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Vipshop's net revenue in 2025 reached 105.9 billion yuan, with adjusted net profit of 8.7 billion yuan

Vipshop's net revenue in 2025 reached 105.9 billion yuan, with adjusted net profit of 8.7 billion yuan

News2026-02-27

On February 27, Vipshop released its Q4 2025 and full-year performance report. In Q4 2025, Vipshop achieved net revenue of 32.5 billion yuan and a non-GAAP net profit of 2.9 billion yuan. For the full year of 2025, Vipshop 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 will deliver approximately $940 million in total shareholder returns through stock repurchases and dividends in 2025. Meanwhile, the company's board of directors has approved a new annual dividend distribution plan. Under this plan, cash dividends of $3.10 per ordinary share or $0.62 per American depositary share will be distributed to shareholders registered as of the ex-dividend date, April 10, 2026.

Shen Ya, Chairman and CEO of Vipshop, stated: "By enhancing strategic execution, business agility, and technological innovation, we continue to deepen brand collaborations, respond more efficiently to evolving consumer demands, and further consolidate our leading position in the discount retail industry."

In 2025, the core high-value brands on the platform achieved steady performance growth, with the overall annual performance of Super Brand Days and Super Category Days increasing by 17% year-on-year. Meanwhile, the platform curated premium discounted brands and engaged users through diversified column scenarios, reinforcing the brand flash sale mindset. Taking "Flash Sale" as an example, the column drove exponential growth in sales for high-traffic brand items, while user revisit rates steadily improved.

Focusing on the "Buyer's selection" strategy for high-quality goods, VIP.com continues to strengthen its supply advantages. In 2025, the platform will introduce numerous international brands such as Alexander Wang, MAMMUT, MANITO, Moose Knuckles, and MUJI. Through in-depth collaborations with brands and the creation of differentiated products with superior quality and competitive prices, the appeal of "VIP Exclusive" items to high-value users has significantly increased.

The platform achieved positive year-on-year growth in its annual active user base. Among these, the number of Super VIP (SVIP) active users increased to 9.8 million, maintaining double-digit growth and contributing to 52% of online sales. The platform continuously enhanced member benefits, offering SVIP users more exclusive premium products and broader lifestyle privileges, along with new exclusive experiences such as birthday physical gifts and Super V trials. These initiatives enriched members' perceived value and drove sustainable growth in the SVIP user base.

The practical applications of AI in areas such as search recommendations, intelligent customer service, and virtual try-ons have created new value increments for platforms. For instance, intelligent customer service scenarios achieve a user issue resolution rate close to 90%, while AI-powered virtual try-on features like "Try It On" enhance user revisit rates. Meanwhile, AI-generated content (AIGC) has also been widely adopted in creative content production, advertising campaigns, and product introductions, significantly boosting operational efficiency and effectiveness in related business operations. Moving forward, the platform will actively promote deep integration of AI with business operations to drive comprehensive performance improvements.

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Vipshop's net revenue in 2025 reached 105.9 billion yuan, with adjusted net profit of 8.7 billion yuan