Vipshop’s membership base tops ten million as buybacks and dividends continue

Ahead of the US market open on August 25, Vipshop released its financial results for the second quarter of 2026. The company generated RMB 24.7 billion (USD 3.7 billion) in net revenue, while non-GAAP net income fell to RMB 392 million (USD 58.2 million) from RMB 2.1 billion (USD 311.8 million) a year earlier, mainly because of a one-time withholding tax adjustment related to historical dividend distributions.

According to its earnings report, Vipshop recognized about RMB 1.56 billion (USD 231.6 million) in withholding tax expenses in the…