Vipshop's net revenue in the first quarter of 2025 was 26.3 billion yuan, with active SVIP users increasing by 18% year-on-year.

Vipshop's Earnings Reports for the first quarter of 2025. The Earnings Reports indicate that Vipshop achieved net revenue of 26.3 billion yuan (RMB, the same below) in the first quarter, with Non-GAAP Net income of 2.3 billion yuan. Meanwhile, the GMV for the first quarter was 52.4 billion yuan, with active users totaling 41.3 million; Super VIP (SVIP) active users increased by 18% year-on-year, contributing to 51% of online sales. During the reporting period, the company steadily advanced its stock repurchase plan as scheduled.

Vipshop's chairman and CEO, Shen Ya, stated: "In response to the rapid changes in the market, we have recently launched an organizational transformation to better focus on the strategy of sourcing quality commodities. Moving forward, we will continue to increase the supply of high-value brand products, accelerate technological and service innovation, and create perceptible differentiated value for more users."

In the first quarter of this year, Vipshop's buying team closely followed fashion trends to select unique seasonal discount commodities that align with users' consumption preferences, achieving positive growth in the performance of wearable products. Through the "Vipshop Exclusive" partnership, the platform collaborated with many well-known brands to create differentiated commodities, retaining more high-value users and effectively improving repurchase rates. By the end of March this year, 285 brands had engaged in "Vipshop Exclusive" cooperation with the platform.

By focusing on new consumption trends, enhancing scene-based shopping experiences, and conducting in-depth product co-creation with leading brands in the apparel industry, in the first quarter, the overall performance of the Super Brand Day and Super Category Day events grew by 16% year-on-year. The "Limited-time Frenzy" and "Daily Low Price" sections leveraged more high-cost-performance commodities, solidifying pricing advantages. At the same time, the potential for high-end consumption on the platform continues to be released, with international brands such as BURBERRY, COACH, and Chloé favored by users.

Focusing on the member cohort, Vipshop further upgraded SVIP rights to enhance members' perception of "Exclusive Early Access" and "Exclusive Good Prices." In the first quarter of this year, Vipshop held over twenty private sales events online and offline, attracting approximately 0.3 million SVIP users to participate. To cater to the consumption preferences of family users, Vipshop offers more unique lifestyle privileges for SVIP users, such as upgrades to the Changlong theme park and hotel gold cards.

In terms of innovative applications of Asia Vets, Vipshop's self-developed "Zhao Che" large model has been fully applied to the intelligent generation of descriptions for massive Commodities, enhancing the user shopping experience. In the first quarter, Vipshop further deepened the application of the "Zhao Che" large model by building an AI creative marketing platform, an AI intelligent agent platform, and a Commodity data governance system, continuously empowering brand partners and improving platform Operation efficiency.

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