Vipshop Reports Unaudited Fourth Quarter and Full Year 2025 Financial Results
Conference Call to Be Held at 7:00 A.M. U.S. Eastern Time on February 26, 2026 GUANGZHOU, 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 Highlights 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. 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 Results REVENUES 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 PROFIT 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 margin for the fourth quarter of 2025 was 22.9%, compared with 23.0% in the prior year period. OPERATING EXPENSES Total 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 OPERATIONS Income 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 INCOME 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 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 FLOW As 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$781.9 million), and free cash flow[10], a non-GAAP measurement of liquidity, was as follows: For the three months ended Dec 31, 2024 RMB'000 Dec 31, 2025 RMB'000 Dec 31, 2025 US$'000 Net cash generated from operating activities 8,893,726 5,467,910 781,901 Reconciling items: Net impact from internet financing activities[11] 107,166 9,784 1,399 Capital expenditures (588,841) (497,006) (71,071) Free cash inflow 8,412,051 4,980,688 712,229 Full Year 2025 Financial Results 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. 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$1.1 billion), and free cash flow, a non-GAAP measurement of liquidity, was as follows: For the trailing twelve months ended Dec 31, 2024 RMB'000 Dec 31, 2025 RMB'000 Dec 31, 2025 US$'000 Net cash generated from operating activities 9,128,983 7,454,245 1,065,943 Reconciling items: Net impact from internet financing activities 55,593 (35,074) (5,016) Capital expenditures (3,562,586) (2,066,537) (295,511) Free cash inflow 5,621,990 5,352,634 765,416 Share Repurchase Program During 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 Dividend The 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 Outlook For 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 Rate The 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 Information The 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/BId8a721cb0cc8420cab7858dc569d1e68 Once 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 Limited Vipshop 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 Statement This 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 Measures The 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 Contact Tel: +86 (20) 2233-0732Email: 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 31,2024 December 31,2025 December 31,2025 December 31,2024 December 31,2025 December 31,2025 RMB'000 RMB'000 USD'000 RMB'000 RMB'000 USD'000 Product revenues 30,889,540 29,945,173 4,282,103 100,734,550 97,398,826 13,927,847 Other revenues (1) 2,334,302 2,528,606 361,586 7,686,282 8,520,720 1,218,447 Total net revenues 33,223,842 32,473,779 4,643,689 108,420,832 105,919,546 15,146,294 Cost of revenues (25,596,304) (25,029,580) (3,579,182) (82,951,178) (81,429,230) (11,644,225) Gross profit 7,627,538 7,444,199 1,064,507 25,469,654 24,490,316 3,502,069 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 289,291 334,011 47,763 915,208 1,055,843 150,984 Income from operations 2,851,228 2,898,846 414,531 9,173,253 8,135,946 1,163,426 Investment gain and revaluation of investments 72,649 23,155 3,311 148,170 144,723 20,695 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 227,427 191,864 27,436 809,792 801,587 114,625 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 3,269,377 3,066,851 438,555 9,987,480 8,914,683 1,274,784 Income tax expenses (816,363) (583,042) (83,374) (2,315,515) (1,798,963) (257,248) Share of income of equity method investees 32,799 167,582 23,964 166,980 293,919 42,030 Net income 2,485,813 2,651,391 379,145 7,838,945 7,409,639 1,059,566 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 2,446,679 2,589,219 370,255 7,739,935 7,242,490 1,035,664 Shares used in calculating earnings per share (3): Weighted average number of Class A and Class B ordinary shares: —Basic 102,688,899 97,833,086 97,833,086 106,074,914 100,072,178 100,072,178 —Diluted 104,300,280 101,068,594 101,068,594 107,855,806 102,383,890 102,383,890 Net earnings per Class A and Class B ordinary share Net income attributable to Vipshop's shareholders——Basic 23.83 26.47 3.79 72.97 72.37 10.35 Net income attributable to Vipshop's shareholders——Diluted 23.46 25.62 3.66 71.76 70.74 10.12 Net earnings per ADS (1 ordinary share equals to 5 ADSs) Net income attributable to Vipshop's shareholders——Basic 4.77 5.29 0.76 14.59 14.47 2.07 Net income attributable to Vipshop's shareholders——Diluted 4.69 5.12 0.73 14.35 14.15 2.02 (1) Other revenues primarily consist of product promotion and online advertising revenues, lease income mainly earned from the Shan ShanOutlets ,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 31,2024 December 31,2025 December 31,2025 December 31,2024 December 31,2025 December 31,2025 RMB'000 RMB'000 USD'000 RMB'000 RMB'000 USD'000 Share-based compensation expenses are included in the operating expenses as follows: Fulfillment expenses 22,747 15,862 2,268 84,079 68,092 9,737 Marketing expenses 8,295 12,332 1,763 31,215 52,074 7,446 Technology and content expenses 97,919 73,189 10,466 382,308 309,364 44,238 General and administrative expenses 410,126 234,871 33,586 1,040,138 1,301,533 186,117 Total 539,087 336,254 48,083 1,537,740 1,731,063 247,538 Vipshop Holdings Limited Unaudited Condensed Consolidated Balance Sheets (In thousands, except for share and per share data) December 31,2024 December 31,2025 December 31,2025 RMB'000 RMB'000 USD'000 ASSETS CURRENT ASSETS Cash and cash equivalents 26,352,161 22,990,435 3,287,588 Restricted cash 602,342 1,132,729 161,978 Short term investments 1,872,756 5,777,222 826,132 Accounts receivable, net 915,158 889,220 127,157 Amounts due from related parties,net 548,145 762,781 109,076 Other receivables and prepayments,net 2,473,050 2,860,301 409,018 Loan receivables,net 6,878 9,166 1,311 Inventories 5,032,069 5,153,413 736,928 Total current assets 37,802,559 39,575,267 5,659,188 NON-CURRENT ASSETS Property and equipment, net 18,292,771 18,311,533 2,618,514 Deposits for property and equipment 164,955 6,420 918 Land use rights, net 10,686,400 10,426,682 1,490,996 Intangible assets, net 327,844 324,067 46,341 Investment in equity method investees 2,002,043 3,136,784 448,554 Other investments 3,355,489 4,800,356 686,442 Other long-term assets 434,206 351,085 50,204 Goodwill 755,213 755,213 107,994 Deferred tax assets, net 681,029 757,113 108,266 Operating lease right-of-use assets 433,617 398,798 57,027 Total non-current assets 37,133,567 39,268,051 5,615,256 TOTAL ASSETS 74,936,126 78,843,318 11,274,444 LIABILITIES AND EQUITY CURRENT LIABILITIES Short term loans 2,399,629 5,844,620 835,770 Accounts payable 15,190,560 12,536,639 1,792,716 Advance from customers 2,035,184 1,890,586 270,350 Accrued expenses and other current liabilities 9,663,421 9,941,146 1,421,565 Amounts due to related parties 104,187 101,782 14,555 Deferred income 476,796 520,853 74,481 Operating lease liabilities 57,224 47,458 6,786 Total current liabilities 29,927,001 30,883,084 4,416,223 NON-CURRENT LIABILITIES Deferred tax liability 783,863 707,322 101,146 Deferred income-non current 2,084,038 2,252,797 322,146 Operating lease liabilities 591,995 556,951 79,643 Total non-current liabilities 3,459,896 3,517,070 502,935 TOTAL LIABILITIES 33,386,897 34,400,154 4,919,158 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) 39,968,813 41,004,749 5,863,599 Non-controlling interests 1,580,416 3,438,415 491,687 Total shareholders' equity 41,549,229 44,443,164 6,355,286 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 74,936,126 78,843,318 11,274,444 (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 31,2024 December 31,2025 December 31,2025 December 31,2024 December 31,2025 December 31,2025 RMB'000 RMB'000 USD'000 RMB'000 RMB'000 USD'000 Income from operations 2,851,228 2,898,846 414,531 9,173,253 8,135,946 1,163,426 Share-based compensation expenses 539,087 336,254 48,083 1,537,740 1,731,063 247,538 Non-GAAP income from operations 3,390,315 3,235,100 462,614 10,710,993 9,867,009 1,410,964 Net income attributable to Vipshop's shareholders 2,446,679 2,589,219 370,255 7,739,935 7,242,490 1,035,664 Share-based compensation expenses 539,087 336,254 48,083 1,537,740 1,731,063 247,538 Impairment loss of investments 3,000 - - 61,246 15,450 2,209 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) 31,753 89,639 12,818 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 2,973,668 2,858,031 408,695 9,032,547 8,745,126 1,250,537 (5) To exclude the GAAP to non-GAAP reconciling items relating to investment gain and revaluation of investments on the share of equitymethod investments. Shares used in calculating earnings per share: Weighted average number of Class A and Class B ordinary shares: —Basic 102,688,899 97,833,086 97,833,086 106,074,914 100,072,178 100,072,178 —Diluted 104,300,280 101,068,594 101,068,594 107,855,806 102,383,890 102,383,890 Non-GAAP net income per Class A and Class B ordinary share Non-GAAP net income attributable to Vipshop's shareholders——Basic 28.96 29.21 4.18 85.15 87.39 12.50 Non-GAAP net income attributable to Vipshop's shareholders——Diluted 28.51 28.28 4.04 83.75 85.42 12.21 Non-GAAP net income per ADS (1 ordinary share equal to 5 ADSs) Non-GAAP net income attributable to Vipshop's shareholders——Basic 5.79 5.84 0.84 17.03 17.48 2.50 Non-GAAP net income attributable to Vipshop's shareholders——Diluted 5.70 5.66 0.81 16.75 17.08 2.44
2026-02-26 10:00:00
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