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Vipshop (VIPS) Q2 2026: REIT gain lifts GAAP net income 189%, withholding tax collapses non-GAAP to RMB 392 million

9/1/2026

A RMB 5.79 billion one-off investment gain from the June 18 listing of Vipshop Holdings' (VIPS) commercial REIT on the Shanghai Stock Exchange pushed Q2 2026 GAAP net income attributable to shareholders 189.1% higher year-over-year to RMB 4.3 billion.

A concurrent RMB 1.56 billion withholding tax accrual on historical dividend distributions pressed reported non-GAAP net income to RMB 392.2 million from RMB 2.1 billion in Q2 2025; add back the withholding item and the underlying figure recovers to RMB 2.0 billion at a 7.9% net margin.

CFO Mark Wang said that RMB 2.0 billion figure reflects core cash generation remaining fully intact, even as net revenues of RMB 24.7 billion came in at the lower end of the company's guided range.

Revenue and expense ratios Down from RMB 25.8 billion a year earlier, the RMB 24.7 billion top line carried a gross margin of 23.3%, a 20-basis-point YoY contraction.