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1、 1 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 it

2、s 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,compare

3、d 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 Vipshops shareholders for the first quarter of 2025 was RMB1.9 billion(US$267.7 million),c

4、ompared with RMB2.3 billion in the prior year period.Non-GAAP net income attributable to Vipshops 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 4

5、1.3 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.Mr.Eric Shen,Chairman and Chief Executive Officer of Vipshop,stated,“Our first-quarter performance was broadly in line w

6、ith our expectations.We continued to make progress on the strategic actions we have set out to return to growth.Were pleased to see further expansion of our unique and high-quality off-price 1“Gross merchandise value(GMV)”is defined as the total Renminbi value of all products and services sold throu

7、gh the Companys online sales business,online marketplace platform,Shan Shan Outlets,and other offline stores during the given period,including the Companys websites and mobile apps,third-party websites and mobile apps,Shan Shan Outlets,and other offline stores,which were fulfilled by either the Comp

8、any 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

9、only included orders that left the Companys or other third-party vendors warehouses.2 Non-GAAP net income attributable to Vipshops shareholders is a non-GAAP financial measure,which,for the periods presented in this press release,is defined as net income attributable to Vipshops shareholders excludi

10、ng(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.3“Active customers”is defined as registered members who have purchased from the Co

11、mpanys self-operated online sales business or the Companys online marketplace platforms,excluding those who made their purchases from the Companys 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

12、definition of“active customers”to exclude registered members who make their purchases from the Companys 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 t

13、he Companys online sales business and on the Companys online marketplace platforms(excluding,for the avoidance of doubt,orders from the Companys offline stores and outlets),net of orders returned.2 brand supply,which drove the double-digit growth in Super VIP customers.Building on our long-standing

14、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

15、,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

16、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 bi

17、llion 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

18、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 yea

19、r 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 comp

20、ared 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

21、%,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

22、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.3 As a percentage

23、 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.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 yea

24、r 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

25、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 Vipshops shareholders for the first quarter of 2025 was RMB1.9 billion(US$267.7 million),compared with RMB2.3 billion in the prior year per

26、iod.Net margin attributable to Vipshops shareholders for the first quarter of 2025 was 7.4%,compared with 8.4%in the prior year period.Net income attributable to Vipshops 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.N

27、on-GAAP net income attributable to Vipshops 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-

28、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 Vipshops 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 Vipshops shareh

29、olders 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 Companys weighted average number of ADSs used in computing diluted income per ADS was 521,575,548.BALANCE SHEET AND CASH FLOW As of March

30、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 c

31、ompensation 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 V

32、ipshops shareholders is a non-GAAP financial measure,which is defined as non-GAAP net income attributable to Vipshops shareholders,as a percentage of total net revenues.9 Non-GAAP net income attributable to Vipshops shareholders per diluted ADS is a non-GAAP financial measure,which is defined as non

33、-GAAP net income attributable to Vipshops shareholders,divided by the weighted average number of diluted ADSs outstanding for computing diluted earnings per ADS.4 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

34、-GAAP measurement of liquidity,was as follows:For the three months ended March 31,2024 RMB000 March 31,2025 RMB000 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 e

35、xpenditures(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 RMB000 March 31,2025 RMB000 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 inter

36、net 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 b

37、illion 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

38、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 Companys current and preliminary view on the market and operational conditions,which is subject to change.Exchange Rate 10 Free cash flow i

39、s 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 activi

40、ties represents net cash flow relating to the Companys financial products,which are primarily consumer financing and supplier financing that the Company provides to its customers and suppliers.5 The Companys business is primarily conducted in China and the significant majority of revenues generated

41、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

42、 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 C

43、ompany 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- Once p

44、re-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- archived

45、 webcast will be available at the Companys investor relations website at http:/.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 di

46、scount 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:/ Harbor Statement This announcement contains forward-looking statements.These statements are made under the“s

47、afe 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 a

48、nd quotations from management in this announcement,as well as Vipshops 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 rep

49、ort 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 Vipshops beliefs and expectations,are forward-looking statements.Forward-looking s

50、tatements 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:Vipshops goals and strategies;Vipshops future business development,results of operat

51、ions and financial condition;the expected growth of the online discount retail market in China;Vipshops ability to attract customers and brand partners and further enhance its brand recognition;Vipshops expectations regarding needs for and market acceptance of flash sales products and services;compe

52、tition in the discount retail industry;fluctuations in general economic and business conditions in China and assumptions underlying or related 6 to any of the foregoing.Further information regarding these and other risks is included in Vipshops filings with the SEC.All information provided in this p

53、ress 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.Use of Non-GAAP Financial Measures The condensed consolidated financial information is derived from the Companys unaudite

54、d 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 2

55、70,Interim Reporting(“ASC270”)have been omitted.Vipshop uses non-GAAP net income attributable to Vipshops shareholders,non-GAAP net income attributable to Vipshops shareholders per diluted ADS,non-GAAP income from operations,non-GAAP operating margin,non-GAAP net margin attributable to Vipshops shar

56、eholders,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 Vipshops shareholders is net income attributable to Vipshops shareholders excluding(i)share-based compensation expenses,(ii)investment loss an

57、d 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 Vipshops shareholders per diluted ADS is computed using non-GAAP net income attributable to Vipshops shareh

58、olders 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

59、revenues.Non-GAAP net margin attributable to Vipshops shareholders is non-GAAP net income attributable to Vipshops 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 expend

60、itures,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

61、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,

62、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 p

63、lanning,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 re

64、valuation 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 fina

65、ncial 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

66、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 Companys 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 t

67、o 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.7 The presentation of these non-GAAP financial measures is not intended to be considered in isolation fro

68、m,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 Rel

69、ations Contact Tel:+86(20)2233-0732 Email:IR 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 RMB000 RMB000 USD000 Product revenues 25

70、,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)Marketin

71、g 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,

72、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 2,439,113 336,1

73、17 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 Vipshops shareholders 2,316,709 1,942,845 267,7

74、30 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 8 Net earnings per Class A and Class B ordinary share Net income attributable to Vipshops sharehold

75、ersBasic 21.36 18.92 2.61 Net income attributable to Vipshops shareholdersDiluted 20.89 18.62 2.57 Net earnings per ADS(1 ordinary share equals to 5 ADSs)Net income attributable to Vipshops shareholdersBasic 4.27 3.78 0.52 Net income attributable to Vipshops shareholdersDiluted 4.18 3.72 0.51(1)Othe

76、r 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 facili

77、tation 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-designat

78、ed 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 RMB000

79、RMB000 USD000 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

80、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 RMB000 RMB000 USD000 ASSETS CURRENT ASSETS Cash and cash equivalents 26,352,161 28,369,482 3,909,419 Restricted cash

81、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 9 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 5,03

82、2,069 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,

83、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 433,617 434,93

84、6 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

85、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

86、 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.

87、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 S

88、HAREHOLDERS 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 10 Vipshop Holdings Limited Reconciliations of GAAP and Non-GAAP Results Three Mon

89、ths Ended March 31,2024 March 31,2025 March 31,2025 RMB000 RMB000 USD000 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 Vipshops shareholders 2,316,709

90、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-G

91、AAP net income attributable to Vipshops 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 avera

92、ge 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 Vipshops shareholdersBasic 23.81 22.48 3.10 Non-GAAP net income attributable to Vipshops shareholdersDiluted 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 Vipshops shareholdersBasic 4.76 4.50 0.62 Non-GAAP net income attributable to Vipshops shareholdersDiluted 4.66 4.43 0.61