Vipshop announces its 2025 financial performance: net revenue reaches 105.9 billion yuan, and the number of active SVIP users maintains double-digit growth.
Vipshop recorded total revenue of RMB 105.9 billion and net profit of RMB 8.7 billion in 2025, with the number of SVIP users reaching 9.8 million.
As China's leading online brand discount retailer, Vipshop released its performance for the fourth quarter and the full year of 2025. In the fourth quarter of 2025, Vipshop realized net revenue of RMB 32.5 billion (CNY, the same below) and Non-GAAP net profit of RMB 2.9 billion. For the full year of 2025, Vipshop achieved net revenue of RMB 105.9 billion and Non-GAAP net profit of RMB 8.7 billion.
In terms of shareholder return, Vipshop returned a total of about USD 940 million to shareholders through share repurchases and dividends in 2025. Meanwhile, the company's board of directors has approved a new round of annual dividend distribution plan. According to the plan, the company will pay cash dividends to shareholders registered after the market closes on April 10, 2026, at the amount of USD 3.10 per ordinary share or USD 0.62 per American Depositary Share.
Shen Ya, Chairman and Chief Executive Officer of Vipshop, said: "By improving strategic execution, business agility and technological innovation capabilities, we continue to deepen brand cooperation, respond more efficiently to the ever-changing consumption demands of users, and continuously consolidate our leading position in the discount retail industry."
According to the data from Vipshop platform, the performance of core high-value brands on the platform maintained steady growth in 2025, and the overall performance of Super Brand Day and Super Category Day increased by 17% year-on-year throughout the year. At the same time, the platform selects high-quality products from brands with deep discounts, reaches users through diversified column scenarios, and strengthens users' awareness of the platform's exclusive brand sale positioning. Taking the "Flash Sale" column as an example, it drives the sales of high-popularity brand products to multiply, and the user return rate has increased steadily.
Focusing on the strategy of high-quality products sourced by professional buyers, Vipshop continues to strengthen its supply advantages. In 2025, it introduced a large number of internationally renowned brands including Alexander Wang, MAMMUT, MANITO, Moose Knuckles, and MUJI. Through in-depth cooperation with brands and creating differentiated products with good quality and favorable prices, the "Vip Exclusive" products have significantly enhanced their appeal to high-value users.
It is reported that the number of active users on the platform achieved positive growth throughout the year. Among them, the number of active Super VIP (SVIP) users increased to 9.8 million, maintaining double-digit growth and contributing 52% of online sales. The platform continues to enrich membership benefits, bringing more exclusive high-quality products and favorable prices for SVIP users as well as a wider range of life privileges, and has launched new exclusive experiences such as physical birthday gifts and SVIP trial services to enrich users' perception of membership value and promote the sustainable growth of the SVIP user scale.
The implementation and application of AI in fields such as search recommendation, intelligent customer service, and virtual fitting has created new incremental value for the platform. For example, the problem resolution rate of users in the intelligent customer service scenario is close to 90%, and the AI fitting function "Try On" has increased users' willingness to revisit the platform. Meanwhile, AIGC has also been widely applied in scenarios such as creative content, advertising placement and product introduction, effectively improving the operational efficiency and effect of related businesses. In the future, the platform will actively promote the in-depth integration of AI and business to drive overall business efficiency improvement.