Vipshop divulga resultados de 2025: receita líquida de 105,9 mil milhões de yuan, número de utilizadores SVIP ativos mantém crescimento de dois dígitos

China’s leading online brand discount retailer, Vipshop, released its Q4 and full-year 2025 results. In Q4 2025, Vipshop achieved a net revenue of 32.5 billion RMB and a Non-GAAP net profit of 2.9 billion RMB. For the full year 2025, Vipshop recorded a net revenue of 105.9 billion RMB and a Non-GAAP net profit of 8.7 billion RMB.

In terms of shareholder returns, Vipshop returned approximately US$940 million to shareholders through stock repurchases and dividends in 2025. Additionally, the company’s board has approved a new annual dividend distribution plan. Under this plan, cash dividends will be paid to shareholders registered as of the market close on April 10, 2026, at a rate of US$3.10 per ordinary share or US$0.62 per American Depositary Share.

Vipshop Chairman and CEO Shen Ya stated: “Through enhanced strategic execution, business agility, and technological innovation, we will continue to deepen brand cooperation, respond more efficiently to evolving consumer demands, and solidify our leading position in the discount retail industry.”

In 2025, core high-value brands on the platform maintained stable growth, with the overall performance of Super Brand Day and Super Category Day increasing by 17% year-over-year. Meanwhile, the platform curated deep-discount brands and popular products, reaching users through diversified content scenarios to strengthen brand sale awareness. For example, the “Limited Time Flash Sale” section significantly boosted sales of popular products, with user revisit rates steadily increasing.

Focusing on the buy-and-sell strategy, Vipshop continuously enhances its supply advantages. In 2025, it introduced many internationally renowned brands such as Alexander Wang, MAMMUT, MANITO, Moose Knuckles, and MUJI. Through deep collaborations with brands and creating differentiated products with good quality and prices, “Vipshop Exclusive” products have become more attractive to high-value users.

The platform’s active user base grew positively throughout the year. Notably, 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 enriches member benefits, offering more exclusive deals and broad lifestyle privileges to SVIP users, including new features like birthday gifts and super V trial experiences, enhancing member value perception and supporting sustainable growth of the SVIP user base.

The application of AI in search recommendations, intelligent customer service, virtual try-on, and other areas has created new value for the platform. For example, the problem resolution rate in AI-powered customer service scenarios approaches 90%, and the “Try On” feature increases user revisit intentions. Additionally, AIGC has been widely used in creative content, advertising, and product descriptions, significantly improving operational efficiency and effectiveness. Moving forward, the platform will actively promote the deep integration of AI and business to drive comprehensive efficiency improvements.