Andrew Cheng's questions to Vipshop Holdings Ltd (VIPS) leadership • Q2 2025
Question
Andrew Cheng from J.P. Morgan asked for clarification on the Q3 revenue guidance, questioning if the return to positive growth was due to a favorable comparison base or a sustainable trajectory. He also asked about the significant increase in share buybacks during Q2.
Answer
Jessie Zheng, Head of IR, attributed the positive Q3 guidance to successful organizational and merchandising adjustments that have spurred a recovery in active customers, particularly new ones, and stated there is no material base effect. CFO Mark Wang explained that the increased Q2 buyback was not for any special reason but is part of the company's ongoing commitment to return at least 75% of its 2024 non-GAAP net income to shareholders.