Vipshop Holdings (VIPS) Company Report

Vipshop Holdings Limited reported total net revenues of RMB21.4 billion (US$3.0 billion) for the third quarter of 2025, an increase of 3.4% year over year.
Net income attributable to shareholders for Q3 2025 increased by 16.8% year over year to RMB1.2 billion (US$171.5 million).
The company repurchased US$24.6 million of its ADSs during the third quarter of 2025, with an unutilized amount of US$621.4 million remaining under its share repurchase program as of September 30, 2025.
For the fourth quarter of 2025, Vipshop expects total net revenues to be between RMB33.2 billion and RMB34.9 billion, representing a year-over-year increase of approximately 0% to 5%.

Nov 20, 2025, 1:27 PM

6-K

Vipshop Holdings Announces Q3 2025 Results and Q4 2025 Outlook

VIPS

Earnings

Guidance Update

Share Buyback

Vipshop Holdings reported Q3 2025 total net revenues of RMB 21.4 billion, an increase of 3.4% year-over-year.
Net income attributable to shareholders for Q3 2025 grew by 16.8% year-over-year to RMB 1.2 billion, with non-GAAP net income per diluted ADS reaching RMB 2.98.
For Q4 2025, the company forecasts total net revenues to be between RMB 33.2 billion and RMB 34.9 billion, representing a year-over-year increase of approximately 0% to 5%.
The company is committed to returning no less than 75% of its RMB 9 billion full-year 2024 non-GAAP net income to shareholders in 2025, having already returned over $730 million through dividends and share buybacks.

Nov 20, 2025, 12:00 PM

Transcript

Vipshop Holdings Limited Announces Q3 2025 Results

VIPS

Earnings

Dividends

Share Buyback

For Q3 2025, Vipshop Holdings Limited reported Total Net Revenues of RMB 21,371 million.
Non-GAAP Net Income attributable to shareholders for Q3 2025 was RMB 1,501 million, representing a 7.0% net margin.
The company has maintained an AA MSCI ESG Rating as of November 2024, positioning it as a leader among over 300 companies in the consumer discretionary industry.
Vipshop demonstrated consistent shareholder returns, with US$769.4 million in total shareholder returns in FY2024, comprising US$233.3 million in dividends and US$536.1 million in share repurchases.
The company has achieved 52 consecutive quarters of profitability since Q4 2012.

Nov 20, 2025, 12:00 PM

Presentation

Vipshop Holdings Reports Q3 2025 Results and Q4 2025 Revenue Guidance

VIPS

Earnings

Guidance Update

Share Buyback

Vipshop Holdings reported Q3 2025 total net revenues of RMB 21.4 billion, a 3.4% year-over-year increase, and Non-GAAP net income attributable to shareholders of RMB 1.5 billion, up 14.6% year-over-year.
For Q4 2025, the company expects total net revenues to be between RMB 33.2 billion and RMB 34.9 billion, representing a year-over-year increase of 0%-5%.
The company is committed to returning no less than 75% of its RMB 9 billion full-year 2024 Non-GAAP net income to shareholders in 2025, having already returned over $730 million through dividends and share buybacks this year.
Strategic initiatives include regaining year-over-year growth in total active customers, an 11% year-over-year increase in Super VIP members contributing 51% of online spending, and accelerating AI application across various business areas.

Nov 20, 2025, 12:00 PM

Transcript

Vipshop Holdings Reports Q3 2025 Results with Revenue and Non-GAAP Net Income Growth

VIPS

Earnings

Guidance Update

Share Buyback

Vipshop Holdings reported Q3 2025 total net revenues of RMB 21.4 billion, an increase of 3.4% year-over-year, and non-GAAP net income attributable to shareholders of RMB 1.5 billion, up 14.6% year-over-year.
The company saw active customers regain year-over-year growth, with Super VIP (SVIP) active customers growing by 11% year-over-year and contributing 51% of online spending.
For Q4 2025, Vipshop expects total net revenues to be between RMB 33.2 billion and RMB 34.9 billion, representing a year-over-year increase of approximately 0% to 5%.
The company reaffirmed its commitment to return no less than 75% of the RMB 9 billion full-year 2024 non-GAAP net income to shareholders in 2025, having already returned over $730 million through dividends and share buybacks.
Vipshop is accelerating AI application across its business to enhance key areas such as search and recommendations, customer service, external marketing, and business analytics, which has contributed to increased conversions and customer acquisition efficiency.

Nov 20, 2025, 12:00 PM

Transcript

Vipshop Holdings Reports Third Quarter 2025 Financial Results

VIPS

Earnings

Guidance Update

Share Buyback

Vipshop Holdings Limited reported total net revenues of RMB21.4 billion (US$3.0 billion) for the third quarter of 2025, an increase of 3.4% year-over-year, with net income attributable to shareholders rising 16.8% to RMB1.2 billion (US$171.5 million).
Gross Merchandise Value (GMV) for Q3 2025 increased by 7.5% year-over-year to RMB43.1 billion, and the number of active customers grew by 1.3% to 40.1 million.
The company repurchased US$24.6 million of its ADSs during the third quarter of 2025, with US$621.4 million remaining under its current share repurchase program.
For the fourth quarter of 2025, Vipshop expects total net revenues to be between RMB33.2 billion and RMB34.9 billion, representing a year-over-year increase of approximately 0% to 5%.

Nov 20, 2025, 10:00 AM

Press Release

Vipshop Holdings Limited Presents Q3 2025 Financial Results and Strategic Outlook

VIPS

Earnings

New Projects/Investments

Revenue Acceleration/Inflection

Vipshop Holdings Limited reported RMB 21,371 million in total net revenues and RMB 1,501 million in non-GAAP net income attributable to shareholders for 3Q25. The company has achieved 52 consecutive quarters of profitability since 4Q2012.
The company operates in China's online discount retail market, which is characterized by high demand and great growth potential. Its strategic focus includes enhancing merchandising capabilities, growing its customer base, and progressively expanding its physical footprint.
As of 3Q25, Vipshop had 40.1 million active customers. The company maintains a strong cash position with RMB 27,722 million in cash and cash equivalents, restricted cash, and short-term investments.
Vipshop's MSCI ESG Rating was maintained at "AA" as of November 2024, positioning it as a leader among over 300 companies in the consumer discretionary industry.

Nov 19, 2025, 11:00 PM

Presentation

Vipshop Holdings Ltd Q1 2025 Earnings Results & Q2 Guidance Update

VIPS

Earnings

Guidance Update

Share Buyback

Q1 2025 total net revenue reached RMB26.3 billion (US$3.6 billion), down from RMB27.6 billion YoY and reflecting a 5.0% decline amid challenging macro conditions .
Q1 2025 non-GAAP net income was RMB2.3 billion (margin 8.8%), with operating income of RMB2.3 billion and net income attributable to shareholders of RMB1.9 billion .
For Q2 2025, guidance forecasts total net revenues between RMB25.5 billion and RMB26.9 billion, driven by initiatives to boost operational efficiency and customer engagement .
Key operational metrics included a gross margin of 23.2%, operating margin of 8.7%, and gross profit of RMB6.1 billion, although active customers declined to 41.3 million and total orders fell to 167.2 million .
Management highlighted double-digit SVIP membership growth and committed to returning no less than 75% of 2024 non-GAAP net income via dividends and share repurchases, with over USD400 million returned year-to-date and an ongoing share repurchase program .
The firm maintained a strong cash position and enhanced merchandising capabilities, underpinning continued investments in operational excellence and growth .

May 20, 2025, 11:30 AM

Transcript Presentation Press Release 6-K

Vipshop Holdings Limited Reports Q4 and Full Year 2024 Results, Provides Q1 2025 Guidance

VIPS

Earnings

Guidance Update

Share Buyback

Vipshop Holdings Limited reported Q4 2024 total net revenues of RMB 33.2 billion and full-year 2024 total net revenues of RMB 100.8 billion.
For the full year 2024, the company achieved an eight-year high gross margin of 23.5% and non-GAAP net profit attributable to Vipshop shareholders of over RMB 9 billion.
The company provided Q1 2025 total net revenue guidance of between RMB 26.3 billion and RMB 27.6 billion, representing a year-over-year decrease of approximately 5% to 0%.
Vipshop committed to returning no less than 75% of its full-year 2024 non-GAAP net income attributable to Vipshop shareholders to shareholders in 2025 through annual dividends and buybacks.
Apparel categories saw positive growth in Q4 2024 and comprised 75% of total GMV for the full year, while active Super VIP members increased by 50% year-over-year in Q4 2024.