Vipshop Reports Unaudited Second Quarter 2026 Financial Results
Rhea-AI Summary
Vipshop (NYSE: VIPS) reported second quarter 2026 net revenues of RMB24.7 billion, down from RMB25.8 billion a year earlier, with GMV at RMB50.6 billion versus RMB51.4 billion. Gross profit was RMB5.8 billion and gross margin was 23.3%, slightly below 23.5%.
Income from operations was RMB1.5 billion, with a 6.2% operating margin. Net income attributable to shareholders surged 189.1% year over year to RMB4.3 billion, mainly from a one-off RMB5.79 billion investment gain linked to listing a commercial REIT, lifting net margin to 17.4%. However, non-GAAP net income fell to RMB392.2 million from RMB2.1 billion, largely due to a one-time withholding tax adjustment.
Active customers declined to 42.3 million and total orders to 182.4 million. Vipshop ended June 30, 2026 with RMB29.9 billion in cash and cash equivalents plus RMB3.6 billion in short-term investments, repurchased US$99.1 million of ADSs in the quarter, and added a new US$1.0 billion repurchase authorization.
Positive
- Net income +189.1% YoY to RMB4.3 billion, net margin 17.4%
- One-off investment gain of RMB5.79 billion from Vipshop Commercial REIT listing
- Strong liquidity with RMB29.9 billion cash and RMB3.6 billion short-term investments at June 30, 2026
- Operating profit maintained with RMB1.5 billion income from operations, 6.2% margin
- G&A expenses -17.5% YoY, down to RMB1.1 billion and 4.3% of revenue
- Shareholder returns of about US$400 million in 1H 2026 and new US$1.0 billion buyback authorization
Negative
- Total net revenues down to RMB24.7 billion from RMB25.8 billion year over year
- Non-GAAP net income declined to RMB392.2 million from RMB2.1 billion, margin 1.6%
- Operating margin compression to 6.2% from 6.6%; non-GAAP margin to 8.1% from 9.3%
- Income tax expenses rose to RMB3.3 billion from RMB407.2 million year over year
- Customer metrics weaker: active customers 42.3 million vs. 43.5 million; orders 182.4 million vs. 193.0 million
- Net cash used in operations of RMB374.7 million in Q2 2026
- Q3 2026 revenue guidance implies -5% to 0% YoY decline
News Explained
The completed REIT raised RMB7.70 billion while retaining 49% of units; the new US$1.0 billion buyback remains conditional.
Vipshop reports that its June commercial REIT transaction completed, raising gross proceeds of
The release describes the REIT as a closed-end commercial real estate securities investment fund; the transaction included a one-off
Vipshop repurchased
The next specified operating milestone is the third-quarter 2026 revenue outlook of
Market Reaction – VIPS
Following this news, VIPS has declined 2.86%, reflecting a moderate negative market reaction. Our momentum scanner has triggered 2 alerts so far, indicating moderate trading interest and price volatility. The stock is currently trading at $13.91.
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Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 21 | Q1 earnings | Positive | +2.1% | Revenue growth, improved margins, higher earnings, and positive free cash flow |
| Feb 26 | Q4 earnings | Positive | +2.1% | Higher quarterly earnings, strong cash generation, and continued shareholder returns |
| Nov 20 | Q3 earnings | Positive | -7.0% | Revenue, GMV, and earnings growth despite narrower gross margin |
| Aug 14 | Q2 earnings | Negative | +5.9% | Lower revenue, net income, and active customers despite higher GMV |
| May 20 | Q1 earnings | Negative | -7.2% | Lower revenue, earnings, active customers, and orders with reduced guidance |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Tag-matched earnings reactions were mixed: three positive earnings releases aligned with gains, while two diverged from the reported news direction.
Key Terms
gmv financial
non-gaap net income financial
free cash flow financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Conference Call to Be Held at 7:30 A.M.
Second Quarter 2026 Highlights
- Total net revenues for the second quarter of 2026 were
RMB24.7 billion (US ), compared with$3.6 billion RMB25.8 billion in the prior year period. - GMV[1] for the second quarter of 2026 was
RMB50.6 billion , compared withRMB51.4 billion in the prior year period. - Gross profit for the second quarter of 2026 was
RMB5.8 billion (US ), compared with$848.1 million RMB6.1 billion in the prior year period. - Net income attributable to Vipshop's shareholders for the second quarter of 2026 increased by
189.1% year over year toRMB4.3 billion (US ) from$634.7 million RMB1.5 billion in the prior year period, primarily due to a one-off investment gain ofRMB5.79 billion from the listing of a commercial REIT. - Non-GAAP net income attributable to Vipshop's shareholders[2] for the second quarter of 2026 was
RMB392.2 million (US ), compared with$57.8 million RMB2.1 billion in the prior year period, primarily due to a one-time withholding tax adjustment relating to certain historical dividend distributions. - The number of active customers[3] for the second quarter of 2026 was 42.3 million, compared with 43.5 million in the prior year period.
- Total orders[4] for the second quarter of 2026 were 182.4 million, compared with 193.0 million in the prior year period.
Mr. Eric Shen, Chairman and Chief Executive Officer of Vipshop, stated, "We navigated a challenging consumer environment in the second quarter by staying disciplined to our core value proposition — offering a curated selection of high-value branded products to our most loyal customers. The solid performance of our active SVIPs validated the enduring strength of our business model. Leveraging our proven foundation, we are actively strengthening our competitive moat by sharpening merchandising, elevating customer experience, and scaling AI across our operations. These focused initiatives position us firmly for sustainable, long-term growth."
Mr. Mark Wang, Chief Financial Officer of Vipshop, further commented, "In the second quarter, our top-line performance stayed within our guided range, reflecting disciplined execution amid subdued consumer demand. We maintained a steadfast focus on margin health, which helped preserve operating profitability. During the first half, we returned approximately
Second Quarter 2026 Financial Results
REVENUES
Total net revenues for the second quarter of 2026 were
GROSS PROFIT
Gross profit for the second quarter of 2026 was
OPERATING EXPENSES
Total operating expenses for the second quarter of 2026 decreased by
- Fulfillment expenses for the second quarter of 2026 were
RMB2.14 billion (US ), compared with$315.1 million RMB2.11 billion in the prior year period. As a percentage of total net revenues, fulfillment expenses for the second quarter of 2026 were8.7% , compared with8.2% in the prior year period. - Marketing expenses for the second quarter of 2026 were
RMB760.3 million (US ), compared with$112.1 million RMB715.9 million in the prior year period. As a percentage of total net revenues, marketing expenses for the second quarter of 2026 were3.1% , compared with2.8% in the prior year period. - Technology and content expenses for the second quarter of 2026 were
RMB486.2 million (US ), compared with$71.7 million RMB442.0 million in the prior year period. As a percentage of total net revenues, technology and content expenses for the second quarter of 2026 were2.0% , compared with1.7% in the prior year period. - General and administrative expenses for the second quarter of 2026 decreased by
17.5% year over year toRMB1.1 billion (US ), compared with$157.7 million RMB1.3 billion in the prior year period, primarily due to higher share-based compensation expenses for Shan Shan Outlets recorded in the prior year period. As a percentage of total net revenues, general and administrative expenses for the second quarter of 2026 decreased to4.3% from5.0% in the prior year period.
INCOME FROM OPERATIONS
Income from operations for the second quarter of 2026 was
Non-GAAP income from operations[5] for the second quarter of 2026, which excluded share-based compensation expenses, was
INCOME TAX EXPENSES
Income Tax Expenses for the second quarter of 2026 were
NET INCOME
Net income attributable to Vipshop's shareholders for the second quarter of 2026 increased by
Non-GAAP net income attributable to Vipshop's shareholders for the second quarter of 2026, which excluded (i) share-based compensation expenses, (ii) impairment loss of investments, (iii) investment (gain) loss and revaluation of investments excluding dividends, (iv) reconciling items on the share of equity method investments, and (v) tax effects on non-GAAP adjustments, was
For the quarter ended June 30, 2026, the Company's weighted average number of ADSs used in computing diluted income per ADS was 488,098,800.
BALANCE SHEET AND CASH FLOW
As of June 30, 2026, the Company had cash and cash equivalents and restricted cash of
For the quarter ended June 30, 2026, net cash used in operating activities was
For the three months ended | ||||
June 30, 2025 RMB'000 | June 30, 2026 RMB'000 | June 30, 2026 US$'000 | ||
Net cash generated from (used in) operating | 1,301,049 | (374,692) | (55,223) | |
Reconciling items: | ||||
Net impact from internet financing activities[11] | 56,614 | (130,015) | (19,162) | |
Capital expenditures | (555,862) | (244,000) | (35,961) | |
Free cash inflow (outflow) | 801,801 | (748,707) | (110,346) | |
For the trailing twelve months ended | ||||
June 30, 2025 RMB'000 | June 30, 2026 RMB'000 | June 30, 2026 US$'000 | ||
Net cash generated from operating activities | 9,673,390 | 8,766,247 | 1,291,985 | |
Reconciling items: | ||||
Net impact from internet financing activities | 73,437 | (51,648) | (7,612) | |
Capital expenditures | (2,908,504) | (1,512,848) | (222,966) | |
Free cash inflow | 6,838,323 | 7,201,751 | 1,061,407 | |
Share Repurchase Program
During the quarter ended June 30, 2026, the Company repurchased
In addition, on August 20, 2026, the board of directors authorized a new share repurchase program under which the Company may repurchase up to
The Company will implement its share repurchases in accordance with applicable rules and requirements under the Securities Exchange Act of 1934, as amended, and the Company's insider trading policy. The Company's board of directors will review the share repurchase programs periodically, and may authorize adjustment of their terms and size. The Company expects to fund the repurchases out of its existing cash balance.
Recent Development
In June 2026, the Company listed a closed-end commercial real estate securities investment fund in relation to two outlets operated by Shan Shan Outlets (the "Vipshop Commercial REIT") on the Shanghai Stock Exchange (fund code: 508603.SH). The Company subscribed for
Business Outlook
For the third quarter of 2026, the Company expects its total net revenues to be between
Exchange Rate
The Company's business is primarily conducted in
Conference Call Information
The Company will hold a conference call on Tuesday, August 25, 2026 at 7:30 am
All participants wishing to join the conference call must pre-register online using the link provided below.
Registration Link:
https://register-conf.media-server.com/register/BI9c75c14882da41dfae0c983d6e126453
Once pre-registration has been completed, each participant will receive dial-in numbers and a unique access PIN via email. To join the conference, participants should use the dial-in details followed by the PIN code.
A live webcast of the earnings conference call can be accessed at https://edge.media-server.com/mmc/p/qifrf6to. An archived webcast will be available at the Company's investor relations website at http://ir.vip.com.
About Vipshop Holdings Limited
Vipshop Holdings Limited is a leading off-price retailer in China. Vipshop offers high-quality and popular branded products to consumers throughout China at deep discounts through diverse online and offline channels. Since its founding in 2008, the Company has built a large and loyal customer base and extensive brand partnerships. For more information, please visit https://ir.vip.com/.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as Vipshop's strategic and operational plans, contain forward-looking statements. Vipshop may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in its annual report to shareholders, in press releases and other written materials, and in oral statements made by its officers, directors, or employees to third parties. Statements that are not historical facts, including statements about Vipshop's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Vipshop's goals and strategies; Vipshop's future business development, results of operations and financial condition; the expected growth of the off-price retailer market in China; Vipshop's ability to attract customers and brand partners and further enhance its brand recognition; Vipshop's expectations regarding needs for and market acceptance of flash sales products and services; competition in the discount retail industry; fluctuations in general economic and business conditions in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Vipshop's filings with the SEC. All information provided in this press release is as of the date of this press release, and Vipshop does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
Use of Non-GAAP Financial Measures
The condensed consolidated financial information is derived from the Company's unaudited interim condensed consolidated financial statements prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), except that cash flows for the period presented and the detailed footnote disclosures required by Accounting Standards Codification 270, Interim Reporting ("ASC270") have been omitted. Vipshop uses non-GAAP net income attributable to Vipshop's shareholders, non-GAAP net income attributable to Vipshop's shareholders per diluted ADS, non-GAAP income from operations, non-GAAP operating margin, non-GAAP net margin attributable to Vipshop's shareholders, and free cash flow, each of which is a non-GAAP financial measure. For the periods presented in this press release, non-GAAP net income attributable to Vipshop's shareholders is net income attributable to Vipshop's shareholders excluding (i) share-based compensation expenses, (ii) impairment loss of investments, (iii) investment (gain) loss and revaluation of investments excluding dividends, (iv) reconciling items on the share of equity method investments, and (v) tax effects on non-GAAP adjustments. Non-GAAP net income attributable to Vipshop's shareholders per diluted ADS is computed using non-GAAP net income attributable to Vipshop's shareholders divided by weighted average number of diluted ADS outstanding for computing diluted earnings per ADS. Non-GAAP income from operations is income from operations excluding share-based compensation expenses. Non-GAAP operating margin is non-GAAP income from operations as a percentage of total net revenues. Non-GAAP net margin attributable to Vipshop's shareholders is non-GAAP net income attributable to Vipshop's shareholders as a percentage of total net revenues. Free cash flow is net cash from operating activities adding back the impact from internet financing activities and less capital expenditures, which include purchase and deposits of property and equipment and land use rights. Impact from internet financing activities added back or deducted from free cash flow contains changes in the balances of financial products, which are primarily consumer financing and supplier financing that the Company provides to customers and suppliers. The Company believes that separate analysis and exclusion of the non-cash impact of (i) share-based compensation expenses, (ii) impairment loss of investments, (iii) investment (gain) loss and revaluation of investments excluding dividends, (iv) reconciling items on the share of equity method investments, and (v) tax effects on non-GAAP adjustments add clarity to the constituent parts of its performance. The Company reviews these non-GAAP financial measures together with GAAP financial measures to obtain a better understanding of its operating performance. It uses these non-GAAP financial measures for planning, forecasting, and measuring results against the forecast. The Company believes that non-GAAP financial measures are useful supplemental information for investors and analysts to assess its operating performance without the effect of (i) share-based compensation expenses, (ii) impairment loss of investments, (iii) investment (gain) loss and revaluation of investments excluding dividends, (iv) reconciling items on the share of equity method investments, and (v) tax effects on non-GAAP adjustments. Free cash flow enables the Company to assess liquidity and cash flow, taking into account the impact from internet financing activities and the financial resources needed for the expansion of technology platform, and Shan Shan Outlets. Share-based compensation expenses have been and will continue to be significant recurring expenses in its business. However, the use of non-GAAP financial measures has material limitations as an analytical tool. One of the limitations of using non-GAAP financial measures is that they do not include all items that impact the Company's net income for the period. In addition, because non-GAAP financial measures are not measured in the same manner by all companies, they may not be comparable to other similar titled measures used by other companies. One of the key limitations of free cash flow is that it does not represent the residual cash flow available for discretionary expenditures.
The presentation of these non-GAAP financial measures is not intended to be considered in isolation from, or as a substitute for, the financial information prepared and presented in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the table captioned "Vipshop Holdings Limited Reconciliations of GAAP and Non-GAAP Results" at the end of this release.
Investor Relations Contact
Tel: +86 (20) 2233-0732
Email: IR@vipshop.com
[1] "Gross merchandise value (GMV)" is defined as the total value of all products and services sold through the Company's online channels, Shan Shan Outlets (including Vipshop Outlet REIT and Vipshop Commercial REIT operated and managed by Shan Shan Outlets), and other Vipshop offline stores during the given period, including the Company's Vipshop App mobile application, vip.com website, Vipshop WeChat Mini-Program, online stores that are operated at third-party platforms, Shan Shan Outlets and its corresponding Vipshop Outlet REIT, as well as Vipshop offline stores, which were fulfilled by either the Company or its third-party merchants, regardless of whether or not the goods were delivered or returned. GMV includes shipping charges paid by buyers to sellers. Out of prudence, the Company does not consider products or services to be sold if the orders were placed and canceled pre-shipment and only included orders that left the Company's or other third-party vendors' warehouses. |
[2] Non-GAAP net income attributable to Vipshop's shareholders is a non-GAAP financial measure, which, for the periods presented in this press release, is defined as net income attributable to Vipshop's shareholders excluding (i) share-based compensation expenses, (ii) impairment loss of investments, (iii) investment (gain) loss and revaluation of investments excluding dividends, (iv) reconciling items on the share of equity method investments, and (v) tax effects on non-GAAP adjustments. |
[3] "Active customers" is defined as registered members who have purchased from the Company's Vipshop mobile app, vip.com website and Vipshop WeChat Mini-Program at least once during the relevant period. |
[4] "Total orders" is defined as the total number of orders placed during the given period, including the orders for products and services sold through the Company's online channels, including the Company's Vipshop App mobile application, vip.com website, Vipshop WeChat Mini-Program, online stores that are operated at third-party platforms (excluding, for the avoidance of doubt, orders from the Company's offline stores and outlets), net of orders returned. |
[5] Non-GAAP income from operations is a non-GAAP financial measure, which is defined as income from operations excluding share-based compensation expenses. |
[6] Non-GAAP operating margin is a non-GAAP financial measure, which is defined as non-GAAP income from operations as a percentage of total net revenues. |
[7] "ADS" means American depositary share, each of which represents 0.2 Class A ordinary share. |
[8] Non-GAAP net margin attributable to Vipshop's shareholders is a non-GAAP financial measure, which is defined as non-GAAP net income attributable to Vipshop's shareholders, as a percentage of total net revenues. |
[9] Non-GAAP net income attributable to Vipshop's shareholders per diluted ADS is a non-GAAP financial measure, which is defined as non-GAAP net income attributable to Vipshop's shareholders, divided by the weighted average number of diluted ADSs outstanding for computing diluted earnings per ADS. |
[10] Free cash flow is a non-GAAP financial measure, which is defined as net cash from operating activities adding back the impact from internet financing activities and less capital expenditures, which include purchase and deposits of property and equipment and land use rights. |
[11] Net impact from internet financing activities represents net cash flow relating to the Company's financial products, which are primarily consumer financing and supplier financing that the Company provides to its customers and suppliers. |
Vipshop Holdings Limited | |||||||
Unaudited Condensed Consolidated Statements of Income and Comprehensive Income | |||||||
(In thousands, except for share and per share data) | |||||||
Three Months Ended | Six Months Ended | ||||||
June 30,2025 | June 30,2026 | June 30,2026 | June 30,2025 | June 30,2026 | June 30,2026 | ||
RMB'000 | RMB'000 | USD'000 | RMB'000 | RMB'000 | USD'000 | ||
Product revenues | 23,797,383 | 22,660,148 | 3,339,693 | 48,090,503 | 46,991,741 | 6,925,726 | |
Other revenues (1) | 2,008,977 | 2,047,001 | 301,691 | 3,984,399 | 4,289,916 | 632,255 | |
Total net revenues | 25,806,360 | 24,707,149 | 3,641,384 | 52,074,902 | 51,281,657 | 7,557,981 | |
Cost of revenues | (19,751,363) | (18,952,457) | (2,793,247) | (39,937,696) | (39,031,816) | (5,752,578) | |
Gross profit | 6,054,997 | 5,754,692 | 848,137 | 12,137,206 | 12,249,841 | 1,805,403 | |
Operating expenses | |||||||
Fulfillment expenses (2) | (2,109,239) | (2,138,027) | (315,106) | (3,999,193) | (4,184,948) | (616,785) | |
Marketing expenses | (715,900) | (760,337) | (112,060) | (1,448,048) | (1,479,648) | (218,073) | |
Technology and content expenses | (442,039) | (486,175) | (71,653) | (891,109) | (934,386) | (137,711) | |
General and administrative expenses | (1,296,338) | (1,069,893) | (157,683) | (2,247,136) | (2,020,349) | (297,763) | |
Total operating expenses | (4,563,516) | (4,454,432) | (656,502) | (8,585,486) | (8,619,331) | (1,270,332) | |
Other operating income | 206,423 | 219,397 | 32,335 | 422,979 | 386,916 | 57,024 | |
Income from operations | 1,697,904 | 1,519,657 | 223,970 | 3,974,699 | 4,017,426 | 592,095 | |
Investment gain (loss) and revaluation of investments | 37,106 | 5,801,875 | 855,091 | (353) | 5,853,058 | 862,634 | |
Impairment loss of investments | - | (23,738) | (3,499) | - | (23,738) | (3,499) | |
Interest expense | (23,482) | (242,774) | (35,780) | (33,721) | (272,685) | (40,189) | |
Interest income | 195,951 | 180,179 | 26,555 | 418,901 | 360,202 | 53,087 | |
Exchange loss | (18,849) | (13,172) | (1,941) | (31,784) | (31,984) | (4,714) | |
Income before income tax expense and share of income of equity | 1,888,630 | 7,222,027 | 1,064,396 | 4,327,742 | 9,902,279 | 1,459,414 | |
Income tax expenses | (407,189) | (3,337,244) | (491,849) | (914,856) | (3,856,535) | (568,383) | |
Share of income of equity method investees | 36,357 | 455,250 | 67,096 | 85,222 | 557,773 | 82,206 | |
Net income | 1,517,798 | 4,340,033 | 639,643 | 3,498,108 | 6,603,517 | 973,237 | |
Net income attributable to non-controlling interests | (28,049) | (33,840) | (4,987) | (65,514) | (91,017) | (13,414) | |
Net income attributable to Vipshop's shareholders | 1,489,749 | 4,306,193 | 634,656 | 3,432,594 | 6,512,500 | 959,823 | |
Shares used in calculating earnings per share (3): | |||||||
Weighted average number of Class A and Class B ordinary shares: | |||||||
—Basic | 101,229,148 | 96,241,715 | 96,241,715 | 101,951,703 | 96,134,860 | 96,134,860 | |
—Diluted | 102,353,164 | 97,619,760 | 97,619,760 | 103,374,279 | 98,133,799 | 98,133,799 | |
Net earnings per Class A and Class B ordinary share | |||||||
Net income attributable to Vipshop's shareholders—Basic | 14.72 | 44.74 | 6.59 | 33.67 | 67.74 | 9.98 | |
Net income attributable to Vipshop's shareholders—Diluted | 14.55 | 44.11 | 6.50 | 33.21 | 66.36 | 9.78 | |
Net earnings per ADS (1 ordinary share equals to 5 ADSs) | |||||||
Net income attributable to Vipshop's shareholders—Basic | 2.94 | 8.95 | 1.32 | 6.73 | 13.55 | 2.00 | |
Net income attributable to Vipshop's shareholders—Diluted | 2.91 | 8.82 | 1.30 | 6.64 | 13.27 | 1.96 | |
(1) Other revenues primarily consist of product promotion and online advertising revenues, | (1) Other revenues primarily consist of product promotion and online advertising revenues, revenue from third-party logistics services, | ||||||
(2) Fulfillment expenses include shipping and handling expenses,which amounted | (2) Fulfillment expenses include shipping and handling expenses, which amounted | ||||||
(3) Authorized share capital is re-classified and re-designated into Class A ordinary shares and Class B | (3) Authorized share capital is re-classified and re-designated into Class A ordinary shares and | ||||||
Three Months Ended | Six Months Ended | ||||||
June 30,2025 | June 30,2026 | June 30,2026 | June 30,2025 | June 30,2026 | June 30,2026 | ||
RMB'000 | RMB'000 | USD'000 | RMB'000 | RMB'000 | USD'000 | ||
Share-based compensation expenses are included | |||||||
Fulfillment expenses | 15,844 | 15,115 | 2,228 | 36,021 | 30,201 | 4,451 | |
Marketing expenses | 18,177 | 13,611 | 2,006 | 25,219 | 25,717 | 3,790 | |
Technology and content expenses | 73,992 | 77,702 | 11,452 | 162,837 | 146,065 | 21,527 | |
General and administrative expenses | 589,838 | 380,086 | 56,018 | 824,376 | 505,177 | 74,454 | |
Total | 697,851 | 486,514 | 71,704 | 1,048,453 | 707,160 | 104,222 | |
Vipshop Holdings Limited | |||
Unaudited Condensed Consolidated Balance Sheets | |||
(In thousands, except for share and per share data) | |||
December 31,2025 | June 30,2026 | June 30,2026 | |
RMB'000 | RMB'000 | USD'000 | |
ASSETS | |||
Current assets | |||
Cash and cash equivalents | 22,990,435 | 29,246,429 | 4,310,390 |
Restricted cash | 1,132,729 | 604,940 | 89,157 |
Short term investments | 5,777,222 | 3,618,481 | 533,298 |
Accounts receivable, net | 889,220 | 564,378 | 83,179 |
Amounts due from related parties,net | 762,781 | 2,304,182 | 339,594 |
Other receivables and prepayments,net | 2,860,301 | 3,126,697 | 460,818 |
Loan receivables,net | 9,166 | 5,094 | 751 |
Inventories | 5,153,413 | 4,327,466 | 637,790 |
Total current assets | 39,575,267 | 43,797,667 | 6,454,977 |
Non-current assets | |||
Property and equipment, net | 18,311,533 | 16,396,786 | 2,416,587 |
Deposits for property and equipment | 6,420 | 7,187 | 1,059 |
Land use rights, net | 10,426,682 | 9,895,876 | 1,458,472 |
Intangible assets, net | 324,067 | 322,176 | 47,483 |
Investment in equity method investees | 3,136,784 | 7,616,184 | 1,122,487 |
Other investments | 4,800,356 | 4,980,862 | 734,088 |
Held-to-maturity securities | - | 806,443 | 118,855 |
Other long-term assets | 351,085 | 245,460 | 36,176 |
Goodwill | 755,213 | 651,522 | 96,022 |
Deferred tax assets, net | 757,113 | 745,599 | 109,888 |
Operating lease right-of-use assets | 398,798 | 391,481 | 57,697 |
Total non-current assets | 39,268,051 | 42,059,576 | 6,198,814 |
TOTAL ASSETS | 78,843,318 | 85,857,243 | 12,653,791 |
LIABILITIES AND EQUITY | |||
Current liabilities | |||
Short term loans | 5,844,620 | 10,968,130 | 1,616,502 |
Accounts payable | 12,536,639 | 10,350,342 | 1,525,452 |
Advance from customers | 1,890,586 | 1,400,249 | 206,371 |
Accrued expenses and other current liabilities | 9,941,146 | 10,777,673 | 1,588,432 |
Amounts due to related parties | 101,782 | 116,306 | 17,141 |
Deferred income | 520,853 | 534,916 | 78,837 |
Operating lease liabilities | 47,458 | 46,005 | 6,780 |
Total current liabilities | 30,883,084 | 34,193,621 | 5,039,515 |
Non-current liabilities | |||
Deferred tax liability | 707,322 | 625,720 | 92,220 |
Deferred income-non current | 2,252,797 | 2,150,778 | 316,985 |
Operating lease liabilities | 556,951 | 554,729 | 81,757 |
Total non-current liabilities | 3,517,070 | 3,331,227 | 490,962 |
TOTAL LIABILITIES | 34,400,154 | 37,524,848 | 5,530,477 |
EQUITY | |||
Total shareholders' equity ( | 41,004,749 | 44,987,634 | 6,630,357 |
Non-controlling interests | 3,438,415 | 3,344,761 | 492,957 |
Total shareholders' equity | 44,443,164 | 48,332,395 | 7,123,314 |
Total liabilities and shareholders' equity | 78,843,318 | 85,857,243 | 12,653,791 |
(4) The number of treasury stock as of June 30, 2026 was 6.3 million, | |||
Vipshop Holdings Limited | |||||||
Reconciliations of GAAP and Non-GAAP Results | |||||||
Three Months Ended | Six Months Ended | ||||||
June 30,2025 | June 30,2026 | June 30,2026 | June 30,2025 | June 30,2026 | June 30,2026 | ||
RMB'000 | RMB'000 | USD'000 | RMB'000 | RMB'000 | USD'000 | ||
Income from operations | 1,697,904 | 1,519,657 | 223,970 | 3,974,699 | 4,017,426 | 592,095 | |
Share-based compensation expenses | 697,851 | 486,514 | 71,704 | 1,048,453 | 707,160 | 104,222 | |
Non-GAAP income from operations | 2,395,755 | 2,006,171 | 295,674 | 5,023,152 | 4,724,586 | 696,317 | |
Net income attributable to Vipshop's shareholders | 1,489,749 | 4,306,193 | 634,656 | 3,432,594 | 6,512,500 | 959,823 | |
Share-based compensation expenses | 697,851 | 486,514 | 71,704 | 1,048,453 | 707,160 | 104,222 | |
Impairment loss of investments | - | 23,738 | 3,499 | - | 23,738 | 3,499 | |
Investment (gain) loss and revaluation of investments excluding | (36,715) | (5,780,744) | (851,976) | 744 | (5,831,927) | (859,520) | |
Reconciling items on the share of equity method investments(5) | 23,641 | (75,267) | (11,093) | 23,702 | (113,629) | (16,747) | |
Tax effects on non-GAAP adjustments | (97,308) | 1,431,779 | 211,018 | (119,891) | 1,399,993 | 206,333 | |
Non-GAAP net income attributable to Vipshop's shareholders | 2,077,218 | 392,213 | 57,808 | 4,385,602 | 2,697,835 | 397,610 | |
(5) To exclude the GAAP to non-GAAP reconciling items relating to investment gain and revaluation of | |||||||
Shares used in calculating earnings per share: | |||||||
Weighted average number of Class A and Class B ordinary shares: | |||||||
—Basic | 101,229,148 | 96,241,715 | 96,241,715 | 101,951,703 | 96,134,860 | 96,134,860 | |
—Diluted | 102,353,164 | 97,619,760 | 97,619,760 | 103,374,279 | 98,133,799 | 98,133,799 | |
Non-GAAP net income per Class A and Class B ordinary share | |||||||
Non-GAAP net income attributable to Vipshop's shareholders | 20.52 | 4.08 | 0.60 | 43.02 | 28.06 | 4.14 | |
Non-GAAP net income attributable to Vipshop's shareholders | 20.29 | 4.02 | 0.59 | 42.42 | 27.49 | 4.05 | |
Non-GAAP net income per ADS (1 ordinary share equal to 5 ADSs) | |||||||
Non-GAAP net income attributable to Vipshop's shareholders | 4.10 | 0.82 | 0.12 | 8.60 | 5.61 | 0.83 | |
Non-GAAP net income attributable to Vipshop's shareholders | 4.06 | 0.80 | 0.12 | 8.48 | 5.50 | 0.81 | |
View original content:https://www.prnewswire.com/news-releases/vipshop-reports-unaudited-second-quarter-2026-financial-results-302859133.html
SOURCE Vipshop Holdings Limited