Performance Report | Vipshop Releases Q2 Financial Report: Net Revenue Reaches 25.8 Billion Yuan, Number of Active SVIP Users Increases by 15% Year-on-Year

Before the U.S. stock market opened on August 14th, Vipshop released its financial report for the second quarter of 2025. In the second quarter, Vipshop achieved a net revenue of 25.8 billion yuan (RMB, the same below), and its Non-GAAP net profit reached 2.1 billion yuan.

In terms of core operating data, the GMV (Gross Merchandise Volume) in the second quarter was 51.4 billion yuan, a year-on-year increase of 1.7%; the number of active users was 43.5 million. Among them, the number of active Super VIP (SVIP) users increased by 15% year-on-year, contributing 52% of the total online sales, indicating its continuous growth in the high-value user group and user stickiness.

At the business level, thanks to the continuous introduction of high-value brands, the optimization of the product portfolio strategy, and the keeping up with trendy hotspots, in the second quarter, Vipshop's performance in wearable products achieved steady growth. Among them, the overall performance of the Super Brand Day and Super Category Day columns increased by 17% year-on-year. Meanwhile, thanks to Vipshop's differentiated product strategy through in-depth cooperation with brands, the platform's advantages in quality and price competitiveness continue to be evident, driving a significant increase in the overall performance of "Vip Exclusive" products.

In terms of artificial intelligence application innovation, Vipshop relies on its self-developed large model "Zhaoche" to continuously promote the in-depth application of artificial intelligence in core business scenarios, helping to improve the platform's operating efficiency and user experience. In the second quarter, artificial intelligence achieved quantifiable results in product guidance, customer service, creative marketing, and other aspects.

In terms of shareholder returns, in the first half of 2025, Vipshop returned more than $600 million to shareholders through stock buybacks and dividends.

Shen Ya, Chairman and CEO of Vipshop, said, "To more effectively convey the value of brand off-price sales to users, our team is promoting internal reforms. On the one hand, we are strengthening the ability of the buyer system to source good products. On the other hand, we are enhancing the uniqueness, flexibility, and operating efficiency of the business model to drive long-term sustainable growth of the business."

Looking ahead to the third quarter, Vipshop expects its net revenue to be between 20.7 billion yuan and 21.7 billion yuan, a year-on-year increase of about 0% to 5%.

Wang Yuhua, CFO of Vipshop, further said, "Looking to the future, we will continue to focus on implementing strategic priorities and return to the track of sustainable growth."

A research report from China Merchants Securities pointed out that Vipshop's performance during the 618 promotion was stable, and its long-term brand and consumer value remained solid. Judging from the performance during the promotion, the platform showed relatively significant seasonal consumption characteristics. Summer items such as sun-protective clothing and cool-touch T-shirts continued to sell well. In addition, the demand for 3C digital products with national subsidies also continued to heat up, and the overall performance was stable. In the long run, Vipshop's solid perception of genuine off-price sales and supply chain capabilities support the platform's value to remain stable.

CICC Securities believes that Vipshop's current valuation is lower than the reasonable level and has room for an upward movement. Therefore, it maintains an "Outperform" rating for the company, with a target price of $17.6.