Exhibit 99.1

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Vipshop Reports Unaudited First Quarter 2025 Financial Results

Conference Call to Be Held at 7:30 A.M. U.S. Eastern Time on May 20, 2025

Guangzhou, China, May 20, 2025 — Vipshop Holdings Limited (NYSE: VIPS), a leading online discount retailer for brands in China (“Vipshop” or the “Company”), today announced its unaudited financial results for the quarter ended March 31, 2025.

First Quarter 2025 Highlights

•

Total net revenues for the first quarter of 2025 were RMB26.3 billion (US$3.6 billion), compared with RMB27.6 billion in the prior year period.

•

GMV¹ for the first quarter of 2025 was RMB52.38 billion, compared with RMB52.44 billion in the prior year period.

•

Gross profit for the first quarter of 2025 was RMB6.1 billion (US$838.2 million), compared with RMB6.5 billion in the prior year period.

•

Net income attributable to Vipshop’s shareholders for the first quarter of 2025 was RMB1.9 billion (US$267.7 million), compared with RMB2.3 billion in the prior year period.

•

Non-GAAP net income attributable to Vipshop’s shareholders² for the first quarter of 2025 was RMB2.3 billion (US$318.1 million), compared with RMB2.6 billion in the prior year period.

•

The number of active customers³ for the first quarter of 2025 was 41.3 million, compared with 43.1 million in the prior year period.

•

Total orders⁴ for the first quarter of 2025 were 167.2 million, compared with 178.5 million in the prior year period.

“Gross merchandise value (GMV)” is defined as the total Renminbi value of all products and services sold through the Company’s online sales business, online marketplace platform, Shan Shan Outlets, and other offline stores during the given period, including the Company’s websites and mobile apps, third-party websites and mobile apps, Shan Shan Outlets, and other offline stores, which were fulfilled by either the Company or its third-party merchants, regardless of whether or not the goods were delivered or returned. GMV includes shipping charges paid by buyers to sellers. For prudent considerations, the Company does not consider products or services to be sold if the orders were placed and canceled pre-shipment and only included orders that left the Company’s or other third-party vendors’ warehouses.

Non-GAAP net income attributable to Vipshop’s shareholders is a non-GAAP financial measure, which, for the periods presented in this press release, is defined as net income attributable to Vipshop’s shareholders excluding (i) share-based compensation expenses, (ii) investment loss and revaluation of investments excluding dividends, (iii) reconciling items on the share of equity method investments, and (iv) tax effects on non-GAAP adjustments.

“Active customers” is defined as registered members who have purchased from the Company’s self-operated online sales business or the Company’s online marketplace platforms, excluding those who made their purchases from the Company’s online stores operated at third-party platforms, at least once during the relevant period. Beginning in the fourth quarter of 2023, the Company updated its definition of “active customers” to exclude registered members who make their purchases from the Company’s online stores operated at third-party platforms.

⁴

“Total orders” is defined as the total number of orders placed during the given period, including the orders for products and services sold through the Company’s online sales business and on the Company’s online marketplace platforms (excluding, for the avoidance of doubt, orders from the Company’s offline stores and outlets), net of orders returned.

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Mr. Eric Shen, Chairman and Chief Executive Officer of Vipshop, stated, “Our first-quarter performance was broadly in line with our expectations. We continued to make progress on the strategic actions we have set out to return to growth. We’re pleased to see further expansion of our unique and high-quality off-price brand supply, which drove the double-digit growth in Super VIP customers. Building on our long-standing merchandising strategy, we are implementing changes throughout the organization to align with our growth priorities, operate with greater synergy, and deliver uniquely compelling value to our customers. We are confident that we will have all the building blocks to achieve long-term success.”

Mr. Mark Wang, Chief Financial Officer of Vipshop, further commented, “We delivered solid profitability in the first quarter while continuously optimizing our resource allocation to maximize growth opportunities. Looking ahead, we remain focused on executing our strategic priorities to regain growth trajectory while investing with discipline and driving efficiency. We are committed to delivering shareholder value through our ongoing share repurchase program.”

First Quarter 2025 Financial Results

REVENUES

Total net revenues for the first quarter of 2025 were RMB26.3 billion (US$3.6 billion), compared with RMB27.6 billion in the prior year period.

GROSS PROFIT

Gross profit for the first quarter of 2025 was RMB6.1 billion (US$838.2 million), compared with RMB6.5 billion in the prior year period. Gross margin for the first quarter of 2025 was 23.2%, compared with 23.7% in the prior year period.

OPERATING EXPENSES

Total operating expenses for the first quarter of 2025 decreased by 1.6% year over year to RMB4.0 billion (US$554.2 million) from RMB4.1 billion in the prior year period. As a percentage of total net revenues, total operating expenses for the first quarter of 2025 were 15.3%, compared with 14.8% in the prior year period.

•

Fulfillment expenses for the first quarter of 2025 decreased by 4.8% year over year to RMB1.9 billion (US$260.4 million) from RMB2.0 billion in the prior year period. As a percentage of total net revenues, fulfillment expenses for the first quarter of 2025 were 7.2%, which remained stable as compared with that in the prior year period.

•

Marketing expenses for the first quarter of 2025 increased by 6.0% year over year to RMB732.1 million (US$100.9 million) from RMB690.9 million in the prior year period. As a percentage of total net revenues, marketing expenses for the first quarter of 2025 were 2.8%, compared with 2.5% in the prior year period.

•

Technology and content expenses for the first quarter of 2025 decreased by 6.8% year over year to RMB449.1 million (US$61.9 million) from RMB481.9 million in the prior year period. As a percentage of total net revenues, technology and content expenses for the first quarter of 2025 were 1.7%, which remained stable as compared with that in the prior year period.

•

General and administrative expenses for the first quarter of 2025 increased by 2.3% year over year to RMB950.8 million (US$131.0 million) from RMB929.1 million in the prior year period. As a percentage of total net revenues, general and administrative expenses for the first quarter of 2025 were 3.6%, compared with 3.4% in the prior year period.

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INCOME FROM OPERATIONS

Income from operations for the first quarter of 2025 was RMB2.3 billion (US$313.8 million), compared with RMB2.8 billion in the prior year period. Operating margin for the first quarter of 2025 was 8.7%, compared with 10.0% in the prior year period.

Non-GAAP income from operations⁵ for the first quarter of 2025, which excluded share-based compensation expenses, was RMB2.6 billion (US$362.1 million), compared with RMB3.1 billion in the prior year period. Non-GAAP operating margin⁶ for the first quarter of 2025 was 10.0%, compared with 11.1% in the prior year period.

NET INCOME

Net income attributable to Vipshop’s shareholders for the first quarter of 2025 was RMB1.9 billion (US$267.7 million), compared with RMB2.3 billion in the prior year period. Net margin attributable to Vipshop’s shareholders for the first quarter of 2025 was 7.4%, compared with 8.4% in the prior year period. Net income attributable to Vipshop’s shareholders per diluted ADS⁷ for the first quarter of 2025 was RMB3.72 (US$0.51), compared with RMB4.18 in the prior year period.

Non-GAAP net income attributable to Vipshop’s shareholders for the first quarter of 2025, which excluded (i) share-based compensation expenses, (ii) investment loss and revaluation of investments excluding dividends, (iii) reconciling items on the share of equity method investments, and (iv) tax effects on non-GAAP adjustments, was RMB2.3 billion (US$318.1 million), compared with RMB2.6 billion in the prior year period. Non-GAAP net margin attributable to Vipshop’s shareholders⁸ for the first quarter of 2025 was 8.8%, compared with 9.3% in the prior year period. Non-GAAP net income attributable to Vipshop’s shareholders per diluted ADS⁹ for the first quarter of 2025 was RMB4.43 (US$0.61), compared with RMB4.66 in the prior year period.

For the quarter ended March 31, 2025, the Company’s weighted average number of ADSs used in computing diluted income per ADS was 521,575,548.

BALANCE SHEET AND CASH FLOW

As of March 31, 2025, the Company had cash and cash equivalents and restricted cash of RMB28.9 billion (US$4.0 billion) and short term investments of RMB192.3 million (US$26.5 million).

⁵	Non-GAAP income from operations is a non-GAAP financial measure, which is defined as income from operations excluding share-based compensation expenses.

⁶	Non-GAAP operating margin is a non-GAAP financial measure, which is defined as non-GAAP income from operations as a percentage of total net revenues.

⁷	“ADS” means American depositary share, each of which represents 0.2 Class A ordinary share.

⁸	Non-GAAP net margin attributable to Vipshop’s shareholders is a non-GAAP financial measure, which is defined as non-GAAP net income attributable to Vipshop’s shareholders, as a percentage of total net revenues.

⁹	Non-GAAP net income attributable to Vipshop’s shareholders per diluted ADS is a non-GAAP financial measure, which is defined as non-GAAP net income attributable to Vipshop’s shareholders, divided by the weighted average number of diluted ADSs outstanding for computing diluted earnings per ADS.

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For the quarter ended March 31, 2025, net cash used in operating activities was RMB1.0 billion (US$142.0 million), and free cash flow¹⁰, a non-GAAP measurement of liquidity, was as follows:

For the three months ended


	March 31, 2024 RMB’000			March 31, 2025 RMB’000			March 31, 2025 US$’000
Net cash used in operating activities		(560,723	)		(1,030,275	)		(141,976	)
Reconciling items:
Net impact from internet financing activities¹¹		(63,163	)		(74,740	)		(10,299	)
Capital expenditures		(712,063	)		(680,205	)		(93,735	)

Free cash outflow		(1,335,949	)		(1,785,220	)		(246,010	)

For the trailing twelve months ended


	March 31, 2024 RMB’000			March 31, 2025 RMB’000			March 31, 2025 US$’000
Net cash generated from operating activities		13,393,077			8,659,431			1,193,302
Reconciling items:
Net impact from internet financing activities		87,454			44,016			6,066
Capital expenditures		(4,840,672	)		(3,530,728	)		(486,547	)

Free cash inflow		8,639,859			5,172,719			712,821

Share Repurchase Program

During the quarter ended March 31, 2025, the Company repurchased US$16.9 million of its ADSs. The Company has fully utilized its US$1.0 billion share repurchase program adopted in March 2023 and has continued share repurchase of US$4.3 million under its current US$1.0 billion share repurchase program, which is effective for a 24-month period through February 2027.

Business Outlook

For the second quarter of 2025, the Company expects its total net revenues to be between RMB25.5 billion and RMB26.9 billion, representing a year-over-year decrease of approximately 5% to 0%. These forecasts reflect the Company’s current and preliminary view on the market and operational conditions, which is subject to change.

¹⁰	Free cash flow is a non-GAAP financial measure, which is defined as net cash from operating activities adding back the impact from internet financing activities and less capital expenditures, which include purchase and deposits of property and equipment and land use rights.

¹¹	Net impact from internet financing activities represents net cash flow relating to the Company’s financial products, which are primarily consumer financing and supplier financing that the Company provides to its customers and suppliers.

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Exchange Rate

The Company’s business is primarily conducted in China and the significant majority of revenues generated are denominated in Renminbi. This announcement contains currency translations of Renminbi amounts into U.S. dollars solely for the convenience of the reader. Unless otherwise noted, all translations from Renminbi to U.S. dollars are made at a rate of RMB7.2567 to US$1.00, the effective noon buying rate on March 31, 2025 as set forth in the H.10 statistical release of the Federal Reserve Board. No representation is made that the Renminbi amounts could have been, or could be, converted, realized or settled into U.S. dollars at that rate on March 31, 2025 or at any other rate.

Conference Call Information

The Company will hold a conference call on Tuesday, May 20, 2025 at 7:30 am U.S. Eastern Time, 7:30 pm Beijing Time to discuss the financial results.

All participants wishing to join the conference call must pre-register online using the link provided below.

Registration Link:

https://register-conf.media-server.com/register/BIf52e8ab26da948e69cba40bd7b13d7a1

Once pre-registration has been completed, each participant will receive dial-in numbers and a unique access PIN via email. To join the conference, participants should use the dial-in details followed by the PIN code.

A live webcast of the earnings conference call can be accessed at https://edge.media-server.com/mmc/p/jwdwgyjv. An archived webcast will be available at the Company’s investor relations website at http://ir.vip.com.

About Vipshop Holdings Limited

Vipshop Holdings Limited is a leading online discount retailer for brands in China. Vipshop offers high quality and popular branded products to consumers throughout China at a significant discount to retail prices. Since it was founded in August 2008, the Company has rapidly built a sizeable and growing base of customers and brand partners. For more information, please visit https://ir.vip.com/.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as Vipshop’s strategic and operational plans, contain forward-looking statements. Vipshop may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials, and in oral statements made by its officers, directors, or employees to third parties. Statements that are not historical facts, including statements about Vipshop’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Vipshop’s goals and strategies; Vipshop’s future business development, results of operations and financial condition; the expected growth of the online discount retail market in China; Vipshop’s ability to attract customers and brand partners and further enhance its brand recognition; Vipshop’s expectations regarding needs for and market acceptance of flash sales products and services; competition in the discount retail industry; fluctuations in general economic and business conditions in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Vipshop’s filings with the SEC. All information provided in this press release is as of the date of this press release, and Vipshop does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

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Use of Non-GAAP Financial Measures

The condensed consolidated financial information is derived from the Company’s unaudited interim condensed consolidated financial statements prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), except that cash flows for the period presented and the detailed footnote disclosures required by Accounting Standards Codification 270, Interim Reporting (“ASC270”) have been omitted. Vipshop uses non-GAAP net income attributable to Vipshop’s shareholders, non-GAAP net income attributable to Vipshop’s shareholders per diluted ADS, non-GAAP income from operations, non-GAAP operating margin, non-GAAP net margin attributable to Vipshop’s shareholders, and free cash flow, each of which is a non-GAAP financial measure. For the periods presented in this press release, non-GAAP net income attributable to Vipshop’s shareholders is net income attributable to Vipshop’s shareholders excluding (i) share-based compensation expenses, (ii) investment loss and revaluation of investments excluding dividends, (iii) reconciling items on the share of equity method investments, and (iv) tax effects on non-GAAP adjustments. Non-GAAP net income attributable to Vipshop’s shareholders per diluted ADS is computed using non-GAAP net income attributable to Vipshop’s shareholders divided by weighted average number of diluted ADS outstanding for computing diluted earnings per ADS. Non-GAAP income from operations is income from operations excluding share-based compensation expenses. Non-GAAP operating margin is non-GAAP income from operations as a percentage of total net revenues. Non-GAAP net margin attributable to Vipshop’s shareholders is non-GAAP net income attributable to Vipshop’s shareholders as a percentage of total net revenues. Free cash flow is net cash from operating activities adding back the impact from internet financing activities and less capital expenditures, which include purchase and deposits of property and equipment and land use rights. Impact from internet financing activities added back or deducted from free cash flow contains changes in the balances of financial products, which are primarily consumer financing and supplier financing that the Company provides to customers and suppliers. The Company believes that separate analysis and exclusion of the non-cash impact of (i) share-based compensation expenses, (ii) investment loss and revaluation of investments excluding dividends, (iii) reconciling items on the share of equity method investments, and (iv) tax effects on non-GAAP adjustments add clarity to the constituent parts of its performance. The Company reviews these non-GAAP financial measures together with GAAP financial measures to obtain a better understanding of its operating performance. It uses these non-GAAP financial measures for planning, forecasting, and measuring results against the forecast. The Company believes that non-GAAP financial measures are useful supplemental information for investors and analysts to assess its operating performance without the effect of (i) share-based compensation expenses, (ii) investment loss and revaluation of investments excluding dividends, (iii) reconciling items on the share of equity method investments, and (iv) tax effects on non-GAAP adjustments. Free cash flow enables the Company to assess liquidity and cash flow, taking into account the impact from internet financing activities and the financial resources needed for the expansion of fulfillment infrastructure, technology platform, and Shan Shan Outlets. Share-based compensation expenses have been and will continue to be significant recurring expenses in its business. However, the use of non-GAAP financial measures has material limitations as an analytical tool. One of the limitations of using non-GAAP financial measures is that they do not include all items that impact the Company’s net income for the period. In addition, because non-GAAP financial measures are not measured in the same manner by all companies, they may not be comparable to other similar titled measures used by other companies. One of the key limitations of free cash flow is that it does not represent the residual cash flow available for discretionary expenditures.

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The presentation of these non-GAAP financial measures is not intended to be considered in isolation from, or as a substitute for, the financial information prepared and presented in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned “Vipshop Holdings Limited Reconciliations of GAAP and Non-GAAP Results” at the end of this release.

Investor Relations Contact

Tel: +86 (20) 2233-0732

Email: IR@vipshop.com

Vipshop Holdings Limited

Unaudited Condensed Consolidated Statements of Income and Comprehensive Income

(In thousands, except for share and per share data)


	Three Months Ended
	March 31, 2024			March 31, 2025			March 31, 2025
	RMB’000			RMB’000			USD’000
Product revenues		25,847,130			24,293,121			3,347,682
Other revenues (1)		1,798,751			1,975,422			272,220

Total net revenues		27,645,881			26,268,543			3,619,902

Cost of revenues		(21,100,380	)		(20,186,333	)		(2,781,751	)

Gross profit		6,545,501			6,082,210			838,151

Operating expenses:
Fulfillment expenses (2)		(1,985,526	)		(1,889,954	)		(260,443	)
Marketing expenses		(690,884	)		(732,148	)		(100,893	)
Technology and content expenses		(481,901	)		(449,071	)		(61,884	)
General and administrative expenses		(929,088	)		(950,795	)		(131,023	)

Total operating expenses		(4,087,399	)		(4,021,968	)		(554,243	)

Other operating income		301,599			216,556			29,842

Income from operations		2,759,701			2,276,798			313,750
Investment loss and revaluation of investments		(3,558	)		(37,459	)		(5,162	)
Interest expense		(10,555	)		(10,240	)		(1,411	)
Interest income		216,058			222,950			30,723
Exchange loss		(2,367	)		(12,936	)		(1,783	)

Income before income tax expense and share of income of equity method investees		2,959,279			2,439,113			336,117
Income tax expenses		(619,286	)		(507,667	)		(69,958	)
Share of income of equity method investees		7,934			48,865			6,734

Net income		2,347,927			1,980,311			272,893
Net income attributable to non-controlling interests		(31,218	)		(37,466	)		(5,163	)

Net income attributable to Vipshop’s shareholders		2,316,709			1,942,845			267,730

Shares used in calculating earnings per share (3):
Weighted average number of Class A and Class B ordinary shares:
—Basic		108,459,047			102,682,285			102,682,285
—Diluted		110,912,953			104,315,110			104,315,110
Net earnings per Class A and Class B ordinary share
Net income attributable to Vipshop’s shareholders—Basic		21.36			18.92			2.61
Net income attributable to Vipshop’s shareholders—Diluted		20.89			18.62			2.57
Net earnings per ADS (1 ordinary share equals to 5 ADSs)
Net income attributable to Vipshop’s shareholders—Basic		4.27			3.78			0.52
Net income attributable to Vipshop’s shareholders—Diluted		4.18			3.72			0.51

(1)

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

(2)

Fulfillment expenses include shipping and handling expenses, which amounted RMB 1.4 billion and RMB 1.3 billion in the three month periods ended March 31, 2024 and March 31, 2025, respectively.

(3)

Authorized share capital is re-classified and re-designated into Class A ordinary shares and Class B ordinary shares, with each Class A ordinary share being entitled to one vote and each Class B ordinary share being entitled to ten votes on all matters that are subject to shareholder vote.


	Three Months Ended
	March 31, 2024		March 31, 2025		March 31, 2025
	RMB’000		RMB’000		USD’000
Share-based compensation expenses are included in the operating expenses as follows:
Fulfillment expenses		20,364		20,177		2,780
Marketing expenses		7,820		7,042		970
Technology and content expenses		93,433		88,845		12,243
General and administrative expenses		173,847		234,539		32,320

Total		295,464		350,603		48,314

Vipshop Holdings Limited

Unaudited Condensed Consolidated Balance Sheets

(In thousands, except for share and per share data)


	December 31, 2024		March 31, 2025		March 31, 2025
	RMB’000		RMB’000		USD’000
ASSETS
CURRENT ASSETS
Cash and cash equivalents		26,352,161		28,369,482		3,909,419
Restricted cash		602,342		492,608		67,883
Short term investments		1,872,756		192,340		26,505
Accounts receivable, net		915,158		960,788		132,400
Amounts due from related parties, net		548,145		501,497		69,108
Other receivables and prepayments, net		2,473,050		2,731,930		376,470
Loan receivables, net		6,878		5,937		818
Inventories		5,032,069		4,179,459		575,945

Total current assets		37,802,559		37,434,041		5,158,548

NON-CURRENT ASSETS
Property and equipment, net		18,292,771		18,237,712		2,513,224
Deposits for property and equipment		164,955		170,818		23,539
Land use rights, net		10,686,400		10,618,047		1,463,206
Intangible assets, net		327,844		326,900		45,048
Investment in equity method investees		2,002,043		2,248,736		309,884
Other investments		3,355,489		3,322,838		457,899
Other long-term assets		434,206		275,292		37,936
Goodwill		755,213		755,213		104,071
Deferred tax assets, net		681,029		750,262		103,389
Operating lease right-of-use assets		433,617		434,936		59,936

Total non-current assets		37,133,567		37,140,754		5,118,132

TOTAL ASSETS		74,936,126		74,574,795		10,276,680

LIABILITIES AND EQUITY
CURRENT LIABILITIES
Short term loans		2,399,629		4,436,780		611,405
Accounts payable		15,190,560		12,410,216		1,710,173
Advance from customers		2,035,184		1,577,818		217,429
Accrued expenses and other current liabilities		9,663,421		10,188,850		1,404,060
Amounts due to related parties		104,187		133,967		18,461
Deferred income		476,796		475,680		65,550
Operating lease liabilities		57,224		58,585		8,073

Total current liabilities		29,927,001		29,281,896		4,035,151

NON-CURRENT LIABILITIES
Deferred tax liability		783,863		689,728		95,047
Deferred income-non current		2,084,038		2,193,915		302,330
Operating lease liabilities		591,995		591,405		81,498

Total non-current liabilities		3,459,896		3,475,048		478,875

TOTAL LIABILITIES		33,386,897		32,756,944		4,514,026

EQUITY:
Total shareholders’ equity (US$0.0001 par value, 500 million shares authorized, 116.9 million shares issued, and 103.0 million shares outstanding as of March 31, 2025) (4)		39,968,813		40,214,319		5,541,681
Non-controlling interests		1,580,416		1,603,532		220,973

Total shareholders’ equity		41,549,229		41,817,851		5,762,654

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		74,936,126		74,574,795		10,276,680

(4)

The number of treasury stock as of March 31, 2025 was 12.6 million, of which 12.6 million are Class A ordinary shares repurchased under the share repurchase program

Vipshop Holdings Limited

Reconciliations of GAAP and Non-GAAP Results


	Three Months Ended
	March 31, 2024			March 31, 2025			March 31, 2025
	RMB’000			RMB’000			USD’000
Income from operations		2,759,701			2,276,798			313,750
Share-based compensation expenses		295,464			350,603			48,314

Non-GAAP income from operations		3,055,165			2,627,401			362,064

Net income attributable to Vipshop’s shareholders		2,316,709			1,942,845			267,730
Share-based compensation expenses		295,464			350,603			48,314
Investment loss and revaluation of investments excluding dividends		3,558			37,459			5,162
Reconciling items on the share of equity method investments(5)		(13,523	)		61			8
Tax effects on non-GAAP adjustments		(19,492	)		(22,583	)		(3,112	)

Non-GAAP net income attributable to Vipshop’s shareholders		2,582,716			2,308,385			318,102

(5)

To exclude the GAAP to non-GAAP reconciling items relating to investment (gain) loss and revaluation of investments on the share of equity method investments.


Shares used in calculating earnings per share:
Weighted average number of Class A and Class B ordinary shares:
—Basic	108,459,047	102,682,285	102,682,285
—Diluted	110,912,953	104,315,110	104,315,110
Non-GAAP net income per Class A and Class B ordinary share
Non-GAAP net income attributable to Vipshop’s shareholders—Basic	23.81	22.48	3.10
Non-GAAP net income attributable to Vipshop’s shareholders—Diluted	23.29	22.13	3.05
Non-GAAP net income per ADS (1 ordinary share equal to 5 ADSs)
Non-GAAP net income attributable to Vipshop’s shareholders—Basic	4.76	4.50	0.62
Non-GAAP net income attributable to Vipshop’s shareholders—Diluted	4.66	4.43	0.61

Vipshop Holdings Ltd 6-K