Vipshop reported unaudited Q4 2025 results with total net revenues of RMB32.5 billion (-2.1%) and GMV of RMB66.6 billion (+0.6%). Gross profit was RMB7.4 billion (-2.4%), with gross margin of 22.9%. Income from operations was RMB2.9 billion (+1.7%), and net income attributable to shareholders was RMB2.6 billion (+5.8%), or RMB5.12 per diluted ADS. Non-GAAP net income attributable to shareholders was RMB2.9 billion, and non-GAAP income from operations was RMB3.2 billion. Q4 operating cash flow was RMB5.5 billion and free cash inflow was RMB5.0 billion. Active customers were 45.3 million and total orders were 206.0 million. For FY 2025, Vipshop posted total net revenues of RMB105.9 billion (-2.3%) and GMV of RMB213.5 billion (+2.0%). Gross profit was RMB24.5 billion (-3.8%) with gross margin of 23.1%. Income from operations was RMB8.1 billion and net income attributable to shareholders was RMB7.2 billion, or RMB14.15 per diluted ADS; non-GAAP net income attributable to shareholders was RMB8.7 billion. FY operating cash flow was RMB7.5 billion and free cash inflow was RMB5.4 billion. Vipshop said AI-driven enhancements improved operational efficiency and customer experience, and it plans to embed AI deeper into core operations while sharpening merchandising, customer engagement and operations in 2026. The company returned USD944.1 million to shareholders in 2025 via dividends and share repurchases, repurchased USD305.4 million of ADSs in Q4 under its USD1.0 billion program (USD316.0 million remaining), and declared an annual cash dividend of USD0.62 per ADS for FY 2025. For Q1 2026, Vipshop guided total net revenues to RMB26.3 billion to RMB27.6 billion (+0% to +5%).

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Vipshop Holdings Limited published the original content used to generate this news brief via PR Newswire (Ref. ID: 202602260500PR_NEWS_USPR_____CN96482) on February 26, 2026, and is solely responsible for the information contained therein.