Vipshop's Q2 2024 revenue was 26.9 billion RMB ($3.7 billion), down from 27.9 billion RMB ($3.8 billion) last year, with a net profit of 1.93 billion RMB ($265 million) and a gross margin increase to 23.6%. The total merchandise volume was flat at 50.6 billion RMB ($6.9 billion). Super VIP active users grew by 11% YoY. The company projects Q3 revenue to decline by 5% to 10%, falling short of analyst expectations. Vipshop’s order volume decreased by 7% YoY, and active users also fell by approximately 1.4 million, with a widening decline compared to the previous quarter, primarily due to higher subsidies from other platforms causing user churn.