Vipshop Holdings Limited announced its unaudited financial results for the second quarter ended June 30, 2025, indicating a stabilization in its business trajectory. Total net revenues for the quarter were RMB25.8 billion (US$3.6 billion), compared with RMB26.9 billion in the prior year period.
Crucially, total Gross Merchandise Value (GMV) returned to growth during the quarter, driven by solid performance in apparel categories. Non-GAAP net income per diluted ADS increased to RMB4.06 (US$0.57), up from RMB3.91 (US$0.54) year-over-year.
The company's Super VIP (SVIP) loyalty program continued its strong momentum, with active SVIP customers increasing by 15% year-over-year. These high-value customers contributed a substantial 52% of Vipshop's online spending in the quarter.
Vipshop maintained healthy profitability, with a gross margin of 23.5%. The company generated positive free cash flow of RMB801.8 million (US$111.9 million) for the quarter, demonstrating consistent financial discipline.
In the first half of 2025, Vipshop distributed a total of US$614.1 million through dividends and share buybacks, underscoring its commitment to shareholder returns. The company repurchased US$349.8 million of its ADSs during the second quarter, with US$646.0 million remaining under its current program.
For the third quarter of 2025, Vipshop expects total net revenues to be between RMB20.7 billion and RMB21.7 billion. This guidance represents a year-over-year increase of approximately 0% to 5%, signaling a positive shift in revenue outlook.
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