Vipshop Holdings Ltd-ADR · Q3 2025 earnings

Briefing

Vipshop regained growth with Q3 revenue up 3.4% and net income rising 16.8%

Vipshop Holdings reported third quarter 2025 total net revenues of RMB21.4 billion, up 3.4% year over year, as GMV increased 7.5% to RMB43.1 billion. Net income attributable to shareholders rose 16.8% to RMB1.2 billion while non-GAAP net income grew 14.6% to RMB1.5 billion. Active customers increased 1.3% to 40.1 million and total orders rose 1.5% to 166.4 million. Gross margin was 23.0% versus 24.0% a year ago, and operating margin was 5.9%. The company generated RMB1.7 billion in operating cash flow during the quarter and held RMB25.1 billion in cash and restricted cash plus RMB5.9 billion in short-term investments.

• Q3 net revenues grew 3.4% to RMB21.4 billion; GMV increased 7.5% to RMB43.1 billion.
• Net income attributable to shareholders rose 16.8% to RMB1.2 billion; non-GAAP net income up 14.6% to RMB1.5 billion.
• Active customers reached 40.1 million (+1.3%) with 166.4 million orders (+1.5%).
• Diluted EPS was RMB12.10 per ordinary share (RMB2.42 per ADS); non-GAAP diluted EPS was RMB14.90 per share.
• Q4 revenue guidance of RMB33.2–34.9 billion implies 0–5% YoY growth; company repurchased US$24.6 million of ADSs in Q3.

Headline financials

Revenue & EPS history

For Q4 2025, Vipshop expects total net revenues between RMB33.2 billion and RMB34.9 billion, representing approximately 0% to 5% year-over-year growth.