Vipshop : Investor Presentation

Vipshop Holdings Limited Investor Presentation

May 2024

Disclaimer

This presentation has been prepared by Vipshop Holdings Limited (the "Company") solely for information purpose. By viewing or accessing the information contained in this material, you hereby acknowledge and agree that no representations, warranties or undertakings, express or implied, are made by the Company or any of its directors, shareholders, employees, agents, affiliates, advisors or representatives as to, and no reliance should be placed upon, the accuracy, fairness, completeness or correctness of the information or opinions presented or contained in this presentation. None of the Company or any of its directors, shareholders, employees, agents, affiliates, advisors or representatives accept any responsibility whatsoever (in negligence or otherwise) for any loss howsoever arising from any information presented or contained in this presentation or otherwise arising in connection with the presentation. The information presented or contained in this presentation is subject to change without notice and its accuracy is not guaranteed.

This presentation does not constitute an offer to sell or issue or an invitation or recommendation to purchase or subscribe for any securities of the Company for sale in the United States or anywhere else. No securities of the Company may be sold in the United States without registration with the United States Securities and Exchange Commission (the "SEC") or an exemption from such registration pursuant to the Securities Act of 1933, as amended (the "Securities Act") and the rules and regulations thereunder. No part of this presentation shall form the basis of or be relied upon in connection with any contract or investment decision in relation to any securities or otherwise. This presentation does not contain all relevant information relating to the Company or its securities, particularly with respect to the risks and special considerations involved with an investment in the securities of the Company. Nothing contained in this presentation shall be relied upon as a promise or representation as to the past or future performance of the Company. Past performance does not guarantee or predict future performance. You acknowledge that any assessment of the Company that may be made by you will be independent of this presentation and that you will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the business of the Company.

Certain statements in this presentation, and other statements that the Company may make, are forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. These statements reflect the Company's intent, beliefs or current expectations about the future. These statements can be recognized by the use of words such as "expects," "plans," "will," "estimates," "projects," "intends," "anticipates," "believes," "confident" or words of similar meaning. These forward-looking statements are not guarantees of future performance and are based on a number of assumptions about the Company's operations and other factors, many of which are beyond the Company's control, and accordingly, actual results may differ materially from these forward-looking statements. The Company or any of its affiliates, advisers or representatives has no obligation and does not undertake to revise forward-looking statements to reflect future events or circumstances.

This presentation also contains non-GAAP financial measures, the presentation of which is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). In addition, the Company's calculation of these non-GAAP financial measures may be different from the calculation used by other companies, and therefore comparability may be limited. The reconciliation of those measures to the most comparable GAAP measures is available at the Company website

https://ir.vip.com.

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China's Leading Online Discount Retailer for Brands

Branded Products at Exceptional Value

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Business Overview

Our Competitive Strengths

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High Market Demand and Great Growth Potential for China's Online

Discount Retail Market

Strong Merchandising Expertise Making us Partner-of-Choice Discount Retail Platform for Brands

Superior Customer Experience Fostering Highly Engaged and Loyal Customers with Strong Purchasing Power

Operational Excellence Powered by Data and Technology

Visionary Management with a Proven Track Record and Long-term ESG Commitments

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High Market Demand and Great Growth Potential for China's

Online Discount Retail Market

Driver 1: Strong Demand for

Discounted Merchandise

among Chinese Consumers

• More mature, rational and focusing on value-for-money Chinese consumers are increasingly fond of discounted merchandise
• Discounted merchandise has been viewed
  to be counter-cyclical, implying
  prosperous growth potential in the long-run

Driver 2: A Massive Whitespace

for Brands to Monetize

Inventory Effectively

• Brands have been continuously launching new products and looking for an approach
  to monetize the inventory quickly,
  creating sustainable supply for discount retail market

Driver 3: Discount Retailers Have

Gradually Become the Preferred

Channel of Chinese Consumers

• China's discount retail market accounted for

an increasing proportion of total

consumption of discounted merchandise

Source: Frost & Sullivan, China's Discount Retail Market Study, February 2021

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Our Unique Business Model

Abundant

Popular Brands

Brands

Great

Value

Differentiated

Products

~1,100 Merchandising Professionals

Partnership

Merchant

Platform

Business

Intelligence

AI-powered

Technology

Innovation

Service

Optimized IT

Infrastructure

Cross-

regional Warehousing & Logistics

Highly Engaged

and Loyal

Customers

Customers

1. Expanding High Value Customers

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Enhanced Merchandising Capabilities

Deep Industry

Expertise

Merchandise

• Carefully select a rich and diverse selection of popular brands
• Secure unique, price-competitive products
• Plan for opportunities in category and product life cycle
• Differentiate via Made-for-Vipshop customized products

~1,100 Merchandising

Professionals

Customer Insight

• Predict consumer preferences and consumption trends
• Provide data analytics in customer engagement for brand partners(1)
• Empower brand partners to strengthen product innovation and customization

Business Intelligence

& Merchant Platform

Operation

• Adjust product mix timely and precisely
• Optimize targeted marketing and sales events
• Integrate resources for brand partners to increase return-on- investment (ROI) and customer assets

Note:
(1) Brand partners include primarily brand owners, and to a lesser extent, brand distributors and resellers.	8

Partner-of-Choice Discount Retail Platform for Brands

One-stop inventory solution with proven sales efficiency and ROI

Reaching a unique group of high-value customers who care for brand, quality and authenticity

Specialized platform for

monetizing inventory without

brand dilution and pricing dilemma

Diversified online and offline

channels for cross-sale

opportunities

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Optimized Product Mix

Core

Business

New

Opportunities

Other Brands

Core Brands

900+ mass-market brands contribute to the majority of sales

Differentiated Products

Made-for-Vipshop customized products

Fresh and Trendy Brands

Emerging and most sought-after brands in a range of styles to attract younger customers

Higher-end Brands

Affordable-luxury and luxury brands to cater for unfulfilled customer needs

Non-core brands of both apparel and standardized categories that complement desired price range, product diversity and personalization

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