0001193125-24-100774 | 20-F | XBRL Viewer

Subsequent events

12 Months Ended

Dec. 31, 2023

On February 22, 2024, the board of directors of the Company adopted an annual cash dividend policy, under which the Company may choose to declare and distribute a cash dividend each year in accordance with the memorandum and articles of association of the Company and the applicable laws and regulations. Under the policy, the board of directors of the Company reserves the discretion relating to the determination to make dividend distributions and the amount of such distributions in any particular year, depending on the Company’s operations and earnings, cash flow, financial condition, and other relevant factors.

Accordingly, on the same day, for the fiscal year of 2023, the board of directors of the Company declared a dividend of US$2.15 per ordinary share, or US$0.43

per ADS, to holders of ordinary shares and holders of ADSs of record as of the close of business on March 15, 2024. The cash dividends amounted to

US$233.3

million were paid in April 2024.

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

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,
	2022			2023
	RMB			RMB
ROU assets		891,744			554,061
Operating lease liabilities—current		136,435			80,868
Operating lease liabilities—non-current		832,928			689,259
Weighted-average remaining lease term		10.28			9.99
Weight-average discount rate		4.89	%		4.89	%

The components of lease costs of these operating leases for the years ended December 31, 2022 and 2023 are as follow:


	Year Ended December 31,
	2022		2023
	RMB		RMB
Operating lease cost for fixed payments		260,361		147,260
Short-term lease costs		66,929		61,487
Variable lease costs		10,288		52,442
Total Lease costs		337,578		261,189

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


	Year Ended December 31,
	2022		2023
	RMB		RMB
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases		332,135		165,828

The following table provides the maturities of lease liabilities at December 31, 2023:


Maturities of lease liabilities at December 31, 2023	Operating leases
2024		104,076
2025		78,513
2026		63,306
2027		61,543
2028		77,155
2029 and thereafter		543,098

Total future undiscounted lease payments		927,691
Less: imputed interest		157,564

Total present value of lease liabilities		770,127

For the years ended December 31, 2021, 2022 and 2023,

nil

and RMB 135,657 impairment loss was recorded in general and administrative expenses related to ROU assets of city outlets.

Intangible assets, net (Tables)

12 Months Ended

Dec. 31, 2023

Intangible assets, net

Schedule of intangible assets, net


	As of December 31, 2022										As of December 31, 2023
	Cost		Accumulated amortization (Note a)			Accumulated Impairment			Net amount		Cost		Accumulated amortization (Note a)			Accumulated Impairment			Net amount
	RMB		RMB			RMB			RMB		RMB		RMB			RMB			RMB
Domain names		14,279		(14,279	)		—			—		14,644		(14,644	)		—			—
Trademarks		24,992		(9,269	)		—			15,723		24,987		(13,037	)		—			11,950
Payment license (Note b)		319,660		—			—			319,660		319,660		—			—			319,660
Others		73,773		(55,650	)		(16,907	)		1,216		73,773		(55,655	)		(16,907	)		1,211

Total		432,704		(79,198	)		(16,907	)		336,599		433,064		(83,336	)		(16,907	)		332,821

Notes:

(a)

Amortization expenses for intangible assets were RMB12,078, RMB3,256 and RMB3,778 for the years ended December 31, 2021, 2022 and 2023, respectively. Amortization expenses are expected to be at RMB3,778, RMB3,778, RMB3,778, RMB629 and nil for the years ending December 31, 2024, 2025, 2026, 2027 and 2028, 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.

Other operating income

12 Months Ended

Dec. 31, 2023

Other operating income.

Other operating income

19 .	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 E nded December 31,
	2021		2022		2023
	RMB		RMB		RMB
Government grants		503,685		451,664		495,078
Claims income		175,499		202,649		168,940
Others		245,395		70,519		137,542

Total other operating income		924,579		724,832		801,560

Intangible assets, net (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2023 CNY (¥)
Intangible assets, net
Cost			¥ 432,704		¥ 433,064
Accumulated amortization (Note a)			(79,198)		(83,336)
Impairment			(16,907)		(16,907)
Net amount	$ 46,877		336,599		332,821
Amortization expenses for intangible assets	$ 532	¥ 3,778	3,256	¥ 12,078
Expected amortization expenses
2024					3,778
2025					3,778
2026					3,778
2027					629
2028					0
Domain names
Intangible assets, net
Cost			14,279		14,644
Accumulated amortization (Note a)			(14,279)		(14,644)
Trademarks
Intangible assets, net
Cost			24,992		24,987
Accumulated amortization (Note a)			(9,269)		(13,037)
Net amount			15,723		11,950
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			73,773		¥ 73,773
Accumulated amortization (Note a)			(55,650)		(55,655)
Impairment			(16,907)		(16,907)
Net amount			¥ 1,216		¥ 1,211

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY ¥ in Thousands, $ in Thousands	USD ($) shares	CNY (¥) shares	Additional paid-in capital CNY (¥)	Treasury Shares CNY (¥) shares	Retained Earnings CNY (¥)	Accumulated other comprehensive loss CNY (¥)	Total Vipshop Holdings Limited Shareholders Equity [Member] CNY (¥)	Non-controlling interests CNY (¥)	Class A ordinary shares shares	Class A ordinary shares Ordinary shares CNY (¥) shares	Class B ordinary shares Ordinary shares CNY (¥) shares
Balance at Dec. 31, 2020		¥ 29,385,789	¥ 10,816,185		¥ 17,740,415	¥ (58,954)	¥ 28,497,734	¥ 888,055		¥ 77	¥ 11
Balance (in shares) at Dec. 31, 2020 \| shares										119,223,484	16,510,358
Increase (Decrease) in Shareholders' Equity
Net income		4,692,874			4,681,073		4,681,073	11,801
Conversion of ordinary shares (Note 17) (in shares) \| shares										950,000	(950,000)
Issuance of ordinary shares upon exercises of share options		419,814	419,812				419,814			¥ 2
Issuance of ordinary shares upon exercises of share options (in shares) \| shares									1,646,137	1,646,137
Issuance of ordinary shares upon vesting of shares awards			(1)							¥ 1
Issuance of ordinary shares upon vesting of shares awards (in shares) \| shares									1,156,264	1,156,264
Share-based compensation expense		859,220	859,220				859,220
Acquisition of additional equity interests in subsidiaries		(15,082)	(18,050)				(18,050)	2,968
Capital contribution from non-controlling interests shareholders		461,148	150,471				150,471	310,677
Repurchase of ordinary shares (Note 17) (in shares) \| shares				2,742,990						(2,742,990)
Repurchase of ordinary shares (Note 17)		(1,927,719)		¥ (1,927,719)			(1,927,719)
Dividend distribution to non-controlling interest shareholders		(18,083)						(18,083)
Changes of fair value of debt securities derived from the share of income (loss) of an equity method investee		0
Foreign currency translation		(29,645)				(29,645)	(29,645)
Balance at Dec. 31, 2021		33,828,316	12,227,637	¥ (1,927,719)	22,421,488	(88,599)	32,632,898	1,195,418		¥ 80	¥ 11
Balance (in shares) at Dec. 31, 2021 \| shares				2,742,990						120,232,895	15,560,358
Increase (Decrease) in Shareholders' Equity
Net income		6,311,835			6,298,816		6,298,816	13,019
Issuance of ordinary shares upon exercises of share options (in shares) \| shares									0
Issuance of ordinary shares upon vesting of shares awards (in shares) \| shares									1,084,205	1,084,205
Share-based compensation expense		854,930	854,930				854,930
Acquisition of additional equity interests in subsidiaries		(27,105)	2,453				2,453	(29,558)
Capital contribution from non-controlling interests shareholders		191,195	6,761				6,761	184,434
Repurchase of ordinary shares (Note 17) (in shares) \| shares				19,695,770						(19,695,770)
Repurchase of ordinary shares (Note 17)		(6,424,792)		¥ (6,424,792)			(6,424,792)
Dividend distribution to non-controlling interest shareholders		(42,307)						(42,307)
Changes of fair value of debt securities derived from the share of income (loss) of an equity method investee		(8,733)				(8,733)	(8,733)
Foreign currency translation		(610,296)				(610,296)	(610,296)
Balance at Dec. 31, 2022		34,073,043	13,091,781	¥ (8,352,511)	28,720,304	(707,628)	32,752,037	1,321,006		¥ 80	¥ 11
Balance (in shares) at Dec. 31, 2022 \| shares				22,438,760						101,621,330	15,560,358
Increase (Decrease) in Shareholders' Equity
Net income	$ 1,155,129	¥ 8,201,299			8,116,624		8,116,624	84,675
Issuance of ordinary shares upon exercises of share options (in shares) \| shares	0	0							0
Issuance of ordinary shares upon vesting of shares awards			(1)							¥ 1
Issuance of ordinary shares upon vesting of shares awards (in shares) \| shares									1,034,612	1,034,612
Share-based compensation expense		¥ 1,068,611	1,068,611				1,068,611
Acquisition of additional equity interests in subsidiaries		(73,000)	(8,732)				(8,732)	(64,268)
Capital contribution from non-controlling interests shareholders		285,450	(10,630)				(10,630)	296,080
Repurchase of ordinary shares (Note 17) (in shares) \| shares				9,755,695						(9,755,695)
Repurchase of ordinary shares (Note 17)		(4,968,545)		¥ (4,968,545)			(4,968,545)
Cancellation of treasury shares (Note 18)			(9,696,274)	¥ 9,696,293						¥ (19)
Cancellation of treasury shares (Note 18) (in shares) \| shares				(26,216,773)
Deregistration of a subsidiary		(32)						(32)
Dividend distribution to non-controlling interest shareholders		(39,107)						(39,107)
Changes of fair value of debt securities derived from the share of income (loss) of an equity method investee	$ 3,257	23,124				23,124	23,124
Foreign currency translation	(1,561)	(11,085)				(11,085)	(11,085)
Balance at Dec. 31, 2023	$ 5,431,029	¥ 38,559,758	¥ 4,444,755	¥ (3,624,763)	¥ 36,836,928	¥ (695,589)	¥ 36,961,404	¥ 1,598,354		¥ 62	¥ 11
Balance (in shares) at Dec. 31, 2023 \| shares				5,977,682						92,900,247	15,560,358

CONSOLIDATED STATEMENTS OF CASH FLOWS ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Cash flows from operating activities:
Net income	$ 1,155,129	¥ 8,201,299	¥ 6,311,835	¥ 4,692,874
Adjustments to reconcile net income to net cash by operating activities:
(Reversal of) provision for allowance for doubtful accounts	3,960	28,114	70,427	(17,118)
Change of inventory write-down	(95,941)	(681,173)	130,660	35,346
Depreciation of property and equipment	183,014	1,299,384	1,231,305	1,096,971
Amortization of deferred income	(6,944)	(49,301)	(41,408)	(39,192)
Impairment of long-lived assets	22,006	156,241	239,302	61,922
Amortization of intangible assets	532	3,778	3,256	12,078
Amortization of land use rights	30,609	217,300	178,840	150,481
Deferred tax assets	(457)	(3,247)	79,018	(131,756)
Deferred tax liabilities	16,727	118,758	(28,743)	(20,260)
Loss on disposal of property and equipment and land use rights	741	5,262	34,785	5,691
Share based compensation expenses	212,652	1,509,806	1,207,581	1,010,013
Share of (income) loss of equity method investees	(11,310)	(80,301)	6,559	(42,303)
Impairment loss of other investments	2,691	19,105	93,904	378,989
Impairment loss of equity method investees				35,791
Investment loss(gain) and revaluation of investments	(1,439)	(10,217)	(236,374)	64,577
Gain on disposal of subsidiaries				(189,142)
Gain on disposal of equity method investees			(304,570)
Loss (gain) on disposal of other investments			(91)	355
Noncash lease expense	18,373	130,447	293,235	326,532
Changes in operating assets and liabilities:
Accounts receivable	(28,149)	(199,852)	(99,333)	(88,049)
Amounts due from related parties	(3,552)	(25,220)	(32,650)	5,188
Other receivables and prepayments	1,777	12,613	(263,404)	172,448
Other long-term assets			8,870	(24,584)
Interest receivables on short-term investments	(873)	(6,201)	(12,294)	(42,618)
Inventories	84,711	601,440	1,455,103	917,384
Dividends received from equity method investees	14,443	102,545	149,426	54,235
Accounts payable	361,396	2,565,874	982,951	(1,941,657)
Advances from customers	(6,696)	(47,543)	(94,711)	269,890
Accrued expenses and other current liabilities	93,840	666,260	(248,491)	263,960
Amounts due to related parties	(5,643)	(40,063)	(210,952)	(25,200)
Deferred income	6,603	46,882	(66,034)	67,939
Operating lease liabilities	(17,958)	(127,500)	(318,310)	(316,141)
Net cash provided by operating activities	2,030,242	14,414,513	10,519,692	6,744,644
Cash flows from investing activities:
Purchases of property and equipment and other long-term assets	(305,241)	(2,167,178)	(2,430,773)	(2,732,399)
Purchases of land use rights	(431,493)	(3,063,559)	(671,816)	(846,246)
Government subsidies received for land use rights	48,884	347,070	489,894	96,365
Proceed from disposal of property and equipment and land use rights	28,031	199,013	42,819	395,077
Purchases of short-term investments	(557,613)	(3,959,000)	(11,195,077)	(8,549,180)
Redemption of short-term investments upon maturities	502,206	3,565,610	14,950,467	10,450,180
Investments in equity method investees and other investments	(39,793)	(282,542)	(283,700)	(760,154)
Proceed from disposal of investments			180,530	63,826
Payment for acquisition, net of cash acquired of RMB401, RMB166,193 and RMB nil in 2021, 2022 and 2023, respectively			(387,507)	(148,809)
Deposit paid for other investments				(228,571)
Cash paid for loan originations	(2,787)	(19,785)	(269,335)	(262,275)
Cash received for disposal of subsidiaries	199	1,416	2,394	600,458
Cash received from loan repayments	8,759	62,193	621,257	135,662
Other investing activities	22,030	156,425		(540,423)
Net cash (used in) provided by investing activities	(726,818)	(5,160,337)	1,049,153	(2,326,489)
Cash flows from financing activities:
Proceeds from bank and other borrowings	294,861	2,093,483	4,592,327	4,068,888
Repayment to bank and other borrowings	(472,667)	(3,355,887)	(4,047,898)	(3,124,583)
Borrowing from equity method investees	7,535	53,500	5,000	40,800
Repayment of loans from equity method investees	(2,085)	(14,800)	(71,400)	(30,600)
Repayment of loans from non-controlling interests	(6,655)	(47,250)	(24,000)
Borrowing from non-controlling interests shareholders	8,247	58,550	87,000	70,000
Capital contributions from non-controlling interests shareholders	40,205	285,450	185,195	461,148
Repurchase of ordinary shares	(719,298)	(5,106,944)	(6,257,703)	(1,938,798)
Acquisition of non-controlling interests	(10,282)	(73,000)	(7,105)	(7,374)
Dividend distribution to non-controlling interest shareholders	(5,508)	(39,107)	(34,807)	(18,083)
Proceeds from issuance of ordinary shares upon exercise of share options				419,814
Net cash used in financing activities	(865,647)	(6,146,005)	(5,573,391)	(58,788)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	12,084	85,794	(63,322)	581
Net increase (decrease) in cash, cash equivalents and restricted cash	449,861	3,193,965	5,932,132	4,359,948
Cash, cash equivalents and restricted cash at beginning of the year	3,254,046	23,103,401	17,171,269	12,811,321
Cash, cash equivalents and restricted cash at end of the year	3,703,907	26,297,366	23,103,401	17,171,269
Reconciliation in amounts on the consolidated balance sheets:
Cash and cash equivalents	3,579,590			16,297,410
Restricted cash	124,317			873,859
Total cash, cash equivalents and restricted cash at end of the year	3,703,907			17,171,269
Supplemental disclosures of cash flow information:
Interest paid	3,730	26,480	21,822	13,766
Income tax paid	250,537	1,778,785	1,640,885	1,360,721
Supplemental disclosure of non-cash activities:
Settlement for a loan due from an equity method investee at inventories received				216,000
Disposal of an equity method investment at inventories received.			177,543
Settlement of loan received through acquisition of non-controlling interests			20,000
Capital contribution from non-controlling interest settled by dividend payable, net of tax of RMB1,500			6,000
Right-of-use assets obtained under operating lease	$ 4,591	¥ 32,594	¥ 301,796	¥ 163,620

Land use rights, net (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2028 CNY (¥)	Dec. 31, 2027 CNY (¥)	Dec. 31, 2026 CNY (¥)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Land use rights, cost							¥ 11,083,695	¥ 8,391,748
Less: accumulated amortization							(896,061)	(698,234)
Less: accumulated impairment							(55,008)	(55,008)
Land use rights, net							10,132,626	7,638,506
Amortization expenses for land use rights						$ 30,609	¥ 217,300	¥ 178,840	¥ 150,481
Forecast [Member]
Amortization expenses for land use rights	¥ 258,100	¥ 258,100	¥ 258,100	¥ 258,100	¥ 258,100

Short-term loans (Tables)

12 Months Ended

Dec. 31, 2023

Short-term loans

Components of the outstanding short term loans

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


	As of December 31,
	2022		2023
	RMB		RMB
RMB denominated (Note s a & b)		2,681,189		1,424,486
USD denominated (Note b)		—		—
EUR denominated (Note c)		6,249		1,090

Total		2,687,438		1,425,576

Notes:

(a)

During the year ended December 31, 2022, the Group entered into new RMB denominated revolving credit facilities for a total credit of up to RMB7,600.0 million, in which RMB2,323.2 million was drawn down and outstanding as short-term loans as of December 31, 2022 with fixed interest rate ranging from 1.5% to 1.8% per annum, and RMB816.7 million was used for issuing letter of guarantee for procurement.

The Group repaid the outstanding balances under the facilities as of December 31, 2022 and the letter of guarantee for procurement amounted RMB816.2 million was expired in 2023.

During the year ended on December 31, 2023, the Group entered into various new RMB denominated revolving credit facilities for a total credit of up to

RMB7,455.0 million

in which RMB424.5 million

was drawn down and outstanding as short-term loans and

RMB1,000.0

million was drawn down and outstanding under factoring arrangement as of December 31, 2023, with fixed interest rate ranging from

1.6% to 2.3% per annum, and RMB600.8 million was utilized for issuing letter of guarantee for procurement.

(b)

During the year end

December 31, 2022, the Group entered into various USD denominated revolving credit facility agreements with multiple banks for a total credit of up to US$

195.0

million (approximately RMB

1,345.0

million). Under the credit facility agreement, the Group can specify the currencies at the time of drawdown. RMB

358.0

million (approximately US$

51.9

million) was dr

awn

down and outstanding as short-term loans as of December 31, 2022, with a fixed interest rate 2.55% per annum and 2.75% per annum.

During the year

ended

December 31, 2023, the Group fully repaid the outstanding balance under these facilities as of December 31, 2022 and amended the facility for a total credit of up to US$125.0 million (approximately RMB887.5 million), in which nil was drawn down and outstanding as of December 31, 2023.

During the year

ended

December 31, 2022, the Group entered into a

non-revolving

credit facility agreement for a credit of US$125.0 million (approximately RMB862.2 million). Under the credit facility agreement, the Group can specify the currencies at the time of drawdown. The Group drew down nil as of December 31, 2022.

During the year

ended

December 31, 2023, the Group amended the facility for a total credit to US$100.0 million (approximately RMB710.0 million), in which

million

(approximately RMB5.5

million

and US$

0.8 million) was utilized for issuing letter of guarantee for procurement as of December 31, 2023.

(c)

During the year ended December 31, 2020, the Group entered into a three-year-term facility agreement for a credit of RMB200.0 million. Under the credit facility agreement, the Group can specify the currencies at the time of draw-down. During the year ending 2022, the Group repaid the outstanding balances under this facility as of December 31, 2021 and EUR0.8 million (approximately RMB6.2 million) was drawn down and outstanding as short-term loans as of December 31, 2022, with fixed rate based on the

3-month

Europe Interbank Offered Rate plus 2.2%.

During the year

ended

December 31, 2023, the Group repaid the outstanding balances as of December 31, 2022 and renewed the facility agreement for a credit of RMB200.0 million until 2026, in which EUR0.1 million (approximately RMB1.1 million) was drawn down and outstanding as short-term loans as of December 31, 2023 with fixed rate based on the

3-month

Europe Interbank Offered Rate plus 4.3%, and RMB18.4 million was utilized for issuing letter of letter of guarantee for procurement.

Certain credit facilities, aggregating to RMB3,907.1 million and RMB1,797.5 million as of December 31, 2022 and 2023,

are respectively

guaranteed by the Company and security deposits. As of December 31, 2022 and 2023, RMB3,542.9 million and RMB1,772.5 million, respectively, of these credit facilities remained available.

Related party transactions (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Purchase of goods	¥ 373,864	¥ 414,809	¥ 1,935,511
Purchase of services	838,609	696,987	1,124,708
Provision of services	17,689	21,416	31,345
Amounts due from related parties (current and non current)	553,502	670,187
Amounts due to related parties	150,373
Due to Related Parties		151,736
Prepayment to purchase of goods	60,242	27,459
Deposits	¥ 562,916	550,587
Dividend income		¥ 19,919
VipFubon [Member]
Related Party Transaction [Line Items]
Interest rate (as a percent)	4.90%	4.95%
Deposits	¥ 409,051	¥ 516,359
Gansu Shan Shan [Member]
Related Party Transaction [Line Items]
Interest rate (as a percent)	3.45%	3.85%
Gansu Shan Shan [Member] \| Interest Bearing Loans [Member]
Related Party Transaction [Line Items]
Amounts due from related parties (current and non current)	¥ 84,209	¥ 106,450
Shan Shan Outlets [Member]
Related Party Transaction [Line Items]
Due to Related Parties	43,700	5,000
Related Party [Member]
Related Party Transaction [Line Items]
Sales of product	73,608	90,405	85,718
Interest income	24,011	31,753	¥ 6,490
Related Party [Member] \| Payables For Purchases Of Goods And Other Services [Member]
Related Party Transaction [Line Items]
Related party payables	¥ 106,673	¥ 146,736

Income taxes (Details) ¥ / shares in Units, ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2023 CNY (¥) ¥ / shares	Dec. 31, 2022 CNY (¥) ¥ / shares	Dec. 31, 2021 CNY (¥) ¥ / shares	Dec. 31, 2023 CNY (¥)
Income Taxes
Income tax rate (as a percent)	5.00%	5.00%
Period of statute of limitations, if underpayment of income taxes is due to computational errors	3 years	3 years
Percentage of reduction in income tax exemption	50.00%	50.00%
Components of income tax expense
Total tax expenses	$ 262,821	¥ 1,866,004	¥ 1,758,810	¥ 1,222,704
Undistributed earnings of the Group's subsidiaries and the VIEs in the PRC			14,350,000		¥ 18,490,000
Provision for the Chinese dividend withholding taxes		0	0
Deferred income tax liability not recorded in respect of undistributed earnings			717,600		924,500
Reconciliation of the income tax expense to income before income tax expense and share of loss of affiliates
Income before income tax and share of income(loss) of equity method investees		9,987,002	8,077,204	5,873,275
Computed income tax expense at PRC EIT tax rate		2,496,751	2,019,301	1,468,319
Effect of non-deductible expenses, including:
Share-based compensation expenses		153,469	74,676	160,204
Other non-deductible expenses		14,653	42,960	32,390
Effect of different tax rates of subsidiaries operating in other jurisdiction		(53,121)	(236,479)	79,923
Effect of tax holidays on concessionary rates granted to PRC subsidiaries		(824,300)	(927,595)	(538,797)
Effect of non-taxable income		(20,279)	(162,051)	(51,395)
Change in valuation allowance		(49,919)	198,761	72,060
Tax on dividends and undistributed earnings		148,750	749,237	0
Total tax expenses	262,821	1,866,004	1,758,810	1,222,704
Aggregate amount and per share effect of the tax holidays and tax concessions
The aggregate effect		¥ 824,300	927,595	¥ 538,797
Deferred tax assets:
Net operating loss carry forwards			492,240		450,280
Allowance for doubtful debts			21,080		25,022
Impairment of other investments			21,767		21,197
Inventory write-down			295,559		174,547
Deferred income			359,504		438,494
Impairment of long-lived assets			165,222		179,153
Others			7,178		8,873
Less: valuation allowance			(680,780)		(612,549)
Total deferred tax assets-non current	$ 96,483		681,770		685,017
Deferred tax liability:
Fair value adjustments of long-lived assets from business acquisition			535,263		508,669
Withholding tax on undistributed earnings			0		150,000
Others			38,471		33,823
Total deferred tax liability-non-current			¥ 573,734		¥ 692,492
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) \| ¥ / shares		¥ 7.45	¥ 7.29	¥ 3.96
Per share effect - diluted (in dollars per share) \| ¥ / shares		¥ 7.32	¥ 7.24	¥ 3.88
China operations
Components of income tax expense
Current tax		¥ 1,750,493	¥ 1,709,300	¥ 1,374,720
Deferred tax		115,511	49,510	(152,016)
Reconciliation of the income tax expense to income before income tax expense and share of loss of affiliates
Income before income tax and share of income(loss) of equity method investees		9,825,456	7,254,315	5,593,215
Non-China operations
Reconciliation of the income tax expense to income before income tax expense and share of loss of affiliates
Income before income tax and share of income(loss) of equity method investees		¥ 161,546	822,889	¥ 280,060
Guangzhou Pinwei Software Co., Ltd
Income Taxes
Income tax beneficial rate	15.00%	15.00%
HNTE qualification reapplication period	3 years	3 years
Cayman Islands
Income Taxes
Withholding tax upon payments of dividends (as a percent)	0.00%	0.00%
Hong Kong \| First Two Million Hong Kong Dollars Of Profit [Member]
Income Taxes
Current rate of taxation (as a percent)	8.25%	8.25%
Hong Kong \| After Two Million Hong Kong Dollars Of Profit [Member]
Income Taxes
Current rate of taxation (as a percent)	16.50%	16.50%
People's Republic of China
Income Taxes
Income tax rate (as a percent)	25.00%	25.00%
Period of statute of limitations under special circumstances not clearly defined	5 years	5 years
Minimum underpayment of income tax liability subject to five years statute of limitations	$ 1,408	¥ 100
Period of statute of limitations in case of transfer pricing related adjustment	10 years	10 years
Components of income tax expense
Total tax expenses			600,000
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%				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%
Distributed Earnings			14,980,000
Accrued withholding tax			749,200		¥ 148,800
Effect of non-deductible expenses, including:
Total tax expenses			600,000
Deferred tax liability:
Tax loss carried forward of certain subsidiaries and VIEs			301,700		0
People's Republic of China \| Tax Year 2023 to 2027 [Member]
Deferred tax liability:
Tax loss carried forward of certain subsidiaries and VIEs			¥ 2,160,000		¥ 1,900,000
People's Republic of China \| Vipshop Jianyang
Income Taxes
Income tax rate (as a percent)	15.00%	15.00%	15.00%	15.00%
People's Republic of China \| Vipshop Chongqing
Income Taxes
Income tax rate (as a percent)	15.00%	15.00%	15.00%	15.00%
People's Republic of China \| Vipshop Guangzhou Software Co Ltd [Member]
Income Taxes
Income tax beneficial rate	12.50%	12.50%
Singapore
Income Taxes
Current rate of taxation (as a percent)	17.00%	17.00%

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Parenthetical) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
Change of inventory write-down	¥ (681,173)	¥ 130,660	¥ 35,346
Shipping and handling expenses	5,837,096	5,062,808	5,239,085
Tax on share of loss of equity method investees	0
Tax on Foreign currency translation	¥ 0	¥ 0	¥ 0

Capital structure

12 Months Ended

Dec. 31, 2023

Capital structure

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, 2022 and 2023, all Class B ordinary shares were held by the Chairman of the Company.

ADS ratio change

Effective November 3, 2014, the Group changed its ADS to Class A ordinary share ratio from one ADS representing two Class A ordinary shares to five ADSs representing one Class A ordinary share.

Exercise of share options

During the years ended December 31, 2021, 2022 and 2023, 1,646,137, nil and nil Class A ordinary shares were issued respectively, as a result of exercise of share options by employees.

Vesting of shares awards

During the years ended December 31, 2021, 2022 and 2023, 1,156,264, 1,084,205 and 1,034,612 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, 2022, the Group repurchased approximately US$952.3 million (RMB6,424.8 million) of ADS representing 19,695,770

lass A ordinary shares in accordance with the US$500 million and US$1 billion share repurchase program the Company’s board of directors authorized in March 2021 and March 2022.

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 billion, US$500 million and US$500 million share repurchase program the Company’s board of directors authorized in March 2022, March 2023 and May 2023.

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$1,426.8million (RMB9,696.3 million

Conversion of ordinary shares

During the year ended December 31, 2021, 950,000 class B shares were converted into Class A shares.

- Definition

The entire disclosure for equity.

+ References

Reference 1: 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 2: 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 3: 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 4: 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//1943274/2147481062/946-235-50-2

Reference 5: 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//1943274/2147481062/946-235-50-2

Reference 6: 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//1943274/2147481004/946-505-50-6

Reference 7: 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 8: 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 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-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

Other operating income (Tables)

12 Months Ended

Dec. 31, 2023

Other operating income.

Schedule of components of other operating income


	Year E nded December 31,
	2021		2022		2023
	RMB		RMB		RMB
Government grants		503,685		451,664		495,078
Claims income		175,499		202,649		168,940
Others		245,395		70,519		137,542

Total other operating income		924,579		724,832		801,560

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, 2023 USD ($) $ / shares	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2019 shares	Jan. 31, 2023	Dec. 31, 2022 $ / shares	Jul. 31, 2022	Jan. 31, 2022	Dec. 31, 2021 $ / shares	Aug. 31, 2021	Feb. 28, 2021	Aug. 31, 2020
Share-based Payment Arrangement, Disclosure [Abstract]
Shared compensation expense	$ 212,652	¥ 1,509,806	¥ 1,207,581	¥ 1,010,013
Stock repurchased		¥ 4,968,545	¥ 6,424,792	¥ 1,927,719
Shan Outlets Plan
Schedule Of Share Based Payment Award Stock Options Valuation Assumptions [Line Items]
Expected dividend yield (as a percent)	0.00%	0.00%	0.00%	0.00%
Risk-free interest rate minimum	2.17%	2.17%	1.82%	2.28%
Risk-free interest rate maximum	2.35%	2.35%	2.39%	2.52%
Expected volatility minimum	32.95%	32.95%	39.51%	36.40%
Expected volatility maximum	38.74%	38.74%	44.69%	40.10%
Share Price \| $ / shares	$ 1,097,668						$ 832,456			$ 551,040
Share-based Payment Arrangement, Disclosure [Abstract]
Share based compensation Aggregate of registered capital \| shares					150,000,000
Share based compensation Aggregate of registered capital in percent					15.00%
Options vesting rights description	The vesting period is generally 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.	The vesting period is generally 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.
Maximum contractual term					10 years
Share-based payment award, maximum employee subscription rate					7.50%	0.868%		1.2283%	1.3538%		0.7611%	0.4208%	0.1484%
Shared compensation expense		¥ 441,195	¥ 352,651	¥ 150,793
Repurchase share price average period	3 years	3 years
Stock repurchased		¥ 66,829	¥ 0	¥ 0

Investment in equity method investees (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2023 CNY (¥)
Investment in equity method investees
Investments in equity method investees	$ 303,604		¥ 2,162,872		¥ 2,155,561
Impairment		¥ (106,974)	(132,415)
Share of income (loss) gain of equity method investees	$ 11,310	80,301	(6,559)	¥ 42,303
Impairment loss for investment in affiliate		0	0	35,791
Gain (loss) on disposal of the investment			304,570
Business combination step acquistion equity interest in acquiree remasurement gain loss		0	307,185	0
Sichuan VipFubon Consumer Finance Co., Ltd [Member]
Investment in equity method investees
Investments in equity method investees			205,515		236,319
HongShan Fashion and Technology Industry Fund Investment Limited Partnership ("HongShan Fashion and Technology")
Investment in equity method investees
Investments in equity method investees			543,949		500,993
Shanxi Tianmei Shan Shan Outlets Shopping Mall Co., Ltd ("Shanxi Shan Shan")
Investment in equity method investees
Investments in equity method investees			570,396		599,884
Guofu Life Insurance Co Limited [Member]
Investment in equity method investees
Investments in equity method investees			300,946		239,291
Gansu Shan Shan Outlets Shopping Mall Co., Ltd ("Gansu Shan Shan")
Investment in equity method investees
Investments in equity method investees			157,761		163,141
Others
Investment in equity method investees
Investments in equity method investees			516,720		¥ 522,907
Gain (loss) on disposal of the investment		¥ 0	¥ 2,615	¥ 0

Non-controlling interests - Schedule Of Non-controlling Interest (Parenthetical) (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Noncontrolling Interest [Line Items]
Capital contribution from non-controlling interests shareholders	¥ 285,450	¥ 191,195	¥ 461,148
Non-controlling interests
Noncontrolling Interest [Line Items]
Capital contribution from non-controlling interests shareholders	296,080	184,434	310,677
Additional Paid-in Capital [Member]
Noncontrolling Interest [Line Items]
Capital contribution from non-controlling interests shareholders	(10,630)	6,761	¥ 150,471
Shan Shan Outlets [Member]
Noncontrolling Interest [Line Items]
Capital contribution from non-controlling interests shareholders	285,450	191,195
Shan Shan Outlets [Member] \| Non-controlling interests
Noncontrolling Interest [Line Items]
Capital contribution from non-controlling interests shareholders	296,080	184,434
Shan Shan Outlets [Member] \| Additional Paid-in Capital [Member]
Noncontrolling Interest [Line Items]
Capital contribution from non-controlling interests shareholders	¥ 10,630	¥ 6,761

Intangible assets, net

12 Months Ended

Dec. 31, 2023

Intangible assets, net

Intangible assets, net

9.	Intangible assets, net


	As of December 31, 2022										As of December 31, 2023
	Cost		Accumulated amortization (Note a)			Accumulated Impairment			Net amount		Cost		Accumulated amortization (Note a)			Accumulated Impairment			Net amount
	RMB		RMB			RMB			RMB		RMB		RMB			RMB			RMB
Domain names		14,279		(14,279	)		—			—		14,644		(14,644	)		—			—
Trademarks		24,992		(9,269	)		—			15,723		24,987		(13,037	)		—			11,950
Payment license (Note b)		319,660		—			—			319,660		319,660		—			—			319,660
Others		73,773		(55,650	)		(16,907	)		1,216		73,773		(55,655	)		(16,907	)		1,211

Total		432,704		(79,198	)		(16,907	)		336,599		433,064		(83,336	)		(16,907	)		332,821

Notes:

(a)

(b)

Other investments (Tables)

12 Months Ended

Dec. 31, 2023

Other investments

Schedule of other investments


	As of December 31, 2022
	Original cost		Unrealized (losses) gains			Accumulated impairment			Translation difference		Balance as of year end
	RMB		RMB			RMB			RMB
Equity investments with readily determinable fair value (Note a)		223,852		(145,631	)		(48,634	)		11,046		40,633
Available-for-sale debt securities (Note b)		40,438		—			(35,073	)		135		5,500
Equity investments without readily determinable fair value (Note c)		2,806,218		279,535			(507,099	)		35,518		2,614,172

Total		3,070,508		133,904			(590,806	)		46,699		2,660,305


	As of December 31, 2023
	Original cost		Unrealized (losses) gains			Accumulated impairment			Translation difference		Balance as of year end
	RMB		RMB			RMB			RMB
Equity investments with readily determinable fair value (Note a)		223,852		(168,354	)		(48,634	)		11,855		18,719
Available-for-sale debt securities (Note b)		94,438		—			(35,073	)		135		59,500
Equity investments without readily determinable fair value (Note c)		3,036,434		253,027			(526,204	)		74,713		2,837,970

Total		3,354,724		84,673			(609,911	)		86,703		2,916,189

Notes:

(a)

Equity investments with readily determinable fair value

During the years ended December 31, 2021, 2022 and 2023, disposal of equity investments with readily determinable fair value generated proceeds of RMB63,826, RMB4,760 and

nil

, resulting in realized gain of RMB42,141, RMB2,412 and

nil

, respectively. The Group recorded mark to market adjustments of RMB(116,567), RMB(62,390) and RMB(22,723) in investment loss and revaluation of investments in the consolidated statements of income and comprehensive income during the years ended December 31 , 2021, 2022 and 2023, respectively. Dividend of RMB222, RMB22 and

nil

was declared to the Group and recorded in investment gain and revaluation of investments during the years ended December 31, 2021, 2022 and 2023 respectively.

No impairment loss was recorded during the years ended December 31, 2021, 2022 and 2023.

(b)

Available-for-sale

debt securities

For

available-for-sale

debt securities, no impairment loss was recorded during the years ended December 31, 2021, 2022 and 2023, respectively.

(c)

Equity investments without readily determinable fair value

The Group recorded impairment loss of RMB378,989, RMB93,904 and RMB19,105 for years ended December 31, 2021, 2022 and 2023, respectively for the equity investments without readily determinable fair value. Dividend of RMB179,270, RMB28,612 and RMB29,790 was declared and recorded in investment gain and revaluation of investments during the years ended December 31, 2021, 2022 and 2023, respectively. During the year ended December 31, 2022 and 2023, dividends of RMB23,638 and RMB28,526 that was declared and reinvested into the equity investments without readily determinable fair value, respectively. During the years ended December 31, 2021, 2022 and 2023, fair value changes recognized for equity investments which were measured using NAV practical expedient were

nil

, RMB275,217 and RMB(25,122), respectively.

Share-based payments

12 Months Ended

Dec. 31, 2023

Share-based payments

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, 2023.

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.

No share incentive plan was adopted for the years ended 2021, 2022 and 2023.

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

% for 2021, nil and

% for 2022, and nil and

% for 2023, respectively.

The share option as of December 31, 2023 is as follows:


	Options outstanding		Weighted average exercise price per share		Weighted average remaining contractual years to expiry per share		Weighted average fair value at grant date		Weighted average intrinsic value per option		Aggregate intrinsic value
			US$				US$		US$		US$
Outstanding as of December 31, 2022		5,806,691		61.51		6.43 years

Forfeited		—
Exercised		—

Outstanding as of December 31, 2023		5,806,691		61.51		5.49 years		41.09		27.29		158,447

Non-vested as of December 31, 2023		1,862,426
Options vested and expected to vest as of December 31, 2023		5,806,691		61.51		5.49 years		41.09		27.29		158,447
Exercisable as of December 31, 2023		3,944,265		58.99		5.25 years		39.35		29.81		117,579

For the years ended December 31, 2021, 2022 and 2023, the Group recognized share-based payment expenses of RMB247,648, RMB261,869 and RMB283,630 in connection with the share options granted to key management and employees, respectively. The total fair value of shares vested during the years ended December 31, 2021, 2022 and 2023 was RMB471,325, RMB261,266 and RMB283,039, respectively.

As of December 31, 2022 and 2023, there was RMB824,818 and RMB586,401 unrecognized compensation cost related to unvested share options granted, respectively. The unvested share options expense relating to the share options of the Group is expected to be recognized over a weighted average period of 2 years on a straight-line basis schedule as of December 31, 2023.

(b)

Non-vested

During the years ended December 31, 2021, 2022 and 2023, a total of

1,583,290

, 1,950,761 and 2,894,700

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 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, 2022 and 2023, the

non-vested

shares movement was as follows:


	Non-vested shares outstanding
Outstanding as of December 31, 2021		2,635,774

Granted		1,950,761
Vested		(1,084,205	)
Forfeited		(534,238	)

Outstanding as of December 31, 2022		2,968,092

Granted		2,894,700
Vested		(1,034,612	)
Forfeited		(502,815	)

Outstanding as of December 31, 2023		4,325,365

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 2021, 2022 and 2023, while the forfeiture rate

29%, 26% and 23% for employees for the years ended December 31, 2021, 2022 and 2023, respectively. The aggregate fair value of the restricted shares at grant dates was RMB1,357,118, RMB601,010 and RMB1,549,568 during the years ended December 31, 2021, 2022 and 2023, respectively. The fair value of

non-vested

shares are measured at the respective market price of the Company’s ordinary shares on the grant-dates.

For the years ended December 31, 2021, 2022 and 2023, the Group recognized share-based payment expenses of RMB611,572, RMB593,061 and RMB784,981 in connection with the

non-vested

shares granted to employees, respectively.

As of December 31, 2022 and 2023, there was RMB1,368,651 and RMB1,738,793 unrecognized compensation cost related to

non-vested

shares which is expected to be recognized over a weighted average vesting period of 2.40 years and 2.60 years, respectively. The weighted average grant date fair value per share of

non-vested

shares granted during the years ended December 31, 2021, 2022 and 2023 were US$132.92 (approximately RMB857.15), US$46.43 (approximately RMB308.09) and US$76.49 (approximately RMB535.31), respectively.

(c)

Share-based awards relating to 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 an aggregate of RMB150,000,000, representing 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.

In December 2019, 7.5% of the equity interest of the Shan Shan Outlets share options were granted to its executive officer under the Shan Shan Plan. In August 2020, 0.1484% of the equity interest of Shan Shan Outlets were granted to key employees of Shan Shan. In February and August 2021, 0.4208% and 0.7611% of the equity interest of Shan Shan Outlets were granted to key employees of Shan Shan, respectively. In January and July 2022, 1.3538% and 1.2283% of the equity interest of Shan Shan Outlets were granted to key employees of Shan Shan, respectively. In January 2023, 0.8680 % of the equity interest of Shan Shan Outlets were granted to key employees of Shan Shan.

The vesting period is generally 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.

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. Accordingly, the award is classified as a liability award with fair value recognized at each period end, and the fair value change due to

re-measurement

is recognized in the general and administrative expenses. For the years ended December 31, 2021, 2022 and 2023, the Group recognized share-based payment expenses of RMB150,793, RMB352,651 and RMB441,195 in connection with the share options granted. For the years ended December 31, 2021, 2022 and 2023,

the

roup

Outlets repurchased nil, nil and RMB66,829 in connection with the share options granted.

The Group uses the Monte Carlo Simulation Mode to determine the estimated fair value for share- based compensation liability below with the assistance of an independent valuation firm as of December 31, 2021, 2022 and 2023.

The assumptions used in determining the fair value of the share-based awards as of December 31, 2021, 2022 and 2023 were as follows:


Assumptions	2021			2022			2023
Expected dividend yield		0.00	%		0.00	%		0.00	%
Risk-free interest rate		2.28%~2.52	%		1.82%~2.39	%		2.17%~2.35	%
Expected volatility		36.40%~40.10	%		39.51%~44.69	%		32.95%~38.74	%
Total fair value of share-based awards		551,040			832,456			1,097,668

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.

(d)

Share based compensation expenses

For the years ended December 31, 2021, 2022 and 2023, share based compensation expenses have been included in the following balances on the consolidated statements of income and comprehensive income:


	Year Ended December 31,
	2021			2022			2023
	RMB			RMB			RMB
Fulfillment expenses		(88,985	)		(74,063	)		(77,926	)
Marketing expenses		(26,834	)		(14,630	)		(33,379	)
Technology and content expenses		(252,730	)		(242,714	)		(330,197	)
General and administrative expenses		(641,464	)		(876,174	)		(1,068,304	)

		(1,010,013	)		(1,207,581	)		(1,509,806	)

Segment information

12 Months Ended

Dec. 31, 2023

Segment information

Segment information

Segment revenue and results

For the years ended December 31,2021,2022 and 2023, 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 shop and City Outlets operating segments were aggregated as others reportable segment.

The table below provides a summary of the Group’s operating segment results for the years ended December 31, 2021, 2022 and 2023:


	Year Ended December 31,
	2021			2022			2023
	RMB			RMB			RMB
Net revenues
Vip.com		114,189,757			100,806,644			109,556,481
Shan Shan Outlets		1,579,032			1,858,668			2,795,977
Others		3,202,867			2,105,712			1,234,053
Inter-segment revenues (Note a)		(1,911,978	)		(1,618,535	)		(730,491	)

Total net revenues		117,059,678			103,152,489			112,856,020
Income (loss) from operations
Vip.com		6,158,560			7,341,732			9,642,385
Shan Shan Outlets		357,602			353,875			802,315
Others		88,065			(290,580	)		169,241
Unallocated expenses (Note b)		(1,021,805	)		(1,207,581	)		(1,509,806	)

Total income from operations		5,582,422			6,197,446			9,104,135
Total other income		290,853			1,879,758			882,867

Income before income taxes and share of income (loss) of equity method investees		5,873,275			8,077,204			9,987,002

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 internal procurement between offline shops, Shan Shan Outlets and Vip.com.

(b)

Unallocated expenses include share-based compensation and amortization of intangible assets resulting from assets and business acquisitions, which are not allocated to segments.

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


	Year Ended December 31,
	2021		2022		2023
	RMB		RMB		RMB
Total depreciation of property and equipment, net
Vip.com		741,202		846,864		851,630
Shan Shan Outlets		208,091		298,624		417,226
Others		147,678		85,817		30,528

		1,096,971		1,231,305		1,299,384

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


	Year Ended December 31,
	2021			2022			2023
	RMB			RMB			RMB
Interest income
Vip.com		528,294			622,686			654,485
Shan Shan Outlets		57,732			53,659			42,807
Others		85,736			87,925			84,532
Inter-segment interest income		(301	)		(252	)		(1,532	)

		671,461			764,018			780,292

Interest expense
Vip.com		(13,864	)		(23,573	)		(22,821	)
Shan Shan Outlets		(597	)		(685	)		(111	)
Others		(301	)		(252	)		(1,532	)
Inter-segment interest income		301			252			1,532

		(14,461	)		(24,258	)		(22,932	)


	Year Ended December 31,
	2021			2022			2023
	RMB			RMB			RMB
Net (loss) income of investments accounted under the equity method
Vip.com		(54,715	)		(117,176	)		52,212
Shan Shan Outlets		97,018			110,617			112,868
Others		—			—			(84,779	)

		42,303			(6,559	)		80,301


	Year Ended December 31,
	2022		2023
	RMB		RMB
Total assets
Vip.com		47,086,901		47,982,859
Shan Shan Outlets		13,489,858		17,062,689
Others		4,898,751		7,277,046

		65,475,510		72,322,594

Investments in equity method investees
Vip.com		1,434,715		1,153,245
Shan Shan Outlets		728,157		763,025
Others		—		239,291

		2,162,872		2,155,561

Total expenditure for additions of long-lived assets
Vip.com		1,073,082		2,330,278
Shan Shan Outlets		1,995,802		2,895,954
Others		33,705		4,505

		3,102,589		5,230,737

Product revenues relate to sales of apparel, shoes and bags and other products.

Other revenues mainly relate to revenues from product promotion and online advertising revenues, lease income mainly earned from the Shan Shan Outlets, fees charged to third-party merchants which the Company provides platform access for sales of their products, revenue from third-party logistics services, loan facilitation service income and membership fee income.


	Year Ended December 31,
	2021		2022		2023
	RMB		RMB		RMB
Product revenues
Womenswear and menswear		36,387,893		33,332,934		37,628,436
Shoes and bags		10,940,824		8,256,326		9,384,021
Skincare and cosmetics		15,404,639		15,277,888		15,669,280
Sportswear and sporting goods		13,528,783		12,801,388		13,870,228
Home goods and other lifestyle products		10,702,864		8,359,052		8,620,465
Baby and children products		8,700,589		8,735,859		9,606,808
Supermarkets and other products		15,591,310		10,486,631		10,834,247

		111,256,902		97,250,078		105,613,485
Other revenues		5,802,776		5,902,411		7,242,535

Total net revenues		117,059,678		103,152,489		112,856,020

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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Property and equipment, net (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2023 CNY (¥)
Property and equipment, net
Property and equipment, gross			¥ 22,189,585		¥ 23,903,063
Less: Accumulated depreciation			(5,358,117)		(6,399,161)
Less: Accumulated impairment		¥ (621,802)	(605,879)
Property and equipment, net	$ 2,377,794		16,225,589		16,882,100
Depreciation expenses	183,014	1,299,384	1,231,305	¥ 1,096,971
Impairment on property plant and equipment	$ 22,006	156,241	239,302	¥ 61,922
Buildings
Property and equipment, net
Property and equipment, gross			15,876,665		17,786,267
Impairment on property plant and equipment			127,576
Furniture, fixtures and equipment
Property and equipment, net
Property and equipment, gross			3,377,876		3,425,655
Leasehold improvements
Property and equipment, net
Property and equipment, gross			1,279,585		1,436,468
Impairment on property plant and equipment		20,584	111,726
Motor vehicles
Property and equipment, net
Property and equipment, gross			29,593		31,830
Software
Property and equipment, net
Property and equipment, gross			141,602		118,942
Construction in process
Property and equipment, net
Property and equipment, gross			¥ 1,484,264		¥ 1,103,901
Right of use assets
Property and equipment, net
Impairment on property plant and equipment		¥ 135,657

Inventories, net - Schedule of movement of inventory write down (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Inventory [Line Items]
Balance at beginning of the year	¥ (1,613,379)	¥ (1,465,178)
Charged to cost of sales during the year	681,173	(130,660)
Exchange realignment	(3,268)	(17,541)
Balance at end of the year	¥ (935,474)	¥ (1,613,379)

Summary of Significant Accounting Policies - Intangible assets, net (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Impairment of long-lived assets (other than goodwill and intangible assets with indefinite life)
Impairments	$ 22,006	¥ 156,241	¥ 239,302	¥ 61,922
Goodwill, Impairment Loss		0	0	0
Cost of revenues
Change of inventory write-down	$ (95,941)	(681,173)	130,660	35,346
Marketing expenses
Advertising expenses		¥ 1,820,000	1,750,000	¥ 3,280,000
Minimum
Property and equipment, net
Residual value of furniture, fixtures and equipment and motor vehicles (as a percent)	0.00%	0.00%
Minimum \| Trademarks
Intangible assets, net
Estimated economic life	2 years	2 years
Maximum
Property and equipment, net
Residual value of furniture, fixtures and equipment and motor vehicles (as a percent)	5.00%	5.00%
Maximum \| Trademarks
Intangible assets, net
Estimated economic life	5 years	5 years
Buildings
Impairment of long-lived assets (other than goodwill and intangible assets with indefinite life)
Impairments			¥ 127,576
Buildings \| Minimum
Property and equipment, net
Estimated useful life	20 years	20 years
Buildings \| Maximum
Property and equipment, net
Estimated useful life	30 years	30 years
Furniture, fixtures and equipment \| Minimum
Property and equipment, net
Estimated useful life	2 years	2 years
Furniture, fixtures and equipment \| Maximum
Property and equipment, net
Estimated useful life	10 years	10 years
Motor vehicles \| Minimum
Property and equipment, net
Estimated useful life	4 years	4 years
Motor vehicles \| Maximum
Property and equipment, net
Estimated useful life	5 years	5 years
Software \| Minimum
Property and equipment, net
Estimated useful life	1 year	1 year
Software \| Maximum
Property and equipment, net
Estimated useful life	10 years	10 years

Share-based payments - Expenses (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Additional information related to stock options
Share-based compensation expenses related to share options granted	¥ 1,509,806	¥ 1,207,581	¥ 1,010,013
Fair value of shares vested	283,039	261,266	471,325
Employees
Additional information related to stock options
Share-based compensation expenses related to share options granted	283,630	261,869	¥ 247,648
Executives and employees
Additional information related to stock options
Unrecognized compensation cost related to unvested share options granted	¥ 586,401	¥ 824,818
Weighted-average period over which unrecognized compensation cost is to be recognized	2 years

- 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 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
-Paragraph 2
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
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+ Details

Accrued expenses and other current liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Accrued expenses and other current liabilities

Schedule of accrued expenses and other current liabilities


	As of December 31,
	2022		2023
	RMB		RMB
Accrued advertising expense		1,087,818		1,191,189
Accrued shipping and handling expenses		1,492,047		1,642,964
Amounts received on behalf of third-party merchants (Note a)		1,272,829		1,968,213
Accrued payroll and social benefits		721,182		790,406
Deposits from vendors		550,587		562,916
Income tax payables		689,275		646,677
Other tax payables (Note b)		484,103		424,699
Accrued rental expenses		86,317		80,338
Accrued administrative expenses		404,303		425,236
Refund liability (Note c)		339,821		494,796
Cash-settled share-based compensation (Note 2 4 (c))		624,689		999,055
Loan from non-controlling interests shareholders (Note d)		133,000		144,300
Payables for repurchasing of ordinary shares		167,089		—
Others		341,682		189,660

Total		8,394,742		9,560,449

Earnings per share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings per share

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

Basic earnings per share and diluted earnings per share have been calculated for the years ended December 31, 2021, 2022 and 2023 as follows:


	Year Ended December 31,
	2021		2022		2023
	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		4,681,073		6,298,816		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		136,175,112		127,235,048		110,695,778

Basic earnings per Class A and Class B ordinary shares		34.38		49.51		73.32

Diluted earnings per share for the years ended December 31, 2021, 2022 and 2023 are calculated as follows:


	Year Ended December 31,
	2021		2022		2023
	RMB		RMB		RMB
Diluted earnings per share:
Numerator:
Earnings attributable to Class A and Class B ordinary shareholders for computing diluted earnings per Class A and Class B ordinary share		4,681,073		6,298,816		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		136,175,112		127,235,048		110,695,778
Dilutive employee share options and non-vested ordinary shares		2,569,910		922,256		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		138,745,022		128,157,304		112,552,398

Diluted earnings per Class A and Class B ordinary shares		33.74		49.15		72.11

Land use rights, net (Tables)

12 Months Ended

Dec. 31, 2023

Land use rights, net

Schedule of land use rights, net


	As of December 31,
	2022			2023
	RMB			RMB
Land use rights		8,391,748			11,083,695
Less: accumulated amortization		(698,234	)		(896,061	)
Less: accumulated impairment		(55,008	)		(55,008	)

Land use rights, net		7,638,506			10,132,626

Segment information - Other (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Segment information
Total net revenues	$ 15,895,438	¥ 112,856,020	¥ 103,152,489	¥ 117,059,678
Womenswear and menswear
Segment information
Total net revenues		37,628,436	33,332,934	36,387,893
Shoes and bags
Segment information
Total net revenues		9,384,021	8,256,326	10,940,824
Skincare and cosmetics
Segment information
Total net revenues		15,669,280	15,277,888	15,404,639
Sportswear and sporting goods
Segment information
Total net revenues		13,870,228	12,801,388	13,528,783
Home goods and other lifestyle products
Segment information
Total net revenues		8,620,465	8,359,052	10,702,864
Baby and children products
Segment information
Total net revenues		9,606,808	8,735,859	8,700,589
Supermarkets and other products
Segment information
Total net revenues		10,834,247	10,486,631	15,591,310
Other revenues
Segment information
Total net revenues		7,242,535	5,902,411	5,802,776
Product revenues
Segment information
Total net revenues	$ 14,875,348	¥ 105,613,485	¥ 97,250,078	¥ 111,256,902

Subsequent events (Details) - Subsequent event $ / shares in Units, $ in Millions	Feb. 22, 2024 USD ($) $ / shares
Subsequent Event [Line Items]
Aggregate amount of cash dividends \| $	$ 233.3
Common stock
Subsequent Event [Line Items]
Company declared a dividend	$ 2.15
American depository share
Subsequent Event [Line Items]
Company declared a dividend	$ 0.43

Income taxes

12 Months Ended

Dec. 31, 2023

Income taxes

Income taxes

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 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”), domestically owned enterprises and foreign invested enterprises (the “FIEs”) are subject to a uniform tax rate at 25%. While the EIT Law equalizes the tax rates for FIEs and domestically owned enterprises, preferential tax treatment may continue to be given to companies in certain encouraged sectors and to entities classified as high and new technology companies, regardless of domestically owned enterprises or FIEs.

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.

The Group’s subsidiaries and the variable interest entities 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. Pinwei Software is entitled to enjoy the beneficial tax rate at 15% as an HNTE for the years 2021,2022 and 2023.

•

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 start

from the taxation year of 2023.

•

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 2021, 2022 and 2023.

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, 2021, 2022 and 2023, the Group had no unrecognized tax benefits. The Group does not anticipate any significant increase to its liability for unrecognized tax benefit within the next 12 months. The Group will classify interest and penalties related to income tax matters, if any, in income tax expense.

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$14.08) 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 E nded December 31,
	2021		2022		2023
	RMB		RMB		RMB
Income from China operations		5,593,215		7,254,315		9,825,456
Income from non-China operations		280,060		822,889		161,546

Total income before tax and share of income (loss) of equity method investees		5,873,275		8,077,204		9,987,002


	Year E nded December 31,
	2021			2022		2023
	RMB			RMB		RMB
Income tax expenses
Current tax		1,374,720			1,709,300		1,750,493
Deferred tax		(152,016	)		49,510		115,511

Total tax expenses		1,222,704			1,758,810		1,866,004

All current tax was 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%.

During the year ended December 31, 2022, Vipshop China distributed a portion of the earnings of RMB 14.98 billion to the holding company located outside mainland China in Hong Kong SAR, and has hence accrued a withholding tax of RMB 749.2 million and paid RMB 600.0 million to tax bureau as of December 31, 2022, and the remaining tax payable was subsequently paid in January 2023. During the year ended December 31,2023, the Company accrued RMB 148.8 million withholding tax expenses associated with its earnings expected to be distributed to the holding company located outside mainland China in Hong Kong SAR. The remaining undistributed earnings of the Group’s subsidiaries in the PRC that are available for distribution to the Group of approximately RMB14.35 billion and RMB18.49 billion as of December 31, 2022 and 2023, respectively 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 that would be payable upon the distribution of those amounts to the Group. 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 RMB717.6 million and RMB924.5 million as of December 31, 2022 and 2023 respectively.

A reconciliation of the income tax expense to income before income tax expense and share of income

(loss)

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 E nded December 31,
	2021			2022			2023
	RMB			RMB			RMB
Income before income tax and share of income (loss) of equity method investees		5,873,275			8,077,204			9,987,002
Computed income tax expense at PRC EIT tax rate		1,468,319			2,019,301			2,496,751
Effect of non-deductible expenses, including:
-Share-based compensation expenses		160,204			74,676			153,469
-Other non-deductible expenses		32,390			42,960			14,653
Effect of different tax rates of subsidiaries operating in other jurisdiction		79,923			(236,479	)		(53,121	)
Effect of tax holidays and preferential tax rates granted to PRC entities		(538,797	)		(927,595	)		(824,300	)
Effect of non-taxable income		(51,395	)		(162,051	)		(20,279	)
Change in valuation allowance		72,060			198,761			(49,919	)
Tax on dividends and undistributed earnings		—			749,237			148,750

Income tax expenses		1,222,704			1,758,810			1,866,004

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


	Year Ended December 31,
	2021		2022		2023
	RMB		RMB		RMB
The aggregate effect		538,797		927,595		824,300
Per share effect:
Class A and Class B ordinary share:
—basic		3.96		7.29		7.45
—diluted		3.88		7.24		7.32

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


	As of December 31,
	2022			2023
	RMB			RMB
Deferred tax assets:
Net operating loss carry forwards		492,240			450,280
Allowance for doubtful debts		21,080			25,022
Impairment of investments		21,767			21,197
Inventory write-down		295,559			174,547
Deferred income		359,504			438,494
Impairment of long-lived assets		165,222			179,153
Others		7,178			8,873
Less: valuation allowance		(680,780	)		(612,549	)

Total deferred tax assets-non-current		681,770			685,017


	As of December 31,
	2022		2023
	RMB		RMB
Deferred tax liabilities :
Fair value adjustments of long-lived assets from business acquisition		535,263		508,669
Withholding tax on undistributed earnings		—		150,000
Others		38,471		33,823

Total deferred tax liabilities-non-current		573,734		692,492

As of December 31, 2022 and 2023, the amount of tax loss carried forward was nil and RMB301.7

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 changes in shareholding of the Group’s subsidiary. The remaining amount of tax loss of

RMB2.16 billion and RMB1.90 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 2024 to 2028.

The Group has provided a valuation allowance for the deferred tax assets relating to the future benefit of net operating loss carry forwards and other deferred tax assets of certain subsidiaries as of December 31, 2022 and 2023, respectively, as management is not able to conclude that the future realization of some of those net operating loss carry forwards and other deferred tax assets are more likely than not.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

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(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: 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//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
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-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
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-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Accounts receivable, net (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of components of accounts receivable, net

Components of accounts receivables are as follows:


	As of December 31,
	2022			2023
	RMB			RMB
Receivables for logistics and warehousing services rendered		239,633			291,600
Trade receivables (Note a)		190,694			235,489
Others (Note b)		192,025			312,343

Subtotal		622,352			839,432
Allowance for doubtful accounts:
Balance at beginning of the year		(34,965	)		(54,622	)
Write-offs		1,506			2,517
Provision		(21,163	)		(8,560	)

Allowance as of the end of the year		(54,622	)		(60,665	)

Accounts receivables, net		567,730			778,767

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 payment platform.

Share-based payments (Tables)

12 Months Ended

Dec. 31, 2023

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of share option movements


	Options outstanding		Weighted average exercise price per share		Weighted average remaining contractual years to expiry per share		Weighted average fair value at grant date		Weighted average intrinsic value per option		Aggregate intrinsic value
			US$				US$		US$		US$
Outstanding as of December 31, 2022		5,806,691		61.51		6.43 years

Forfeited		—
Exercised		—

Outstanding as of December 31, 2023		5,806,691		61.51		5.49 years		41.09		27.29		158,447

Non-vested as of December 31, 2023		1,862,426
Options vested and expected to vest as of December 31, 2023		5,806,691		61.51		5.49 years		41.09		27.29		158,447
Exercisable as of December 31, 2023		3,944,265		58.99		5.25 years		39.35		29.81		117,579

Schedule of non-vested shares movement


	Non-vested shares outstanding
Outstanding as of December 31, 2021		2,635,774

Granted		1,950,761
Vested		(1,084,205	)
Forfeited		(534,238	)

Outstanding as of December 31, 2022		2,968,092

Granted		2,894,700
Vested		(1,034,612	)
Forfeited		(502,815	)

Outstanding as of December 31, 2023		4,325,365

Schedule of share-based compensation expenses


	Year Ended December 31,
	2021			2022			2023
	RMB			RMB			RMB
Fulfillment expenses		(88,985	)		(74,063	)		(77,926	)
Marketing expenses		(26,834	)		(14,630	)		(33,379	)
Technology and content expenses		(252,730	)		(242,714	)		(330,197	)
General and administrative expenses		(641,464	)		(876,174	)		(1,068,304	)

		(1,010,013	)		(1,207,581	)		(1,509,806	)

Shan Shan Plan [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

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


Assumptions	2021			2022			2023
Expected dividend yield		0.00	%		0.00	%		0.00	%
Risk-free interest rate		2.28%~2.52	%		1.82%~2.39	%		2.17%~2.35	%
Expected volatility		36.40%~40.10	%		39.51%~44.69	%		32.95%~38.74	%
Total fair value of share-based awards		551,040			832,456			1,097,668

- 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

Acquisition

12 Months Ended

Dec. 31, 2023

Significant acquisition and equity transactions

Significant acquisition and equity transactions

3.	Acquisition

(a)

Acquisition of Xuzhou Shan Shan Outlets Business Management Co., Ltd (“Xuzhou Shan Shan”) in 2021

In June 2021, the Group acquired 100% of equity interest in Xuzhou Shan Shan for a total cash consideration of RMB149,210. The Group has determined that substantially all of the fair value of the assets group acquired is concentrated in land use rights held by Xuzhou Shan Shan and concluded that the acquired set of activities and assets is not a business. As such, the Group accounted for this transaction as asset acquisition and the acquired asset group were consolidated into a wholly-owned subsidiary of the Group. Subsequently, a third-party investor has agreed to contribute RMB60,000 into Xuzhou Shan Shan Outlets Business Management Co., Ltd. for 20% equity interest. As of December 31, 2021,2022 and 2023, the Group has collected RMB16,000, RMB38,500 and RMB53,000 from the third-party investor, respectively.

As a result of the acquisition, the Group recognized current assets of RMB401, land use rights of RMB170,983, construction in progress of RMB2,293 and deferred tax liabilities of RMB24,467.

(b)

Acquisition of Zhengzhou

Shan Shan

Outlets Plaza Co., Ltd. (“Zhengzhou Shan Shan”) in 2022

In November 2022, to support the Group’s strategic expansion into the outlet business, the Group acquired additional equity interests of 49% in Zhengzhou Shan Shan for cash consideration of RMB553,700. As a result of the transactions, the Group obtained control in the entity and therefore accounted for the transactions as business combination.

The consideration, fair value of assets acquired and liabilities assumed, as well as goodwill resulted from the acquisition are as follows:


	RMB
Consideration:
Cash		553,700
Fair value of the Group’s existing equity method investment at the time of acquisition		760,200

Total consideration transferred		1,313,900
Recognized amounts of identifiable assets acquired and liabilities assumed:
Cash and cash equivalents		166,193
Accounts receivables		18,839
Inventories		215
Other receivables and prepayments		2,219
Property and equipment		989,334
Land use rights, net		390,590
Deferred tax assets, net		765

Total assets acquired		1,568,155
Accounts payables		(213,422	)
Advances from customers		(3,354	)
Accrued expenses and other current liabilities		(38,252	)
Deferred tax liabilities		(165,275	)
Total liabilities assumed		(420,303	)

Net assets acquired		1,147,852

Goodwill		166,048

The fair value of the equity method investment on the acquisition date is calculated by deducting the fair value of additional equity interest acquired from the fair value of 100% equity interest in the outlet at the date of acquisition using income approach, in particular, the discounted cash flow method to analyze the indicative value of all equity interest in the acquired outlet. The fair value of the outlet acquired are estimated based on significant inputs which mainly include the financial results, growth trends and discount rate. The Group’s existing equity method investment was remeasured to fair value at RMB760,200, with the excess over the carrying amount of RMB307,185 recognized as gain on deemed disposal of equity method investment in the consolidated statements of income and comprehensive income.

The results of operation of Zhengzhou Shan Shan have been consolidated by the Group from November 2022, and the results of operations of the outlet are not material to the Group’s consolidated financial statements as a whole.

Pro forma financial information for the business acquisition of Zhengzhou Shan Shan in the fiscal year 2022 is not presented as they are not material to the reported results.

Employee retirement benefit

12 Months Ended

Dec. 31, 2023

Employee retirement benefit

Employee retirement benefit

13.	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 made and accrued for such employee benefits were RMB344,324, RMB370,055 and RMB455,559 for the years ended December 31, 2021, 2022 and 2023, respectively.

Other receivables and prepayments, net

12 Months Ended

Dec. 31, 2023

Other receivables and prepayments, net

Other receivables and prepayments, net

5.	Other receivables and prepayments, net

Components of other receivables and prepayments are as follows:


	As of December 31,
	2022			2023
	RMB			RMB
VAT recoverable		668,233			409,455
Deposits		114,269			92,008
Interest receivable		409,985			747,028
Prepayment to suppliers related to procurement activities of goods and services		450,158			404,274
Prepaid expense		59,496			76,311
Loans to third parties		157,450			137,400
Others		249,199			232,620
Advances to suppliers related to financing activities		221,697			266,895

Subtotal		2,330,487			2,365,991
Allowance for doubtful accounts:
Balance at beginning of the year		(32,289	)		(50,038	)
Write-offs		44,776			2,906
Provision		(62,525	)		(20,247	)

Allowance as of the end of the year		(50,038	)		(67,379	)

Total		2,280,449			2,298,612

Distribution of profit (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
Distribution of profit (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
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	¥ 150,120	¥ 133,629	¥ 87,113
Parent company
Distribution of Profit
Amount of restricted capital and reserves not available for dividend distribution	¥ 15,310,000

Leases - Summary of Maturities of lease liabilities (Details) ¥ in Thousands	Dec. 31, 2023 CNY (¥)
2024	¥ 104,076
2025	78,513
2026	63,306
2027	61,543
2028	77,155
2029 and thereafter	543,098
Total future undiscounted lease payments	927,691
Less: imputed interest	157,564
Total present value of lease liabilities	¥ 770,127

Segment information (Tables)

12 Months Ended

Dec. 31, 2023

Segment information

Summary of operating segment results

The table below provides a summary of the Group’s operating segment results for the years ended December 31, 2021, 2022 and 2023:


	Year Ended December 31,
	2021			2022			2023
	RMB			RMB			RMB
Net revenues
Vip.com		114,189,757			100,806,644			109,556,481
Shan Shan Outlets		1,579,032			1,858,668			2,795,977
Others		3,202,867			2,105,712			1,234,053
Inter-segment revenues (Note a)		(1,911,978	)		(1,618,535	)		(730,491	)

Total net revenues		117,059,678			103,152,489			112,856,020
Income (loss) from operations
Vip.com		6,158,560			7,341,732			9,642,385
Shan Shan Outlets		357,602			353,875			802,315
Others		88,065			(290,580	)		169,241
Unallocated expenses (Note b)		(1,021,805	)		(1,207,581	)		(1,509,806	)

Total income from operations		5,582,422			6,197,446			9,104,135
Total other income		290,853			1,879,758			882,867

Income before income taxes and share of income (loss) of equity method investees		5,873,275			8,077,204			9,987,002

Notes:

(a)

(b)

Unallocated expenses include share-based compensation and amortization of intangible assets resulting from assets and business acquisitions, which are not allocated to segments.

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

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


	Year Ended December 31,
	2021		2022		2023
	RMB		RMB		RMB
Total depreciation of property and equipment, net
Vip.com		741,202		846,864		851,630
Shan Shan Outlets		208,091		298,624		417,226
Others		147,678		85,817		30,528

		1,096,971		1,231,305		1,299,384

Schedule of interest income and expenses

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


	Year Ended December 31,
	2021			2022			2023
	RMB			RMB			RMB
Interest income
Vip.com		528,294			622,686			654,485
Shan Shan Outlets		57,732			53,659			42,807
Others		85,736			87,925			84,532
Inter-segment interest income		(301	)		(252	)		(1,532	)

		671,461			764,018			780,292

Interest expense
Vip.com		(13,864	)		(23,573	)		(22,821	)
Shan Shan Outlets		(597	)		(685	)		(111	)
Others		(301	)		(252	)		(1,532	)
Inter-segment interest income		301			252			1,532

		(14,461	)		(24,258	)		(22,932	)


	Year Ended December 31,
	2021			2022			2023
	RMB			RMB			RMB
Net (loss) income of investments accounted under the equity method
Vip.com		(54,715	)		(117,176	)		52,212
Shan Shan Outlets		97,018			110,617			112,868
Others		—			—			(84,779	)

		42,303			(6,559	)		80,301

Schedule of information about segment assets


	Year Ended December 31,
	2022		2023
	RMB		RMB
Total assets
Vip.com		47,086,901		47,982,859
Shan Shan Outlets		13,489,858		17,062,689
Others		4,898,751		7,277,046

		65,475,510		72,322,594

Investments in equity method investees
Vip.com		1,434,715		1,153,245
Shan Shan Outlets		728,157		763,025
Others		—		239,291

		2,162,872		2,155,561

Total expenditure for additions of long-lived assets
Vip.com		1,073,082		2,330,278
Shan Shan Outlets		1,995,802		2,895,954
Others		33,705		4,505

		3,102,589		5,230,737

Schedule of revenues from different product groups and services


	Year Ended December 31,
	2021		2022		2023
	RMB		RMB		RMB
Product revenues
Womenswear and menswear		36,387,893		33,332,934		37,628,436
Shoes and bags		10,940,824		8,256,326		9,384,021
Skincare and cosmetics		15,404,639		15,277,888		15,669,280
Sportswear and sporting goods		13,528,783		12,801,388		13,870,228
Home goods and other lifestyle products		10,702,864		8,359,052		8,620,465
Baby and children products		8,700,589		8,735,859		9,606,808
Supermarkets and other products		15,591,310		10,486,631		10,834,247

		111,256,902		97,250,078		105,613,485
Other revenues		5,802,776		5,902,411		7,242,535

Total net revenues		117,059,678		103,152,489		112,856,020

Schedule I-Condensed Financial Information

12 Months Ended

Dec. 31, 2023

Schedule I-Condensed Financial Information

Schedule I-Condensed Financial Information

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,
	2021			2022			2023			2023
	RMB			RMB			RMB			US$
										Note 2(z)
General and administrative expenses		(17,956	)		(49,776	)		(21,171	)		(2,981	)
Other operating income		12,745			30,885			47,529			6,694

(Loss)income from operations		(5,211	)		(18,891	)		26,358			3,713

Equity income of subsidiaries and VIEs		4,686,284			6,317,707			8,090,266			1,139,490

Net income attributable to Vipshop Holdings Limited’s shareholders		4,681,073			6,298,816			8,116,624			1,143,203

Other comprehensive (loss)income:
Foreign currency translation, net of tax of nil		(29,645	)		(610,296	)		(11,085	)		(1,561	)
Changes in fair value of debt securities derived from the share of (loss)income of an equity method investee		—			(8,733	)		23,124			3,257

Comprehensive income attributable to Vipshop Holdings Limited’s shareholders		4,651,428			5,679,787			8,128,663			1,144,899

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,
	2022			2023			2023
	RMB			RMB			US$
							Note 2(z)
ASSETS
Cash and cash equivalents		1,624			904			127
Other receivables and prepayments, net		—			3,374			475
Investment in subsidiaries		36,076,969			45,235,847			6,371,336
Amount due from subsidiaries		376,331			384,016			54,088

Total assets		36,454,924			45,624,141			6,426,026

LIABILITIES
Accrued expenses and other current liabilities		169,335			1,116			156
Amount due to subsidiaries		3,533,552			8,661,621			1,219,964

Total liabilities		3,702,887			8,662,737			1,220,120

SHAREHOLDERS’ EQUITY
Class A ordinary shares (US$0.0001 par value, 483,489,642 shares authorized, and 124,060,090 and 98,877,929 shares issued, of which 101,621,330 and 92,900,247 shares were outstanding as of December 31, 2022 and 2023, respectively)		80			62			9
Class B ordinary shares (US$0.0001 par value,16,510,358 shares authorized, and 15,560,358 and 15,560,358 shares issued and outstanding as of December 31, 2022 and 2023, respectively)		11			11			2
Treasury shares, at cost (22,438,760 and 5,977,682 Class A shares as of December 31, 2022 and 2023, respectively)		(8,352,511	)		(3,624,763	)		(510,537	)
Additional paid-in capital		13,091,781			4,444,755			626,031
Retained earnings		28,720,304			36,836,928			5,188,373
Accumulated other comprehensive loss		(707,628	)		(695,589	)		(97,972	)

Total shareholders’ equity		32,752,037			36,961,404			5,205,906

Total liabilities and shareholders’ equity		36,454,924			45,624,141			6,426,026

VIPSHOP HOLDINGS LIMITED

Schedule I—Condensed Financial Information of the Parent Company

Statements of Cash Flows

(All amounts in thousands)


	Year Ended December 31,
	2021			2022			2023			2023
	RMB			RMB			RMB			US$
										Note 2(z)
Cash flow from operating activities:
Net income		4,681,073			6,298,816			8,116,624			1,143,203
Adjustments to reconcile net income to net cash by operating activities:
Equity income of subsidiaries and VIEs		(4,686,284	)		(6,317,707	)		(8,090,266	)		(1,139,490	)
Changes in operating assets and liabilities:
Other receivables and prepayments, net		—			—			(3,374	)		(475	)
Accrued expenses and other current liabilities		(52,544	)		(54,750	)		(3,634	)		(512	)
Deferred income		(710	)		(29,664	)		—			—

Net cash (used in) provided by operating activities		(58,465	)		(103,305	)		19,350			2,726

Cash flows from investing activities:
Changes in amounts due from/to subsidiaries		1,577,719			6,362,371			5,086,910			716,476

Net cash provided by investing activities		1,577,719			6,362,371			5,086,910			716,476

Cash flows from financing activities:
Proceeds from issuance of ordinary shares upon exercise of share options		419,814			—			—			—
Repurchase of ordinary shares		(1,938,798	)		(6,257,703	)		(5,106,944	)		(719,298	)

Net cash used in financing activities		(1,518,984	)		(6,257,703	)		(5,106,944	)		(719,298	)

Effect of exchange rate changes on cash and cash equivalents		5			(76	)		(36	)		(6	)

Net increase(decrease) in cash and cash equivalents		275			1,287			(720	)		(102	)
Cash and cash equivalents at beginning of the period		62			337			1,624			229

Cash and cash equivalents at end of the period		337			1,624			904			127

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, 2023, RMB15.31 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 each of the three years in the period ended December 31, 2023, no cash dividend was declared and paid by the Parent Company.

As of December 31, 2023, 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 accounting principles generally accepted in the United States of America 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.

Schedule I-Condensed Financial Information of the Parent Company - Statements of Cash Flows and Notes (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Cash flow from operating activities:
Net income	$ 1,155,129	¥ 8,201,299	¥ 6,311,835	¥ 4,692,874
Changes in operating assets and liabilities:
Deferred income	6,603	46,882	(66,034)	67,939
Net cash (used in)provided by operating activities	2,030,242	14,414,513	10,519,692	6,744,644
Cash flows from investing activities:
Net cash provided by investing activities	(726,818)	(5,160,337)	1,049,153	(2,326,489)
Cash flows from financing activities:
Proceeds from issuance of ordinary shares upon exercise of share options				419,814
Repurchase of ordinary shares	(719,298)	(5,106,944)	(6,257,703)	(1,938,798)
Net cash used in financing activities	(865,647)	(6,146,005)	(5,573,391)	(58,788)
Effect of exchange rate changes on cash and cash equivalents	12,084	85,794	(63,322)	581
Net increase (decrease) in cash, cash equivalents and restricted cash	449,861	3,193,965	5,932,132	4,359,948
Cash, cash equivalents and restricted cash at beginning of the year	3,254,046	23,103,401	17,171,269	12,811,321
Cash, cash equivalents and restricted cash at end of the year	3,703,907	26,297,366	23,103,401	17,171,269
Parent company
Cash flow from operating activities:
Net income	1,143,203	8,116,624	6,298,816	4,681,073
Adjustments to reconcile net income to net cash by operating activities:
Equity income of subsidiaries and VIEs	(1,139,490)	(8,090,266)	(6,317,707)	(4,686,284)
Changes in operating assets and liabilities:
Other receivables and prepayments, net	(475)	(3,374)	0	0
Accrued expenses and other current liabilities	(512)	(3,634)	(54,750)	(52,544)
Deferred income	0	0	(29,664)	(710)
Net cash (used in)provided by operating activities	2,726	19,350	(103,305)	(58,465)
Cash flows from investing activities:
Changes in amounts due from/to subsidiaries	716,476	5,086,910	6,362,371	1,577,719
Net cash provided by investing activities	716,476	5,086,910	6,362,371	1,577,719
Cash flows from financing activities:
Proceeds from issuance of ordinary shares upon exercise of share options			0	419,814
Repurchase of ordinary shares	(719,298)	(5,106,944)	(6,257,703)	(1,938,798)
Net cash used in financing activities	(719,298)	(5,106,944)	(6,257,703)	(1,518,984)
Effect of exchange rate changes on cash and cash equivalents	(6)	(36)	(76)	5
Net increase (decrease) in cash, cash equivalents and restricted cash	(102)	(720)	1,287	275
Cash, cash equivalents and restricted cash at beginning of the year	229	1,624	337	62
Cash, cash equivalents and restricted cash at end of the year	$ 127	904	¥ 1,624	¥ 337
Restriction on dividend distribution
Amount of restricted capital and reserves not available for dividend distribution		15,310,000
Cash dividend declared and paid to the Company		¥ 0

Organization and principal activities

12 Months Ended

Dec. 31, 2023

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, the consolidated variable interest entities (“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.

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, 2023 USD ($)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Condensed Financial Information
General and administrative expenses	$ (584,032)	¥ (4,146,568)	¥ (4,459,518)	¥ (4,189,690)
Other operating income		801,560	724,832	924,579
(Loss)income from operations	1,282,291	9,104,135	6,197,446	5,582,422
Net income attributable to Vipshop Holdings Limited's shareholders	1,143,203	8,116,624	6,298,816	4,681,073
Other comprehensive (loss)income:
Foreign currency translation adjustments	(1,561)	(11,085)	(610,296)	(29,645)
Comprehensive income attributable to Vipshop Holdings Limited's shareholders	1,144,899	8,128,663	5,679,787	4,651,428
Tax on Foreign currency translation		0	0	0
Parent company
Condensed Financial Information
General and administrative expenses	(2,981)	(21,171)	(49,776)	(17,956)
Other operating income	6,694	47,529	30,885	12,745
(Loss)income from operations	3,713	26,358	(18,891)	(5,211)
Equity income of subsidiaries and VIEs	1,139,490	8,090,266	6,317,707	4,686,284
Net income attributable to Vipshop Holdings Limited's shareholders	1,143,203	8,116,624	6,298,816	4,681,073
Other comprehensive (loss)income:
Foreign currency translation adjustments	(1,561)	(11,085)	(610,296)	(29,645)
Changes in fair value of debt securities derived from the share of (loss)income of an equity method investee	3,257	23,124	(8,733)	0
Comprehensive income attributable to Vipshop Holdings Limited's shareholders	$ 1,144,899	8,128,663	5,679,787	4,651,428
Tax on Foreign currency translation		¥ 0	¥ 0	¥ 0

Share-based payments - Non-vested shares (Details) ¥ / shares in Units, ¥ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥) ¥ / shares shares	Dec. 31, 2023 CNY (¥) $ / shares	Dec. 31, 2022 CNY (¥) ¥ / shares shares	Dec. 31, 2022 CNY (¥) $ / shares	Dec. 31, 2021 CNY (¥) ¥ / shares shares	Dec. 31, 2021 $ / shares
Share-based Payments
Share based payment expenses recognized \| ¥	¥ 1,509,806		¥ 1,207,581		¥ 1,010,013
Employees
Share-based Payments
Share based payment expenses recognized \| ¥	¥ 283,630		¥ 261,869		¥ 247,648
Restricted shares
Share-based Payments
Non-vested ordinary shares granted to executive officers, employees, members of Audit Committee and consultants (in shares) \| shares	2,894,700		1,950,761		1,583,290
Non-vested shares movement
Outstanding at the beginning of the period \| shares	2,968,092		2,635,774
Granted \| shares	2,894,700		1,950,761		1,583,290
Vested \| shares	(1,034,612)		(1,084,205)
Forfeited \| shares	(502,815)		(534,238)
Outstanding at the end of the period \| shares	4,325,365		2,968,092		2,635,774
Restricted shares \| Employees
Share-based Payments
Aggregate fair value of the restricted shares at grant dates \| ¥	¥ 1,549,568		¥ 601,010
Share based payment expenses recognized \| ¥	784,981		593,061		¥ 611,572
2012 Stock Incentive Plan \| Restricted shares
Share-based Payments
Aggregate fair value of the restricted shares at grant dates \| ¥					¥ 1,357,118
Unrecognized compensation cost related to non-vested shares \| ¥	¥ 1,738,793	¥ 1,738,793	¥ 1,368,651	¥ 1,368,651
Weighted-average vesting period over which unrecognized compensation cost is to be recognized	2 years 7 months 6 days		2 years 4 months 24 days
Weighted average granted fair value per share of non-vested shares granted during the year (in dollars per share) \| (per share)	¥ 535.31	¥ 76.49	¥ 308.09	¥ 46.43	¥ 857.15	$ 132.92
2012 Stock Incentive Plan \| Restricted shares \| Employees
Share-based Payments
Forfeiture rate (as a percent)	23.00%		26.00%		29.00%

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

Summary of significant accounting policies

Basis of presentation

(a)

Basis of presentation

The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

Principles of consolidation

(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) 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.

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 Loan 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 Loan 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 has no right to terminate this agreement unless the WFOE commits gross negligence or fraud.

Loan Agreement

The WFOE entered into a loan agreement with the Nominee Shareholders, to provide them loans solely for the purpose of contribution or increase of registered capital or working capital of these PRC domestic companies. The WFOE has the sole discretion to determine the method of repayment, including requiring the Nominee Shareholders to transfer their equity interests in these PRC domestic companies to the WFOE or its designated person.

Vipshop

E-Commerce

was established by Mr. Eric Ya Shen and Mr. Arthur Xiaobo Hong on June 22, 2017. As of December 31, 2023, shareholders of Vipshop

E-Commerce

include Eric Ya Shen, chairman of the board of directors and chief executive officer,

as well as

Chan Huang, employee

of the Group

, holding 66.7% and 33.3% of the total equity interests in Vipshop

E-Commerce,

respectively. Vipshop

E-Commerce

holds the licenses necessary to conduct the Internet-related operations of vipshop.com and vip.com in China.

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:

•

Substantial uncertainties and restrictions exist with respect to the interpretation and application of PRC laws and regulations relating to online commerce and provision of internet content in China. If the PRC government finds that the structure the Group have adopted for their business operations does not comply with PRC laws and regulations, the Group could be subject to severe penalties, including shut-down of their Vipshop Online Platform;

•

The Group relies on contractual arrangements with the consolidated variable interest entities and their respective shareholders for the operation of their business, which may not be as effective as direct ownership. If the consolidated variable interest entities 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 variable interest entities 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 variable interest entities 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 variable interest entities 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,
	2022			2023
	RMB			RMB
Total assets		5,780,797			7,442,585

Total current liabilities		(1,596,162	)		(1,027,549	)

Total liabilities		(1,626,030	)		(1,062,156	)


	Year E nded December 31,
	2021			2022			2023
	RMB			RMB			RMB
Net revenues		3,001,552			1,101,098			372,530
Total operating expenses		(1,369,792	)		(86,115	)		(62,931	)
Net income		1,145,331			541,290			235,406


	Year E nded December 31,
	2021			2022			2023
	RMB			RMB			RMB
Net cash provided by (used in) operating activities		1,110,253			(1,892,620	)		(721,336	)
Net cash (used in) provided by investing activities		(329,498	)		569,610			(123,591	)
Net cash used in financing activities		(7,374	)		—			—

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.

Use of estimates

(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-down, fair value of assets acquired and liabilities assumed in business acquisition, impairment of goodwill and long-lived assets and valuation of other investments. Changes in facts and circumstances may result in revised 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 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

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.

Accounts receivable, net

(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.

Other receivables and prepayments, net

(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, VAT and 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.

Property and equipment, net

(

)

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%.

Land use rights, net

(

)

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.

Intangible assets, net

(

)

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.

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

Investments in equity method investee and other investments

(

)

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.

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.

Impairment of long-lived assets

(

)

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 and more frequently if events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Group conducts quantitative impairment test for indefinite-lived intangible asset and compares of the fair value of the asset with its carrying amount. 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 RMB61,922, RMB239,302 and RMB156,241 during the years ended December 31, 2021, 2022 and 2023, respectively, in general and administrative expenses on the consolidated statements of income and comprehensive income.

Goodwill

(

)

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.

If the carrying amount of a reporting unit exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess, versus determining an implied fair value to measure the impairment loss. If the fair value of the reporting unit exceeds its carrying amount, goodwill is not impaired. If the fair value of the reporting unit is less than the carrying value, an impairment charge is recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit.

The impairment review is highly judgmental and involves the use of significant estimates and assumptions. These estimates and assumptions have a significant impact on the amount of any impairment charge recorded. Estimates of fair value are primarily determined by using discounted cash flows, which is dependent upon assumptions of future sales trends, market conditions and cash flows of each reporting unit over several years. Actual cash flows in the future may differ significantly from those previously forecasted. Other significant assumptions include growth rates and the discount rate applicable to future cash flows.

anagement compared the carrying value of each reporting unit, inclusive of assigned goodwill, to its respective fair value. The fair value of all reporting units was estimated by using the income approach. Based on this quantitative test, it was determined that the fair value of each reporting unit exceeded its carrying amount and, therefore, the management concluded that goodwill was not impaired as of December 31, 2021, 2022, and 2023, respectively.

Business combinations and non-controlling interests

(

)

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.

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.

Leases

(

)

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 includes 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.

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’s 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.

Revenue recognition

(

)

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.

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. 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, value added tax (“VAT”) and sales tax on cross border revenue of gross sales. 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 Company 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 1

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 Company 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 platform as well as third-party marketing affiliate’s website or mobile apps. The Group recognizes revenue from pay for performance marketing services for which the customers are charged based on effective clicks or sales, or display the advertising services over the agreed period or based on the rate at per

thousand

of 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, please refer to detail information in Note 2(

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 are recognized at the point of time upon completion of the performance of services.

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 Company. 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 to reward points from its own shops is considered as a contract liability which is not material to the Group’s consolidated financial statements as a whole.

Remaining performance obligations

Remaining performance obligation represent the transaction price allocated to unsatisfied or partially unsatisfied performance obligations. For the years ended December 31, 2022 and 2023, the Group had unfulfilled performance obligations for products to be transferred to customers of RMB1,538.0 million and RMB1,495.2 million, and performance obligations mainly related to Super VIP membership fee and reward points of RMB357.8 million and RMB388.8 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.

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. See Note 2

for information. 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. The amounts of service income and lease income were RMB4.71 billion and RMB1.09 billion, RMB4.43 billion and RMB1.47 billion, RMB4.94 billion and RMB2.30 billion for the years ended December 31, 2021, 2022 and 2023, respectively.

Contract balances

The estimated returns of inventory remained

in-transit

were recorded as contract assets included in inventory. The balance of contract assets is RMB238,230 and RMB343,980 as of December 31, 2022 and 2023, 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, 2022 and 2023, the balances of the contract liabilities are RMB2,235.6 million and RMB2,378.8 million, included in advances from customers, deferred income and accrued expenses and other current liabilities.

Contract liabilities except for refund liability related to estimated return of RMB 339.8

million

as of

December 31, 2022

were recognized as revenue during the year ended December 31, 2023. Contract liabilities except for refund liability related to estimated return of RMB 494.8

illion

as of year ended December 31, 2023 are expected to be realized in the following year.

Cost of revenues

(

)

Cost of revenues

Cost of revenues consists primarily of cost of merchandizes sold, inventory write-down, cost related to logistics service rendered to customers, 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. The amounts of changes of inventory write-down were RMB35,346, RMB130,660 and RMB(681,173) for the years ended December 31, 2021, 2022 and 2023, respectively. 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.

Fulfilment expenses

(

)

Fulfilment expenses

Fulfillment expenses primarily consist of personnel expenses of logistics staff, logistics centers rental expenses, shipping and handling expenses and packaging expenses.

Marketing expenses

(

)

Marketing expenses

Marketing expenses primarily consist of personnel expenses of marketing staff, advertising costs, agency fees and costs for promotional materials.

Advertising expenses are charged to the consolidated statements of income and comprehensive income in the period incurred. The amounts of advertising expenses incurred were RMB3.28 billion, RMB 1.75 billion and RMB 1.82 billion for the years ended December 31, 2021, 2022 and 2023, respectively.

Technology and content expenses

(

)

Technology and content expenses

Technology and content expenses primarily consist of personnel expenses of the staff in the technology and system department, telecommunications expenses, catalog publishing expenses.

General and administrative expenses

(

)

General and administrative expenses

General and administrative expenses primarily consist of personnel expenses for retail and corporate employees, legal, finance, information systems, rental expenses, payment processing fees and other corporate overhead costs.

Government Grants

(

)

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 and tax rebates are recognized when cash is received. RMB503,685, RMB 451,664 and RMB 495,078 of government grants recognized were included in other operating income for the years ended December 31, 2021, 2022 and 2023, respectively.

Foreign currency transactions and translations

(

)

Foreign currency transactions and translations

The functional currency of the Company, Vipshop HK 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 RMB18.11 billion and RMB23.77 billion as at December 31, 2022 and 2023, respectively.

Convenience translation

(

)

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, 2023 are solely for the convenience of the readers and were calculated at the rate of 7.0999 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 29, 2023. 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, 2023.

Taxation

)

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.

Value added tax

)

Value added tax (“VAT”)

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.

Comprehensive income (loss)

)

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.

Concentration and risks

)

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, 2021, 2022 and 2023.

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 receivable, 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 receivable 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 are 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.

Fair value of financial instruments

)

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.

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 Company’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 2

(c).

Share-based compensation

)

Share-based compensation

Employee 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.

Earnings per share

(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.

Treasury shares

)

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 stock is retired, an excess of repurchase price over par is allocated into additional

paid-in

capital.

Segment reporting

)

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 31,2021,2022 and 2023, 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 are disclosed in Note 2

Recent accounting pronouncements

)

Recent accounting pronouncements

Recently adopted accounting pronouncements

In June 2022, the

Financial Accounting Standards Board (“FASB”)

issued ASU

2022-03,

“Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. “The ASU improves financial reporting for investors and other financial statement users by increasing comparability of financial information across reporting entities that have investments in equity securities measured at fair value that are subject to contractual restrictions preventing the sale of those securities. For public business entities, the amendments in this ASU are effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2024, and interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. For all entities except investment companies as defined under Topic 946, Financial Services—Investment Companies, the amendments in this ASU should be applied prospectively with any adjustments from the adoption of the amendments recognized in earnings and disclosed on the date of adoption. An entity that qualifies as an investment company under Topic 946 should apply the amendments to an investment in an equity security subject to a contractual sale restriction that is executed or modified on or after the date of adoption. An investment company with an equity security subject to a contractual sale restriction that was executed before the date of adoption should continue to account for the equity security until the contractual restrictions expire or are modified using the accounting policy applied before the adoption of the amendments (that is, if an investment company was incorporating the effects of the restriction in the measurement of fair value, it would continue to do so). The Group adopted the new standard beginning January 1, 2023 with no material impact on the consolidated financial statements.

Recent accounting pronouncements issued not yet adopted

In October 2023, the FASB issued ASU

2023-06,

“Codification Amendments in Response to the

United States Securities and Exchange Commission (“SEC)’s

Disclosure Update and Simplification Initiative”. The amendments in this

pdate modify the disclosure or presentation requirements of a variety of Topics in the Codification. Certain of the amendments represent clarifications to or technical corrections of the current requirements. For entities subject to the SEC’s existing disclosure requirements and for entities required to file or furnish financial statements with or to the SEC in preparation for the sale of or for purposes of issuing securities that are not subject to contractual restrictions on transfer, the effective date for each amendment will be the date on which the SEC’s removal of that related disclosure from Regulation

S-X

or Regulation

S-K

becomes effective, with early adoption prohibited. For all other entities, the amendments will be effective two years later. The amendments in this ASU should be applied prospectively. The Group is currently assessing the impact that ASU

2023-06

will have on its future consolidated financial statements.

In November 2023, the FASB issued ASU

2023-07,

“Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures”. The amendments in this Update improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Group is currently assessing the impact that ASU

2023-07

will have on its future consolidated financial statements.

In December 2023,The FASB has issued Accounting Standards Update (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 is currently assessing the impact that ASU

2023-0

will have on its future consolidated financial statements.

Other operating income (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
Other operating income (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other operating income.
Government grants	¥ 495,078	¥ 451,664	¥ 503,685
Claims income	168,940	202,649	175,499
Others	137,542	70,519	245,395
Total other operating income	¥ 801,560	¥ 724,832	¥ 924,579

Property and equipment, net (Tables)

12 Months Ended

Dec. 31, 2023

Property and equipment, net

Schedule of property and equipment, net


	As of December 31,
	2022			2023
	RMB			RMB
Cost:
Buildings		15,876,665			17,786,267
Furniture, fixtures and equipment		3,377,876			3,425,655
Leasehold improvements		1,279,585			1,436,468
Motor vehicles		29,593			31,830
Software		141,602			118,942
Construction in progress		1,484,264			1,103,901

Sub-total		22,189,585			23,903,063
Less: Accumulated depreciation		(5,358,117	)		(6,399,161	)
Less: Accumulated impairment		(605,879	)		(621,802	)

Property and equipment, net		16,225,589			16,882,100

Summary of significant accounting policies (Tables)

12 Months Ended

Dec. 31, 2023

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,
	2022			2023
	RMB			RMB
Total assets		5,780,797			7,442,585

Total current liabilities		(1,596,162	)		(1,027,549	)

Total liabilities		(1,626,030	)		(1,062,156	)


	Year E nded December 31,
	2021			2022			2023
	RMB			RMB			RMB
Net revenues		3,001,552			1,101,098			372,530
Total operating expenses		(1,369,792	)		(86,115	)		(62,931	)
Net income		1,145,331			541,290			235,406


	Year E nded December 31,
	2021			2022			2023
	RMB			RMB			RMB
Net cash provided by (used in) operating activities		1,110,253			(1,892,620	)		(721,336	)
Net cash (used in) provided by investing activities		(329,498	)		569,610			(123,591	)
Net cash used in financing activities		(7,374	)		—			—

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

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)
CONSOLIDATED STATEMENTS OF CASH FLOWS
Dividend to non controlling interest tax portion	¥ 1,500
Payment for acquisition, net of cash acquired	¥ 0

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2023 CNY (¥) ¥ / shares shares	Dec. 31, 2022 CNY (¥) ¥ / shares shares	Dec. 31, 2021 CNY (¥) ¥ / shares shares
Net revenues:
Total net revenues	$ 15,895,438	¥ 112,856,020	¥ 103,152,489	¥ 117,059,678
Cost of revenues (Including changes of inventory write-down of RMB35,346, RMB130,660 and RMB(681,173) for the years ended December 31, 2021, 2022 and 2023, respectively)	(12,272,726)	(87,135,128)	(81,536,409)	(93,953,121)
Gross profit	3,622,712	25,720,892	21,616,080	23,106,557
Operating expenses:
Fulfillment expenses (Including shipping and handling expenses of RMB5,239,085, RMB5,062,808 and RMB5,837,096 for the years ended December 31, 2021, 2022 and 2023, respectively)	(1,163,679)	(8,262,004)	(7,247,210)	(7,652,504)
Marketing expenses	(456,656)	(3,242,215)	(2,831,316)	(5,089,213)
Technology and content expenses	(248,951)	(1,767,530)	(1,605,422)	(1,517,307)
General and administrative expenses	(584,032)	(4,146,568)	(4,459,518)	(4,189,690)
Total operating expenses	(2,453,318)	(17,418,317)	(16,143,466)	(18,448,714)
Other operating income	112,897	801,560	724,832	924,579
Income from operations	1,282,291	9,104,135	6,197,446	5,582,422
Impairment loss of investments	(2,691)	(19,105)	(93,904)	(414,780)
Interest expenses	(3,230)	(22,932)	(24,258)	(14,461)
Interest income	109,902	780,292	764,018	671,461
Exchange (loss)/gain	22,911	162,666	687,871	(37,052)
Investment gain/(loss) and revaluation of investments	(2,543)	(18,054)	546,031	85,685
Income before income taxes and share of income(loss) of equity method investees	1,406,640	9,987,002	8,077,204	5,873,275
Income tax expense	(262,821)	(1,866,004)	(1,758,810)	(1,222,704)
Share of income(loss) of equity method investees, net of tax of nil	11,310	80,301	(6,559)	42,303
Net income	1,155,129	8,201,299	6,311,835	4,692,874
Net income attributable to non-controlling interests	(11,926)	(84,675)	(13,019)	(11,801)
Net income attributable to Vipshop Holdings Limited's shareholders	$ 1,143,203	¥ 8,116,624	¥ 6,298,816	¥ 4,681,073
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)	110,695,778	110,695,778	127,235,048	136,175,112
- Diluted (in shares)	112,552,398	112,552,398	128,157,304	138,745,022
Net earnings per Class A and Class B ordinary share
- Basic (in dollars per share) \| (per share)	$ 10.33	¥ 73.32	¥ 49.51	¥ 34.38
- Diluted (in dollars per share) \| (per share)	$ 10.16	¥ 72.11	¥ 49.15	¥ 33.74
Net income	$ 1,155,129	¥ 8,201,299	¥ 6,311,835	¥ 4,692,874
Other comprehensive (loss)income:
Changes in fair value of debt securities derived from the share of (loss)income of an equity method investee	3,257	23,124	(8,733)	0
Foreign currency translation, net of tax of nil	(1,561)	(11,085)	(610,296)	(29,645)
Comprehensive income	1,156,825	8,213,338	5,692,806	4,663,229
Less: Comprehensive (loss) income attributable to non-controlling interests	11,926	84,675	13,019	11,801
Comprehensive income attributable to Vipshop Holdings Limited's shareholders	1,144,899	8,128,663	5,679,787	4,651,428
Product revenues
Net revenues:
Total net revenues	14,875,348	105,613,485	97,250,078	111,256,902
Other revenues
Net revenues:
Total net revenues	$ 1,020,090	¥ 7,242,535	¥ 5,902,411	¥ 5,802,776

Schedule I-Condensed Financial Information of the Parent Company - Balance Sheets (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2023 CNY (¥) shares	Dec. 31, 2022 CNY (¥) shares	Dec. 31, 2022 $ / shares	Dec. 31, 2021 CNY (¥)
ASSETS
Cash and cash equivalents	$ 3,579,590	¥ 25,414,729	¥ 21,938,653		¥ 16,297,410
Total assets	10,186,426	72,322,594	65,475,510
LIABILITIES
Amount due to subsidiaries \| ¥			151,736
Total liabilities	4,755,397	33,762,836	31,402,467
SHAREHOLDERS' EQUITY:
Treasury shares, at cost (22,438,760 and 5,977,682 Class A shares as of December 31, 2022 and 2023, respectively)	(510,537)	(3,624,763)	(8,352,511)
Additional paid-in capital	626,031	4,444,755	13,091,781
Retained earnings	5,188,373	36,836,928	28,720,304
Accumulated other comprehensive loss	(97,972)	(695,589)	(707,628)
Total Vipshop Holdings Limited shareholders' equity	5,205,906	36,961,404	32,752,037
Total liabilities and shareholders' equity	10,186,426	72,322,594	65,475,510
Class A ordinary shares
SHAREHOLDERS' EQUITY:
Ordinary shares	$ 9	¥ 62	¥ 80
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	98,877,929	98,877,929	124,060,090
Common shares, shares outstanding	92,900,247	92,900,247	101,621,330
Treasury shares (in shares)	5,977,682	5,977,682	22,438,760
Class B ordinary shares
SHAREHOLDERS' EQUITY:
Ordinary shares	$ 2	¥ 11	¥ 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
ASSETS
Cash and cash equivalents	$ 127	¥ 904	¥ 1,624
Other receivables and prepayments, net	475	3,374	0
Investment in subsidiaries	6,371,336	45,235,847	36,076,969
Total assets	6,426,026	45,624,141	36,454,924
LIABILITIES
Accrued expenses and other current liabilities	156	1,116	169,335
Amount due to subsidiaries	1,219,964	8,661,621	3,533,552
Total liabilities	1,220,120	8,662,737	3,702,887
SHAREHOLDERS' EQUITY:
Additional paid-in capital	626,031	4,444,755	13,091,781
Retained earnings	5,188,373	36,836,928	28,720,304
Accumulated other comprehensive loss	(97,972)	(695,589)	(707,628)
Total Vipshop Holdings Limited shareholders' equity	5,205,906	36,961,404	32,752,037
Total liabilities and shareholders' equity	6,426,026	45,624,141	36,454,924
Parent company \| Related Party [Member]
ASSETS
Amount due from subsidiaries	54,088	384,016	376,331
Parent company \| Class A ordinary shares
SHAREHOLDERS' EQUITY:
Ordinary shares	$ 9	¥ 62	¥ 80
Additional disclosure
Common shares, shares authorized	483,489,642	483,489,642	483,489,642
Common shares, shares issued	98,877,929	98,877,929	124,060,090
Common shares, shares outstanding	92,900,247	92,900,247	101,621,330
Treasury shares (in shares)	5,977,682	5,977,682	22,438,760
Parent company \| Class B ordinary shares
SHAREHOLDERS' EQUITY:
Ordinary shares	$ 2	¥ 11	¥ 11
Additional disclosure
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

Related party transactions

12 Months Ended

Dec. 31, 2023

Related party transactions

Related party transactions

For the years ended December 31, 2021, 2022 and 2023, the Group entered into the following material related party transactions:


	Year Ended December 31,
	2021		2022		2023
	RMB		RMB		RMB
Purchase of goods		1,935,511		414,809		373,864
Purchase of services		1,124,708		696,987		838,609
Provision of services		31,345		21,416		17,689
Sales of product		85,718		90,405		73,608
Interest income		6,490		31,753		24,011

The goods and services were purchased from or provided to 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

Amounts due from related parties as of December 31, 2023 amounted to RMB 553,502, mainly includes RMB84,209 of interest-bearing loans lent to Gansu Shan Shan, which was an equity method investment, with interest at 3.45% per annum, RMB 409,051 of deposits to VipFubon at 4.9% per annum as shareholder deposits, which are renewed during the year ended December 31,2023, and the remaining of RMB 60,242 mainly includes prepayments related to purchases of goods.

Amounts due from related parties as of December 31, 2022 amounted to RMB

670,187

, mainly includes RMB

106,450

of interest-bearing loans lent to Gansu Shan Shan, which was an equity method investment, with interest at

3.85

% per annum, RMB

516,359

of deposits to VipFubon at

4.95

% per annum as shareholder deposits, which are renewed during the year ended December 31,2022, RMB

19,919

of dividend receivables, and the remaining of RMB

27,459

mainly includes prepayments related to purchases of goods.

(b)

Amounts due to related parties

Amounts due to related parties as of December 31, 2023 amounted to RMB 150,373, include payables for purchases of goods and other services of RMB 106,673 and an interest-free loan of RMB 43,700 from Shanxi Shan Shan Outlets, which was an equity method investment, for operating use.

Amounts due to related parties as of December 31, 2022 amounted to RMB 151,736, include payables for purchases of goods and other services of RMB 146,736 and an interest-free loan of RMB 5,000 from Shanxi Shan Shan Outlets, which was an equity method investment, for operating use.

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

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section 50
-Paragraph 2
-Subparagraph (e)
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-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Section 50
-Paragraph 1
-Subparagraph (d)
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-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
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-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
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-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
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-Section 50
-Paragraph 1
-Subparagraph (a)
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-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

Distribution of profit

12 Months Ended

Dec. 31, 2023

Distribution of profit

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 are 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 is 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.

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 RMB87,113, RMB133,629 and RMB150,120 from current year’s net income to the general reserve during the years ended December 31, 2021, 2022 and 2023, respectively.

The balance of restricted net assets was RMB15.31 billion as of December 31, 2023.

Non-controlling interests - Schedule of ownership interests in subsidiaries (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Ownership interests in subsidiaries
Net income attributable to Vipshop Holdings Limited's shareholders	$ 1,143,203	¥ 8,116,624	¥ 6,298,816	¥ 4,681,073
(Decrease)increase in the Company's additional paid-in capital in relation to the acquisition of additional equity interests in subsidiaries		(8,732)	2,453	(18,050)
Capital contributions from(to) non-controlling interests		(10,630)	6,761	150,471
Net transfers from(to) non-controlling interests		(19,362)	9,214	132,421
Changes to net income attributable to Vipshop Holdings Limited's shareholders, transfers from(to) non-controlling interests		¥ 8,097,262	¥ 6,308,030	¥ 4,813,494

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Paragraph 11
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-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 5
-Subparagraph (SAB Topic 6.B)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
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-Section 50
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
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-URI https://asc.fasb.org//1943274/2147482689/260-10-45-10

Reference 11: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
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-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-11

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

+ Details

Other receivables and prepayments, net (Tables)

12 Months Ended

Dec. 31, 2023

Other receivables and prepayments, net

Schedule of components of other receivables and prepayments, net

Components of other receivables and prepayments are as follows:


	As of December 31,
	2022			2023
	RMB			RMB
VAT recoverable		668,233			409,455
Deposits		114,269			92,008
Interest receivable		409,985			747,028
Prepayment to suppliers related to procurement activities of goods and services		450,158			404,274
Prepaid expense		59,496			76,311
Loans to third parties		157,450			137,400
Others		249,199			232,620
Advances to suppliers related to financing activities		221,697			266,895

Subtotal		2,330,487			2,365,991
Allowance for doubtful accounts:
Balance at beginning of the year		(32,289	)		(50,038	)
Write-offs		44,776			2,906
Provision		(62,525	)		(20,247	)

Allowance as of the end of the year		(50,038	)		(67,379	)

Total		2,280,449			2,298,612

Accounts receivable, net

12 Months Ended

Dec. 31, 2023

Accounts receivable, net

Accounts receivable, net

4.	Accounts receivables, net

Components of accounts receivables are as follows:


	As of December 31,
	2022			2023
	RMB			RMB
Receivables for logistics and warehousing services rendered		239,633			291,600
Trade receivables (Note a)		190,694			235,489
Others (Note b)		192,025			312,343

Subtotal		622,352			839,432
Allowance for doubtful accounts:
Balance at beginning of the year		(34,965	)		(54,622	)
Write-offs		1,506			2,517
Provision		(21,163	)		(8,560	)

Allowance as of the end of the year		(54,622	)		(60,665	)

Accounts receivables, net		567,730			778,767

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 payment platform.

Other receivables and prepayments, net (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 CNY (¥)
VAT recoverable		¥ 668,233		¥ 409,455
Deposits		114,269		92,008
Interest receivable		409,985		747,028
Prepayment to suppliers related to procurement activities of goods and services		450,158		404,274
Prepaid expense		59,496		76,311
Loans to third parties		157,450		137,400
Others		249,199		232,620
Advances to suppliers related to financing activities		221,697		266,895
Subtotal		2,330,487		2,365,991
Allowance for doubtful accounts:
Balance at beginning of the year	¥ (50,038)	(32,289)
Write-offs	2,906	44,776
Provision	(20,247)	(62,525)
Balance at end of the year	¥ (67,379)	(50,038)
Total		¥ 2,280,449	$ 323,753	¥ 2,298,612

Related party transactions (Tables)

12 Months Ended

Dec. 31, 2023

Related party transactions

Schedule of material related party transactions

For the years ended December 31, 2021, 2022 and 2023, the Group entered into the following material related party transactions:


	Year Ended December 31,
	2021		2022		2023
	RMB		RMB		RMB
Purchase of goods		1,935,511		414,809		373,864
Purchase of services		1,124,708		696,987		838,609
Provision of services		31,345		21,416		17,689
Sales of product		85,718		90,405		73,608
Interest income		6,490		31,753		24,011

Inventories, net

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Inventories, net

6.	Inventories, net

Inventories, net consist of the following:


	As of December 31,
	2022			2023
	RMB			RMB
Products		7,096,118			6,553,372
Others		33,141			26,815

Inventories		7,129,259			6,580,187
Inventory write-down		(1,613,379	)		(935,474	)

Total		5,515,880			5,644,713

The movement of inventory write-down during the years are as follow:


	Year Ended December 31,
	2022			2023
	RMB			RMB
Balance at beginning of the year		(1,465,178	)		(1,613,379	)
Charged to cost of sales during the year		(130,660	)		681,173
Exchange realignment		(17,541	)		(3,268	)

Balance at end of the year		(1,613,379	)		(935,474	)

Income taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income taxes

Schedule of income by tax jurisdictions

Income by tax jurisdictions:


	Year E nded December 31,
	2021		2022		2023
	RMB		RMB		RMB
Income from China operations		5,593,215		7,254,315		9,825,456
Income from non-China operations		280,060		822,889		161,546

Total income before tax and share of income (loss) of equity method investees		5,873,275		8,077,204		9,987,002


	Year E nded December 31,
	2021			2022		2023
	RMB			RMB		RMB
Income tax expenses
Current tax		1,374,720			1,709,300		1,750,493
Deferred tax		(152,016	)		49,510		115,511

Total tax expenses		1,222,704			1,758,810		1,866,004

Schedule of reconciliation of the income tax expense to income before income tax expense and share of loss of affiliates


	Year E nded December 31,
	2021			2022			2023
	RMB			RMB			RMB
Income before income tax and share of income (loss) of equity method investees		5,873,275			8,077,204			9,987,002
Computed income tax expense at PRC EIT tax rate		1,468,319			2,019,301			2,496,751
Effect of non-deductible expenses, including:
-Share-based compensation expenses		160,204			74,676			153,469
-Other non-deductible expenses		32,390			42,960			14,653
Effect of different tax rates of subsidiaries operating in other jurisdiction		79,923			(236,479	)		(53,121	)
Effect of tax holidays and preferential tax rates granted to PRC entities		(538,797	)		(927,595	)		(824,300	)
Effect of non-taxable income		(51,395	)		(162,051	)		(20,279	)
Change in valuation allowance		72,060			198,761			(49,919	)
Tax on dividends and undistributed earnings		—			749,237			148,750

Income tax expenses		1,222,704			1,758,810			1,866,004

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


	Year Ended December 31,
	2021		2022		2023
	RMB		RMB		RMB
The aggregate effect		538,797		927,595		824,300
Per share effect:
Class A and Class B ordinary share:
—basic		3.96		7.29		7.45
—diluted		3.88		7.24		7.32

Schedule of the principal components of deferred tax assets


	As of December 31,
	2022			2023
	RMB			RMB
Deferred tax assets:
Net operating loss carry forwards		492,240			450,280
Allowance for doubtful debts		21,080			25,022
Impairment of investments		21,767			21,197
Inventory write-down		295,559			174,547
Deferred income		359,504			438,494
Impairment of long-lived assets		165,222			179,153
Others		7,178			8,873
Less: valuation allowance		(680,780	)		(612,549	)

Total deferred tax assets-non-current		681,770			685,017


	As of December 31,
	2022		2023
	RMB		RMB
Deferred tax liabilities :
Fair value adjustments of long-lived assets from business acquisition		535,263		508,669
Withholding tax on undistributed earnings		—		150,000
Others		38,471		33,823

Total deferred tax liabilities-non-current		573,734		692,492

Leases - Details of component of lease cost (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Lease, Cost [Abstract]
Operating lease cost for fixed payments	¥ 147,260	¥ 260,361
Short-term lease costs	61,487	66,929
Variable lease costs	52,442	10,288
Total lease costs	¥ 261,189	¥ 337,578

Acquisition (Details) - CNY (¥) ¥ in Thousands		1 Months Ended	12 Months Ended
Acquisition (Details) - CNY (¥) ¥ in Thousands	Oct. 31, 2022	Jun. 30, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Business combination step acquistion equity interest in acquiree remasurement gain loss			¥ 0	¥ 307,185	¥ 0
Third Party Investor [Member] \| Xuzhou Shan Shan Outlets Business Management Co., Ltd ("Xuzhou Shan Shan") [Member]
Business Acquisition [Line Items]
Equity Method Investment, Ownership Percentage		20.00%
Proceeds from contributions from third party investor			53,000	¥ 38,500	¥ 16,000
Equity interest in acquiree agreed to be contributed by third party.		¥ 60,000
Xuzhou Shan Shan Outlets Business Management Co., Ltd ("Xuzhou Shan Shan") [Member]
Business Acquisition [Line Items]
Business Acquisition, Percentage of Voting Interests Acquired		100.00%
Cash Consideration		¥ 149,210
Xuzhou Shan Shan Outlets Business Management Co., Ltd ("Xuzhou Shan Shan") [Member] \| Construction in Progress [Member]
Business Acquisition [Line Items]
Current assets		401
Property and equipment		2,293
Land use rights		170,983
Current liabilities		¥ 24,467
Zhengzhou Shan Shan Outlets Shopping Mall Co., Ltd ("Zhengzhou Shan Shan")
Business Acquisition [Line Items]
Business Acquisition, Percentage of Voting Interests Acquired	49.00%
Payments to Acquire Businesses, Gross	¥ 553,700		553,700
Property and equipment			989,334
Land use rights			¥ 390,590
Business combination step acquisition equity interest in acquiree including subsequent acquistion percentage	100.00%
Business acquisition step acquistion equity interest in acquiree fair value	¥ 760,200
Business combination step acquistion equity interest in acquiree remasurement gain loss	¥ 307,185

Cover Page	12 Months Ended
Cover Page	Dec. 31, 2023 shares
Document Information [Line Items]
Document Type	20-F
Amendment Flag	false
Document Annual Report	true
Document Transition Report	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Entity Registrant Name	Vipshop Holdings Limited
Entity Central Index Key	0001529192
Document Period End Date	Dec. 31, 2023
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity File Number	001-35454
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 Interactive Data Current	Yes
Entity Address, Country	CN
Document Registration Statement	false
Document Accounting Standard	U.S. GAAP
Document Shell Company Report	false
ICFR Auditor Attestation Flag	true
Auditor Name	Deloitte Touche Tohmatsu
Auditor Firm ID	1104
Auditor Location	Hong Kong
Document Financial Statement Error Correction [Flag]	false
American depositary shares [Member]
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]
No Trading Symbol Flag	true
Title of 12(b) Security	Class A ordinary shares, par value US$0.0001 per share
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding	92,900,247
Class B ordinary shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	15,560,358
Business Contact [Member]
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
City Area Code	20
Local Phone Number	2233-0025

Earnings per share

12 Months Ended

Dec. 31, 2023

Earnings per share

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 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, 2021, 2022 and 2023, there are 84,088, 6,456,160 and 518,401 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, 2021, 2022 and 2023 as follows:


	Year Ended December 31,
	2021		2022		2023
	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		4,681,073		6,298,816		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		136,175,112		127,235,048		110,695,778

Basic earnings per Class A and Class B ordinary shares		34.38		49.51		73.32

Diluted earnings per share for the years ended December 31, 2021, 2022 and 2023 are calculated as follows:


	Year Ended December 31,
	2021		2022		2023
	RMB		RMB		RMB
Diluted earnings per share:
Numerator:
Earnings attributable to Class A and Class B ordinary shareholders for computing diluted earnings per Class A and Class B ordinary share		4,681,073		6,298,816		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		136,175,112		127,235,048		110,695,778
Dilutive employee share options and non-vested ordinary shares		2,569,910		922,256		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		138,745,022		128,157,304		112,552,398

Diluted earnings per Class A and Class B ordinary shares		33.74		49.15		72.11

Property and equipment, net

12 Months Ended

Dec. 31, 2023

Property and equipment, net

Property and equipment, net

7.	Property and equipment, net


	As of December 31,
	2022			2023
	RMB			RMB
Cost:
Buildings		15,876,665			17,786,267
Furniture, fixtures and equipment		3,377,876			3,425,655
Leasehold improvements		1,279,585			1,436,468
Motor vehicles		29,593			31,830
Software		141,602			118,942
Construction in progress		1,484,264			1,103,901

Sub-total		22,189,585			23,903,063
Less: Accumulated depreciation		(5,358,117	)		(6,399,161	)
Less: Accumulated impairment		(605,879	)		(621,802	)

Property and equipment, net		16,225,589			16,882,100

Depreciation expenses charged were RMB1,097.0 million, RMB1,231.3 million and RMB1,299.4 million for the years ended December 31, 2021, 2022 and 2023, respectively.

During the year ended December 31, 2022, the Group identified impairment indicator for its leasehold improvements and furniture related to offline shops due to their declining performance and recognized an impairment loss of RMB111,726, and impairment indicator for its transit warehouses due to their declining utilization rate and recognized an impairment loss of RMB127,576.

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 RMB 135,657 related to ROU assets as disclosed in Note 1

Inventories, net (Tables)

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Schedule Of Inventories Net

Inventories, net consist of the following:


	As of December 31,
	2022			2023
	RMB			RMB
Products		7,096,118			6,553,372
Others		33,141			26,815

Inventories		7,129,259			6,580,187
Inventory write-down		(1,613,379	)		(935,474	)

Total		5,515,880			5,644,713

Schedule Of Movement Of Inventory Write Down

The movement of inventory write-down during the years are as follow:


	Year Ended December 31,
	2022			2023
	RMB			RMB
Balance at beginning of the year		(1,465,178	)		(1,613,379	)
Charged to cost of sales during the year		(130,660	)		681,173
Exchange realignment		(17,541	)		(3,268	)

Balance at end of the year		(1,613,379	)		(935,474	)

Other investments (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
Other investments (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 USD ($)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2023 CNY (¥)
Other investments
Available-for-sale debt securities, Original cost			¥ 40,438		¥ 94,438
Other investments, Original cost			3,070,508		3,354,724
Equity investments with readily determinable fair value, Unrealized gains (loss)	$ (2,543)	¥ (18,054)	546,031	¥ 85,685
Other investments, Unrealized gains (loss)		84,673	133,904
Available-for-sale debt securities, Accumulated impairment			(35,073)		(35,073)
Other investments, Accumulated impairment			(590,806)		(609,911)
Available-for-sale debt securities, Translation difference		135	135
Other investments, Translation difference		86,703	46,699
Available-for-sale debt securities, Estimated Fair value			5,500		59,500
Other Investments, Estimated Fair value	$ 410,737		2,660,305		2,916,189
Gain on disposal of the investment			304,570
Dividend income			19,919
Equity investments with readily determinable fair value
Other investments
Equity investments with readily determinable fair value, Original cost			223,852		223,852
Equity investments with readily determinable fair value, Unrealized gains (loss)		(168,354)	(145,631)
Equity investments with readily determinable fair value, Accumulated impairment			(48,634)		(48,634)
Equity investments with readily determinable fair value, Translation difference		11,855	11,046
Equity investments with readily determinable fair value, Estimated Fair value			40,633		18,719
Gain on disposal of the investment		0	2,412	42,141
Impairment loss on equity investments with readily determinable fair value		0	0	0
Equity investments with readily determinable fair value cost value		0	4,760	63,826
Revaluation Of Equity Investments With Readily Determinable Fair Value		(22,723)	(62,390)	(116,567)
Dividend income		0	22	222
Equity investments without readily determinable fair value
Other investments
Equity investments without readily determinable fair value, Original cost			2,806,218		3,036,434
Equity investments without readily determinable fair value, Unrealized gains (loss)		253,027	279,535
Equity investments without readily determinable fair value, Accumulated impairment			(507,099)		(526,204)
Equity investments without readily determinable fair value, Translation difference		74,713	35,518
Equity investments without readily determinable fair value, Estimated Fair value			2,614,172		¥ 2,837,970
Impairment loss on equity investments without readily determinable fair value		19,105	93,904	378,989
Dividend income		29,790	28,612	179,270
Dividend from other investments as reinvestment		28,526	23,638
Equity securities without readily determinable fair value, net asset value		¥ (25,122)	¥ 275,217	¥ 0

Summary of Significant Accounting Policies (Details) ¥ in Thousands, impression in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) impression	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2023 CNY (¥) impression
Financial position of the VIE
Total assets	$ 10,186,426		¥ 65,475,510		¥ 72,322,594
Current liabilities:
Total current liabilities	(4,313,321)		(28,526,120)		(30,624,136)
Total liabilities	(4,755,397)		(31,402,467)		(33,762,836)
Results of operation of the VIE
Net revenues	15,895,438	¥ 112,856,020	103,152,489	¥ 117,059,678
Total operating expenses	(2,453,318)	(17,418,317)	(16,143,466)	(18,448,714)
Net income	1,155,129	8,201,299	6,311,835	4,692,874
Net cash provided by (used in) operating activities	2,030,242	14,414,513	10,519,692	6,744,644
Net cash (used in) provided by investing activities	(726,818)	(5,160,337)	1,049,153	(2,326,489)
Net cash used in financing activities	$ (865,647)	¥ (6,146,005)	(5,573,391)	(58,788)
Deferred income			2,235,600		2,378,800
Period of unconditional right of return	7 days	7 days
Amount of unfulfilled performance obligations			1,538,000		1,495,200
Amount of contract assets balance			238,230		¥ 343,980
Net revenues	$ 15,895,438	¥ 112,856,020	103,152,489	117,059,678
Number of impressions used as a basis \| impression	1,000				1,000
Contract with customer, refund liability			339,800		¥ 494,800
Government grants		¥ 495,078	¥ 451,664	¥ 503,685
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	5.00%	5.00%
Maximum
Results of operation of the VIE
Lessee Operating Lease Term of Contract	16 years				16 years
Minimum
Results of operation of the VIE
Lessee Operating Lease Term of Contract	12 years				12 years
Minimum \| Revenue Benchmark [Member] \| Customer Concentration Risk [Member] \| No Customer [Member]
Results of operation of the VIE
Concentration risk, percentage	10.00%	10.00%	10.00%	10.00%
Minimum \| Purchase Benchmark [Member] \| Supplier Concentration Risk [Member] \| No Supplier [Member]
Results of operation of the VIE
Concentration risk, percentage	10.00%	10.00%	10.00%	10.00%
Service [Member]
Results of operation of the VIE
Net revenues		¥ 4,430,000	¥ 1,090,000	¥ 4,710,000
Net revenues		4,430,000	1,090,000	4,710,000
Lease [Member]
Results of operation of the VIE
Net revenues		2,300,000	4,940,000	1,470,000
Net revenues		2,300,000	4,940,000	1,470,000
Reward Points [Member]
Results of operation of the VIE
Amount of unfulfilled performance obligations			357,800		¥ 388,800
Consolidated VIEs and VIEs subsidiaries
Financial position of the VIE
Total assets			5,780,797		7,442,585
Current liabilities:
Total current liabilities			(1,596,162)		(1,027,549)
Total liabilities			(1,626,030)		¥ (1,062,156)
Results of operation of the VIE
Net revenues		372,530	1,101,098	3,001,552
Total operating expenses		(62,931)	(86,115)	(1,369,792)
Net income		235,406	541,290	1,145,331
Net cash provided by (used in) operating activities		(721,336)	(1,892,620)	1,110,253
Net cash (used in) provided by investing activities		(123,591)	569,610	(329,498)
Net cash used in financing activities		0	0	(7,374)
Net revenues		¥ 372,530	¥ 1,101,098	¥ 3,001,552
Vipshop E-Commerce \| Mr. Shen
Principles of consolidation
Equity interest (as a percent)	66.70%				66.70%
Vipshop E-Commerce \| Mr. Arthur Xiaobo Hong
Principles of consolidation
Equity interest (as a percent)	33.30%				33.30%

Summary of significant accounting policies

12 Months Ended

Dec. 31, 2023

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 accounting principles generally accepted in the United States of America (“U.S. GAAP”).

(b)

Principles of consolidation

E-Commerce

Co., Ltd. (“Vipshop

E-Commerce”);

(ii) 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.

Equity Interest Pledge Agreements

Exclusive Option Agreement

Power of Attorney Agreements

Exclusive Business Cooperation Agreement

Loan Agreement

Vipshop

E-Commerce

was established by Mr. Eric Ya Shen and Mr. Arthur Xiaobo Hong on June 22, 2017. As of December 31, 2023, shareholders of Vipshop

E-Commerce

include Eric Ya Shen, chairman of the board of directors and chief executive officer,

as well as

Chan Huang, employee

of the Group

, holding 66.7% and 33.3% of the total equity interests in Vipshop

E-Commerce,

respectively. Vipshop

E-Commerce

holds the licenses necessary to conduct the Internet-related operations of vipshop.com and vip.com in China.

Risks in relation to the VIE structure

•

The shareholders of the significant consolidated variable interest entities 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 variable interest entities may result in adverse tax consequences to the Group.


	As of December 31,
	2022			2023
	RMB			RMB
Total assets		5,780,797			7,442,585

Total current liabilities		(1,596,162	)		(1,027,549	)

Total liabilities		(1,626,030	)		(1,062,156	)


	Year E nded December 31,
	2021			2022			2023
	RMB			RMB			RMB
Net revenues		3,001,552			1,101,098			372,530
Total operating expenses		(1,369,792	)		(86,115	)		(62,931	)
Net income		1,145,331			541,290			235,406


	Year E nded December 31,
	2021			2022			2023
	RMB			RMB			RMB
Net cash provided by (used in) operating activities		1,110,253			(1,892,620	)		(721,336	)
Net cash (used in) provided by investing activities		(329,498	)		569,610			(123,591	)
Net cash used in financing activities		(7,374	)		—			—

(c)

Use of 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 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.

(g)

Inventories

(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.

(i)

Other

receivables

and prepayments

, net

(

)

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

vehicles

ranging from 0% to

5%.

(

)

Land use rights, net

(

)

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 lives of the intangible assets are as follows:


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

(

)

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

(

)

Goodwill

(

)

Business combinations and

non-controlling

interests

and equity instruments issued

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.

For the Group’s majority-owned subsidiaries and subsidiaries of VIEs, a

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.

(

)

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.

non-current,

respectively, in the consolidated balance sheets.

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

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

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.

(

)

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

thousand

of 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, please refer to detail information in Note 2(

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

Membership reward program

Shan Shan

Outlets

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

Shan Shan

Outlets

Remaining performance obligations

Disaggregation of revenue

Contract balances

The estimated returns of inventory remained

in-transit

were recorded as contract assets included in inventory. The balance of contract assets is RMB238,230 and RMB343,980 as of December 31, 2022 and 2023, respectively.

Contract liabilities except for refund liability related to estimated return of RMB 339.8

million

as of

December 31, 2022

were recognized as revenue during the year ended December 31, 2023. Contract liabilities except for refund liability related to estimated return of RMB 494.8

illion

as of year ended December 31, 2023 are expected to be realized in the following year.

(

)

Cost of revenues

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.

(

)

Fulfilment expenses

Fulfillment expenses primarily consist of personnel expenses of logistics staff, logistics centers rental expenses, shipping and handling expenses and packaging expenses.

(

)

Marketing expenses

Marketing expenses primarily consist of personnel expenses of marketing staff, advertising costs, agency fees and costs for promotional materials.

(

)

Technology and content expenses

Technology and content expenses primarily consist of personnel expenses of the staff in the technology and system department, telecommunications expenses, catalog publishing expenses.

(

)

General and administrative expenses

(

)

Government Grants

(

)

Foreign currency transactions and translations

(

)

Convenience translation

)

Taxation

)

Value added tax (“VAT”)

)

Comprehensive income

(loss)

(

loss

)income

of an equity method investee.

)

Concentration and risks

Concentration of customers and suppliers

Concentration of credit risk

)

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.

The Group measures its

available-for-sale

(c).

)

Share-based compensation

Employee share-based compensation

Share-based payments made to employees, including equity-classified employee share options,

non-vested

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.

(ag)

Earnings per share

)

Treasury shares

paid-in

capital” when it is

re-issued

for the purpose of share options exercised and share awards. When the treasury stock is retired, an excess of repurchase price over par is allocated into additional

paid-in

capital.

)

Segment reporting

For the years ended December 31,2021,2022 and 2023, 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 are disclosed in Note 2

)

Recent accounting pronouncements

Recently adopted accounting pronouncements

In June 2022, the

Financial Accounting Standards Board (“FASB”)

issued ASU

2022-03,

Recent accounting pronouncements issued not yet adopted

In October 2023, the FASB issued ASU

2023-06,

“Codification Amendments in Response to the

United States Securities and Exchange Commission (“SEC)’s

Disclosure Update and Simplification Initiative”. The amendments in this

S-X

or Regulation

S-K

2023-06

will have on its future consolidated financial statements.

In November 2023, the FASB issued ASU

2023-07,

2023-07

will have on its future consolidated financial statements.

In December 2023,The FASB has issued Accounting Standards Update (ASU) No.

2023-09, Improvements

to Income Tax Disclosures. Under the ASU,

public business entities

(

or loss

)

2023-0

will have on its future consolidated financial statements.

Capital structure (Details) ¥ in Thousands, $ in Thousands		12 Months Ended
Capital structure (Details) ¥ in Thousands, $ in Thousands	Sep. 15, 2014 item	Dec. 31, 2023 USD ($) shares	Dec. 31, 2023 CNY (¥) shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2022 CNY (¥) shares	Dec. 31, 2021 CNY (¥) shares	May 31, 2023 USD ($)	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 USD ($)	Nov. 03, 2014	Nov. 02, 2014
Capital Structure
Shares issued as a result of exercises of share options by employees and a consultant		0	0
Repurchase of ordinary shares		$ 719,298	¥ 5,106,944		¥ 6,257,703	¥ 1,938,798
Class B ordinary shares
Capital Structure
Number of votes entitled per share \| item	10
Conversion of stock, shares issued						950,000
ADS
Capital Structure
ADS ratio to ordinary shares											2	5
Repurchase of ordinary shares		$ 713,300		$ 952,300	¥ 6,424,800	¥ 4,968,500
Number of common shares repurchased		9,755,695	9,755,695	19,695,770	19,695,770
Class A ordinary shares
Capital Structure
Number of votes entitled per share \| item	1
Shares issued as a result of exercises of share options by employees and a consultant		0	0	0	0	1,646,137
Issuance of ordinary shares as a result of vesting of shares awards (in shares)		1,034,612	1,034,612	1,084,205	1,084,205	1,156,264
Authorized share repurchase amount \| $							$ 500,000	$ 500,000	$ 1,000,000	$ 500,000
Stock repurchased and retired during period, value		$ 1,426,800	¥ 9,696,300
Treasury stock, shares, retired		26,216,773	26,216,773

Share-based payments - Share-based compensation expenses (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based compensation expenses
Share-based compensation expenses	¥ (1,509,806)	¥ (1,207,581)	¥ (1,010,013)
Fulfillment expenses
Share-based compensation expenses
Share-based compensation expenses	(77,926)	(74,063)	(88,985)
Marketing expenses
Share-based compensation expenses
Share-based compensation expenses	(33,379)	(14,630)	(26,834)
Technology and content expenses
Share-based compensation expenses
Share-based compensation expenses	(330,197)	(242,714)	(252,730)
General and administrative expenses
Share-based compensation expenses
Share-based compensation expenses	¥ (1,068,304)	¥ (876,174)	¥ (641,464)

Leases - Summary of cash flow payments of lease (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	¥ 165,828	¥ 332,135

Other investments

12 Months Ended

Dec. 31, 2023

Other investments

Other investments

11.	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, 2022 and 2023 are as follows:


	As of December 31, 2022
	Original cost		Unrealized (losses) gains			Accumulated impairment			Translation difference		Balance as of year end
	RMB		RMB			RMB			RMB
Equity investments with readily determinable fair value (Note a)		223,852		(145,631	)		(48,634	)		11,046		40,633
Available-for-sale debt securities (Note b)		40,438		—			(35,073	)		135		5,500
Equity investments without readily determinable fair value (Note c)		2,806,218		279,535			(507,099	)		35,518		2,614,172

Total		3,070,508		133,904			(590,806	)		46,699		2,660,305


	As of December 31, 2023
	Original cost		Unrealized (losses) gains			Accumulated impairment			Translation difference		Balance as of year end
	RMB		RMB			RMB			RMB
Equity investments with readily determinable fair value (Note a)		223,852		(168,354	)		(48,634	)		11,855		18,719
Available-for-sale debt securities (Note b)		94,438		—			(35,073	)		135		59,500
Equity investments without readily determinable fair value (Note c)		3,036,434		253,027			(526,204	)		74,713		2,837,970

Total		3,354,724		84,673			(609,911	)		86,703		2,916,189

Notes:

(a)

Equity investments with readily determinable fair value

During the years ended December 31, 2021, 2022 and 2023, disposal of equity investments with readily determinable fair value generated proceeds of RMB63,826, RMB4,760 and

nil

, resulting in realized gain of RMB42,141, RMB2,412 and

nil

was declared to the Group and recorded in investment gain and revaluation of investments during the years ended December 31, 2021, 2022 and 2023 respectively.

No impairment loss was recorded during the years ended December 31, 2021, 2022 and 2023.

(b)

Available-for-sale

debt securities

For

available-for-sale

debt securities, no impairment loss was recorded during the years ended December 31, 2021, 2022 and 2023, respectively.

(c)

Equity investments without readily determinable fair value

nil

, RMB275,217 and RMB(25,122), respectively.

Commitments and contingencies (Details) - CNY (¥) ¥ in Thousands	Oct. 31, 2019	Dec. 31, 2023	Apr. 30, 2023	Dec. 31, 2022
Capital commitment
Commitment capital expenditures		¥ 1,060,084		¥ 917,763
Other commitments
Remaining commitment equity method investment		141,200		165,200
Equity investments without readily determinable fair value
Other commitments
Remaining commitment equity method investment		658,300		¥ 119,700
Hongshan Fashion And Technology
Other commitments
Amount contributed to investee	¥ 480,000
Remaining commitment equity method investment	¥ 1,520,000	¥ 0
Equity Method Investment, Ownership Percentage	17.00%
Commitments for reduction in equity method investee			¥ 424,000
Commitments for refunded in equity method investee			¥ 56,000

Employee retirement benefit (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Employee retirement benefit
Contributions and accruals to employee retirement benefit plan	¥ 455,559	¥ 370,055	¥ 344,324

Share-based payments (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	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)	5,806,691
Forfeited (in shares)	0
Exercised (in shares)	0
Outstanding at the end of the period (in shares)	5,806,691	5,806,691
Non-vested at the end of the period (in shares)	1,862,426
Options vested and expected to vest at the end of the period (in shares)	5,806,691
Exercisable at the end of the period (in shares)	3,944,265
Weighted average exercise price per share
Outstanding at the beginning of the period (in dollars per share)	$ 61.51
Outstanding at the end of the period (in dollars per share)	61.51	$ 61.51
Option vested and expected to vest at the end of the period (in dollars per share)	61.51
Exercisable at the end of the period (in dollars per share)	$ 58.99
Weighted average remaining contractual years to expiry per share
Outstanding at the end of the period	5 years 5 months 26 days	6 years 5 months 4 days
Options vested and expected to vest at the end of the period	5 years 5 months 26 days
Exercisable at the end of the period	5 years 3 months
Weighted average fair value at grant date
Options Weighted average fair value at grant date	$ 41.09
Options vested and expected to vest as of December 31, 2019	41.09
Exercisable at the end of the period (in dollars per share)	$ 39.35
Weighted average intrinsic value per option
Weighted average intrinsic value per option	27.29
Vested and expected to vest at the end of the period (in dollars per share)	27.29
Exercisable at the end of the period (in dollars per share)	$ 29.81
Aggregate intrinsic value
Options vested and expected to vest at the end of the period	$ 158,447
Exercisable at the end of the period	117,579
Aggregate intrinsic value	$ 158,447
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
Employees \| Binomial model
Share-based Payments
Estimated forfeiture rate (as a percent)	23.00%	26.00%	29.00%
Class A ordinary shares
Options outstanding
Exercised (in shares)	0	0	(1,646,137)
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

Segment information (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2023 CNY (¥)
Segment information
Net revenues	$ 15,895,438	¥ 112,856,020	¥ 103,152,489	¥ 117,059,678
Total income from operations	1,282,291	9,104,135	6,197,446	5,582,422
Total other (expenses) income		882,867	1,879,758	290,853
Income before income taxes and share of income (loss) of equity method investees		9,987,002	8,077,204	5,873,275
Depreciation
Depreciation	183,014	1,299,384	1,231,305	1,096,971
Interest income	109,902	780,292	764,018	671,461
Interest expenses	(3,230)	(22,932)	(24,258)	(14,461)
Share of loss of equity method investees, net of tax of nil	11,310	80,301	(6,559)	42,303
Total assets	10,186,426		65,475,510		¥ 72,322,594
Investments in equity method investees	$ 303,604		2,162,872		2,155,561
Total expenditure for additions of long-lived assets		5,230,737	3,102,589
Inter-segment
Segment information
Net revenues		(730,491)	(1,618,535)	(1,911,978)
Depreciation
Interest income		(1,532)	(252)	(301)
Interest expenses		1,532	252	301
Unallocated expenses
Segment information
Total income from operations		(1,509,806)	(1,207,581)	(1,021,805)
Vip.com
Depreciation
Depreciation		851,630	846,864	741,202
Total assets			47,086,901		47,982,859
Investments in equity method investees			1,434,715		1,153,245
Total expenditure for additions of long-lived assets		2,330,278	1,073,082
Vip.com \| Operating Segment
Segment information
Net revenues		109,556,481	100,806,644	114,189,757
Total income from operations		9,642,385	7,341,732	6,158,560
Depreciation
Interest income		654,485	622,686	528,294
Interest expenses		(22,821)	(23,573)	(13,864)
Share of loss of equity method investees, net of tax of nil		52,212	(117,176)	(54,715)
Shan Shan Outlets
Depreciation
Depreciation		417,226	298,624	208,091
Total assets			13,489,858		17,062,689
Investments in equity method investees			728,157		763,025
Total expenditure for additions of long-lived assets		2,895,954	1,995,802
Shan Shan Outlets \| Operating Segment
Segment information
Net revenues		2,795,977	1,858,668	1,579,032
Total income from operations		802,315	353,875	357,602
Depreciation
Interest income		42,807	53,659	57,732
Interest expenses		(111)	(685)	(597)
Share of loss of equity method investees, net of tax of nil		112,868	110,617	97,018
Others
Depreciation
Depreciation		30,528	85,817	147,678
Total assets			4,898,751		7,277,046
Investments in equity method investees			0		¥ 239,291
Total expenditure for additions of long-lived assets		4,505	33,705
Others \| Operating Segment
Segment information
Net revenues		1,234,053	2,105,712	3,202,867
Total income from operations		169,241	(290,580)	88,065
Depreciation
Interest income		84,532	87,925	85,736
Interest expenses		(1,532)	(252)	(301)
Share of loss of equity method investees, net of tax of nil		¥ (84,779)	¥ 0	¥ 0

Investment in equity method investees

12 Months Ended

Dec. 31, 2023

Investment in equity method investees

Investment in equity method investees

10.	Investments in equity method investees

Investments in equity method investees as of December 31, 2022 and 2023 were as follows:


	As of December 31,
	2022			2023
	RMB			RMB
Sichuan VipFubon Consumer Finance Co., Ltd (“VipFubon”)		205,515			236,319
HongShan Fashion and Technology Industry Fund Investment Limited Partnership (“ HongShan Fashion and Technology”)		543,949			500,993
Shanxi Tianmei Shan Shan Outlets Shopping Mall Co., Ltd (“Shanxi Shan Shan”)		570,396			599,884
Guofu Life Insurance Co., Ltd (“Guofu”)		300,946			239,291
Gansu Shan Shan Outlets Shopping Mall Co., Ltd (“Gansu Shan Shan”)		157,761			163,141
Others		516,720			522,907
Less:
Impairment		(132,415	)		(106,974	)

Total		2,162,872			2,155,561

During the year ended December 31, 2021, 2022 and 2023, the Group recognized gain (loss) on disposal of an equity method investee at the amount of nil, RMB(2,615) and nil and gain on deemed disposal of equity method investment arising from step acquisition in the amount of nil, RMB307,185 and nil, respectively. During the years ended December 31, 2021, 2022 and 2023, the Group recognized its share of income (loss) of equity method investees at the amount of RMB42,303, RMB(6,559) and RMB80,301, respectively. RMB35,791, nil and nil impairment have been recorded on these investments accounted for under equity method for the years ended December 31, 2021, 2022 and 2023, respectively.

Non-controlling interests - Schedule Of Non-controlling Interest (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Noncontrolling Interest [Line Items]
Beginning balance		¥ 1,321,006
Net loss attributable to non-controlling interests	$ 11,926	84,675	¥ 13,019	¥ 11,801
Acquisition of additional equity interests in subsidiaries		(73,000)	(27,105)	(15,082)
Dividend distribution to non-controlling interests holders		(39,107)	(42,307)	(18,083)
Deregistration of a subsidiary		(32)
Capital contribution from non-controlling interests shareholders		285,450	191,195	461,148
Ending balance	$ 225,123	1,598,354	1,321,006
Non-controlling interests
Noncontrolling Interest [Line Items]
Beginning balance		1,321,006	1,195,418
Net loss attributable to non-controlling interests		84,675	13,019
Acquisition of additional equity interests in subsidiaries		(64,268)	(29,558)	2,968
Dividend distribution to non-controlling interests holders		(39,107)	(42,307)	(18,083)
Deregistration of a subsidiary		(32)
Capital contribution from non-controlling interests shareholders		296,080	184,434	310,677
Ending balance		¥ 1,598,354	¥ 1,321,006	¥ 1,195,418

- Definition

Amount of equity (deficit) attributable to noncontrolling interest. Excludes temporary equity.

+ References

Reference 1: 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)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

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

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(24))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(19))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 9: 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)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 10: 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 11: 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 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(22))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.31)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

+ Details

- Definition

Amount of Net Income (Loss) attributable to noncontrolling interest.

+ References + Details

CONSOLIDATED BALANCE SHEETS (Parenthetical) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2023 CNY (¥) shares	Dec. 31, 2022 CNY (¥) shares
Current liabilities
Accounts payable (Including accounts payable of the consolidated VIEs and VIEs' subsidiaries without recourse to the Company of RMB1,133 and RMB3,478 as of December 31, 2022 and 2023, respectively)	$ 2,430,935	¥ 17,259,395	¥ 15,018,138
Advances from customers (Including advances from customers of the consolidated VIEs and VIEs' subsidiaries without recourse to the Company of RMB269,235 and RMB277,846 as of December 31, 2022 and 2023, respectively)	238,015	1,689,881	1,737,424
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 RMB1,299,350 and RMB729,440 as of December 31, 2022 and 2023, respectively)	1,346,562	9,560,449	8,394,742
Deferred income (Including deferred income of the consolidated VIEs and VIEs' subsidiaries without recourse to the Company of RMB16,297 and RMB2,575 as of December 31, 2022 and 2023, respectively)	64,451	457,594	400,207
Operating lease liabilities (Including operating lease liabilities of the consolidated VIEs and VIEs' subsidiaries without recourse to the Company of RMB6,956 and RMB5,722 as of December 31, 2022 and 2023, respectively)	11,390	80,868	136,435
NON-CURRENT LIABILITIES
Deferred tax liabilities (Including deferred tax liabilities of the consolidated VIEs and VIEs' subsidiaries without recourse to the Company of RMB28,369 and RMB28,369 as of December 31, 2022 and 2023, respectively)	97,535	692,492	573,734
Operating lease liabilities-noncurrent (Including operating lease liabilities-noncurrent of the consolidated VIEs and VIEs' subsidiaries without recourse to the Company of RMB1,499 and RMB784 as of December 31,2022 and 2023, respectively)	97,080	689,259	832,928
Related Party [Member]
Current liabilities
Amounts due to related parties (Including amounts due to related parties of the consolidated VIEs and VIEs' subsidiaries without recourse to the Company of RMB3,191 and RMB8,488 as of December 31, 2022 and 2023, respectively)	$ 21,180	¥ 150,373	¥ 151,736
Class A ordinary shares
SHAREHOLDERS' EQUITY:
Common shares, par value (in dollars per share) \| $ / shares	$ 0.0001
Common shares, shares authorized \| shares	483,489,642	483,489,642	483,489,642
Common shares, shares issued \| shares	98,877,929	98,877,929	124,060,090
Common shares, shares outstanding \| shares	92,900,247	92,900,247	101,621,330
Treasury shares (in shares) \| shares	5,977,682	5,977,682	22,438,760
Class B ordinary shares
SHAREHOLDERS' EQUITY:
Common shares, par value (in dollars per share) \| $ / shares	$ 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 (Including accounts payable of the consolidated VIEs and VIEs' subsidiaries without recourse to the Company of RMB1,133 and RMB3,478 as of December 31, 2022 and 2023, respectively)		¥ 3,478	¥ 1,133
Advances from customers (Including advances from customers of the consolidated VIEs and VIEs' subsidiaries without recourse to the Company of RMB269,235 and RMB277,846 as of December 31, 2022 and 2023, respectively)		277,846	269,235
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 RMB1,299,350 and RMB729,440 as of December 31, 2022 and 2023, respectively)		729,440	1,299,350
Deferred income (Including deferred income of the consolidated VIEs and VIEs' subsidiaries without recourse to the Company of RMB16,297 and RMB2,575 as of December 31, 2022 and 2023, respectively)		2,575	16,297
Operating lease liabilities (Including operating lease liabilities of the consolidated VIEs and VIEs' subsidiaries without recourse to the Company of RMB6,956 and RMB5,722 as of December 31, 2022 and 2023, respectively)		5,722	6,956
NON-CURRENT LIABILITIES
Deferred tax liabilities (Including deferred tax liabilities of the consolidated VIEs and VIEs' subsidiaries without recourse to the Company of RMB28,369 and RMB28,369 as of December 31, 2022 and 2023, respectively)		33,823	28,369
Operating lease liabilities-noncurrent (Including operating lease liabilities-noncurrent of the consolidated VIEs and VIEs' subsidiaries without recourse to the Company of RMB1,499 and RMB784 as of December 31,2022 and 2023, respectively)		784	1,499
Consolidated VIEs and VIEs' subsidiaries \| Related Party [Member]
Current liabilities
Amounts due to related parties (Including amounts due to related parties of the consolidated VIEs and VIEs' subsidiaries without recourse to the Company of RMB3,191 and RMB8,488 as of December 31, 2022 and 2023, respectively)		¥ 8,488	¥ 3,191

Leases - Balance sheet information relating to lease (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 USD ($)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)
Assets and Liabilities, Lessee [Abstract]
ROU assets	$ 78,038	¥ 554,061	¥ 891,744
Operating lease liabilities—current	11,390	80,868	136,435
Operating lease liabilities—non-current	$ 97,080	¥ 689,259	¥ 832,928
Weighted-average remaining lease term	9 years 11 months 26 days	9 years 11 months 26 days	10 years 3 months 10 days
Weight-average discount rate	4.89%	4.89%	4.89%

Accrued expenses and other current liabilities (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)
Business Acquisition [Line Items]
Accrued advertising expense		¥ 1,191,189	¥ 1,087,818
Accrued shipping and handling expenses		1,642,964	1,492,047
Amounts received on behalf of third-party merchants (Note a)		1,968,213	1,272,829
Accrued payroll and social benefits		790,406	721,182
Deposits from vendors		562,916	550,587
Income tax payables		646,677	689,275
Other tax payables (Note b)		424,699	484,103
Accrued rental expenses		80,338	86,317
Accrued administrative expenses		425,236	404,303
Refund liability (Note c)		494,796	339,821
Cash-settled share-based compensation (Note 24(c))		999,055	624,689
Loan from non-controlling interests shareholders (Note d)		144,300	133,000
Payables for repurchasing of ordinary shares		0	167,089
Others		189,660	341,682
Total	$ 1,346,562	¥ 9,560,449	¥ 8,394,742
Period of unconditional right of return	7 days

Leases (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
Leases (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating Lease, Impairment Loss	¥ 135,657	¥ 0	¥ 0

Commitments and contingencies

12 Months Ended

Dec. 31, 2023

Commitments and contingencies

Commitments and contingencies

Capital commitments

As of December 31, 2022 and 2023, the Group has contracted for capital expenditures of RMB917,763 and RMB1,060,084, respectively.

Other commitments

The Group has the following commitments:

As of December 31, 2022 and 2023, the Group has investment commitment of equity investments without readily determinable fair value of RMB119.7 million and RMB658.3 million, respectively.

In October 2019, the Group acquired

17%

limited partnership interest in HongShan Fashion and Technology, which is a PRC limited partnership industry fund. As of December 31, 2022, the Group’s total contribution to the fund amounted to

RMB480.0

million and there is a remaining investment commitment of

RMB1,520.0

million. The aforesaid fund announced a capital reduction with all the investors and the Group signed the agreement in April 2023 on the amended total investment amount to

RMB424.0

million and as such,

RMB56.0

million was refunded to the Group. As of December 31, 2023, there is

outstanding investment commitment of HongShan Fashion and Technology industry fund investment.

As of December 31, 2022 and 2023, the Group has investment commitment of other equity method investees of RMB165.2 million and RMB141.2 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.

Acquisition (Tables)

12 Months Ended

Dec. 31, 2023

Significant acquisition and equity transactions

Schedule of estimated fair values for major classes of assets acquired and liabilities assumed

The consideration, fair value of assets acquired and liabilities assumed, as well as goodwill resulted from the acquisition are as follows:


	RMB
Consideration:
Cash		553,700
Fair value of the Group’s existing equity method investment at the time of acquisition		760,200

Total consideration transferred		1,313,900
Recognized amounts of identifiable assets acquired and liabilities assumed:
Cash and cash equivalents		166,193
Accounts receivables		18,839
Inventories		215
Other receivables and prepayments		2,219
Property and equipment		989,334
Land use rights, net		390,590
Deferred tax assets, net		765

Total assets acquired		1,568,155
Accounts payables		(213,422	)
Advances from customers		(3,354	)
Accrued expenses and other current liabilities		(38,252	)
Deferred tax liabilities		(165,275	)
Total liabilities assumed		(420,303	)

Net assets acquired		1,147,852

Goodwill		166,048

Accrued expenses and other current liabilities

12 Months Ended

Dec. 31, 2023

Accrued expenses and other current liabilities

Accrued expenses and other current liabilities


	As of December 31,
	2022		2023
	RMB		RMB
Accrued advertising expense		1,087,818		1,191,189
Accrued shipping and handling expenses		1,492,047		1,642,964
Amounts received on behalf of third-party merchants (Note a)		1,272,829		1,968,213
Accrued payroll and social benefits		721,182		790,406
Deposits from vendors		550,587		562,916
Income tax payables		689,275		646,677
Other tax payables (Note b)		484,103		424,699
Accrued rental expenses		86,317		80,338
Accrued administrative expenses		404,303		425,236
Refund liability (Note c)		339,821		494,796
Cash-settled share-based compensation (Note 2 4 (c))		624,689		999,055
Loan from non-controlling interests shareholders (Note d)		133,000		144,300
Payables for repurchasing of ordinary shares		167,089		—
Others		341,682		189,660

Total		8,394,742		9,560,449

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

shareholder of Shan Shan Outlets for the outlets’ operation.

Short-term loans (Details) ¥ in Thousands, $ in Thousands, € in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 EUR (€)	Dec. 31, 2023 HKD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 EUR (€)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2020 CNY (¥)
Short term loans
Total short term loans	$ 200,788							¥ 1,425,576	¥ 2,687,438
Debt Instrument, Unused Borrowing Capacity, Amount								1,772,500	3,542,900
Long-term Debt, Gross								1,797,500	3,907,100
Discounted commercial bill amount		¥ 1,000,000
Revolving Credit Facility [Member]
Short term loans
Drawn down from debt		600,800				¥ 816,700
Letter of guarantee procurement amount expired		816,200
Revolving Credit Facility Agreement With Multiple Banks [Member]
Short term loans
Drawn down from debt		424,500				2,323,200
RMB denominated
Short term loans
Total short term loans								1,424,486	2,681,189
RMB denominated \| Bank Of China [Member]
Short term loans
Maximum credit facility								200,000
RMB denominated \| Revolving Credit Facility Agreement With Multiple Banks [Member]
Short term loans
Maximum credit facility								¥ 7,455,000	¥ 7,600,000
RMB denominated \| Revolving Credit Facility Agreement With Multiple Banks [Member] \| Bank Of China [Member]
Short term loans
Maximum credit facility										¥ 200,000
RMB denominated \| Revolving Credit Facility Agreement With Multiple Banks [Member] \| Maximum
Short term loans
Debt Instrument Interest Rate	2.30%				1.80%			2.30%	1.80%
RMB denominated \| Revolving Credit Facility Agreement With Multiple Banks [Member] \| Minimum
Short term loans
Debt Instrument Interest Rate	1.60%				1.50%			1.60%	1.50%
U.S. dollar denominated
Short term loans
Total short term loans								¥ 0	¥ 0
U.S. dollar denominated \| non-revolving credit facility
Short term loans
Maximum credit facility					$ 125,000				¥ 862,200
U.S. dollar denominated \| Revolving Credit Facility Agreement With Multiple Banks [Member]
Short term loans
Maximum credit facility	$ 125,000							887,500
Drawn down from debt		0			$ 51,900	¥ 358,000
U.S. dollar denominated \| Revolving Credit Facility Agreement With Multiple Banks [Member] \| Maximum
Short term loans
Debt Instrument Interest Rate					2.75%				2.75%
U.S. dollar denominated \| Revolving Credit Facility Agreement With Multiple Banks [Member] \| Minimum
Short term loans
Debt Instrument Interest Rate					2.55%				2.55%
U.S. dollar denominated \| Revolving Credit Facility Agreement With Multiple Banks [Member] \| Revolving Credit Facility [Member]
Short term loans
Maximum credit facility	$ 100,000				$ 195,000			710,000	¥ 1,345,000
Euro Member Countries, Euro
Short term loans
Total short term loans								1,090	¥ 6,249
Euro Member Countries, Euro \| Revolving Credit Facility Agreement With Multiple Banks [Member]
Short term loans
Floating Interest Rate Description					3-month Europe Interbank Offered Rate plus 2.2%.	3-month Europe Interbank Offered Rate plus 2.2%.	3-month Europe Interbank Offered Rate plus 2.2%.
Principal amount								¥ 18,400
Drawn down from debt		1,100	€ 0.1
Debt Instrument Interest Rate	4.30%				2.20%			4.30%	2.20%
Euro Member Countries, Euro \| Revolving Credit Facility Agreement With Multiple Banks [Member] \| Bank Of China [Member]
Short term loans
Drawn down from debt						¥ 6,200	€ 0.8
Hong Kong, Dollars \| Revolving Credit Facility Agreement With Multiple Banks [Member]
Short term loans
Debt instrument issuing letter of guarantee	$ 800	¥ 5,500		$ 6

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Details of information relating to lease

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


	As of December 31,
	2022			2023
	RMB			RMB
ROU assets		891,744			554,061
Operating lease liabilities—current		136,435			80,868
Operating lease liabilities—non-current		832,928			689,259
Weighted-average remaining lease term		10.28			9.99
Weight-average discount rate		4.89	%		4.89	%

Details of component of lease cost

The components of lease costs of these operating leases for the years ended December 31, 2022 and 2023 are as follow:


	Year Ended December 31,
	2022		2023
	RMB		RMB
Operating lease cost for fixed payments		260,361		147,260
Short-term lease costs		66,929		61,487
Variable lease costs		10,288		52,442
Total Lease costs		337,578		261,189

Summary of supplemental cash flow information

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


	Year Ended December 31,
	2022		2023
	RMB		RMB
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases		332,135		165,828

Summary of Maturities of lease liabilities

The following table provides the maturities of lease liabilities at December 31, 2023:


Maturities of lease liabilities at December 31, 2023	Operating leases
2024		104,076
2025		78,513
2026		63,306
2027		61,543
2028		77,155
2029 and thereafter		543,098

Total future undiscounted lease payments		927,691
Less: imputed interest		157,564

Total present value of lease liabilities		770,127

Land use rights, net

12 Months Ended

Dec. 31, 2023

Land use rights, net

Land use rights, net

8.	Land use rights, net


	As of December 31,
	2022			2023
	RMB			RMB
Land use rights		8,391,748			11,083,695
Less: accumulated amortization		(698,234	)		(896,061	)
Less: accumulated impairment		(55,008	)		(55,008	)

Land use rights, net		7,638,506			10,132,626

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

Amortization expenses charged were RMB150.5 million, RMB178.8 million and RMB217.3 million for the years ended December 31, 2021, 2022 and 2023, respectively. Amortization expenses are expected to be at RMB258.1 million for each of the year ending December 31, 2024, 2025, 2026, 2027 and 2028.

There is no impairment on land use rights recognized for the year ended December 31, 2021,2022 and 2023.

Accounts receivable, net (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2023 CNY (¥)
Accounts receivable, net
Subtotal			¥ 622,352		¥ 839,432
Allowance for doubtful accounts:
Balance at beginning of the year		¥ (50,038)	(32,289)
Provision	$ 3,960	28,114	70,427	¥ (17,118)
Balance at end of the year		(67,379)	(50,038)	(32,289)
Total	$ 109,687		567,730		778,767
Receivables for logistics and warehousing services rendered
Accounts receivable, net
Subtotal			239,633		291,600
Other trade receivables
Accounts receivable, net
Subtotal			190,694		235,489
Others
Accounts receivable, net
Subtotal			192,025		¥ 312,343
Trade Accounts Receivable
Allowance for doubtful accounts:
Balance at beginning of the year		(54,622)	(34,965)
Write-offs		2,517	1,506
Provision		(8,560)	(21,163)
Balance at end of the year		¥ (60,665)	¥ (54,622)	¥ (34,965)

Acquisition - Fair Value of Assets Acquired and Liabilities Assumed (Details) - CNY (¥) ¥ in Thousands		12 Months Ended
	Oct. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Recognized amounts of identifiable assets acquired and liabilities assumed:
Cash and cash equivalents		¥ 0	¥ 166,193	¥ 401
Zhengzhou Shan Shan Outlets Shopping Mall Co Ltd [Member]
Consideration:
Cash	¥ 553,700	553,700
Fair value of the Group's existing equity method investments at the time of acquisition		760,200
Total consideration transferred		1,313,900
Recognized amounts of identifiable assets acquired and liabilities assumed:
Cash and cash equivalents		166,193
Accounts receivable		18,839
Inventories		215
Other receivables and prepayments		2,219
Property and equipment		989,334
Land use rights, net		390,590
Deferred tax assets, net		765
Total assets acquired		1,568,155
Accounts payables		(213,422)
Advances from customers		(3,354)
Accrued expenses and other current liabilities		(38,252)
Deferred tax liabilities		(165,275)
Total liabilities assumed		(420,303)
Net assets acquired		1,147,852
Goodwill		¥ 166,048

Inventories, net - Schedule of Inventories Net (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 USD ($)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Inventory [Line Items]
Products		¥ 6,553,372	¥ 7,096,118
Others		26,815	33,141
Inventories		6,580,187	7,129,259
Inventory write-down		(935,474)	(1,613,379)	¥ (1,465,178)
Total	$ 795,041	¥ 5,644,713	¥ 5,515,880

Non-controlling interests

12 Months Ended

Dec. 31, 2023

Non-controlling interests

Non-controlling interests

Non-controlling

interests


	Non-controlling interests
	RMB
Balance as of December 31, 2021		1,195,418
Net income attributable to non-controlling interests		13,019
Acquisition of additional equity interests in subsidiaries		(29,558	)
Dividend distribution to non-controlling interests holders		(42,307	)
Capital contribution from non-controlling interests shareholders (i)		184,434

Balance as of December 31, 2022		1,321,006
Net income attributable to non-controlling interests		84,675
Acquisition of additional equity interests in subsidiaries		(64,268	)
Dividend distribution to non-controlling interests holders		(39,107	)
Deregistration of a subsidiary		(32	)
Capital contribution from non-controlling interests shareholders (i)		296,080

Balance as of December 31, 2023		1,598,354

(i)

During the year ended December 31, 2022, a total capital contribution of RMB191,195 was received from the

non-controlling

shareholders of several subsidiaries of Shan Shan Outlets in which RMB184,434 and RMB6,761 was recorded in

non-controlling

interests and additional

paid-in

capital, respectively.

During the year ended December 31, 2023, a total capital contribution of RMB285,450 was received from the

non-controlling

shareholders of several subsidiaries of Shan Shan Outlets in which RMB296,080 and RMB(10,630) was recorded in

non-controlling

interests and additional

paid-in

capital, respectively.

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


	Year E nded December 31,
	2021			2022		2023
	RMB			RMB		RMB
Net income attributable to Vipshop Holdings Limited’s shareholders		4,681,073			6,298,816		8,116,624
Transfers (to) from the non-controlling interests:
(Decrease)increase in the Company’s additional paid-in capital in relation to the acquisition of additional equity interests in subsidiaries		(18,050	)		2,453		(8,732	)
Capital contributions from(to) non-controlling interests		150,471			6,761		(10,630	)

Net transfers from(to) non-controlling interests		132,421			9,214		(19,362	)

Changes to net income attributable to Vipshop Holdings Limited’s shareholders, transfers from(to) non-controlling interests		4,813,494			6,308,030		8,097,262

Summary of Significant Accounting Policies - Foreign Currency Transactions and Translations (Details) ¥ in Millions	1 Months Ended
	Apr. 30, 2019	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)
Foreign currency transactions and translations
Cash, cash equivalents and restricted cash		¥ 23,770	¥ 18,110
Minimum
Convenience translation
Convenience translation calculated at the rate of US$1.00		7.0999
Value added taxes
Rate of VAT levied on PRC subsidiaries of the company (as a percent)	0.00%
Maximum
Convenience translation
Convenience translation calculated at the rate of US$1.00		1
Value added taxes
Rate of VAT levied on PRC subsidiaries of the company (as a percent)	13.00%

CONSOLIDATED BALANCE SHEETS ¥ in Thousands, $ in Thousands	Dec. 31, 2023 USD ($)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)
Current assets:
Cash and cash equivalents	$ 3,579,590	¥ 25,414,729	¥ 21,938,653
Restricted cash	124,317	882,637	1,164,748
Short-term investments	279,328	1,983,201	1,595,904
Accounts receivables, net	109,687	778,767	567,730
Amounts due from related parties, net	77,959	553,502	670,187
Other receivables and prepayments, net	323,753	2,298,612	2,280,449
Loan receivables, net	625	4,437	882
Inventories	795,041	5,644,713	5,515,880
Total current assets	5,290,300	37,560,598	33,734,433
Property and equipment, net	2,377,794	16,882,100	16,225,589
Deposits for property and equipment	28,273	200,739	296,717
Land use rights, net	1,427,151	10,132,626	7,638,506
Intangible assets, net	46,877	332,821	336,599
Investments in equity method investees	303,604	2,155,561	2,162,872
Other investments	410,737	2,916,189	2,660,305
Other long-term assets	20,799	147,669	91,762
Goodwill	106,370	755,213	755,213
Deferred tax assets, net	96,483	685,017	681,770
Right-of-use assets, net	78,038	554,061	891,744
Total assets	10,186,426	72,322,594	65,475,510
Current liabilities:
Accounts payable (Including accounts payable of the consolidated VIEs and VIEs' subsidiaries without recourse to the Company of RMB1,133 and RMB3,478 as of December 31, 2022 and 2023, respectively)	2,430,935	17,259,395	15,018,138
Advances from customers (Including advances from customers of the consolidated VIEs and VIEs' subsidiaries without recourse to the Company of RMB269,235 and RMB277,846 as of December 31, 2022 and 2023, respectively)	238,015	1,689,881	1,737,424
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 RMB1,299,350 and RMB729,440 as of December 31, 2022 and 2023, respectively)	1,346,562	9,560,449	8,394,742
Deferred income (Including deferred income of the consolidated VIEs and VIEs' subsidiaries without recourse to the Company of RMB16,297 and RMB2,575 as of December 31, 2022 and 2023, respectively)	64,451	457,594	400,207
Short-term loans	200,788	1,425,576	2,687,438
Operating lease liabilities (Including operating lease liabilities of the consolidated VIEs and VIEs' subsidiaries without recourse to the Company of RMB6,956 and RMB5,722 as of December 31, 2022 and 2023, respectively)	11,390	80,868	136,435
Total current liabilities	4,313,321	30,624,136	28,526,120
Deferred tax liabilities (Including deferred tax liabilities of the consolidated VIEs and VIEs' subsidiaries without recourse to the Company of RMB28,369 and RMB33,823 as of December 31, 2022 and 2023, respectively)	97,535	692,492	573,734
Deferred income-noncurrent	247,461	1,756,949	1,469,685
Operating lease liabilities-noncurrent (Including operating lease liabilities-noncurrent of the consolidated VIEs and VIEs' subsidiaries without recourse to the Company of RMB1,499 and RMB784 as of December 31,2022 and 2023, respectively)	97,080	689,259	832,928
Total liabilities	4,755,397	33,762,836	31,402,467
Commitments and contingencies (Note 22)
SHAREHOLDERS' EQUITY:
Treasury shares, at cost (22,438,760 and 5,977,682 Class A shares as of December 31, 2022 and 2023, respectively)	(510,537)	(3,624,763)	(8,352,511)
Additional paid-in capital	626,031	4,444,755	13,091,781
Retained earnings	5,188,373	36,836,928	28,720,304
Accumulated other comprehensive loss	(97,972)	(695,589)	(707,628)
Total Vipshop Holdings Limited shareholders' equity	5,205,906	36,961,404	32,752,037
Non-controlling interests	225,123	1,598,354	1,321,006
Total shareholders' equity	5,431,029	38,559,758	34,073,043
Total liabilities and shareholders' equity	10,186,426	72,322,594	65,475,510
Related Party [Member]
Current liabilities:
Amounts due to related parties (Including amounts due to related parties of the consolidated VIEs and VIEs' subsidiaries without recourse to the Company of RMB3,191 and RMB8,488 as of December 31, 2022 and 2023, respectively)	21,180	150,373	151,736
Class A ordinary shares
SHAREHOLDERS' EQUITY:
Ordinary shares	9	62	80
Class B ordinary shares
SHAREHOLDERS' EQUITY:
Ordinary shares	$ 2	¥ 11	¥ 11

Non-controlling interests (Tables)

12 Months Ended

Dec. 31, 2023

Non-controlling interests

Schedule Of Non-controlling Interest


	Non-controlling interests
	RMB
Balance as of December 31, 2021		1,195,418
Net income attributable to non-controlling interests		13,019
Acquisition of additional equity interests in subsidiaries		(29,558	)
Dividend distribution to non-controlling interests holders		(42,307	)
Capital contribution from non-controlling interests shareholders (i)		184,434

Balance as of December 31, 2022		1,321,006
Net income attributable to non-controlling interests		84,675
Acquisition of additional equity interests in subsidiaries		(64,268	)
Dividend distribution to non-controlling interests holders		(39,107	)
Deregistration of a subsidiary		(32	)
Capital contribution from non-controlling interests shareholders (i)		296,080

Balance as of December 31, 2023		1,598,354

(i)

During the year ended December 31, 2022, a total capital contribution of RMB191,195 was received from the

non-controlling

shareholders of several subsidiaries of Shan Shan Outlets in which RMB184,434 and RMB6,761 was recorded in

non-controlling

interests and additional

paid-in

capital, respectively.

During the year ended December 31, 2023, a total capital contribution of RMB285,450 was received from the

non-controlling

shareholders of several subsidiaries of Shan Shan Outlets in which RMB296,080 and RMB(10,630) was recorded in

non-controlling

interests and additional

paid-in

capital, respectively.

Schedule of ownership interests in subsidiaries

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


	Year E nded December 31,
	2021			2022		2023
	RMB			RMB		RMB
Net income attributable to Vipshop Holdings Limited’s shareholders		4,681,073			6,298,816		8,116,624
Transfers (to) from the non-controlling interests:
(Decrease)increase in the Company’s additional paid-in capital in relation to the acquisition of additional equity interests in subsidiaries		(18,050	)		2,453		(8,732	)
Capital contributions from(to) non-controlling interests		150,471			6,761		(10,630	)

Net transfers from(to) non-controlling interests		132,421			9,214		(19,362	)

Changes to net income attributable to Vipshop Holdings Limited’s shareholders, transfers from(to) non-controlling interests		4,813,494			6,308,030		8,097,262

Short-term loans

12 Months Ended

Dec. 31, 2023

Short-term loans

Short-term loans

14.	Short-term loans

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


	As of December 31,
	2022		2023
	RMB		RMB
RMB denominated (Note s a & b)		2,681,189		1,424,486
USD denominated (Note b)		—		—
EUR denominated (Note c)		6,249		1,090

Total		2,687,438		1,425,576

Notes:

(a)

The Group repaid the outstanding balances under the facilities as of December 31, 2022 and the letter of guarantee for procurement amounted RMB816.2 million was expired in 2023.

During the year ended on December 31, 2023, the Group entered into various new RMB denominated revolving credit facilities for a total credit of up to

RMB7,455.0 million

in which RMB424.5 million

was drawn down and outstanding as short-term loans and

RMB1,000.0

million was drawn down and outstanding under factoring arrangement as of December 31, 2023, with fixed interest rate ranging from

1.6% to 2.3% per annum, and RMB600.8 million was utilized for issuing letter of guarantee for procurement.

(b)

During the year end

December 31, 2022, the Group entered into various USD denominated revolving credit facility agreements with multiple banks for a total credit of up to US$

195.0

million (approximately RMB

1,345.0

million). Under the credit facility agreement, the Group can specify the currencies at the time of drawdown. RMB

358.0

million (approximately US$

51.9

million) was dr

awn

down and outstanding as short-term loans as of December 31, 2022, with a fixed interest rate 2.55% per annum and 2.75% per annum.

During the year

ended

During the year

ended

December 31, 2022, the Group entered into a

non-revolving

During the year

ended

December 31, 2023, the Group amended the facility for a total credit to US$100.0 million (approximately RMB710.0 million), in which

million

(approximately RMB5.5

million

and US$

0.8 million) was utilized for issuing letter of guarantee for procurement as of December 31, 2023.

(c)

3-month

Europe Interbank Offered Rate plus 2.2%.

During the year

ended

3-month

Europe Interbank Offered Rate plus 4.3%, and RMB18.4 million was utilized for issuing letter of letter of guarantee for procurement.

Certain credit facilities, aggregating to RMB3,907.1 million and RMB1,797.5 million as of December 31, 2022 and 2023,

are respectively

guaranteed by the Company and security deposits. As of December 31, 2022 and 2023, RMB3,542.9 million and RMB1,772.5 million, respectively, of these credit facilities remained available.

Investment in equity method investees (Tables)

12 Months Ended

Dec. 31, 2023

Investment in equity method investees

Schedule of Investment in equity method investees

Investments in equity method investees as of December 31, 2022 and 2023 were as follows:


	As of December 31,
	2022			2023
	RMB			RMB
Sichuan VipFubon Consumer Finance Co., Ltd (“VipFubon”)		205,515			236,319
HongShan Fashion and Technology Industry Fund Investment Limited Partnership (“ HongShan Fashion and Technology”)		543,949			500,993
Shanxi Tianmei Shan Shan Outlets Shopping Mall Co., Ltd (“Shanxi Shan Shan”)		570,396			599,884
Guofu Life Insurance Co., Ltd (“Guofu”)		300,946			239,291
Gansu Shan Shan Outlets Shopping Mall Co., Ltd (“Gansu Shan Shan”)		157,761			163,141
Others		516,720			522,907
Less:
Impairment		(132,415	)		(106,974	)

Total		2,162,872			2,155,561

Earnings per share (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2023 CNY (¥) ¥ / shares shares	Dec. 31, 2022 CNY (¥) ¥ / shares shares	Dec. 31, 2021 CNY (¥) ¥ / shares shares
Securities excluded from the computation of diluted net earnings per share (in shares)	518,401	518,401	6,456,160	84,088
Numerator:
Earnings attributable to Class A and Class B ordinary shareholders for computing basic earnings per Class A and Class B ordinary share	$ 1,143,203	¥ 8,116,624	¥ 6,298,816	¥ 4,681,073
Earnings attributable to Class A and Class B ordinary shareholders for computing diluted earnings per Class A and Class B ordinary share \| ¥		¥ 8,116,624	¥ 6,298,816	¥ 4,681,073
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	110,695,778	127,235,048	136,175,112
Dilutive employee share options and non-vested ordinary shares	1,856,620	1,856,620	922,256	2,569,910
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	112,552,398	128,157,304	138,745,022
Basic earnings per Class A and Class B ordinary shares (in dollars per share) \| (per share)	$ 10.33	¥ 73.32	¥ 49.51	¥ 34.38
Diluted earnings per Class A and Class B ordinary shares (in dollars per share) \| (per share)	$ 10.16	¥ 72.11	¥ 49.15	¥ 33.74