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Vipshop Holdings Limited Investor Presentation August 2026
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2 Disclaimer This presentation has been prepared by Vipshop Holdings Limited (the “Company”) solely for information purpose. By viewing or accessing the information contained in this material, you hereby acknowledge and agree that no representations, warranties or undertakings, express or implied, are made by the Company or any of its directors, shareholders, employees, agents, affiliates, advisors or representatives as to, and no reliance should be placed upon, the accuracy, fairness, completeness or correctness of the information or opinions presented or contained in this presentation. None of the Company or any of its directors, shareholders, employees, agents, affiliates, advisors or representatives accept any responsibility whatsoever (in negligence or otherwise) for any loss howsoever arising from any information presented or contained in this presentation or otherwise arising in connection with the presentation. The information presented or contained in this presentation is subject to change without notice and its accuracy is not guaranteed. This presentation does not constitute an offer to sell or issue or an invitation or recommendation to purchase or subscribe for any securities of the Company for sale in the United States or anywhere else. No securities of the Company may be sold in the United States without registration with the United States Securities and Exchange Commission (the “SEC”) or an exemption from such registration pursuant to the Securities Act of 1933, as amended (the “Securities Act”) and the rules and regulations thereunder. No part of this presentation shall form the basis of or be relied upon in connection with any contract or investment decision in relation to any securities or otherwise. This presentation does not contain all relevant information relating to the Company or its securities, particularly with respect to the risks and special considerations involved with an investment in the securities of the Company. Nothing contained in this presentation shall be relied upon as a promise or representation as to the past or future performance of the Company. Past performance does not guarantee or predict future performance. You acknowledge that any assessment of the Company that may be made by you will be independent of this presentation and that you will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the business of the Company. Certain statements in this presentation, and other statements that the Company may make, are forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. These statements reflect the Company’s intent, beliefs or current expectations about the future. These statements can be recognized by the use of words such as “expects,” “plans,” “will,” “estimates,” “projects,” “intends,” “anticipates,” “believes,” “confident” or words of similar meaning. These forward-looking statements are not guarantees of future performance and are based on a number of assumptions about the Company’s operations and other factors, many of which are beyond the Company’s control, and accordingly, actual results may differ materially from these forward-looking statements. The Company or any of its affiliates, advisers or representatives has no obligation and does not undertake to revise forward-looking statements to reflect future events or circumstances. This presentation also contains non-GAAP financial measures, the presentation of which is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). In addition, the Company’s calculation of these non-GAAP financial measures may be different from the calculation used by other companies, and therefore comparability may be limited. The reconciliation of those measures to the most comparable GAAP measures is available at the Company website https://ir.vip.com.
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3 China's Leading Off-price Retailer for Brands Branded Products at Exceptional Value
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Business Overview
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Our Unique Value Propositions As the pioneer of off-price retailer in China, we deliver tangible value to both our brand partners and customers 5 Effective Inventory Monetization without Brand Dilution Business Intelligence and Merchant Platform High-Value Customer Traffic Diversified and Complementary Channels Stability and Predictability in Scale and Profitability Curated Selections by Professional Merchandizing Team Value-for-Money High Quality Branded Products Convenience and Reliability Omni-channel Shopping Scenarios Treasure-hunting Experience Our Value Propositions Brands Customers
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6 Strong and Reinforced Flywheel Consistently providing customers with quality branded products by professional merchandising team Attract more quality brand partners Reduce end-to-end operational costs and achieve win-win for all parties through efficient operation Attract and retain more customers Continually elevate customer experience and repeated purchases with high-quality services Consumer demand for quality branded products with attractive value for money 4 6 5 1 2 3
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7 Multi-channel Strategy Driving Outlet Leadership Note: 1. As of June 30, 2026 2. Company public information. 45(1) Vipshop offline stores 22(1) Shan Shan Outlets Ranked 1st among China’s outlet groups in terms of the number of stores in China(2) 25% GMV YoY Growth and 11% contribution to total GMV in 2025 • Capturing consumers who prefer physical product interaction and try-on • Elevate in-person customer experience through personalized recommendations and interactive services provided by sales staff • Localized engagement with high-consumption customers through tailored category layouts and regional campaigns 22 Shan Shan Outlets 45 Vipshop Offline Stores Harbin Shenyang Tianjin Ningbo Taiyuan Nanchang Hengyang Lanzhou Shenzhen Xuzhou Jinzhong Dalian Hefei Wuhan Changsha Guiyang Nanning Chengdu Addressing Try-On-Led Demand Through the Outlet Channel Urumqi Zhengzhou Ganzhou Public REITs on the SSE: • Ningbo Outlets REIT (508082.SH), successfully launched in Sep 2025 • Zhengzhou & Harbin Outlets REIT (508603.SH), successfully launched in June 2026
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8 Our Competitive Strengths 1 High Market Demand and Great Growth Potential for China’s Discount Retail Market 2 Strong Merchandising Expertise Making us Partner-of-Choice Discount Retail Platform for Brands 3 Superior Customer Experience Fostering Highly Engaged and Loyal Customers with Strong Purchasing Power 4 Operational Excellence Powered by Data and Technology 5 Visionary Management with a Proven Track Record and Long-term ESG Commitments
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9 High Market Demand and Great Growth Potential for China’s Discount Retail Market Source: Frost & Sullivan Driver 1: Strong Demand for Discounted Merchandise among Chinese Consumers • More mature, rational and focusing on value-for- money, Chinese consumers are increasingly fond of discounted merchandise • Expectations for product quality and brand value are still maintained when consumers seeking more favorable prices • Discounted merchandise has been viewed to be counter-cyclical, implying prosperous growth potential in the long-run Driver 2: Growing Needs for Brands to Monetize Inventory Effectively • Sustainable supply for discount retail market, as brands continuously launch new products and look for ways to monetize inventory quickly • Brands need long-term stable and sustainable inventory solutions that target high quality consumers amid fierce competition, without compromising brand equity Driver 3: Discount Retailers Have Gradually Become the Preferred Channel of Chinese Consumers • China’s discount retail market has become the new norm, driven by consumers’ preference for strong merchandising capabilities from self-operated businesses, with offline discount retail also experiencing a resurgence
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10 Enhanced Merchandising Capabilities Merchandising Professionals Business Intelligence & Merchant Platform Deep Industry Expertise Note: (1) Brand partners include primarily brand owners, and to a lesser extent, brand distributors and resellers. • Predict consumer preferences and consumption trends • Provide data analytics in customer engagement for brand partners(1) • Empower brand partners to strengthen product innovation and customization Customer Insight • Adjust product mix timely and precisely • Optimize targeted marketing and sales events • Integrate resources for brand partners to increase return-on- investment (ROI) and customer assets Operation • Carefully select a rich and diverse selection of popular brands • Secure unique, price-competitive products • Plan for opportunities in category and product life cycle • Differentiate via Made-for-Vipshop customized products Merchandise
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11 Partner-of-Choice Discount Retail Platform for Brands Specialized platform for monetizing inventory without brand dilution and pricing dilemma Reaching a unique group of high-value customers who care for brand, quality and authenticity Diversified online and offline channels for cross-sale opportunities One-stop inventory solution with proven sales efficiency and ROI
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12 Core Brands 1,000+ mass-market brands contribute to the majority of sales Differentiated Products Made-for-Vipshop customized products and opportunistic buying initiative Fresh and Trendy Brands Emerging and most sought-after brands in a range of styles to attract younger customers Higher-end Brands Affordable-luxury and luxury brands to cater for unfulfilled customer needs Optimized Product Mix Non-core brands of both apparel and standardized categories that complement desired price range, product diversity and personalization New Opportunities Core Business Other Brands
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13 Superior Customer Experience Trust • Guaranteed product authenticity • Buyer-selected branded products • Superior quality control and after-sales service Value • Value-for-money • Great prices every day • Affordable within desired price ranges Ease • Treasure-hunting and gimmick- free shopping experience • Best-in-class delivery service via industry leader SF Express • Customer-friendly door-to-door collection and exchange
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14 Highly Engaged and Loyal Customers with Strong Purchasing Power Notes: (1) Net GMV is the total GMV net of orders returned. (2) In 2025. Active Super VIP Customers % of online net GMV(1) (2) 52% % of total active customers(2) 12% Avg. shopping freq. (2) v.s. Non-SVIP customers >7x ARPU (2) v.s. Non-SVIP customers >8x Customer Profile ~75% Women 60%+ Tier 1-3 Cities 70%+ Post-80s and -90s Customer Loyalty 7.6 8.8 9.8 2023 2024 2025 (# in millions) 16% 11%
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15 Quality Customer Base with Growth Potential 87.4 84.7 84.8 43.5 42.3 2023 2024 2025 2Q25 2Q26 Total Active Customers (in million)(1) Notes: (1) “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. (2) Source: China Internet Network Information Center (CNNIC), July 2025. (3) “Cumulative customers” refers to all customers who had purchased products from our Vipshop Online Platform at least once during the period from our inception on August 22, 2008 to December 31, 2025. Vipshop Cumulative Customers(3) 312 MM Vipshop Total Active Customers 84.8 MM China’s Online Shoppers(2) 976 MM -2.9%
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16 Operational Excellence Powered by Data and Technology Merchant Platform for Efficiency Gain Best-in-Class Fulfillment Capabilities Technology-enabled Business Synergy • A full set of processes and tools to help brand partners manage inventory, customer assets and promotions • Enabling merchandising professionals to work effectively with brand partners • Digitalized systems that enhance orders, logistics and warehouse management • Innovative solutions such as JITX and JIT • Best match products to customer needs, including personalized initiatives • Innovative AI applications • Optimized IT infrastructure for business upgrade
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17 Visionary and Experienced Management Team with Proven Track Record Arthur Xiaobo Hong Co-Founder, Vice Chairman, COO • Innovative entrepreneur in China’s consumer goods and e-commerce industry • Previously Chairman of Societe Europe Pacifique Distribution Eric Ya Shen Co-Founder, Chairman, CEO • Innovative entrepreneur in China’s consumer goods and e-commerce industry • Previously Chairman of Guangzhou NEM Import and Export Co., Ltd. • EMBA from Cheung Kong Graduate School of Business Mark Wang Chief Financial Officer • Seasoned expert in finance and accounting • Previously CFO of Benlai Group, an online fresh grocery player in China, and VP in the finance department of Xiaomi Corporation (HKEX: 1810) • Bachelor’s degree in finance from Beijing International Studies University Mike Li Chief Technology Officer • Extensive experience in China’s internet industry • Previously with leading Internet and software companies such as Alibaba Group Holding Limited (NYSE: BABA; HKEX: 9988) and Asiainfo (China) Software Co., Ltd. where he served at various technology leadership roles • Bachelor’s degree in computer science and technology from Zhejiang University
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18 Our ESG Commitment • Ensure good governance as compliant, disciplined corporate citizen • Full compliance in information security and privacy protection, intellectual property rights, anti- corruption and fair competition • Continuous efforts in female empowerment, rural vitalization, community integration and volunteer service • Build a platform for inclusive development at workplace • Pledge to achieve carbon neutrality in its own operations and a 50% reduction in Scope 3 carbon emission intensity, no later than 2030 • Foster sustainable consumption and innovate new choices for responsible supply chain Environmental Social Governance Vipshop scored 60 on S&P Global’s Corporate Sustainability Assessment, placing in the 95th percentile of the industry.(1) Notes: (1) S&P Global’s Corporate Sustainability Assessment 2025. (2) Forbes China and Russell Consulting Company, “2022 China’s Best Employers of the Year” selection and “2024 China’s Best Employers of the Year” selection. (3) More information is available in Vipshop ESG Report 2025 at https://ir.vip.com/sustainability. Forbes China’s Best Employer and Most Sustainable Employer in 2022, and Most Popular Employer Among Employees in 2024.(2)
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19 Our Future • Strengthen, expand and differentiate merchandise portfolio by fully leveraging our merchandising expertise to reinforce value proposition to brand partners Solidify Market Leadership by Enhancing Merchandising Capabilities • Integrate customer growth initiatives from acquisition, retention to personalization • Drive continuous growth in high-value customers to increase user stickiness and ARPU Grow Customer Base and Increase Customer Engagement Optimize Efficiency and Shopping Experience by Investing in Technology • Continue to invest in key technologies such as artificial intelligence and big data analytics to optimize our operational efficiency and enhance immersive shopping experiences Progressively Expand Physical Footprint as Part of Our Omni-channel Strategy • Continue to build an offline presence with outlets and other stores to supplement our online platform, and act as an effective vehicle to increase overall Vipshop exposure Drive Solid, Quality and Sustainable Growth • Continue to drive quality growth in customer and revenue, while maintaining healthy profitability through disciplined operations 19
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20 Financial Highlights
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21 112,856 108,421 105,920 25,806 24,707 2023 2024 2025 2Q25 2Q26 Solid Profitability Despite Macro Uncertainties Total Net Revenues (RMB in millions) (RMB in millions) Net Income and Net Margin Attributable to Vipshop’s Shareholders (Non-GAAP)(1) Note: (1) For details of the non-GAAP measures, please refer to the Company's press release titled "Vipshop Reports Unaudited Second Quarter 2026 Financial Results" issued on August 25, 2026. Historical earnings releases are available at the Company’s website. (2) The decrease in Non-GAAP net income attributable to Vipshop’s shareholders was primarily due to a one-time withholding tax adjustment relating to certain historical dividend distributions . Adjusting for this non-recurring item, the underlying Non-GAAP net income in 2Q26 remained solid at RMB2.0 billion with a net margin of 7.9%. 9,510 9,033 8,745 2,077 392 8.4% 8.3% 8.3% 8.0% 1.6% 2023 2024 2025 2Q25 2Q26 Net Income (Non-GAAP) Net Margin (Non-GAAP) -4.3% (2)
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22 Healthy Gross Margin 25,721 25,470 24,490 5,905 6,202 5,382 8,233 6,546 6,341 4,955 7,628 6,082 6,055 4,909 7,444 6,495 5,755 22.8% 23.5% 23.1% 21.4% 22.2% 23.6% 23.7% 23.7% 23.6% 24.0% 23.0% 23.2% 23.5% 23.0% 22.9% 24.4% 23.3% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 2023 2024 2025 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Gross profit Gross margin (RMB in millions) Gross Profit and Gross Margin
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23 3,242 2,980 2,989 716 760 2.9% 2.7% 2.8% 2.8% 3.1% -10.0% -8.0% -6.0% -4.0% -2.0% 0.0% 2.0% 4.0% - 1,000 2,000 3,000 4,000 5,000 6,000 7,000 2023 2024 2025 2Q25 2Q26 Well-managed Operating Expenses (RMB in millions) (RMB in millions) Marketing ExpensesFulfillment Expenses 8,262 8,347 8,292 2,109 2,138 7.3% 7.7% 7.8% 8.2% 8.7% -5.0% -3.0% -1.0% 1.0% 3.0% 5.0% 7.0% 9.0% - 2,000 4,000 6,000 8,000 10,000 12,000 2023 2024 2025 2Q25 2Q26 Technology & Content Expenses General & Administrative Expenses (RMB in millions) (RMB in millions) 1,768 1,892 1,755 442 486 1.6% 1.7% 1.7% 1.7% 2.0% -5.0% -4.0% -3.0% -2.0% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% - 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 2023 2024 2025 2Q25 2Q26 4,147 3,993 4,374 1,296 1,070 3.7% 3.7% 4.1% 5.0% 4.3% -10.0% -8.0% -6.0% -4.0% -2.0% 0.0% 2.0% 4.0% 6.0% - 1,000 2,000 3,000 4,000 5,000 6,000 7,000 2023 2024 2025 2Q25 2Q26 as % of total net revenues as % of total net revenues as % of total net revenues as % of total net revenues
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24 Sustainable and Profitable Business Model 55 Quarters of Consecutive Profitability since 4Q2012 9,510 9,033 8,745 2,069 2,401 1,841 3,198 2,583 2,165 1,311 2,974 2,308 2,077 1,501 2,858 2,306 392 8.4% 8.3% 8.3% 7.5% 8.6% 8.1% 9.2% 9.3% 8.1% 6.3% 9.0% 8.8% 8.0% 7.0% 8.8% 8.7% 1.6% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 0224466881101321541761982202422642863083303523743964184404624845065285505725946166386606827047267487707928148368588809029249469689901,0121,0341,0561,0781,1001,1221,1441,1661,1881,2101,2321,2541,2761,2981,3201,3421,3641,3861,4081,4301,4521,4741,4961,5181,5401,5621,5841,6061,6281,6501,6721,6941,7161,7381,7601,7821,8041,8261,8481,8701,8921,9141,9361,9581,9802,0022,0242,0462,0682,0902,1122,1342,1562,1782,2002,2222,2442,2662,2882,3102,3322,3542,3762,3982,4202,4422,4642,4862,5082,5302,5522,5742,5962,6182,6402,6622,6842,7062,7282,7502,7722,7942,8162,8382,8602,8822,9042,9262,9482,9702,9923,0143,0363,0583,0803,1023,1243,1463,1683,1903,2123,2343,2563,2783,3003,3223,3443,3663,3883,4103,4323,4543,4763,4983,5203,5423,5643,5863,6083,6303,6523,6743,6963,7183,7403,7623,7843,8063,8283,8503,8723,8943,9163,9383,9603,9824,0044,0264,0484,0704,0924,1144,1364,1584,1804,2024,2244,2464,2684,2904,3124,3344,3564,3784,4004,4224,4444,4664,4884,5104,5324,5544,5764,5984,6204,6424,6644,6864,7084,7304,7524,7744,7964,8184,8404,8624,8844,9064,9284,9504,9724,9945,0165,0385,0605,0825,1045,1265,1485,1705,1925,2145,2365,2585,2805,3025,3245,3465,3685,3905,4125,4345,4565,4785,5005,5225,5445,5665,5885,6105,6325,6545,6765,6985,7205,7425,7645,7865,8085,8305,8525,8745,8965,9185,9405,9625,9846,0066,0286,0506,0726,0946,1166,1386,1606,1826,2046,2266,2486,2706,2926,3146,3366,3586,3806,4026,4246,4466,4686,4906,5126,5346,5566,5786,6006,6226,6446,6666,6886,7106,7326,7546,7766,7986,8206,8426,8646,8866,9086,9306,9526,9746,9967,0187,0407,0627,0847,1067,1287,1507,1727,1947,2167,2387,2607,2827,3047,3267,3487,3707,3927,4147,4367,4587,4807,5027,5247,5467,5687,5907,6127,6347,6567,6787,7007,7227,7447,7667,7887,8107,8327,8547,8767,8987,9207,9427,9647,9868,0088,0308,0528,0748,0968,1188,1408,1628,1848,2068,2288,2508,2728,2948,3168,3388,3608,3828,4048,4268,4488,4708,4928,5148,5368,5588,5808,6028,6248,6468,6688,6908,7128,7348,7568,7788,8008,8228,8448,8668,8888,9108,9328,9548,9768,9989,0209,0429,0649,0869,1089,1309,1529,1749,1969,2189,2409,2629,2849,3069,3289,3509,3729,3949,4169,4389,4609,4829,5049,5269,5489,5709,5929,6149,6369,6589,6809,7029,7249,7469,7689,7909,8129,8349,8569,8789,9009,9229,9449,9669,98810,01010,03210,05410,07610,09810,12010,14210,16410,18610,20810,23010,25210,27410,29610,31810,34010,36210,38410,40610,42810,45010,47210,49410,51610,53810,56010,58210,60410,62610,64810,67010,69210,71410,73610,75810,78010,80210,82410,84610,86810,89010,91210,93410,95610,97811,000 2023 2024 2025 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Net income attributable to shareholders (non-GAAP) Net margin attributable to shareholders (non-GAAP) (RMB in millions) Net Income and Net Margin Attributable to Vipshop’s Shareholders (Non-GAAP)(1) Note: (1) For details of the non-GAAP measures, please refer to the Company's press release titled "Vipshop Reports Unaudited Second Quarter 2026 Financial Results" issued on August 25, 2026. Historical earnings releases are available at the Company’s website. (2) The decrease in Non-GAAP net income attributable to Vipshop’s shareholders was primarily due to a one-time withholding tax adjustment relating to certain historical dividend distributions. Adjusting for this non-recurring item, the underlying Non-GAAP net income in 2Q26 remained solid at RMB2.0 billion with a net ma rgin of 7.9%. (2)
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25 Strong Cash Position Notes: (1) TTM free cash flow refers to free cash flow for the trailing twelve months ended on the applicable quarter end. Free cash flo w is a non-GAAP financial measure, which is defined as net cash from (used in) 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, and purchase of other assets. (2) As of each quarter end. (RMB in millions) 8,841 8,174 8,119 9,289 8,640 5,182 4,562 5,622 5,173 6,838 8,784 5,353 8,752 7,202 20,410 19,738 20,101 28,281 27,559 23,539 24,014 28,827 29,054 27,722 31,023 29,900 30,952 33,470 -30,000 -20,000 -10,000 0 10,000 20,000 30,000 (1,500) 500 2,500 4,500 6,500 8,500 10,500 12,500 14,500 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 TTM free cash inflow (Non-GAAP) Cash & cash equivalents, restricted cash & short-term investments(1) (2)
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26 Consistent Shareholder Return FY2026 Shareholder Return US$ in mn Share Repurchase Dividend Total FY2021 300.9 - 300.9 FY2022 952.3 - 952.3 FY2023 713.3 - 713.3 FY2024 536.1 233.3 769.4 FY2025 696.7 247.4 944.1 Total 3,679.9 • Paid an annual dividend for fiscal 2025 in the amount of US$300 million. • Continue current US$1.0 billion share repurchase program (through February 2027), followed by a new US$1.0 billion share repurchase program for a 24-month period upon its completion.
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THANKS