Vipshop's net revenue in Q2 reached 21.4 billion yuan, and the total returns to shareholders through dividends and share repurchases in the first half of the year amounted to nearly 400 million US dollars.
On August 25, before the US stock market opened, Vipshop released its financial report for the second quarter of 2026. During the reporting period, Vipshop achieved net revenue of 24.7 billion yuan; its Non-GAAP net profit reached 392 million yuan, which fluctuated significantly compared with 2.1 billion yuan in the same period last year, mainly due to the company's one-off withholding tax adjustment related to historical dividend distribution.
According to the financial report, Vipshop processed the withholding tax on historical dividends distributed from mainland China to Hong Kong, China in the second quarter of this year, with a total accrued withholding tax expense of about 1.56 billion yuan.
In response, Wang Yuhua, Chief Financial Officer of Vipshop, said, "This withholding tax adjustment is an adjustment to the historical dividends that have been remitted in previous years, and the relevant taxes and fees are expected to be paid in the third quarter. In the future, for the part of distributing domestic earnings as dividends overseas, the company will continue to accrue dividend withholding tax at the statutory tax rate. This matter does not affect the company's fundamentals, and the company's overall operation is stable."
Returning to the company's core business, Vipshop achieved a GMV of 50.6 billion yuan and 182 million orders in the second quarter. At the same time, the scale of Super VIP (SVIP) users on the platform has continued to grow steadily, and has now exceeded 10 million.
Specifically, in the second quarter of this year, Vipshop continued to provide SVIP users with more scarce and surprising products through activities or columns such as private exclusive flash sales and Super V trials, further enriching the member's product and price rights and interests, and improving the satisfaction of high-value users. Reflected in the sales data, the overall performance of Vipshop's Super Brand Day and Super Category Day columns in the second quarter maintained a double-digit year-on-year growth rate, and active SVIP users continued to contribute more than 50% of the platform's online sales.
The research report of China Merchants Securities believes that on the user side, a stable core SVIP customer group is obtained based on high-cost-effective genuine brand products and high-quality services such as free return and exchange, and the steady growth of the number of core users and GMV contribution ratio supports Vipshop's long-term sustainable development.
Looking at the whole first half of the year, Vipshop launched a new activity IP "Vipshop Hot Spots" around user experience, driving the performance growth of trend categories such as sports and gift-giving products through scenario-based operation. At the same time, the "Limited-time Flash Sale" column continues to introduce high-quality, well-reputed deep-discount products, driving the simultaneous growth of column performance and user return rate.
In terms of technological innovation, AI empowerment continues to penetrate the whole process of Vipshop's business. For example, on the user experience side, Vipshop has previously launched AI services such as virtual fitting and intelligent customer service; on the management and operation side, Vipshop is upgrading AI from an individual tool to an intelligent platform covering the main business systems, and this measure has already shown results in the optimization of supply chain and daily operation processes.
The continuous optimization of product structure, member services and user experience drives the increase of platform transaction volume, and the operating quality reflected by the latter is finally reflected in shareholder returns — in the first half of this year, Vipshop has rewarded shareholders with a total of nearly 400 million US dollars through stock dividends and repurchases.
A research report released by China Merchants Securities shows that in 2026, Vipshop is expected to continue to distribute no less than 75% of its 2025 Non-GAAP attributable net profit as shareholder returns through annual dividends and stock repurchases. The company continued to carry out repurchases in the second quarter, demonstrating its confidence in long-term operation and the management's emphasis on shareholder rights and interests.
At present, with the release of the second quarterly report, Vipshop's board of directors has approved a new stock repurchase plan, allowing the company to repurchase no more than 1 billion US dollars of American Depositary Shares or Class A common shares within 24 months after the completion of the existing stock repurchase plan.
Looking ahead, the research report of Huatai Securities believes that Vipshop has consolidated its consumer mindshare and wallet share among core user groups through measures such as optimizing the service experience for SVIP users and differentiating supply, and the continuously delivered generous shareholder return measures are expected to provide certain support for its valuation level. Therefore, the institution maintains a "Buy" rating for Vipshop.