Vipshop(US:VIPS) 2 1 Shi Ji Jing Ji Bao Dao·2025-08-14 16:23Core Viewpoint - Vipshop, a leading online discount retailer in China, reported a net revenue of 25.8 billion RMB for Q2 2025, with a Non-GAAP net profit of 2.1 billion RMB, indicating a stable performance amidst market challenges [1] Group 1: Financial Performance - In Q2 2025, Vipshop achieved a total merchandise volume (GMV) of 51.4 billion RMB, reflecting a year-on-year growth of 1.7% [1] - The company returned over 600 million USD to shareholders through stock buybacks and dividends in the first half of 2025 [1] Group 2: User Engagement and Growth - The number of active Super VIP (SVIP) users increased by 15% year-on-year, contributing to 52% of online sales [1] - The performance of the Super Brand Day and Super Category Day events grew by 17% year-on-year, driven by the introduction of high-value brands and optimized product strategies [2] Group 3: Product Strategy and Offerings - Vipshop's exclusive product strategy showed significant results, with the performance of "Vipshop Exclusive" products increasing, particularly from brands like NEXY.CO [2] - The introduction of more luxury brands and international products in private sales for SVIP users led to rapid sell-outs, such as BURBERRY bags [2] Group 4: Technology and Innovation - Vipshop is leveraging AI technology through its "Zhao Che" model to enhance core business applications, achieving measurable improvements in product recommendations, customer service, and creative marketing [2]