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Jun 30, 2025
Vipshop Q2 2025 Earnings Report
Vipshop reported its Q2 2025 results with solid profitability and a return to GMV growth.
Key Takeaways
Vipshop generated $3.6 billion in revenue and $208 million in net income during Q2 2025, supported by healthy performance in apparel and Super VIP member growth, despite a decline in active customers and total orders.
Revenue was $3.6 billion, slightly lower than the previous year.
Net income reached $208 million, with diluted EPS at $0.41.
GMV increased 1.7% year-over-year, driven by apparel sales.
Active customers and total orders saw modest year-over-year declines.
Revenue by Geographic Location
Forward Guidance
Vipshop expects Q3 2025 revenues to grow between 0% and 5% year-over-year, reflecting a cautiously optimistic outlook amid evolving market dynamics.
Positive Outlook
- Guidance for up to 5% year-over-year revenue growth in Q3 2025
- GMV growth resumed, led by apparel and Super VIP segment
- Cost discipline maintained healthy profitability
- Strong liquidity with $3.5B in cash and equivalents
- Continued share repurchases under $1B program
Challenges Ahead
- Flat to low revenue growth expected in Q3
- Operating margin declined from 8.3% to 6.6%
- Net income dropped year-over-year
- Decline in active customer base
- Increase in general and administrative expenses
Historical Earnings Impact
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Avg. Return Before/After Earnings
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