Vipshop Releases Q3 Financial Report: Net Revenue Reaches 21.4 Billion Yuan, SVIP Users Contribute 51% of Online Sales
Before the U.S. stock market opened on November 20th, Vipshop released its financial report for the third quarter of 2025. In the third quarter, Vipshop achieved a net revenue of 21.4 billion yuan (RMB, the same below), a year-on-year increase of 3.4%; the Non-GAAP net profit was 1.5 billion yuan, a year-on-year increase of 14.6%.
Looking at its core operating data, in the third quarter, Vipshop achieved a gross merchandise volume (GMV) of 43.1 billion yuan, a year-on-year increase of 7.5%, and the order volume reached 166 million, a year-on-year increase of 1.5%. Meanwhile, the number of active users on the platform in the third quarter was 40.1 million, a year-on-year increase of 1.3%.
At the main business level, this quarter, Vipshop continued to enhance the ability to source high - quality goods through the buyer system and deepened cooperation with international brands such as Alexander Wang, bebe, OUTDOOR PRODUCTS, and PINKO to expand the supply of goods. At the same time, the sales performance of "Vip Exclusive" products in the third quarter increased significantly, with a year-on-year growth of 41%, and more than 100 new partner brands were added.
In terms of membership, Vipshop continued to create exclusive flash sales events around high - value branded goods this quarter to strengthen the stickiness of Super VIP (SVIP) users. For example, events like Super V Brand Day and Super V Subsidy Day brought more exclusive price and product rights to SVIP users. Reflected in the financial report data, the number of active SVIP users on Vipshop continued to maintain double - digit growth year - on - year in the third quarter, and SVIP users contributed 51% of the online sales.
In terms of AI innovation, the experience of multiple business scenarios on Vipshop has been upgraded with the support of AI. For example, the platform launched an AI clothing - trying function called "Try it on", which allows users to virtually try on clothes and share on social media. At the same time, the platform built a more efficient search and recommendation system through the systematic upgrade of relevant models, algorithms, and product operations.
Shen Ya, the Chairman and CEO of Vipshop, said, "AI is playing an increasingly important role in driving growth and improving efficiency. By deepening team collaboration, the company actively seizes market opportunities. We are confident in achieving long - term sustainable growth."
According to the analysis of China Merchants Securities, this year, with the continuous recovery of the macro - environment and optional consumption, as well as the continuous improvement of Vipshop's supply - chain capabilities and the continuous optimization of its marketing and customer - acquisition capabilities, the platform has achieved marginal improvement quarter by quarter.
In the long run, the institution believes that Vipshop has a solid competitiveness in the field of genuine brand - name clothing flash sales. On the supply side, the platform has been deeply involved in the flash - sales track and has long - term in - depth cooperation with brands, contributing unique incremental value to the brands and thus creating a differentiated deep - discount clothing supply chain. On the user side, the platform provides high - quality and cost - effective products and high - quality service experiences such as unlimited free shipping, creating differentiated value for core SVIP users. Currently, the core customer base is still expanding steadily.
Based on the platform's reputation for genuine flash sales and its supply - chain advantages, the platform's value and core customer base remain stable. In addition, the company continues to pay dividends and enhances shareholder value through share repurchases, demonstrating its confidence in operations. China Merchants Securities has given Vipshop a target price of $25.29 and maintained its "Strong Buy" rating.