Vipshop Q2 Earnings: Revenue $3.32B, Active Customers 43.5M, Total Orders 193M.

Vipshop reported Q2 EPS of $2.83 and revenue of $3.32B. The number of active customers was 43.5M, down from 44.3M in the prior year period. Total orders for the quarter were 193M, compared to 197.8M in the prior year period. Chairman and CEO Eric Shen stated that the company's business trajectory has stabilized and that total GMV has returned to growth, driven by solid performance in apparel categories and double-digit growth in Super VIP members.

Vipshop Holdings Limited (VIPS), the leading online discount retailer in China, reported its Q2 2025 financial results on August 14th. The company's earnings per share (EPS) came in at $2.83, while revenue totaled $3.32 billion. The number of active customers decreased to 43.5 million from 44.3 million in the prior year period, and total orders dropped to 193 million from 197.8 million [2].

Despite these declines, Vipshop maintained a gross margin of 23.5% and a non-GAAP operating margin of 9.3%, indicating stable profitability [2]. The company's total net revenues reached RMB25.8 billion (US$3.6 billion), a 4.1% year-over-year decrease [2]. However, gross merchandise volume (GMV) increased by 1.7% to RMB51.4 billion, driven by strong performance in apparel categories and double-digit growth in Super VIP members [3].

Chairman and CEO Eric Shen stated that the company's business trajectory has stabilized, and GMV has returned to growth. He attributed this to solid performance in apparel categories and the success of the Super VIP program [3]. The company expects Q3 2025 revenues to be between RMB20.7 billion and RMB21.7 billion, representing a year-over-year increase of approximately 0% to 5% [4].

Vipshop's Q2 2025 results demonstrate a company in transition, with total revenue declining 4.1% year-over-year but showing early signs of stabilization. The company's focus on its discount retail for brands vision and organizational enhancements appears to be gaining traction, particularly in apparel categories [2].

Analysts remain bullish on the stock, with an average rating of "buy" and a median 12-month price target of $16.10 [3]. The stock is currently trading at 7 times the next 12-month earnings, up from a P/E of 6 three months ago.

References:
[1] https://seekingalpha.com/news/4484807-vipshop-q2-2025-earnings-preview
[2] https://www.stocktitan.net/news/VIPS/vipshop-reports-unaudited-second-quarter-2025-financial-rbewwuzqtapw.html
[3] https://www.tradingview.com/news/reuters.com,2025:newsml_PLX0E8363:0-chinese-online-discount-retailer-vipshop-s-q2-revenue-profit-decline/
[4] https://seekingalpha.com/news/4485162-vipshop-beats-top-line-and-bottom-line-estimates-initiates-q3-outlook