - Identifying the right entry point for momentum stocks can be challenging, as they may lose momentum if future growth does not justify their high valuations [1] Group 1: Momentum Investing Strategy - Investing in bargain stocks that have recently shown price momentum can be a safer approach [2] - The Zacks Momentum Style Score is useful for identifying strong momentum stocks, while the 'Fast-Paced Momentum at a Bargain' screen helps find attractively priced fast-moving stocks [2] Group 2: Bed Bath & Beyond (BBBY) Analysis - BBBY has shown a price increase of 5.4% over the past four weeks, indicating growing investor interest [3] - The stock gained 56% over the past 12 weeks, demonstrating its ability to deliver positive returns over a longer timeframe [4] - BBBY has a beta of 2.77, suggesting it moves 177% higher than the market in either direction, indicating fast-paced momentum [4] Group 3: Valuation and Earnings Estimates - BBBY has a Momentum Score of B, suggesting it is a favorable time to invest in the stock [5] - The stock has earned a Zacks Rank 2 (Buy) due to upward revisions in earnings estimates, which typically attract more investor interest [6] - BBBY is trading at a Price-to-Sales ratio of 0.50, indicating it is relatively cheap at 50 cents for each dollar of sales [6] Group 4: Additional Investment Opportunities - BBBY is not the only stock that meets the 'Fast-Paced Momentum at a Bargain' criteria; there are several other stocks worth considering [7] - Investors can explore over 45 Zacks Premium Screens tailored to different investing styles to find potential winning stocks [8]

Core Viewpoint - Momentum investing focuses on "buying high and selling higher," contrasting with traditional strategies of "buying low and selling high" [1] Group 1: Momentum Investing Strategy - Momentum investing can be risky as stocks may lose momentum when their valuations exceed future growth potential [1] - A safer approach involves investing in bargain stocks that exhibit recent price momentum, identified through the Zacks Momentum Style Score [2] Group 2: Stock Performance and Analysis - BBBY has shown a price increase of 10.4% over the past four weeks, indicating growing investor interest [3] - BBBY's stock gained 39.5% over the past 12 weeks, demonstrating its ability to deliver positive returns over a longer timeframe [4] - The stock has a beta of 2.77, suggesting it moves 177% higher than the market in either direction [4] Group 3: Valuation and Earnings Estimates - BBBY has a Momentum Score of B, indicating a favorable time to invest based on momentum [5] - The stock has a Zacks Rank 2 (Buy) due to upward revisions in earnings estimates, which attract more investor interest [6] - BBBY is trading at a Price-to-Sales ratio of 0.46, suggesting it is undervalued at 46 cents for each dollar of sales [6] Group 4: Additional Investment Opportunities - Besides BBBY, there are other stocks that meet the criteria of the 'Fast-Paced Momentum at a Bargain' screen, presenting further investment opportunities [7] - Zacks offers over 45 Premium Screens tailored to different investing styles, aiding in stock selection [8]

Core Viewpoint - Vipshop Holdings Limited reported stabilization in its business trajectory, with a return to growth in total GMV driven by strong performance in apparel categories and an increase in Super VIP members [2][3]. Financial Performance - Total net revenues for Q2 2025 were RMB 25.8 billion (US$ 3.6 billion), a decrease from RMB 26.9 billion in the prior year period [3]. - Gross profit for Q2 2025 was RMB 6.1 billion (US$ 845.2 million), compared to RMB 6.3 billion in the prior year, with a gross margin of 23.5% [4]. - Operating expenses increased by 6.3% year-over-year to RMB 4.6 billion (US$ 637.0 million), representing 17.7% of total net revenues [5]. - Income from operations was RMB 1.7 billion (US$ 237.0 million), down from RMB 2.2 billion in the prior year, with an operating margin of 6.6% [6]. - Net income attributable to shareholders was RMB 1.5 billion (US$ 208.0 million), compared to RMB 1.9 billion in the prior year, resulting in a net margin of 5.8% [8]. Non-GAAP Measures - Non-GAAP income from operations for Q2 2025 was RMB 2.4 billion (US$ 334.4 million), down from RMB 2.6 billion in the prior year, with a non-GAAP operating margin of 9.3% [7]. - Non-GAAP net income attributable to shareholders was RMB 2.1 billion (US$ 290.0 million), compared to RMB 2.2 billion in the prior year, with a non-GAAP net margin of 8.0% [9]. Customer Metrics - The number of active customers decreased to 43.5 million from 44.3 million in the prior year [11]. - Total orders for Q2 2025 were 193.0 million, down from 197.8 million in the prior year [11]. Cash Flow and Balance Sheet - As of June 30, 2025, the company had cash and cash equivalents of RMB 24.7 billion (US$ 3.5 billion) and short-term investments of RMB 3.0 billion (US$ 416.2 million) [11]. - Net cash generated from operating activities was RMB 1.3 billion (US$ 181.6 million) for the quarter [11]. Shareholder Returns - The company repurchased US$ 349.8 million of its ADSs during the quarter under its US$ 1.0 billion share repurchase program, with an unutilized amount of US$ 646.0 million remaining [14]. Business Outlook - For Q3 2025, the company expects total net revenues to be between RMB 20.7 billion and RMB 21.7 billion, indicating a year-over-year increase of approximately 0% to 5% [15].

Core Viewpoint - Momentum investing focuses on "buying high and selling higher," contrasting with traditional strategies of "buying low and selling high" [1] Group 1: Momentum Investing Strategy - Momentum investing can be risky as stocks may lose momentum when their valuations exceed future growth potential [1] - A safer approach involves investing in bargain stocks that exhibit recent price momentum, identified through the Zacks Momentum Style Score [2] Group 2: BYON Stock Analysis - Beyond (BYON) has shown significant price movement, with an 18.9% increase over the past four weeks, indicating growing investor interest [3] - Over the past 12 weeks, BYON's stock price has surged by 103.9%, demonstrating its ability to deliver positive returns over a longer timeframe [4] - BYON has a high beta of 2.76, suggesting it moves 176% more than the market in either direction, indicating fast-paced momentum [4] - The stock has a Momentum Score of A, suggesting it is an opportune time to invest [5] - BYON has received a Zacks Rank 2 (Buy) due to upward revisions in earnings estimates, which typically attract more investors [6] - The stock is currently trading at a Price-to-Sales ratio of 0.46, indicating it is undervalued at 46 cents for each dollar of sales [6] Group 3: Additional Investment Opportunities - Besides BYON, there are other stocks that meet the criteria of the 'Fast-Paced Momentum at a Bargain' screen, presenting further investment opportunities [7] - Zacks offers over 45 Premium Screens tailored to different investing styles, aiding in identifying potential winning stocks [8]

Core Insights - Vipshop Holdings Limited released its 2024 Environmental, Social, and Governance (ESG) Report, highlighting its commitment to integrating ESG principles across operations, including carbon emission reduction and community engagement [1] Environmental Initiatives - In 2024, Vipshop achieved a 43% year-over-year reduction in total greenhouse gas (GHG) emissions and a 40% decline in emissions intensity [2] - The company installed solar photovoltaic systems in logistics warehouses and operated its headquarters entirely on renewable electricity [2] - Over 1.34 million parcels were shipped using original cartons to minimize material usage, and reusable delivery boxes circulated over 800,000 times [3] - The proportion of new energy vehicles in urban distribution rose to 35%, an increase of 15% year-on-year [3] Consumer Engagement - Vipshop introduced over 1,500 new brands and collaborated with more than 200 curated brands for customized products in 2024 [4] - New promotional channels such as "Time-limit Offers" and "Daily Low Prices" were launched to enhance customer experience [4] - The company expanded its Super VIP (SVIP) membership privileges with over 100 new lifestyle-related benefits [5] Employee Development - Vipshop promotes diversity, equity, and inclusion through professional development programs and performance-based incentives [6] - The company was recognized as "2024 China's Most Popular Employer of the Year" by Forbes China [6] - Targeted subsidies for continuing education and modifications for employees with disabilities were implemented to support career development [6] Community Engagement - As of year-end 2024, Vipshop invested RMB 768 million (approximately USD 106 million) in public welfare initiatives [7] - The V-Love Mothers program provided support to over 277,000 single-parent families in vulnerable situations [7] - Employees participated in various volunteer activities, supported by an annual eight-hour public welfare leave [8]