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Vipshop (VIPS) investor relations material
Vipshop Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary20 Nov, 2025
Executive summary
Achieved 3.4% year-over-year growth in total net revenues, with Super VIP membership up 11% and contributing 51% of online spending, and active customers rising 1.3% to 40.1 million.
Net income attributable to shareholders increased 16.8% year-over-year to RMB 1.2 billion, with non-GAAP net income up 14.6% to RMB 1.5 billion.
Accelerated momentum in apparel-related categories, supported by a merchandising strategy focused on high-value brands and trending categories.
Technology and AI investments are driving improvements in customer experience, marketing efficiency, and operational performance.
Organizational realignment and leadership refresh aimed at enhancing agility, efficiency, and cross-team collaboration.
Leading online discount retailer in China, specializing in branded products at exceptional value, with a strong focus on operational excellence and customer loyalty.
ESG commitments include carbon neutrality by 2030, female empowerment, and high governance standards, with an MSCI ESG rating of AA.
Financial highlights
Total net revenues reached RMB 112.9 billion in 2024, up 3.4% year-over-year; Q3 2025 net revenues were RMB 21.4 billion.
Gross profit was RMB 4.9 billion in Q3 2025, with a gross margin of 23.0% (down from 24.0% year-over-year); 2024 gross margin was 23.5%.
Net income attributable to shareholders rose 16.8% year-over-year to RMB 1.2 billion in Q3 2025; non-GAAP net income was RMB 1.5 billion.
Non-GAAP net income for 2024 was RMB 9,033 million, with a net margin of 8.3%.
Cash and cash equivalents plus restricted cash stood at RMB 25.1 billion as of September 30, 2025; short-term investments were RMB 5.9 billion.
Outlook and guidance
Q4 2025 net revenues expected between RMB 33.2 billion and RMB 34.9 billion, representing 0%-5% year-over-year growth.
Management remains confident in long-term sustainable and profitable growth, with continued focus on customer and revenue expansion.
Plans to solidify market leadership by enhancing merchandising, growing the customer base, expanding offline presence, and driving sustainable growth.
Elaborate on 'Made for Vipshop' scaling strategy
Quantify AI's impact on conversion and efficiency
How do org changes impact long-term profitability?
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Q4 202520 Feb, 2026
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Frequently asked questions
Vipshop Holdings Limited, operates as an online discount retailer for various brands in the People's Republic of China. The company offers a range of branded products, including women's apparel, such as casual wear, jeans, dresses, outerwear, swimsuits, lingerie, pajamas and robes; men's apparel consisting of casual and smart-casual T-shirts, polo shirts and vest tops; women and men shoes; and accessories that include belts, fashionable jewelry and watches for women and men. Vipshop Holdings Limited was founded in 2008 and is headquartered in Guangzhou, China.
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