| Summary of operating segment results |
| | | | | | | | | | | | | Shan Shan | | | | | Year Ended December 31, 2023 | | Vip.com | | Outlets | | Others | | Total | | | RMB | | RMB | | RMB | | RMB | Revenues from external customers | | 109,177,540 | | 2,771,018 | | 907,462 | | 112,856,020 | Inter-segment revenues (Note a) | | 378,941 | | 24,959 | | 326,591 | | 730,491 | | | 109,556,481 | | 2,795,977 | | 1,234,053 | | 113,586,511 | Reconciliation of total net revenues | | | | | | | | | Elimination of inter-segment revenues | | | | | | | | (730,491) | Total net revenues | | | | | | | | 112,856,020 | Less: | | | | | | | | | Cost of revenues | | (85,569,090) | | (1,488,518) | | (405,095) | | | Fulfillment expenses (Note b) | | (8,151,510) | | – | | – | | | Marketing expenses (Note b) | | (3,170,057) | | (170,246) | | – | | | Technology and content expenses (Note b) | | (1,350,414) | | – | | – | | | General and administrative expenses (Note b) | | (2,312,911) | | (457,780) | | (530,555) | | | Share-based compensation expenses (Note c) | | (1,023,215) | | (441,195) | | – | | | Other segment items (Note d) | | 639,886 | | 122,882 | | (174,558) | | | Segment income from operations | | 8,619,170 | | 361,120 | | 123,845 | | 9,104,135 | Reconciliation of profit or loss: | | | | | | | | | Other income and expenses (Note e) | | | | | | | | 882,867 | Income before income taxes and share of income of equity method investees | | | | | | | | 9,987,002 |
| | | | | | | | | | | | | Shan Shan | | | | | Year Ended December 31, 2024 | | Vip.com | | Outlets | | Others | | Total | | | RMB | | RMB | | RMB | | RMB | Revenues from external customers | | 104,379,002 | | 3,284,968 | | 756,862 | | 108,420,832 | Inter-segment revenues (Note a) | | 352,166 | | 25,761 | | 205,325 | | 583,252 | | | 104,731,168 | | 3,310,729 | | 962,187 | | 109,004,084 | Reconciliation of total net revenues | | | | | | | | | Elimination of inter-segment revenues | | | | | | | | (583,252) | Total net revenues | | | | | | | | 108,420,832 | Less: | | | | | | | | | Cost of revenues | | (81,251,073) | | (1,626,883) | | (344,551) | | | Fulfillment expenses (Note b) | | (8,241,185) | | — | | — | | | Marketing expenses (Note b) | | (2,766,702) | | (200,850) | | — | | | Technology and content expenses (Note b) | | (1,424,414) | | — | | — | | | General and administrative expenses (Note b) | | (2,290,281) | | (558,476) | | (333,414) | | | Share-based compensation expenses (Note c) | | (1,137,590) | | (360,055) | | — | | | Other segment items (Note d) | | 731,609 | | 160,771 | | (187,737) | | | Segment income from operations | | 8,351,532 | | 725,236 | | 96,485 | | 9,173,253 | Reconciliation of profit or loss: | | | | | | | | | Other income and expenses (Note e) | | | | | | | | 814,227 | Income before income taxes and share of income of equity method investees | | | | | | | | 9,987,480 |
| | | | | | | | | | | | | Shan Shan | | | | | Year Ended December 31, 2025 | | Vip.com | | Outlets | | Others | | Total | | | RMB | | RMB | | RMB | | RMB | Revenues from external customers | | 101,136,509 | | 4,058,022 | | 725,015 | | 105,919,546 | Inter-segment revenues (Note a) | | 384,346 | | 23,516 | | 189,172 | | 597,034 | | | 101,520,855 | | 4,081,538 | | 914,187 | | 106,516,580 | Reconciliation of total net revenues | | | | | | | | | Elimination of inter-segment revenues | | | | | | | | (597,034) | Total net revenues | | | | | | | | 105,919,546 | Less: | | | | | | | | | Cost of revenues | | (79,555,236) | | (1,859,631) | | (350,505) | | | Fulfillment expenses (Note b) | | (8,200,923) | | — | | — | | | Marketing expenses (Note b) | | (2,719,647) | | (234,942) | | — | | | Technology and content expenses (Note b) | | (1,355,745) | | — | | — | | | General and administrative expenses (Note b) | | (2,323,903) | | (644,851) | | (263,248) | | | Share-based compensation expenses (Note c) | | (1,039,023) | | (660,719) | | — | | | Other segment items (Note d) | | 856,160 | | 175,818 | | (204,239) | | | Segment income from operations | | 7,182,538 | | 857,213 | | 96,195 | | 8,135,946 | Reconciliation of profit or loss: | | | | | | | | | Other income and expenses (Note e) | | | | | | | | 778,737 | Income before income taxes and share of income of equity method investees | | | | | | | | 8,914,683 |
Notes: (a) | Inter-segment revenues mainly consist of payment processing, inter platform technical services, warehousing rental services and supply chain management services, promotion services provided by Vip.com to internet finance business and by offline shops to Vip.com, and internal procurement between offline shops, Shan Shan Outlets and Vip.com. |
(b) | These expenses exclude share-based compensation expenses. |
(c) | The detail information was disclosed in Note 23. |
(d) | For each segment, the other segment items category includes: |
Vip.com — other operating income which consists of government grants, claims income and other miscellaneous income. Shanshan — technology and content expenses, other operating income which consists of government grants, claims income and other miscellaneous income. Others — fulfillment expenses, marketing expenses, technology and content expenses, share-based compensation expenses, other operating income which consists of government grants, claims income and other miscellaneous income. (e) | Other income and expenses include interest income, exchange gain/(loss), investment gain/(loss) and revaluation of investments, interest expenses and impairment loss of investments. |
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| Summary of interest income and expenses |
| | | | | | | | | Year Ended December 31, | | | 2023 | | 2024 | | 2025 | | | RMB | | RMB | | RMB | Interest income | | | | | | | Vip.com | | 654,485 | | 610,161 | | 643,679 | Shan Shan Outlets | | 42,807 | | 41,932 | | 53,646 | Others | | 84,532 | | 158,734 | | 105,697 | Inter-segment interest income | | (1,532) | | (1,035) | | (1,435) | | | 780,292 | | 809,792 | | 801,587 | Interest expenses | | | | | | | Vip.com | | (22,821) | | (57,627) | | (86,718) | Shan Shan Outlets | | (111) | | (53) | | (3,319) | Others | | (1,532) | | (1,031) | | (1,435) | Inter-segment interest expense | | 1,532 | | 1,035 | | 1,435 | | | (22,932) | | (57,676) | | (90,037) |
| | | | | | | | | Year Ended December 31, | | | 2023 | | 2024 | | 2025 | | | RMB | | RMB | | RMB | Share of income (loss) of investments accounted under the equity method | | | | | | | Vip.com | | 52,212 | | 1,647 | | (1,933) | Shan Shan Outlets. | | 112,868 | | 121,071 | | 141,924 | Others | | (84,779) | | 44,262 | | 153,928 | | | 80,301 | | 166,980 | | 293,919 |
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| Summary of information about segment assets |
| | | | | | | As of December 31, | | | 2024 | | 2025 | | | RMB | | RMB | Total assets | | | | | Vip.com | | 51,103,217 | | 53,572,887 | Shan Shan Outlets. | | 19,971,408 | | 21,650,040 | Others | | 3,861,501 | | 3,620,391 | | | 74,936,126 | | 78,843,318 |
| | | | | | | As of December 31, | | | 2024 | | 2025 | | | RMB | | RMB | Investments in equity method investees | | | | | Vip.com | | 1,106,779 | | 2,174,846 | Shan Shan Outlets. | | 760,596 | | 800,520 | Others | | 134,668 | | 161,418 | | | 2,002,043 | | 3,136,784 |
| | | | | | | | | Year Ended December 31, | | | 2023 | | 2024 | | 2025 | | | RMB | | RMB | | RMB | Total expenditure for additions of long-lived assets | | | | | | | Vip.com | | 2,330,278 | | 870,593 | | 590,415 | Shan Shan Outlets. | | 2,895,954 | | 2,687,663 | | 1,469,068 | Others | | 4,505 | | 4,330 | | 7,055 | | | 5,230,737 | | 3,562,586 | | 2,066,538 |
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