Performance Report | Vipshop Releases Q1 Financial Report: Net Revenue Reaches 26.3 Billion Yuan, with SVIP Active Users Contributing Over 50% of Online Sales

On May 20th, Vipshop released its financial report for the first quarter of 2025. In this quarter, Vipshop achieved a net revenue of 26.3 billion yuan (RMB, the same below), and its Non-GAAP net profit reached 2.3 billion yuan.

In terms of core operating data, the GMV (Gross Merchandise Volume) in the first quarter was 52.4 billion yuan, and the number of active users reached 41.3 million. Among them, the number of active Super VIP (SVIP) users increased by 18% year-on-year, contributing 51% of the total online sales, highlighting the core support of high-value customer groups for the performance.

At the business level, Vipshop's performance of wearable products achieved positive growth in the first quarter. Through the "Vip Exclusive" cooperation model, the platform jointly created differentiated products with many well-known brands, effectively improving user retention and repurchase rates. As of the end of March this year, 285 brands had launched "Vip Exclusive" cooperation with the platform.

In terms of the innovative application of artificial intelligence, Vipshop's self-developed large model "Zhaoche" has been fully applied to the intelligent generation of product introduction materials on the platform, enhancing the user shopping experience. In the first quarter, by building an AI creative marketing platform, an AI intelligent agent platform, and a product data governance system, Vipshop further deepened the application of the "Zhaoche" large model, continuously empowering brand partners and improving the platform's operating efficiency.

Shen Ya, Chairman and CEO of Vipshop, said, "To cope with the rapid changes in the market, we recently launched an organizational reform to better focus on the strategy of high-quality products through the buyer system. Next, we will continue to increase the supply of high-value brand products, accelerate technological and service innovation, and create perceptible differentiated value for more users."

Looking forward to the second quarter, Vipshop expects its net revenue to be between 25.5 billion yuan and 26.9 billion yuan.

Wang Yuhua, CFO of Vipshop, further said, "We achieved stable profitability in the first quarter and continuously optimized resource allocation to maximize growth opportunities. Looking ahead, we will continue to focus on implementing strategic priorities and return to the growth track. We are committed to creating value for shareholders through a continuous stock repurchase plan."

A research report from Huatai Securities pointed out that it may still take some time for Vipshop's fundamentals to stabilize and improve. However, in a more rational industry competition environment, Vipshop may be more flexible in investing in user growth and revenue growth restoration. It is expected that driven by multiple factors such as the healthy growth of the SVIP number, the restoration of new user growth rate, and the improvement of user stickiness, Vipshop will gradually achieve a return to positive revenue growth in the second half of 2025.

Recently, analysts at Barclays Bank maintained their "Buy" rating on Vipshop and kept the target price at $20.