Vipshop Holdings Ltd (VIPS)

Vipshop issues softer second-quarter outlook despite steady first-quarter performance (VIPS)May 21, 2026 8:52 AM
IH Market News Vipshop (NYSE:VIPS) reported first-quarter results broadly in line with expectations, although its weaker-than-expected second-quarter revenue guidance disappointed investors.The online discount retailer generated first-quarter net revenue of 26.57 billion yuan, representing growth of 1.2% compared with the same period last year and matching analyst expectations of 26.51 billion yuan.Adjusted earnings per American depositary receipt reached 4.68 yuan, rising from 4.43 yuan a year earlier and exceeding analyst forecasts of 4.58 yuan.Vipshop’s active customer base increased 1% year-on-year to 41.7 million users, slightly ahead of market expectations of 41.6 million.Adjusted operating income rose 3.5% to 2.72 billion yuan, modestly above analyst estimates of 2.69 billion yuan.The company processed 172.6 million orders during the quarter, up 3.2% from the prior year, although this fell short of analyst forecasts of 176.37 million orders.Gross merchandise value climbed 8.6% year-on-year to 56.9 billion yuan, outperforming expectations of 54.64 billion yuan.Eric Shen, Chairman and Chief Executive Officer of Vipshop, said the company’s quarterly performance benefited from strong apparel sales during the Chinese New Year holiday period, with consumers responding positively to seasonal value-focused product offerings.Shen added that profitability remained stable due to a stronger contribution from higher-margin categories and disciplined operational management.Chief Financial Officer Mark Wang described the quarter as broadly in line with expectations, noting that demand had been pulled forward into the first two months of the year around the Chinese New Year holiday period.Wang also highlighted continued growth in the company’s SVIP customer programme, both in terms of membership numbers and contribution levels, reflecting stronger engagement from higher-value consumers.For the second quarter of 2026, Vipshop forecast total net revenue of between 24.5 billion yuan and 25.8 billion yuan.The guidance implies a year-on-year revenue change ranging from a 5% decline to flat growth and came in below the analyst consensus forecast of 26.3 billion yuan.Vipshop Holdings stock price Original: Vipshop issues softer second-quarter outlook despite steady first-quarter performance (VIPS)

Vipshop Reports Unaudited First Quarter 2026 Financial ResultsMay 21, 2026 5:00 AM
PR Newswire (US) Conference Call to Be Held at 7:30 A.M. U.S. Eastern Time on May 21, 2026GUANGZHOU, China, May 21, 2026 /PRNewswire/ -- Vipshop Holdings Limited (NYSE: VIPS), a leading off-price retailer in China ("Vipshop" or the "Company"), today announced its unaudited financial results for the quarter ended March 31, 2026.First Quarter 2026 HighlightsTotal net revenues for the first quarter of 2026 increased by 1.2% year over year to RMB26.6 billion (US$3.9 billion) from RMB26.3 billion in the prior year period.GMV[1] for the first quarter of 2026 increased by 8.6% year over year to RMB56.9 billion from RMB52.4 billion in the prior year period.Gross profit for the first quarter of 2026 increased by 6.8% year over year to RMB6.5 billion (US$941.6 million) from RMB6.1 billion in the prior year period.Net income attributable to Vipshop's shareholders for the first quarter of 2026 increased by 13.6% year over year to RMB2.2 billion (US$319.8 million) from RMB1.9 billion in the prior year period.Non-GAAP net income attributable to Vipshop's shareholders[2] for the first quarter of 2026 was RMB2.31 billion (US$334.2 million), compared with RMB2.31 billion in the prior year period.The number of active customers[3] for the first quarter of 2026 increased by 0.9% year over year to 41.7 million from 41.3 million in the prior year period.Total orders[4] for the first quarter of 2026 increased by 3.2% year over year to 172.6 million from 167.2 million in the prior year period.Mr. Eric Shen, Chairman and Chief Executive Officer of Vipshop, stated, "Our first-quarter performance was driven by strong apparel sales, supported by a successful Chinese New Year holiday when consumers responded enthusiastically to our seasonal, value-for-money collections. Our SVIP customer base achieved solid growth in both number and contribution, reflecting our long-standing appeal to high-value consumers. Alongside these results, we have made steady progress across our merchandising portfolio, customer engagement, and AI integration, all of which are helping to further leverage our off-price retail model for growth. With continued dedication to the brand-discount space, we remain confident in our ability to deliver sustainable, profitable growth over the long term."Mr. Mark Wang, Chief Financial Officer of Vipshop, further commented, "We delivered an in-line quarter, reflecting a pull-forward of demand around the Chinese New Year, which concentrated activity in the first two months. Margins remained healthy and stable, supported by a stronger mix of higher-margin categories and disciplined operations. In April, we completed our annual dividend payout, and remain committed to delivering on our full-year shareholder return promises. With a solid financial position and consistent execution, we are well positioned to fund our strategic initiatives and business growth, while driving value for our shareholders."First Quarter 2026 Financial ResultsREVENUES Total net revenues for the first quarter of 2026 increased by 1.2% year over year to RMB26.6 billion (US$3.9 billion) from RMB26.3 billion in the prior year period.GROSS PROFITGross profit for the first quarter of 2026 increased by 6.8% year over year to RMB6.5 billion (US$941.6 million) from RMB6.1 billion in the prior year period. Gross margin for the first quarter of 2026 increased to 24.4% from 23.2% in the prior year period.OPERATING EXPENSESTotal operating expenses for the first quarter of 2026 were RMB4.2 billion (US$603.8 million), compared with RMB4.0 billion in the prior year period. As a percentage of total net revenues, total operating expenses for the first quarter of 2026 was 15.7%, compared with 15.3% in the prior year period.Fulfillment expenses for the first quarter of 2026 were RMB2.0 billion (US$296.7 million), compared with RMB1.9 billion in the prior year period. As a percentage of total net revenues, fulfillment expenses for the first quarter of 2026 were 7.7%, compared with 7.2% in the prior year period.Marketing expenses for the first quarter of 2026 decreased by 1.8% year over year to RMB719.3 million (US$104.3 million) from RMB732.1 million in the prior year period. As a percentage of total net revenues, marketing expenses for the first quarter of 2026 decreased to 2.7% from 2.8% in the prior year period.Technology and content expenses for the first quarter of 2026 decreased by 0.2% year over year to RMB448.2 million (US$65.0 million) from RMB449.1 million in the prior year period. As a percentage of total net revenues, technology and content expenses for the first quarter of 2026 was 1.7%, which stayed flat as compared with that in the prior year period.General and administrative expenses for the first quarter of 2026 were RMB950.5 million (US$137.8 million), compared with RMB950.8 million in the prior year period. As a percentage of total net revenues, general and administrative expenses for the first quarter of 2026 was 3.6%, which stayed flat as compared with that in the prior year period.INCOME FROM OPERATIONSIncome from operations for the first quarter of 2026 increased by 9.7% year over year to RMB2.5 billion (US$362.1 million) from RMB2.3 billion in the prior year period. Operating margin for the first quarter of 2026 increased to 9.4% from 8.7% in the prior year period.Non-GAAP income from operations[5] for the first quarter of 2026, which excluded share-based compensation expenses, increased by 3.5% year over year to RMB2.7 billion (US$394.1 million) from RMB2.6 billion in the prior year period. Non-GAAP operating margin[6] for the first quarter of 2026 increased to 10.2% from 10.0% in the prior year period.NET INCOMENet income attributable to Vipshop's shareholders for the first quarter of 2026 increased by 13.6% year over year to RMB2.2 billion (US$319.8 million) from RMB1.9 billion in the prior year period. Net margin attributable to Vipshop's shareholders for the first quarter of 2026 increased to 8.3% from 7.4% in the prior year period. Net income attributable to Vipshop's shareholders per diluted ADS[7] for the first quarter of 2026 increased to RMB4.48 (US$0.65) from RMB3.72 in the prior year period.Non-GAAP net income attributable to Vipshop's shareholders for the first quarter of 2026, which excluded (i) share-based compensation expenses, (ii) investment loss (gain) and revaluation of investments excluding dividends, (iii) reconciling items on the share of equity method investments, and (iv) tax effects on non-GAAP adjustments, was RMB2.31 billion (US$334.2 million), compared with RMB2.31 billion in the prior year period. Non-GAAP net margin attributable to Vipshop's shareholders[8] for the first quarter of 2026 was 8.7%, compared with 8.8% in the prior year period. Non-GAAP net income attributable to Vipshop's shareholders per diluted ADS[9] for the first quarter of 2026 increased to RMB4.68 (US$0.68) from RMB4.43 in the prior year period.For the quarter ended March 31, 2026, the Company's weighted average number of ADSs used in computing diluted income per ADS was 492,729,110.BALANCE SHEET AND CASH FLOWAs of March 31, 2026, the Company had cash and cash equivalents and restricted cash of RMB28.3 billion (US$4.1 billion) and short term investments of RMB2.7 billion (US$389.2 million).For the quarter ended March 31, 2026, net cash generated from operating activities was RMB2.0 billion (US$283.8 million), and free cash flow[10], a non-GAAP measurement of liquidity, was as follows:For the three months ended
March 31,
2025
RMB'000March 31,
2026
RMB'000March 31,
2026
US$'000Net cash (used in) generated from operating
activities(1,030,275)1,957,468283,773Reconciling items:


   Net impact from internet financing activities[11](74,740)95,31513,818   Capital expenditures(680,205)(438,378)(63,551)Free cash (outflow) inflow(1,785,220)1,614,405234,040


For the trailing twelve months ended
March 31,
2025RMB'000March 31,
2026RMB'000March 31,
2026US$'000Net cash generated from operating activities8,659,43110,441,9881,513,770Reconciling items:


   Net impact from internet financing activities44,016134,98119,568   Capital expenditures(3,530,728)(1,824,710)(264,527)Free cash inflow5,172,7198,752,2591,268,811Business OutlookFor the second quarter of 2026, the Company expects its total net revenues to be between RMB24.5 billion and RMB25.8 billion, representing a year-over-year decrease of approximately 5% to 0%. These forecasts reflect the Company's current and preliminary view on the market and operational conditions, which is subject to change.Exchange RateThe Company's business is primarily conducted in China and the significant majority of revenues generated are denominated in Renminbi. This announcement contains currency translations of Renminbi amounts into U.S. dollars solely for the convenience of the reader. Unless otherwise noted, all translations from Renminbi to U.S. dollars are made at a rate of RMB6.8980 to US$1.00, the effective noon buying rate on March 31, 2026 as set forth in the H.10 statistical release of the Federal Reserve Board. No representation is made that the Renminbi amounts could have been, or could be, converted, realized or settled into U.S. dollars at that rate on March 31, 2026 or at any other rate.Conference Call InformationThe Company will hold a conference call on Thursday, May 21, 2026 at 7:30 am U.S. Eastern Time, 7:30 pm Beijing Time to discuss the financial results.All participants wishing to join the conference call must pre-register online using the link provided below.Registration Link:
https://register-conf.media-server.com/register/BI71549415d6954eecad77793367ea5b63Once pre-registration has been completed, each participant will receive dial-in numbers and a unique access PIN via email. To join the conference, participants should use the dial-in details followed by the PIN code.A live webcast of the earnings conference call can be accessed at https://edge.media-server.com/mmc/p/tqxh35wg. An archived webcast will be available at the Company's investor relations website at http://ir.vip.com.About Vipshop Holdings LimitedVipshop Holdings Limited is a leading off-price retailer in China. Vipshop offers high-quality and popular branded products to consumers throughout China at deep discounts through diverse online and offline channels. Since its founding in 2008, the Company has built a large and loyal customer base and extensive brand partnerships. For more information, please visit https://ir.vip.com/.Safe Harbor StatementThis announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as Vipshop's strategic and operational plans, contain forward-looking statements. Vipshop may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in its annual report to shareholders, in press releases and other written materials, and in oral statements made by its officers, directors, or employees to third parties. Statements that are not historical facts, including statements about Vipshop's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Vipshop's goals and strategies; Vipshop's future business development, results of operations and financial condition; the expected growth of the off-price retailer market in China; Vipshop's ability to attract customers and brand partners and further enhance its brand recognition; Vipshop's expectations regarding needs for and market acceptance of flash sales products and services; competition in the discount retail industry; fluctuations in general economic and business conditions in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Vipshop's filings with the SEC. All information provided in this press release is as of the date of this press release, and Vipshop does not undertake any obligation to update any forward-looking statement, except as required under applicable law.Use of Non-GAAP Financial MeasuresThe condensed consolidated financial information is derived from the Company's unaudited interim condensed consolidated financial statements prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), except that comparative consolidated statements of income and cash flows for the period presented and the detailed footnote disclosures required by Accounting Standards Codification 270, Interim Reporting ("ASC270") have been omitted. Vipshop uses non-GAAP net income attributable to Vipshop's shareholders, non-GAAP net income attributable to Vipshop's shareholders per diluted ADS, non-GAAP income from operations, non-GAAP operating margin, non-GAAP net margin attributable to Vipshop's shareholders, and free cash flow, each of which is a non-GAAP financial measure. For the periods presented in this press release, non-GAAP net income attributable to Vipshop's shareholders is net income attributable to Vipshop's shareholders excluding (i) share-based compensation expenses, (ii) investment loss (gain) and revaluation of investments excluding dividends, (iii) reconciling items on the share of equity method investments, and  (iv) tax effects on non-GAAP adjustments. Non-GAAP net income attributable to Vipshop's shareholders per diluted ADS is computed using non-GAAP net income attributable to Vipshop's shareholders divided by weighted average number of diluted ADS outstanding for computing diluted earnings per ADS. Non-GAAP income from operations is income from operations excluding share-based compensation expenses. Non-GAAP operating margin is non-GAAP income from operations as a percentage of total net revenues. Non-GAAP net margin attributable to Vipshop's shareholders is non-GAAP net income attributable to Vipshop's shareholders as a percentage of total net revenues. Free cash flow is net cash from operating activities adding back the impact from internet financing activities and less capital expenditures, which include purchase and deposits of property and equipment and land use rights. Impact from internet financing activities added back or deducted from free cash flow contains changes in the balances of financial products, which are primarily consumer financing and supplier financing that the Company provides to customers and suppliers. The Company believes that separate analysis and exclusion of the non-cash impact of (i) share-based compensation expenses, (ii) investment loss (gain) and revaluation of investments excluding dividends, (iii) reconciling items on the share of equity method investments, and (iv) tax effects on non-GAAP adjustments add clarity to the constituent parts of its performance. The Company reviews these non-GAAP financial measures together with GAAP financial measures to obtain a better understanding of its operating performance. It uses these non-GAAP financial measures for planning, forecasting, and measuring results against the forecast. The Company believes that non-GAAP financial measures are useful supplemental information for investors and analysts to assess its operating performance without the effect of (i) share-based compensation expenses, (ii) investment loss (gain) and revaluation of investments excluding dividends, (iii) reconciling items on the share of equity method investments, and (iv) tax effects on non-GAAP adjustments. Free cash flow enables the Company to assess liquidity and cash flow, taking into account the impact from internet financing activities and the financial resources needed for the expansion of technology platform, and Shan Shan Outlets. Share-based compensation expenses have been and will continue to be significant recurring expenses in its business. However, the use of non-GAAP financial measures has material limitations as an analytical tool. One of the limitations of using non-GAAP financial measures is that they do not include all items that impact the Company's net income for the period. In addition, because non-GAAP financial measures are not measured in the same manner by all companies, they may not be comparable to other similar titled measures used by other companies. One of the key limitations of free cash flow is that it does not represent the residual cash flow available for discretionary expenditures.The presentation of these non-GAAP financial measures is not intended to be considered in isolation from, or as a substitute for, the financial information prepared and presented in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned "Vipshop Holdings Limited Reconciliations of GAAP and Non-GAAP Results" at the end of this release.Investor Relations ContactTel: +86 (20) 2233-0732
Email: IR@vipshop.com[1] "Gross merchandise value (GMV)" is defined as the total value of all products and services sold through the Company's online channels, Shan Shan Outlets (including Vipshop Outlet REIT operated and managed by Shan Shan Outlets), and other Vipshop offline stores during the given period, including the Company's Vipshop App mobile application, vip.com website, Vipshop WeChat Mini-Program, online stores that are operated at third-party platforms, Shan Shan Outlets and its corresponding Vipshop Outlet REIT, as well as Vipshop offline stores, which were fulfilled by either the Company or its third-party merchants, regardless of whether or not the goods were delivered or returned. GMV includes shipping charges paid by buyers to sellers. Out of prudence, the Company does not consider products or services to be sold if the orders were placed and canceled pre-shipment and only included orders that left the Company's or other third-party vendors' warehouses.[2] Non-GAAP net income attributable to Vipshop's shareholders is a non-GAAP financial measure, which, for the periods presented in this press release, is defined as net income attributable to Vipshop's shareholders excluding (i) share-based compensation expenses, (ii) investment loss (gain) and revaluation of investments excluding dividends, (iii) reconciling items on the share of equity method investments, and (iv) tax effects on non-GAAP adjustments.[3] "Active customers" is defined as registered members who have purchased from the Company's Vipshop mobile app, vip.com website and Vipshop WeChat Mini-Program at least once during the relevant period.[4] "Total orders" is defined as the total number of orders placed during the given period, including the orders for products and services sold through the Company's online channels, including the Company's Vipshop App mobile application, vip.com website, Vipshop WeChat Mini-Program, online stores that are operated at third-party platforms (excluding, for the avoidance of doubt, orders from the Company's offline stores and outlets), net of orders returned.[5] Non-GAAP income from operations is a non-GAAP financial measure, which is defined as income from operations excluding share-based compensation expenses.[6] Non-GAAP operating margin is a non-GAAP financial measure, which is defined as non-GAAP income from operations as a percentage of total net revenues.[7] "ADS" means American depositary share, each of which represents 0.2 Class A ordinary share.[8] Non-GAAP net margin attributable to Vipshop's shareholders is a non-GAAP financial measure, which is defined as non-GAAP net income attributable to Vipshop's shareholders, as a percentage of total net revenues.[9] Non-GAAP net income attributable to Vipshop's shareholders per diluted ADS is a non-GAAP financial measure, which is defined as non-GAAP net income attributable to Vipshop's shareholders, divided by the weighted average number of diluted ADSs outstanding for computing diluted earnings per ADS.[10] Free cash flow is a non-GAAP financial measure, which is defined as net cash from operating activities adding back the impact from internet financing activities and less capital expenditures, which include purchase and deposits of property and equipment and land use rights.[11] Net impact from internet financing activities represents net cash flow relating to the Company's financial products, which are primarily consumer financing and supplier financing that the Company provides to its customers and suppliers.  Vipshop Holdings Limited   Unaudited Condensed Consolidated Statements of Income and Comprehensive Income    (In thousands, except for share and per share data)  
 Three Months Ended
 March 31,2025 March 31,2026  March 31,2026
 RMB'000 RMB'000 USD'000



Product revenues 24,293,12124,331,5943,527,340Other revenues (1)1,975,4222,242,915325,154 Total net revenues 26,268,54326,574,5093,852,494 Cost of revenues (20,186,333)(20,079,359)(2,910,896) Gross profit 6,082,2106,495,150941,598 Operating expenses: 


 Fulfillment expenses (2) (1,889,954)(2,046,921)(296,741) Marketing expenses (732,148)(719,311)(104,278) Technology and content expenses (449,071)(448,211)(64,977) General and administrative expenses (950,795)(950,456)(137,787) Total operating expenses (4,021,968)(4,164,899)(603,783) Other operating income 216,556167,51824,285 Income from operations 2,276,7982,497,769362,100 Investment (loss) gain and revaluation of investments (37,459)51,1837,420 Interest expense (10,240)(29,911)(4,336) Interest income 222,950180,02326,098 Exchange loss(12,936)(18,812)(2,727) Income before income tax expense and share of income of equity
method investees 2,439,1132,680,252388,555 Income tax expenses  (507,667)(519,290)(75,281) Share of income of equity method investees 48,865102,52314,863 Net income 1,980,3112,263,485328,137 Net income attributable to non-controlling interests (37,466)(57,177)(8,289) Net income attributable to Vipshop's shareholders 1,942,8452,206,308319,848



 Shares used in calculating earnings per share (3): 


 Weighted average number of Class A and Class B ordinary shares: 


 —Basic 102,682,28596,026,81996,026,819 —Diluted 104,315,11098,545,82298,545,822



 Net earnings per Class A and Class B ordinary share 


 Net income attributable to Vipshop's shareholders——Basic 18.9222.983.33 Net income attributable to Vipshop's shareholders——Diluted 18.6222.393.25



 Net earnings per ADS (1 ordinary share equals to 5 ADSs) 


 Net income attributable to Vipshop's shareholders——Basic 3.784.600.67 Net income attributable to Vipshop's shareholders——Diluted 3.724.480.65 (1) Other revenues primarily consist of product promotion and online advertising revenues, lease income mainly earned from the Shan Shan
Outlets ,fees charged to third-party merchants which the Company provides platform access for sales of their products, revenue from third-
party logistics services, loan facilitation service income and membership fee income.  (2) Fulfillment expenses include shipping and handling expenses, which amounted RMB 1.3 billion and RMB 1.4 billion in the three month
periods ended March 31,2025 and March 31,2026, respectively.  (3) Authorized share capital is re-classified and re-designated into Class A ordinary shares and Class B ordinary shares, with each Class A
ordinary share being entitled to one vote and each Class B ordinary share being entitled to ten votes on all matters that are subject to
shareholder vote. 








 Three Months Ended
 March 31,2025 March 31,2026 March 31,2026
 RMB'000 RMB'000 USD'000 Share-based compensation expenses are included in the operating
expenses as follows: 


 Fulfillment expenses 20,17715,0862,187 Marketing expenses 7,04212,1061,755 Technology and content expenses 88,84568,3639,911 General and administrative expenses 234,539125,09018,134 Total 350,603220,64531,987  Vipshop Holdings Limited  Unaudited Condensed Consolidated Balance Sheets
 (In thousands, except for share and per share data) 
















December 31,2025March 31,2026March 31,2026
RMB'000RMB'000USD'000ASSETS


CURRENT ASSETS


Cash and cash equivalents22,990,43527,659,3034,009,757Restricted cash 1,132,729607,54888,076Short term investments5,777,2222,684,723389,203Accounts receivable, net889,220734,404106,466Amounts due from related parties,net762,781732,386106,174Other receivables and prepayments,net2,860,3012,951,043427,811Loan receivables,net9,1669,6241,395Inventories5,153,4134,621,665670,001Total current assets39,575,26740,000,6965,798,883NON-CURRENT ASSETS


Property and equipment, net18,311,53317,954,8022,602,900Deposits for property and equipment6,4208,0161,162Land use rights, net10,426,68210,429,4321,511,950Intangible assets, net324,067323,12246,843Investment in equity method investees3,136,7843,382,701490,389Other investments4,800,3564,842,845702,065Held-to-maturity securities-802,366116,319Other long-term assets351,085242,20435,112Goodwill755,213755,213109,483Deferred tax assets, net757,113781,454113,287Operating lease right-of-use assets398,798402,56858,360Total non-current assets39,268,05139,924,7235,787,870TOTAL ASSETS78,843,31879,925,41911,586,753



 LIABILITIES AND  EQUITY  


 CURRENT LIABILITIES 


 Short term loans 5,844,6206,559,600950,942 Accounts payable 12,536,63911,403,7041,653,190 Advance from customers  1,890,5861,694,602245,666 Accrued expenses and other current liabilities  9,941,14611,350,7231,645,509 Amounts due to related parties  101,782103,58515,017 Deferred income  520,853533,53277,346 Operating lease liabilities 47,45844,4366,442Total current liabilities30,883,08431,690,1824,594,112 NON-CURRENT LIABILITIES 


Deferred tax liability 707,322763,187110,639Deferred income-non current 2,252,7972,234,957324,001 Operating lease liabilities 556,951564,33881,812Total non-current liabilities3,517,0703,562,482516,452TOTAL LIABILITIES34,400,15435,252,6645,110,564



EQUITY:


Total shareholders' equity (US$0.0001 par value, 500 million shares
authorized, 106.9 million shares issued, and 96.1 million shares
outstanding as of March 31, 2026) (4)41,004,74941,248,6905,979,804Non-controlling interests3,438,4153,424,065496,385Total shareholders' equity44,443,16444,672,7556,476,189TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 78,843,31879,925,41911,586,753(4) The number of treasury stock as of March 31, 2026 was 10.8 million, all of which  are Class A ordinary shares repurchased under the share
repurchase program.  Vipshop Holdings Limited  Reconciliations of GAAP and Non-GAAP Results 




 Three Months Ended
 March 31,2025 March 31,2026 March 31,2026
 RMB'000 RMB'000 USD'000 Income from operations 2,276,7982,497,769362,100 Share-based compensation expenses 350,603220,64531,987 Non-GAAP income from operations 2,627,4012,718,414394,087







 Net income attributable to Vipshop's shareholders 1,942,8452,206,308319,848 Share-based compensation expenses 350,603220,64531,987 Investment loss (gain) and revaluation of investments excluding
dividends 37,459(51,183)(7,420) Reconciling items on the share of equity method investments(5) 61(38,362)(5,561) Tax effects on non-GAAP adjustments (22,583)(31,785)(4,608) Non-GAAP net income attributable to Vipshop's shareholders 2,308,3852,305,623334,246 (5) To exclude the GAAP to non-GAAP reconciling items relating to investment gain and revaluation of investments on the share of equity 
method investments. 



 Shares used in calculating earnings per share: 


 Weighted average number of Class A and Class B ordinary shares: 


 —Basic 102,682,28596,026,81996,026,819 —Diluted 104,315,11098,545,82298,545,822



 Non-GAAP net income per Class A and Class B ordinary share 


 Non-GAAP net income attributable to Vipshop's shareholders——
Basic 22.4824.013.48 Non-GAAP net income attributable to Vipshop's shareholders——
Diluted 22.1323.403.39







 Non-GAAP net income per ADS (1 ordinary share equal to 5 ADSs) 


 Non-GAAP net income attributable to Vipshop's shareholders——
Basic 4.504.800.70 Non-GAAP net income attributable to Vipshop's shareholders——
Diluted 4.434.680.68



   View original content:https://www.prnewswire.com/news-releases/vipshop-reports-unaudited-first-quarter-2026-financial-results-302778787.htmlSOURCE Vipshop Holdings Limited Original: Vipshop Reports Unaudited First Quarter 2026 Financial Results

Vipshop to Announce First Quarter 2026 Financial Results on May 21, 2026May 11, 2026 5:00 AM
PR Newswire (US) GUANGZHOU, China, May 11, 2026 /PRNewswire/ -- Vipshop Holdings Limited (NYSE: VIPS), a leading off-price retailer in China ("Vipshop" or the "Company"), today announced that it plans to release its first quarter 2026 financial results on Thursday, May 21, 2026, before the US market open.The Company will hold a conference call on Thursday, May 21, 2026 at 7:30 am US Eastern Time, 7:30 pm Beijing Time to discuss the financial results.All participants wishing to join the conference call must pre-register online using the link provided below.Registration Link:
https://register-conf.media-server.com/register/BI71549415d6954eecad77793367ea5b63Once pre-registration has been completed, each participant will receive dial-in numbers and a unique access PIN via email. To join the conference, participants should use the dial-in details followed by the PIN code.A live webcast of the earnings conference call can be accessed at https://edge.media-server.com/mmc/p/tqxh35wg. An archived webcast will be available at the Company's investor relations website at http://ir.vip.com.  About Vipshop Holdings LimitedVipshop Holdings Limited is a leading off-price retailer in China. Vipshop offers high-quality and popular branded products to consumers throughout China at deep discounts through diverse online and offline channels. Since its founding in 2008, the Company has built a large and loyal customer base and extensive brand partnerships. For more information, please visit https://ir.vip.com/.Investor Relations ContactTel: +86 (20) 2233-0732
Email: IR@Vipshop.com View original content:https://www.prnewswire.com/news-releases/vipshop-to-announce-first-quarter-2026-financial-results-on-may-21-2026-302767881.htmlSOURCE Vipshop Holdings Limited Original: Vipshop to Announce First Quarter 2026 Financial Results on May 21, 2026

Vipshop Filed 2025 Annual Report on Form 20-FApril 16, 2026 7:06 AM
PR Newswire (US)

GUANGZHOU, China, April 16, 2026 /PRNewswire/ -- Vipshop Holdings Limited (NYSE: VIPS), a leading online discount retailer for brands in China ("Vipshop" or the "Company"), today announced that the Company has filed its annual report on Form 20-F that includes its audited financial statements for the three years ended December 31, 2025 with the U.S. Securities and Exchange Commission on April 16, 2026. The annual report is available on the Company's website at ir.vip.com. Holders of the Company's securities may request a copy of the Company's annual report free of charge according to the instructions provided on the Company's website.About Vipshop Holdings LimitedVipshop Holdings Limited is a leading online discount retailer for brands in China. Vipshop offers high quality and popular branded products to consumers throughout China at a significant discount to retail prices. Since it was founded in August 2008, the Company has rapidly built a sizeable and growing base of customers and brand partners. For more information, please visit https://ir.vip.com/.Investor Relations ContactTel: +86 (20) 2233-0732
Email: IR@Vipshop.com



View original content:https://www.prnewswire.com/news-releases/vipshop-filed-2025-annual-report-on-form-20-f-302744656.htmlSOURCE Vipshop Holdings Limited

Original: Vipshop Filed 2025 Annual Report on Form 20-F

Vipshop Reports Unaudited Fourth Quarter and Full Year 2025 Financial ResultsFebruary 26, 2026 5:00 AM
PR Newswire (US)

Conference Call to Be Held at 7:00 A.M. U.S. Eastern Time on February 26, 2026GUANGZHOU, China, Feb. 26, 2026 /PRNewswire/ -- 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 and full year ended December 31, 2025.Fourth Quarter and Full Year 2025 HighlightsTotal net revenues for the fourth quarter of 2025 were RMB32.5 billion (US$4.6 billion), compared with RMB33.2 billion in the prior year period. Total net revenues for the full year of 2025 were RMB105.9 billion (US$15.1 billion), compared with RMB108.4 billion in the prior year.GMV[1] for the fourth quarter of 2025 increased by 0.6% year over year to RMB66.6 billion from RMB66.2 billion in the prior year period. GMV for the full year of 2025 increased by 2.0% year over year to RMB213.5 billion from RMB209.3 billion in the prior year.Gross profit for the fourth quarter of 2025 was RMB7.4 billion (US$1.1 billion), compared with RMB7.6 billion in the prior year period. Gross profit for the full year of 2025 was RMB24.5 billion (US$3.5 billion), compared with RMB25.5 billion in the prior year.Net income attributable to Vipshop's shareholders for the fourth quarter of 2025 increased by 5.8% year over year to RMB2.6 billion (US$370.3 million) from RMB2.4 billion in the prior year period. Net income attributable to Vipshop's shareholders for the full year of 2025 was RMB7.2 billion (US$1.0 billion), compared with RMB7.7 billion in the prior year.Non-GAAP net income attributable to Vipshop's shareholders[2] for the fourth quarter of 2025 was RMB2.9 billion (US$408.7 million), compared with RMB3.0 billion in the prior year period. Non-GAAP net income attributable to Vipshop's shareholders for the full year of 2025 was RMB8.7 billion (US$1.3 billion), compared with RMB9.0 billion in the prior year.The number of active customers[3] for the fourth quarter of 2025 was 45.3 million, compared with 45.7 million in the prior year period. The number of active customers for the full year of 2025 was 84.8 million, compared with 84.7 million in the prior year.Total orders[4] for the fourth quarter of 2025 were 206.0 million, compared with 217.5 million in the prior year period. Total orders for the full year of 2025 were 732.4 million, compared with 757.5 million in the prior year.Mr. Eric Shen, Chairman and Chief Executive Officer of Vipshop, stated, "In 2025, we navigated a dynamic landscape by focusing on strategic realignment and ensuring operational resilience, which lays a strong foundation for long-term quality growth. Throughout the year, leveraging the agility inherent in our off-price retailer model, we enhanced our merchandising capabilities while deepening customer engagement and loyalty. Notably, AI-driven enhancements delivered greater operational efficiency while enabling a more engaging customer experience. Building on this, we are now dedicated to strengthening our growth flywheel by sharpening our excellence across merchandising, customer engagement and operations, while embedding AI deeper into our core operations. We expect this to drive sustainable and profitable growth in 2026 and beyond."Mr. Mark Wang, Chief Financial Officer of Vipshop, further commented, "We concluded 2025 with stable topline performance and robust profitability, demonstrating clear financial resilience. This provides the flexibility to both reinvest strategically in the business and return meaningful capital to shareholders, as evidenced by the US$944.1 million returned in 2025 through dividends and share repurchases. Looking ahead, we are steadily rebuilding business momentum with continued focus on quality growth and disciplined investment. This positions us confidently for sustained growth and value creation in the future."Fourth Quarter 2025 Financial ResultsREVENUES Total net revenues for the fourth quarter of 2025 were RMB32.5 billion (US$4.6 billion), compared with RMB33.2 billion in the prior year period.GROSS PROFITGross profit for the fourth quarter of 2025 was RMB7.4 billion (US$1.1 billion), compared with RMB7.6 billion in the prior year period. Gross margin for the fourth quarter of 2025 was 22.9%, compared with 23.0% in the prior year period.OPERATING EXPENSESTotal operating expenses for the fourth quarter of 2025 decreased by 3.7% year over year to RMB4.9 billion (US$697.7 million) from RMB5.1 billion in the prior year period. As a percentage of total net revenues, total operating expenses for the fourth quarter of 2025 decreased to 15.0% from 15.2% in the prior year period.Fulfillment expenses for the fourth quarter of 2025 decreased by 1.0% year over year to RMB2.4 billion (US$348.6 million) from RMB2.5 billion in the prior year period. As a percentage of total net revenues, fulfillment expenses for the fourth quarter of 2025 were 7.5%, compared with 7.4% in the prior year period.Marketing expenses for the fourth quarter of 2025 decreased by 6.1% year over year to RMB873.7 million (US$124.9 million) from RMB930.3 million in the prior year period. As a percentage of total net revenues, marketing expenses for the fourth quarter of 2025 decreased to 2.7% from 2.8% in the prior year period.Technology and content expenses for the fourth quarter of 2025 decreased by 9.3% year over year to RMB425.5 million (US$60.8 million) from RMB469.2 million in the prior year period. As a percentage of total net revenues, technology and content expenses for the fourth quarter of 2025 decreased to 1.3% from 1.4% in the prior year period.General and administrative expenses for the fourth quarter of 2025 decreased by 5.2% year over year to RMB1.1 billion (US$163.4 million) from RMB1.2 billion in the prior year period. As a percentage of total net revenues, general and administrative expenses for the fourth quarter of 2025 decreased to 3.5% from 3.6% in the prior year period.INCOME FROM OPERATIONSIncome from operations for the fourth quarter of 2025 increased by 1.7% year over year to RMB2.90 billion (US$414.5 million) from RMB2.85 billion in the prior year period. Operating margin for the fourth quarter of 2025 increased to 8.9% from 8.6% in the prior year period.Non-GAAP income from operations[5] for the fourth quarter of 2025, which excluded share-based compensation expenses, was RMB3.2 billion (US$462.6 million), compared with RMB3.4 billion in the prior year period. Non-GAAP operating margin[6] for the fourth quarter of 2025 was 10.0%, compared with 10.2% in the prior year period.NET INCOMENet income attributable to Vipshop's shareholders for the fourth quarter of 2025 increased by 5.8% year over year to RMB2.6 billion (US$370.3 million) from RMB2.4 billion in the prior year period. Net margin attributable to Vipshop's shareholders for the fourth quarter of 2025 increased to 8.0% from 7.4% in the prior year period. Net income attributable to Vipshop's shareholders per diluted ADS[7] for the fourth quarter of 2025 increased to RMB5.12 (US$0.73) from RMB4.69 in the prior year period.Non-GAAP net income attributable to Vipshop's shareholders for the fourth quarter of 2025, which excluded (i) share-based compensation expenses, (ii) impairment loss of investments, (iii) investment gain and revaluation of investments excluding dividends, (iv) reconciling items on the share of equity method investments, and (v) tax effects on non-GAAP adjustments, was RMB2.9 billion (US$408.7 million), compared with RMB3.0 billion in the prior year period. Non-GAAP net margin attributable to Vipshop's shareholders[8] for the fourth quarter of 2025 was 8.8%, compared with 9.0% in the prior year period. Non-GAAP net income attributable to Vipshop's shareholders per diluted ADS[9] for the fourth quarter of 2025 was RMB5.66 (US$0.81), compared with RMB5.70 in the prior year period.For the quarter ended December 31, 2025, the Company's weighted average number of ADSs used in computing diluted income per ADS was 505,342,970.BALANCE SHEET AND CASH FLOWAs of December 31, 2025, the Company had cash and cash equivalents and restricted cash of RMB24.1 billion (US$3.4 billion) and short term investments of RMB5.8 billion (US$826.1 million).For the quarter ended December 31, 2025, net cash generated from operating activities was RMB5.5 billion (US$781.9 million), and free cash flow[10], a non-GAAP measurement of liquidity, was as follows:For the three months ended
Dec 31, 2024RMB'000Dec 31, 2025RMB'000Dec 31, 2025US$'000Net cash generated from operating activities8,893,7265,467,910781,901Reconciling items:


   Net impact from internet financing activities[11]107,1669,7841,399   Capital expenditures(588,841)(497,006)(71,071)Free cash inflow8,412,0514,980,688712,229Full Year 2025 Financial ResultsTotal net revenues for the full year of 2025 were RMB105.9 billion (US$15.1 billion), compared with RMB108.4 billion in the prior year.Gross profit for the full year of 2025 was RMB24.5 billion (US$3.5 billion), compared with RMB25.5 billion in the prior year. Gross margin for the full year of 2025 was 23.1%, compared with 23.5% in the prior year.Income from operations for the full year of 2025 was RMB8.1 billion (US$1.2 billion), compared with RMB9.2 billion in the prior year. Operating margin for the full year was 7.7%, compared with 8.5% in the prior year.Non-GAAP income from operations for the full year of 2025, which excluded share-based compensation expenses, was RMB9.9 billion (US$1.4 billion), compared with RMB10.7 billion in the prior year. Non-GAAP operating margin for the full year of 2025 was 9.3%, compared with 9.9% in the prior year.Net income attributable to Vipshop's shareholders for the full year of 2025 was RMB7.2 billion (US$1.0 billion), compared with RMB7.7 billion in the prior year. Net margin attributable to Vipshop's shareholders for the full year of 2025 was 6.8%, compared with 7.1% in the prior year. Net income attributable to Vipshop's shareholders per diluted ADS for the full year of 2025 was RMB14.15 (US$2.02), compared with RMB14.35 in the prior year.Non-GAAP net income attributable to Vipshop's shareholders for the full year of 2025, which excluded (i) share-based compensation expenses, (ii) impairment loss of investments, (iii) investment gain and revaluation of investments excluding dividends, (iv) reconciling items on the share of equity method investments, and (v) tax effects on non-GAAP adjustments, was RMB8.7 billion (US$1.3 billion), compared with RMB9.0 billion in the prior year. Non-GAAP net margin attributable to Vipshop's shareholders for the full year of 2025 was 8.3%, which remained stable as compared with that in the prior year period. Non-GAAP net income attributable to Vipshop's shareholders per diluted ADS for the full year of 2025 increased to RMB17.08 (US$2.44), compared with RMB16.75 in the prior year.For the full year of 2025, the Company's weighted average number of ADSs used in computing diluted earnings per ADS was 511,919,450.For the full year of 2025, net cash generated from operating activities was RMB7.5 billion (US$1.1 billion), and free cash flow, a non-GAAP measurement of liquidity, was as follows:For the trailing twelve months ended
Dec 31, 2024RMB'000Dec 31, 2025RMB'000Dec 31, 2025US$'000Net cash generated from operating activities9,128,9837,454,2451,065,943Reconciling items:


   Net impact from internet financing activities55,593(35,074)(5,016)   Capital expenditures(3,562,586)(2,066,537)(295,511)Free cash inflow5,621,9905,352,634765,416Share Repurchase ProgramDuring the quarter ended December 31, 2025, the Company repurchased US$305.4 million of its ADSs under its current US$1.0 billion share repurchase program, which is effective through February 2027. As of December 31, 2025, the Company had an unutilized amount of US$316.0 million under this program.Declaration of 2025 DividendThe Company's board of directors has approved and declared an annual cash dividend for fiscal year 2025 in the amount of US$3.10 per ordinary share, or US$0.62 per ADS, to holders of ordinary shares and holders of ADSs of record as of the close of business on April 10, 2026. The payment date is expected to be on April 24, 2026. Holders of the Company's ADSs will receive the cash dividends through the depositary, Deutsche Bank Trust Company Americas, subject to the terms of the deposit agreement.Business OutlookFor the first quarter of 2026, the Company expects its total net revenues to be between RMB26.3 billion and RMB27.6 billion, representing a year-over-year increase of approximately 0% to 5%. These forecasts reflect the Company's current and preliminary view on the market and operational conditions, which is subject to change.Exchange RateThe Company's business is primarily conducted in China and the significant majority of revenues generated are denominated in Renminbi. This announcement contains currency translations of Renminbi amounts into U.S. dollars solely for the convenience of the reader. Unless otherwise noted, all translations from Renminbi to U.S. dollars are made at a rate of RMB6.9931 to US$1.00, the effective noon buying rate on December 31, 2025 as set forth in the H.10 statistical release of the Federal Reserve Board. No representation is made that the Renminbi amounts could have been, or could be, converted, realized or settled into U.S. dollars at that rate on December 31, 2025 or at any other rate.Conference Call InformationThe Company will hold a conference call on Thursday, February 26, 2026 at 7:00 am U.S. Eastern Time, 8:00 pm Beijing Time to discuss the financial results.All participants wishing to join the conference call must pre-register online using the link provided below.Registration Link:
https://register-conf.media-server.com/register/BId8a721cb0cc8420cab7858dc569d1e68Once pre-registration has been completed, each participant will receive dial-in numbers and a unique access PIN via email. To join the conference, participants should use the dial-in details followed by the PIN code.A live webcast of the earnings conference call can be accessed at https://edge.media-server.com/mmc/p/iotntvhn/. An archived webcast will be available at the Company's investor relations website at http://ir.vip.com.About Vipshop Holdings LimitedVipshop Holdings Limited is a leading online discount retailer for brands in China. Vipshop offers high quality and popular branded products to consumers throughout China at a significant discount to retail prices. Since it was founded in August 2008, the Company has rapidly built a sizeable and growing base of customers and brand partners. For more information, please visit https://ir.vip.com/.Safe Harbor StatementThis announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as Vipshop's strategic and operational plans, contain forward-looking statements. Vipshop may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in its annual report to shareholders, in press releases and other written materials, and in oral statements made by its officers, directors, or employees to third parties. Statements that are not historical facts, including statements about Vipshop's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Vipshop's goals and strategies; Vipshop's future business development, results of operations and financial condition; the expected growth of the online discount retail market in China; Vipshop's ability to attract customers and brand partners and further enhance its brand recognition; Vipshop's expectations regarding needs for and market acceptance of flash sales products and services; competition in the discount retail industry; fluctuations in general economic and business conditions in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Vipshop's filings with the SEC. All information provided in this press release is as of the date of this press release, and Vipshop does not undertake any obligation to update any forward-looking statement, except as required under applicable law.Use of Non-GAAP Financial MeasuresThe condensed consolidated financial information is derived from the Company's unaudited interim condensed consolidated financial statements prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), except that comparative consolidated statements of income and cash flows for the period presented and the detailed footnote disclosures required by Accounting Standards Codification 270, Interim Reporting ("ASC270") have been omitted. Vipshop uses non-GAAP net income attributable to Vipshop's shareholders, non-GAAP net income attributable to Vipshop's shareholders per diluted ADS, non-GAAP income from operations, non-GAAP operating margin, non-GAAP net margin attributable to Vipshop's shareholders, and free cash flow, each of which is a non-GAAP financial measure. For the periods presented in this press release, non-GAAP net income attributable to Vipshop's shareholders is net income attributable to Vipshop's shareholders excluding (i) share-based compensation expenses, (ii) impairment loss of investments, (iii) investment gain and revaluation of investments excluding dividends, (iv) reconciling items on the share of equity method investments, and (v) tax effects on non-GAAP adjustments. Non-GAAP net income attributable to Vipshop's shareholders per diluted ADS is computed using non-GAAP net income attributable to Vipshop's shareholders divided by weighted average number of diluted ADS outstanding for computing diluted earnings per ADS. Non-GAAP income from operations is income from operations excluding share-based compensation expenses. Non-GAAP operating margin is non-GAAP income from operations as a percentage of total net revenues. Non-GAAP net margin attributable to Vipshop's shareholders is non-GAAP net income attributable to Vipshop's shareholders as a percentage of total net revenues. Free cash flow is net cash from operating activities adding back the impact from internet financing activities and less capital expenditures, which include purchase and deposits of property and equipment and land use rights. Impact from internet financing activities added back or deducted from free cash flow contains changes in the balances of financial products, which are primarily consumer financing and supplier financing that the Company provides to customers and suppliers. The Company believes that separate analysis and exclusion of the non-cash impact of (i) share-based compensation expenses, (ii) impairment loss of investments, (iii) investment gain and revaluation of investments excluding dividends, (iv) reconciling items on the share of equity method investments, and (v) tax effects on non-GAAP adjustments add clarity to the constituent parts of its performance. The Company reviews these non-GAAP financial measures together with GAAP financial measures to obtain a better understanding of its operating performance. It uses these non-GAAP financial measures for planning, forecasting, and measuring results against the forecast. The Company believes that non-GAAP financial measures are useful supplemental information for investors and analysts to assess its operating performance without the effect of (i) share-based compensation expenses, (ii) impairment loss of investments, (iii) investment gain and revaluation of investments excluding dividends, (iv) reconciling items on the share of equity method investments, and (v) tax effects on non-GAAP adjustments. Free cash flow enables the Company to assess liquidity and cash flow, taking into account the impact from internet financing activities and the financial resources needed for the expansion of fulfillment infrastructure, technology platform, and Shan Shan Outlets. Share-based compensation expenses have been and will continue to be significant recurring expenses in its business. However, the use of non-GAAP financial measures has material limitations as an analytical tool. One of the limitations of using non-GAAP financial measures is that they do not include all items that impact the Company's net income for the period. In addition, because non-GAAP financial measures are not measured in the same manner by all companies, they may not be comparable to other similar titled measures used by other companies. One of the key limitations of free cash flow is that it does not represent the residual cash flow available for discretionary expenditures.The presentation of these non-GAAP financial measures is not intended to be considered in isolation from, or as a substitute for, the financial information prepared and presented in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned "Vipshop Holdings Limited Reconciliations of GAAP and Non-GAAP Results" at the end of this release.Investor Relations ContactTel: +86 (20) 2233-0732
Email: IR@vipshop.com  [1] "Gross merchandise value (GMV)" is defined as the total value of all products and services sold through the Company's online channels, Shan Shan Outlets, and other offline stores during the given period, including the Company's Vipshop App mobile application, vip.com website, Vipshop WeChat Mini-Program, online stores that are operated at third-party platforms, Shan Shan Outlets, and other offline stores, which were fulfilled by either the Company or its third-party merchants, regardless of whether or not the goods were delivered or returned. GMV includes shipping charges paid by buyers to sellers. For prudent considerations, the Company does not consider products or services to be sold if the orders were placed and canceled pre-shipment and only included orders that left the Company's or other third-party vendors' warehouses.[2] Non-GAAP net income attributable to Vipshop's shareholders is a non-GAAP financial measure, which, for the periods presented in this press release, is defined as net income attributable to Vipshop's shareholders excluding (i) share-based compensation expenses, (ii) impairment loss of investments, (iii) investment gain and revaluation of investments excluding dividends, (iv) reconciling items on the share of equity method investments, and (v) tax effects on non-GAAP adjustments.[3] "Active customers" is defined as registered members who have purchased from the Company's Vipshop mobile app, vip.com website and Vipshop WeChat Mini-Program at least once during the relevant period.[4] "Total orders" is defined as the total number of orders placed during the given period, including the orders for products and services sold through the Company's online channels, including the Company's Vipshop App mobile application, vip.com website, Vipshop WeChat Mini-Program, online stores that are operated at third-party platforms (excluding, for the avoidance of doubt, orders from the Company's offline stores and outlets), net of orders returned.[5] Non-GAAP income from operations is a non-GAAP financial measure, which is defined as income from operations excluding share-based compensation expenses.[6] Non-GAAP operating margin is a non-GAAP financial measure, which is defined as non-GAAP income from operations as a percentage of total net revenues.[7] "ADS" means American depositary share, each of which represents 0.2 Class A ordinary share.[8] Non-GAAP net margin attributable to Vipshop's shareholders is a non-GAAP financial measure, which is defined as non-GAAP net income attributable to Vipshop's shareholders, as a percentage of total net revenues.[9] Non-GAAP net income attributable to Vipshop's shareholders per diluted ADS is a non-GAAP financial measure, which is defined as non-GAAP net income attributable to Vipshop's shareholders, divided by the weighted average number of diluted ADSs outstanding for computing diluted earnings per ADS.[10] Free cash flow is a non-GAAP financial measure, which is defined as net cash from operating activities adding back the impact from internet financing activities and less capital expenditures, which include purchase and deposits of property and equipment and land use rights.[11] Net impact from internet financing activities represents net cash flow relating to the Company's financial products, which are primarily consumer financing and supplier financing that the Company provides to its customers and suppliers.  Vipshop Holdings Limited  Unaudited Condensed Consolidated Statements of Income and Comprehensive Income   (In thousands, except for share and per share data) 
Three Months Ended
Twelve Months Ended

December 31,2024December 31,2025December 31,2025
December 31,2024December 31,2025December 31,2025

RMB'000RMB'000USD'000
RMB'000RMB'000USD'000









Product revenues 30,889,54029,945,1734,282,103
100,734,55097,398,82613,927,847
Other revenues (1)2,334,3022,528,606361,586
7,686,2828,520,7201,218,447
 Total net revenues 33,223,84232,473,7794,643,689
108,420,832105,919,54615,146,294
 Cost of revenues (25,596,304)(25,029,580)(3,579,182)
(82,951,178)(81,429,230)(11,644,225)
 Gross profit 7,627,5387,444,1991,064,507
25,469,65424,490,3163,502,069
 Operating expenses: 







 Fulfillment expenses (2) (2,460,984)(2,437,532)(348,562)
(8,346,864)(8,291,670)(1,185,693)
 Marketing expenses (930,293)(873,714)(124,939)
(2,979,654)(2,988,995)(427,421)
 Technology and content expenses (469,223)(425,462)(60,840)
(1,892,434)(1,755,123)(250,979)
 General and administrative expenses (1,205,101)(1,142,656)(163,398)
(3,992,657)(4,374,425)(625,534)
 Total operating expenses (5,065,601)(4,879,364)(697,739)
(17,211,609)(17,410,213)(2,489,627)
 Other operating income 289,291334,01147,763
915,2081,055,843150,984
 Income from operations 2,851,2282,898,846414,531
9,173,2538,135,9461,163,426
 Investment gain and revaluation of investments 72,64923,1553,311
148,170144,72320,695
 Impairment loss of investments (3,000)--
(61,246)(15,450)(2,209)
 Interest expense (17,560)(29,882)(4,273)
(57,676)(90,037)(12,875)
 Interest income 227,427191,86427,436
809,792801,587114,625
 Exchange gain (loss)138,633(17,132)(2,450)
(24,813)(62,086)(8,878)
 Income before income tax expense and share of income of equity
method investees 3,269,3773,066,851438,555
9,987,4808,914,6831,274,784
 Income tax expenses  (816,363)(583,042)(83,374)
(2,315,515)(1,798,963)(257,248)
 Share of income of equity method investees 32,799167,58223,964
166,980293,91942,030
 Net income 2,485,8132,651,391379,145
7,838,9457,409,6391,059,566
 Net income attributable to non-controlling interests (39,134)(62,172)(8,890)
(99,010)(167,149)(23,902)
 Net income attributable to Vipshop's shareholders 2,446,6792,589,219370,255
7,739,9357,242,4901,035,664









 Shares used in calculating earnings per share (3): 







 Weighted average number of Class A and Class B ordinary shares: 







 —Basic 102,688,89997,833,08697,833,086
106,074,914100,072,178100,072,178
 —Diluted 104,300,280101,068,594101,068,594
107,855,806102,383,890102,383,890









 Net earnings per Class A and Class B ordinary share 







 Net income attributable to Vipshop's shareholders——Basic 23.8326.473.79
72.9772.3710.35
 Net income attributable to Vipshop's shareholders——Diluted 23.4625.623.66
71.7670.7410.12









 Net earnings per ADS (1 ordinary share equals to 5 ADSs) 







 Net income attributable to Vipshop's shareholders——Basic 4.775.290.76
14.5914.472.07
 Net income attributable to Vipshop's shareholders——Diluted 4.695.120.73
14.3514.152.02
(1) Other revenues primarily consist of product promotion and online advertising revenues, lease income mainly earned from the Shan Shan
Outlets ,fees charged to third-party merchants which the Company provides platform access for sales of their products, revenue from third-
party logistics services, loan facilitation service income and membership fee income.
(1) Other revenues primarily consist of product promotion and online
advertising revenues, lease income mainly earned from the Shan Shan
Outlets ,fees charged to third-party merchants which the Company
provides platform access for sales of their products, revenue from third-
party logistics services, loan facilitation service income and membership
fee income.
(2) Fulfillment expenses include shipping and handling expenses, which amounted RMB 1.8 billion and RMB 1.7 billion  in the three month
periods ended December 31,2024 and December 31,2025, respectively.
(2) Fulfillment expenses include shipping and handling expenses, which
amounted RMB 5.9 billion and RMB 5.8 billion  in the twelve month
periods ended December 31,2024 and December 31,2025, respectively.
(3) Authorized share capital is re-classified and re-designated into Class A ordinary shares and Class B ordinary shares, with each Class A
ordinary share being entitled to one vote and each Class B ordinary share being entitled to ten votes on all matters that are subject to
shareholder vote.
(3) Authorized share capital is re-classified and re-designated into Class A
ordinary shares and Class B ordinary shares, with each Class A ordinary
share being entitled to one vote and each Class B ordinary share being
entitled to ten votes on all matters that are subject to shareholder vote.



















Three Months Ended
Twelve Months Ended

December 31,2024December 31,2025December 31,2025
December 31,2024December 31,2025December 31,2025

RMB'000RMB'000USD'000
RMB'000RMB'000USD'000
 Share-based compensation expenses are included in the operating
expenses as follows: 







 Fulfillment expenses 22,74715,8622,268
84,07968,0929,737
 Marketing expenses 8,29512,3321,763
31,21552,0747,446
 Technology and content expenses 97,91973,18910,466
382,308309,36444,238
 General and administrative expenses 410,126234,87133,586
1,040,1381,301,533186,117
 Total 539,087336,25448,083
1,537,7401,731,063247,538


















  Vipshop Holdings Limited 
 Unaudited Condensed Consolidated Balance Sheets

 (In thousands, except for share and per share data) 





















December 31,2024December 31,2025December 31,2025

RMB'000RMB'000USD'000
ASSETS



CURRENT ASSETS



Cash and cash equivalents26,352,16122,990,4353,287,588
Restricted cash 602,3421,132,729161,978
Short term investments1,872,7565,777,222826,132
Accounts receivable, net915,158889,220127,157
Amounts due from related parties,net548,145762,781109,076
Other receivables and prepayments,net2,473,0502,860,301409,018
Loan receivables,net6,8789,1661,311
Inventories5,032,0695,153,413736,928
Total current assets37,802,55939,575,2675,659,188
NON-CURRENT ASSETS



Property and equipment, net18,292,77118,311,5332,618,514
Deposits for property and equipment164,9556,420918
Land use rights, net10,686,40010,426,6821,490,996
Intangible assets, net327,844324,06746,341
Investment in equity method investees2,002,0433,136,784448,554
Other investments3,355,4894,800,356686,442
Other long-term assets434,206351,08550,204
Goodwill755,213755,213107,994
Deferred tax assets, net681,029757,113108,266
Operating lease right-of-use assets433,617398,79857,027
Total non-current assets37,133,56739,268,0515,615,256
TOTAL ASSETS74,936,12678,843,31811,274,444





 LIABILITIES AND  EQUITY  



 CURRENT LIABILITIES 



 Short term loans 2,399,6295,844,620835,770
 Accounts payable 15,190,56012,536,6391,792,716
 Advance from customers  2,035,1841,890,586270,350
 Accrued expenses and other current liabilities  9,663,4219,941,1461,421,565
 Amounts due to related parties  104,187101,78214,555
 Deferred income  476,796520,85374,481
 Operating lease liabilities 57,22447,4586,786
Total current liabilities29,927,00130,883,0844,416,223
 NON-CURRENT LIABILITIES 



Deferred tax liability 783,863707,322101,146
Deferred income-non current 2,084,0382,252,797322,146
 Operating lease liabilities 591,995556,95179,643
Total non-current liabilities3,459,8963,517,070502,935
TOTAL LIABILITIES33,386,89734,400,1544,919,158





EQUITY:



Total shareholders' equity (US$0.0001 par value, 500 million shares
authorized, 110 million shares issued, and 95.8 million shares
outstanding as of December 31, 2025) (4)39,968,81341,004,7495,863,599
Non-controlling interests1,580,4163,438,415491,687
Total shareholders' equity41,549,22944,443,1646,355,286
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 74,936,12678,843,31811,274,444
(4) The number of treasury stock as of December 31, 2025 was 14.3 million, all of which  are Class A ordinary shares repurchased under the
share repurchase program.
  Vipshop Holdings Limited
 Reconciliations of GAAP and Non-GAAP Results










Three Months Ended
Twelve Months Ended

December 31,2024December 31,2025December 31,2025
December 31,2024December 31,2025December 31,2025

RMB'000RMB'000USD'000
RMB'000RMB'000USD'000
 Income from operations 2,851,2282,898,846414,531
9,173,2538,135,9461,163,426
 Share-based compensation expenses 539,087336,25448,083
1,537,7401,731,063247,538
 Non-GAAP income from operations 3,390,3153,235,100462,614
10,710,9939,867,0091,410,964


















 Net income attributable to Vipshop's shareholders 2,446,6792,589,219370,255
7,739,9357,242,4901,035,664
 Share-based compensation expenses 539,087336,25448,083
1,537,7401,731,063247,538
 Impairment loss of investments 3,000--
61,24615,4502,209
 Investment gain and revaluation of investments excluding dividends (72,130)(23,155)(3,311)
(147,651)(143,865)(20,572)
 Reconciling items on the share of equity method investments(5) 101,478(5,423)(775)
31,75389,63912,818
 Tax effects on non-GAAP adjustments (44,446)(38,864)(5,557)
(190,476)(189,651)(27,120)
 Non-GAAP net income attributable to Vipshop's shareholders 2,973,6682,858,031408,695
9,032,5478,745,1261,250,537
(5) To exclude the GAAP to non-GAAP reconciling items relating to investment gain and revaluation of investments on the share of equity
method investments.













 Shares used in calculating earnings per share: 







 Weighted average number of Class A and Class B ordinary shares: 







 —Basic 102,688,89997,833,08697,833,086
106,074,914100,072,178100,072,178
 —Diluted 104,300,280101,068,594101,068,594
107,855,806102,383,890102,383,890









 Non-GAAP net income per Class A and Class B ordinary share 







 Non-GAAP net income attributable to Vipshop's shareholders——
Basic 28.9629.214.18
85.1587.3912.50
 Non-GAAP net income attributable to Vipshop's shareholders——
Diluted 28.5128.284.04
83.7585.4212.21


















 Non-GAAP net income per ADS (1 ordinary share equal to 5 ADSs) 







 Non-GAAP net income attributable to Vipshop's shareholders——
Basic 5.795.840.84
17.0317.482.50
 Non-GAAP net income attributable to Vipshop's shareholders——
Diluted 5.705.660.81
16.7517.082.44









   



View original content:https://www.prnewswire.com/news-releases/vipshop-reports-unaudited-fourth-quarter-and-full-year-2025-financial-results-302698110.htmlSOURCE Vipshop Holdings Limited

Original: Vipshop Reports Unaudited Fourth Quarter and Full Year 2025 Financial Results

Vipshop to Announce Fourth Quarter and Full Year 2025 Financial Results on February 26, 2026February 13, 2026 5:00 AM
PR Newswire (US)

GUANGZHOU, China, Feb. 13, 2026 /PRNewswire/ -- Vipshop Holdings Limited (NYSE: VIPS), a leading online discount retailer for brands in China ("Vipshop" or the "Company"), today announced that it plans to release its fourth quarter and full year 2025 financial results on Thursday, February 26, 2026, before the US market open.The Company will hold a conference call on Thursday, February 26, 2026 at 7:00 am US Eastern Time, 8:00 pm Beijing Time to discuss the financial results.All participants wishing to join the conference call must pre-register online using the link provided below.Registration Link:https://register-conf.media-server.com/register/BId8a721cb0cc8420cab7858dc569d1e68Once pre-registration has been completed, each participant will receive dial-in numbers and a unique access PIN via email. To join the conference, participants should use the dial-in details followed by the PIN code.A live webcast of the earnings conference call can be accessed at https://edge.media-server.com/mmc/p/iotntvhn/. An archived webcast will be available at the Company's investor relations website at http://ir.vip.com.  About Vipshop Holdings LimitedVipshop Holdings Limited is a leading online discount retailer for brands in China. Vipshop offers high quality and popular branded products to consumers throughout China at a significant discount to retail prices. Since it was founded in August 2008, the Company has rapidly built a sizeable and growing base of customers and brand partners. For more information, please visit https://ir.vip.com/.Investor Relations ContactTel: +86 (20) 2233-0732
Email: IR@Vipshop.com



View original content:https://www.prnewswire.com/news-releases/vipshop-to-announce-fourth-quarter-and-full-year-2025-financial-results-on-february-26-2026-302687509.htmlSOURCE Vipshop Holdings Limited

Original: Vipshop to Announce Fourth Quarter and Full Year 2025 Financial Results on February 26, 2026

US Tariff War:

A high-end shopping mall in #Wuhan #武汉 Almost devoid of shoppers on a Sunday afternoon. The few people wandering around are shop employees #China #TradeWar #tariffs #US pic.twitter.com/tY7LcipxPJ— AC (@AEHRC) May 2, 2025 $VIPS China Tariffs Retail Shopping Mall

VIPS 10Q due AUGUST 19

Adding dips

She climbing folks

New highs folks

US and China reach landmark audit inspection deal
Agreement gives US regulators access to Chinese accounts in effort to keep listings on New York exchanges

https://www.ft.com/content/a9d18d7e-1e75-49fb-842d-d8554b420553

Another 39 million dollar buy today

39 million dollar buy today that’s impressive. It’s going north folks.

VIPS

What did I say 10.05 coming and we close at 10.06.
Accumulation
Patience pays.

VIPS

I’m for one having a blast with it adding more free shares every week

Facebook ruins it. Dragging down the entire market, including BABA. VIPS just follows Baba's price action.

10.05 coming up

Turn around areas folks

Forget About Alibaba, Buy Vipshop Instead
Nov. 09, 2021 6:27 AM ETVipshop Holdings Limited (VIPS)BABA, BABAF, JD,PD,TCEHY,TCTZF18

Source:
https://seekingalpha.com/article/4467235-forget-about-alibaba-buy-vipshop-instead

Summary
VIPS has been profitable for 35 quarters in a row.
Due to many strategic advantages, the company is positioned to stay a relevant player in the Chinese e-commerce industry.
The stock is currently trading at multiples that are 60-80% below those of BABA.
Therefore VIPS is a great buying opportunity for value-investors that want to invest in China.
Asian girls with online and packaging products and mobile phones.
VichienPetchmai/iStock via Getty Images

Even within the group of undervalued Chinese stocks, Vipshop Holdings (VIPS) is valued very cheap. Below I will show why it is very likely that VIPS will be able to keep its leading market position as a discount e-commerce platform and that a P/E ratio of below 8 is significantly too low for such a great company. 35 profitable (=positive net income) quarters in a row are proof that the company's business is rock solid.

In order to confidently hold any Chinese stock, it is especially important to really understand the company that you invest in. I believe due to the fact that I have now lived in China for five years and am able to understand Mandarin, I can give a unique and deeper insight into Chinese companies.

Company overview
Business model
VIPS is an online discounter that sells mainly fashion and cosmetics products via its ???APP. The company works together with reputable brands (e.g. right now on their front page I can see Puma, New Era, FILA, etc.) and buys products from them in bulk to sell them for a lower price than competitors are able to.

Vipshop App

Source: Vipshop (???) App

The company organizes "Flash Sales" twice a day, during which it advertises products that are especially cheap for a limited time, giving users a feeling of urgency to buy immediately. While the company's investor relations usually only talk about these flash sales, many users use the app very similar to how they use Taobao (without paying much attention to these flash sales) and save 5-10% compared to the Taobao price. E.g. I have just looked up a branded detergent that my wife (who is Chinese) usually buys on Taobao/T-Mall, and I can see that on the VIPS app it is 8% cheaper. My wife's reaction after showing her: "next time we must use ??? to buy this".

With this simple example, I want to show three things: First, VIPS is able to offer real value to its customers (a good brand for a low price). But second, many users, like my wife, will out of habit mainly use Alibaba's (BABA) or JD.com's (JD) online platforms to purchase products. Just like consumers in the West will automatically go to Amazon when buying things online. This is reflected in the revenues as VIPS has only around 10% of the revenues of BABA and JD. However, VIPS is still a big player in this market and is the third biggest e-commerce platform in terms of revenues. Certainly, this company is highly relevant as almost everybody in China knows this company. And third, while historically the company focused on fashion and cosmetics, nowadays you can buy pretty much anything that you can also buy on Taobao or JD (e.g. phones, furniture, toothpaste, etc.)

VIPS is working with partner companies (it has over 20,000 of them) with whom it co-organizes these sales events. In many cases, the sales events are for products that the partners want to get rid off due to being out of season or just being slow-moving articles. VIPS is also a great way for partners to significantly increase revenues by selling products for a lower price without diluting their higher-margin products on other platforms. Combined with VIPS' deep customer insight, the company, therefore, is also of great value to its partners.

Economic moat
The company has many strategic advantages that it can use to defend its position in the future. Below I will give a short overview of the three most important ones. Also, it should be noted that JD & Tencent (OTCPK:TCEHY) hold 9.3% and 7.3% of the company's shares, which makes it less likely that they will attack VIPS' business as they are benefiting from VIPS' success.

First, the company's brand is well known in China. On the one side, this helps to attract customers without spending too much on marketing, and on the other side, it also helps to convince more brands to enter into a partnership. Moreover, a bigger brand helps to generate trust among the app's users that the products are authentic. There have been a lot of problems with fake products sold via online platforms and therefore there is a big distrust among Chinese users towards pretty much any e-commerce platform. Many Chinese consumers worry that the products that they buy on VIPS' platform might be fake. But also many users worry about that when buying products on Taobao or JD.com. But users certainly have more trust in these bigger platforms compared to newer, smaller platforms.

This also brings me to the second point. As mentioned above, VIPS is trying to turn many brands into its partners. Working directly with the brands helps to ensure that the products that are sold on the platform are authentic and therefore will gradually help to increase trust in the platform. Having many brands on the platform also increases revenues as it increases the likelihood that users can find the product they are looking for. For new players, it is difficult to build up such a huge network of partner brands. Below you can see how long it took VIPS to build up its network (the displayed number is the total number of partners):

Vipshop partners


Source: Q2 Investor Presentation

Third, the current market position and the high quantity for each flash sale give the company a lot of bargaining power when negotiating prices with its partner brands. This gives the company the ability to offer lower prices than smaller competitors. The big size and the long history also provide the company with a deep consumer understanding. For flash sale events the importance of that cannot be overstated as the company and its partners risk ending up sitting on piles of unsold inventory if VIPS doesn't know whether the users are interested in a product or if VIPS isn't accurate with its sales forecasting. The app has a lot of historic user data and additionally, users set reminders on the app for certain articles that they want to buy in future flash sales, giving VIPS additional user date.

Financial Performance
In the past VIPS' revenues have been increasing rapidly every year, but growth has slowed down as the company got larger and larger. In 2019 and 2020, the growth rate was around 10%. In the first half of this year, the company grew by 35% year on year, but that was only due to the very low sales in the first half of 2020, which was heavily impacted by COVID.

Vipshop revenue

Source: Q2 Investor Presentation

In the third quarter, the company expects to go back to a more reasonable growth rate (5-10%). As the Chinese e-commerce market is still growing with double-digit growth rates, it seems very likely that the company will be able to maintain such a 5-10% growth rate for a while. However, I don't expect much higher growth rates than that. In the short term (Q3, Q4), I expect supply chain constraints to hurt VIPS more than other competitors, as its partners will prioritize low-volume high-margin products instead of high-volume low-margin products.

The charm of VIPS is the very stable profit margin. Comparing the gross margin of BABA, VIPS, and JD, we can see that VIPS is obviously not as profitable as BABA, but it still has three times the gross profit margin of JD. This is quite an accomplishment, considering JD has ten times the revenues of VIPS. Certainly, BABA's profit margin is the maximum that any e-commerce platform can achieve, but VIPS 21% gross margin is also not too shabby and is proof that the company's business is more than healthy.

BABA vs VIPS vs JD gross margins


Source: Author of this article

Even more so when looking at the net profit margin. Since the end of 2012, the company was able to post positive net earnings for 35 quarters in a row. So, even though the net margins are very thin, these margins are at least also very stable. Until 2018 the company's net margin was hovering around 3-4%. However, after 2018 the company was able to increase its net margin to 5-6%.

Vipshop net margin

Source: Q2 Investor Presentation

The main reason for the improvement comes from the reduction of logistics costs. In 2019, the company switched its delivery company and has started to work almost exclusively with SF Express. Since then, fulfillment costs have been down significantly:

Vipshop fulfillment expenses

Source: Q2 Investor Presentation

Some bulls will also mention the very high free cash flows of the company, which are significantly higher than the company's net income. However, the truth is that these higher FCFs were only possible through aggressive working capital management, and these higher levels therefore should not be sustainable going forward. I expect FCFs to be in line with the company's net income.

Based on all these numbers above, it should be obvious that the company has gradually growing revenues and a very stable net profit margin. And on top of that, the company uses even a big share of its earnings ($500M in 2021) to buy back its shares.

Valuation
Just like most Chinese companies that I analyze, also VIPS has virtually no debt and a huge pile of cash. The $3B cash, that the company has on its balance sheet, is worth 40% of the total market cap.

By purely looking at the financials of BABA, most investors agree that the company is undervalued. Below I want to show that VIPS is cheap even compared to the already cheaply valued BABA. Based on the trailing twelve months results, VIPS is trading at multiples that are 60-80% lower than those of BABA:

VIPS vs BABA valuation


Source: Author of this article

Additionally, regulation-related risks are drastically lower for VIPS than for BABA, as the Chinese government focuses mostly on the biggest companies, such as Alibaba, Tencent, and Baidu. Many regulatory changes are actually helping "smaller" companies like VIPS, as they weaken the bigger players.

On the other side, without government intervention, BABA certainly has a much deeper economic moat than VIPS, which is also reflected in BABA's higher margins. Also, BABA has been growing roughly three times faster over the last few years. However, also BABA's growth will eventually slow down as the market matures.

It is difficult to accurately quantify these different risk profiles and future growth rates, but I believe that most value investors are happy to buy VIPS for a 60-80% discount rather than paying the full price to get BABA's growth-rate and economic moat.

Risks
Political risks/VIE risk
Many others have already warned about investing in Chinese ADRs, and you can find one of these very bearish articles here.

As I also mention in my other articles on Chinese stocks, before investing in any Chinese company, investors must first make the decision for themselves whether they think the risk is too big to invest in Chinese companies or not. I suggest to first familiarize yourself with all the differences between investing in a US stock and investing in a Chinese ADR.

From my own research and experience, I came to the conclusion that the risk is overblown. I certainly believe there is an additional risk, but not to such an extent as the market currently prices in. To explain my whole reasoning on this topic would make this article too long but I plan to write a separate article which only discusses this topic in the future. (the summary is pretty much this: 1) China will not just take away investors' stocks as it has more assets in the West than the other way around 2) Delisting in the US is not bad 3) Regulation helps small and middle-sized companies)

Competition
E-commerce certainly is a competitive industry. On the one side even nowadays many new players still try to enter the market and fight for revenues. Due to its explosive growth Pinduoduo (PDD) will likely become the new third-largest player very soon. On the other side, there are much bigger players than VIPS (JD & BABA).

However, in many cases, all these other companies are fighting for different market revenues. New players usually compete with BABA and JD, and not so much with VIPS, as VIPS' flash sale approach is rather unique and puts VIPS in its own "little" niche. Also, VIPS has already proven over the last 35 quarters, that it is able to consistently generate profits despite all the competition. The mentioned economic moat will protect the company's position.

Bottom Line
Not every company needs to become the next Alibaba or Amazon in order to be a profitable investment for its shareholders. VIPS sits very comfortably in the third position behind BABA and JD, and focuses on its own business to generate great returns for its shareholders.

My only worry right now is that due to supply chain constraints, Q3 and Q4 will temporarily hurt the business. I, therefore, give this stock only a "bullish" rating instead of a "very bullish". I will review the situation after Q4 but already hold a small position until then since I believe any possible concern about the company is already more than priced in.

Added again today

Next Christmas, all the retail sales and especially those with nice discounts will be the main winners. vips is poised to double current prices..

Bought a few

Anyone left here? Starting to look interesting.

Shorts are covering looking better

Added more today

Added today

About time to cover Clay

* * $VIPS Video Chart 03-29-2021 * *

Link to Video - click here to watch the technical chart video

* * $VIPS Video Chart 03-26-2021 * *

Link to Video - click here to watch the technical chart video

Just about hit 42.00 today .06 short of it
57.00 right around the corner

I’m feelin it for 57.00 pps

Added some

Doing good 39.00

My next target. 42.00

Boom

VIPS

35.00 just 03 away

Loved the dip grabbed more and poof it went back up as usual.

VIPS

Gettin closer to 35.00
Weeeeeeee

Gotta love it

VIPS

Still adding the dips

News; $VIPS Vipshop Appoints New Chief Financial Officer

Vipshop Appoints New Chief Financial Officer PR Newswire GUANGZHOU, China, Oct. 19, 2020 GUANGZHOU, China , Oct. 19, 2020 /PRNewswire/ -- Vipshop Holdings Limited (NYSE: VIPS), a leading online discount retailer for brands in China ("Vipshop" or the "Comp...

Find out more VIPS - Vipshop Appoints New Chief Financial Officer

From 4.50 to 24.00 I’m very happy let it dip all stocks do already have my nets out for cheapies

IMHO, they did not hit the ball out of the park but they did have a good earnings and this is COVID time so you expect weaker earnings. The CFO is retiring (not quitting) and will still be on the board.

So we have had two days of selling that amount to around 26% reduction but the stock is still up 27% YTD and has a great history. I was told that they are the 6th largest retailer in China. To me that is a buying opportunity. If there were some kind of systemic change in the market or accounting fraud it would be a different matter but that does not seem to be happening and so it is just profit taking on a stock that was up 53% YTD before the sell off.

When people see a good stock they say "If it would only sell off so I can get in." and then when it does sell off the same people say "I don't want to catch a falling knife.". IMHO, if you want it for the long term then now is the time to get in.

Bout time you show up

* * $VIPS Video Chart 08-19-2020 * *

Link to Video - click here to watch the technical chart video

Still adding here 35.00 coming soon enough

Added the dip

Picked up some more to add to the pile

21.00 right around the corner folks 35.00 be here shortly