Spinoff and public listing of Vipshop's Harbin and Zhengzhou outlet properties under the CICC Vipshop Commercial REIT on the Shanghai Stock Exchange. Vipshop retains a 49% stake in the vehicle.

Expected impact: Deconsolidates the property elements from Vipshop's financials, generating a one-time GAAP investment gain of RMB 5.3 billion and a net cash inflow of RMB 1.7 billion in Q2 2026.

Shifting toward a targeted acquisition model using refined algorithms to identify high-value members, replacing generic benefits with a tiered service system that rewards higher spending with exclusive product access and deeper discounts.

Expected impact: Strengthens customer loyalty and drives recurring revenue. SVIP members grew 9% year-over-year in Q1 2026 and contribute 50%-55% of total online spending.

Scaling artificial intelligence and big data analytics across e-commerce operations, including virtual try-ons, personalized marketing, and automated customer support.

Expected impact: Improves operational efficiency and customer experience, helping to further leverage Vipshop's off-price retail model for growth through steady progress in AI integration.

Collaborating directly with curated brands to develop customized, exclusive off-price products based on consumer insights.

Expected impact: Differentiates the merchandise portfolio and reinforces the value proposition through targeted merchandising and exclusive buying strategies to drive resilient growth.