v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS
¥ in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
CNY (¥)
Dec. 31, 2025
USD ($)
Dec. 31, 2024
CNY (¥)
Dec. 31, 2023
CNY (¥)
Cash flows from operating activities:        
Net income ¥ 7,409,639 $ 1,059,566 ¥ 7,838,945 ¥ 8,201,299
Adjustments to reconcile net income to net cash by operating activities:        
Provision for allowance for doubtful accounts 13,825 1,977 44,807 28,114
Changes of inventory write-down (104,194) (14,900) (312,414) (681,173)
Depreciation of property and equipment 1,526,471 218,282 1,418,492 1,299,384
Amortization of deferred income (88,901) (12,713) (72,415) (49,301)
Impairment of long-lived assets 0   0 156,241
Amortization of intangible assets 3,777 540 3,778 3,778
Amortization of land use rights 278,600 39,845 270,063 217,323
Deferred tax assets (76,084) (10,880) 3,988 (3,247)
Deferred tax liabilities (76,541) (10,945) 91,371 118,758
Loss (gain) on disposal of property and equipment and land use rights 6,455 923 (3,776) 5,262
Share based compensation expenses 1,731,063 247,539 1,537,740 1,509,806
Share of income of equity method investees (293,919) (42,030) (166,980) (80,301)
Impairment loss of other investments 15,450 2,209 61,246 19,105
Investment gain and revaluation of investments (109,025) (15,590) (135,132) (10,217)
Gain on disposal of equity method investees (259) (37) 0 0
Gain on disposal of subsidiaries (1,861) (266)    
(Gain) loss on disposal of other investments 642 92 (4,417)  
Non-cash lease expense 60,467 8,647 76,567 130,447
Changes in operating assets and liabilities:        
Accounts receivables 15,018 2,148 (126,178) (199,852)
Amounts due from related parties (16,825) (2,406) (39,543) (25,220)
Other receivables and prepayments (340,829) (48,738) (185,599) 12,613
Interest receivables on short-term investments (27,774) (3,972) (19,424) (6,201)
Inventories (25,445) (3,639) 944,727 601,440
Dividends received from equity method investees 131,684 18,831 156,517 102,545
Accounts payable (2,169,266) (310,201) (2,170,812) 2,565,874
Advances from customers (142,602) (20,392) 345,303 (47,543)
Accrued expenses and other current liabilities (216,349) (30,938) (356,287) 666,260
Amounts due to related parties (2,405) (344) (2,486) (40,063)
Deferred income 23,201 3,318 5,780 46,882
Operating lease liabilities (69,811) (9,983) (74,878) (127,500)
Net cash generated from operating activities 7,454,245 1,065,943 9,128,983 14,414,513
Cash flows from investing activities:        
Purchases of property and equipment (1,985,766) (283,961) (2,723,247) (2,167,178)
Purchases of land use rights (80,772) (11,550) (839,339) (3,063,559)
Government subsidies received for land use rights 278,516 39,827 412,926 347,070
Proceed from disposal of property and equipment and land use rights 14,835 2,121 20,505 199,013
Purchases of short-term investments (10,948,688) (1,565,642) (4,484,636) (3,959,000)
Redemption of short-term investments upon maturities 7,028,856 1,005,113 4,608,304 3,565,610
Investments in equity method investees and other investments (2,482,589) (355,006) (374,921) (282,542)
Proceed from disposal of equity method investments and other investments 2,014 288 14,590  
Deposit paid for equity method investments (60,000) (8,580) (250,500)  
Cash paid for loan originations (106,886) (15,284) (59,752) (19,785)
Net inflow (outflow) for disposal of subsidiaries (11,520) (1,647)   1,416
Cash received from loan repayments 103,185 14,755 106,336 62,193
Other investing activities (48,235) (6,898) 4,184 156,425
Net cash used in investing activities (8,297,050) (1,186,464) (3,565,550) (5,160,337)
Cash flows from financing activities:        
Proceeds from bank and other borrowings 13,151,312 1,880,613 6,399,917 2,093,483
Repayment to bank and other borrowings (9,677,000) (1,383,793) (5,444,814) (3,355,887)
Borrowing from equity method investees 30,000 4,290 65,000 53,500
Repayment of loans from equity method investees (30,000) (4,290) (108,700) (14,800)
Repayment of loans from non-controlling interests shareholders (84,300) (12,055) (36,100) (47,250)
Borrowing from non-controlling interests shareholders 37,800 5,405 97,800 58,550
Repurchase of ordinary shares (4,940,778) (706,522) (3,865,781) (5,106,944)
Cash paid to non-controlling interests shareholders for deregistration of subsidiaries     (1,275)  
Acquisition of non-controlling interests     (512,237) (73,000)
Dividend distribution to non-controlling interest shareholders (22,350) (3,196) (39,417) (39,107)
Dividend distribution to shareholders (1,795,384) (256,736) (1,684,721)  
Proceeds from issuance of ordinary shares upon exercise of share options 1,341 192 249  
Net cash used in financing activities (1,935,572) (276,783) (4,969,579) (6,146,005)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (52,962) (7,573) 63,283 85,794
Net increase (decrease) in cash, cash equivalents and restricted cash (2,831,339) (404,877) 657,137 3,193,965
Cash, cash equivalents and restricted cash at beginning of the year 26,954,503 3,854,443 26,297,366 23,103,401
Cash, cash equivalents and restricted cash at end of the year 24,123,164 3,449,566 26,954,503 26,297,366
Reconciliation in amounts on the consolidated balance sheets:        
Cash and cash equivalents 22,990,435   26,352,161 25,414,729
Restricted cash 1,132,729   602,342 882,637
Total cash, cash equivalents and restricted cash at end of the year 24,123,164   26,954,503 26,297,366
Supplemental disclosures of cash flow information:        
Interest paid, net of amount capitalized 71,154 10,175 57,681 26,480
Income tax paid 2,443,103 349,359 2,169,488 1,778,785
Supplemental disclosure of non-cash activities:        
Capital contribution from non-controlling interests shareholders settled by dividend payable, net of tax of nil, RMB840 and nil in the years ended December 31, 2023, 2024 and 2025, respectively     3,360  
Right-of-use assets obtained under operating lease 53,305 7,623 31,231 32,594
Non-controlling Interests Other than VipShop Outlet REIT        
Cash flows from financing activities:        
Capital contributions from non-controlling interests shareholders 8,000 1,144 ¥ 160,500 ¥ 285,450
VipShop Outlet REIT        
Cash flows from financing activities:        
Capital contributions from non-controlling interests shareholders ¥ 1,385,787 $ 198,165