Huaxing Capital released a research report and gave VIPSHOP a "buy" rating with a target price of $20. The report mentioned that the management maintained the expectation that the second quarter of 2024 revenue would remain flat with a 5% year-on-year decline, and held a conservative attitude towards the remaining revenue outlook for this year. In terms of product categories, the company has always maintained its core clothing category (GMV combination accounts for about 75%), although the base is high, this category is still expected to maintain single to low double-digit growth from 2024 to now. For non-apparel categories (cosmetics, home appliances, supermarket products, and jewelry), the management is not keen to participate in any price wars, but prefers to focus on product selection and encourages cross-selling of the core apparel category. They believe that this is a more cost-effective method. In terms of customer types, the company also emphasized the continued elastic spending of its very loyal super VIP members (6.9 million as of the first quarter of 2024). Despite intense competition, its GMV still achieved high single-digit growth in the second quarter.

Despite fluctuations in revenue, VIPSHOP has always maintained good profitability. The company maintains its full-year gross margin target at around 23% in 2024. The management stated that in the next few quarters, the company may increase sales and marketing (S&M) expenses. However, overall, the company has a very high requirement for ROI on investment in acquiring new customers. According to the bank's current model, it is expected that the net income margin under non-GAAP accounting standards in 2024 will be 8.7%, compared with 8.4% in 2023.