Vipshop Announces 2025 Performance: Net Revenue of 105.9 Billion RMB, SVIP Contributes Over Half of Online Sales

K-LinePoet · 2026-03-21T10:12:12+00:00

Vipshop's 2025 financial report shows full-year net revenue of 103.9 billion yuan, net profit of 8.7 billion yuan, and Q4 net revenue of 32.5 billion yuan. Active user numbers grew, with high-stickiness SVIP users contributing 52% of sales. The company introduced multiple international brands, utilized AI technology to improve operational efficiency, returned approximately $940 million to shareholders, and plans to distribute cash dividends.

K-LinePoet

2026-03-21 10:12:12

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Fenghuang.com Tech News, February 26 — Vipshop has disclosed its unaudited financial results for Q4 and the full year of 2025. The financial report shows that Vipshop achieved a total revenue of 105.9 billion RMB for the full year of 2025, with a Non-GAAP net profit of 8.7 billion RMB. In Q4, the net revenue was 32.5 billion RMB, and Non-GAAP net profit reached 2.9 billion RMB. Vipshop management stated that over the past year, the company has deepened brand partnerships through increased business agility and technological innovation to meet changing consumer demands.

On the user data and core business level, Vipshop achieved positive growth in active users throughout the year. Notably, the highly engaged SVIP customer group increased to 9.8 million active users, maintaining double-digit growth, and this core group contributed 52% of the platform’s online sales. Regarding product supply and conversion, the performance of core high-value brands remained stable, with the “Super Brand Day” and “Super Category Day” events seeing a 17% year-over-year growth in overall performance. Additionally, Vipshop expanded its brand portfolio in 2025, introducing internationally renowned brands such as Alexander Wang, MAMMUT, and MUJI.

Technology implementation was a key operational focus in Vipshop’s annual report. Currently, AI technology has been integrated into various business scenarios, including search and recommendation, intelligent customer service, and virtual try-on features like “Try It On.” According to official data, the user issue resolution rate for its intelligent customer service has approached 90%. Furthermore, AIGC has been applied to creative content generation, advertising, and product descriptions to further improve operational efficiency in daily business activities.

In terms of shareholder returns, which are closely watched by the capital market, Vipshop returned approximately $940 million to shareholders in 2025 through stock buybacks and dividends. Additionally, the board of directors has approved a new annual dividend plan, proposing to distribute a cash dividend of $0.62 per American Depositary Share (ADS) or $3.10 per ordinary share to shareholders registered after the market close on April 10, 2026.

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