Vipshop Q1 Revenue Up 1.2% to RMB26.6B, GMV Rises 8.6%
Vipshop’s Q1 2026 revenue rose 1.2% year-over-year to RMB26.6 billion (US$3.9 billion) as GMV climbed 8.6% to RMB56.9 billion and gross profit increased 6.8% to RMB6.5 billion (US$941.6 million). Net income jumped 13.6% to RMB2.2 billion (US$319.8 million) on 41.7 million active customers and 172.6 million orders.
1. Financial Highlights
In the first quarter of 2026, net revenues increased 1.2% year-over-year to RMB26.6 billion (US$3.9 billion). GMV rose 8.6% to RMB56.9 billion, gross profit grew 6.8% to RMB6.5 billion (US$941.6 million), net income attributable to shareholders climbed 13.6% to RMB2.2 billion (US$319.8 million), the active customer base reached 41.7 million, and total orders rose 3.2% to 172.6 million.
2. Margins and Expenses
Gross margin expanded to 24.4% from 23.2% a year earlier. Operating expenses totaled RMB4.2 billion (15.7% of revenues), with fulfillment costs at RMB2.0 billion (7.7% of revenues). Marketing expenses fell 1.8% to RMB719.3 million (2.7% of revenues), technology and content spent RMB448.2 million (1.7%), and general and administrative remained flat at 3.6%.
3. Management Commentary
Management cited strong apparel performance during the Chinese New Year holiday and growth in its SVIP customer segment, noting steady AI integration and merchandising enhancements. The company completed its annual dividend payout in April and highlighted disciplined operations and a robust financial position to support future strategic initiatives.