Vipshop Announces 2025 Performance: Net Revenue of 105.9 Billion Yuan, SVIP Active Users Continue Double-Digit Growth

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

In terms of shareholder returns, VIPS returned approximately $940 million through stock buybacks 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 shareholders registered as of the market close on April 10, 2026, at a rate of $3.10 per common share or $0.62 per American Depositary Share.

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

In 2025, core high-value brands on the platform showed 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 to strengthen brand sale awareness. For example, the “Limited Time Flash Sale” section drove multiple-fold sales growth of popular products and steadily increased user revisit rates.

Focusing on the buy-and-sell strategy, VIPS continued to enhance 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, “VIPS Exclusive” products significantly increased their appeal to high-value users.

The platform’s annual active user base experienced positive growth. Notably, the active VIP (SVIP) users increased to 9.8 million, maintaining double-digit growth and contributing 52% of online sales. VIPS continuously enriches member benefits, offering more exclusive deals and broad lifestyle privileges to SVIP users, along with new experiences such as birthday gifts and super V trial products, enhancing member value perception 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.