Page 1

Vipshop Reports Unaudited First Quarter 2021 Financial Results Conference Call to Be Held at 7:30 A.M. U.S. Eastern Time on May 19 , 2021 Guangzhou , China , May 19 , 2021 – 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 first quarter ended March 31 , 2021 . First Quarter 2021 Highlights 唯 品 会 vip.com ● 1 Total net revenue for the first quarter of 2021 increased by 51.1 % year over year to RMB28.4 billion ( US $ 4.3 billion ) from RMB18.8 billion in the prior year period . GMV¹ for the first quarter of 2021 increased by 59 % year over year to RMB46.1 billion from RMB28.9 billion in the prior year period . Gross profit for the first quarter of 2021 increased by 54.7 % year over year to RMB5.6 billion ( US $ 853.9 million ) from RMB3.6 billion in the prior year period . Net income attributable to Vipshop's shareholders for the first quarter of 2021 increased by 125.7 % year over year to RMB 1.5 billion ( US $ 235.9 million ) from RMB684.8 million in the prior year period . Non - GAAP net income attributable to Vipshop's shareholders for the first quarter of 2021 increased by 73.7 % year over year to RMB 1.7 billion ( US $ 261.4 million ) from RMB986.1 million in the prior year period . The number of active customers ' for the first quarter of 2021 increased by 54 % year over year to 45.8 million from 29.6 million in the prior year period . Total orders for the first quarter of 2021 increased by 44 % year over year to 175.5 million from 121.7 million in the prior year period . " Gross merchandise value ( GMV ) " is defined as the total Renminbi value of all products and services sold through the Company's online sales business , online marketplace platform , offline stores , and Shan Shan Outlets during the relevant period , including through the Company's websites and mobile apps , third - party websites and mobile apps , Vipshop offline stores and Vipmaxx offline stores , as well as Shan Shan Outlets that 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 relevant 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 is defined as net income attributable to Vipshop's shareholders excluding ( i ) share - based compensation expenses , ( ii ) impairment loss of investments , ( iii ) amortization of intangible assets resulting from business acquisitions , ( iv ) tax effect of amortization of intangible assets resulting from business acquisitions , ( v ) investment gain and revaluation of investments excluding dividends , ( vi ) tax effect of investment gain and revaluation of investments excluding dividends , and ( vii ) share of loss ( gain ) in investment of limited partnerships that are accounted for as equity method investees . 3 " Active customers " is defined as registered members who have purchased from the Company's online sales business or the Company's online marketplace platforms at least once during the relevant period . 1