Vipshop(US:VIPS) 3 6 Ke·2025-08-14 12:11Core Viewpoint - Vipshop reported its Q2 2025 financial results, showing stable growth in revenue and active user engagement, driven by high-value brand partnerships and innovative AI applications [1][2]. Financial Performance - In Q2 2025, Vipshop achieved net revenue of 25.8 billion RMB and a Non-GAAP net profit of 2.1 billion RMB [1]. - The Gross Merchandise Volume (GMV) for Q2 was 51.4 billion RMB, reflecting a year-on-year growth of 1.7% [1]. - For the first half of 2025, Vipshop returned over 600 million USD to shareholders through stock buybacks and dividends [2]. User Engagement - The number of active users reached 43.5 million, with Super VIP users increasing by 15% year-on-year, contributing 52% of online sales [1]. - The performance of wearable products showed robust growth, with key promotional events like Super Brand Day and Super Category Day achieving a 17% year-on-year increase [1]. Business Strategy - Vipshop is focusing on internal reforms to enhance its product sourcing capabilities and improve operational efficiency, aiming for sustainable long-term growth [2]. - The company is leveraging its proprietary AI model, "Zhao Che," to enhance operational efficiency and user experience across various business scenarios [1]. Market Outlook - For Q3 2025, Vipshop expects net revenue to be between 20.7 billion and 21.7 billion RMB, indicating a year-on-year growth of approximately 0% to 5% [2]. - Analysts from China Merchants Securities noted that Vipshop's performance during the 618 shopping festival was stable, with strong sales in summer products and 3C digital goods [2]. - CICC believes that Vipshop's current valuation is below reasonable levels, indicating potential upside, and maintains an outperform rating with a target price of 17.6 USD [2].