---
title: "Vipshop (Minutes): Revenue growth is expected to be positive in both Q3 and Q4"
description: "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 &#34;Vipshop: Small and B"
type: "topic"
locale: "en"
url: "https://longbridge.com/en/topics/33011595.md"
published_at: "2025-08-15T08:53:30.000Z"
author: "[Dolphin Research](https://longbridge.com/en/news/dolphin.md)"
---

# Vipshop (Minutes): Revenue growth is expected to be positive in both Q3 and Q4

**Below is the summary of the**$Vipshops(VIPS.US) **FY25 Q2 earnings call minutes organized by Dolphin Research. For the earnings interpretation, please refer to the article "**[**Vipshop: Small and Beautiful Climbing Out of the Trough, Watching the Giants' 'Life and Death Battle'**](https://longportapp.cn/zh-CN/topics/33008100)**"**

**I. Review of Core Financial Information**

**1\. Business Performance and Future Outlook**

**GMV and Users**: Total GMV resumed growth (strong performance in the apparel category), active user numbers rebounded; Super VIP (SVIP) members grew by 15% year-on-year, contributing 52% of online consumption.

**Product Strategy**: Focus on relevance, differentiation, and specialization, adding nearly 500 new brands; customized products (Made for Vipshop) accounted for over 20% of apparel sales.

**Technology Application**: AI optimized customer journey (automatically generated reviews, pre-sales support, marketing content), improving conversion rates.

**Q3 Guidance**: Total revenue expected to be RMB 20.7-21.7 billion (year-on-year +0% to +5%).

**2\. Financial Data**

**Cash Flow**: As of the end of June, cash and equivalents + restricted cash were RMB 24.7 billion, short-term investments were RMB 3 billion.

**Shareholder Returns**: Over $640 million returned to shareholders through dividends and buybacks in the first half of the year, with a commitment to return at least 75% of the 2024 non-GAAP net profit (RMB 9 billion) in 2025.

**3\. Strategic Focus**

Deepen SVIP loyalty program, offering exclusive customized products;

Expand offline business Shan Shan Outlets (currently 20 stores, same-store sales continue to grow in double digits);

Optimize platform-wide traffic allocation and cross-category synergy.

**II. Detailed Content of the Earnings Call**

**2.1 Key Information from Executive Statements**

**1\. Business Adjustment Results:** Optimization of product mix drove GMV growth, active user recovery. SVIP members contributed 52%, leading in repurchase rate.

**2\. Differentiation Strategy:** Focus on relevance, differentiation, and specialization: providing exclusive customized products (such as the Made for Vipshop series), closely following new fabric/design trends. Added high-fashion categories, sell-through rate improved.

**3\. Technology Driven:** AI applications generate product reviews/Q&A (improving conversion), pre-sales support (accelerating problem resolution), marketing content (precise customer acquisition).

**4\. Financial Control:** Operating expenses accounted for 17.7% (+1.7pct YoY), mainly due to increased equity incentives. Fulfillment/marketing/technology expenses ratio optimized.

**2.2 Q&A**

**Q: Does instant e-commerce (half-hour delivery) impact Vipshop? Have you observed a decline in customer purchase frequency or budget? Has abnormal weather affected summer apparel demand?**

**A:** We are highly focused on apparel sales, with only a small portion of our business involving standardized products (more suitable for fast delivery). When consumers find that daily necessities can be obtained through half-hour delivery, they may turn to instant e-commerce platforms. However, to date, we have not observed any substantial business impact. Consumer behavior may have slight adjustments, but ultimately it depends on product quality and price—especially in standardized categories.

Despite weather fluctuations in many regions, heavy rain and floods have not significantly affected people's travel plans or apparel purchases. Data from various cities do not show anomalies.

**Q: Is the positive Q3 revenue guidance (year-on-year +0% to 5%) due to a low base effect? Does it indicate sustained future growth? Why did Q2 stock buyback amount surge to $350 million (highest single quarter in two years)? Will this momentum continue in the second half?**

**A:** The positive revenue is due to strategic adjustments over the past few quarters: organizational changes and product operation optimization have driven customer numbers to rebound—active customers recovered year-on-year, new customers ended multiple quarters of stagnation, showing signs of returning to growth. With the expansion of customer scale, we are more confident in sales growth. On the product side, enhancing relevance and differentiation (especially high-cost-performance customized products) strengthens competitiveness, so Q3 growth is not driven by the base effect.

**We also expect positive growth in Q4, despite a high base in the same period of 2024 (benefiting from prolonged cold weather). Overall, we are confident in maintaining growth momentum and accelerating as adjustment measures translate into growth engines. The increase in Q2 buyback amount has no special reason, just to continuously fulfill shareholder return commitments. We clearly commit to returning no less than 75% of the 2024 non-GAAP net profit (RMB 9 billion) in 2025 (about RMB 6.75 billion) through dividends or buybacks. The company will continue to invest in business, improve profitability and cash flow to support shareholder returns.**

**Q: The gap between GMV and revenue this quarter is relatively stable, what is the latest trend in return rates? Will it continue to narrow or expand due to SVIP growth? What is the latest progress, profitability trend, and next year's plan for Shan Shan Outlets?**

**A: Return rates are performing as expected, consumer behavior remains stable in the long term. However, double-digit growth in SVIP customers may structurally increase annual return rates by 2-3 percentage points, quarterly fluctuations will gradually smooth out, eventually stabilizing. This business is growing strongly: currently 20 stores, comparable same-store sales have grown in double digits for multiple quarters. China's outlet industry is thriving with the trend of cost-effective consumption, we will continue to select suitable cities for expansion. Shan Shan Outlets is an important long-term strategic asset for Vipshop.**

**<End here>**

**Risk Disclosure and Statement of this Article:**[**Dolphin Research Disclaimer and General Disclosure**](https://support.longbridge.global/topics/misc/dolphin-disclaimer)

### Related Stocks

- [VIPS.US - Vipshops](https://longbridge.com/en/quote/VIPS.US.md)

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