Vipshop, a leading online branded discount retailer in China, announced its financial results for the fourth quarter and the full year of 2025. In the fourth quarter of 2025, Vipshop achieved net revenue of 32.5 billion yuan (Renminbi), with a Non-GAAP net profit of 2.9 billion yuan. For the full year of 2025, the company reported net revenue of 105.9 billion yuan and a Non-GAAP net profit of 8.7 billion yuan.
In terms of shareholder returns, Vipshop returned approximately $940 million to shareholders in 2025 through share repurchases and dividends. Additionally, the company's board of directors has approved a new annual dividend distribution plan. Under this plan, a cash dividend will be paid to shareholders of record as of the close of business on April 10, 2026, amounting to $3.10 per ordinary share or $0.62 per American Depositary Share.
Shen Ya, Chairman and CEO of Vipshop, stated, "By enhancing strategic execution, business agility, and technological innovation, we have continued to deepen our collaborations with brands, responded more efficiently to evolving consumer demands, and further solidified our leading position in the discount retail industry."
Throughout 2025, core high-value brands on the platform demonstrated stable growth, with overall performance during Super Brand Day and Super Category Day events increasing by 17% year-over-year. The platform also curated deeply discounted quality products from selected brands, reaching users through diverse content scenarios to strengthen the brand flash sale concept. For example, the "Limited Time Flash Sale" segment drove significant multiple growth in sales for popular brand items and steadily increased user revisit rates.
Focusing on its strategy of offering curated quality goods, Vipshop continued to enhance its supply advantages by introducing numerous internationally renowned brands in 2025, including Alexander Wang, MAMMUT, MANITO, Moose Knuckles, and MUJI. Through deep collaborations with brands and the creation of differentiated, high-value products, the appeal of "Vipshop Exclusive" items to high-value users significantly improved.
The platform achieved positive growth in its number of active users for the full year. Specifically, 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 continuously enriched membership benefits, offering SVIP users exclusive access to quality products at favorable prices and a wider range of lifestyle privileges. New exclusive experiences, such as birthday gifts and exclusive trial events, were introduced to enhance member value perception and support sustainable growth in the SVIP user base.
The application of AI in areas such as search recommendations, intelligent customer service, and virtual try-ons created new value increments for the platform. For instance, the problem resolution rate in intelligent customer service scenarios approached 90%, and the "Try It On" AI fitting feature increased user willingness to revisit. Additionally, AIGC has been widely adopted in creative content, advertising, and product introduction scenarios, significantly improving the operational efficiency and effectiveness of related businesses. Moving forward, the platform will actively promote the deep integration of AI with its operations to drive comprehensive business efficiency gains.