Vipshop (VIPS) Q2 2026 Earnings Call Transcript
Vipshop reported Q2 2026 revenue of RMB 24.7B, down from RMB 25.8B YoY, with net income of RMB 4.3B, up 189.1% YoY due to a one-off investment gain. GMV was RMB 50.6B, down from RMB 51.4B. Active SVIP customers grew 8% YoY, accounting for 54% of online spending. The company listed a commercial REIT, raising RMB 7.7B, and expanded its share repurchase program by $1B. Management highlighted a focus on high-intent shoppers and cost control amid softening consumer sentiment.


