📈 Price History

Ratio Health

— Excellent

— Good

— Average

— Poor

By Category

📊 Sector Averages

About

Vipshop Holdings Limited operates online platforms in the People's Republic of China. The company operates through Vip.com, Shan Shan Outlets, and Others segments. It provides womenswear, menswear, sportswear and sporting goods, baby and children products, shoes and bags, skincare and cosmetics, home goods and other lifestyle products, and supermarket and other products. The company also engages in warehousing, retail business, product procurement, and software development and information technology support activities. It provides branded products through its vip.com and vipshop.com online platforms, as well as through retail stores. Vipshop Holdings Limited was founded in 2008 and is headquartered in Guangzhou, the People's Republic of China.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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📊 Quick Scorecard

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⭐ Superinvestors Holding VIPS

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Manager	Shares	Value	% of Fund	Period
Steve Cohen Point72 Asset Management	3.19M	$50.1M	0.06%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Mixed → Stable 4 quarters analysed

Q2 2025

Mixed

Management expressed confidence in returning to growth and stabilizing the business, using phrases like 'team acted swiftly', 'driving stabilization', 'clear signs of recovery', and 'healthy profitability'. However, they also acknowledged 'near-term challenges', a 'dynamic operating environment', and that they are 'early on our journey', tempering optimism with caution.

Q3 2025

Confident Specific

Management led with phrases like 'tangible progress', 'notable improvement in custom trends', and 'clear top-line expansion'. They provided specific metrics: active Super VIP customers grew 11% year-over-year, contributing 51% of online spending, and total net revenues increased 3.4% to RMB 21.4 billion.

Q4 2025

Confident Specific

Management used phrases like 'solid profitability', 'robust profitability for the full year', and 'confident that we can deliver that growth for Q1 2026' while providing specific Q1 revenue guidance of 0-5% growth and a clear capital return policy of 75% of non-GAAP net income. They acknowledged Q4 underperformance but attributed it to external factors (warm winter, late Spring Festival) and emphasized recovery in January-February.

Q1 2026 latest

Mixed

Management initially struck a confident tone citing holiday strength and SVIP growth, but later acknowledged a challenging April and May, gave conservative guidance for Q2, and deflected on full-year clarity — balancing optimism with defensiveness.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis appears slightly weaker after this call. While margins and profitability held up well, the top-line deceleration in March through May indicates demand headwinds that are not fully explained by calendar shifts. Management's conservative Q2 guidance and lack of full-year quantification suggest limited near-term visibility. Positives include continued SVIP growth (9% YoY) and healthy margins, which provide a buffer. The REIT deconsolidation will boost cash flow and EPS but is a one-off. To watch next quarter: whether May/June promotional activity (618) can reaccelerate revenues, and if offline outlet momentum (Shanshan +30%) can offset online weaknesses.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Mixed → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED Vipshop Q1 2026 revenue RMB26.6B, net income RMB2.2B, SVIP members up 9%

Revenue & Profitability

Total net revenues were RMB26.6 billion, up 1.2% year-over-year. Gross profit was RMB6.5 billion (+6.8%). GAAP income from operations was RMB2.5 billion (+9.7%); non-GAAP operating income was RMB2.7 billion (+3.5%). Net income attributable to Vipshop shareholders was RMB2.2 billion (+13.6%); non-GAAP net income was RMB2.31 billion (flat). Diluted GAAP EPS was RMB4.48; non-GAAP diluted EPS was RMB4.68.

Outlook

Management noted a calendar-driven demand pull-forward from Chinese New Year leading to a softer March. April and May to date remain challenging with low visibility. The online apparel industry saw notable decline, while offline outlets grew strongly. Consumer sentiment is uncertain, especially for discretionary fashion categories (womenswear, menswear), though sportswear and outdoor products outperformed. Second half opportunities may improve if sentiment recovers. Q2 2026 revenue guidance is RMB24.5–25.8 billion (-5% to 0% YoY).

Growth Drivers

Key growth drivers include SVIP membership expansion (9% YoY growth, 55% of online spend), Shanshan Outlets offline growth (GMV +30%), AI-driven marketing improving customer acquisition efficiency, and cross-category engagement (apparel, childcare, home). Exclusive brand partnerships and fast-cycle opportunistic buying enhance the treasure-hunt experience, increasing high-value shopper frequency. The recent REIT listing for Zhengzhou and Harbin outlets may unlock capital.

Balance Sheet & CapEx

Not discussed in this earnings call.

Margins

Gross margin improved to 24.4% (from 23.2% YoY). GAAP operating margin was 9.4% (vs 8.7%); non-GAAP operating margin 10.2% (vs 10.0%). Net margin attributable to shareholders was 8.3% (vs 7.4%); non-GAAP net margin 8.7% (vs 8.8%, flat). Fulfillment expenses rose to 7.7% of revenue (from 7.2%). Marketing expenses decreased to 2.7% of revenue (from 2.8%). Management attributes margin stability to favorable category mix and operational discipline.

Key Risks

Risks include calendar-driven demand shifts (later Chinese New Year causing pull-forward and subsequent softness), low visibility into consumer sentiment and spending behavior, weather and seasonal transition effects, weakness in discretionary fashion categories (womenswear, menswear), and the potential for brand partners to shift resources to offline outlets. The guidance for Q2 is conservative due to uncertainty.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q1 2026 Q1 2026 2026-05-21

Q1 2026 saw modest revenue growth and margin expansion, driven by strong holiday demand and SVIP engagement, but near-term softness and low consumer visibility persist. Shanshan Outlets excelled, and a major REIT transaction will boost Q2 results.

Q4 2025 Q4 2025 2026-02-26

2025 saw resilient profitability despite a challenging Q4, with strong capital returns and ongoing investment in merchandising, AI, and offline expansion. Guidance for Q1 2026 targets up to 5% revenue growth and stable margins, with customer growth a top priority.

Q3 2025 Q3 2025 2025-11-20

Year-over-year revenue and active customer growth were achieved, with Super VIP membership up 11% and strong performance in apparel categories. Net income rose 16.8%, and management guided Q4 revenue growth of 0%-5%, emphasizing continued investment in technology and shareholder returns.

Q2 2025 Q2 2025 2025-08-14

Q2 2025 saw stabilization and renewed growth in GMV and active customers, with apparel and SVIP segments outperforming. Revenue and profit declined year-over-year, but non-GAAP EPS improved. Management guides for 0%-5% revenue growth in Q3 and continues strong shareholder returns.

Q1 2025 Q1 2025 2025-05-20

Q1 2025 saw revenues and profits decline year-over-year but met expectations, with strong growth in Super VIP membership and positive apparel performance. Management expects a return to growth in the second half, maintains robust shareholder returns, and continues to invest in technology and brand partnerships.

📊 Analysis Methodology

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