"Conservator" Vipshop: Active user growth nearly stagnates

Once known as the “King of Flash Sales,” Vipshop’s 2025 performance reveals signs of “conservatism” and fatigue.

On February 26, Vipshop released its unaudited financial results for Q4 and the full year of 2025. According to the financial report, Vipshop achieved a total net revenue of 32.5 billion yuan in Q4 2025, a decrease of 2.11% year-over-year; net profit attributable to shareholders was 2.6 billion yuan, up 5.8%.

For the full year of 2025, Vipshop’s total net revenue was 105.9 billion yuan, down 2.3% year-over-year; net profit attributable to shareholders was 7.2 billion yuan, a decrease of 6.49%.

In Q4 2025, Vipshop had 45.3 million active customers, compared to 45.7 million in the same period last year. The order volume was 206 million, a decline from 217.5 million in the same quarter last year.

The total number of active customers for the full year of 2025 reached 84.8 million, nearly unchanged from 84.7 million in the previous year. The total order volume for 2025 was 732.4 million, down from 757.5 million in the previous year.

Meanwhile, the company expects total net revenue for Q1 2026 to be between 26.3 billion and 27.6 billion yuan, representing a year-over-year growth of approximately 0% to 5%.

In terms of shareholder returns, Vipshop returned about $940 million to shareholders in 2025 through stock buybacks and dividends. Additionally, the board has approved a new annual dividend plan, which will distribute cash dividends to shareholders registered after the market close on April 10, 2026. The dividend will be $3.10 per ordinary share and $0.62 per American Depositary Share.

Founded in 2008, Vipshop is an e-commerce platform that went public in the U.S. in 2012. Media reports previously indicated that Vipshop was considering an initial listing in Hong Kong as early as next year. In response, Vipshop executives stated during the Q3 2025 earnings call that the company has been closely monitoring changes in the capital markets and will update the market promptly if there are any developments.

As of the close on February 26, Eastern Time, Vipshop’s shares rose 2.08% to $18.12 per share. Market analysts believe that despite short-term revenue growth pressures, the company’s stable profitability and mild forward guidance provide some support for the stock price.