Vipshop's GMV in the second quarter of 2025 increased to 51.4 billion yuan, with the number of active SVIP users growing by 15% year-over-year.

Vipshop achieved net revenues of RMB 25.8 billion (approximately USD 3.7 billion) in the second quarter, with Non-GAAP net income of RMB 2.1 billion. Meanwhile, the gross merchandise volume (GMV) for the second quarter was RMB 51.4 billion, representing a 1.7% year-over-year increase. The number of active super VIP (SVIP) users grew by 15%, contributing 52% to online sales. In the first half of 2025, Vipshop returned over USD 600 million to shareholders through stock repurchases and dividends.

Shen Ya, Chairman and CEO of Vipshop, stated: 'To more effectively convey the value of brand sales to our users, our team is advancing internal reforms. On one hand, we are strengthening our buying capabilities for high-quality goods, and on the other, we are enhancing the uniqueness, flexibility, and operational efficiency of our business model to drive long-term sustainable growth.'

Thanks to the continuous introduction of high-value brands, optimization of commodity strategies, and close alignment with trend hotspots, the overall performance of Vipshop's Super Brand Day and Super Category Day segments in the second quarter grew by 17% year-over-year. By enhancing the surprise experience of 'Flash Sales' and 'Treasure Hunting,' the 'Limited-Time Flash Deals' and 'Everyday Low Prices' segments continue to attract user revisits and repeat purchases, significantly boosting their performance.

Buyers from around the world are bringing more surprising deals on high-end commodities, such as a significant increase in the variety of deeply discounted items from brands like Michael Kors. Additionally, Vipshop's differentiated commodity strategy through deep collaboration with brands has proven effective. In the second quarter, the overall performance of 'Vipshop Exclusive' commodities, which offer superior quality and highly competitive prices, saw significant growth. The contribution of 'Vipshop Exclusive' commodities from well-known brands such as NEXY.CO and Naikou continued to rise.

In terms of membership benefits, Vipshop introduced more luxury and international brands to its exclusive sale events in the second quarter, offering deeper discounts exclusively for SVIP users. For example, several Burberry bags sold out shortly after being listed. Meanwhile, Vipshop continues to enhance SVIP-exclusive benefits, adding 53 new high-frequency benefits across music, video, and lifestyle services, and upgrading multiple travel and accommodation benefits to Gold/Platinum levels, driving the continuous growth of high-value user numbers.

Leveraging the technical capabilities built on the 'Chaoche' large model, Vipshop continued to advance the deep application and innovation of artificial intelligence technology in core business scenarios during the second quarter. Quantifiable results were achieved in areas such as product guidance, customer service, and creative marketing, thereby enhancing the platform's operational efficiency and user experience.

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