NYSE$VIPS
Vipshop Holdings Ltd-ADR · Q1 2025 earnings
Q1 2025 earnings · · Before market open · Investor relations
Briefing
Vipshop Q1 2025: net revenue RMB26.3B, non-GAAP EPS RMB4.43 per ADS
Vipshop Holdings reported first-quarter 2025 results for the period ended March 31, 2025. Total net revenues were RMB26.3 billion (US$3.6 billion), compared with RMB27.6 billion in the prior-year period. Gross profit was RMB6.1 billion with a gross margin of 23.2%, down from 23.7%. Income from operations was RMB2.3 billion (8.7% margin) and non-GAAP income from operations was RMB2.6 billion (10.0% margin). Net income attributable to shareholders was RMB1.9 billion, or RMB3.72 per diluted ADS (US$0.51), compared with RMB2.3 billion a year ago. Non-GAAP net income attributable to shareholders was RMB2.3 billion, or RMB4.43 per diluted ADS (US$0.61). GMV was RMB52.38 billion and active customers totaled 41.3 million.
- Total net revenues RMB26.3B (-5% y/y); GMV RMB52.38B roughly flat at RMB52.44B prior year
- Gross profit RMB6.1B; gross margin 23.2% vs 23.7%; operating income RMB2.3B (8.7% margin)
- Net income attributable to shareholders RMB1.9B; non-GAAP net income RMB2.3B (RMB4.43 adj. EPS/ADS)
- Active customers 41.3M vs 43.1M; total orders 167.2M; Super VIP customers grew double digits
- Q2 2025 revenue guidance RMB25.5–26.9B (-5% to 0% y/y); committed to returning ≥75% of FY2024 non-GAAP net income
Headline financials
Revenue & EPS history
Vipshop · Revenue · Quarterly
¥26.3B
Revenue by segment
Vipshop · ¥26.3B total across 2 segments · Q1 2025
- Product Revenues¥24.3B—92.5%
- Other Revenues¥1.98B—7.5%
Forward guidance
Q2 2025 total net revenues expected between RMB25.5B and RMB26.9B, representing approximately -5% to 0% y/y. Company expects to regain growth trajectory in second half 2025.
Tailwinds
- Super VIP customer base growing double digits on expanded off-price brand supply
- Sales momentum improving from March through April
- Shareholder return program: returned $400M+ YTD including dividends and buybacks
Headwinds
- Revenue declined 5% y/y in Q1 on lower active customers and orders
- Operating margin compressed to 8.7% from 10.0%
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q1 2025
-0.8%
Avg return
Earnings day
-0.7%
Avg return
5 days after
+0.4%
Avg return
30 days after
46%
26 / 57 earnings
Positive
+28.9%
Q4 2013
Best reaction
-24.5%
Q2 2020
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +2.0% | +3.6% | -6.1% | |
| Q4 2025 | +2.1% | -2.4% | -7.5% | |
| Q3 2025 | -7.0% | -0.9% | -1.6% | |
| Q2 2025 | +5.9% | +1.5% | +11.2% | |
| Q1 2025 | -7.1% | -7.2% | -4.8% | |
| Q4 2024 | +1.4% | +9.2% | +12.1% | |
| Q3 2024 | -2.4% | -4.6% | -3.8% | |
| Q1 2024 | -3.3% | -3.1% | -13.1% | |
| Q4 2023 | +11.0% | +3.5% | -4.6% | |
| Q3 2023 | +10.3% | +8.5% | +15.6% | |
| Q2 2023 | -2.6% | -1.4% | -9.5% | |
| Q1 2023 | +0.6% | +1.3% | +14.4% | |
| Q4 2022 | -0.2% | +9.7% | +10.8% | |
| Q3 2022 | +9.1% | +8.5% | +52.1% | |
| Q2 2022 | +12.1% | +9.0% | -2.2% | |
| Q1 2022 | +3.0% | -6.9% | +25.9% | |
| Q4 2021 | -9.7% | -11.9% | -5.5% | |
| Q3 2021 | -17.9% | -21.1% | -32.1% | |
| Q2 2021 | -10.3% | -4.4% | -12.3% | |
| Q1 2021 | -10.5% | -5.1% | -23.4% | |
| Q4 2020 | +3.2% | +8.1% | -13.7% | |
| Q3 2020 | +5.9% | +5.6% | +13.0% | |
| Q2 2020 | -24.5% | -28.1% | -30.4% | |
| Q1 2020 | -1.3% | +7.3% | +22.8% | |
| Q4 2019 | +25.8% | +28.2% | +7.5% | |
| Q3 2019 | +0.2% | +1.6% | +13.4% | |
| Q2 2019 | +9.6% | +26.8% | +47.3% | |
| Q1 2019 | -2.1% | -0.1% | +4.7% | |
| Q4 2018 | -9.4% | -2.0% | +0.0% | |
| Q3 2018 | +8.0% | +8.8% | +1.3% | |
| Q2 2018 | -17.4% | -21.8% | -33.8% | |
| Q1 2018 | -20.1% | -20.3% | -25.5% | |
| Q4 2017 | +14.0% | +18.0% | +18.1% | |
| Q3 2017 | -16.0% | -16.8% | +22.9% | |
| Q2 2017 | -8.7% | -17.0% | -10.2% | |
| Q1 2017 | -7.7% | -10.3% | -19.7% | |
| Q4 2016 | +7.2% | +7.2% | +13.2% | |
| Q3 2016 | -11.7% | -11.7% | -16.8% | |
| Q2 2016 | +3.5% | +3.0% | -13.1% | |
| Q1 2016 | -13.1% | — | — | |
| Q4 2015 | -8.6% | — | — | |
| Q3 2015 | +15.3% | — | — | |
| Q2 2015 | -13.3% | — | — | |
| Q1 2015 | -2.2% | — | — | |
| Q4 2014 | +15.2% | — | — | |
| Q3 2014 | -6.5% | — | — | |
| Q2 2014 | -1.0% | — | — | |
| Q1 2014 | +12.3% | — | — | |
| Q4 2013 | +28.9% | — | — | |
| Q3 2013 | +12.8% | — | — | |
| Q2 2013 | -12.8% | — | — | |
| Q1 2013 | +0.6% | — | — | |
| Q4 2010 | -5.0% | — | — | |
| Q4 2011 | -5.0% | — | — | |
| Q4 2012 | +4.3% | — | — | |
| Q3 2012 | -0.2% | — | — | |
| Q2 2012 | -10.6% | — | — | |
| Q3 2011 | — | — | — | |
| Q2 2011 | — | — | — | |
| Q1 2011 | — | — | — |
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