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Vipshop (VIPS) investor relations material

Vipshop Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary14 Aug, 2025

Executive summary

  • Achieved stabilization in business with total GMV returning to growth, led by apparel category strength and merchandising adjustments; GMV grew 1.7% year-over-year to RMB51.4 billion, with Super VIP members driving growth.

  • Maintains leadership as China's top online discount retailer, focusing on value-for-money, customer loyalty, and operational excellence.

  • Enhanced merchandising strategy added nearly 500 brands in H1 and expanded physical footprint to supplement digital presence.

  • Continued investment in AI and ESG, aiming for carbon neutrality by 2030 and recognized with an "AA" MSCI ESG rating.

  • Active customer base showed recovery in some segments, but total active customers declined to 43.5 million; SVIP membership grew 15% year-over-year.

Financial highlights

  • Total net revenues for Q2 2025 were RMB25.8 billion, down from RMB26.9 billion year-over-year; FY2024 revenues were RMB108.4 billion, down 3.9%.

  • Gross profit for Q2 2025 was RMB6.1 billion; gross margin held at 23.5%–23.6%.

  • Net income attributable to shareholders was RMB1.5 billion, down from RMB1.9 billion year-over-year.

  • Non-GAAP net income for Q2 2025 was RMB2.1 billion; non-GAAP net margin at 8%–8.1%.

  • Cash, cash equivalents, and restricted cash totaled RMB24.7–27.7 billion as of June 30, 2025.

Outlook and guidance

  • Q3 2025 net revenue guidance set at RMB20.7–21.7 billion, representing 0% to 5% year-over-year growth.

  • Management confident in maintaining and accelerating growth, citing organizational and merchandising improvements.

  • Plans to solidify market leadership by enhancing merchandising, growing customer base, and expanding offline presence.

  • Aims for sustainable, quality growth in customers and revenue while maintaining profitability.

  • No material base effect expected for Q3; Q4 also expected to see positive top-line growth.

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Frequently asked questions

Vipshop Holdings Limited, operates as an online discount retailer for various brands in the People's Republic of China. The company offers a range of branded products, including women's apparel, such as casual wear, jeans, dresses, outerwear, swimsuits, lingerie, pajamas and robes; men's apparel consisting of casual and smart-casual T-shirts, polo shirts and vest tops; women and men shoes; and accessories that include belts, fashionable jewelry and watches for women and men. Vipshop Holdings Limited was founded in 2008 and is headquartered in Guangzhou, China.

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