Vipshop announced its 2025 performance: net revenue of 105.9 billion yuan, with SVIP active users maintaining double-digit growth

China’s leading online brand discount retailer, Vipshop, announced its Q4 2025 and full-year results. In Q4 2025, Vipshop achieved net revenue of RMB 32.5 billion and Non-GAAP net profit of RMB 2.9 billion. For the full year 2025, Vipshop reported net revenue of RMB 105.9 billion and Non-GAAP net profit of RMB 8.7 billion.

In terms of shareholder returns, Vipshop returned approximately $940 million to shareholders through stock repurchases and dividends in 2025. Additionally, the company’s board of directors has approved a new annual dividend plan. Under this plan, cash dividends will be paid to registered shareholders as of the market close on April 10, 2026, at a rate of $3.10 per ordinary share or $0.62 per American Depositary Share.

Vipshop Chairman and CEO Shen Ya stated, “Through strategic execution, business agility, and technological innovation, we will continue to deepen brand partnerships, respond more efficiently to evolving consumer needs, and maintain our leading position in the discount retail industry.”

In 2025, core high-value brands on the platform maintained stable growth, with the Super Brand Day and Super Category Day achieving a 17% year-over-year increase in overall performance. Meanwhile, the platform curated deep-discount brands and quality products, reaching users through diversified content scenarios and strengthening brand sale awareness. For example, the “Limited Time Flash Sale” section drove multiple-fold increases in sales of popular brand items and steadily improved user revisit rates.

Focusing on the buy-and-sell strategy, Vipshop continued to enhance its supply advantages, introducing many internationally renowned brands in 2025, including Alexander Wang, MAMMUT, MANITO, Moose Knuckles, and MUJI. Through deep collaborations with brands and creating differentiated products with good quality and prices, “Vipshop Exclusive” products significantly increased their appeal to high-value users.

The platform’s active user base grew year-over-year. Notably, active Super VIP (SVIP) users increased to 9.8 million, maintaining double-digit growth and contributing 52% of online sales. The platform continuously enriches member benefits, offering more exclusive deals and lifestyle privileges, including new features like birthday gifts and super V trial experiences, enhancing members’ perceived value and supporting sustainable SVIP user growth.

The application of AI in search recommendations, intelligent customer service, virtual try-on, and other areas has created new value for the platform. For example, the problem resolution rate in AI-powered customer service approaches 90%, and the “Try On” feature increases user revisit intentions. Additionally, AIGC has been widely used in creative content, advertising, and product descriptions, significantly improving operational efficiency and effectiveness. Moving forward, the platform will actively promote the deep integration of AI and business to drive comprehensive efficiency improvements.