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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.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.
Assess impact of merchandising strategy shifts.
Elaborate on Shan Shan Outlet's revenue trends.
Explain the jump in share buyback in Q2 2025.
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Q3 202518 Nov, 2025
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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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