Vipshop Holdings Limited released its unaudited financial results for the first quarter ended March 31, 2025, reporting total net revenues of RMB26.3 billion (US$3.6 billion). This marks a decrease from RMB27.6 billion in the prior year period.
The company's gross profit for the quarter was RMB6.1 billion (US$838.2 million), down from RMB6.5 billion, with the gross margin at 23.2% compared to 23.7% previously. Non-GAAP net income per diluted ADS was RMB4.43 (US$0.61), a decline from RMB4.66 (US$0.64) in the prior year.
Operational metrics also showed a contraction, with active customers decreasing to 41.3 million from 43.1 million, and total orders falling to 167.2 million from 178.5 million. The company reported a free cash outflow of RMB1.8 billion (US$246.0 million) for the quarter.
Despite the overall declines, Gross Merchandise Value (GMV) of RMB52.38 billion (US$7.26 billion) was better than expected. Vipshop continued its share repurchase program, utilizing US$16.9 million of its ADSs during the quarter, and an additional US$4.3 million under its current US$1.0 billion program.
For the second quarter of 2025, Vipshop anticipates total net revenues to be between RMB25.5 billion and RMB26.9 billion. This guidance represents a year-over-year decrease of approximately 5% to 0%, with the midpoint of RMB26.2 billion falling below analyst consensus estimates.
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