Vipshop released its 2025 financial results: Net revenue reached 105.9 billion yuan, and the number of active SVIP users maintained double-digit growth.
In 2025, Vipshop had a revenue of 105.9 billion yuan and a net profit of 8.7 billion yuan, with 9.8 million SVIP users.
Vipshop, a leading online brand discount retailer in China, released its financial results for the fourth quarter and the full year of 2025. In the fourth quarter of 2025, Vipshop achieved a net revenue of 32.5 billion yuan (in RMB, the same below) and a Non - GAAP net profit of 2.9 billion yuan. For the whole year of 2025, Vipshop's net revenue reached 105.9 billion yuan, and its Non - GAAP net profit was 8.7 billion yuan.
In terms of shareholder returns, in 2025, Vipshop returned approximately $940 million to shareholders through stock buybacks and dividends. Meanwhile, the company's board of directors has approved a new annual dividend distribution plan. According to the plan, the company will distribute cash dividends to shareholders of record after the close of trading on April 10, 2026, at $3.10 per common share or $0.62 per American Depositary Share.
Shen Ya, Chairman and CEO of Vipshop, said, "Through the improvement of strategic execution, business agility, and technological innovation, we continue to deepen brand cooperation, respond more efficiently to users' changing consumption needs, and continuously consolidate our leading position in the discount retail industry."
According to Vipshop's platform data, in 2025, the performance of core high - value brands on the platform showed stable growth. The overall performance of Super Brand Days and Super Category Days throughout the year increased by 17% year - on - year. At the same time, the platform carefully selects deeply discounted brand products and reaches users through diversified column scenarios to strengthen the brand's special - sale mentality. Take the "Limited - time Flash Sale" as an example. This column has driven a high - multiple increase in the sales of high - popularity brand products, and the user return rate has steadily increased.
Centering on the strategy of high - quality products sourced by buyers, Vipshop has continuously enhanced its supply advantages. In 2025, it newly introduced many internationally renowned brands such as Alexander Wang, MAMMUT, MANITO, Moose Knuckles, and MUJI. Through in - depth cooperation with brands and the creation of differentiated products with high quality and reasonable prices, the attractiveness of "Vipshop Exclusive" products to high - value users has been significantly improved.
It is reported that the number of active users on the platform increased positively throughout the year. Among them, the number of active Super VIP (SVIP) users increased to 9.8 million, continuing to maintain double - digit growth and contributing 52% of online sales. The platform has continuously enhanced member benefits, bringing more exclusive high - quality products at good prices and a wider range of lifestyle privileges to SVIP users. It has also newly launched exclusive experiences such as birthday physical gifts and Super V trials to enrich members' perception of 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 try - on have created new value increments for the platform. For example, the problem - solving rate of user questions in the intelligent customer service scenario is close to 90%, and the AI try - on function "Try It On" has increased users' willingness to return. At the same time, AIGC has also been widely applied in scenarios such as creative content, advertising placement, and product introductions, effectively improving the operational efficiency and effectiveness of relevant businesses. In the future, the platform will actively promote the in - depth integration of AI and business to drive comprehensive business efficiency improvement.