Vipshop holds margins despite Q1 revenue dip

Vipshop reported Q1 2025 revenue of RMB 26.3 billion, down 5% YoY, while net income fell 16% to RMB 1.94 billion. Despite declines in orders and active users, gross margin held steady at 23.2%, and non-GAAP net income reached RMB 2.31 billion. The company maintained profitability through cost discipline and continued buybacks under its USD 1 billion repurchase program.