Vipshop Q2 2026 Net Income Surges 189% on REIT Gain

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โดย GuruFocus·CN·Read original
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Vipshop Holdings reported a 189.1% year-over-year increase in net income attributable to shareholders to RMB4.3 billion for Q2 2026, driven by a one-off investment gain from the listing of a commercial REIT. Total net revenues fell 4.3% to RMB24.7 billion, while non-GAAP net income dropped to RMB392.2 million from RMB2.1 billion, impacted by a one-time withholding tax adjustment of RMB1.56 billion. Excluding that adjustment, underlying non-GAAP net profit was RMB2.0 billion with a 7.9% net margin. Active SVIP members grew 8% year-over-year and drove 54% of online spending, and Shan Shan Outlets expanded from five to 22 malls with over 20% growth in the first half. The company guided Q3 2026 revenues between RMB20.3 billion and RMB21.4 billion, a year-over-year decrease of approximately 5% to 0%, and announced a new $1 billion share repurchase program while committing to return at least 75% of 2025 non-GAAP net income to shareholders.

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