Below is Dolphin Research's Trans of the FY26 Q1 earnings call for $Vipshops(VIPS.US).

Domestic lean, curated e-com platform -- $Vipshops(VIPS.US) -- released its Q1 2026 results on the evening of May 21. Overall, the print was solid, modestly beating a low bar, with GMV and GPM ahead of expectations.

$Vipshops(VIPS.US) released its Q4 2025 results on the evening of Feb 26. Despite earlier lowering guidance, the print still came in weaker: revenue slipped back into negative growth, while expense discipline kept profit growing.

The following are the 3Q25 earnings call minutes for $Vipshops(VIPS.US) organized by Dolphin Research. For the earnings report commentary, please see "Vipshop: After Finally Bottoming Out and Warming Up, Are There More Highlights?" 1. Review of Core Financial Information 1. Net revenue for the third quarter of 2025 increased by 3.4% year-on-year to RMB 21.4 billion (compared to RMB 20.7 billion in the same period last year). Net revenue growth exceeded expectations, and profitability improved steadily, reflecting the company's balance between growth investment and value creation. 2. This quarter's gross profit was RMB 4.9 billion (compared to RMB 5 billion in the same period last year)...

$Vipshops(VIPS.US) released its Q3 2025 financial report on the evening of November 20th. As per the company's guidance, this quarter's performance showed a recovery as expected, with revenue growth finally turning positive (partly due to the low base from last year). However, due to a decline in gross margin and an increase in expenses, the profit performance was not satisfactory. Specifically: 1. Core operating metrics -- Vipshop's GMV growth rate accelerated significantly to 7% this quarter, slightly exceeding market expectations. Among them, the order volume growth rate stopped declining and turned positive to 1.5%, which is the main source of marginal improvement...

The following are the minutes of the FY25 Q2 earnings call for $Vipshops(VIPS.US) organized by Dolphin Research. For an interpretation of the earnings report, please refer to "Vipshop: Small and Beautiful Climbing Out of the Trough, Watching the Giants' 'Life and Death Battle'." 1. Review of Core Financial Information 1. Business Performance and Future Outlook GMV and Users: Total GMV resumed growth (with strong performance in the apparel category), and the number of active users rebounded; Super VIP (SVIP) members grew by 15% year-on-year, contributing 52% of online consumption. Product Strategy: Focus on relevance, differentiation, and specialization...

On the evening of August 14th Beijing time, $Vipshops(VIPS.US) released its Q2 2025 financial report. In contrast to the previous quarter's performance trough, this quarter showed some recovery. The main highlight is the return to positive growth in GMV this quarter, and the guidance indicates that revenue growth will also return to positive in the next quarter. The main drawback is the significant increase in stock-based compensation, leading to a decline in GAAP operating profit margin and profits falling short of expectations. Specifically: 1. In terms of overall performance, Vipshop's total revenue for this quarter saw a year-on-year decline of 4%, still at the lower end of the guidance range (-5%~0%), showing initial signs of improvement (the decline narrowed by 1 percentage point quarter-on-quarter)...

Below is the earnings call $Vipshops(VIPS.US) FY25 Q1 Minutes. For the earnings interpretation, please refer to "Vipshop: Falling to the Bottom Again, Is There Still a Buyback to Support This Time?" 1. Review of Key Earnings Information 1. Shareholder Return Plan: 2025 Commitment: Return no less than 75% of 2024 non-GAAP net profit (9 billion yuan). 2025 Returns to Date: Over $400 million returned to shareholders, including approximately $250 million in annual dividends and over $150 million in share repurchases. As of March 31, 2025...

On May 20, Beijing time, before the U.S. stock market opened, $Vipshops(VIPS.US) released its Q1 2025 earnings report. Overall, it was as bad as expected, with both revenue and profit declining year-over-year, and active users continuing to decline. However, the market had already anticipated this, with most metrics roughly in line with expectations. Specifically: 1. In terms of overall performance, Vipshop's total revenue for the quarter declined by 5% year-over-year, at the lower end of the previous range (-5%~0%). However, the market had fully anticipated this, with the Bloomberg sell-side consensus median at a 4.7% decline. It was not an unexpected 'bomb.' 2. In terms of core operating metrics...

The following is the minutes of the conference call for the Q4 2024 financial report of $Vipshops(VIPS.US). For the interpretation of the financial report, please refer to "Vipshop: Even with fluctuating performance, shareholder returns come to the rescue." 1. Core information review of the financial report: 1. Capital allocation: In 2024, the company returned approximately $770 million to shareholders through annual dividends and buybacks. For 2025, the company will continue to communicate consistently, returning 75% of the full-year non-GAAP net profit attributable to Vipshop shareholders in the form of annual dividends and buybacks. This further reinforces the company's commitment to creating long-term shareholder value...