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Share-based payments - Non-vested shares (Details) ¥ / shares in Units, ¥ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥) ¥ / shares shares	Dec. 31, 2025 CNY (¥) $ / shares	Dec. 31, 2024 CNY (¥) ¥ / shares shares	Dec. 31, 2024 CNY (¥) $ / shares	Dec. 31, 2023 CNY (¥) ¥ / shares shares	Dec. 31, 2023 $ / shares
Share-based Payments
Share-based compensation expenses \| ¥	¥ 1,731,063		¥ 1,537,740		¥ 1,509,806
Key management
Share-based Payments
Forfeiture rate (as a percent)	0.00%		0.00%		0.00%
Employees
Share-based Payments
Forfeiture rate (as a percent)	28.00%		29.00%		23.00%
Share-based compensation expenses \| ¥	¥ 302,334		¥ 298,650		¥ 283,630
Non-vested shares
Share-based Payments
Non-vested ordinary shares granted to executive officers, employees, members of audit committee and consultants (in shares)	1,546,550		1,794,730		2,894,700
Vesting period (in years)	4 years
Aggregate fair value of the restricted shares at grant dates \| ¥	¥ 878,900		¥ 1,083,690		¥ 1,549,568
Unrecognized compensation cost related to non-vested shares \| ¥	¥ 1,431,304	¥ 1,431,304	¥ 1,541,967	¥ 1,541,967
Weighted-average vesting period over which unrecognized compensation cost is to be recognized	2 years 5 months 4 days		2 years 6 months 18 days
Weighted average granted fair value per share of non-vested shares granted during the year (in dollars per share) \| (per share)	¥ 568.3	¥ 79.52	¥ 603.82	¥ 83.87	¥ 535.31	$ 76.49
Non-vested shares movement
Outstanding at the beginning of the period	3,723,979
Granted	1,546,550		1,794,730		2,894,700
Vested	(1,541,405)
Forfeited	(541,222)
Outstanding at the end of the period	3,187,902		3,723,979
Non-vested shares \| First anniversary from grant date
Share-based Payments
Vesting percentage	25.00%
Non-vested shares \| Over a three-year period ending on the fourth anniversary of the grant date
Share-based Payments
Vesting percentage	75.00%
Non-vested shares \| Key management
Share-based Payments
Forfeiture rate (as a percent)	0.00%		0.00%		0.00%
Non-vested shares \| Employees
Share-based Payments
Forfeiture rate (as a percent)	28.00%		29.00%		23.00%
Share-based compensation expenses \| ¥	¥ 768,010		¥ 879,035		¥ 784,981

Accrued expenses and other current liabilities (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
Accrued expenses and other current liabilities
Accrued advertising expense	¥ 1,083,154		¥ 1,101,844
Accrued shipping and handling expenses	1,323,094		1,440,908
Amounts received on behalf of third-party merchants (Note a)	2,415,132		2,305,545
Accrued payroll and social benefits	689,526		685,021
Deposits from vendors	653,998		587,339
Income tax payables	564,414		558,515
Other tax payables (Note b)	492,840		444,836
Accrued rental expenses	56,138		64,436
Accrued administrative expenses	323,212		339,262
Refund liability (Note c)	468,454		510,655
Cash-settled share-based compensation (Note 23(c))	1,627,615		1,258,189
Loan from non-controlling interests shareholders (Note d)	159,500		206,000
Payables for repurchasing of ordinary shares	52,218
Others	31,851		160,871
Total	¥ 9,941,146	$ 1,421,565	¥ 9,663,421
Period of unconditional right of return	7 days

Other investments (Tables)

12 Months Ended

Dec. 31, 2025

Other investments

Schedule of other investments


	As of December 31, 2024
		Unrealized			Balance as
	Original	(losses)	Accumulated	Translation	of year
	cost	gains	impairment	difference	end
	RMB	RMB	RMB	RMB	RMB
Equity investments with readily determinable fair value (Note a)	332,025	(148,732)	—	3,884	187,177
Available-for-sale debt securities (Note b)	57,000	—	(3,000)	—	54,000
Equity investments without readily determinable fair value (Note c)	3,221,139	149,182	(355,508)	99,499	3,114,312
Total	3,610,164	450	(358,508)	103,383	3,355,489


	As of December 31, 2025
		Unrealized			Balance as
	Original	(losses)	Accumulated	Translation	of year
	cost	gains	impairment	difference	end
	RMB	RMB	RMB	RMB	RMB
Equity investments with readily determinable fair value (Note a)	281,466	(102,977)	—	(4,236)	174,253
Available-for-sale debt securities (Note b)	57,000	—	(3,000)	—	54,000
Equity investments without readily determinable fair value (Note c)	4,599,844	265,119	(336,403)	43,543	4,572,103
Total	4,938,310	162,142	(339,403)	39,307	4,800,356

Notes:

(a)

Equity investments with readily determinable fair value

During the years ended December 31, 2023, 2024 and 2025, disposal of equity investments with readily determinable fair value generated proceeds of nil, RMB7,405 and RMB57, resulting in realized gain of nil, RMB899 and RMB3, respectively.

The Group recorded mark to market adjustments of RMB(22,723), RMB13,403 and RMB(5,229) in investment (loss) gain and revaluation of investments in the consolidated statements of income and comprehensive income during the years ended December 31, 2023, 2024 and 2025, respectively. Dividend of nil, RMB187 and RMB86 was declared to the Group and recorded in investment (loss) gain and revaluation of investments during the years ended December 31, 2023, 2024 and 2025, respectively.

During the year ended December 31, 2024, certain equity investments with readily determinable fair value which were fully impaired with accumulated impairment loss of RMB48,634 were written off as the Group has determined that is not probable for the balance to be recovered or the investees were liquidated.

(b)

Available-for-sale debt securities

During the years ended December 31, 2023, 2024 and 2025, disposal of available-for-sale debt securities generated proceeds of nil, RMB185 and nil resulting in realized loss of nil, RMB2,314 and nil, respectively. The Group recorded impairment loss of nil, RMB3,000 and nil for the years ended December 31, 2023, 2024 and 2025, respectively.

Dividend of nil, nil and RMB305 was declared to the Group and recorded in investment gain (loss) and revaluation of investments during the years ended December 31, 2023, 2024 and 2025, respectively.

During the year ended December 31, 2024, certain available-for-sale debt securities which were fully impaired with accumulated impairment loss of RMB35,073 were written off as the Group has determined that is not probable for the balance to be recovered or the investees were liquidated.

(c)

Equity investments without readily determinable fair value

During the years ended December 31, 2023, 2024 and 2025, disposal of equity investments without readily determinable fair value which were impaired with accumulated impairment loss of nil, RMB36,000 and RMB34,555 at cash considerations of nil, RMB7,000 and RMB3,550, resulting in disposal gain(loss) of nil, RMB7,000 and RMB(645) recorded in investment gain (loss) and revaluation of investments.

The Group recorded impairment loss of RMB19,105, RMB58,246 and RMB15,450 for years ended December 31, 2023, 2024 and 2025, respectively for the equity investments without readily determinable fair value.

Dividend of RMB29,790, RMB233,646 and RMB33,829 was declared and recorded in investment gain (loss) and revaluation of investments during the years ended December 31, 2023, 2024 and 2025, respectively. During the years ended December 31, 2023, 2024 and 2025, dividends of RMB28,526, RMB225,212 and nil that was declared and reinvested into the equity investments without readily determinable fair value, respectively.

During the years ended December 31, 2023, 2024 and 2025, fair value changes recognized for equity investments which were measured using NAV practical expedient were RMB(25,122), RMB(103,482) and RMB114,254, respectively.

During the year ended December 31, 2024, certain equity investments without readily determinable fair value which were fully impaired with accumulated impairment loss of RMB192,942 were written off as the Group has determined that is not probable for the balance to be recovered or the investees are liquidated.

Segment information - Summary of operating segment results (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥) segment	Dec. 31, 2025 USD ($) segment	Dec. 31, 2024 CNY (¥) segment	Dec. 31, 2023 CNY (¥) segment
Segment information
Number of operating segments \| segment	5	5	5	5
Number of reportable segments not disclosed	true	true	true	true
Total net revenues	¥ 105,919,546	$ 15,146,294	¥ 108,420,832	¥ 112,856,020
Fulfillment expenses	8,291,670	1,185,693	8,346,864	8,262,004
Marketing expenses	2,988,995	427,421	2,979,654	3,242,215
Technology and content expenses	1,755,123	250,979	1,892,434	1,767,530
General and administrative expenses	4,374,425	625,534	3,992,657	4,146,568
Share-based compensation expenses	1,731,063		1,537,740	1,509,806
Segment income from operations	8,135,946	1,163,426	9,173,253	9,104,135
Other income and expenses	778,737		814,227	882,867
Income before income taxes and share of income of equity method investees	8,914,683	$ 1,274,784	9,987,480	9,987,002
Intersegment Eliminations
Segment information
Total net revenues	597,034		583,252	730,491
Operating Segment
Segment information
Total net revenues	106,516,580		109,004,084	113,586,511
Vip.Com
Segment information
Total net revenues	101,136,509		104,379,002	109,177,540
Cost of revenues	(79,555,236)		(81,251,073)	(85,569,090)
Fulfillment expenses	(8,200,923)		(8,241,185)	(8,151,510)
Marketing expenses	(2,719,647)		(2,766,702)	(3,170,057)
Technology and content expenses	(1,355,745)		(1,424,414)	(1,350,414)
General and administrative expenses	(2,323,903)		(2,290,281)	(2,312,911)
Share-based compensation expenses	(1,039,023)		(1,137,590)	(1,023,215)
Other segment items	856,160		731,609	639,886
Segment income from operations	7,182,538		8,351,532	8,619,170
Vip.Com \| Intersegment Eliminations
Segment information
Total net revenues	384,346		352,166	378,941
Vip.Com \| Operating Segment
Segment information
Total net revenues	101,520,855		104,731,168	109,556,481
Shan Shan Outlets
Segment information
Total net revenues	4,058,022		3,284,968	2,771,018
Cost of revenues	(1,859,631)		(1,626,883)	(1,488,518)
Fulfillment expenses	0		0	0
Marketing expenses	(234,942)		(200,850)	(170,246)
Technology and content expenses	0		0	0
General and administrative expenses	(644,851)		(558,476)	(457,780)
Share-based compensation expenses	(660,719)		(360,055)	(441,195)
Other segment items	175,818		160,771	122,882
Segment income from operations	857,213		725,236	361,120
Shan Shan Outlets \| Intersegment Eliminations
Segment information
Total net revenues	23,516		25,761	24,959
Shan Shan Outlets \| Operating Segment
Segment information
Total net revenues	4,081,538		3,310,729	2,795,977
Other
Segment information
Total net revenues	725,015		756,862	907,462
Cost of revenues	(350,505)		(344,551)	(405,095)
Fulfillment expenses	0		0	0
Marketing expenses	0		0	0
Technology and content expenses	0		0	0
General and administrative expenses	(263,248)		(333,414)	(530,555)
Share-based compensation expenses	0		0	0
Other segment items	(204,239)		(187,737)	(174,558)
Segment income from operations	96,195		96,485	123,845
Other \| Intersegment Eliminations
Segment information
Total net revenues	189,172		205,325	326,591
Other \| Operating Segment
Segment information
Total net revenues	¥ 914,187		¥ 962,187	¥ 1,234,053

Commitments and contingencies (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Capital commitment
Commitment capital expenditures	¥ 258,378	¥ 1,199,691
Equity investments with readily determinable fair value
Other commitments
Remaining commitment equity method investment	¥ 941,200	¥ 654,000

Organization and principal activities

12 Months Ended

Dec. 31, 2025

Organization and principal activities

Organization and principal activities

1.Organization and principal activities

Vipshop Holdings Limited (the “Company”) was incorporated in the Cayman Islands on August 27, 2010. The Company, through its subsidiaries, VIEs and VIEs’ subsidiaries (collectively, the “Group”), operates online platforms that offer high-quality branded products to consumers in the People’s Republic of China (the “PRC”) through flash sales on its vipshop.com, vip.com online platforms. Flash sale represents an online retail format combining the advantages of e-commerce and discount sales through selling a finite quantity of discounted products or services online for a limited period of time.

The Group also operates retail stores in China to supplement its online growth strategy. The Group acquired Shan Shan Outlets in July 2019, a leading player in the outlets industry in China, to establish presence in the offline outlet business in China.

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
CONSOLIDATED STATEMENTS OF CASH FLOWS
Dividend to non controlling interest tax portion	¥ 0	¥ 840	¥ 0

Distribution of profit (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
Distribution of profit (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Distribution of Profit
Reserve level threshold for mandatory transfer requirement (as a percent)	50.00%
Percentage of annual appropriation to general reserve fund required	10.00%
Transferred to general reserve	¥ 279,088	¥ 193,491	¥ 150,120
Parent company
Distribution of Profit
Amount of restricted capital and reserves not available for dividend distribution	¥ 16,650,000

Schedule I-Condensed Financial Information of the Parent Company - Statements of Cash Flows and Notes (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands	2 Months Ended		12 Months Ended
	Feb. 26, 2026 CNY (¥)	Feb. 26, 2026 USD ($) $ / shares	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 CNY (¥)
Cash flow from operating activities:
Net income			¥ 7,409,639	$ 1,059,566	¥ 7,838,945		¥ 8,201,299
Adjustments to reconcile net income to net cash by operating activities:
Equity income of subsidiaries and VIEs			(293,919)	(42,030)	(166,980)		(80,301)
Changes in operating assets and liabilities:
Other receivables and prepayments, net			(340,829)	(48,738)	(185,599)		12,613
Accrued expenses and other current liabilities			(216,349)	(30,938)	(356,287)		666,260
Net cash generated from operating activities			7,454,245	1,065,943	9,128,983		14,414,513
Cash flows from investing activities:
Net cash used in investing activities			(8,297,050)	(1,186,464)	(3,565,550)		(5,160,337)
Cash flows from financing activities:
Repurchase of ordinary shares			(4,940,778)	(706,522)	(3,865,781)		(5,106,944)
Proceeds from bank borrowings			13,151,312	1,880,613	6,399,917		2,093,483
Dividend distribution to shareholders			(1,795,384)	(256,736)	(1,684,721)
Proceeds from issuance of ordinary shares upon exercise of share options			1,341	192	249
Net cash used in financing activities			(1,935,572)	(276,783)	(4,969,579)		(6,146,005)
Effect of exchange rate changes on cash and cash equivalents			(52,962)	(7,573)	63,283		85,794
Net increase (decrease) in cash, cash equivalents and restricted cash			(2,831,339)	(404,877)	657,137		3,193,965
Cash, cash equivalents and restricted cash at beginning of the year	¥ 24,123,164	$ 3,449,566	26,954,503	3,854,443	26,297,366		23,103,401
Cash, cash equivalents and restricted cash at end of the year			24,123,164	3,449,566	26,954,503	$ 3,854,443	26,297,366
Subsequent event \| O 2026 A Dividends
Restriction on dividend distribution
Dividends Payable, Date Declared	Feb. 26, 2026	Feb. 26, 2026
Dividends payable date of record	Apr. 10, 2026	Apr. 10, 2026
Common stock dividends per share declared		$ 3.1
Subsequent event \| O 2026 A Dividends \| ADS
Restriction on dividend distribution
Common stock dividends per share declared		0.62
Reportable legal entities \| Subsequent event \| O 2026 A Dividends
Restriction on dividend distribution
Common stock dividends per share declared		3.1
Reportable legal entities \| Subsequent event \| O 2026 A Dividends \| ADS
Restriction on dividend distribution
Common stock dividends per share declared		$ 0.62
Parent company \| Reportable legal entities
Cash flow from operating activities:
Net income			7,242,490	1,035,664	7,739,935		8,116,624
Adjustments to reconcile net income to net cash by operating activities:
Equity income of subsidiaries and VIEs			(7,204,058)	(1,030,169)	(7,757,671)		(8,090,266)
Dividend received from subsidiaries and VIEs			1,768,685	252,919	1,681,107
Changes in operating assets and liabilities:
Other receivables and prepayments, net			281	40	(50)		(3,374)
Accrued expenses and other current liabilities			48,289	6,905	(372)		(3,634)
Net cash generated from operating activities			1,855,687	265,359	1,662,949		19,350
Cash flows from investing activities:
Changes in amounts due from/to subsidiaries			3,455,393	494,115	3,887,078		5,086,910
Net cash used in investing activities			3,455,393	494,115	3,887,078		5,086,910
Cash flows from financing activities:
Repurchase of ordinary shares			(4,940,778)	(706,522)	(3,865,781)		(5,106,944)
Proceeds from bank borrowings			1,426,080	203,927
Dividend distribution to shareholders			(1,795,384)	(256,736)	(1,684,721)
Proceeds from issuance of ordinary shares upon exercise of share options			623	89
Net cash used in financing activities			(5,309,459)	(759,242)	(5,550,502)		(5,106,944)
Effect of exchange rate changes on cash and cash equivalents			54	7	(18)		(36)
Net increase (decrease) in cash, cash equivalents and restricted cash			1,675	239	(493)		(720)
Cash, cash equivalents and restricted cash at beginning of the year	¥ 2,086	$ 298	411	59	904		1,624
Cash, cash equivalents and restricted cash at end of the year			2,086	298	¥ 411	59	904
Restriction on dividend distribution
Amount of restricted capital and reserves not available for dividend distribution \| ¥			¥ 16,650,000
Cash dividend declared and paid to the Company				$ 247,400		$ 233,300	¥ 0
Parent company \| Reportable legal entities \| Subsequent event \| O 2026 A Dividends
Restriction on dividend distribution
Dividends Payable, Date Declared	Feb. 26, 2026	Feb. 26, 2026
Dividends payable date to be paid year and month	2026-04	2026-04

Accounts receivables, net (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2025 USD ($)
Accounts receivables, net
Subtotal	¥ 908,624	¥ 931,417
Allowance for doubt accounts:
Balance at beginning of the year	(16,259)	(60,665)
Write-offs	9,983	53,058
Provision	(13,128)	(8,652)
Balance at end of the year	(19,404)	(16,259)
Total	889,220	915,158	$ 127,157
Receivables for logistics and warehousing services rendered
Accounts receivables, net
Subtotal	255,400	289,862
Receivables from payment platform
Accounts receivables, net
Subtotal	215,538	130,460
Trade receivables
Accounts receivables, net
Subtotal	220,640	226,464
Others
Accounts receivables, net
Subtotal	¥ 217,046	¥ 284,631

Investments in equity method investees - Summary of condensed income statement (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Investments in equity method investees
Gross profit	¥ 24,490,316	$ 3,502,069	¥ 25,469,654	¥ 25,720,892
Net income attributable to Vipshop Holdings Limited's shareholders	7,242,490	$ 1,035,664	7,739,935	8,116,624
Group Equity Investment
Investments in equity method investees
Revenues	3,059,332		2,277,551	3,116,172
Gross profit	1,263,943		554,778	165,578
Income from operations	1,051,391		530,092	310,193
Net income attributable to Vipshop Holdings Limited's shareholders	¥ 872,993		¥ 435,189	¥ 260,582

- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

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-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

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-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

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-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 10: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (c)
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

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-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
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+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Non-controlling interests - Schedule of ownership interests in subsidiaries (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Non-controlling interests
Net income attributable to Vipshop Holdings Limited's shareholders	¥ 7,242,490	$ 1,035,664	¥ 7,739,935	¥ 8,116,624
Decrease in the Company's additional paid-in capital in relation to the acquisition of additional equity interests in subsidiaries			(283,892)	(8,732)
Capital contributions from non-controlling interests			8,297	(10,630)
Net transfers to non-controlling interests			(275,595)	(19,362)
Changes from net income attributable to Vipshop Holdings Limited's shareholders and transfers from non-controlling interests	¥ 7,242,490		¥ 7,464,340	¥ 8,097,262

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Short-term loans (Details) € in Millions, ¥ in Millions, RM in Millions, $ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2025 EUR (€)	Dec. 31, 2024 MYR (RM)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2024 USD ($)	Dec. 31, 2024 EUR (€)	Dec. 31, 2024 HKD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 CNY (¥)
Short term loans
Long-term debt, gross	¥ 6,390.0				¥ 2,390.0						¥ 1,800.0
Debt instrument unused borrowing capacity amount	¥ 4,230.0				¥ 2,340.0
Debt instrument, term	1 year	1 year	1 year	1 year	1 year	1 year	1 year	1 year
Company And Its Subsidiaries
Short term loans
Debt instrument collateral amount	¥ 5,230.0								$ 748.5
Company And Its Subsidiaries
Short term loans
Debt instrument collateral amount	665.0
Certain patents owned by one subsidiary of the Company
Short term loans
Debt instrument collateral amount	490.0
RMB denominated
Short term loans
Discounted commercial bill amount	3,000.0				¥ 1,680.0
RMB denominated \| Revolving credit facility
Short term loans
Letter of guarantee procurement amount expired	611.3				540.5
RMB denominated \| Revolving credit facility \| For issuing letter of guarantee for procurement
Short term loans
Drawn down from debt	634.5				¥ 652.1
RMB denominated \| Revolving credit facility \| As security deposits for short-term investments
Short term loans
Drawn down from debt	¥ 101.5
RMB denominated \| Revolving credit facility \| Minimum
Short term loans
Interest rate (as a percent)	0.76%				1.25%				0.76%	1.25%
RMB denominated \| Revolving credit facility \| Maximum
Short term loans
Interest rate (as a percent)	1.32%				1.80%				1.32%	1.80%
RMB denominated \| Revolving credit facility agreement with multiple banks.
Short term loans
Maximum credit facility	¥ 21,100.0				¥ 12,930.0
Drawn down from debt	294.0				720.0
US$ denominated \| Revolving credit facility
Short term loans
Drawn down from debt	2,100.0
US$ denominated \| Revolving credit facility \| For issuing letter of guarantee for procurement
Short term loans
Drawn down from debt				RM 0.3				$ 2.0
US$ denominated \| Revolving credit facility agreement with multiple banks.
Short term loans
Maximum credit facility					1,790.0
Drawn down from debt \| $		$ 300.0
US$ denominated \| Revolving credit facility agreement with multiple banks. \| For issuing letter of guarantee for procurement
Short term loans
Drawn down from debt	1.3	0.2	€ 0.2		¥ 2.4	$ 0.3
US$ denominated \| Revolving credit facility agreement with multiple banks. \| Revolving credit facility
Short term loans
Maximum credit facility	5,230.0								$ 748.5	$ 245.5
US$ denominated \| US Denominated Revolving credit facility agreement with multiple banks
Short term loans
Drawn down from debt	1,400.0	$ 200.0
EUR denominated \| Revolving credit facility
Short term loans
Letter of guarantee procurement amount expired	38.3
Interest rate (as a percent)					0.02%					0.02%
EUR denominated \| Revolving credit facility \| For issuing letter of guarantee for procurement
Short term loans
Drawn down from debt	¥ 63.9
EUR denominated \| Revolving credit facility agreement with multiple banks.
Short term loans
Drawn down from debt					¥ 2.6		€ 0.3
EUR denominated \| Revolving credit facility agreement with multiple banks. \| For issuing letter of guarantee for procurement
Short term loans
Drawn down from debt					¥ 43.3

Share-based payments - Share-based awards relating to the Shan Shan Outlets (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($) $ / shares	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2019	Jan. 31, 2025	Dec. 31, 2024 $ / shares	Jan. 31, 2024	Dec. 31, 2023 $ / shares	Jan. 31, 2023
Share-based Payments
Total fair value of share-based awards	¥ 301,883		¥ 298,114	¥ 283,039
Share-based Payment Arrangement, Disclosure [Abstract]
Shared compensation expense	¥ 1,731,063	$ 247,539	¥ 1,537,740	¥ 1,509,806
Shan Outlets Plan
Share-based Payments
Expected dividend yield (as a percent)	0.00%	0.00%	0.00%	0.00%
Risk-free interest rate minimum	1.36%	1.36%	1.41%	2.17%
Risk-free interest rate maximum	1.43%	1.43%	1.47%	2.35%
Expected volatility minimum	19.90%	19.90%	23.17%	32.95%
Expected volatility maximum	42.18%	42.18%	27.53%	38.74%
Share Price \| $ / shares		$ 1,749,207					$ 1,540,863		$ 1,097,668
Share-based Payment Arrangement, Disclosure [Abstract]
Share based compensation, aggregate of registered capital in percent					15.00%
Vesting period (in years)			2 years
Options vesting percentage	100.00%	100.00%
Maximum contractual term					10 years
Share-based payment award, maximum employee subscription rate						2.0248%		1.3472%		0.868%
Shared compensation expense	¥ 660,719		¥ 360,055	¥ 441,195
Repurchase share price average period	3 years	3 years
Stock repurchased	¥ 293,383		¥ 100,922	¥ 66,829
Shan Outlets Plan \| Minimum
Share-based Payment Arrangement, Disclosure [Abstract]
Vesting period (in years)	1 year	1 year
Options vesting percentage	25.00%	25.00%
Shan Outlets Plan \| Maximum
Share-based Payment Arrangement, Disclosure [Abstract]
Vesting period (in years)	4 years	4 years
Options vesting percentage	100.00%	100.00%

Accrued expenses and other current liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Accrued expenses and other current liabilities

Schedule of accrued expenses and other current liabilities


	As of December 31,
	2024	2025
	RMB	RMB
Accrued advertising expense	1,101,844	1,083,154
Accrued shipping and handling expenses	1,440,908	1,323,094
Amounts received on behalf of third-party merchants (Note a)	2,305,545	2,415,132
Accrued payroll and social benefits	685,021	689,526
Deposits from vendors	587,339	653,998
Income tax payables	558,515	564,414
Other tax payables (Note b)	444,836	492,840
Accrued rental expenses	64,436	56,138
Accrued administrative expenses	339,262	323,212
Refund liability (Note c)	510,655	468,454
Cash-settled share-based compensation (Note 23(c))	1,258,189	1,627,615
Loan from non-controlling interests shareholders (Note d)	206,000	159,500
Payables for repurchasing of ordinary shares	—	52,218
Others	160,871	31,851
Total	9,663,421	9,941,146

Notes:

(a)

Amounts represent the cash collected on behalf of third-party merchants who sold their goods or services through the platforms and cash collected on behalf of the lessee of Shan Shan Outlets related to the consideration for goods sold in outlets.

(b)

Amounts represent VAT and related surcharges, PRC individual income tax of employees withheld by the Group, tariffs, import VAT and consumption tax pursuant to the Circular on Tax Policy for Cross-border E-commerce Retail Imports.

(c)

The Group offers online customers with an unconditional right of return for a period of 7 days upon receipt of products on sales from its platforms. Accordingly, the Group estimates the expected customer merchandize returns, based on historical return patterns, to record the revenue reversal and a corresponding refund liability which is included in accrued expenses and other current liabilities.

(d)

Balance mainly represents loans from non-controlling interests shareholders of Shan Shan Outlets for the outlets’ operation.

Property and equipment, net

12 Months Ended

Dec. 31, 2025

Property and equipment, net

Property and equipment, net

6.	Property and equipment, net


		As of December 31,
		2024		2025
		RMB		RMB
Cost:
Buildings		20,496,536		21,675,499
Furniture, fixtures and equipment		3,700,956		3,847,020
Leasehold improvements		1,608,217		1,686,600
Motor vehicles		30,662		31,961
Software		128,253		125,095
Construction in progress		600,374		201,998
Sub-total		26,564,998		27,568,173
Less: Accumulated depreciation		(7,653,439)		(8,915,274)
Less: Accumulated impairment		(618,788)		(341,366)
Property and equipment, net		18,292,771		18,311,533

Depreciation expenses charged were RMB1,299.4 million, RMB1,418.5 million and RMB1,526.5 million for the years ended December 31, 2023, 2024 and 2025, respectively.

During the year ended December 31, 2023, the Group identified impairment indicator for its leasehold improvements and furniture related to offline shops and city outlets due to their declining performance and recognized an impairment loss of RMB20,584 related to leasehold improvement and RMB135,657 related to ROU assets as disclosed in Note 14.

No impairment indicator was identified and no impairment losses were recognized during the years ended December 31, 2024 and 2025. During the year ended December 31, 2025, certain fully impaired transit warehouses and leasehold improvements related to offline shops with a total accumulated impairment loss of RMB277,422 were written off as the Group has determined that it is not probable for the balance to be recovered.

Non-controlling interests

12 Months Ended

Dec. 31, 2025

Non-controlling interests

Non-controlling interests

17.

Non-controlling interests


		Non-controlling
		interests
		RMB
Balance as of December 31, 2023		1,598,354
Net income attributable to non-controlling interests		99,010
Acquisition of additional equity interests in subsidiaries⁽ⁱ⁾		(228,345)
Dividend distribution to non-controlling interests holders		(42,891)
Deregistration of subsidiaries		(1,275)
Capital contribution from non-controlling interests shareholders⁽ⁱⁱ⁾		155,563
Balance as of December 31, 2024		1,580,416
Net income attributable to non-controlling interests		167,149
Dividend distribution to non-controlling interests holders		(22,350)
Capital contribution from non-controlling interests shareholders⁽ⁱⁱ⁾		8,000
Capital contribution from Vipshop Outlet REIT⁽ⁱⁱⁱ⁾		1,705,200
Balance as of December 31, 2025		3,438,415

(i)

During the year ended December 31, 2024, the Group made further investment of RMB512,031 to acquire the remaining shares from non-controlling interests shareholder of Shan Jing Commercial Management (Ningbo) Co., Ltd. The transaction is recorded as a debit of RMB228,139 based on the book value of the non-controlling interests and the remaining amount of RMB283,892 is recorded to additional paid-in capital.

17.

Non-controlling interests (Continued)

(ii)

During the year ended December 31, 2024, a total capital contribution of RMB163,860 was received from the non-controlling interests shareholders of several subsidiaries of Shan Shan Outlets in which RMB155,563 and RMB8,297 was recorded in non-controlling interests and additional paid-in capital, respectively.

During the year ended December 31, 2025, a total capital contribution of RMB8,000 was received from the non-controlling interests shareholders of a Shan Shan Outlet and was recorded in non-controlling interests.

(iii)

In August 2025, Vipshop Outlet REIT that established by the Company to invest in one outlet project owned and operated by Shan Shan Outlets, received formal approval from China’s Securities Regulatory Commission. On September 12, 2025, the Vipshop Outlet REIT was listed on the Shanghai Stock Exchange. The Company subscribed 51% of the units issued by the Vipshop Outlet REIT and consolidates the REIT. The remaining units amounted to RMB1.71 billion was invested by third party investors which was recorded as non-controlling interests. Upon the completion of the listing of the Vipshop Outlet REIT, the Company raised net proceeds for approximately RMB1.39 billion.

The schedule below discloses the effect of changes in the Company’s ownership interests in subsidiaries on the Company’s equity:


	Year Ended December 31,
	2023	2024	2025
	RMB	RMB	RMB
Net income attributable to Vipshop Holdings Limited’s shareholders	8,116,624	7,739,935	7,242,490
Transfers (to) from the non-controlling interests:
Decrease in the Company’s additional paid-in capital in relation to the acquisition of additional equity interests in subsidiaries	(8,732)	(283,892)	—
Capital contributions from non-controlling interests	(10,630)	8,297	—
Net transfers to non-controlling interests	(19,362)	(275,595)	—
Changes from net income attributable to Vipshop Holdings Limited’s shareholders and transfers from non-controlling interests	8,097,262	7,464,340	7,242,490

Related party transactions

12 Months Ended

Dec. 31, 2025

Related party transactions

Related party transactions

22.

Related party transactions

For the years ended December 31, 2023, 2024 and 2025, the Group entered into the following material related party transactions:


		Year Ended December 31,
		2023		2024		2025
		RMB		RMB		RMB
Nature of transactions:
Purchase of goods (i)		373,864		294,963		278,988
Purchase of services (i)		838,609		823,372		920,193
Provision of services		17,689		30,952		44,572
Sales of product		73,608		295		383
Interest income		24,011		17,460		12,919

(i)

The goods and services were purchased from companies either controlled by its shareholders or directors and equity method investees of the Group.

Details of the balances with related parties are as follows:

(a)

Amounts due from related parties, net

As of December 31, 2025, amounts due from related parties amounted to RMB762,781. Of this total, RMB29,708 represented interest-bearing loans to Gansu Shanshan, an equity method investee, carrying an annual interest rate of 2.85% and RMB20,307 represented interest-free loans to another equity method investee. The remaining amount consisted of RMB599,078 shareholder deposits to VipFubon at 2.20% and 2.45% annual interest and RMB113,688 primarily for prepayments related to purchases of goods and other services.

As of December 31, 2024, amounts due from related parties amounted to RMB548,145. Of this total, RMB39,618 represented interest-bearing loans to Gansu Shan Shan, an equity method investee, carrying an annual interest rate of 2.85% and RMB11,887 represented interest-free loans to another equity method investee. The remaining amount consisted of RMB403,037 loan to VipFubon at 3.3% annual interest, renewed during the year, and RMB93,603 primarily for prepayments related to purchases of goods and other services.

22.

Related party transactions (Continued)

(b)

Amounts due to related parties

Amounts due to related parties as of December 31, 2025 amounted to RMB101,782, mainly includes payables for purchases of goods and other services.

Amounts due to related parties as of December 31, 2024 amounted to RMB104,187, mainly includes payables for purchases of goods and other services.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Property and equipment, net (Tables)

12 Months Ended

Dec. 31, 2025

Property and equipment, net

Schedule of property and equipment, net


		As of December 31,
		2024		2025
		RMB		RMB
Cost:
Buildings		20,496,536		21,675,499
Furniture, fixtures and equipment		3,700,956		3,847,020
Leasehold improvements		1,608,217		1,686,600
Motor vehicles		30,662		31,961
Software		128,253		125,095
Construction in progress		600,374		201,998
Sub-total		26,564,998		27,568,173
Less: Accumulated depreciation		(7,653,439)		(8,915,274)
Less: Accumulated impairment		(618,788)		(341,366)
Property and equipment, net		18,292,771		18,311,533

Pay vs Performance Disclosure ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Pay vs Performance Disclosure
Net Income (Loss)	¥ 7,242,490	$ 1,035,664	¥ 7,739,935	¥ 8,116,624

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Accounts receivables, net (Tables)

12 Months Ended

Dec. 31, 2025

Accounts receivables, net

Schedule of components of accounts receivable, net


	As of December 31,
	2024	2025
	RMB	RMB
Receivables for logistics and warehousing services rendered	289,862	255,400
Receivables from payment platform	130,460	215,538
Trade receivables (Note a)	226,464	220,640
Others (Note b)	284,631	217,046
Subtotal	931,417	908,624
Allowance for doubt accounts:
Balance at beginning of the year	(60,665)	(16,259)
Write-offs	53,058	9,983
Provision	(8,652)	(13,128)
Allowance as of the end of the year	(16,259)	(19,404)
Accounts receivables, net	915,158	889,220

Notes:

(a)

Trade receivables represent financing extended to certain customers when they select to pay for the online product purchases through installments.

(b)

Others mainly represent receivables from provision of rental, online promotion and advertising services, receivables from financing service fees and receivables from government subsidies for customers.

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We have implemented robust processes for assessing, identifying, and managing material risks from cybersecurity threats and monitoring the prevention, detection, mitigation, and remediation of material cybersecurity incident. We have also integrated cybersecurity risk management into our overall enterprise risk management system. We have established a dynamic and multi-layered cybersecurity defense system to effectively mitigate both internal and external cybersecurity threats. This comprehensive system spans multiple security domains, including network, host, and application layers. It integrates a range of security capabilities such as threat defense, continuous monitoring, in-depth analysis, and rapid response. Our approach to managing cybersecurity risks and safeguarding sensitive data is multi-faceted, involving technological safeguards, procedural protocols, a rigorous program of surveillance on our corporate network and the connections with any third-party service providers, ongoing internal and external evaluations of our security measures implemented towards internal and external resources, a solid incident response framework, and regular cybersecurity training sessions for our employees. Our cybersecurity department is actively engaged in continuous monitoring of our applications, platforms, and infrastructure to ensure prompt identification and response to potential issues, including emerging cybersecurity threats. We do not engage any third parties in connection with the processes for assessing, identifying, and managing material risks from cybersecurity threats. As of the date of this annual report, we have not experienced any material cybersecurity incidents or identified any material cybersecurity threats that have affected or are reasonably likely to materially affect us, our business strategy, results of operations, or financial condition.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We have implemented robust processes for assessing, identifying, and managing material risks from cybersecurity threats and monitoring the prevention, detection, mitigation, and remediation of material cybersecurity incident. We have also integrated cybersecurity risk management into our overall enterprise risk management system.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our nominating and corporate governance committee of our board of directors is responsible for overseeing our company’s cybersecurity risk management and be informed on risks from cybersecurity threats. Our nominating and corporate governance committee will review, approve, and maintain oversight of the disclosure (i) on Form 6-K for material cybersecurity incidents (if any) and (ii) relating to cybersecurity matters in the periodic reports (including annual report on Form 20-F) of our company.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	nominating and corporate governance committee
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our nominating and corporate governance committee of our board of directors is responsible for overseeing our company’s cybersecurity risk management and be informed on risks from cybersecurity threats. Our nominating and corporate governance committee will review, approve, and maintain oversight of the disclosure (i) on Form 6-K for material cybersecurity incidents (if any) and (ii) relating to cybersecurity matters in the periodic reports (including annual report on Form 20-F) of our company.
Cybersecurity Risk Role of Management [Text Block]	In addition, on the management level, we have established a disclosure committee and designated specific personnel, including certain executive officers and the person in charge of our cybersecurity matters who has experience in dealing with confidentiality-related cybersecurity issues, to oversee and manage cybersecurity related matters and formulate policies as necessary. Pursuant to the internal controls and procedures in connection with cybersecurity, our disclosure committee reports to our board of directors will assess from time to time regarding its assessment, identification, and management on material risks from cybersecurity threats happened in the ordinary course of our business operations. If a cybersecurity incident occurs, our disclosure committee will immediately organize relevant personnel for internal assessment and, depending on the situation, seek the opinions of external experts and legal advisors. If it is determined that the incident could potentially be a material cybersecurity event, our disclosure committee will immediately report the investigation and assessment results to our board of directors within two/three business days and our board of directors will decide on the relevant response measures and whether any disclosure is necessary. If such disclosure is determined to be necessary, our disclosure committee will promptly prepare disclosure material for review and approval by our board of directors before it is disseminated to the public
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	disclosure committee and designated specific personnel
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	we have established a disclosure committee and designated specific personnel, including certain executive officers and the person in charge of our cybersecurity matters who has experience in dealing with confidentiality-related cybersecurity issues, to oversee and manage cybersecurity related matters and formulate policies as necessary.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Pursuant to the internal controls and procedures in connection with cybersecurity, our disclosure committee reports to our board of directors will assess from time to time regarding its assessment, identification, and management on material risks from cybersecurity threats happened in the ordinary course of our business operations. If a cybersecurity incident occurs, our disclosure committee will immediately organize relevant personnel for internal assessment and, depending on the situation, seek the opinions of external experts and legal advisors. If it is determined that the incident could potentially be a material cybersecurity event, our disclosure committee will immediately report the investigation and assessment results to our board of directors within two/three business days and our board of directors will decide on the relevant response measures and whether any disclosure is necessary. If such disclosure is determined to be necessary, our disclosure committee will promptly prepare disclosure material for review and approval by our board of directors before it is disseminated to the public
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Segment information (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2025 USD ($)
Depreciation
Depreciation of property and equipment	¥ 1,526,471	$ 218,282	¥ 1,418,492	¥ 1,299,384
Interest income	801,587	114,625	809,792	780,292
Interest expenses	(90,037)	(12,875)	(57,676)	(22,932)
Equity income of subsidiaries and VIEs	293,919	$ 42,030	166,980	80,301
Total assets	78,843,318		74,936,126		$ 11,274,444
Investments in equity method investees	3,136,784		2,002,043		$ 448,554
Total expenditure for additions of long-lived assets	2,066,538		3,562,586	5,230,737
Inter-segment
Depreciation
Interest income	(1,435)		(1,035)	(1,532)
Interest expenses	1,435		1,035	1,532
Vip.com
Depreciation
Depreciation of property and equipment	928,680		924,097	851,630
Total assets	53,572,887		51,103,217
Investments in equity method investees	2,174,846		1,106,779
Total expenditure for additions of long-lived assets	590,415		870,593	2,330,278
Vip.com \| Operating Segment
Depreciation
Interest income	643,679		610,161	654,485
Interest expenses	(86,718)		(57,627)	(22,821)
Equity income of subsidiaries and VIEs	(1,933)		1,647	52,212
Shan Shan Outlets
Depreciation
Depreciation of property and equipment	585,577		476,943	417,226
Total assets	21,650,040		19,971,408
Investments in equity method investees	800,520		760,596
Total expenditure for additions of long-lived assets	1,469,068		2,687,663	2,895,954
Shan Shan Outlets \| Operating Segment
Depreciation
Interest income	53,646		41,932	42,807
Interest expenses	(3,319)		(53)	(111)
Equity income of subsidiaries and VIEs	141,924		121,071	112,868
Others
Depreciation
Depreciation of property and equipment	12,214		17,452	30,528
Total assets	3,620,391		3,861,501
Investments in equity method investees	161,418		134,668
Total expenditure for additions of long-lived assets	7,055		4,330	4,505
Others \| Operating Segment
Depreciation
Interest income	105,697		158,734	84,532
Interest expenses	(1,435)		(1,031)	(1,532)
Equity income of subsidiaries and VIEs	¥ 153,928		¥ 44,262	¥ (84,779)

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Leases - Balance sheet information relating to lease (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
Leases
ROU assets	¥ 398,798	$ 57,027	¥ 433,617
Operating lease liabilities	47,458	6,786	57,224
Operating lease liabilities-non-current	¥ 556,951	$ 79,643	¥ 591,995
Weighted-average remaining lease term	9 years 5 months 12 days	9 years 5 months 12 days	10 years 4 months 24 days
Weight-average discount rate	4.89%	4.89%	4.89%

Summary of significant accounting policies

12 Months Ended

Dec. 31, 2025

Summary of significant accounting policies

Summary of significant accounting policies

2.Summary of significant accounting policies

(a)Basis of presentation

The consolidated financial statements have been prepared in accordance with U.S. GAAP.

(b)Principles of consolidation

The consolidated financial statements include the financial statements of the Company, its subsidiaries, the consolidated VIEs and VIEs’ subsidiaries for which the Company is the primary beneficiary. All intercompany transactions, balances and unrealized profit and losses have been eliminated upon consolidation.

The Group evaluates the need to consolidate the VIEs and VIEs’ subsidiaries in which equity holders do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support.

As foreign-invested companies engaged in internet-based businesses is subject to significant restrictions under current PRC laws and regulations, the Group and its PRC subsidiary, Vipshop (China) Co., Ltd. (“Vipshop China”), as a wholly foreign owned enterprise (“WFOE”), are restricted from holding the licenses that are necessary for the online operation in China. To comply with these restrictions, the Group conducts the Internet-related operations in the PRC through certain PRC domestic companies, whose equity interests are held by certain management members of the Group (“Nominee Shareholders”).

The Group, through Vipshop China, entered into a series of contractual arrangements with certain PRC domestic companies and the Nominee Shareholders, pursuant to which the Group is entitled to have the power to direct the activities that most significantly impact the VIEs, and receive effectively all economic benefits generated from the Nominee Shareholders’ equity interests in these VIEs. By entering into a series of contractual arrangements, the Group established three sets of VIEs: (i) Guangzhou Vipshop E-Commerce Co., Ltd. (“Vipshop E-Commerce”); (ii) Guangzhou Vipshop Information Technology Co., Ltd. (“Vipshop Information”); and (iii) Pin Jun Tong Enterprise Management & Consulting Co., Ltd. (“Pin Jun Tong”).

The Group has concluded that it is the ultimate primary beneficiary of these PRC domestic companies and accordingly, consolidates these VIEs.

2.Summary of significant accounting policies (Continued)

(b)Principles of consolidation (Continued)

The following is a summary of the contractual agreements (collectively, “Contractual Agreements”) that the Group, through the WFOE, entered into with the consolidated VIEs and their Nominee Shareholders:

Equity Interest Pledge Agreements

The Nominee Shareholders of these PRC domestic companies pledged all of their equity interests in these PRC domestic companies as collateral to ensure that these PRC domestic companies fully perform its obligations under the Exclusive Business Cooperation Agreement, Exclusive Option Agreement and other applicable Agreement, and pay the consulting and service fees and repay the loan and the accrued interests to the WFOE when the same becomes due. The agreement will remain in effect until all of the obligations of these PRC domestic companies under the Exclusive Business Cooperation Agreement, Exclusive Option Agreement and other applicable Agreement have been duly performed or terminated.

Exclusive Option Agreement

The Nominee Shareholders of these PRC domestic companies granted the WFOE an irrevocable and exclusive right to purchase, or designate one or more persons to purchase, their equity interest in these PRC domestic companies at the WFOE’s sole and absolute discretion to the extent permitted by the PRC laws. The purchase price is equal to the higher of: (i) the amount of registered capital actually contributed by the equity holder; or (ii) a minimum price permitted by applicable PRC laws.

Power of Attorney Agreements

The Nominee Shareholders of these PRC domestic companies irrevocably authorized the WFOE to exercise the rights related to their shareholdings, including attending shareholders’ meetings and voting on their behalf on all matters, including but not limited to matters related to the transfer, pledge or disposition of their respective equity interests in these PRC domestic companies, and appointment of the executive directors and senior management of these PRC domestic companies. The WFOE has the right to appoint any individual or entity to exercise the power of attorney on its behalf. Each power of attorney will remain in effect until the shareholder ceases to hold any equity interest in these PRC domestic companies.

Exclusive Business Cooperation Agreement

The WFOE entered into an agreement with these PRC domestic companies to provide these PRC domestic companies with technical, consulting and other services. In consideration of these services, these PRC domestic companies shall pay the WFOE fees equal to 100% of its net income of these PRC domestic companies, provided that the WFOE, at its sole discretion, shall have the right to adjust the rate of the service through written notice. The WFOE will exclusively own any intellectual property arising from the performance of this agreement. These PRC domestic companies have no right to terminate this agreement unless the WFOE commits gross negligence or fraud.

2.Summary of significant accounting policies (Continued)

(b)Principles of consolidation (Continued)

Risks in relation to the VIE structure

The Group believes that the VIE arrangements are in compliance with PRC law and are legally enforceable. The equity holders of the VIEs are also shareholders of the Company and therefore have no current interest in seeking to act contrary to the contractual arrangements. However, there are certain risks related to the Contractual Agreements, which include but are not limited to the following:

●

The interpretation and application of PRC laws and regulations relating to online commerce and provision of internet content may pose effects on us. If the PRC government finds that the structure we have adopted for our business operations does not comply with PRC laws and regulations, we could be subject to severe penalties, including shut-down of our online retail channels;

●

The Group relies on contractual arrangements with the consolidated VIEs and their respective shareholders for the operation of their business, which may not be as effective as direct ownership. If the consolidated VIEs and their respective shareholders fail to perform their obligations under these contractual arrangements, the Group may have to resort to arbitration or litigation to enforce their rights, which may be time-consuming, unpredictable, expensive, and damaging to their operations and reputation;

●

The shareholders of the significant consolidated VIEs have potential conflict of interest with the Group, which may adversely affect their business;

●

The Group may lose the ability to use and enjoy assets held by the consolidated VIEs that are important to the operation of their business if either such entity goes bankrupt or becomes subject to a dissolution or liquidation proceeding;

●

The Group’s business may be significantly affected by the PRC Foreign Investment Law;

●

The contractual arrangements with the consolidated VIEs may result in adverse tax consequences to the Group.

The financial information of the Group’s VIEs and VIEs’ subsidiaries, including total assets, total current liabilities, total liabilities, net revenues, total operating expenses, net income and cash flows after intercompany eliminations are as follows:


	As of December 31,
	2024	2025
	RMB	RMB
Total assets	6,504,813	5,678,365
Total current liabilities	(899,497)	(928,299)
Total liabilities	(901,256)	(930,527)

2.Summary of significant accounting policies (Continued)

(b)Principles of consolidation (Continued)

Risks in relation to the VIE structure (Continued)


	Year Ended December 31,
	2023	2024	2025
	RMB	RMB	RMB
Net revenues	372,530	306,576	292,344
Total operating expenses	(62,931)	(56,759)	(35,938)
Net income	235,406	308,464	341,871


	Year Ended December 31,
	2023	2024	2025
	RMB	RMB	RMB
Net cash used in operating activities	(721,336)	(749,147)	(399,537)
Net cash used in investing activities	(123,591)	(155,901)	(505,959)
Net cash used in financing activities	—	(1,854)	—

There are no consolidated VIEs’ assets that are collateral for the VIEs’ obligations or are restricted solely to settle the VIEs’ obligations. The Company has not provided any financial support that it was not previously contractually required to provide to the VIEs.

(c)Use of estimates

The preparation of financial statements in conformity with U.S. GAAP requires management of the Group to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, and reported amounts of revenues and expenses during the reporting periods. Actual results may differ from these estimates. The Group’s management made their estimates based on historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Significant accounting estimates reflected in the Group’s financial statements include inventory write-downs, delivery day estimate, impairment of goodwill and long-lived assets and valuation of other investments. Changes in facts and circumstances may result in revised estimates.

(d)Cash and cash equivalents

Cash and cash equivalents consist of cash on hand, time deposit that are not restricted as to withdrawal or use and highly liquid investments with maturity of less than three months.

(e)Restricted cash

The Group’s restricted cash represents mainly deposits held in a designated bank account related to online payments service, security deposits of short - term loans and other restricted cash items.

(f)Short-term investments

Short-term investments consist primarily of financial products offered by commercial banks in mainland China and Hong Kong with fixed maturity dates ranging from three months to one year.

2.Summary of significant accounting policies (Continued)

(g)Inventories

Inventories consisting of products available for sales are valued at the lower of cost or net realizable value with cost determined using the weighted average cost method. Net realizable value is based on estimated selling prices in the ordinary course of business, less reasonably predictable transportation cost. Write-down is recorded when future estimated net realizable value is less than cost, which is recorded in cost of revenues in the consolidated statements of income and comprehensive income.

Inventory write-down is estimated based on significant management estimates and assumptions used to determine the write-down percentages that are applied to different aging groups and assess the condition of the merchandizes within each category. In determining the write-down percentages on inventories, the Company takes into considerations of factors, such as the inventories’ aging, historical trends, forecasted demands, expected selling prices and future promotional events.

(h)Accounts receivables, net

Accounts receivables are mainly receivables from logistics and warehousing services rendered to the Group’s vendors, receivables from consumer financing business and related service fees, receivables from provision of rental, online promotion and advertising services and receivables from payment platform, which are stated at the historical carrying amount net of allowance for uncollectible accounts. The Group makes estimates of expected credit losses for the allowance for credit losses based on assessment of various factors, including historical experience, the age of the accounts receivable balances, probabilities of default and loss given default rates of different types of accounts receivables in each business, credit quality of certain accounts receivables, current economic conditions, reasonable and supportable forecasts of future economic conditions and other factors that may affect its ability to collect from the counterparties. Uncollectible accounts receivables are written off when a settlement is reached for an amount that is less than the outstanding historical balance or when the Group has determined that is not probable for the balance to be collected.

Accounts receivables expected to be settled in more than one year as of the balance sheet date are classified into other long-term assets on the consolidated balance sheets.

(i)Other receivables and prepayments, net

Other receivables and prepayments mainly consisted of interest receivable, prepayment to suppliers related to procurement activities for goods and services, loans to third parties, value added tax (“VAT”) and enterprise income tax (“EIT”) recoverable, advances to supplier related to financing activities and others. The Group makes estimates of expected credit loss for the allowance of other receivables based on assessment of various factors, including probability of default and loss given default rate of different types of other receivables in each business, current economic conditions, reasonable and supportable forecasts of future economic conditions and other factors that may affect its ability to collect from the counterparties. Uncollectible other receivables are written off when a settlement is reached for an amount that is less than the outstanding balance or when the Group has determined that it is probable the balance will not be collected.

2.Summary of significant accounting policies (Continued)

(j)Property and equipment, net

Property and equipment are stated at cost less accumulated depreciation and impairment losses. Gains or losses on dispositions of property and equipment are included in other operating income. Major additions, renewals and betterments are capitalized, while maintenance and repairs are expensed as incurred.

Depreciation and amortization are provided over the estimated useful lives of the assets using the straight-line method from the time the assets are placed in service. Estimated useful lives are as follows:


		Estimated useful life
Buildings		20 to 30 years
Furniture, fixtures and equipment		2 to 10 years
Leasehold improvements		Shorter of lease term or the estimated useful life of lease improvements
Motor vehicles		4 to 5 years
Software		1 to 10 years

Direct and incremental costs related to the construction of assets, including costs under the construction contracts, duties and tariffs, equipment installation and shipping costs, are capitalized. Management estimates the residual value of its furniture, fixtures and equipment and motor vehicles ranging from 0% to 5%.

(k)Land use rights, net

Land use rights represent the amounts paid and relevant costs incurred for the Group’s leases for the right of use for lands located in PRC and are recorded at purchase cost less accumulated amortization. Amortization is provided on a straight-line basis over the terms of the respective land use right agreements.

(l)Intangible assets, net

Acquired intangible assets mainly consist of trademarks and payment license acquired from third parties and from business combination.

Trademarks purchased from third parties are initially recorded at cost and amortized on a straight-line basis over the estimated economic lives.

Identifiable intangibles assets acquired in business combination are determined separately from goodwill based on their fair value if they satisfy either the “contractual-legal” or “separability” criterion.

Intangible assets with a definite economic life are carried at cost less accumulated amortization. Identifiable intangibles assets are amortized using the straight-line method over their respective economic lives.

2.Summary of significant accounting policies (Continued)

(l)Intangible assets, net (Continued)

Intangible assets acquired with indefinite lives are carried at cost less subsequent accumulated impairment loss. Cost to renew or extend the term of a recognized intangible asset is charged to profit or loss as incurred in the consolidated statements of income and comprehensive income. Estimated economic lives of the intangible assets are as follows:


		Estimated economic life
Trademarks		2-5 years
Payment license		Indefinite life

(m)Investments in equity method investee and other investments

Investments accounted under the equity method

Equity investments for which the Group has significant influence but does not own a majority equity interest or otherwise control are accounted for using the equity method. The Group adjusts the carrying amount of the investments and recognizes investment income or loss for its share of the earnings or loss of the investee after the date of investment.

The Group assesses its equity method investments for impairment by considering factors including, but not limited to, current economic and market conditions, operating performance of the entities, including current earnings trends and future cash flows, and other entity-specific information. The fair value determination, particularly for investments in privately-held entities, requires judgment to determine appropriate estimates and assumptions. Changes in these estimates and assumptions could affect the fair value assessment of the investments and determination of whether any identified impairment is other-than-temporary. If the decline in the fair value is deemed to be other-than-temporary, the carrying value of the equity method investment is written down to fair value.

Equity investment with readily determinable fair value

Investments in equity securities that have readily determinable fair value and for which the Group does not have the ability to exercise significant influence are reported at fair value with unrealized gains and losses included in investment gain and revaluation of investments on the consolidated statements of income and comprehensive income.

Equity investment without readily determinable fair value

The Group’s other investments comprise of investments in privately-held companies that do not have readily determinable fair value and investments in private equity funds accounted for under the practical expedient in ASC Topic 820, Fair Value Measurements and Disclosures (“ASC 820”) to estimate fair value using the net asset value per share (or its equivalent) of the investment (“NAV practical expedient”). For investments in privately-held companies that do not have readily determinable fair value, the Group applied the measurement alternatives to measure these investments at cost minus impairment, if any, adjusted up or down for observable price changes in orderly transactions for the identical or similar investment of the same issuer. The Group also makes qualitative assessment at each reporting period and if the assessment indicates that the fair value of the investment is less than the carrying value, the investment in equity securities will be written down to its fair value, with the difference between the fair value and carrying amount of the investment as an impairment loss recorded in the consolidated statements of income and comprehensive income.

2.Summary of significant accounting policies (Continued)

(m)

Investments in equity method investee and other investments (Continued)

Available-for-sale debt securities

For investments in investee’s shares which are determined to be debt securities, the Group accounts for as available-for-sale investments when they are not classified as either trading or held-to-maturity investments. Available-for-sale investments are reported at fair value, with unrealized gains and losses, net of taxes recorded in accumulated other comprehensive income or loss. Realized gains or losses on the sales of these securities are recognized in the consolidated statements of operations. The Group evaluates each individual investment periodically for impairment.

(n)Impairment of long-lived assets

The Group evaluates its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. When these events occur, the Group assesses the recoverability of these long-lived assets by comparing the carrying amount of the assets to the future undiscounted cash flows expected to result from the use of the assets and their eventual disposition. If the future undiscounted cash flow is less than the carrying amount of the assets, the Group recognizes an impairment writing down the carrying amount to the fair value of these assets.

The Group evaluates intangible asset that is not subject to amortization for impairment annually. When performing the impairment analysis for such intangible assets, the Group will first perform a qualitative assessment to determine whether it is necessary to perform a quantitative impairment test. If the qualitative factors indicate that the carrying amount of the intangible assets is more likely than not to exceed the fair value, then a quantitative impairment test is performed. To perform a quantitative impairment test of intangible assets, the Group performs an assessment that consists of a comparison of the fair values of the intangible assets with their carrying amounts. The Group recognizes impairment loss on the amount by which the carrying value exceeds the fair value of the asset. After an impairment loss is recognized, the Group uses adjusted carrying amount of the long-lived assets and intangible asset as its new accounting basis.

The Group recorded long-lived assets impairment of RMB156,241, nil and nil during the years ended December 31, 2023, 2024 and 2025, respectively, in general and administrative expenses on the consolidated statements of income and comprehensive income.

2.Summary of significant accounting policies (Continued)

(o)Goodwill

Goodwill represents the excess of the purchase price over the fair value of the identifiable assets and liabilities acquired in a business combination. Goodwill is not amortized but is tested for impairment on an annual basis as of December 31, and in between annual tests when an event occurs or circumstances change that could indicate that the asset might be impaired.

In accordance with ASC 350, the Group may first assess qualitative factors to determine whether it is necessary to perform the quantitative goodwill impairment test. In the qualitative assessment, the Group considers factors such as macroeconomic conditions, industry, regulation and market considerations, overall financial performance of the reporting unit, and other specific information related to the operations, business plans and strategies of the reporting unit. Based on the qualitative assessment, if it is more likely than not that the fair value of a reporting unit is less than the carrying amount, the quantitative impairment test is performed. The management concluded that goodwill was not impaired as of December 31, 2023, 2024 and 2025, respectively.

The Group performs the quantitative impairment test by comparing the fair value of each reporting unit to its carrying amount, including goodwill. If the fair value of the reporting unit exceeds its carrying amount, goodwill is not considered to be impaired. If the carrying amount of a reporting unit exceeds its fair value, the amount by which the carrying amount exceeds the reporting unit’s fair value is recognized as impairment. Application of a goodwill impairment test requires significant management judgment, including the identification of reporting units, allocation of assets, liabilities and goodwill to reporting units, and determination of the fair value of each reporting unit.

(p)Business combinations and non-controlling interests

In determining whether a particular set of activities and assets is a business, the Group assesses whether the set of assets and activities acquired includes, at a minimum, an input and substantive process and whether the acquired set has the ability to produce outputs. The Group applies a ‘screen test’ that permits a simplified assessment of whether an acquired set of activities and assets is not a business. The test is met if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets.

Transactions in which the acquired is considered a business are accounted for as a business combination as described below. Conversely, transactions not considered as business acquisition are accounted for as acquisition of assets and liabilities. In such transactions, the cost of acquisition is allocated proportionately to the acquired identifiable assets and liabilities, based on their proportionate fair value on the acquisition date. In an assets acquisition, no goodwill is recognized on the acquisition date.

The Group accounts for its business combinations using the acquisition method of accounting in accordance with ASC 805 “Business Combinations”. The cost of an acquisition is measured as the aggregate of the acquisition date fair value of the assets transferred, liabilities incurred and equity instruments issued by the Group to the sellers and equity instruments issued. Transaction costs directly attributable to the acquisition are expensed as incurred. Identifiable assets acquired and liabilities assumed are measured separately at their fair value as of the acquisition date, irrespective of the extent of any non-controlling interests. The excess of (i) the total costs of acquisition, fair value of the non-controlling interests and acquisition date fair value of any previously held equity interest in the acquiree over (ii) the fair value of the identifiable net assets of the acquiree, is recorded as goodwill.

In a business combination achieved in stages, the Group remeasures its previously held equity interest in the acquiree at the acquisition-date fair value and recognize the resulting gain or loss, if any, in earnings.

2.Summary of significant accounting policies (Continued)

(p)Business combinations and non-controlling interests (Continued)

For the Group’s majority-owned subsidiaries and subsidiaries of VIEs, a non-controlling interest is recognized to reflect the portion of their equity which is not attributable, directly or indirectly, to the Group. Consolidated net income on the consolidated statements of income and comprehensive income includes the net income attributable to non-controlling interests. The cumulative results of operations attributable to non-controlling interests, are recorded as non-controlling interests on the Group’s consolidated balance sheets.

(q)Leases

From the Perspective of Lessee

The Group leases office space, offline stores, apartments and certain equipment under operating leases for terms ranging from short term (under 12 months) to 16 years.

The scope of ASC 842 also includes land use rights and the accounting policy is included in Note 2(k).

The Group determines whether a contract contains a lease at contract inception. A contract contains a lease if there is an identified asset and the Group has the right to control the use of the identified asset.

At the commencement of each lease, management determines its classification as an operating or finance lease. For leases that qualify as operating leases, the Group recognizes the associated lease expense on a straight-line basis over the term of the lease beginning on the date of initial possession, which is generally when the Group enters the leased premises and begins to make improvements in preparation for its intended use.

A lease liability is recognized for future fixed lease payments and Right-of-use (“ROU”) assets representing the right to use the underlying asset during the lease term.

The Group uses the incremental borrowing rate in determining the present value of lease payments, unless the implicit rate is readily determinable. The incremental borrowing rate is estimated on a portfolio basis and incorporating lease term, currency risk, credit risk and an adjustment for collateral. If lease terms include options to extend or terminate the lease, the ROU asset and lease liability are measured considering such options when it’s reasonably certain they could be exercised.

The Group uses the discount rate as of the commencement date of the lease, incorporating the entire lease term. Current maturities and long-term portions of operating lease liabilities are classified as operating lease liabilities, current and operating lease liabilities, non-current, respectively, in the consolidated balance sheets.

The ROU asset is measured at the amount of the lease liabilities with adjustments, if applicable, for lease prepayments made prior to or at lease commencement, initial direct costs incurred and lease incentives. Variable lease expenses include rent contingent payments based on percentages of revenue as defined in the lease. It is not included in lease expenses before it incurs or becomes probable.

Repayments of operating liabilities, variable lease payments and short-term lease payments are classified in operating activities.

2.Summary of significant accounting policies (Continued)

(q)Leases (Continued)

From the Perspective of Lessee (Continued)

The Group has made an accounting policy election to exempt leases with an initial term of 12 months or less from being recognized on the balance sheet. Short-term leases are not significant in comparison to the Group’s overall lease portfolio. Payments related to those leases are recognized in the consolidated statements of income and comprehensive income on a straight-line basis over the lease term.

From the Perspective of Lessor

The Group leases shop spaces in outlet malls to brand shops and warehouse to suppliers under operating leases ranging from short term (under 12 months) to 25 years.

Under ASC 842, which permits a practical expedient that provides lessors an option not to separate lease and non-lease components if both of the following criteria are met: (1) the timing and pattern of transfer of the lease and non-lease component(s) are the same and (2) the lease component would be classified as an operating lease if it were accounted for separately. If both criteria are met, the combined component is accounted for in accordance with ASC 842 if the lease component is the predominant component of the combined component; otherwise, the combined component is accounted for in accordance with the revenue recognition standard. The Group determined that the lease arrangements meet the criteria applying the practical expedient and to account for the lease and non-lease components as a single lease component under ASC 842. The Group recognized consideration received from the leases, together with other non-lease components including common area maintenance arrangements on a straight-line basis as the lease component is the predominant component of the combined component.

The Group, as a lessor, retain substantially all of the risks and benefits of ownership of the properties and continue to account for its leases as operating leases. There is no terms and conditions exist to grant the option for the tenant to purchase the properties upon termination of the lease. Renewal of the leases are negotiated before termination and penalty is imposed if the lessees early terminate the leases. The majority of the Group’s lease contracts are based on the higher of 1) fixed lease payment and 2) variable lease payment based on percentage of gross revenue generated by each tenant. The Group recognizes fixed lease income on a straight-line basis over the terms of the leases and variable lease income are recognized when incurred, both included in other revenues on the consolidated statements of income and comprehensive income. The lessees are generally required to provide the Group with a deposit, which is recorded in accrued expenses and other current liabilities on the consolidated balance sheets.

The residual value of the Group’s lease assets represents the fair value of the leased assets at the end of the lease terms. The Group applies on industry data, historical experience, independent appraisals and the experience of the management team to value lease residuals.

(r)Revenue recognition

The Group recognizes revenue when its customer obtains control of promised goods or services in an amount that reflects the consideration which the Group expects to receive in exchange for those goods or services. For revenue recognition, the Group evaluates the arrangements within the scope of Topic 606 and performs the following five steps: (1) identify the contract(s) with a customer,(2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract and (5) recognize revenue when (or as) the entity satisfies a performance obligation.

2.Summary of significant accounting policies (Continued)

(r)Revenue recognition (Continued)

Product revenue recognition

The majority of the Group’s revenue is derived from online product revenue. The Group generates revenue from the sale of apparel, fashion goods, cosmetics, home goods and lifestyle products and other merchandizes through its online platforms, including its internet website and cellular phone application. The Group recognizes revenue at the point of time when the goods have been received by the customers based on the delivery day estimate. The customers have the options to pay for the goods in advance or to pay over an agreed upon instalment period.

For offline product revenue and merchandizes sold through Shan Shan Outlets, the Group recognizes product revenue at the point of time when customers obtain control of the merchandises.

Revenue was recorded net of surcharges, VAT and sales tax on cross border revenue. Surcharges are sales related taxes representing the City Maintenance and Construction Tax and Education Surtax. Revenues also include fees charged to customers for shipping and handling expenses for online product revenue.

To determine whether the Group is an agent or principal in the sale of products, the Group considers the following indicators: the Group is primarily responsible for fulfilling the promise to provide the specified goods or services, is subject to inventory risks before the specified goods or services have been transferred to a customer or handling the return of the goods after transfer of control to the customers, and has discretion in establishing the price of the specified goods or services. The Group records all product revenue on a gross basis except for the products sold where the Group only provides platform access for certain third-party merchants.

Return rights

The Group offers online sales customers with an unconditional right of return for a period of 7 days upon receipt of the products. Accordingly, the Group estimates the expected customer merchandize returns, based on historical return patterns, to record the revenue reversal and a corresponding refund liability which is included in accrued expenses and other current liabilities (Note 11).

Other revenues

Other revenues primarily consist of product promotion and online advertising revenues, lease income mainly earned from the Shan Shan Outlets and warehouses, fees charged to third-party merchants where the Group provides platform access for sales of their products, logistic services revenue to third-parties, loan facilitation service income and membership fee income.

The Group provides promotion and advertising services to the merchants on its as well as third-party marketing affiliate’s website or mobile applications. The Group recognizes revenue from performance - based marketing services when the customers are charged based on effective clicks or sales, and from display the advertising services over the agreed period or based on the impressions at an agreed rate per thousand impressions.

Shan Shan Outlets leases shop space to various brand shops and the Group leases the warehouses to the suppliers, the related revenue is accounted under ASC Topic 842—Leases. The detail information was disclosed in Note 2(q).

The Group charges commission fees to third-party merchants for access to the Group’s platform for sales of their products. The Group is not generally responsible for fulfilling the promised contracts, as it does not bear the inventory risk, nor has the discretion in establishing prices. Upon successful sales on the Group’s online platforms, the Group charges the third-party merchants commission fees.

Revenue from logistic services is recognized at the point of time upon completion of the performance of services.

2.Summary of significant accounting policies (Continued)

(r)Revenue recognition (Continued)

Other revenues (Continued)

In connection with the Group’s product revenues, certain approved customers have the option to pay for the goods over an installment period up to 24 months. Significant financing component exists in sales paid by installments. The Group elected the practical expedient not to adjust the promised amount of consideration for the effects of a significant financing component for all instances in which the period between payment and transfer of the goods will be one year or less. For the contracts with installment period over 12 months, the transaction price is adjusted for the effects of the time value of money which is equivalent to the amounts charged in separate financing transaction between the Group and its customers at contract inception. The revenues earned from the financing service is recognized over the installment period and included in other revenues.

The Group cooperates with banks and third-party consumer financing companies to provide consumer loans to qualified customers, and is entitled to service channel fees calculated as a percentage of the loan amounts. Revenue is recognized when the banks or third-party consumer financing companies grant customers the loans. The Group is not responsible for any activity post loan originations nor does it provide any guarantee for the loans. The Group considers its performance obligation is completed upon the loan origination and the service fee is recognized as revenue at that point in time.

The Group has a paid online membership program called Super VIP, which allows its members to enjoy certain privileges. The revenue related to the membership fee is recognized on a straight-line basis over the period of the membership.

Membership reward program

Shan Shan Outlets grant reward points to customers when they purchased goods from shops in outlets operated by the Group. These reward points can be used as credits against payment on future purchases.

Shan Shan Outlets considers reward points derived from its own shops in the outlets as a separate performance obligation and allocates the transaction price proportionally between the product sold and reward points granted on a relative standalone selling price basis taking into consideration of the likelihood of future redemption based on historical experience and the equivalent value per reward points when redeemed. The related reward points from its own shops are considered as a contract liability which is not material to the Group’s consolidated financial statements as a whole.

Remaining performance obligations

Remaining performance obligations represent the transaction price allocated to unsatisfied or partially unsatisfied performance obligations. As of December 31, 2024 and 2025, the Group had unfulfilled performance obligations for products to be passed to customers of RMB1,801.2 million and RMB1,673.1 million, and performance obligations related to Super VIP membership fee and reward points of RMB394.1 million and RMB422.6 million, respectively. The Group expects revenue to be recognized for the remaining performance obligations within the next year. The remaining performance obligations are accounted under advance from customers and deferred income.

2.Summary of significant accounting policies (Continued)

(r)Revenue recognition (Continued)

Disaggregation of revenue

The Group disaggregates its product revenue from different types of contracts with customers by nature, as the Group believes it best depicts the nature, amount, timing and uncertainty of its revenue and cash flows. The Group disaggregates its other revenue from different types of contracts with customers by service income and lease income, as the Group believes it best depicts the nature, amount, timing and uncertainty of its revenue and cash flows. Service income mainly relate to revenues from product promotion and online advertising revenues, fees charged to third-party merchants which the Group provides platform access for sales of their products, revenue from third-party logistics services, loan facilitation service income and membership fee income. Lease incomes are mainly earned from the Shan Shan Outlets. The amounts of service income and lease income were RMB4.94 billion and RMB2.30 billion, RMB4.96 billion and RMB2.73 billion, RMB5.12 billion and RMB3.40 billion, for the years ended December 31, 2023, 2024 and 2025, respectively.

The following table sets forth the disaggregation of revenue:


	Year Ended December 31,
	2023	2024	2025
	RMB	RMB	RMB
Product revenues
Womenswear and menswear	37,628,436	34,825,405	32,332,442
Shoes and bags	9,384,021	8,301,476	7,645,338
Skincare and cosmetics	15,669,280	14,015,643	13,069,012
Sportswear and sporting goods	13,870,228	13,748,205	14,030,473
Home goods and other lifestyle products	8,620,465	8,553,989	9,511,250
Baby and children products	9,606,808	9,032,306	11,061,599
Supermarket and other products	10,834,247	12,257,526	9,748,712
	105,613,485	100,734,550	97,398,826
Other revenues	7,242,535	7,686,282	8,520,720
Total net revenues	112,856,020	108,420,832	105,919,546

The following table summarizes the Group’s revenues recognized at a point in time or over time:


		Year Ended December 31,
		2023		2024		2025
		RMB		RMB		RMB
Revenues recognized at a point in time		108,123,465		103,076,990		99,718,096
Revenues recognized over time		4,732,555		5,343,842		6,201,450
Total net revenues		112,856,020		108,420,832		105,919,546

Contract balances

The estimated returns of inventory remained in-transit were recorded as contract assets included in inventory. The balance of contract assets is RMB360.5 million and RMB318.5 million as of December 31, 2024 and 2025, respectively.

The Group’s contract liabilities mainly consist of prepayments from customers, Super VIP membership fee, reward points and refund liability related to estimated return. As of December 31, 2024 and 2025, the balances of the contract liabilities are RMB2,706.0 million and RMB2,564.1 million, included in advances from customers, deferred income and accrued expenses and other current liabilities.

2.Summary of significant accounting policies (Continued)

(r)Revenue recognition (Continued)

Contract balances (Continued)

At beginning of the years ended December 31, 2023, 2024 and 2025, contract liabilities, excluding refund liabilities related to estimated returns amounting to RMB339.8 million, RMB494.8 million and RMB510.7 million, respectively, were recognized as revenue during the years, and contract liabilities excluding refund liabilities related to estimated returns of RMB468.5 million as of December 31, 2025, are expected to be realized in the following financial year.

(s)Cost of revenues

Cost of revenues consists primarily of cost of merchandizes sold, inventory write-down, cost related to logistics revenue, cost related to generating promotion and advertising revenue, occupancy cost for retail shops including rental cost, maintenance costs, depreciation expenses and utility cost of the outlets. Cost of revenues does not include fulfillment expenses and on-line payment processing fee, therefore the Group’s cost of revenues may not be comparable to other companies which include such expenses in their cost of revenues.

(t)Fulfilment expenses

Fulfillment expenses primarily consist of shipping and handling expenses, packaging expenses, depreciation and amortization of warehouse and logistics equipment, compensation and benefits of logistics and client service cost.

(u)Marketing expenses

Marketing expenses primarily represent advertising expenses incurred in connection with customer acquisition and brand promotional activities, as well as compensation and benefits of marketing staff.

Advertising expenses are charged to the consolidated statements of income and comprehensive income in the period incurred. The amounts of advertising expenses incurred were RMB1.82 billion, RMB1.97 billion and RMB2.01 billion for the years ended December 31, 2023, 2024 and 2025, respectively.

(v)Technology and content expenses

Technology and content expenses primarily consist of compensation and benefits of IT personnel, depreciation of IT equipment, telecommunications expenses, and expenses incurred in creating content for sales events on retail channels.

(w)General and administrative expenses

General and administrative expenses primarily consist of compensation and benefits of headquarters and administrative staff, payment processing fees, depreciations, rental expenses, and other administrative and overhead expenses.

(x)Government grants

Government grants consist of grants related to depreciable assets and other cash subsidies received by the Company’s subsidiaries in the PRC from local governments. Government grants related to depreciable assets are recognized in statement of income over the periods in which depreciation expense on those assets is recognized, corresponding to the useful lives of the assets. Other subsidies received as incentives for conducting business in certain local districts with no performance obligation or other restriction as to the use are recognized when cash is received. RMB495,078, RMB635,673 and RMB704,602 of government grants recognized were included in other operating income for the years ended December 31, 2023, 2024 and 2025, respectively.

2.Summary of significant accounting policies (Continued)

(y)Foreign currency transactions and translations

The functional currency of the Company, Vipshop International Holdings Limited and other offshores subsidiaries is the United States dollar (“US dollar”). The functional currency of all the other significant subsidiaries and the VIEs is RMB. Foreign currency denominated monetary assets and liabilities are translated into the functional currency at the prevailing exchange rates as of the balance sheet date. Transactions in foreign currencies are translated into the functional currency at the applicable rates of exchange prevailing on the date transactions occurred. Transaction gains and losses are recognized in the consolidated statements of income and comprehensive income.

RMB is not a freely convertible currency. The PRC State Administration for Foreign Exchange, under the authority of the People’s Bank of China, controls the conversion of RMB into foreign currencies.

The value of RMB is subject to changes by central government policies and international economic and political developments affecting supply and demand in the China foreign exchange trading system. The Group’s cash, cash equivalents and restricted cash denominated in RMB amounted to RMB23.31 billion and RMB21.74 billion as at December 31, 2024 and 2025, respectively.

(z)Convenience translation

Translations of balances in the consolidated balance sheets, consolidated statements of income and comprehensive income, and consolidated statements of cash flows from RMB into US dollar as of and for the year ended December 31, 2025 are solely for the convenience of the readers and were calculated at the rate of RMB6.9931 to US$1.00, representing the noon buying rate set forth in the H.10 statistical release of the U.S. Federal Reserve Board on December 31, 2025. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US dollar at that rate on December 31, 2025.

(aa)Taxation

Current income taxes are provided for in accordance with the laws of the relevant taxing authorities. As part of the process of preparing the consolidated financial statements, the Group is required to estimate its income taxes in each of the jurisdictions in which it operates. The Group accounts for income taxes using the liability method. Under this method, deferred income taxes are recognized for tax consequences in future years of differences between the tax bases of assets and liabilities and their reported amounts in the consolidated financial statements at the end of each reporting period and tax loss carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates applicable for the differences that are expected to affect taxable income. Deferred tax assets are reduced by a valuation allowance when, based upon the weight of available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized.

Deferred tax is recognized on the undistributed earnings of subsidiaries, which are presumed to be distributed to parent companies, unless there is sufficient evidence that the subsidiaries have invested or will invest the undistributed earnings permanently in the domestic jurisdictions.

(ab)Value added taxes

The Group’s PRC entities are subject to VAT at rates ranged from 0% to 13%, on proceeds received from customers, and are entitled to a deduction for VAT already paid or borne on the goods purchased and utilized in the production of goods that have generated the gross sales proceeds and service delivered. The VAT balance is recorded either in other current liabilities or other current receivables on the consolidated balance sheets.

2.Summary of significant accounting policies (Continued)

(ac)Comprehensive income (loss)

Comprehensive income (loss) is defined to include all changes in equity except those resulting from investments by owners and distributions to owners. For the periods presented, comprehensive income (loss) is reported in the consolidated statements of income and comprehensive income, and other comprehensive income (loss) includes foreign currency translation adjustments and changes in fair value of debt securities derived from the share of (loss) income of an equity method investee.

(ad)Concentration and risks

Concentration of customers and suppliers

There are no customers or suppliers from whom revenues or purchases individually represent greater than 10% of the total revenues or the total purchases of the Group for the years ended December 31, 2023, 2024 and 2025.

Concentration of credit risk

Financial instruments that potentially expose the Group to concentrations of credit risk consist primarily of cash and cash equivalents, restricted cash, accounts receivables, net, short-term investments, amounts due from related parties, net and other receivables, net.

The Group places its cash and cash equivalents, restricted cash and short-term investments with financial institutions with high-credit ratings and quality. Accounts receivables primarily consist of receivables from logistics and warehousing services rendered to the Group’s vendors, receivables from consumer financing business and receivables from payment platform. Other receivables mainly consisted of interest receivable, loans to third parties and advances to suppliers related to financing activities. Amounts due from related parties are loans, deposits and prepayments related to purchases of goods and services from the entities controlled by shareholders of the Group. There is no significant credit risk concentrated with any specific end customers under consumer financing, microcredit loans or suppliers under financing service arrangements. The risk with respect to other items under account and other receivables and amount due from related parties is mitigated by credit evaluations the Group performs on its customers or suppliers and its ongoing monitoring processes of outstanding balances.

(ae)Fair value of financial instruments

Fair value is considered to be the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability. The established fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

2.Summary of significant accounting policies (Continued)

(ae)Fair value of financial instruments (Continued)

The three levels of inputs may be used to measure fair value include:

Level 1

Applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

Level 2

Applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

Level 3

Applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

The Group’s short-term financial instruments include cash and cash equivalents, restricted cash, short-term investments, receivables, payables, amounts due from related parties, other current liabilities, amounts due to related parties and short-term loan. The carrying amounts of these short-term financial instruments approximate their fair value due to the short-term maturity of these instruments. The carrying amounts of the long-term receivables approximate their fair value as the interest rates are comparable to the prevailing interest rates in the market.

The Group measures its equity investment with readily determinable fair value at its quoted price in active markets.

The Group measures its available-for-sale debt securities at fair value based on the recent transactions or based on the market approach when no recent transactions are available. Recent transactions include the purchase price agreed by an independent third party for an investment with similar terms. These investments are classified as level 2 measurement. When no recent transactions are available, a market approach will be used by the Group to measure fair value. The market approach takes into consideration a number of factors including market multiples derived from a set of comparable. The Group has classified these investments as level 3 measurement.

As a practical expedient, the Group uses NAV or its equivalent to measure the fair value of its certain fund investment which the Group does not have the ability to exercise significant influence. NAV is primarily determined based on information provided by external fund administrators. The Group’s investments valued at NAV as a practical expedient are private equity funds, which represent the investment in other investments on the balance sheet.

Certain cash-settled share-based compensation arrangements granted by Shan Shan Outlets are recorded as Level 3 financial instruments which are revalued at each reporting period end. The fair value of the liability relating to the cash-settled share-based compensation arrangements was determined using the Monte Carlo Simulation through simulation of the future net profits of the Shan Shan Outlets as disclosed in Note 23(c).

(af)Share-based compensation

Share-based payments made to employees, including equity-classified employee share options, non-vested shares issued to employees and liability-classified employee share options, which the Group has a repurchase option, are recognized as compensation expenses over the requisite service periods. The Group measures the cost of employee services received in exchange for share-based compensation at the fair value of the awards, which are determined on the grant date for equity-classified employee share options and each reporting period end for liability-classified employee share options. The Group recognizes compensation expense on a straight-line basis over the requisite service period for the entire award with graded vesting provided that the amount of compensation cost recognized at any date must at least equal the portion of the fair value of the award that is vested at that date. The estimate of forfeitures will be adjusted over the requisite service period to the extent that actual forfeitures differ, or are expected to differ, from such estimates. Changes in estimated forfeitures will be recognized through a cumulative catch-up adjustment in the period of change and will also impact the amount of share-based compensation expense to be recognized in future periods.

2.Summary of significant accounting policies (Continued)

(ag)Earnings per share

Basic earnings per share is computed by dividing net earnings attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the year. Diluted earnings per share reflect the potential dilution that could occur if securities or other contracts to issue ordinary shares were exercised or converted into ordinary shares.

(ah)Treasury shares

Treasury shares represents ordinary shares repurchased by the Group that are no longer outstanding and are held by the Group. The repurchase of ordinary shares is accounted for under the cost method whereby the entire cost of the acquired share is recorded as treasury shares. The cost of treasury shares is reclassified to “additional paid-in capital” when it is re-issued for the purpose of share options exercised and share awards. When the treasury shares are retired, an excess of repurchase price over par is allocated into additional paid-in capital.

(ai)Segment reporting

Operating segments are defined as components of an enterprise for which separate financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”), or decision making group, in deciding how to allocate resources and in assessing performance. The Group’s CODM is the Chief Executive Officer.

For the years ended December 31, 2023, 2024 and 2025, the Group has determined it has five operating segments, Vip.com, internet finance, Shan Shan Outlets, offline shops and City Outlets, in which the CODM reviews its financial result on a regular basis.Vip.com and Shan Shan Outlets have been identified as reportable segments. Internet finance, offline shops and City Outlets operating segments were aggregated as others because individually they do not exceed the 10% quantitative threshold. The financial information of the respective segments is disclosed in Note 24.

(aj)Recent accounting pronouncements

Recent adopted accounting pronouncements

In December 2023, The FASB has issued ASU No. 2023-09, Improvements to Income Tax Disclosures. Under the ASU, public business entities must annually “(1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income (or loss) by the applicable statutory income tax rate).” For public business entities, the standard is effective for annual periods beginning after December 15, 2024. For other entities, the amendments are effective for annual periods beginning after December 15, 2025. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The Group has adopted ASU 2023-09 in 2025 retrospectively and updated the income tax disclosure in Note 19.

Recent accounting pronouncements issued not yet adopted

In November 2024, the FASB issued ASU No. 2024-03, Income Statement (Topic 220)-Reporting Comprehensive Income- Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. Additionally, in January 2025, the FASB issued ASU No. 2025-01 to clarify the effective date of ASU No. 2024-03. The new guidance is intended to improve disclosures about a public business entity’s expenses by enhancing specified information about certain costs and expenses at each interim and annual reporting period so that investors can better understand an entity’s overall performance, including its cost structure, and assess potential future cash flows. This guidance is effective for fiscal years beginning after December 15, 2026 and interim periods within annual reporting periods beginning after December 15, 2027, on a retrospective or prospective basis, with early adoption permitted. The Company is in the process of evaluating the impact that this guidance will have on the consolidated financial statements and related disclosures.

2.Summary of significant accounting policies (Continued)

(aj)Recent accounting pronouncements (Continued)

Recent accounting pronouncements issued not yet adopted (Continued)

In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. The guidance was issued to provide a practical expedient to measure credit losses on current accounts receivable and current contract assets. The guidance is effective prospectively for financial statements issued for fiscal years beginning after December 15, 2025, and interim periods within those fiscal years. Early adoption of the guidance is permitted. The Group is currently evaluating the impact the guidance will have on its consolidated financial statements.

Segment information

12 Months Ended

Dec. 31, 2025

Segment information

Segment information

24.

Segment information

Segment revenue and results

For the years ended December 31, 2023, 2024 and 2025, the Group has determined it has five operating segments, Vip.com, internet finance, Shan Shan Outlets, offline shops and City Outlets.Vip.com and Shan Shan Outlets have been identified as reportable segments while internet finance, offline shops and City Outlets operating segments were aggregated as others reportable segment.

The Group’s CODM assesses the segments’ performance by using each segments’ income from operations (which includes certain expense allocations directly attributable to each of the segments).

The CODM uses income from operations for each segment to measure the performance of each segment to monitor budget versus actual results and evaluate the performance, and to allocate resources to each of the segments.

24.

Segment information (Continued)

Segment revenue and results (Continued)

The tables below provide a summary of the Group’s operating segment results including the significant expense categories and amounts for each reportable segment that are regularly provided to the CODM for the years ended December 31, 2023, 2024 and 2025:


				Shan Shan
Year Ended December 31, 2023		Vip.com		Outlets		Others		Total
		RMB		RMB		RMB		RMB
Revenues from external customers		109,177,540		2,771,018		907,462		112,856,020
Inter-segment revenues (Note a)		378,941		24,959		326,591		730,491
		109,556,481		2,795,977		1,234,053		113,586,511
Reconciliation of total net revenues
Elimination of inter-segment revenues								(730,491)
Total net revenues								112,856,020
Less:
Cost of revenues		(85,569,090)		(1,488,518)		(405,095)
Fulfillment expenses (Note b)		(8,151,510)		–		–
Marketing expenses (Note b)		(3,170,057)		(170,246)		–
Technology and content expenses (Note b)		(1,350,414)		–		–
General and administrative expenses (Note b)		(2,312,911)		(457,780)		(530,555)
Share-based compensation expenses (Note c)		(1,023,215)		(441,195)		–
Other segment items (Note d)		639,886		122,882		(174,558)
Segment income from operations		8,619,170		361,120		123,845		9,104,135
Reconciliation of profit or loss:
Other income and expenses (Note e)								882,867
Income before income taxes and share of income of equity method investees								9,987,002

24.

Segment information (Continued)

Segment revenue and results (Continued)


				Shan Shan
Year Ended December 31, 2024		Vip.com		Outlets		Others		Total
		RMB		RMB		RMB		RMB
Revenues from external customers		104,379,002		3,284,968		756,862		108,420,832
Inter-segment revenues (Note a)		352,166		25,761		205,325		583,252
		104,731,168		3,310,729		962,187		109,004,084
Reconciliation of total net revenues
Elimination of inter-segment revenues								(583,252)
Total net revenues								108,420,832
Less:
Cost of revenues		(81,251,073)		(1,626,883)		(344,551)
Fulfillment expenses (Note b)		(8,241,185)		—		—
Marketing expenses (Note b)		(2,766,702)		(200,850)		—
Technology and content expenses (Note b)		(1,424,414)		—		—
General and administrative expenses (Note b)		(2,290,281)		(558,476)		(333,414)
Share-based compensation expenses (Note c)		(1,137,590)		(360,055)		—
Other segment items (Note d)		731,609		160,771		(187,737)
Segment income from operations		8,351,532		725,236		96,485		9,173,253
Reconciliation of profit or loss:
Other income and expenses (Note e)								814,227
Income before income taxes and share of income of equity method investees								9,987,480

24.

Segment information (Continued)

Segment revenue and results (Continued)


				Shan Shan
Year Ended December 31, 2025		Vip.com		Outlets		Others		Total
		RMB		RMB		RMB		RMB
Revenues from external customers		101,136,509		4,058,022		725,015		105,919,546
Inter-segment revenues (Note a)		384,346		23,516		189,172		597,034
		101,520,855		4,081,538		914,187		106,516,580
Reconciliation of total net revenues
Elimination of inter-segment revenues								(597,034)
Total net revenues								105,919,546
Less:
Cost of revenues		(79,555,236)		(1,859,631)		(350,505)
Fulfillment expenses (Note b)		(8,200,923)		—		—
Marketing expenses (Note b)		(2,719,647)		(234,942)		—
Technology and content expenses (Note b)		(1,355,745)		—		—
General and administrative expenses (Note b)		(2,323,903)		(644,851)		(263,248)
Share-based compensation expenses (Note c)		(1,039,023)		(660,719)		—
Other segment items (Note d)		856,160		175,818		(204,239)
Segment income from operations		7,182,538		857,213		96,195		8,135,946
Reconciliation of profit or loss:
Other income and expenses (Note e)								778,737
Income before income taxes and share of income of equity method investees								8,914,683

Notes:

(a)

Inter-segment revenues mainly consist of payment processing, inter platform technical services, warehousing rental services and supply chain management services, promotion services provided by Vip.com to internet finance business and by offline shops to Vip.com, and internal procurement between offline shops, Shan Shan Outlets and Vip.com.

(b)	These expenses exclude share-based compensation expenses.

(c)	The detail information was disclosed in Note 23.

(d)	For each segment, the other segment items category includes:

Vip.com — other operating income which consists of government grants, claims income and other miscellaneous income.

Shanshan — technology and content expenses, other operating income which consists of government grants, claims income and other miscellaneous income.

Others — fulfillment expenses, marketing expenses, technology and content expenses, share-based compensation expenses, other operating income which consists of government grants, claims income and other miscellaneous income.

(e)	Other income and expenses include interest income, exchange gain/(loss), investment gain/(loss) and revaluation of investments, interest expenses and impairment loss of investments.

24.

Segment information (Continued)

Segment revenue and results (Continued)

Depreciation of property and equipment, net (included in the measurement of segment profit or loss):


	Year Ended December 31,
	2023	2024	2025
	RMB	RMB	RMB
Total depreciation of property and equipment, net
Vip.com	851,630	924,097	928,680
Shan Shan Outlets	417,226	476,943	585,577
Others	30,528	17,452	12,214
	1,299,384	1,418,492	1,526,471

Interest income and expenses (included in the measurement of segment profit or loss):


	Year Ended December 31,
	2023	2024	2025
	RMB	RMB	RMB
Interest income
Vip.com	654,485	610,161	643,679
Shan Shan Outlets	42,807	41,932	53,646
Others	84,532	158,734	105,697
Inter-segment interest income	(1,532)	(1,035)	(1,435)
	780,292	809,792	801,587
Interest expenses
Vip.com	(22,821)	(57,627)	(86,718)
Shan Shan Outlets	(111)	(53)	(3,319)
Others	(1,532)	(1,031)	(1,435)
Inter-segment interest expense	1,532	1,035	1,435
	(22,932)	(57,676)	(90,037)


	Year Ended December 31,
	2023	2024	2025
	RMB	RMB	RMB
Share of income (loss) of investments accounted under the equity method
Vip.com	52,212	1,647	(1,933)
Shan Shan Outlets.	112,868	121,071	141,924
Others	(84,779)	44,262	153,928
	80,301	166,980	293,919


	As of December 31,
	2024	2025
	RMB	RMB
Total assets
Vip.com	51,103,217	53,572,887
Shan Shan Outlets.	19,971,408	21,650,040
Others	3,861,501	3,620,391
	74,936,126	78,843,318

24.

Segment information (Continued)

Segment revenue and results (Continued)


	As of December 31,
	2024	2025
	RMB	RMB
Investments in equity method investees
Vip.com	1,106,779	2,174,846
Shan Shan Outlets.	760,596	800,520
Others	134,668	161,418
	2,002,043	3,136,784


		Year Ended December 31,
		2023	2024	2025
		RMB	RMB	RMB
Total expenditure for additions of long-lived assets
Vip.com		2,330,278	870,593	590,415
Shan Shan Outlets.		2,895,954	2,687,663	1,469,068
Others		4,505	4,330	7,055
		5,230,737	3,562,586	2,066,538

Geographic information

Substantially all revenues and long-lived assets of Group are derived from and located in the PRC.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Other receivables and prepayments, net (Tables)

12 Months Ended

Dec. 31, 2025

Other receivables and prepayments, net

Schedule of components of other receivables and prepayments, net


	As of December 31,
	2024	2025
	RMB	RMB
VAT and EIT recoverable	688,291	905,397
Deposits	51,943	46,319
Interest receivable	764,049	883,022
Prepayment to suppliers related to procurement activities of goods and services	309,309	440,956
Prepaid expense	96,475	75,360
Loans to third parties	184,700	187,900
Advances to suppliers related to financing activities	330,902	299,660
Others	162,668	144,703
Subtotal	2,588,337	2,983,317
Allowance for doubtful account:
Balance at beginning of the year	(67,379)	(115,287)
Write-offs	—	923
Provision	(47,908)	(8,652)
Allowance as of the end of the year	(115,287)	(123,016)
Total	2,473,050	2,860,301

Investments in equity method investees (Tables)

12 Months Ended

Dec. 31, 2025

Investments in equity method investees

Schedule of Investment in equity method investees


	As of December 31,
	2024		2025
	RMB		RMB
Sichuan VipFubon Consumer Finance Co., Ltd (“VipFubon”)	270,683		572,427
Sequoia Fashion and Technology Industry Fund Investment Limited Partnership	429,965		269,515
Shanxi Tianmei Shan Shan Outlets Shopping Mall Co., Ltd (“Shanxi Shan Shan”)	582,608		604,083
Guofu Life Insurance Co., Ltd	134,668		161,418
Gansu Shan Shan Outlets Shopping Mall Co., Ltd (“Gansu Shan Shan”)	174,907		191,605
Lishui Huilian Ruitong Equity Investment Limited Partnership (“Lishui Huilian Ruitong”)	—		646,064
Others	419,562		702,022
Less:
Impairment	(10,350)		(10,350)
Total	2,002,043		3,136,784

Summary of condensed income statement


	Year Ended December 31,
	2023	2024	2025
	RMB	RMB	RMB
Revenues	3,116,172	2,277,551	3,059,332
Gross profit	165,578	554,778	1,263,943
Income from operations	310,193	530,092	1,051,391
Net income	260,582	435,189	872,993
Net income attributable to the investees’ ordinary shareholders	260,582	435,189	872,993

Summary of condensed financial statements


		As of December 31,
		2024	2025
		RMB	RMB
Current assets		15,716,003	24,078,308
Non-current assets		12,733,109	14,767,212
Current liabilities		6,549,835	10,965,812
Non-current liabilities		13,811,233	17,333,829

Commitments and contingencies

12 Months Ended

Dec. 31, 2025

Commitments and contingencies

Commitments and contingencies

21.

Commitments and contingencies

Capital commitment

As of December 31, 2024 and 2025, the Group has contracted for capital expenditures of RMB1,199,691 and RMB258,378, respectively.

Other commitments

The Group has the following commitments:

As of December 31, 2024 and 2025, the Group has investment commitment of RMB654.0 million and RMB941.2 million, respectively.

Contingencies

The Group is subject to periodic legal or administrative proceedings in the ordinary course of business. The Group does not believe that any currently pending legal proceeding to which the Group is a party will have a material effect on its business, results of operations or cash flows.

Other operating income (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Other operating income
Government grants	¥ 704,602		¥ 635,673	¥ 495,078
Claims income	155,438		177,924	168,940
Others	195,803		101,611	137,542
Total other operating income	¥ 1,055,843	$ 150,984	¥ 915,208	¥ 801,560

Summary of Significant Accounting Policies - Foreign Currency Transactions and convenience translation & VAT (Details) ¥ in Millions	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)
Foreign currency transactions and translations
Cash, cash equivalents and restricted cash	¥ 21,740	¥ 23,310
Convenience translation
Convenience translation calculated at the rate of US$1.00	6.9931
Minimum
Value added taxes
Rate of VAT levied on PRC subsidiaries of the company (as a percent)	0.00%
Maximum
Value added taxes
Rate of VAT levied on PRC subsidiaries of the company (as a percent)	13.00%

Property and equipment, net (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2025 USD ($)
Property and equipment, net
Property and equipment, gross	¥ 27,568,173		¥ 26,564,998
Less: Accumulated depreciation	(8,915,274)		(7,653,439)
Less: Accumulated impairment	(341,366)		(618,788)
Property and equipment, net	18,311,533		18,292,771		$ 2,618,514
Depreciation expenses	1,526,471	$ 218,282	1,418,492	¥ 1,299,384
Impairment on property plant and equipment	0		0	156,241
Total accumulated impairment loss	277,422
Buildings
Property and equipment, net
Property and equipment, gross	21,675,499		20,496,536
Furniture, fixtures and equipment
Property and equipment, net
Property and equipment, gross	3,847,020		3,700,956
Leasehold improvements
Property and equipment, net
Property and equipment, gross	1,686,600		1,608,217
Impairment on property plant and equipment				20,584
Motor vehicles
Property and equipment, net
Property and equipment, gross	31,961		30,662
Software
Property and equipment, net
Property and equipment, gross	125,095		128,253
Construction in process
Property and equipment, net
Property and equipment, gross	¥ 201,998		¥ 600,374
Right of use assets
Property and equipment, net
Impairment on property plant and equipment				¥ 135,657

Capital structure

12 Months Ended

Dec. 31, 2025

Capital structure

Capital structure

16.

Capital structure

Dual-class share structure

On September 15, 2014, the Company’s shareholders voted in favor of a proposal to adopt a dual-class share structure, pursuant to which the Company’s authorized share capital was reclassified 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. Both Class A and Class B ordinary shares are entitled to the same dividend right. The holders of the Group’s ordinary shares are entitled to such dividends as may be declared by the board of directors subject to the Companies Law. As of December 31, 2024 and 2025, all Class B ordinary shares were held by the Chairman of the Company.

Exercise of share options

During the years ended December 31, 2023 and 2024, nil and 14,000 Class A ordinary shares were issued respectively, as a result of exercise of share options by employees.

During the years ended December 31, 2025, 372,000 treasury shares were re-issued as Class A ordinary shares, as a result of exercise of share options by employees.

Vesting of shares awards

During the years ended December 31, 2023, 2024 and 2025, 1,034,612, 1,118,228 and 61,810 Class A ordinary shares were issued respectively as a result of vesting of shares awards granted to employees.

Repurchase of ordinary shares

During the year ended December 31, 2023, the Group repurchased approximately US$713.3 million (RMB4,968.5 million) of ADS representing 9,755,695 class A ordinary shares in accordance with the US$1.00 billion, US$500.0 million and US$500.0 million share repurchase program the Company’s board of directors authorized in March 2022, March 2023 and May 2023.

During the year ended December 31, 2024, the Group repurchased approximately US$536.1 million (RMB3,852.4 million) of ADS representing 7,668,435 class A ordinary shares in accordance with the US$500.0 million and US$500.0 million share repurchase program the Company’s board of directors authorized in March 2023 and May 2023. In addition, during the same period, the Group repurchased 12,249 class A ordinary shares that had been issued to employees in prior years and were already vested, with no consideration paid by the Group.

During the year ended December 31, 2025, the Group repurchased approximately US$696.7 million (RMB4,997.0 million) of ADS representing 195,526 class A ordinary shares in accordance with the US$500.0 million share repurchase program the Company’s board of directors authorized in May 2023 and 8,491,086 class A ordinary shares in accordance with the US$1.00 billion share repurchase program the Company’s board of directors authorized in August 2024.

Cancellation of ordinary shares

During the year ended December 31, 2023, the Group canceled 26,216,773 class A ordinary shares, out of treasury shares, with carrying value approximately US$1,426.8 million (RMB9,696.3 million).

During the year ended December 31 2025, the Group canceled 5,589,953 class A ordinary shares, out of treasury shares, with carrying value approximately US$395.5 million (RMB2,861.5 million).

Re-issuance of Treasury Shares

During the year ended December 31, 2024, 630,353 of the treasury shares were re-issued to employees of the Group for the purpose of share awards.

During the year ended December 31, 2025, 1,851,595 of the treasury shares were re-issued to employees of the Group for the purpose of share awards and share options.

Dividend

On February 28, 2024, the Company announced that the board of directors approved a cash dividend of US$2.15 per ordinary share, or US$0.43 per ADS, to the holders of ordinary shares and ADSs, respectively, as of the close of business on March 15, 2024. Dividends are recognized when declared. The cash dividends amounted to US$233.3 million (RMB1.67 billion) were paid in April 2024. No dividends had been paid or declared by the Company for the year ended December 31, 2023.

On February 21, 2025, the board of directors of the Company declared a dividend of US$2.40 per ordinary share, or US$0.48 per ADS, to holders of ordinary shares and holders of ADSs of record as of the close of business on April 11, 2025. The cash dividends amounted to US$247.4 million (RMB1.80 billion) were paid in April 2025.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Income tax expense - Income taxes paid (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Income tax expense
PRC EIT taxes	¥ 2,400,582		¥ 2,173,022	¥ 1,778,409
Foreign taxes	42,521		(3,534)	376
Total income taxes paid	¥ 2,443,103	$ 349,359	¥ 2,169,488	¥ 1,778,785

Summary of significant accounting policies (Tables)

12 Months Ended

Dec. 31, 2025

Summary of significant accounting policies

Schedule of financial information of the Group's consolidated VIEs and VIEs' subsidiaries, including total assets, total liabilities, total equity, net revenues, total operating expenses, net income (loss) attributable to the Company and cash flows after intercompany eliminations


	As of December 31,
	2024	2025
	RMB	RMB
Total assets	6,504,813	5,678,365
Total current liabilities	(899,497)	(928,299)
Total liabilities	(901,256)	(930,527)


	Year Ended December 31,
	2023	2024	2025
	RMB	RMB	RMB
Net revenues	372,530	306,576	292,344
Total operating expenses	(62,931)	(56,759)	(35,938)
Net income	235,406	308,464	341,871


	Year Ended December 31,
	2023	2024	2025
	RMB	RMB	RMB
Net cash used in operating activities	(721,336)	(749,147)	(399,537)
Net cash used in investing activities	(123,591)	(155,901)	(505,959)
Net cash used in financing activities	—	(1,854)	—

Schedule of classification and estimated useful lives of plant and equipment


		Estimated useful life
Buildings		20 to 30 years
Furniture, fixtures and equipment		2 to 10 years
Leasehold improvements		Shorter of lease term or the estimated useful life of lease improvements
Motor vehicles		4 to 5 years
Software		1 to 10 years

Schedule of estimated economic lives of the intangible assets


		Estimated economic life
Trademarks		2-5 years
Payment license		Indefinite life

Schedule of revenue


	Year Ended December 31,
	2023	2024	2025
	RMB	RMB	RMB
Product revenues
Womenswear and menswear	37,628,436	34,825,405	32,332,442
Shoes and bags	9,384,021	8,301,476	7,645,338
Skincare and cosmetics	15,669,280	14,015,643	13,069,012
Sportswear and sporting goods	13,870,228	13,748,205	14,030,473
Home goods and other lifestyle products	8,620,465	8,553,989	9,511,250
Baby and children products	9,606,808	9,032,306	11,061,599
Supermarket and other products	10,834,247	12,257,526	9,748,712
	105,613,485	100,734,550	97,398,826
Other revenues	7,242,535	7,686,282	8,520,720
Total net revenues	112,856,020	108,420,832	105,919,546


		Year Ended December 31,
		2023		2024		2025
		RMB		RMB		RMB
Revenues recognized at a point in time		108,123,465		103,076,990		99,718,096
Revenues recognized over time		4,732,555		5,343,842		6,201,450
Total net revenues		112,856,020		108,420,832		105,919,546

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Other receivables and prepayments, net (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2025 USD ($)
Other receivables and prepayments, net
VAT and EIT recoverable	¥ 905,397	¥ 688,291
Deposits	46,319	51,943
Interest receivable	883,022	764,049
Prepayment to suppliers related to procurement activities of goods and services	440,956	309,309
Prepaid expense	75,360	96,475
Loans to third parties	187,900	184,700
Advances to suppliers related to financing activities	299,660	330,902
Others	144,703	162,668
Subtotal	2,983,317	2,588,337
Allowance for doubtful accounts:
Balance at beginning of the year	(115,287)	(67,379)
Write-offs	923
Provision	(8,652)	(47,908)
Balance at end of the year	(123,016)	(115,287)
Total	¥ 2,860,301	¥ 2,473,050	$ 409,018

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases

Schedule of information relating to leases


		As of December 31,
		2024		2025
		RMB		RMB
ROU assets		433,617		398,798
Operating lease liabilities—current		57,224		47,458
Operating lease liabilities—non-current		591,995		556,951
Weighted-average remaining lease term		10.40		9.45
Weight-average discount rate		4.89	%	4.89	%

Schedule of component of lease cost


		Year Ended December 31,
		2023	2024		2025
		RMB	RMB		RMB
Operating lease cost for fixed payments		147,260	102,472		90,707
Short-term lease costs		61,487	75,356		89,278
Variable lease costs		52,442	49,540		44,975
Total lease costs		261,189	227,368		224,960

Schedule of supplemental cash flow information


		Year Ended December 31,
		2023		2024		2025
		RMB		RMB		RMB
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases		165,828		109,552		100,662

Schedule of maturities of lease liabilities


		Operating
Maturities of lease liabilities at December 31, 2025		leases
		RMB
2026		74,403
2027		61,977
2028		80,936
2029		83,753
2030		81,810
2031 and thereafter		388,828
Total future undiscounted lease payments		771,707
Less: imputed interest		167,298
Total present value of lease liabilities		604,409

Investments in equity method investees

12 Months Ended

Dec. 31, 2025

Investments in equity method investees

Investments in equity method investees

9.	Investments in equity method investees

Investments in equity method investees as of December 31, 2024 and 2025 were as follows:


	As of December 31,
	2024		2025
	RMB		RMB
Sichuan VipFubon Consumer Finance Co., Ltd (“VipFubon”)	270,683		572,427
Sequoia Fashion and Technology Industry Fund Investment Limited Partnership	429,965		269,515
Shanxi Tianmei Shan Shan Outlets Shopping Mall Co., Ltd (“Shanxi Shan Shan”)	582,608		604,083
Guofu Life Insurance Co., Ltd	134,668		161,418
Gansu Shan Shan Outlets Shopping Mall Co., Ltd (“Gansu Shan Shan”)	174,907		191,605
Lishui Huilian Ruitong Equity Investment Limited Partnership (“Lishui Huilian Ruitong”)	—		646,064
Others	419,562		702,022
Less:
Impairment	(10,350)		(10,350)
Total	2,002,043		3,136,784

During the years ended December 31, 2023, 2024 and 2025, the Group recognized gain on disposal of equity method investees at the amount of nil, nil and RMB259, respectively.

During the years ended December 31, 2023, 2024 and 2025, the Group recognized its share of income of equity method investees at the amount of RMB80,301, RMB166,980 and RMB293,919, respectively.

No impairment has been recorded on these investments accounted for under equity method for the years ended December 31, 2023, 2024 and 2025.

During the year ended December 31, 2024, certain equity method investees which were fully impaired with accumulated impairment loss of RMB96,624 were written off as the Group has determined that it is not probable for the balance to be recovered or the investees are deregistered.

During the year ended December 31, 2025, the Group’s additional capital contribution in VipFubon totaling RMB250.5 million, which was initially paid as a deposit during the year ended December 31, 2024, was approved by financial regulatory authorities, resulting in an increase in the equity interest in VipFubon held by the Group to 50.0%. As the Group does not have controlling interest in VipFubon, but can exercise significant influence over the investee, the Group continues to account for this investment using the equity method.

During the year ended December 31, 2025, the Group, together with other third-party companies and limited partnerships, established Lishui Huilian Ruitong in PRC to engage in outlets investment business. The Group holds 41.88% equity interest in Lishui Huilian Ruitong for a total consideration of RMB651.2 million. As the Group does not have controlling interest in Lishui Huilian Ruitong, but can exercise significant influence over the investee, the Group accounts for this investment using the equity method.

9.	Investments in equity method investees (Continued)

The Group summarizes the condensed financial information of the Group’s equity investments under equity method as a group below in accordance with Rule 4-08 of Regulation S-X:


	Year Ended December 31,
	2023	2024	2025
	RMB	RMB	RMB
Revenues	3,116,172	2,277,551	3,059,332
Gross profit	165,578	554,778	1,263,943
Income from operations	310,193	530,092	1,051,391
Net income	260,582	435,189	872,993
Net income attributable to the investees’ ordinary shareholders	260,582	435,189	872,993


		As of December 31,
		2024	2025
		RMB	RMB
Current assets		15,716,003	24,078,308
Non-current assets		12,733,109	14,767,212
Current liabilities		6,549,835	10,965,812
Non-current liabilities		13,811,233	17,333,829

Land use rights, net (Tables)

12 Months Ended

Dec. 31, 2025

Land use rights, net

Schedule of land use rights, net


	As of December 31,
	2024	2025
	RMB	RMB
Land use rights	11,907,443	11,926,369
Less: accumulated amortization	(1,166,035)	(1,444,679)
Less: accumulated impairment	(55,008)	(55,008)
Land use rights, net	10,686,400	10,426,682

Summary of Significant Accounting Policies - Property and equipment, net, Intangible assets, net, Impairment of long-lived assets and Goodwill (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Impairment of long-lived assets (other than goodwill and intangible assets with indefinite life)
Impairment of long-lived assets	¥ 0	¥ 0	¥ 156,241
Goodwill, Impairment Loss	¥ 0	¥ 0	¥ 0
Minimum
Property and equipment, net
Residual value of furniture, fixtures and equipment and motor vehicles (as a percent)	0.00%
Minimum \| Trademarks
Intangible assets, net
Estimated economic life	2 years
Maximum
Property and equipment, net
Residual value of furniture, fixtures and equipment and motor vehicles (as a percent)	5.00%
Maximum \| Trademarks
Intangible assets, net
Estimated economic life	5 years
Buildings \| Minimum
Property and equipment, net
Estimated useful life	20 years
Buildings \| Maximum
Property and equipment, net
Estimated useful life	30 years
Furniture, fixtures and equipment \| Minimum
Property and equipment, net
Estimated useful life	2 years
Furniture, fixtures and equipment \| Maximum
Property and equipment, net
Estimated useful life	10 years
Motor vehicles \| Minimum
Property and equipment, net
Estimated useful life	4 years
Motor vehicles \| Maximum
Property and equipment, net
Estimated useful life	5 years
Software \| Minimum
Property and equipment, net
Estimated useful life	1 year
Software \| Maximum
Property and equipment, net
Estimated useful life	10 years

Earnings per share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings per share

Schedule of calculations of basic earnings per share and diluted earnings per share


		Year Ended December 31,
		2023		2024		2025
		RMB		RMB		RMB
Basic earnings per share attributable to Vipshop Holdings Limited’s ordinary shareholders:
Numerator:
Earnings attributable to Class A and Class B ordinary shareholders for computing basic earnings per Class A and Class B ordinary share		8,116,624		7,739,935		7,242,490
Denominator:
Weighted average number of Class A and Class B ordinary shares outstanding for computing basic earnings per Class A and Class B ordinary share		110,695,778		106,074,914		100,072,178
Basic earnings per Class A and Class B ordinary shares		73.32		72.97		72.37


		Year Ended December 31,
		2023		2024		2025
		RMB		RMB		RMB
Diluted earnings per share:
Numerator:
Earnings attributable to Class A and Class B ordinary shareholders for computing basic earnings per Class A and Class B ordinary share		8,116,624		7,739,935		7,242,490
Denominator:
Weighted average number of Class A and Class B ordinary shares outstanding for computing basic earnings per Class A and Class B ordinary share		110,695,778		106,074,914		100,072,178
Dilutive employee share options and non-vested ordinary shares		1,856,620		1,780,892		2,311,712
Weighted average number of Class A and Class B ordinary shares outstanding for computing diluted earnings per Class A and Class B ordinary share		112,552,398		107,855,806		102,383,890
Diluted earnings per Class A and Class B ordinary shares		72.11		71.76		70.74

Share-based payments - Expenses (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Payments
Share-based compensation expenses related to share options granted	¥ 1,731,063	¥ 1,537,740	¥ 1,509,806
Fair value of shares vested	301,883	298,114	283,039
Employees
Share-based Payments
Share-based compensation expenses related to share options granted	302,334	298,650	¥ 283,630
Key management and employees
Share-based Payments
Unrecognized compensation cost related to unvested share options granted	¥ 0	¥ 304,593

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Summary of Significant Accounting Policies - Additional Information (Details) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥) segment	Dec. 31, 2024 CNY (¥) segment	Dec. 31, 2023 CNY (¥) segment
Principles of consolidation
Government grants	¥ 704,602	¥ 635,673	¥ 495,078
Government Assistance, Operating Income, Increase (Decrease), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Operating Income (Expense), Net	Other Operating Income (Expense), Net	Other Operating Income (Expense), Net
Marketing expenses
Advertising expenses	¥ 2,010,000	¥ 1,970,000	¥ 1,820,000
Number of operating segments \| segment	5	5	5
Maximum
Lease
Lessee operating lease term of contract	16 years
Lessor operating lease term of contract	25 years
Minimum
Lease
Lessee operating lease term of contract	12 months
Lessor operating lease term of contract	12 months

Other operating income (Tables)

12 Months Ended

Dec. 31, 2025

Other operating income

Schedule of components of other operating income


	Year Ended December 31,
	2023	2024	2025
	RMB	RMB	RMB
Government grants	495,078	635,673	704,602
Claims income	168,940	177,924	155,438
Others	137,542	101,611	195,803
Total other operating income	801,560	915,208	1,055,843

Intangible assets, net

12 Months Ended

Dec. 31, 2025

Intangible assets, net

Intangible assets, net

8.	Intangible assets, net


		As of December 31, 2024								As of December 31, 2025
				Accumulated								Accumulated
				amortization		Accumulated		Net				amortization		Accumulated		Net
		Cost		(Note a)		Impairment		amount		Cost		(Note a)		Impairment		amount
		RMB		RMB		RMB		RMB		RMB		RMB		RMB		RMB
Domain names		15,004		(15,004)		—		—		14,452		(14,452)		—		—
Trademarks		24,987		(16,811)		—		8,176		24,987		(20,584)		—		4,403
Payment license (Note b)		319,660		—		—		319,660		319,660		—		—		319,660
Others		72,574		(55,659)		(16,907)		8		72,574		(55,663)		(16,907)		4
Total		432,225		(87,474)		(16,907)		327,844		431,673		(90,699)		(16,907)		324,067

Notes:

(a)

Amortization expenses for intangible assets were RMB3,778, RMB3,778 and RMB3,777 for the years ended December 31, 2023, 2024 and 2025, respectively. Amortization expenses are expected to be at RMB3,777 for the year ending December 31, 2026, RMB630 for the year ending December 31, 2027, and nil for the years ending December 31, 2028, 2029 and 2030, respectively.

(b)

Payment license has a legal life of 5 years, which enables the Group to provide payment services and qualifies as a paying institution. The Group renewed the license on June 27, 2022 with expiry date in June 2027. The Group believes it would be able to renew the payment license at minimal cost continuously and has the ability to do so. As a result, the payment license is considered by the Group as having an indefinite life because it is expected to contribute to net cash inflow indefinitely.

(c)	No impairment on intangible assets was recognized during the years ended December 31, 2023, 2024 and 2025, respectively.

Income tax expense (Details) ¥ in Thousands	12 Months Ended				30 Months Ended
Income tax expense (Details) ¥ in Thousands	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)	Jun. 30, 2027	Dec. 31, 2024 CNY (¥)
Income tax expense
Tax rate (as a percent)	25.00%	25.00%	25.00%	25.00%
Period of statute of limitations, if underpayment of income taxes is due to computational errors (in years)	3 years	3 years
Provision for the Chinese dividend withholding taxes	¥ 0
Deferred income tax liability not recorded in respect of undistributed earnings	686,100
Unrecognized tax benefits	¥ 0		¥ 0			¥ 0
Guangzhou Pinwei Software Co., Ltd
Income tax expense
Income tax beneficial rate (as a percent)	15.00%	15.00%	15.00%	15.00%
HNTE qualification reapplication period (in years)	3 years	3 years
Cayman Islands
Income tax expense
Withholding tax upon payments of dividends (as a percent)	0.00%	0.00%
Hong Kong and Singapore
Income tax expense
Tax loss carried forward of certain subsidiaries and VIEs	¥ 569,400		¥ 470,600	¥ 301,700		¥ 470,600
HONG KONG \| First Two Million Hong Kong Dollars Of Profit
Income tax expense
Current rate of taxation (as a percent)	8.25%	8.25%
HONG KONG \| After Two Million Hong Kong Dollars Of Profit
Income tax expense
Current rate of taxation (as a percent)	16.50%	16.50%
SINGAPORE
Income tax expense
Current rate of taxation (as a percent)	17.00%	17.00%
Income tax beneficial rate (as a percent)					15.00%	10.00%
People's Republic of China
Income tax expense
Tax rate (as a percent)	25.00%	25.00%
Period of statute of limitations under special circumstances not clearly defined (in years)	5 years	5 years
Minimum underpayment of income tax liability subject to five years statute of limitations	¥ 100	$ 14,300
Period of statute of limitations in case of transfer pricing related adjustment (in years)	10 years	10 years
Withholding tax rate for dividends paid by PRC subsidiaries (as a percent)	10.00%	10.00%
Threshold percentage ownership by residents which meet the criteria of beneficial owner in the Hong Kong SAR for withholding tax (as a percent)	25.00%
Withholding tax rate for subsidiary 25% or more directly owned by residents which meet the criteria of beneficial owner in Hong Kong SAR (as a percent)	5.00%	5.00%
Accrued withholding tax	¥ 261,600		649,900	148,800		¥ 649,900
Undistributed earnings of the Group's subsidiaries and the VIEs in the PRC	13,720,000
Tax loss carried forward of certain subsidiaries and VIEs	¥ 1,680,000		¥ 1,750,000	¥ 1,900,000		¥ 1,750,000
People's Republic of China \| Vipshop Guangzhou Software Co Ltd
Income tax expense
Income tax beneficial rate (as a percent)	12.50%	12.50%
Percentage of reduction in income tax exemption (as a percent)	50.00%	50.00%
People's Republic of China \| Vipshop (Xian) E - Commerce Co., Ltd., Vipshop (Jianyang) E-Commerce Co., Ltd. and Chongqing Vipshop E-Commerce Co., Ltd.
Income tax expense
Income tax beneficial rate (as a percent)	15.00%	15.00%	15.00%	15.00%
People's Republic of China \| Chongqing Pinwei E commerce Co., Ltd.
Income tax expense
Income tax beneficial rate (as a percent)	15.00%	15.00%	15.00%

Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2025 shares
Document Information [Line Items]
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	001-35454
Entity Registrant Name	Vipshop Holdings Limited
Entity Incorporation, State or Country Code	E9
Entity Address, Address Line One	128 Dingxin Road
Entity Address, Address Line Two	Haizhu District
Entity Address, City or Town	Guangzhou
Entity Address, Postal Zip Code	510220
Entity Address, Country	CN
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Document Accounting Standard	U.S. GAAP
Entity Shell Company	false
Entity Central Index Key	0001529192
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	Deloitte Touche Tohmatsu
Auditor Firm ID	1104
Auditor Location	Hong Kong
Business Contact
Document Information [Line Items]
Entity Address, Address Line One	Vipshop Holdings Limited
Entity Address, Address Line Two	128 Dingxin Road
Entity Address, Address Line Three	Haizhu District
Entity Address, City or Town	Guangzhou
Entity Address, Postal Zip Code	510220
Entity Address, Country	CN
Contact Personnel Name	Mark Wang
Country Region	+86
City Area Code	20
Local Phone Number	2233-0025
American depositary shares
Document Information [Line Items]
Title of 12(b) Security	American depositary shares
Trading Symbol	VIPS
Security Exchange Name	NYSE
Class A ordinary shares
Document Information [Line Items]
Title of 12(b) Security	Class A ordinary shares, par value US$0.0001 per share
Security Exchange Name	NYSE
No Trading Symbol Flag	true
Entity Common Stock, Shares Outstanding	80,208,937
Class B ordinary shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	15,560,358

Related party transactions - Balance With Related Parties (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Related party transactions
Amounts due from related parties (current and non current)	¥ 762,781	¥ 548,145
Amounts due to related parties	101,782	104,187
Prepayment to purchase of goods	113,688	93,603
Deposits	653,998	¥ 587,339
VipFubon
Related party transactions
Interest rate (as a percent)		3.30%
Deposits	¥ 599,078	¥ 403,037
VipFubon \| Minimum
Related party transactions
Interest rate (as a percent)	2.20%
VipFubon \| Maximum
Related party transactions
Interest rate (as a percent)	2.45%
Interest Free Loans
Related party transactions
Amounts due from related parties (current and non current)	¥ 20,307	¥ 11,887
Gansu Shan Shan
Related party transactions
Interest rate (as a percent)	2.85%	2.85%
Gansu Shan Shan \| Interest Bearing Loans
Related party transactions
Amounts due from related parties (current and non current)	¥ 29,708	¥ 39,618

Short-term loans (Tables)

12 Months Ended

Dec. 31, 2025

Short-term loans

Schedule of the components of the outstanding short-term loans


		As of December 31,
		2024		2025
		RMB		RMB
RMB denominated (Note a)		2,397,000		4,446,000
US$ denominated (Note b)		—		1,398,620
EUR denominated (Note c)		2,629		—
Total		2,399,629		5,844,620

Notes:

(a)

During the year ended December 31, 2024, the Group repaid the outstanding short-term loan balances under the facilities as of December 31, 2023 and the letter of guarantee for procurement amounted RMB540.5 million was expired. The Group entered into various new RMB denominated revolving credit facilities for a total credit of up to RMB12.93 billion, in which RMB720.0 million was drawn down and outstanding as short-term loans and RMB1.68 billion was drawn down and outstanding under factoring arrangement as of December 31, 2024, with fixed interest rate ranging from 1.25% to 1.80% per annum, and RMB652.1 million was utilized for issuing letter of guarantee for procurement.

During the year ended December 31, 2025, the Group repaid the outstanding short-term loan balances under the facilities as of December 31, 2024 and the letter of guarantee for procurement amounted RMB611.3 million was expired. The Group entered into various new RMB denominated revolving credit facilities for a total credit of up to RMB21.10 billion, in which RMB294.0 million was drawn down and outstanding as short-term loans and RMB3.00 billion was drawn down and outstanding under factoring arrangement as of December 31, 2025, with fixed interest rate ranging from 0.76% to 1.32% per annum, RMB634.5 million was utilized for issuing letter of guarantee for procurement and RMB101.5 million was utilized as security deposits for short-term investments.

(b)

During the year ended December 31, 2024, the Group amended the facilities for a total credit of up to US$245.5 million (approximately RMB1.79 billion) in which HKD2.0 million and MYR0.3 million (approximately RMB2.4 million or US$0.3 million) was utilized for issuing letter of guarantee for procurement as of December 31, 2024.

During the year ended December 31, 2025, the letters of guarantee for procurement was expired and the Group entered into various new US$ denominated credit facilities for a total credit of up to US$748.5 million (approximately RMB5.23 billion). Among these credit facilities, US$300.0 million (approximately RMB2.10 billion) was utilized and outstanding as short-term loans and EUR0.2 million (approximately RMB1.3 million and US$0.2 million) was utilized for issuing letter of guarantee by the Company as of December 31, 2025. Among the US$300.0 million short-term loans, US$200.0 million (approximately RMB1.40 billion) was US$ denominated and the rest of the short-term loans were RMB denominated.

(c)

During the year ended December 31, 2024, the Group repaid the outstanding short-term loan balances as of December 31, 2023. During the year ending 2024, EUR0.3 million (approximately RMB2.6 million) was drawn down and outstanding as of December 31, 2024, with fixed interest rate of 0.02% per day, and RMB43.3 million was utilized for issuing letter of guarantee for procurement.

During the year ended December 31, 2025, the Group repaid the outstanding short-term loan balances as of December 31, 2024 and the letter of guarantee for procurement amounted RMB38.3 million was expired. As of December 31, 2025, RMB63.9 million was utilized for issuing letter of guarantee for procurement.

Accrued expenses and other current liabilities

12 Months Ended

Dec. 31, 2025

Accrued expenses and other current liabilities

Accrued expenses and other current liabilities

11.

Accrued expenses and other current liabilities


	As of December 31,
	2024	2025
	RMB	RMB
Accrued advertising expense	1,101,844	1,083,154
Accrued shipping and handling expenses	1,440,908	1,323,094
Amounts received on behalf of third-party merchants (Note a)	2,305,545	2,415,132
Accrued payroll and social benefits	685,021	689,526
Deposits from vendors	587,339	653,998
Income tax payables	558,515	564,414
Other tax payables (Note b)	444,836	492,840
Accrued rental expenses	64,436	56,138
Accrued administrative expenses	339,262	323,212
Refund liability (Note c)	510,655	468,454
Cash-settled share-based compensation (Note 23(c))	1,258,189	1,627,615
Loan from non-controlling interests shareholders (Note d)	206,000	159,500
Payables for repurchasing of ordinary shares	—	52,218
Others	160,871	31,851
Total	9,663,421	9,941,146

Notes:

(a)

(b)

(c)

(d)

Balance mainly represents loans from non-controlling interests shareholders of Shan Shan Outlets for the outlets’ operation.

Leases - Summary of Maturities of lease liabilities (Details) ¥ in Thousands	Dec. 31, 2025 CNY (¥)
Leases
2026	¥ 74,403
2027	61,977
2028	80,936
2029	83,753
2030	81,810
2031 and thereafter	388,828
Total future undiscounted lease payments	771,707
Less: imputed interest	167,298
Total present value of lease liabilities	¥ 604,409

Non-controlling interests (Tables)

12 Months Ended

Dec. 31, 2025

Non-controlling interests

Schedule Of Non-controlling Interest


		Non-controlling
		interests
		RMB
Balance as of December 31, 2023		1,598,354
Net income attributable to non-controlling interests		99,010
Acquisition of additional equity interests in subsidiaries⁽ⁱ⁾		(228,345)
Dividend distribution to non-controlling interests holders		(42,891)
Deregistration of subsidiaries		(1,275)
Capital contribution from non-controlling interests shareholders⁽ⁱⁱ⁾		155,563
Balance as of December 31, 2024		1,580,416
Net income attributable to non-controlling interests		167,149
Dividend distribution to non-controlling interests holders		(22,350)
Capital contribution from non-controlling interests shareholders⁽ⁱⁱ⁾		8,000
Capital contribution from Vipshop Outlet REIT⁽ⁱⁱⁱ⁾		1,705,200
Balance as of December 31, 2025		3,438,415

(i)

(ii)

(iii)

Schedule of ownership interests in subsidiaries


	Year Ended December 31,
	2023	2024	2025
	RMB	RMB	RMB
Net income attributable to Vipshop Holdings Limited’s shareholders	8,116,624	7,739,935	7,242,490
Transfers (to) from the non-controlling interests:
Decrease in the Company’s additional paid-in capital in relation to the acquisition of additional equity interests in subsidiaries	(8,732)	(283,892)	—
Capital contributions from non-controlling interests	(10,630)	8,297	—
Net transfers to non-controlling interests	(19,362)	(275,595)	—
Changes from net income attributable to Vipshop Holdings Limited’s shareholders and transfers from non-controlling interests	8,097,262	7,464,340	7,242,490

Distribution of profit

12 Months Ended

Dec. 31, 2025

Distribution of profit

Distribution of profit

15.

Distribution of profit

Pursuant to the laws applicable to entities incorporated in the PRC, the PRC entities are prohibited from distributing their statutory capital and are required to appropriate from profit after tax, under accounting principles generally accepted in the PRC, to other non-distributable reserve funds after offsetting accumulated losses from prior years, until the cumulative amount of such reserve fund reaches 50% of the registered capital. These reserve funds include one or more of the following: (i) a general reserve, (ii) an enterprise expansion fund and (iii) a staff bonus and welfare fund. Subject to certain cumulative limits, the general reserve fund requires annual appropriation at 10% of after-tax profit (as determined under accounting principles generally accepted in the PRC at each year-end); the appropriation to the other fund is at the discretion of the subsidiaries. The PRC entities are also subject to certain restrictions with respect to transfers of any of their net assets to the Company and the Company does not have legal ownership in VIEs and VIEs’ subsidiaries.

The general reserve is used to offset future extraordinary losses. PRC entities may, upon a resolution passed by the shareholders, convert the general reserve into capital. The staff welfare and bonus reserve are used for the collective welfare of the employees of the subsidiary. The enterprise expansion reserve is for the expansion of the subsidiary’s operations and can be converted to capital subject to approval by the relevant authorities. These reserves represent appropriations of the retained earnings determined in accordance with Chinese law and are not distributable as cash dividends to the Company.

15.

Distribution of profit (Continued)

Relevant PRC statutory laws and regulations permit payment of dividends by the Company’s PRC entities only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. The Company’s PRC entities transferred RMB150,120, RMB193,491 and RMB279,088 from current year’s net income to the general reserve during the years ended December 31, 2023, 2024 and 2025, respectively.

The balance of restricted net assets was RMB16.65 billion as of December 31, 2025.

Inventories (Tables)

12 Months Ended

Dec. 31, 2025

Inventories

Schedule Of Inventories


	As of December 31,
	2024	2025
	RMB	RMB
Products	5,628,201	5,639,670
Others	28,979	32,050
Inventories	5,657,180	5,671,720
Inventory write-down	(625,111)	(518,307)
Total	5,032,069	5,153,413

Schedule I - Condensed Financial Information of the Parent Company - Balance Sheets (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands	Dec. 31, 2025 CNY (¥) shares	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 CNY (¥) shares	Dec. 31, 2024 $ / shares	Dec. 31, 2023 CNY (¥)
ASSETS
Cash and cash equivalents	¥ 22,990,435	$ 3,287,588	¥ 26,352,161		¥ 25,414,729
Other receivables and prepayments, net	2,860,301	409,018	2,473,050
Total assets	78,843,318	11,274,444	74,936,126
LIABILITIES
Accrued expenses and other current liabilities	9,941,146	1,421,565	9,663,421
Short-term loans	5,844,620	835,770	2,399,629
Total liabilities	34,400,154	4,919,158	33,386,897
SHAREHOLDERS' EQUITY:
Treasury shares, at cost (13,028,013 and 14,273,077 Class A shares as of December 31, 2024 and 2025, respectively)	(7,876,965)	(1,126,391)	(7,042,759)
Additional paid-in capital	1,495,853	213,904	4,912,703
Retained earnings	48,591,829	6,948,539	42,906,188
Accumulated other comprehensive loss	(1,206,039)	(172,464)	(807,394)
Total Vipshop Holdings Limited shareholders' equity	41,004,749	5,863,599	39,968,813
Total liabilities and shareholders' equity	78,843,318	11,274,444	74,936,126
Class A ordinary shares
SHAREHOLDERS' EQUITY:
Ordinary shares	¥ 60	$ 9	¥ 64
Additional disclosure
Common shares, par value (in dollars per share) \| $ / shares		$ 0.0001		$ 0.0001
Common shares, shares authorized	483,489,642	483,489,642	483,489,642
Common shares, shares issued	94,482,014	94,482,014	100,640,510
Common shares, shares outstanding	80,208,937	80,208,937	86,982,144
Treasury shares (in shares)	14,273,077	14,273,077	13,028,013
Class B ordinary shares
SHAREHOLDERS' EQUITY:
Ordinary shares	¥ 11	$ 2	¥ 11
Additional disclosure
Common shares, par value (in dollars per share) \| $ / shares		$ 0.0001		0.0001
Common shares, shares authorized	16,510,358	16,510,358	16,510,358
Common shares, shares issued	15,560,358	15,560,358	15,560,358
Common shares, shares outstanding	15,560,358	15,560,358	15,560,358
Parent company \| Reportable legal entities
ASSETS
Cash and cash equivalents	¥ 2,086	$ 298	¥ 411
Other receivables and prepayments, net	3,142	449	3,423
Investment in subsidiaries and VIEs	58,995,811	8,436,289	52,490,094
Amounts due from subsidiaries and VIEs	874,822	125,098	908,747
Total assets	59,875,861	8,562,134	53,402,675
LIABILITIES
Accrued expenses and other current liabilities	69,728	9,971	771
Amounts due to subsidiaries	17,402,764	2,488,564	13,433,091
Short-term loans	1,398,620	200,000
Total liabilities	18,871,112	2,698,535	13,433,862
SHAREHOLDERS' EQUITY:
Treasury shares, at cost (13,028,013 and 14,273,077 Class A shares as of December 31, 2024 and 2025, respectively)	(7,876,965)	(1,126,391)	(7,042,759)
Additional paid-in capital	1,495,853	213,904	4,912,703
Retained earnings	48,591,829	6,948,539	42,906,188
Accumulated other comprehensive loss	(1,206,039)	(172,464)	(807,394)
Total Vipshop Holdings Limited shareholders' equity	41,004,749	5,863,599	39,968,813
Total liabilities and shareholders' equity	59,875,861	8,562,134	53,402,675
Parent company \| Reportable legal entities \| Class A ordinary shares
SHAREHOLDERS' EQUITY:
Ordinary shares	¥ 60	$ 9	¥ 64
Additional disclosure
Common shares, par value (in dollars per share) \| $ / shares		$ 0.0001		0.0001
Common shares, shares authorized	483,489,642	483,489,642	483,489,642
Common shares, shares issued	94,482,014	94,482,014	100,640,510
Common shares, shares outstanding	80,208,937	80,208,937	86,982,144
Treasury shares (in shares)	14,273,077	14,273,077	13,028,013
Parent company \| Reportable legal entities \| Class B ordinary shares
SHAREHOLDERS' EQUITY:
Ordinary shares	¥ 11	$ 2	¥ 11
Additional disclosure
Common shares, par value (in dollars per share) \| $ / shares		$ 0.0001		$ 0.0001
Common shares, shares authorized	16,510,358	16,510,358	16,510,358
Common shares, shares issued	15,560,358	15,560,358	15,560,358
Common shares, shares outstanding	15,560,358	15,560,358	15,560,358

Intangible assets, net (Tables)

12 Months Ended

Dec. 31, 2025

Intangible assets, net

Schedule of intangible assets, net


		As of December 31, 2024								As of December 31, 2025
				Accumulated								Accumulated
				amortization		Accumulated		Net				amortization		Accumulated		Net
		Cost		(Note a)		Impairment		amount		Cost		(Note a)		Impairment		amount
		RMB		RMB		RMB		RMB		RMB		RMB		RMB		RMB
Domain names		15,004		(15,004)		—		—		14,452		(14,452)		—		—
Trademarks		24,987		(16,811)		—		8,176		24,987		(20,584)		—		4,403
Payment license (Note b)		319,660		—		—		319,660		319,660		—		—		319,660
Others		72,574		(55,659)		(16,907)		8		72,574		(55,663)		(16,907)		4
Total		432,225		(87,474)		(16,907)		327,844		431,673		(90,699)		(16,907)		324,067

Notes:

(a)

(b)

(c)	No impairment on intangible assets was recognized during the years ended December 31, 2023, 2024 and 2025, respectively.

Income tax expense - Income by tax jurisdictions (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Income tax expense
Total income before income taxes and share of income of equity method investees	¥ 8,914,683	$ 1,274,784	¥ 9,987,480	¥ 9,987,002
Income tax expenses applicable to Chinese mainland operations:
Current income tax expenses	1,897,251		2,217,077	1,742,444
Deferred tax expenses/(benefits)	(145,780)		87,956	131,634
Subtotal income tax expenses applicable to Chinese mainland operations	1,751,471		2,305,033	1,874,078
Income tax expenses applicable to non-Chinese mainland operations:
Current income tax expenses	54,337		3,079	8,049
Deferred tax (benefits)/expenses	(6,845)		7,403	(16,123)
Subtotal income tax (benefits)/expenses applicable to non-Chinese mainland operations	47,492		10,482	(8,074)
Total tax expense	1,798,963	$ 257,248	2,315,515	1,866,004
China operations
Income tax expense
Total income before income taxes and share of income of equity method investees	8,699,263		9,788,828	9,825,456
Non-China operations
Income tax expense
Total income before income taxes and share of income of equity method investees	¥ 215,420		¥ 198,652	¥ 161,546

Employee retirement benefit

12 Months Ended

Dec. 31, 2025

Employee retirement benefit

Employee retirement benefit

12.

Employee retirement benefit

Full time employees in the PRC participate in a government mandated defined contribution plan pursuant to which certain pension benefits, medical care, unemployment insurance, employee housing fund and other welfare benefits are provided to employees. The PRC labor regulations require the Group to make contributions based on certain percentages of the employees’ basic salaries. Other than the contribution, there is no further obligation under these plans. The total contributions and accruals made for such employee benefits were RMB455,559, RMB592,786 and RMB617,704 for the years ended December 31, 2023, 2024 and 2025, respectively.

Share-based payments

12 Months Ended

Dec. 31, 2025

Share-based payments

Share-based payments

23.

Share-based payments

(a)

Share incentive plan

The Group adopted three stock incentive plans since inception. The 2011 Stock Incentive Plan and 2012 Share Incentive Plan each terminated at the end of their respective ten-year terms and some grants from each of these plans are still outstanding as of December 31, 2025.

In July 2014, the Group adopted the 2014 Stock Incentive Plan (the “2014 Plan”), in which the maximum aggregate number of ordinary shares may be issued under the 2014 Plan is (i) 5,366,998 Class A ordinary shares, and (ii) an automatic increase on January 1 of each year after the effective date of the 2014 Plan by that number of shares representing 1.5% of the Group’s then total issued and outstanding share capital as of December 31 of the preceding year, or such less number as determined by the board of directors.

In August 2024, the Group adopted the Amended and Restated 2014 Share Incentive Plan, which amends and restates the previously adopted 2014 Share Incentive Plan of the Company in its entirety and assumes all awards granted under the 2014 Share Incentive Plan. The maximum aggregate number of shares authorized under the Amended and Restated 2014 Share Incentive Plan was (i) 13,985,001 Class A ordinary shares, and (ii) an automatic increase on January 1 of each year after the effective date of the 2014 Amended and Restated Share Incentive Plan by that number of shares representing 1.5% of the Company’s total issued and outstanding share capital as of December 31 of the preceding year, or such less number as determined by the board of directors.

No share incentive plan was adopted for the years ended December 31, 2023, 2024 and 2025.

23.

Share-based payments (Continued)

(a)

Share incentive plan (Continued)

The expiration dates of the options were 5 to 10 years from grant date, vesting is subject to the continuous services of the option holders to the Group, and post-termination exercise period ranged from 3 to 9 months. During any authorized leave of absence, the vesting of the option shall be suspended after the leave of absence exceeds a period of 90 days. Vesting of the option shall resume upon the option holders’ return to service to the Group. The vesting schedule shall be extended by the length of the suspension.

In the event of termination of the option holders’ continuous service for cause, the option holders’ right to exercise the option shall terminate concurrently, except otherwise determined by the plan administrator, and the Group shall have the rights to repurchase all vested options purchased by the option holders at a discount price determined by the plan administrator. The share option holders have waived any voting rights with regard to the shares and granted a power of attorney to the board of directors of the Group to exercise voting rights with respect to the shares.

The Group uses the Binomial model to determine the estimated fair value for each option granted with the assistance of an independent valuation firm. The Group estimates that the forfeiture rate for key management and employees will be nil and 23% for 2023, nil and 29% for 2024, nil and 28% for 2025, respectively.

The share option as of December 31, 2025 is as follows:


						Weighted
						average
				Weighted		remaining
				average		contractual
				exercise		years to		Aggregate
		Options		price per		expiry		intrinsic
		outstanding		share		per share		value
				US$				US$
Outstanding as of December 31, 2024		5,792,691		61.66		4.72 years		32,986
Forfeited		—		—		—		—
Exercised		(372,000)		—		—		—
Outstanding as of December 31, 2025		5,420,691		65.85		3.94 years		122,494
Non-vested as of December 31, 2025		74,495		—		—		—
Options vested and expected to vest as of December 31, 2025		5,420,691		65.85		3.94 years		122,494
Exercisable as of December 31, 2025		5,346,196		65.84		3.94 years		120,885

For the years ended December 31, 2023, 2024 and 2025, the Group recognized share-based payment expenses of RMB283,630, RMB298,650 and RMB302,334 in connection with the share options granted to key management and employees, respectively. The total fair value of share options vested during the years ended December 31, 2023, 2024 and 2025 was RMB283,039, RMB298,114 and RMB301,883, respectively.

As of December 31, 2024 and 2025, there was RMB304,593 and nil unrecognized compensation cost related to unvested share options granted to key management and employees of the Group.

23.

Share-based payments (Continued)

(b)

Non-vested shares

During the years ended December 31, 2023, 2024 and 2025, a total of 2,894,700, 1,794,730, and 1,546,550 non-vested shares were granted to executive officers and employees under the 2014 Plan, respectively.

Most of the non-vested shares granted have a vesting period of four years of employment services with the first one-fourth vesting on the first anniversary from grant date, and the remaining three fourth vesting on a monthly or quarterly or annually basis over a three-year period ending on the fourth anniversary of the grant date.

The non-vested shares are not transferable and may not be sold or pledged and the holder has no voting or dividend right on the non-vested shares. In the event a non-vested shareholder’s employment for the Group is terminated for any reason prior to the fourth anniversary of the grant date, the holder’s right to the non-vested shares will terminate effectively. The outstanding non-vested shares shall be forfeited and automatically transferred to and reacquired by the Group without any consideration.

For the years ended December 31, 2024 and 2025, the non-vested shares movement was as follows:


		Non-vested shares
		outstanding
Outstanding as of December 31, 2024		3,723,979
Granted		1,546,550
Vested		(1,541,405)
Forfeited		(541,222)
Outstanding as of December 31, 2025		3,187,902

The Group recognized compensation expense over the four year service periods on a straight-line basis, and applied a forfeiture rate of nil for key management for years ended December 31, 2023, 2024 and 2025, while the forfeiture rate is 23%, 29% and 28% for employees for the years ended December 31, 2023, 2024 and 2025, respectively. The aggregate fair value of the restricted shares at grant dates was RMB1,549,568, RMB1,083,690 and RMB878,900 during the years ended December 31, 2023, 2024 and 2025, respectively. The fair value of non-vested shares is measured at the respective fair value of the Company’s ordinary shares on the grant dates.

For the years ended December 31, 2023, 2024 and 2025, the Group recognized share-based payment expenses of RMB784,981, RMB879,035 and RMB768,010 in connection with the non-vested shares granted to employees, respectively.

As of December 31, 2024 and 2025, there was RMB1,541,967 and RMB1,431,304 unrecognized compensation cost related to non-vested shares which is expected to be recognized over a weighted average vesting period of 2.55 years and 2.43 years. The weighted average granted fair value per share of non-vested shares granted during the years ended December 31, 2023, 2024 and 2025 were US$76.49 (approximately RMB535.31), US$83.87 (approximately RMB603.82), and US$79.52 (approximately RMB568.30), respectively.

(c)

Share-based awards relating to the Shan Shan Outlets

In December 2019, Shan Shan Outlets, a wholly-owned subsidiary of the Group, adopted a Stock Incentive Plan (“the Shan Shan Plan”), which provided up to 15% of the equity interest of the Shan Shan Outlets as share-based compensation to employees, external assigned employees and other eligible personal. The maximum contractual term of the Shan Shan Plan is 10 years.

23.

Share-based payments (Continued)

(c)

Share-based awards relating to the Shan Shan Outlets (Continued)

In January 2023, 0.8680% of the equity interest of Shan Shan Outlets were granted to key employees of Shan Shan. In January 2024, 1.3472% of the equity interest of Shan Shan Outlets were granted to key employees of Shan Shan. In January 2025, 2.0248% of the equity interest of Shan Shan Outlets were granted to key employees of Shan Shan.

The vesting period is generally 1-4 years of employment services where 25% to 100% will be vested on the first anniversary from grant date with the remaining to be vested ratably over the remaining vesting period. For options granted in 2024, the vesting period is two years, after which 100% of the granted options will be fully vested.

No consideration will be transferred to the Group upon exercise, where the Group shall repurchase the shares at a price determined based on Shan Shan Outlet’s 3-year-audited-average net profit. The fair value of a liability-classified award will be re-measured to an updated fair value at each reporting period until the award is settled. The compensation cost is recognized over the requisite service period, which is usually the vesting period. For the years ended December 31, 2023, 2024 and 2025, the Group recognized share-based payment expenses of RMB441,195, RMB360,055 and RMB660,719 in connection with the share options granted, respectively. For the years ended December 31, 2023, 2024 and 2025, the Shan Shan Outlets repurchased RMB66,829, RMB100,922 and RMB293,383 in connection with the share options granted.

The Group uses the Monte Carlo Simulation Mode (the “MC” model) to determine the estimated fair value for share- based compensation liability below with the assistance of an independent valuation firm as of December 31, 2023, 2024 and 2025.

The assumptions used in determining the fair value of the share-based awards for the years ended December 31, 2023, 2024 and 2025 were as follows:


		Year Ended December 31,
Assumptions		2023		2024		2025
Expected dividend yield		0.00	%	0.00	%	0.00	%
Risk-free interest rate		2.17%~2.35	%	1.41%~1.47	%	1.36%~1.43	%
Expected volatility		32.95%~38.74	%	23.17%~27.53	%	19.90%~42.18	%
Total fair value of share-based awards		1,097,668		1,540,863		1,749,207

Notes:

(1)	Expected dividend yield:

The expected dividend yield was estimated by the Group based on Shan Shan Outlet’s dividend policy over the expected life of the awards.

(2)	Risk-free interest rate:

Risk-free interest rate was estimated based on the China Government Bonds with a maturity life equal to the time period of the simulation as of the valuation date.

(3)	Expected volatility:

The expected volatility was estimated based on the 3-year average annualized volatility of comparable companies’ revenue.

23.

Share-based payments (Continued)

(d)

Share based compensation expenses

For the years ended December 31, 2023, 2024 and 2025, share based compensation expenses have been included in the following balances on the consolidated statements of income and comprehensive income:


		Year Ended December 31,
		2023		2024		2025
		RMB		RMB		RMB
Fulfillment expenses		(77,926)		(84,079)		(68,092)
Marketing expenses		(33,379)		(31,215)		(52,074)
Technology and content expenses		(330,197)		(382,308)		(309,364)
General and administrative expenses		(1,068,304)		(1,040,138)		(1,301,533)
		(1,509,806)		(1,537,740)		(1,731,063)

Income tax expense - Components of deferred tax assets and liabilities (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
Deferred tax assets:
Net operating loss carry forwards	¥ 460,715		¥ 455,594
Allowance for doubtful debts	24,827		23,802
Impairment of investments	17,055		18,774
Inventory write-down	104,633		123,762
Deferred income	575,505		528,094
Impairment of long-lived assets	107,901		176,607
Others	9,586		7,763
Less: valuation allowance	(543,109)		(653,367)
Total deferred tax assets-non-current	757,113	$ 108,266	681,029
Deferred tax liabilities:
Fair value adjustments of long-lived assets from business acquisition	455,587		482,128
Withholding tax on undistributed earnings	250,000		300,000
Others	1,735		1,735
Total deferred tax liabilities-non-current	¥ 707,322		¥ 783,863

Other receivables and prepayments, net

12 Months Ended

Dec. 31, 2025

Other receivables and prepayments, net

Other receivables and prepayments, net

4.	Other receivables and prepayments, net

Components of other receivables and prepayments are as follows:


	As of December 31,
	2024	2025
	RMB	RMB
VAT and EIT recoverable	688,291	905,397
Deposits	51,943	46,319
Interest receivable	764,049	883,022
Prepayment to suppliers related to procurement activities of goods and services	309,309	440,956
Prepaid expense	96,475	75,360
Loans to third parties	184,700	187,900
Advances to suppliers related to financing activities	330,902	299,660
Others	162,668	144,703
Subtotal	2,588,337	2,983,317
Allowance for doubtful account:
Balance at beginning of the year	(67,379)	(115,287)
Write-offs	—	923
Provision	(47,908)	(8,652)
Allowance as of the end of the year	(115,287)	(123,016)
Total	2,473,050	2,860,301

Inventories (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
Inventories
Products	¥ 5,639,670		¥ 5,628,201
Others	32,050		28,979
Inventories	5,671,720		5,657,180
Inventory write-down	(518,307)		(625,111)
Total	¥ 5,153,413	$ 736,928	¥ 5,032,069

Leases - Lessor (Details) ¥ in Millions	Dec. 31, 2025 CNY (¥)
Leases
2026	¥ 823.7
2027	352.4
2028	175.4
2029	86.8
2030	65.7
2031 and thereafter	¥ 148.7

Non-controlling interests - Schedule Of Non-controlling Interest (Details) ¥ in Thousands, $ in Thousands		12 Months Ended
	Sep. 12, 2025 CNY (¥)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Noncontrolling Interest [Line Items]
Balance		¥ 41,549,229		¥ 38,559,758	¥ 34,073,043
Net income attributable to non-controlling interests		167,149	$ 23,902	99,010	84,675
Acquisition of additional equity interests in subsidiaries (Note 17)				(512,237)	(73,000)
Dividend distribution to non-controlling interests shareholders		(22,350)		(42,891)	(39,107)
Deregistration of a subsidiary (Note 17)				(1,275)	(32)
Capital contribution from non-controlling interests shareholders				163,860	285,450
Balance		44,443,164	$ 6,355,286	41,549,229	38,559,758
Non-controlling Interests Other than VipShop Outlet REIT
Noncontrolling Interest [Line Items]
Capital contribution from non-controlling interests shareholders		8,000
VipShop Outlet REIT
Noncontrolling Interest [Line Items]
Capital contribution from non-controlling interests shareholders		1,385,787
Non-controlling interests
Noncontrolling Interest [Line Items]
Balance		1,580,416		1,598,354	1,321,006
Net income attributable to non-controlling interests		167,149		99,010
Acquisition of additional equity interests in subsidiaries (Note 17)				(228,345)	(64,268)
Dividend distribution to non-controlling interests shareholders		(22,350)		(42,891)	(39,107)
Deregistration of a subsidiary (Note 17)				(1,275)	(32)
Capital contribution from non-controlling interests shareholders				155,563	296,080
Balance		3,438,415		1,580,416	¥ 1,598,354
Non-controlling interests \| Non-controlling Interests Other than VipShop Outlet REIT
Noncontrolling Interest [Line Items]
Capital contribution from non-controlling interests shareholders		8,000		¥ 155,563
Non-controlling interests \| VipShop Outlet REIT
Noncontrolling Interest [Line Items]
Capital contribution from non-controlling interests shareholders	¥ 1,710,000	¥ 1,705,200

Income tax expense (Tables)

12 Months Ended

Dec. 31, 2025

Income tax expense

Schedule of income by tax jurisdictions


		Year Ended December 31,
		2023		2024		2025
		RMB		RMB		RMB
Income from China operations		9,825,456		9,788,828		8,699,263
Income from non-China operations		161,546		198,652		215,420
Total income before income taxes and share of income of equity method investees		9,987,002		9,987,480		8,914,683


		Year ended December 31,
		2023		2024		2025
		RMB		RMB		RMB
Income tax expenses applicable to Chinese mainland operations:
Current income tax expenses		1,742,444		2,217,077		1,897,251
Deferred tax expenses/(benefits)		131,634		87,956		(145,780)
Subtotal income tax expenses applicable to Chinese mainland operations		1,874,078		2,305,033		1,751,471
Income tax expenses applicable to non-Chinese mainland operations:
Current income tax expenses		8,049		3,079		54,337
Deferred tax (benefits)/expenses		(16,123)		7,403		(6,845)
Subtotal income tax (benefits)/expenses applicable to non-Chinese mainland operations		(8,074)		10,482		47,492
Total tax expense		1,866,004		2,315,515		1,798,963

Schedule of effective income tax rate reconciliation


		Year Ended December 31,
		2023				2024				2025
		RMB	* *	%		RMB	* *	%		RMB	* *	%
Income before income taxes and share of income of equity method investees		9,987,002				9,987,480				8,914,683
Computed income tax expense at PRC EIT tax rate		2,496,751		25.0	%	2,496,870		25.0	%	2,228,671		25.0	%
Effect of foreign tax, including:		(68,154)		(0.7)	%	(131,089)		(1.3)	%	(75,173)		(0.9)	%
-Effect of different tax rates of subsidiaries operating in foreign jurisdiction		(53,121)		(0.5)	%	(73,738)		(0.7)	%	(41,382)		(0.5)	%
-Others		(15,033)		(0.2)	%	(57,351)		(0.6)	%	(33,791)		(0.4)	%
Change in valuation allowance		(49,919)		(0.5)	%	11,222		0.1	%	(45,783)		(0.5)	%
Effect of non-deductible expenses, including:		162,876		1.6	%	140,517		1.4	%	128,485		1.5	%
-Share-based compensation expenses of subsidiaries operating in PRC		148,223		1.5	%	119,857		1.2	%	121,376		1.4	%
-Other non-deductible expenses		14,653		0.1	%	20,660		0.2	%	7,109		0.1	%
Tax on dividends and undistributed earnings		148,750		1.5	%	649,860		6.5	%	261,646		2.9	%
Effect of tax holidays on concessionary rates granted to PRC subsidiaries		(824,300)		(8.2)	%	(851,865)		(8.5)	%	(698,883)		(7.8)	%
Income tax expense		1,866,004		18.7	%	2,315,515		23.2	%	1,798,963		20.2	%

Schedule of income taxes paid (net of refunds) amount disaggregated by foreign taxes and PRC EIT taxes


		Year ended December 31,
		2023		2024		2025
		RMB		RMB		RMB
PRC EIT taxes		1,778,409		2,173,022		2,400,582
Foreign taxes		376		(3,534)		42,521
Total income taxes paid		1,778,785		2,169,488		2,443,103

Schedule of aggregate amount and per share effect of the tax holidays and tax concessions


		Year Ended December 31,
		2023		2024		2025
		RMB		RMB		RMB
The aggregate effect		824,300		851,865		698,883
Per share effect:
Class A and Class B ordinary share:
—basic		7.45		8.03		6.98
—diluted		7.32		7.90		6.83

Schedule of the principal components of deferred tax assets and liabilities


		As of December 31,
		2024		2025
		RMB		RMB
Deferred tax assets:
Net operating loss carry forwards		455,594		460,715
Allowance for doubtful debts		23,802		24,827
Impairment of investments		18,774		17,055
Inventory write-down		123,762		104,633
Deferred income		528,094		575,505
Impairment of long-lived assets		176,607		107,901
Others		7,763		9,586
Less: valuation allowance		(653,367)		(543,109)
Total deferred tax assets-non-current		681,029		757,113


		As of December 31,
		2024		2025
		RMB		RMB
Deferred tax liabilities:
Fair value adjustments of long-lived assets from business acquisition		482,128		455,587
Withholding tax on undistributed earnings		300,000		250,000
Others		1,735		1,735
Total deferred tax liabilities-non-current		783,863		707,322

Land use rights, net (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Land use rights, net
Land use rights, cost	¥ 11,926,369		¥ 11,907,443
Less: accumulated amortization	(1,444,679)		(1,166,035)
Less: accumulated impairment	(55,008)		(55,008)
Land use rights, net	10,426,682		10,686,400
Amortization expenses for land use rights	278,600	$ 39,845	270,063	¥ 217,323
2026	279,100
2027	279,100
2028	279,100
2029	279,100
2030	279,100
Impairment on land use rights	¥ 0		¥ 0	¥ 0

Related party transactions (Tables)

12 Months Ended

Dec. 31, 2025

Related party transactions

Schedule of material related party transactions


		Year Ended December 31,
		2023		2024		2025
		RMB		RMB		RMB
Nature of transactions:
Purchase of goods (i)		373,864		294,963		278,988
Purchase of services (i)		838,609		823,372		920,193
Provision of services		17,689		30,952		44,572
Sales of product		73,608		295		383
Interest income		24,011		17,460		12,919

(i)

The goods and services were purchased from companies either controlled by its shareholders or directors and equity method investees of the Group.

Share-based payments (Tables)

12 Months Ended

Dec. 31, 2025

Share-based payments

Schedule of share option movements


						Weighted
						average
				Weighted		remaining
				average		contractual
				exercise		years to		Aggregate
		Options		price per		expiry		intrinsic
		outstanding		share		per share		value
				US$				US$
Outstanding as of December 31, 2024		5,792,691		61.66		4.72 years		32,986
Forfeited		—		—		—		—
Exercised		(372,000)		—		—		—
Outstanding as of December 31, 2025		5,420,691		65.85		3.94 years		122,494
Non-vested as of December 31, 2025		74,495		—		—		—
Options vested and expected to vest as of December 31, 2025		5,420,691		65.85		3.94 years		122,494
Exercisable as of December 31, 2025		5,346,196		65.84		3.94 years		120,885

Schedule of non-vested shares movement


		Non-vested shares
		outstanding
Outstanding as of December 31, 2024		3,723,979
Granted		1,546,550
Vested		(1,541,405)
Forfeited		(541,222)
Outstanding as of December 31, 2025		3,187,902

Schedule of assumptions used in determining the fair value of the share options


		Year Ended December 31,
Assumptions		2023		2024		2025
Expected dividend yield		0.00	%	0.00	%	0.00	%
Risk-free interest rate		2.17%~2.35	%	1.41%~1.47	%	1.36%~1.43	%
Expected volatility		32.95%~38.74	%	23.17%~27.53	%	19.90%~42.18	%
Total fair value of share-based awards		1,097,668		1,540,863		1,749,207

Schedule of share-based compensation expenses


		Year Ended December 31,
		2023		2024		2025
		RMB		RMB		RMB
Fulfillment expenses		(77,926)		(84,079)		(68,092)
Marketing expenses		(33,379)		(31,215)		(52,074)
Technology and content expenses		(330,197)		(382,308)		(309,364)
General and administrative expenses		(1,068,304)		(1,040,138)		(1,301,533)
		(1,509,806)		(1,537,740)		(1,731,063)

CONSOLIDATED BALANCE SHEETS ¥ in Thousands, $ in Thousands	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
Current assets:
Cash and cash equivalents	¥ 22,990,435	$ 3,287,588	¥ 26,352,161
Restricted cash	1,132,729	161,978	602,342
Short-term investments	5,777,222	826,132	1,872,756
Accounts receivables, net	889,220	127,157	915,158
Amounts due from related parties, net	762,781	109,076	548,145
Other receivables and prepayments, net	2,860,301	409,018	2,473,050
Loan receivables, net	9,166	1,311	6,878
Inventories	5,153,413	736,928	5,032,069
Total current assets	39,575,267	5,659,188	37,802,559
Property and equipment, net	18,311,533	2,618,514	18,292,771
Deposits for property and equipment	6,420	918	164,955
Land use rights, net	10,426,682	1,490,996	10,686,400
Intangible assets, net	324,067	46,341	327,844
Investments in equity method investees	3,136,784	448,554	2,002,043
Other investments	4,800,356	686,442	3,355,489
Other long-term assets	351,085	50,204	434,206
Goodwill	755,213	107,994	755,213
Deferred tax assets, net	757,113	108,266	681,029
Right-of-use assets, net	398,798	57,027	433,617
Total assets	78,843,318	11,274,444	74,936,126
Current liabilities:
Accounts payable (Including accounts payable of the consolidated variable interest entities ("VIEs") and VIEs' subsidiaries without recourse to the Company of RMB837 and RMB1,540 as of December 31, 2024 and 2025, respectively)	12,536,639	1,792,716	15,190,560
Advances from customers (Including advances from customers of the consolidated VIEs and VIEs' subsidiaries without recourse to the Company of RMB367,640 and RMB387,965 as of December 31, 2024 and 2025, respectively)	1,890,586	270,350	2,035,184
Accrued expenses and other current liabilities (Including accrued expenses and other current liabilities of the consolidated VIEs and VIEs' subsidiaries without recourse to the Company of RMB524,165 and RMB528,018 as of December 31, 2024 and 2025, respectively)	9,941,146	1,421,565	9,663,421
Amounts due to related parties (Including amounts due to related parties of the consolidated VIEs and VIEs' subsidiaries without recourse to the Company of RMB 4,975 and RMB3,708 as of December 31, 2024 and 2025, respectively)	¥ 101,782	$ 14,555	¥ 104,187
Other Liability, Current, Related Party [Extensible Enumeration]	Related Party [Member]	Related Party [Member]	Related Party [Member]
Deferred income (Including deferred income of the consolidated VIEs and VIEs' subsidiaries without recourse to the Company of RMB1,066 and RMB172 as of December 31, 2024 and 2025, respectively)	¥ 520,853	$ 74,481	¥ 476,796
Short-term loans	5,844,620	835,770	2,399,629
Operating lease liabilities (Including operating lease liabilities of the consolidated VIEs and VIEs' subsidiaries without recourse to the Company of RMB814 and RMB6,896 as of December 31, 2024 and 2025, respectively)	47,458	6,786	57,224
Total current liabilities	30,883,084	4,416,223	29,927,001
Deferred tax liabilities (Including deferred tax liabilities of the consolidated VIEs and VIEs' subsidiaries without recourse to the Company of RMB1,735 and RMB 1,735 as of December 31, 2024 and 2025, respectively)	707,322	101,146	783,863
Deferred income-non-current	2,252,797	322,146	2,084,038
Operating lease liabilities-non-current (Including operating lease liabilities-non-current of the consolidated VIEs and VIEs' subsidiaries without recourse to the Company of RMB24 and RMB493 as of December 31, 2024 and 2025, respectively)	556,951	79,643	591,995
Total liabilities	34,400,154	4,919,158	33,386,897
Commitments and contingencies (Note 21)
SHAREHOLDERS' EQUITY:
Treasury shares, at cost (13,028,013 and 14,273,077 Class A shares as of December 31, 2024 and 2025, respectively)	(7,876,965)	(1,126,391)	(7,042,759)
Additional paid-in capital	1,495,853	213,904	4,912,703
Retained earnings	48,591,829	6,948,539	42,906,188
Accumulated other comprehensive loss	(1,206,039)	(172,464)	(807,394)
Total Vipshop Holdings Limited shareholders' equity	41,004,749	5,863,599	39,968,813
Non-controlling interests	3,438,415	491,687	1,580,416
Total shareholders' equity	44,443,164	6,355,286	41,549,229
Total liabilities and shareholders' equity	78,843,318	11,274,444	74,936,126
Class A ordinary shares
SHAREHOLDERS' EQUITY:
Ordinary shares	60	9	64
Class B ordinary shares
SHAREHOLDERS' EQUITY:
Ordinary shares	¥ 11	$ 2	¥ 11

Summary of Significant Accounting Policies - Financial information of Group's VIE and VIE's subsidiaries (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2025 USD ($)
Financial position of the VIE
Total assets	¥ 78,843,318		¥ 74,936,126		$ 11,274,444
Total current liabilities	(30,883,084)		(29,927,001)		(4,416,223)
Total liabilities	(34,400,154)		(33,386,897)		$ (4,919,158)
Results of operation of the VIE
Net revenues	105,919,546	$ 15,146,294	108,420,832	¥ 112,856,020
Total operating expenses	(17,410,213)	(2,489,627)	(17,211,609)	(17,418,317)
Net income	7,409,639	1,059,566	7,838,945	8,201,299
Results of Cash flow of the VIE
Net cash used in operating activities	7,454,245	1,065,943	9,128,983	14,414,513
Net cash used in investing activities	(8,297,050)	(1,186,464)	(3,565,550)	(5,160,337)
Net cash used in financing activities	(1,935,572)	$ (276,783)	(4,969,579)	(6,146,005)
Consolidated VIEs and VIEs' subsidiaries
Financial position of the VIE
Total assets	5,678,365		6,504,813
Total current liabilities	(928,299)		(899,497)
Total liabilities	(930,527)		(901,256)
Results of operation of the VIE
Net revenues	292,344		306,576	372,530
Total operating expenses	(35,938)		(56,759)	(62,931)
Net income	341,871		308,464	235,406
Results of Cash flow of the VIE
Net cash used in operating activities	(399,537)		(749,147)	(721,336)
Net cash used in investing activities	¥ (505,959)		(155,901)	¥ (123,591)
Net cash used in financing activities			¥ (1,854)

Investments in equity method investees (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2025 USD ($)
Investments in equity method investees
Investments in equity method investees	¥ 3,136,784		¥ 2,002,043		$ 448,554
Impairment	(10,350)		(10,350)
Gain on disposal of equity method investee	259	$ 37	0	¥ 0
Equity income of subsidiaries and VIEs	293,919	$ 42,030	166,980	80,301
Equity method investment	0		0	¥ 0
Accumulated impairment loss, written off			96,624
Sichuan VipFubon Consumer Finance Co., Ltd ("VipFubon")
Investments in equity method investees
Investments in equity method investees	572,427		270,683
Additional capital contribution	¥ 250,500
Equity interest	50.00%				50.00%
Sequoia Fashion and Technology Industry Fund Investment Limited Partnership
Investments in equity method investees
Investments in equity method investees	¥ 269,515		429,965
Shanxi Tianmei Shan Shan Outlets Shopping Mall Co., Ltd ("Shanxi Shan Shan")
Investments in equity method investees
Investments in equity method investees	604,083		582,608
Guofu Life Insurance Co., Ltd
Investments in equity method investees
Investments in equity method investees	161,418		134,668
Gansu Shan Shan Outlets Shopping Mall Co., Ltd ("Gansu Shan Shan")
Investments in equity method investees
Investments in equity method investees	191,605		174,907
Lishui Huilian Ruitong Equity Investment Limited Partnership ("Lishui Huilian Ruitong")
Investments in equity method investees
Investments in equity method investees	646,064
Additional capital contribution	¥ 651,200
Equity interest	41.88%				41.88%
Others
Investments in equity method investees
Investments in equity method investees	¥ 702,022		¥ 419,562

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥) ¥ / shares shares	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 CNY (¥) ¥ / shares shares	Dec. 31, 2023 CNY (¥) ¥ / shares shares
Net revenues:
Total net revenues	¥ 105,919,546	$ 15,146,294	¥ 108,420,832	¥ 112,856,020
Cost of revenues	(81,429,230)	(11,644,225)	(82,951,178)	(87,135,128)
Gross profit	24,490,316	3,502,069	25,469,654	25,720,892
Operating expenses:
Fulfillment expenses (Including shipping and handling expenses of RMB5,837,096, RMB5,822,405 and RMB5,822,804 for the years ended December 31, 2023, 2024 and 2025, respectively)	(8,291,670)	(1,185,693)	(8,346,864)	(8,262,004)
Marketing expenses	(2,988,995)	(427,421)	(2,979,654)	(3,242,215)
Technology and content expenses	(1,755,123)	(250,979)	(1,892,434)	(1,767,530)
General and administrative expenses	(4,374,425)	(625,534)	(3,992,657)	(4,146,568)
Total operating expenses	(17,410,213)	(2,489,627)	(17,211,609)	(17,418,317)
Other operating income	1,055,843	150,984	915,208	801,560
Income from operations	8,135,946	1,163,426	9,173,253	9,104,135
Impairment loss of investments	(15,450)	(2,209)	(61,246)	(19,105)
Interest expenses	(90,037)	(12,875)	(57,676)	(22,932)
Interest income	801,587	114,625	809,792	780,292
Exchange gain (loss)	(62,086)	(8,878)	(24,813)	162,666
Investment (loss) gain and revaluation of investments	144,723	20,695	148,170	(18,054)
Income before income taxes and share of income of equity method investees	8,914,683	1,274,784	9,987,480	9,987,002
Income tax expense	(1,798,963)	(257,248)	(2,315,515)	(1,866,004)
Share of income of equity method investees, net of tax of nil	293,919	42,030	166,980	80,301
Net income	7,409,639	1,059,566	7,838,945	8,201,299
Net income attributable to non-controlling interests	(167,149)	(23,902)	(99,010)	(84,675)
Net income attributable to Vipshop Holdings Limited's shareholders	¥ 7,242,490	$ 1,035,664	¥ 7,739,935	¥ 8,116,624
Weighted average number of Class A and Class B ordinary shares for computing earnings per Class A and Class B ordinary share:
-Basic (in shares)	100,072,178	100,072,178	106,074,914	110,695,778
-Diluted (in shares)	102,383,890	102,383,890	107,855,806	112,552,398
Net earnings per Class A and Class B ordinary share
-Basic (in dollars per share) \| (per share)	¥ 72.37	$ 10.35	¥ 72.97	¥ 73.32
-Diluted (in dollars per share) \| (per share)	¥ 70.74	$ 10.12	¥ 71.76	¥ 72.11
Net income	¥ 7,409,639	$ 1,059,566	¥ 7,838,945	¥ 8,201,299
Other comprehensive income (loss):
Share of equity adjustments for other comprehensive income (loss) of an equity method investee	(52,510)	(7,509)	(148,886)	23,124
Foreign currency translation, net of tax of nil	35,578	5,088	37,081	(11,085)
Comprehensive income	7,392,707	1,057,145	7,727,140	8,213,338
Less: Comprehensive income attributable to non-controlling interests	167,149	23,902	99,010	84,675
Comprehensive income attributable to Vipshop Holdings Limited's shareholders	7,225,558	1,033,243	7,628,130	8,128,663
Product revenues
Net revenues:
Total net revenues	97,398,826	13,927,847	100,734,550	105,613,485
Other revenues
Net revenues:
Total net revenues	¥ 8,520,720	$ 1,218,447	¥ 7,686,282	¥ 7,242,535

Land use rights, net

12 Months Ended

Dec. 31, 2025

Land use rights, net

Land use rights, net

7.	Land use rights, net


	As of December 31,
	2024	2025
	RMB	RMB
Land use rights	11,907,443	11,926,369
Less: accumulated amortization	(1,166,035)	(1,444,679)
Less: accumulated impairment	(55,008)	(55,008)
Land use rights, net	10,686,400	10,426,682

The expiry dates of the land use rights range from the years 2049 to 2073.

Amortization expenses charged were RMB217.3 million, RMB270.1 million and RMB278.6 million for the years ended December 31, 2023, 2024 and 2025, respectively.

Amortization expenses are expected to be at RMB279.1 million for each of the years ending December 31, 2026, 2027, 2028, 2029 and 2030, respectively.

There is no impairment on land use rights recognized for the years ended December 31, 2023, 2024 and 2025, respectively.

Share-based payments - Share-based compensation expenses (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based compensation expenses
Share-based compensation expenses	¥ (1,731,063)	¥ (1,537,740)	¥ (1,509,806)
Fulfillment expenses
Share-based compensation expenses
Share-based compensation expenses	(68,092)	(84,079)	(77,926)
Marketing expenses
Share-based compensation expenses
Share-based compensation expenses	(52,074)	(31,215)	(33,379)
Technology and content expenses
Share-based compensation expenses
Share-based compensation expenses	(309,364)	(382,308)	(330,197)
General and administrative expenses
Share-based compensation expenses
Share-based compensation expenses	¥ (1,301,533)	¥ (1,040,138)	¥ (1,068,304)

Employee retirement benefit (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Employee retirement benefit
Contributions and accruals to employee retirement benefit plan	¥ 617,704	¥ 592,786	¥ 455,559

Leases - Details of component of lease cost (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases
Operating lease cost for fixed payments	¥ 90,707	¥ 102,472	¥ 147,260
Short-term lease costs	89,278	75,356	61,487
Variable lease costs	44,975	49,540	52,442
Total lease costs	¥ 224,960	¥ 227,368	¥ 261,189

Inventories

12 Months Ended

Dec. 31, 2025

Inventories

Inventories

5.	Inventories

Inventories consist of the following:


	As of December 31,
	2024	2025
	RMB	RMB
Products	5,628,201	5,639,670
Others	28,979	32,050
Inventories	5,657,180	5,671,720
Inventory write-down	(625,111)	(518,307)
Total	5,032,069	5,153,413

Income tax expense - Aggregate amount and per share effect of the tax holidays and tax concessions (Details) - CNY (¥) ¥ / shares in Units, ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Aggregate amount and per share effect of the tax holidays and tax concessions
The aggregate effect	¥ 698,883	¥ 851,865	¥ 824,300
Class A and Class B ordinary share
Aggregate amount and per share effect of the tax holidays and tax concessions
Per share effect - basic (in dollars per share)	¥ 6.98	¥ 8.03	¥ 7.45
Per share effect - diluted (in dollars per share)	¥ 6.83	¥ 7.9	¥ 7.32

Leases

12 Months Ended

Dec. 31, 2025

Leases

Leases

14.

Leases

From the Perspective of Lessee

The Group leases office space, offline stores, apartments and certain equipment under operating leases for terms ranging from short-term (under 12 months) to 16 years. The Group has options to extend or terminate leases, but the renewals or terminations of these leases are on negotiation basis. None of these leases contain material residual value guarantees or material restrictive covenants, and the Group does not have any financing leases.

Supplemental balance sheet information related to the leases are as follows:


		As of December 31,
		2024		2025
		RMB		RMB
ROU assets		433,617		398,798
Operating lease liabilities—current		57,224		47,458
Operating lease liabilities—non-current		591,995		556,951
Weighted-average remaining lease term		10.40		9.45
Weight-average discount rate		4.89	%	4.89	%

The components of lease costs of these operating leases for the years ended December 31, 2023, 2024 and 2025 are as follow:


		Year Ended December 31,
		2023	2024		2025
		RMB	RMB		RMB
Operating lease cost for fixed payments		147,260	102,472		90,707
Short-term lease costs		61,487	75,356		89,278
Variable lease costs		52,442	49,540		44,975
Total lease costs		261,189	227,368		224,960

The following table provides supplemental cash flow information related to leases:


		Year Ended December 31,
		2023		2024		2025
		RMB		RMB		RMB
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases		165,828		109,552		100,662

14.Leases (Continued)

From the Perspective of Lessee (Continued)

The following table provides the maturities of lease liabilities as of December 31, 2025:


		Operating
Maturities of lease liabilities at December 31, 2025		leases
		RMB
2026		74,403
2027		61,977
2028		80,936
2029		83,753
2030		81,810
2031 and thereafter		388,828
Total future undiscounted lease payments		771,707
Less: imputed interest		167,298
Total present value of lease liabilities		604,409

For the year ended December 31, 2023, RMB135,657 impairment loss was recorded in general and administrative expenses related to ROU assets of city outlets. No impairment loss was recorded for the years ended December 31, 2024 and 2025.

Lessor arrangement - Operating lease

The Group generates lease income from Shan Shan Outlets and warehouses. The variable lease payments related to Shan Shan Outlets are determined based on the lessee’s sales amounts and a rate specified in the lease contract. The Group’s lease arrangements do not include options for the lessee to purchase the underlying assets or to extend or terminate the lease. Additionally, the Group’s agreements typically include clauses that may restrict the use of the asset or require specific actions by the lessee to ensure proper maintenance of the asset for its continued performance.

As of December 31, 2025, the undiscounted minimum lease payments expected to be received over the remaining lease terms are as follows: RMB823.7 million for 2026, RMB352.4 million for 2027, and RMB175.4 million for 2028, RMB86.8 million for 2029, RMB65.7 million for 2030 and RMB148.7 million for 2031 and thereafter.

Summary of Significant Accounting Policies - Disaggregation of revenue and revenues recognized at a point in time or over time (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Summary of significant accounting policies - Schedule of disaggregation of revenue
Total net revenues	¥ 105,919,546	$ 15,146,294	¥ 108,420,832	¥ 112,856,020
Revenues recognized at a point in time
Summary of significant accounting policies - Schedule of disaggregation of revenue
Total net revenues	99,718,096		103,076,990	108,123,465
Revenues recognized over time
Summary of significant accounting policies - Schedule of disaggregation of revenue
Total net revenues	6,201,450		5,343,842	4,732,555
Womenswear and menswear
Summary of significant accounting policies - Schedule of disaggregation of revenue
Total net revenues	32,332,442		34,825,405	37,628,436
Shoes and bags
Summary of significant accounting policies - Schedule of disaggregation of revenue
Total net revenues	7,645,338		8,301,476	9,384,021
Skincare and cosmetics
Summary of significant accounting policies - Schedule of disaggregation of revenue
Total net revenues	13,069,012		14,015,643	15,669,280
Sportswear and sporting goods
Summary of significant accounting policies - Schedule of disaggregation of revenue
Total net revenues	14,030,473		13,748,205	13,870,228
Home goods and other lifestyle products
Summary of significant accounting policies - Schedule of disaggregation of revenue
Total net revenues	9,511,250		8,553,989	8,620,465
Baby and children products
Summary of significant accounting policies - Schedule of disaggregation of revenue
Total net revenues	11,061,599		9,032,306	9,606,808
Supermarket and other products
Summary of significant accounting policies - Schedule of disaggregation of revenue
Total net revenues	9,748,712		12,257,526	10,834,247
Other revenues
Summary of significant accounting policies - Schedule of disaggregation of revenue
Total net revenues	8,520,720		7,686,282	7,242,535
Product revenues
Summary of significant accounting policies - Schedule of disaggregation of revenue
Total net revenues	¥ 97,398,826	$ 13,927,847	¥ 100,734,550	¥ 105,613,485

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2025

Summary of significant accounting policies

Basis of presentation

(a)Basis of presentation

The consolidated financial statements have been prepared in accordance with U.S. GAAP.

Principles of consolidation

(b)Principles of consolidation

The Group has concluded that it is the ultimate primary beneficiary of these PRC domestic companies and accordingly, consolidates these VIEs.

Equity Interest Pledge Agreements

Exclusive Option Agreement

Power of Attorney Agreements

Exclusive Business Cooperation Agreement

Risks in relation to the VIE structure

●

The shareholders of the significant consolidated VIEs have potential conflict of interest with the Group, which may adversely affect their business;

●

The Group’s business may be significantly affected by the PRC Foreign Investment Law;

●

The contractual arrangements with the consolidated VIEs may result in adverse tax consequences to the Group.


	As of December 31,
	2024	2025
	RMB	RMB
Total assets	6,504,813	5,678,365
Total current liabilities	(899,497)	(928,299)
Total liabilities	(901,256)	(930,527)


	Year Ended December 31,
	2023	2024	2025
	RMB	RMB	RMB
Net revenues	372,530	306,576	292,344
Total operating expenses	(62,931)	(56,759)	(35,938)
Net income	235,406	308,464	341,871


	Year Ended December 31,
	2023	2024	2025
	RMB	RMB	RMB
Net cash used in operating activities	(721,336)	(749,147)	(399,537)
Net cash used in investing activities	(123,591)	(155,901)	(505,959)
Net cash used in financing activities	—	(1,854)	—

Use of estimates

(c)Use of estimates

Cash and cash equivalents

(d)Cash and cash equivalents

Cash and cash equivalents consist of cash on hand, time deposit that are not restricted as to withdrawal or use and highly liquid investments with maturity of less than three months.

Restricted cash

(e)Restricted cash

The Group’s restricted cash represents mainly deposits held in a designated bank account related to online payments service, security deposits of short - term loans and other restricted cash items.

Short-term investments

(f)Short-term investments

Short-term investments consist primarily of financial products offered by commercial banks in mainland China and Hong Kong with fixed maturity dates ranging from three months to one year.

Inventories

(g)Inventories

Accounts receivables, net

(h)Accounts receivables, net

Accounts receivables expected to be settled in more than one year as of the balance sheet date are classified into other long-term assets on the consolidated balance sheets.

Other receivables and prepayments, net

(i)Other receivables and prepayments, net

Property and equipment, net

(j)Property and equipment, net


		Estimated useful life
Buildings		20 to 30 years
Furniture, fixtures and equipment		2 to 10 years
Leasehold improvements		Shorter of lease term or the estimated useful life of lease improvements
Motor vehicles		4 to 5 years
Software		1 to 10 years

Land use rights, net

(k)Land use rights, net

Intangible assets, net

(l)Intangible assets, net

Acquired intangible assets mainly consist of trademarks and payment license acquired from third parties and from business combination.

Trademarks purchased from third parties are initially recorded at cost and amortized on a straight-line basis over the estimated economic lives.


		Estimated economic life
Trademarks		2-5 years
Payment license		Indefinite life

Investments in equity method investee and other investments

(m)Investments in equity method investee and other investments

Investments accounted under the equity method

Equity investment with readily determinable fair value

Equity investment without readily determinable fair value

Available-for-sale debt securities

Impairment of long-lived assets

(n)Impairment of long-lived assets

Goodwill

(o)Goodwill

Business combinations and non-controlling interests

(p)Business combinations and non-controlling interests

Leases

(q)Leases

From the Perspective of Lessee

The Group leases office space, offline stores, apartments and certain equipment under operating leases for terms ranging from short term (under 12 months) to 16 years.

The scope of ASC 842 also includes land use rights and the accounting policy is included in Note 2(k).

A lease liability is recognized for future fixed lease payments and Right-of-use (“ROU”) assets representing the right to use the underlying asset during the lease term.

Repayments of operating liabilities, variable lease payments and short-term lease payments are classified in operating activities.

From the Perspective of Lessor

The Group leases shop spaces in outlet malls to brand shops and warehouse to suppliers under operating leases ranging from short term (under 12 months) to 25 years.

Revenue recognition

(r)Revenue recognition

Product revenue recognition

For offline product revenue and merchandizes sold through Shan Shan Outlets, the Group recognizes product revenue at the point of time when customers obtain control of the merchandises.

Return rights

Other revenues

Revenue from logistic services is recognized at the point of time upon completion of the performance of services.

Membership reward program

Remaining performance obligations

Disaggregation of revenue

The following table sets forth the disaggregation of revenue:


	Year Ended December 31,
	2023	2024	2025
	RMB	RMB	RMB
Product revenues
Womenswear and menswear	37,628,436	34,825,405	32,332,442
Shoes and bags	9,384,021	8,301,476	7,645,338
Skincare and cosmetics	15,669,280	14,015,643	13,069,012
Sportswear and sporting goods	13,870,228	13,748,205	14,030,473
Home goods and other lifestyle products	8,620,465	8,553,989	9,511,250
Baby and children products	9,606,808	9,032,306	11,061,599
Supermarket and other products	10,834,247	12,257,526	9,748,712
	105,613,485	100,734,550	97,398,826
Other revenues	7,242,535	7,686,282	8,520,720
Total net revenues	112,856,020	108,420,832	105,919,546

The following table summarizes the Group’s revenues recognized at a point in time or over time:


		Year Ended December 31,
		2023		2024		2025
		RMB		RMB		RMB
Revenues recognized at a point in time		108,123,465		103,076,990		99,718,096
Revenues recognized over time		4,732,555		5,343,842		6,201,450
Total net revenues		112,856,020		108,420,832		105,919,546

Contract balances

Cost of revenues

(s)Cost of revenues

Fulfilment expenses

(t)Fulfilment expenses

Marketing expenses

(u)Marketing expenses

Marketing expenses primarily represent advertising expenses incurred in connection with customer acquisition and brand promotional activities, as well as compensation and benefits of marketing staff.

Technology and content expenses

(v)Technology and content expenses

General and administrative expenses

(w)General and administrative expenses

Government grants

(x)Government grants

Foreign currency transactions and translations

(y)Foreign currency transactions and translations

Convenience translation

(z)Convenience translation

Taxation

(aa)Taxation

Value added taxes

(ab)Value added taxes

Comprehensive income (loss)

(ac)Comprehensive income (loss)

Concentration and risks

(ad)Concentration and risks

Concentration of customers and suppliers

Concentration of credit risk

Fair value of financial instruments

(ae)Fair value of financial instruments

The three levels of inputs may be used to measure fair value include:

Level 1

Applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

Level 2

Level 3

Applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

The Group measures its equity investment with readily determinable fair value at its quoted price in active markets.

Share-based compensation

(af)Share-based compensation

Earnings per share

(ag)Earnings per share

Treasury shares

(ah)Treasury shares

Segment reporting

(ai)Segment reporting

Recent accounting pronouncements

(aj)Recent accounting pronouncements

Recent adopted accounting pronouncements

Recent accounting pronouncements issued not yet adopted

Schedule I-Condensed Financial Information of the Parent Company

12 Months Ended

Dec. 31, 2025

Schedule I-Condensed Financial Information of the Parent Company

Schedule I-Condensed Financial Information of the Parent Company

VIPSHOP HOLDINGS LIMITED

Schedule I—Condensed Financial Information of the Parent Company

Statements of Income and Comprehensive Income

(All amounts in thousands)


	Year Ended December 31,
	2023	2024	2025	2025
	RMB	RMB	RMB	US$
				Note 2(z)
General and administrative expenses	(21,171)	(17,749)	(33,411)	(4,778)
Other operating income	47,529	13	119,970	17,155
Income (loss) from operations	26,358	(17,736)	86,559	12,377
Interest expense	—	—	(15,805)	(2,260)
Interest income	—	—	329	47
Exchange gain	—	—	3,340	478
Income before income tax expense and equity income of subsidiaries and VIEs	26,358	(17,736)	74,423	10,642
Equity income of subsidiaries and VIEs	8,090,266	7,757,671	7,204,058	1,030,169
Income tax expenses	—	—	(35,991)	(5,147)
Net income attributable to Vipshop Holdings Limited’s shareholders	8,116,624	7,739,935	7,242,490	1,035,664
Other comprehensive (loss) income:
Foreign currency translation, net of tax of nil	(11,085)	37,081	35,578	5,088
Share of equity adjustments for other comprehensive income (loss) of an equity method investee	23,124	(148,886)	(52,510)	(7,509)
Comprehensive income attributable to Vipshop Holdings Limited’s shareholders	8,128,663	7,628,130	7,225,558	1,033,243

VIPSHOP HOLDINGS LIMITED

Schedule I—Condensed Financial Information of the Parent Company

Balance Sheets

(All amounts in thousands, except for share and per share data)


	As of December 31,
	2024	2025	2025
	RMB	RMB	US$
			Note 2(z)
ASSETS
Cash and cash equivalents	411	2,086	298
Other receivables and prepayments, net	3,423	3,142	449
Investment in subsidiaries and VIEs	52,490,094	58,995,811	8,436,289
Amounts due from subsidiaries and VIEs	908,747	874,822	125,098
Total assets	53,402,675	59,875,861	8,562,134
LIABILITIES
Accrued expenses and other current liabilities	771	69,728	9,971
Amounts due to subsidiaries	13,433,091	17,402,764	2,488,564
Short-term loans	—	1,398,620	200,000
Total liabilities	13,433,862	18,871,112	2,698,535
SHAREHOLDERS’ EQUITY
Class A ordinary shares (US$0.0001 par value, 483,489,642 shares authorized, and 100,640,510 and 94,482,014 shares issued, of which 86,982,144 and 80,208,937 shares were outstanding as of December 31, 2024 and 2025, respectively)	64	60	9
Class B ordinary shares (US$0.0001 par value, 16,510,358 shares authorized, and 15,560,358 shares issued and outstanding as of December 31, 2024 and 2025, respectively)	11	11	2
Treasury shares, at cost (13,028,013 and 14,273,077 Class A shares as of December 31, 2024 and 2025, respectively)	(7,042,759)	(7,876,965)	(1,126,391)
Additional paid-in capital	4,912,703	1,495,853	213,904
Retained earnings	42,906,188	48,591,829	6,948,539
Accumulated other comprehensive loss	(807,394)	(1,206,039)	(172,464)
Total shareholders’ equity	39,968,813	41,004,749	5,863,599
Total liabilities and shareholders’ equity	53,402,675	59,875,861	8,562,134

VIPSHOP HOLDINGS LIMITED

Schedule I—Condensed Financial Information of the Parent Company

Statements of Cash Flows

(All amounts in thousands)


	Year Ended December 31,
	2023	2024	2025	2025
	RMB	RMB	RMB	US$
				Note 2(z)
Cash flow from operating activities:
Net income	8,116,624	7,739,935	7,242,490	1,035,664
Adjustments to reconcile net income to net cash by operating activities:
Equity income of subsidiaries and VIEs	(8,090,266)	(7,757,671)	(7,204,058)	(1,030,169)
Dividend received from subsidiaries and VIEs	—	1,681,107	1,768,685	252,919
Changes in operating assets and liabilities:
Other receivables and prepayments, net	(3,374)	(50)	281	40
Accrued expenses and other current liabilities	(3,634)	(372)	48,289	6,905
Net cash provided by operating activities	19,350	1,662,949	1,855,687	265,359
Cash flows from investing activities:
Changes in amounts due from/to subsidiaries	5,086,910	3,887,078	3,455,393	494,115
Net cash provided by investing activities	5,086,910	3,887,078	3,455,393	494,115
Cash flows from financing activities:
Repurchase of ordinary shares	(5,106,944)	(3,865,781)	(4,940,778)	(706,522)
Proceeds from bank borrowings	—	—	1,426,080	203,927
Dividend distribution to shareholders	—	(1,684,721)	(1,795,384)	(256,736)
Proceeds from issuance of ordinary shares upon exercise of share options	—	—	623	89
Net cash used in financing activities	(5,106,944)	(5,550,502)	(5,309,459)	(759,242)
Effect of exchange rate changes on cash and cash equivalents	(36)	(18)	54	7
Net (decrease) increase in cash and cash equivalents	(720)	(493)	1,675	239
Cash and cash equivalents at beginning of the year	1,624	904	411	59
Cash and cash equivalents at end of the year	904	411	2,086	298

VIPSHOP HOLDINGS LIMITED

NOTE TO SCHEDULE I

(All amounts in thousands, except for share or per share data)

Schedule I has been provided pursuant to the requirement of Rule 12-04(a) and 4-08(e)(3) of Regulation S-X, which require condensed financial information as to financial position, cash flows and results of operations of a parent company as of the same dates and for the same periods for which audited consolidated financial statements have been presented when the restricted net assets of the consolidated and unconsolidated subsidiaries together exceed 25 percent of consolidated net assets as of end of the most recently completed fiscal year.

As of December 31, 2025, RMB16.65 billion of the restricted capital, reserves and net asset are not available for distribution or transfer respectively, and as such, the condensed financial information of Vipshop Holdings Limited (“Parent Company”) has been presented. Relevant PRC laws and regulations also restrict the subsidiaries in PRC, the VIEs and VIEs’ subsidiaries from transferring a portion of their net assets to the Parent Company in the form of loans and advances or cash dividends.

During the years ended December 31, 2023, 2024 and 2025, cash dividends amounted to nil, US$233.3 million and US$247.4 million were declared and paid by the Parent Company, respectively. On February 26, 2026, cash dividends amounted to US$3.10 per ordinary share, or US$0.62 per ADS were declared and expected to be paid in April, 2026.

As of December 31, 2025, there were no material contingencies, significant provisions of long-term obligations, and mandatory dividend or redemption requirements of redeemable shares or guarantees of the Parent Company, except for those which have been separately disclosed in the Consolidated Financial Statement, if any.

Basis of preparation

The condensed financial information of the Parent Company has been prepared using the same accounting policies as set out in its consolidated financial statements, except that the Parent Company has used the equity method to account for its investment in its subsidiaries, VIEs and VIEs’ subsidiaries. Accordingly, the condensed financial information presented herein represents the financial information of the Parent Company.

Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The footnote discloses certain supplemental information relating to the operations of the Company and, as such, these statements should be read in conjunction with the notes to the accompanying Consolidated Financial Statements.

Short-term loans - Outstanding (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
Short term loans
Short-term loans	¥ 5,844,620	$ 835,770	¥ 2,399,629
RMB denominated
Short term loans
Short-term loans	4,446,000		2,397,000
US$ denominated
Short term loans
Short-term loans	¥ 1,398,620
EUR denominated
Short term loans
Short-term loans			¥ 2,629

Summary of significant accounting policies - Revenue recognition - Narrative (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)
Principles of consolidation
Period of unconditional right of return	7 days	7 days
Amount of unfulfilled performance obligations	¥ 1,673,100		¥ 1,801,200
Total net revenues	105,919,546	$ 15,146,294	108,420,832	¥ 112,856,020
Amount of contract assets balance	318,500		360,500
Advances from customers	2,564,100		2,706,000
Refund liabilities	468,500		510,700	494,800	¥ 339,800
Reward Points
Principles of consolidation
Amount of unfulfilled performance obligations	422,600		394,100
Service
Principles of consolidation
Total net revenues	5,120,000		4,960,000	4,940,000
Lease
Principles of consolidation
Total net revenues	¥ 3,400,000		¥ 2,730,000	¥ 2,300,000

Leases - Summary of cash flow payments of lease (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	¥ 100,662	¥ 109,552	¥ 165,828

Accounts receivables, net

12 Months Ended

Dec. 31, 2025

Accounts receivables, net

Accounts receivables, net

3.	Accounts receivables, net

Components of accounts receivables are as follows:


	As of December 31,
	2024	2025
	RMB	RMB
Receivables for logistics and warehousing services rendered	289,862	255,400
Receivables from payment platform	130,460	215,538
Trade receivables (Note a)	226,464	220,640
Others (Note b)	284,631	217,046
Subtotal	931,417	908,624
Allowance for doubt accounts:
Balance at beginning of the year	(60,665)	(16,259)
Write-offs	53,058	9,983
Provision	(8,652)	(13,128)
Allowance as of the end of the year	(16,259)	(19,404)
Accounts receivables, net	915,158	889,220

Notes:

(a)

Trade receivables represent financing extended to certain customers when they select to pay for the online product purchases through installments.

(b)

CONSOLIDATED STATEMENTS OF CASH FLOWS ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Cash flows from operating activities:
Net income	¥ 7,409,639	$ 1,059,566	¥ 7,838,945	¥ 8,201,299
Adjustments to reconcile net income to net cash by operating activities:
Provision for allowance for doubtful accounts	13,825	1,977	44,807	28,114
Changes of inventory write-down	(104,194)	(14,900)	(312,414)	(681,173)
Depreciation of property and equipment	1,526,471	218,282	1,418,492	1,299,384
Amortization of deferred income	(88,901)	(12,713)	(72,415)	(49,301)
Impairment of long-lived assets	0		0	156,241
Amortization of intangible assets	3,777	540	3,778	3,778
Amortization of land use rights	278,600	39,845	270,063	217,323
Deferred tax assets	(76,084)	(10,880)	3,988	(3,247)
Deferred tax liabilities	(76,541)	(10,945)	91,371	118,758
Loss (gain) on disposal of property and equipment and land use rights	6,455	923	(3,776)	5,262
Share based compensation expenses	1,731,063	247,539	1,537,740	1,509,806
Share of income of equity method investees	(293,919)	(42,030)	(166,980)	(80,301)
Impairment loss of other investments	15,450	2,209	61,246	19,105
Investment gain and revaluation of investments	(109,025)	(15,590)	(135,132)	(10,217)
Gain on disposal of equity method investees	(259)	(37)	0	0
Gain on disposal of subsidiaries	(1,861)	(266)
(Gain) loss on disposal of other investments	642	92	(4,417)
Non-cash lease expense	60,467	8,647	76,567	130,447
Changes in operating assets and liabilities:
Accounts receivables	15,018	2,148	(126,178)	(199,852)
Amounts due from related parties	(16,825)	(2,406)	(39,543)	(25,220)
Other receivables and prepayments	(340,829)	(48,738)	(185,599)	12,613
Interest receivables on short-term investments	(27,774)	(3,972)	(19,424)	(6,201)
Inventories	(25,445)	(3,639)	944,727	601,440
Dividends received from equity method investees	131,684	18,831	156,517	102,545
Accounts payable	(2,169,266)	(310,201)	(2,170,812)	2,565,874
Advances from customers	(142,602)	(20,392)	345,303	(47,543)
Accrued expenses and other current liabilities	(216,349)	(30,938)	(356,287)	666,260
Amounts due to related parties	(2,405)	(344)	(2,486)	(40,063)
Deferred income	23,201	3,318	5,780	46,882
Operating lease liabilities	(69,811)	(9,983)	(74,878)	(127,500)
Net cash generated from operating activities	7,454,245	1,065,943	9,128,983	14,414,513
Cash flows from investing activities:
Purchases of property and equipment	(1,985,766)	(283,961)	(2,723,247)	(2,167,178)
Purchases of land use rights	(80,772)	(11,550)	(839,339)	(3,063,559)
Government subsidies received for land use rights	278,516	39,827	412,926	347,070
Proceed from disposal of property and equipment and land use rights	14,835	2,121	20,505	199,013
Purchases of short-term investments	(10,948,688)	(1,565,642)	(4,484,636)	(3,959,000)
Redemption of short-term investments upon maturities	7,028,856	1,005,113	4,608,304	3,565,610
Investments in equity method investees and other investments	(2,482,589)	(355,006)	(374,921)	(282,542)
Proceed from disposal of equity method investments and other investments	2,014	288	14,590
Deposit paid for equity method investments	(60,000)	(8,580)	(250,500)
Cash paid for loan originations	(106,886)	(15,284)	(59,752)	(19,785)
Net inflow (outflow) for disposal of subsidiaries	(11,520)	(1,647)		1,416
Cash received from loan repayments	103,185	14,755	106,336	62,193
Other investing activities	(48,235)	(6,898)	4,184	156,425
Net cash used in investing activities	(8,297,050)	(1,186,464)	(3,565,550)	(5,160,337)
Cash flows from financing activities:
Proceeds from bank and other borrowings	13,151,312	1,880,613	6,399,917	2,093,483
Repayment to bank and other borrowings	(9,677,000)	(1,383,793)	(5,444,814)	(3,355,887)
Borrowing from equity method investees	30,000	4,290	65,000	53,500
Repayment of loans from equity method investees	(30,000)	(4,290)	(108,700)	(14,800)
Repayment of loans from non-controlling interests shareholders	(84,300)	(12,055)	(36,100)	(47,250)
Borrowing from non-controlling interests shareholders	37,800	5,405	97,800	58,550
Repurchase of ordinary shares	(4,940,778)	(706,522)	(3,865,781)	(5,106,944)
Cash paid to non-controlling interests shareholders for deregistration of subsidiaries			(1,275)
Acquisition of non-controlling interests			(512,237)	(73,000)
Dividend distribution to non-controlling interest shareholders	(22,350)	(3,196)	(39,417)	(39,107)
Dividend distribution to shareholders	(1,795,384)	(256,736)	(1,684,721)
Proceeds from issuance of ordinary shares upon exercise of share options	1,341	192	249
Net cash used in financing activities	(1,935,572)	(276,783)	(4,969,579)	(6,146,005)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(52,962)	(7,573)	63,283	85,794
Net increase (decrease) in cash, cash equivalents and restricted cash	(2,831,339)	(404,877)	657,137	3,193,965
Cash, cash equivalents and restricted cash at beginning of the year	26,954,503	3,854,443	26,297,366	23,103,401
Cash, cash equivalents and restricted cash at end of the year	24,123,164	3,449,566	26,954,503	26,297,366
Reconciliation in amounts on the consolidated balance sheets:
Cash and cash equivalents	22,990,435		26,352,161	25,414,729
Restricted cash	1,132,729		602,342	882,637
Total cash, cash equivalents and restricted cash at end of the year	24,123,164		26,954,503	26,297,366
Supplemental disclosures of cash flow information:
Interest paid, net of amount capitalized	71,154	10,175	57,681	26,480
Income tax paid	2,443,103	349,359	2,169,488	1,778,785
Supplemental disclosure of non-cash activities:
Capital contribution from non-controlling interests shareholders settled by dividend payable, net of tax of nil, RMB840 and nil in the years ended December 31, 2023, 2024 and 2025, respectively			3,360
Right-of-use assets obtained under operating lease	53,305	7,623	31,231	32,594
Non-controlling Interests Other than VipShop Outlet REIT
Cash flows from financing activities:
Capital contributions from non-controlling interests shareholders	8,000	1,144	¥ 160,500	¥ 285,450
VipShop Outlet REIT
Cash flows from financing activities:
Capital contributions from non-controlling interests shareholders	¥ 1,385,787	$ 198,165

Income tax expense - Reconciliation of the income tax expense to income before income tax expense and share of income of equity method investees (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Income tax expense
Income before income taxes and share of income of equity method investees	¥ 8,914,683	$ 1,274,784	¥ 9,987,480	¥ 9,987,002
Reconciliation of the income tax expense to income before income tax expense and share of income of equity method investees computed by applying the PRC statutory income tax rate
Computed income tax expense at PRC EIT tax rate	2,228,671		2,496,870	2,496,751
Effect of foreign tax, including:	(75,173)		(131,089)	(68,154)
Effect of different tax rates of subsidiaries operating in other jurisdictions	(41,382)		(73,738)	(53,121)
Others	(33,791)		(57,351)	(15,033)
Change in valuation allowance	(45,783)		11,222	(49,919)
Effect of non-deductible expenses, including:	128,485		140,517	162,876
Share-based compensation expenses of subsidiaries operating in PRC	121,376		119,857	148,223
Other non-deductible expenses	7,109		20,660	14,653
Tax on dividends and undistributed earnings	261,646		649,860	148,750
Effect of tax holidays on concessionary rates granted to PRC subsidiaries	(698,883)		(851,865)	(824,300)
Total tax expense	¥ 1,798,963	$ 257,248	¥ 2,315,515	¥ 1,866,004
Tax Jurisdiction of Domicile [Extensible Enumeration]	CHINA	CHINA	CHINA	CHINA
Reconciliation of difference between the PRC statutory income tax rate and effective income tax rate
Statutory income tax rate	25.00%	25.00%	25.00%	25.00%
Effect of foreign tax, including:	(0.90%)	(0.90%)	(1.30%)	(0.70%)
Effect of different tax rates of subsidiaries operating in other jurisdiction	(0.50%)	(0.50%)	(0.70%)	(0.50%)
Others	(0.40%)	(0.40%)	(0.60%)	(0.20%)
Change in valuation allowance	(0.50%)	(0.50%)	0.10%	(0.50%)
Effect of non-deductible expenses, including:	1.50%	1.50%	1.40%	1.60%
Share-based compensation expenses	1.40%	1.40%	1.20%	1.50%
Other non-deductible expenses	0.10%	0.10%	0.20%	0.10%
Tax on dividends and undistributed earnings	2.90%	2.90%	6.50%	1.50%
Effect of tax holidays on concessionary rates granted to PRC subsidiaries	(7.80%)	(7.80%)	(8.50%)	(8.20%)
Effective tax rates	20.20%	20.20%	23.20%	18.70%

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY ¥ in Thousands, $ in Thousands	ordinary shares Class A CNY (¥) shares	ordinary shares Class B CNY (¥) shares	Additional paid-in capital VipShop Outlet REIT CNY (¥)	Additional paid-in capital CNY (¥)	Treasury shares CNY (¥) shares	Retained Earnings Cumulative Effect Period of Adoption Adjustment CNY (¥)	Retained Earnings CNY (¥)	Accumulated other comprehensive loss Cumulative Effect Period of Adoption Adjustment CNY (¥)	Accumulated other comprehensive loss CNY (¥)	Total Vipshop Holdings Limited Shareholders Equity Cumulative Effect Period of Adoption Adjustment CNY (¥)	Total Vipshop Holdings Limited Shareholders Equity VipShop Outlet REIT CNY (¥)	Total Vipshop Holdings Limited Shareholders Equity CNY (¥)	Non-controlling interests Non-controlling Interests Other than VipShop Outlet REIT CNY (¥)	Non-controlling interests VipShop Outlet REIT CNY (¥)	Non-controlling interests CNY (¥)	Class A shares	Class B shares	Cumulative Effect Period of Adoption Adjustment CNY (¥)	Non-controlling Interests Other than VipShop Outlet REIT CNY (¥)	VipShop Outlet REIT CNY (¥)	CNY (¥) shares	USD ($) shares
Balance at Dec. 31, 2022	¥ 80	¥ 11		¥ 13,091,781	¥ (8,352,511)		¥ 28,720,304		¥ (707,628)			¥ 32,752,037			¥ 1,321,006						¥ 34,073,043
Balance (in shares) at Dec. 31, 2022 \| shares	101,621,330	15,560,358
Balance (in shares) at Dec. 31, 2022 \| shares					22,438,760
Increase (Decrease) in Shareholders' Equity
Net income							8,116,624					8,116,624			84,675						8,201,299
Repurchase of ordinary shares (Note 16)					¥ (4,968,545)							(4,968,545)									(4,968,545)
Repurchase of ordinary shares (in shares) \| shares	(9,755,695)				9,755,695
Issuance of ordinary shares upon exercises of share options (in shares) \| shares																0
Share-based compensation expense (Note 23)				1,068,611								1,068,611									1,068,611
Cancellation of treasury shares (Note 16)	¥ (19)			(9,696,274)	¥ 9,696,293
Cancellation of treasury shares ( in shares) \| shares					(26,216,773)											26,216,773
Capital contribution from non-controlling interests shareholders (Note 17)				(10,630)								(10,630)			296,080						285,450
Dividend distribution to non-controlling interests shareholders (Note 17)															(39,107)						(39,107)
Share of equity adjustments for other comprehensive income (loss) of an equity method investee									23,124			23,124									23,124
Foreign currency translation									(11,085)			(11,085)									(11,085)
Issuance of ordinary shares upon vesting of shares awards (Note 16)	¥ 1			(1)
Issuance of ordinary shares upon vesting of shares awards (in shares) \| shares	1,034,612															1,034,612
Acquisition of additional equity interests in subsidiaries (Note 17)				(8,732)								(8,732)			(64,268)						(73,000)
Deregistration of a subsidiary (Note 17)															(32)						(32)
Balance at Dec. 31, 2023	¥ 62	¥ 11		4,444,755	¥ (3,624,763)		36,836,928		(695,589)			36,961,404			1,598,354						38,559,758
Balance (in shares) at Dec. 31, 2023 \| shares	92,900,247	15,560,358
Balance (in shares) at Dec. 31, 2023 \| shares					5,977,682
Increase (Decrease) in Shareholders' Equity
Net income							7,739,935					7,739,935			99,010						7,838,945
Repurchase of ordinary shares (Note 16)					¥ (3,852,387)							(3,852,387)									(3,852,387)
Repurchase of ordinary shares (in shares) \| shares	(7,680,684)				7,680,684
Issuance of ordinary shares upon exercises of share options (Note 16)				251								251									251
Issuance of ordinary shares upon exercises of share options (in shares) \| shares	14,000															14,000
Re-issuance of treasury shares upon vesting of shares awards (Note 16)				(434,391)	¥ 434,391
Reissuance of treasury shares upon vesting of shares awards (in shares) \| shares	630,353				(630,353)
Share-based compensation expense (Note 23)				1,177,685								1,177,685									1,177,685
Capital contribution from non-controlling interests shareholders (Note 17)				8,297								8,297	¥ 155,563		155,563						163,860
Dividend distribution to non-controlling interests shareholders (Note 17)															(42,891)						(42,891)
Dividend distribution to the Company's shareholders (Note 16)							(1,670,675)					(1,670,675)									(1,670,675)
Share of equity adjustments for other comprehensive income (loss) of an equity method investee									(148,886)			(148,886)									(148,886)
Foreign currency translation									37,081			37,081									37,081
Issuance of ordinary shares upon vesting of shares awards (Note 16)	¥ 2			(2)
Issuance of ordinary shares upon vesting of shares awards (in shares) \| shares	1,118,228															1,118,228
Acquisition of additional equity interests in subsidiaries (Note 17)				(283,892)								(283,892)			(228,345)						(512,237)
Deregistration of a subsidiary (Note 17)															(1,275)						(1,275)
Balance at Dec. 31, 2024	¥ 64	¥ 11		4,912,703	¥ (7,042,759)	¥ 247,046	42,906,188	¥ (381,713)	(807,394)	¥ (134,667)		39,968,813			1,580,416			¥ (134,667)			41,549,229
Balance (in shares) at Dec. 31, 2024 \| shares	86,982,144	15,560,358														86,982,144	15,560,358
Balance (in shares) at Dec. 31, 2024 \| shares					13,028,013											13,028,013
Increase (Decrease) in Shareholders' Equity
Net income							7,242,490					7,242,490			167,149						7,409,639	$ 1,059,566
Repurchase of ordinary shares (Note 16)					¥ (4,996,975)							(4,996,975)									(4,996,975)
Repurchase of ordinary shares (in shares) \| shares	(8,686,612)				8,686,612
Re-issuance of treasury shares upon exercises of shares options (Note 16)				(260,080)	¥ 261,434							1,354									¥ 1,354
Re-issuance of treasury shares upon exercises of shares options ( in Shares) \| shares	372,000				(372,000)											372,000
Issuance of ordinary shares upon exercises of share options (in shares) \| shares	61,810																				372,000	372,000
Re-issuance of treasury shares upon vesting of shares awards (Note 16)				(1,039,830)	¥ 1,039,830
Reissuance of treasury shares upon vesting of shares awards (in shares) \| shares	1,479,595				(1,479,595)
Share-based compensation expense (Note 23)				1,070,344								1,070,344									¥ 1,070,344
Cancellation of treasury shares (Note 16)	¥ (4)			(2,861,501)	¥ 2,861,505
Cancellation of treasury shares ( in shares) \| shares					(5,589,953)											5,589,953
Capital contribution from non-controlling interests shareholders (Note 17)			¥ (319,413)								¥ (319,413)		¥ 8,000	¥ 1,705,200					¥ 8,000	¥ 1,385,787
Dividend distribution to non-controlling interests shareholders (Note 17)															(22,350)						(22,350)
Dividend distribution to the Company's shareholders (Note 16)							(1,803,895)					(1,803,895)									(1,803,895)
Share of equity adjustments for other comprehensive income (loss) of an equity method investee									(52,510)			(52,510)									(52,510)	$ (7,509)
Foreign currency translation									35,578			35,578									35,578	5,088
Others				(6,370)								(6,370)									(6,370)
Issuance of ordinary shares upon vesting of shares awards (in shares) \| shares																61,810
Balance at Dec. 31, 2025	¥ 60	¥ 11		¥ 1,495,853	¥ (7,876,965)		¥ 48,591,829		¥ (1,206,039)			¥ 41,004,749			¥ 3,438,415						¥ 44,443,164	$ 6,355,286
Balance (in shares) at Dec. 31, 2025 \| shares	80,208,937	15,560,358														80,208,937	15,560,358
Balance (in shares) at Dec. 31, 2025 \| shares					14,273,077											14,273,077

Other investments (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
Other investments (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2025 USD ($)
Other investments
Available-for-sale debt securities, Original cost	¥ 57,000		¥ 57,000
Other investments, Original cost	4,938,310		3,610,164
Equity investments with readily determinable fair value, Unrealized gains (loss)	144,723	$ 20,695	148,170	¥ (18,054)
Other investments, Unrealized gains (loss)	162,142		450
Available-for-sale debt securities, Accumulated impairment	(3,000)		(3,000)
Equity Securities without Readily Determinable Fair Value, Impairment Loss, Cumulative Amount	34,555		36,000	0
Other investments, Accumulated impairment	(339,403)		(358,508)
Other investments, Translation difference	39,307		103,383
Available-for-sale debt securities, Estimated Fair value	54,000		54,000
Other Investments, Estimated Fair value	4,800,356		3,355,489		$ 686,442
Gain on disposal of the investment	259	$ 37	0	0
Equity investments without readily determinable fair value write-off	192,942
Equity investments with readily determinable fair value, accumulated impairment loss	48,634
Available for sale debt securities, accumulated impairment loss	35,073
Proceeds from sale of debt securities, available-for-sale	0		185	0
Debt securities, available-for-sale, realized loss	0		2,314	0
Available for sale debt securities impairment loss	0		3,000	0
Equity investments with readily determinable fair value
Other investments
Equity investments with readily determinable fair value, Original cost	281,466		332,025
Equity investments with readily determinable fair value, Unrealized gains (loss)	(102,977)		(148,732)
Equity investments with readily determinable fair value, Translation difference	(4,236)		3,884
Equity investments with readily determinable fair value, Estimated Fair value	174,253		187,177
Gain on disposal of the investment	3		899	0
Disposal of equity investments with readily determinable fair value	57		7,405	0
Revaluation Of Equity Investments With Readily Determinable Fair Value	(5,229)		13,403	(22,723)
Dividend income	86		187	0
Equity investments without readily determinable fair value
Other investments
Equity investments without readily determinable fair value, Original cost	4,599,844		3,221,139
Equity investments with readily determinable fair value, Unrealized gains (loss)	(645)		7,000	0
Equity investments without readily determinable fair value, Unrealized gains (loss)	265,119		149,182
Equity Securities without Readily Determinable Fair Value, Impairment Loss, Cumulative Amount	336,403		355,508
Equity investments without readily determinable fair value, Translation difference	43,543		99,499
Equity investments without readily determinable fair value, Estimated Fair value	4,572,103		3,114,312
Impairment loss on equity investments without readily determinable fair value	15,450		58,246	19,105
Dividend income	33,829		233,646	29,790
Dividend from other investments as reinvestment	0		225,212	28,526
Equity securities without readily determinable fair value, net asset value	114,254		(103,482)	(25,122)
Proceeds from sale of equity securities, FV-NI	3,550		7,000	0
Available-for-sale debt securities
Other investments
Dividend income	¥ 305		¥ 0	¥ 0

CONSOLIDATED BALANCE SHEETS (Parenthetical) ¥ in Thousands, $ in Thousands	Dec. 31, 2025 CNY (¥) shares	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 CNY (¥) shares	Dec. 31, 2024 $ / shares
Current liabilities
Accounts payable	¥ 12,536,639	$ 1,792,716	¥ 15,190,560
Advances from customers	1,890,586	270,350	2,035,184
Accrued expenses and other current liabilities	9,941,146	1,421,565	9,663,421
Amounts due to related parties	¥ 101,782	$ 14,555	¥ 104,187
Other Liability, Current, Related Party [Extensible Enumeration]	Related Party [Member]	Related Party [Member]	Related Party [Member]
Deferred income	¥ 520,853	$ 74,481	¥ 476,796
Operating lease liabilities	47,458	6,786	57,224
Deferred tax liabilities	707,322	101,146	783,863
Operating lease liabilities-non-current	¥ 556,951	$ 79,643	¥ 591,995
Class A ordinary shares
SHAREHOLDERS' EQUITY:
Common shares, par value (in dollars per share) \| $ / shares		$ 0.0001		$ 0.0001
Common shares, shares authorized \| shares	483,489,642	483,489,642	483,489,642
Common shares, shares issued \| shares	94,482,014	94,482,014	100,640,510
Common shares, shares outstanding \| shares	80,208,937	80,208,937	86,982,144
Treasury shares (in shares) \| shares	14,273,077	14,273,077	13,028,013
Class B ordinary shares
SHAREHOLDERS' EQUITY:
Common shares, par value (in dollars per share) \| $ / shares		$ 0.0001		$ 0.0001
Common shares, shares authorized \| shares	16,510,358	16,510,358	16,510,358
Common shares, shares issued \| shares	15,560,358	15,560,358	15,560,358
Common shares, shares outstanding \| shares	15,560,358	15,560,358	15,560,358
Consolidated VIEs and VIEs' subsidiaries
Current liabilities
Accounts payable	¥ 1,540		¥ 837
Advances from customers	387,965		367,640
Accrued expenses and other current liabilities	528,018		524,165
Amounts due to related parties	¥ 3,708		¥ 4,975
Other Liability, Current, Related Party [Extensible Enumeration]	Related Party [Member]	Related Party [Member]	Related Party [Member]
Deferred income	¥ 172		¥ 1,066
Operating lease liabilities	6,896		814
Deferred tax liabilities	1,735		1,735
Operating lease liabilities-non-current	¥ 493		¥ 24

Earnings per share

12 Months Ended

Dec. 31, 2025

Earnings per share

Earnings per share

20.

Earnings per share

Basic net earnings per share is calculated based on the weighted average number of ordinary shares outstanding during each period. Diluted net earnings per share is calculated based on the weighted average number of ordinary shares outstanding and incremental weighted average number of ordinary shares from assumed vesting of non-vested shares and exercise of share options, and conversion of the convertible senior notes during each period.

As economic rights and obligations are applied equally to both Class A and Class B ordinary shares, earnings are allocated between the two classes of ordinary shares evenly with the same allocation on a per share basis.

As of December 31, 2024 and 2025, there are 181,734 and 24,032 employee share options or non-vested ordinary shares, respectively, which could potentially dilute basic net earnings per share in the future, but which were excluded from the computation of diluted net earnings per share in the periods presented, as their effects would have been anti-dilutive.

Basic earnings per share and diluted earnings per share have been calculated for the years ended December 31, 2023, 2024 and 2025 as follows:


		Year Ended December 31,
		2023		2024		2025
		RMB		RMB		RMB
Basic earnings per share attributable to Vipshop Holdings Limited’s ordinary shareholders:
Numerator:
Earnings attributable to Class A and Class B ordinary shareholders for computing basic earnings per Class A and Class B ordinary share		8,116,624		7,739,935		7,242,490
Denominator:
Weighted average number of Class A and Class B ordinary shares outstanding for computing basic earnings per Class A and Class B ordinary share		110,695,778		106,074,914		100,072,178
Basic earnings per Class A and Class B ordinary shares		73.32		72.97		72.37

Diluted earnings per share for the years ended December 31, 2023, 2024 and 2025 are calculated as follows:


		Year Ended December 31,
		2023		2024		2025
		RMB		RMB		RMB
Diluted earnings per share:
Numerator:
Earnings attributable to Class A and Class B ordinary shareholders for computing basic earnings per Class A and Class B ordinary share		8,116,624		7,739,935		7,242,490
Denominator:
Weighted average number of Class A and Class B ordinary shares outstanding for computing basic earnings per Class A and Class B ordinary share		110,695,778		106,074,914		100,072,178
Dilutive employee share options and non-vested ordinary shares		1,856,620		1,780,892		2,311,712
Weighted average number of Class A and Class B ordinary shares outstanding for computing diluted earnings per Class A and Class B ordinary share		112,552,398		107,855,806		102,383,890
Diluted earnings per Class A and Class B ordinary shares		72.11		71.76		70.74

Other operating income

12 Months Ended

Dec. 31, 2025

Other operating income

Other operating income

18.

Other operating income

Other operating income consists of government grants, claims income and other miscellaneous income. Government grants related to depreciable assets are recognized in statement of income over the periods in which depreciation expense on those assets is recognized, corresponding to the useful lives of the assets. Claims income represents settlements received from insurance claims against suppliers who breached the contractual terms.

Other operating income is comprised of:


	Year Ended December 31,
	2023	2024	2025
	RMB	RMB	RMB
Government grants	495,078	635,673	704,602
Claims income	168,940	177,924	155,438
Others	137,542	101,611	195,803
Total other operating income	801,560	915,208	1,055,843

Other investments

12 Months Ended

Dec. 31, 2025

Other investments

Other investments

10.

Other investments

Other investments consist of equity investments with readily determinable fair value, equity investments without readily determinable fair value and available-for-sale debt securities. The carrying amounts and fair value of the Group’s other investments as of December 31, 2024 and 2025 are as follows:


	As of December 31, 2024
		Unrealized			Balance as
	Original	(losses)	Accumulated	Translation	of year
	cost	gains	impairment	difference	end
	RMB	RMB	RMB	RMB	RMB
Equity investments with readily determinable fair value (Note a)	332,025	(148,732)	—	3,884	187,177
Available-for-sale debt securities (Note b)	57,000	—	(3,000)	—	54,000
Equity investments without readily determinable fair value (Note c)	3,221,139	149,182	(355,508)	99,499	3,114,312
Total	3,610,164	450	(358,508)	103,383	3,355,489


	As of December 31, 2025
		Unrealized			Balance as
	Original	(losses)	Accumulated	Translation	of year
	cost	gains	impairment	difference	end
	RMB	RMB	RMB	RMB	RMB
Equity investments with readily determinable fair value (Note a)	281,466	(102,977)	—	(4,236)	174,253
Available-for-sale debt securities (Note b)	57,000	—	(3,000)	—	54,000
Equity investments without readily determinable fair value (Note c)	4,599,844	265,119	(336,403)	43,543	4,572,103
Total	4,938,310	162,142	(339,403)	39,307	4,800,356

Notes:

10.

Other investments (Continued)

(a)

Equity investments with readily determinable fair value

(b)

Available-for-sale debt securities

Dividend of nil, nil and RMB305 was declared to the Group and recorded in investment gain (loss) and revaluation of investments during the years ended December 31, 2023, 2024 and 2025, respectively.

(c)

Equity investments without readily determinable fair value

Income tax expense

12 Months Ended

Dec. 31, 2025

Income tax expense

Income tax expense

19.	Income tax expense

Cayman Islands

Under the current laws of the Cayman Islands, Vipshop Holdings Limited is not subject to tax on its income or capital gains. In addition, upon payments of dividends by Vipshop Holdings Limited to its shareholders, no Cayman Islands withholding tax will be imposed.

Hong Kong

The Group’s subsidiaries operating in Hong Kong are subject to a two-tiered income tax rate for taxable income earned in Hong Kong effectively since April 1, 2018. The first 2.0 million Hong Kong dollars of profits earned by a company are subject to be taxed at an income tax rate at 8.25%, while the remaining profits will continue to be taxed at the existing tax rate, 16.5%.

Singapore

The Company’s wholly owned subsidiaries incorporated in Singapore are subject to Singapore corporate tax at a rate of 17% on the assessable profits arising from Singapore. Vipshop Singapore Pte. is entitled to enjoy the beneficial tax rate at 10% from July 1, 2022 to December 31, 2024, and to enjoy the beneficial tax rate at 15% for trading business from January 1, 2025 to June 30, 2027.

The People’s Republic of China

Under the Law of the People’s Republic of China on Enterprise Income Tax (“EIT Law”), PRC enterprises are subject to a tax rate at 25%. Besides, preferential tax treatment may continue to be given to companies in certain encouraged sectors and to entities classified as high and new technology companies.

In accordance with the State Administration of Taxation Announcement 2018 No. 23: the Administrative Measures on Corporate Income Tax Preferential Policies (Revision 2018), the enterprise shall voluntarily assess and apply the relevant preferential tax rate according to the de facto operating situation and relevant tax regulations, the relevant supporting documents of which shall be retained for any examination by the tax authorities.

19.

Income tax expense (Continued)

The People’s Republic of China (Continued)

The Group’s subsidiaries and the VIEs in the PRC are all subject to the tax rate at 25% for the periods presented except for some principal subsidiaries that were entitled to the following preferential tax treatment, based on the Group’s assessment and relevant tax regulations:

●

Guangzhou Pinwei Software Co., Ltd. (“Pinwei Software”) was qualified as High and New Technology Enterprises (“HNTE”) and is entitled to a favorable tax rate at 15%. The HNTE qualification was received and approved in December 2020 and need to re-apply every three years, and the HNTE qualification was renewed in December 2023. Pinwei Software is entitled to enjoy the beneficial tax rate at 15% as an HNTE for the years ended December 31, 2023, 2024 and 2025.

●

Vipshop (Guangzhou) Software Co., Ltd. (“Guangzhou Software”) was granted the Software Enterprise status and was thereby entitled to an income tax exemption for two years beginning from its first profitable taxation year of 2021, and 50% reduction of income tax (i.e. entitled to a favorable tax rate at 12.5%) for the subsequent three consecutive years started from the taxation year of 2023.

●

Vipshop (Xian) E-Commerce Co., Ltd., Vipshop (Jianyang) E-Commerce Co., Ltd. (“Vipshop Jianyang”), Chongqing Vipshop E-Commerce Co., Ltd. (“Vipshop Chongqing”) have been recognized as “encouraged enterprises in an industry sector encouraged by the PRC government” in the Western Region and are entitled to a preferential tax rate at 15% for the years ended December 31, 2023, 2024 and 2025. Chongqing Pinwei E-commerce Co., Ltd. was established on March 12, 2024 and has been recognized as “encouraged enterprises in an industry sector encouraged by the PRC government” in the Western Region and are entitled to a preferential tax rate at 15% for the years ended December 31, 2024 and 2025.

The Group evaluates the level of authority for each uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measures the unrecognized benefits associated with the tax positions. As of December 31, 2024 and 2025, the Group had no unrecognized tax benefits.

19.

Income tax expense (Continued)

The People’s Republic of China (Continued)

According to the PRC Tax Administration and Collection Law, the statute of limitations is three years if the underpayment of income taxes is due to computational errors made by the taxpayer. The statute of limitations will be extended to five years under special circumstances, which are not clearly defined, but an underpayment of income tax liability exceeding RMB100 (US$14.30) in aggregate amount is specifically listed as a special circumstance. In the case of a transfer pricing related adjustment, the statute of limitations is ten years. There is no statute of limitations in the case of tax evasion, refusal to pay tax and tax fraud.

Income by tax jurisdictions:


		Year Ended December 31,
		2023		2024		2025
		RMB		RMB		RMB
Income from China operations		9,825,456		9,788,828		8,699,263
Income from non-China operations		161,546		198,652		215,420
Total income before income taxes and share of income of equity method investees		9,987,002		9,987,480		8,914,683


		Year ended December 31,
		2023		2024		2025
		RMB		RMB		RMB
Income tax expenses applicable to Chinese mainland operations:
Current income tax expenses		1,742,444		2,217,077		1,897,251
Deferred tax expenses/(benefits)		131,634		87,956		(145,780)
Subtotal income tax expenses applicable to Chinese mainland operations		1,874,078		2,305,033		1,751,471
Income tax expenses applicable to non-Chinese mainland operations:
Current income tax expenses		8,049		3,079		54,337
Deferred tax (benefits)/expenses		(16,123)		7,403		(6,845)
Subtotal income tax (benefits)/expenses applicable to non-Chinese mainland operations		(8,074)		10,482		47,492
Total tax expense		1,866,004		2,315,515		1,798,963

Current tax was mainly related to income tax in mainland China.

Under the EIT Law, enterprises are classified as either resident or non-resident. A resident enterprise refers to one that is incorporated under the PRC law or under the law of a jurisdiction outside the PRC with its “de facto management organization” located within the PRC. Non-residential enterprise refers to one that is incorporated under the law of a jurisdiction outside the PRC with its “de facto management organization” located also outside the PRC, but which has either set up institutions or establishments in the PRC or has income originating from the PRC without setting up any institution or establishments in the PRC.

Due to the present uncertainties resulting from the limited PRC tax guidance on this issue, it is unclear that the legal entities organized outside of PRC should be treated as residents for New Tax Law purposes. Nevertheless, even if one or more of its legal entities organized outside of the PRC were characterized as PRC tax residents, no significant underpayment of income taxes would be expected.

If the entity were to be non-resident for PRC tax purpose, dividends paid out of profits earned after January 1, 2008 would be subject to a withholding tax. In the case of dividends paid by PRC entities the withholding tax would be 10% and in the case of a subsidiary 25% or more directly owned by residents which meet the criteria of beneficial owner in the Hong Kong Special Administrative Region (“Hong Kong SAR”), the withholding tax would be 5%.

19.

Income tax expense (Continued)

The People’s Republic of China (Continued)

During the years ended December 31, 2023 and 2024, the Group accrued RMB148.8 million and RMB649.9 million withholding tax expenses associated with its earnings distributed or expected to be distributed to the holding company located outside mainland China in Hong Kong SAR, respectively, which was fully paid when the distributions were actually made. During the year ended December 31, 2025, the Group accrued such withholding tax expenses amounting to RMB261.6 million. The remaining undistributed earnings of the Group’s subsidiaries in the PRC that are available for distribution to the Group amount to approximately RMB13.72 billion as of December 31, 2025, which are considered to be indefinitely reinvested under ASC 740-30, Accounting for Income Taxes—Special Areas, and accordingly, no provision has been made for the Chinese dividend withholding taxes. If those earnings were to be distributed or they were determined to be no longer permanently reinvested, the Group would have to record a deferred income tax liability in respect of those undistributed earnings of approximately RMB686.1 million as of December 31, 2025.

A reconciliation of the income tax expense to income before income tax expense and share of income of equity method investees computed by applying the PRC statutory income tax rate of 25% per the consolidated statements of income and comprehensive income is as follows:


		Year Ended December 31,
		2023				2024				2025
		RMB	* *	%		RMB	* *	%		RMB	* *	%
Income before income taxes and share of income of equity method investees		9,987,002				9,987,480				8,914,683
Computed income tax expense at PRC EIT tax rate		2,496,751		25.0	%	2,496,870		25.0	%	2,228,671		25.0	%
Effect of foreign tax, including:		(68,154)		(0.7)	%	(131,089)		(1.3)	%	(75,173)		(0.9)	%
-Effect of different tax rates of subsidiaries operating in foreign jurisdiction		(53,121)		(0.5)	%	(73,738)		(0.7)	%	(41,382)		(0.5)	%
-Others		(15,033)		(0.2)	%	(57,351)		(0.6)	%	(33,791)		(0.4)	%
Change in valuation allowance		(49,919)		(0.5)	%	11,222		0.1	%	(45,783)		(0.5)	%
Effect of non-deductible expenses, including:		162,876		1.6	%	140,517		1.4	%	128,485		1.5	%
-Share-based compensation expenses of subsidiaries operating in PRC		148,223		1.5	%	119,857		1.2	%	121,376		1.4	%
-Other non-deductible expenses		14,653		0.1	%	20,660		0.2	%	7,109		0.1	%
Tax on dividends and undistributed earnings		148,750		1.5	%	649,860		6.5	%	261,646		2.9	%
Effect of tax holidays on concessionary rates granted to PRC subsidiaries		(824,300)		(8.2)	%	(851,865)		(8.5)	%	(698,883)		(7.8)	%
Income tax expense		1,866,004		18.7	%	2,315,515		23.2	%	1,798,963		20.2	%

The income taxes paid (net of refunds) amount disaggregated by foreign taxes and PRC EIT taxes are as follows:


		Year ended December 31,
		2023		2024		2025
		RMB		RMB		RMB
PRC EIT taxes		1,778,409		2,173,022		2,400,582
Foreign taxes		376		(3,534)		42,521
Total income taxes paid		1,778,785		2,169,488		2,443,103

19.

Income tax expense (Continued)

The People’s Republic of China (Continued)

The aggregate amount and per share effect of the tax holidays and tax concessions are as follows:


		Year Ended December 31,
		2023		2024		2025
		RMB		RMB		RMB
The aggregate effect		824,300		851,865		698,883
Per share effect:
Class A and Class B ordinary share:
—basic		7.45		8.03		6.98
—diluted		7.32		7.90		6.83

The principal components of deferred tax assets and liabilities are as follows:


		As of December 31,
		2024		2025
		RMB		RMB
Deferred tax assets:
Net operating loss carry forwards		455,594		460,715
Allowance for doubtful debts		23,802		24,827
Impairment of investments		18,774		17,055
Inventory write-down		123,762		104,633
Deferred income		528,094		575,505
Impairment of long-lived assets		176,607		107,901
Others		7,763		9,586
Less: valuation allowance		(653,367)		(543,109)
Total deferred tax assets-non-current		681,029		757,113


		As of December 31,
		2024		2025
		RMB		RMB
Deferred tax liabilities:
Fair value adjustments of long-lived assets from business acquisition		482,128		455,587
Withholding tax on undistributed earnings		300,000		250,000
Others		1,735		1,735
Total deferred tax liabilities-non-current		783,863		707,322

As of December 31, 2023, 2024 and 2025, the amount of tax loss carried forward was RMB301.7 million, RMB470.6 million and RMB569.4 million, respectively, for the Group’s subsidiary incorporated in Hong Kong and Singapore, which can be carried forward indefinitely to offset future taxable income if there is no change in shareholding of the Group’s subsidiary. The remaining amount of tax loss of RMB1.90 billion, RMB1.75 billion and RMB1.68 billion, mainly arose from the Group’s certain subsidiaries established in the PRC, which can be carried forward to offset future taxable income and will expire during the period from 2026 to 2030.

As of December 31, 2024 and 2025, respectively, the Group recognized a valuation allowance against deferred tax assets associated with the future benefits of net operating loss carryforwards and other deferred tax assets of certain subsidiaries. This was because management cannot conclude that the realization of these deferred tax assets is more likely than not.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
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-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 20
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Earnings per share (Details) ¥ / shares in Units, ¥ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥) ¥ / shares shares	Dec. 31, 2025 $ / shares	Dec. 31, 2024 CNY (¥) ¥ / shares shares	Dec. 31, 2023 CNY (¥) ¥ / shares shares
Earnings per share
Securities excluded from the computation of diluted net earnings per share (in shares)	24,032		181,734
Numerator:
Earnings attributable to Class A and Class B ordinary shareholders for computing basic earnings per Class A and Class B ordinary share \| ¥	¥ 7,242,490		¥ 7,739,935	¥ 8,116,624
Earnings attributable to Class A and Class B ordinary shareholders for computing diluted earnings per Class A and Class B ordinary share \| ¥	¥ 7,242,490		¥ 7,739,935	¥ 8,116,624
Denominator:
Weighted average number of Class A and Class B ordinary shares outstanding for computing basic earnings per Class A and Class B ordinary share	100,072,178		106,074,914	110,695,778
Dilutive employee share options and non-vested ordinary shares	2,311,712		1,780,892	1,856,620
Weighted average number of Class A and Class B ordinary shares outstanding for computing diluted earnings per Class A and Class B ordinary share	102,383,890		107,855,806	112,552,398
Basic earnings per Class A and Class B ordinary shares (in dollars per share) \| (per share)	¥ 72.37	$ 10.35	¥ 72.97	¥ 73.32
Diluted earnings per Class A and Class B ordinary shares (in dollars per share) \| (per share)	¥ 70.74	$ 10.12	¥ 71.76	¥ 72.11

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Parenthetical) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Tax on share of income of equity method investees	¥ 0	¥ 0	¥ 0
Tax on foreign currency translation	0	0	0
Fulfillment expenses
Shipping and handling expenses	¥ 5,822,804	¥ 5,822,405	¥ 5,837,096

Leases (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
Leases (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases
Operating lease impairment loss	¥ 0	¥ 0	¥ 135,657
Minimum
Leases
Lessee operating lease term of contract	12 months
Maximum
Leases
Lessee operating lease term of contract	16 years

Capital structure (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands		1 Months Ended				12 Months Ended
	Sep. 15, 2014 Vote	Aug. 31, 2024 USD ($)	May 31, 2023 USD ($)	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2025 CNY (¥) shares	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 CNY (¥) shares	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 CNY (¥) shares	Dec. 31, 2023 USD ($) shares
Capital Structure
Issuance of ordinary shares upon exercises of share options (in shares)						372,000	372,000
Repurchase of ordinary shares						¥ 4,940,778	$ 706,522	¥ 3,865,781		¥ 5,106,944
Treasury shares re-issued to employees for share awards (in shares)						1,851,595	1,851,595	630,353	630,353
Dividends \| ¥										¥ 0
Dividend distribution to shareholders						¥ 1,795,384	$ 256,736	¥ 1,684,721
O 2024 A Dividends
Capital Structure
Dividend distribution to shareholders								¥ 1,670,000	$ 233,300
Dividends Payable, Date Declared								Feb. 28, 2024	Feb. 28, 2024
Dividends declared (in USD/per share) \| $ / shares									$ 2.15
Dividends Payable, Date of Record								Mar. 15, 2024	Mar. 15, 2024
Dividends payable date to be paid year and month								2024-04	2024-04
O 2025 A Dividends
Capital Structure
Dividend distribution to shareholders						¥ 1,800,000	$ 247,400
Dividends Payable, Date Declared						Feb. 21, 2025	Feb. 21, 2025
Dividends declared (in USD/per share) \| $ / shares							$ 2.4
Dividends Payable, Date of Record						Apr. 11, 2025	Apr. 11, 2025
Dividends payable date to be paid year and month						2025-04	2025-04
Class A ordinary shares
Capital Structure
Number of votes entitled per share \| Vote	1
Issuance of ordinary shares upon exercises of share options (in shares)								14,000	14,000	0	0
Re-issuance of treasury shares upon exercises of shares options ( in Shares)						372,000	372,000
Issuance of ordinary shares as a result of vesting of shares awards (in shares)						61,810	61,810	1,118,228	1,118,228	1,034,612	1,034,612
Treasury stock, shares, retired						5,589,953	5,589,953			26,216,773	26,216,773
Stock repurchased and retired during period, value						¥ 2,861,500	$ 395,500			¥ 9,696,300	$ 1,426,800
Class A ordinary shares \| Employee stock repurchase Program
Capital Structure
Share Repurchase Program, authorized, number of shares								12,249	12,249
Class A ordinary shares \| Stock Repurchase Program Authorized in March 2022
Capital Structure
Authorized share repurchase amount \| $					$ 1,000,000
Class A ordinary shares \| Stock Repurchase Program Authorized in March 2023
Capital Structure
Authorized share repurchase amount \| $				$ 500,000
Class A ordinary shares \| Stock Repurchase Program Authorized in May 2023
Capital Structure
Authorized share repurchase amount \| $			$ 500,000
Class A ordinary shares \| Stock Repurchase Program Authorized in August 2024
Capital Structure
Authorized share repurchase amount \| $		$ 1,000,000
Repurchase of ordinary shares (in shares)						8,491,086	8,491,086
Class B ordinary shares
Capital Structure
Number of votes entitled per share \| Vote	10
ADS \| Stock Repurchase Program Authorized in March 2022, March 2023 and May 2023
Capital Structure
Repurchase of ordinary shares										¥ 4,968,500	$ 713,300
Repurchase of ordinary shares (in shares)										9,755,695	9,755,695
ADS \| Stock Repurchase Program Authorized in May 2023
Capital Structure
Repurchase of ordinary shares (in shares)						195,526	195,526
ADS \| Stock Repurchase Program Authorized in March 2023 and May 2023
Capital Structure
Repurchase of ordinary shares								¥ 3,852,400	$ 536,100
Repurchase of ordinary shares (in shares)								7,668,435	7,668,435
ADS \| Stock Repurchase Program Authorized in March 2022 and May 2023
Capital Structure
Repurchase of ordinary shares						¥ 4,997,000	$ 696,700
ADS \| O 2024 A Dividends
Capital Structure
Dividends declared (in USD/per share) \| $ / shares									$ 0.43
ADS \| O 2025 A Dividends
Capital Structure
Dividends declared (in USD/per share) \| $ / shares							$ 0.48

Subsequent event

12 Months Ended

Dec. 31, 2025

Subsequent event

Subsequent event

25.

Subsequent event

On February 26, 2026, the board of directors of the Company declared a dividend 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 cash dividends are expected to be paid in April 24, 2026.

Investments in equity method investees - Summary of condensed financial statements (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
Investments in equity method investees
Current assets	¥ 39,575,267	$ 5,659,188	¥ 37,802,559
Current liabilities	30,883,084	$ 4,416,223	29,927,001
Group Equity Investment
Investments in equity method investees
Current assets	24,078,308		15,716,003
Non-current assets	14,767,212		12,733,109
Current liabilities	10,965,812		6,549,835
Non-current liabilities	¥ 17,333,829		¥ 13,811,233

- Definition

Amount of asset recognized for present right to economic benefit, classified as current.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(i))
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 24: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481404/852-10-50-7

Reference 25: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481404/852-10-50-7

+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Segment information (Tables)

12 Months Ended

Dec. 31, 2025

Segment information

Summary of operating segment results


				Shan Shan
Year Ended December 31, 2023		Vip.com		Outlets		Others		Total
		RMB		RMB		RMB		RMB
Revenues from external customers		109,177,540		2,771,018		907,462		112,856,020
Inter-segment revenues (Note a)		378,941		24,959		326,591		730,491
		109,556,481		2,795,977		1,234,053		113,586,511
Reconciliation of total net revenues
Elimination of inter-segment revenues								(730,491)
Total net revenues								112,856,020
Less:
Cost of revenues		(85,569,090)		(1,488,518)		(405,095)
Fulfillment expenses (Note b)		(8,151,510)		–		–
Marketing expenses (Note b)		(3,170,057)		(170,246)		–
Technology and content expenses (Note b)		(1,350,414)		–		–
General and administrative expenses (Note b)		(2,312,911)		(457,780)		(530,555)
Share-based compensation expenses (Note c)		(1,023,215)		(441,195)		–
Other segment items (Note d)		639,886		122,882		(174,558)
Segment income from operations		8,619,170		361,120		123,845		9,104,135
Reconciliation of profit or loss:
Other income and expenses (Note e)								882,867
Income before income taxes and share of income of equity method investees								9,987,002


				Shan Shan
Year Ended December 31, 2024		Vip.com		Outlets		Others		Total
		RMB		RMB		RMB		RMB
Revenues from external customers		104,379,002		3,284,968		756,862		108,420,832
Inter-segment revenues (Note a)		352,166		25,761		205,325		583,252
		104,731,168		3,310,729		962,187		109,004,084
Reconciliation of total net revenues
Elimination of inter-segment revenues								(583,252)
Total net revenues								108,420,832
Less:
Cost of revenues		(81,251,073)		(1,626,883)		(344,551)
Fulfillment expenses (Note b)		(8,241,185)		—		—
Marketing expenses (Note b)		(2,766,702)		(200,850)		—
Technology and content expenses (Note b)		(1,424,414)		—		—
General and administrative expenses (Note b)		(2,290,281)		(558,476)		(333,414)
Share-based compensation expenses (Note c)		(1,137,590)		(360,055)		—
Other segment items (Note d)		731,609		160,771		(187,737)
Segment income from operations		8,351,532		725,236		96,485		9,173,253
Reconciliation of profit or loss:
Other income and expenses (Note e)								814,227
Income before income taxes and share of income of equity method investees								9,987,480


				Shan Shan
Year Ended December 31, 2025		Vip.com		Outlets		Others		Total
		RMB		RMB		RMB		RMB
Revenues from external customers		101,136,509		4,058,022		725,015		105,919,546
Inter-segment revenues (Note a)		384,346		23,516		189,172		597,034
		101,520,855		4,081,538		914,187		106,516,580
Reconciliation of total net revenues
Elimination of inter-segment revenues								(597,034)
Total net revenues								105,919,546
Less:
Cost of revenues		(79,555,236)		(1,859,631)		(350,505)
Fulfillment expenses (Note b)		(8,200,923)		—		—
Marketing expenses (Note b)		(2,719,647)		(234,942)		—
Technology and content expenses (Note b)		(1,355,745)		—		—
General and administrative expenses (Note b)		(2,323,903)		(644,851)		(263,248)
Share-based compensation expenses (Note c)		(1,039,023)		(660,719)		—
Other segment items (Note d)		856,160		175,818		(204,239)
Segment income from operations		7,182,538		857,213		96,195		8,135,946
Reconciliation of profit or loss:
Other income and expenses (Note e)								778,737
Income before income taxes and share of income of equity method investees								8,914,683

Notes:

(a)

(b)	These expenses exclude share-based compensation expenses.

(c)	The detail information was disclosed in Note 23.

(d)	For each segment, the other segment items category includes:

Vip.com — other operating income which consists of government grants, claims income and other miscellaneous income.

Shanshan — technology and content expenses, other operating income which consists of government grants, claims income and other miscellaneous income.

(e)	Other income and expenses include interest income, exchange gain/(loss), investment gain/(loss) and revaluation of investments, interest expenses and impairment loss of investments.

Summary of depreciation of property and equipment, net (included in the measurement of segment profit or loss)


	Year Ended December 31,
	2023	2024	2025
	RMB	RMB	RMB
Total depreciation of property and equipment, net
Vip.com	851,630	924,097	928,680
Shan Shan Outlets	417,226	476,943	585,577
Others	30,528	17,452	12,214
	1,299,384	1,418,492	1,526,471

Summary of interest income and expenses


	Year Ended December 31,
	2023	2024	2025
	RMB	RMB	RMB
Interest income
Vip.com	654,485	610,161	643,679
Shan Shan Outlets	42,807	41,932	53,646
Others	84,532	158,734	105,697
Inter-segment interest income	(1,532)	(1,035)	(1,435)
	780,292	809,792	801,587
Interest expenses
Vip.com	(22,821)	(57,627)	(86,718)
Shan Shan Outlets	(111)	(53)	(3,319)
Others	(1,532)	(1,031)	(1,435)
Inter-segment interest expense	1,532	1,035	1,435
	(22,932)	(57,676)	(90,037)


	Year Ended December 31,
	2023	2024	2025
	RMB	RMB	RMB
Share of income (loss) of investments accounted under the equity method
Vip.com	52,212	1,647	(1,933)
Shan Shan Outlets.	112,868	121,071	141,924
Others	(84,779)	44,262	153,928
	80,301	166,980	293,919

Summary of information about segment assets


	As of December 31,
	2024	2025
	RMB	RMB
Total assets
Vip.com	51,103,217	53,572,887
Shan Shan Outlets.	19,971,408	21,650,040
Others	3,861,501	3,620,391
	74,936,126	78,843,318


	As of December 31,
	2024	2025
	RMB	RMB
Investments in equity method investees
Vip.com	1,106,779	2,174,846
Shan Shan Outlets.	760,596	800,520
Others	134,668	161,418
	2,002,043	3,136,784


		Year Ended December 31,
		2023	2024	2025
		RMB	RMB	RMB
Total expenditure for additions of long-lived assets
Vip.com		2,330,278	870,593	590,415
Shan Shan Outlets.		2,895,954	2,687,663	1,469,068
Others		4,505	4,330	7,055
		5,230,737	3,562,586	2,066,538

Subsequent events (Details) - Subsequent event - O 2026 A Dividends	2 Months Ended
	Feb. 26, 2026 $ / shares
Subsequent Event [Line Items]
Dividends Payable, Date Declared	Feb. 26, 2026
Dividends declared (in USD/per share)	$ 3.1
Dividends Payable, Date of Record	Apr. 10, 2026
Dividends Payable, Date to be Paid	Apr. 24, 2026
ADS
Subsequent Event [Line Items]
Dividends declared (in USD/per share)	$ 0.62

Intangible assets, net (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2025 USD ($)
Intangible assets, net
Cost	¥ 431,673		¥ 432,225
Accumulated amortization	(90,699)		(87,474)
Accumulated Impairment	(16,907)		(16,907)
Net amount	324,067		327,844		$ 46,341
Amortization expenses for intangible assets	3,777	$ 540	3,778	¥ 3,778
Impairment on intangible assets	0		0	¥ 0
Expected amortization expenses
2026	3,777
2027	630
2028	0
2029	0
2030	0
Domain names
Intangible assets, net
Cost	14,452		15,004
Accumulated amortization	(14,452)		(15,004)
Trademarks
Intangible assets, net
Cost	24,987		24,987
Accumulated amortization	(20,584)		(16,811)
Net amount	4,403		8,176
Payment license
Intangible assets, net
Cost	319,660		319,660
Net amount	¥ 319,660		319,660
Estimated economic life	5 years				5 years
Others
Intangible assets, net
Cost	¥ 72,574		72,574
Accumulated amortization	(55,663)		(55,659)
Accumulated Impairment	(16,907)		(16,907)
Net amount	¥ 4		¥ 8

Non-controlling interests - Narratives (Details) - CNY (¥) ¥ in Thousands		12 Months Ended
	Sep. 12, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Noncontrolling Interest [Line Items]
Capital contribution from non-controlling interests shareholders			¥ 163,860	¥ 285,450
Non-controlling interests
Noncontrolling Interest [Line Items]
Capital contribution from non-controlling interests shareholders			155,563	296,080
Additional paid-in capital
Noncontrolling Interest [Line Items]
Capital contribution from non-controlling interests shareholders			8,297	¥ (10,630)
Xinjiang Shanshan Outlets Shopping Plaza Co., Ltd
Noncontrolling Interest [Line Items]
Capital contribution from non-controlling interests shareholders			512,031
Xinjiang Shanshan Outlets Shopping Plaza Co., Ltd \| Non-controlling interests
Noncontrolling Interest [Line Items]
Capital contribution from non-controlling interests shareholders			228,139
Xinjiang Shanshan Outlets Shopping Plaza Co., Ltd \| Additional paid-in capital
Noncontrolling Interest [Line Items]
Capital contribution from non-controlling interests shareholders			283,892
Shan Shan Outlets
Noncontrolling Interest [Line Items]
Capital contribution from non-controlling interests shareholders		¥ 8,000	163,860
Shan Shan Outlets \| Non-controlling interests
Noncontrolling Interest [Line Items]
Capital contribution from non-controlling interests shareholders			155,563
Shan Shan Outlets \| Additional paid-in capital
Noncontrolling Interest [Line Items]
Capital contribution from non-controlling interests shareholders			¥ 8,297
VipShop Outlet REIT
Noncontrolling Interest [Line Items]
Capital contribution from non-controlling interests shareholders		1,385,787
Percentage of units of subsidiary subscribed	51.00%
Net proceeds from listing	¥ 1,390,000
VipShop Outlet REIT \| Non-controlling interests
Noncontrolling Interest [Line Items]
Capital contribution from non-controlling interests shareholders	¥ 1,710,000	1,705,200
VipShop Outlet REIT \| Additional paid-in capital
Noncontrolling Interest [Line Items]
Capital contribution from non-controlling interests shareholders		¥ (319,413)

Share-based payments (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Aug. 31, 2014	Jul. 31, 2014
Share-based Payments
Maximum period of authorized leave of absence after which vesting shall be suspended		90 days
Options outstanding
Outstanding at the beginning of the period (in shares)	5,792,691
Exercised (in shares)	(372,000)
Outstanding at the end of the period (in shares)	5,420,691	5,792,691
Non-vested at the end of the period (in shares)	74,495
Options vested and expected to vest at the end of the period (in shares)	5,420,691
Exercisable at the end of the period (in shares)	5,346,196
Weighted average exercise price per share
Outstanding, weighted average exercise price per share (in dollars per share)	$ 65.85	$ 61.66
Option vested and expected to vest at the end of the period (in dollars per share)	65.85
Exercisable at the end of the period (in dollars per share)	$ 65.84
Weighted average remaining contractual years to expiry per share
Outstanding, Weighted average remaining contractual years to expiry per share	3 years 11 months 8 days	4 years 8 months 19 days
Options vested and expected to vest at the end of the period	3 years 11 months 8 days
Exercisable at the end of the period	3 years 11 months 8 days
Aggregate intrinsic value
Outstanding, aggregate intrinsic value	$ 122,494	$ 32,986
Options vested and expected to vest at the end of the period	122,494
Exercisable at the end of the period	$ 120,885
Minimum
Share-based Payments
Expiration period from grant date	5 years
Post-termination exercise period	3 months
Maximum
Share-based Payments
Expiration period from grant date	10 years
Post-termination exercise period	9 months
Key management
Share-based Payments
Estimated forfeiture rate (as a percent)	0.00%	0.00%	0.00%
Employees
Share-based Payments
Estimated forfeiture rate (as a percent)	28.00%	29.00%	23.00%
Class A ordinary shares
Options outstanding
Exercised (in shares)		(14,000)	0
2014 Plan
Share-based Payments
Automatic increase of authorized ordinary shares					1.50%
2014 Plan \| Class A ordinary shares
Share-based Payments
Number of ordinary shares authorized as stock based compensation					5,366,998
Amended and Restated 2014 Incentive Plan
Share-based Payments
Automatic increase of authorized ordinary shares				1.50%
Amended and Restated 2014 Incentive Plan \| Class A ordinary shares
Share-based Payments
Number of ordinary shares authorized as stock based compensation				13,985,001

Related party transactions (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Related party transactions
Purchase of goods	¥ 278,988	¥ 294,963	¥ 373,864
Purchase of services	920,193	823,372	838,609
Provision of services	44,572	30,952	17,689
Related Party
Related party transactions
Sales of product	383	295	73,608
Interest income	¥ 12,919	¥ 17,460	¥ 24,011

- Definition

Amount of operating interest income, including, but not limited to, amortization and accretion of premiums and discounts on securities.

+ References

+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481990/310-10-45-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Schedule I-Condensed Financial Information of the Parent Company - Statements of Income and Comprehensive Income (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Condensed Financial Information
General and administrative expenses	¥ (4,374,425)	$ (625,534)	¥ (3,992,657)	¥ (4,146,568)
Other operating income	1,055,843	150,984	915,208	801,560
Income from operations	8,135,946	1,163,426	9,173,253	9,104,135
Interest expenses	(90,037)	(12,875)	(57,676)	(22,932)
Interest income	801,587	114,625	809,792	780,292
Exchange gain (loss)	(62,086)	(8,878)	(24,813)	162,666
Income before income taxes and share of income of equity method investees	8,914,683	1,274,784	9,987,480	9,987,002
Equity income of subsidiaries and VIEs	293,919	42,030	166,980	80,301
Income tax expenses	(1,798,963)	(257,248)	(2,315,515)	(1,866,004)
Net income attributable to Vipshop Holdings Limited's shareholders	7,242,490	1,035,664	7,739,935	8,116,624
Other comprehensive (loss) income:
Foreign currency translation, net of tax of nil	35,578	5,088	37,081	(11,085)
Share of equity adjustments for other comprehensive income(loss) of an equity method investee	(52,510)	(7,509)	(148,886)	23,124
Comprehensive income attributable to Vipshop Holdings Limited's shareholders	7,225,558	1,033,243	7,628,130	8,128,663
Tax on foreign currency translation	0		0	0
Parent company \| Reportable legal entities
Condensed Financial Information
General and administrative expenses	(33,411)	(4,778)	(17,749)	(21,171)
Other operating income	119,970	17,155	13	47,529
Income from operations	86,559	12,377	(17,736)	26,358
Interest expenses	(15,805)	(2,260)
Interest income	329	47
Exchange gain (loss)	3,340	478
Income before income taxes and share of income of equity method investees	74,423	10,642	(17,736)	26,358
Equity income of subsidiaries and VIEs	7,204,058	1,030,169	7,757,671	8,090,266
Income tax expenses	(35,991)	(5,147)
Net income attributable to Vipshop Holdings Limited's shareholders	7,242,490	1,035,664	7,739,935	8,116,624
Other comprehensive (loss) income:
Foreign currency translation, net of tax of nil	35,578	5,088	37,081	(11,085)
Share of equity adjustments for other comprehensive income(loss) of an equity method investee	(52,510)	(7,509)	(148,886)	23,124
Comprehensive income attributable to Vipshop Holdings Limited's shareholders	7,225,558	$ 1,033,243	7,628,130	8,128,663
Tax on foreign currency translation	¥ 0		¥ 0	¥ 0

Short-term loans

12 Months Ended

Dec. 31, 2025

Short-term loans

Short-term loans

13.

Short-term loans

Components of the outstanding short-term loans are as follows:


		As of December 31,
		2024		2025
		RMB		RMB
RMB denominated (Note a)		2,397,000		4,446,000
US$ denominated (Note b)		—		1,398,620
EUR denominated (Note c)		2,629		—
Total		2,399,629		5,844,620

Notes:

(a)

(b)

(c)

13.

Short-term loans (Continued)

As of December 31, 2023, 2024 and 2025, certain credit facilities with aggregate amounts of RMB1.80 billion, RMB2.39 billion, and RMB6.39 billion, respectively, were guaranteed. As of December 31, 2025, among the guaranteed credit facilities, US$748.5 million (approximately RMB5.23 billion), and RMB665.0 million were guaranteed by the Company and its subsidiaries, and RMB490.0 million were secured by certain patents owned by one subsidiary of the Company. As of December 31, 2024 and 2025, RMB2.34 billion and RMB4.23 billion, respectively, of these credit facilities remained available.

As of December 31, 2024 and 2025, all the amounts of the outstanding balance will be repaid within one year and had been classified as short-term loans.