Vipshop's net revenue for 2025 reached 105.9 billion yuan, with steady growth in the performance of core high-value brands

In the fourth quarter of 2025, Vipshop achieved net revenue of 32.5 billion yuan (RMB, hereinafter the same), with a Non-GAAP net profit of 2.9 billion yuan. For the full year of 2025, Vipshop achieved net revenue of 105.9 billion yuan, with a Non-GAAP net profit of 8.7 billion yuan.

In terms of shareholder returns, Vipshop returned approximately 940 million US dollars to shareholders through stock repurchases and dividends in 2025. Meanwhile, the company's board of directors has approved a new annual dividend distribution plan. According to this plan, the company will distribute cash dividends to shareholders registered as of the close of business on April 10, 2026, at an amount of 3.10 US dollars per ordinary share or 0.62 US dollars per American Depositary Share.

Shen Ya, Chairman and Chief Executive Officer of Vipshop, stated: 'Through enhanced strategic execution, business agility, and technological innovation, we continue to deepen brand partnerships, respond more effectively to the evolving consumer demands of our users, and consolidate our leading position in the discount retail industry.'

In 2025, the performance of core high-value brands on the platform showed stable growth, with the overall performance of Super Brand Days and Super Category Days increasing by 17% year-on-year. Meanwhile, the platform carefully selected heavily discounted branded goods, reaching users through diversified program scenarios and strengthening the perception of exclusive brand sales. For example, the 'Limited-Time Flash Sale' program drove multiple-fold sales growth for popular items from participating brands, while user revisit rates steadily improved.

Centered around the strategy of offering high-quality products through a buyer system, Vipshop continuously strengthens its supply advantages. In 2025, it introduced numerous internationally renowned brands such as Alexander Wang, MAMMUT, MANITO, Moose Knuckles, and MUJI. By fostering deep cooperation with these brands and creating differentiated products that are both high in quality and affordable, the appeal of 'Vip Exclusive' products to high-value users has significantly increased.

The platform achieved positive growth in its annual active user base. Among them, the number of active Super VIP (SVIP) users grew to 9.8 million, maintaining double-digit growth and contributing 52% of online sales. The platform continues to enhance membership benefits, offering SVIP users more exclusive deals, better prices, and broader lifestyle privileges. New exclusive experiences, such as birthday gifts and Super V trials, have been introduced to enrich member value perception and drive sustainable growth in the SVIP user base.

The implementation of AI in areas like search recommendations, intelligent customer service, and virtual fitting has created new value increments for the platform. For instance, the problem resolution rate in intelligent customer service scenarios is close to 90%, and the AI-powered virtual try-on feature 'Try It On' has increased user revisit intentions. At the same time, AIGC has been widely applied in creative content, ad placements, and product descriptions, effectively improving operational efficiency and effectiveness across related businesses. Going forward, the platform will actively promote deeper integration of AI into its operations to drive comprehensive business efficiency improvements.

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