---
title: "Vipshop: Solid gross margins and strong cash flow offset revenue decline and one-time tax impact"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/296912356.md"
description: "Net revenues declined 2.3% year-over-year in 2025, but gross margin remained strong at 23.1%. Offline channels grew rapidly, contributing 11% to GMV, while a one-time tax adjustment impacted 2Q26 net income. Shareholder returns remained robust through dividends and buybacks.Original document: Vipshop Slides Release — Aug. 25 2026DisclaimerThis is an AI-generated summary and may contain inaccuracies. Please verify any important information with the original source."
datetime: "2026-08-25T12:06:18.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/296912356.md)
  - [en](https://longbridge.com/en/news/296912356.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/296912356.md)
generator: "portal-rs"
---

# Vipshop: Solid gross margins and strong cash flow offset revenue decline and one-time tax impact

Net revenues declined 2.3% year-over-year in 2025, but gross margin remained strong at 23.1%. Offline channels grew rapidly, contributing 11% to GMV, while a one-time tax adjustment impacted 2Q26 net income. Shareholder returns remained robust through dividends and buybacks.

Original document: Vipshop Slides Release — Aug. 25 2026

**Disclaimer**

This is an AI-generated summary and may contain inaccuracies. Please verify any important information with the original source.

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> **Disclaimer: This article is for reference only and does not constitute any investment advice.**