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Sep 30, 2025
Vipshop Q3 2025 Earnings Report
Vipshop reported solid Q3 2025 results with revenue growth and improved profitability.
Key Takeaways
Vipshop posted revenue of $3.0B and net income of $171.5M in Q3 2025, showing growth in both top and bottom lines driven by increased customer activity and operational efficiency.
Total revenue reached $3.0B, up from $2.91B in Q3 2024.
Net income rose to $171.5M, a 16.8% increase year-over-year.
Adjusted EPS was $0.42, showing strong profitability.
Active customers increased to 40.1 million, reflecting continued user engagement.
Revenue by Geographic Location
Forward Guidance
Vipshop expects Q4 2025 revenue to range between RMB33.2B and RMB34.9B, indicating potential growth of up to 5% YoY.
Positive Outlook
- Positive momentum in Super VIP membership growth.
- Broad strength across core merchandise categories.
- Technology and AI contributing to efficiency.
- Strong operational realignment boosting growth.
- Management remains confident in long-term growth trajectory.
Challenges Ahead
- Q4 revenue guidance implies flat to modest growth.
- Gross margin declined YoY to 23%.
- Operating margin dropped to 5.9%.
- Marketing and fulfillment expenses slightly increased.
- Revenue growth decelerated compared to prior quarters.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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