Vipshop Q2 rev. down 4.4% YoY to $3.6 bln, GMV up 1.7% YoY.

• Vipshop Q2 2025 total net revenues: RMB25.8 billion ($3.6 billion) • GMV increased 1.7% YoY to RMB51.4 billion • Gross profit: RMB6.1 billion ($845.2 million) • Net income: RMB1.5 billion ($208 million) • Non-GAAP net income: RMB1.9 billion ($265.6 million)

Vipshop Holdings Limited (NYSE: VIPS), a leading online discount retailer for brands in China, announced its unaudited financial results for the second quarter of 2025. The company reported total net revenues of RMB25.8 billion (US$3.6 billion), a decrease of 4.5% year-over-year (YoY) from RMB26.9 billion in the prior year period.

Key highlights from the quarterly results include:

- GMV (Gross Merchandise Volume): GMV increased by 1.7% YoY to RMB51.4 billion from RMB50.6 billion in the prior year period.
- Gross Profit: Gross profit for the second quarter of 2025 was RMB6.1 billion (US$845.2 million), down from RMB6.3 billion in the prior year period.
- Net Income: Net income attributable to Vipshop's shareholders for the second quarter of 2025 was RMB1.5 billion (US$208.0 million), compared to RMB1.9 billion in the prior year period.
- Non-GAAP Net Income: Non-GAAP net income for the second quarter of 2025 was RMB2.1 billion (US$290.0 million), a decrease of 4.5% from RMB2.2 billion in the prior year period.

The company's active customer base decreased slightly to 43.5 million from 44.3 million in the prior year period. Total orders for the second quarter of 2025 were 193.0 million, down from 197.8 million in the prior year period.

Operating expenses for the second quarter of 2025 increased by 6.3% YoY to RMB4.6 billion (US$637.0 million) from RMB4.3 billion in the prior year period. Gross margin for the second quarter of 2025 was 23.5%, down from 23.6% in the prior year period.

Mr. Eric Shen, Chairman and Chief Executive Officer of Vipshop, commented, "Our business trajectory showed stabilization as we acted swiftly to revive customer activity and sales momentum. Total GMV has returned to growth, driven by solid performance in apparel categories and double-digit growth in Super VIP members."

Mr. Mark Wang, Chief Financial Officer of Vipshop, added, "We delivered another quarter of healthy profitability, demonstrating our consistent financial discipline in prioritizing growth initiatives and optimizing resource allocation."

For the third quarter of 2025, Vipshop expects its total net revenues to be between RMB20.7 billion and RMB21.7 billion, representing a YoY increase of approximately 0% to 5%. The company will hold a conference call on August 14, 2025, at 7:30 am U.S. Eastern Time to discuss the financial results.

References:
[1] https://finance.yahoo.com/news/vipshop-reports-unaudited-second-quarter-090000494.html