唯品会2026年Q2业绩电话会核心纪要

发布时间：2026-08-25 一、AI总结内容 一、核心要点 1. 2026年Q2唯品会营收247亿元，同比下降4.26%；非GAAP归母净利润3.09亿元，同比下滑85.2%，受一次性税费调整影响显著，剔除后 underlying 非GAAP净利润20亿元，净利率7.9%2. SVIP会员数突破1000万，Q2贡献54%线上消费，活跃SVIP同比增长8%；推出品牌焕新与营销活动，聚焦价值定位稳固高价值用户3. 全渠道奥莱品牌莎莎Q2同比增长超20%，门店数达22家，为国内门店数最多的奥莱连锁，Q3-Q4目标保持20%左右增长，存量门店望实现双位数同店增长4. 技术端深化AI应用，覆盖商品推荐、客服、营销、供应链等环节，收购效率与转化率提升二、财务与资本动作 1. 运营毛利率基本持平，受费用结构及营收规模影响，Q2运营利润率6.2%，同比小幅下滑；计划下半年保持利润率稳定，坚守健康盈利原则 2. 已完成3只消费类REITs上市，盘活3处核心奥莱资产，为后续扩张提供资金支持；剩余18处奥莱项目将根据战略与市场情况推进证券化3. 上半年通过分红与回购向股东返还约4亿美元，董事会批准10亿美元新回购计划，承诺全年向股东返还不低于2025年非GAAP净利润的75% 三、市场展望 1. Q3营收指引203亿-214亿元，同比降5%-至0%；上半年消费情绪偏谨慎，Q3-Q4预计消费环境仍偏疲软，全年营收大概率微降2. 消费端仍聚焦实用价值，SVIP作为核心用户群，将持续作为业务稳定的重要支撑 二、音频原文（转写） 嗯嗯。嗯。嗯。嗯嗯。 す。and 嗯。嗯。Ladies and gentlemen, good day everyone and welcome to VIP Shops Holdings Limited second quarter 2026 earnings conference call. At this time, all participants are in the listen onlymode. I'll now like to turn the call over to Miss Jessie Zheng, VIP Shop's head of investor relations. Please proceed. Thank you, operator. Hello, everyone, and thank you for joining VIP Shop's second quarter 2026 earnings conference call.With us today are Eric Shen, our co-founder chairman and CEO. and mark wang, our cfo. before management begins their prepared remarks. I would l ike to remind you that the discussion today willcontain forward-looking statements. made and the safe harbor provisions of the U.S. private securities. Negation Reform Act of 1995. Forward-looking statements are subject to risks and uncertainties that may cause actual results to differmaterially from our current expectations. potential risk. and uncertainties include but are notlimited to those outlined in our safe harbor statements in our earnings release and the public filings with the securities and exchange commission. which also applies to this call. To the extent any forward-looking statements may be made, Faith noted that certain financial measures usedon this call, such as non-GAAP operating income,non-GAAP net income attributable to VIP shop shareholders and non-GAAP net income per ADs. andnot. presented in accordance with U.S. GAAP. Please refer to our earnings release for details relating to the reconciliation of our non gaap measures. to get better With that, I would now liketo turn the call over to Mr. Eric Shen. Good morning and good evening everyone. Welcome and thank you for joining our second quarter 2026. Earnings conference call. The second quarter presents a challenging retail environment. defined by acustomer who is not just value conscious. but highly selective. across the multi midyear promotional landscape Shoppers was intensely focused on clear. utility and real value. prioritize. Essentially meet great cautions. in this could discretion categories like a pillow waging on our near near term top line performance in this climate. rather than chasing and put put 嗯。 I'm a prophet. 啊。unpro rather than chasing unfree football. finally close We stayed true. to ourco value proposition. delivering a highly creative reflect of high demand. deeply. discounted,bend products to our loyal customer base. whileoverall traffic was muted. our SVIP cohort servi ce served as a resilient anchor for our businessduring the quarter. Active SVIP grew by 8% yearover year. driving 54% of our online spending.showing that as a. as customer Budget tightened.High intent shoppers prioritised platforms offering trust, value, quality and service. As a strategic level, our 1P model gives us a differentedge. By leveraging deep category expertise, webuilt greater trust with brand partners to the point when they actively adjust that merchandiseallocations for our platform. For instance, closer collaborations with key partners in fashion apparel has helped the effort against broad market awareness. This level of brand integration strengthens our mode and protects our core business. On top of this, our merchandising team has been moving quickly to align our products. mix witha more selective to customers. We have sharpened. our. creaching along the coal apollo and lifestyle essentials. matching our assortment to real life occasions to capture immediately demand.This target approach ensured. that we always deliver a clear utility. recognize the blend. and the compelling value. our opportunities sourcingcherry g and another layer of inventory flex. PREDICT 对的。 对。as brand partners. manager inventory in a softer market. We serve as a reliable, off price partners. Looking in unique. high demand inventoryat deep discounts. This reinforced our differentiated merchandise pipeline and the first deep brand collaborations. At the same time, we continue to advance the repositioning of our exclusive,made for VIP shop line to drive stronger customer mind share and loyalty by raising product standards and aligning the seasonal launches closewith brand partners. We are seeing high quality,halo products emerging, life in convention rateand support overall. volume stability. As we kick off the upcomin