Vipshop(US:VIPS) Xin Lang Cai Jing·2026-02-13 19:02Financial Performance - The company is expected to release its financial results for the fourth quarter and the full year of 2025 in early 2026, with a revenue guidance for Q4 indicating a year-on-year growth of 0%-5% (approximately 33.2-34.9 billion yuan) [1] - Analysts suggest that due to factors like warm winter weather and the later timing of the 2026 Spring Festival, Q4 revenue may be at the lower end of the guidance range, but the Non-GAAP net profit margin is expected to remain above 8% [1] - In Q3 2025, the company reported revenue of 21.371 billion yuan, a year-on-year increase of 3.4%, and a Non-GAAP net profit of 1.5 billion yuan, up 14.6% [1] - The company has committed to returning no less than 75% of its 2024 Non-GAAP net profit (approximately 900 million USD) to shareholders through dividends and buybacks [1] Strategic Developments - The company has fully integrated with the China Inspection and Quarantine's genuine product management database to enhance its luxury goods authentication capabilities [2] - The company is accelerating the integration of AI into its operations, including the launch of an AI fitting feature and exploring AI applications in search recommendations and customer service to improve operational efficiency [2] - The Super VIP (SVIP) user base continues to grow in double digits, contributing 51% of online sales in Q3 2025, with the company strengthening user engagement through exclusive sales events [2] Industry Environment - The central economic work conference in 2025 emphasized expanding domestic demand as a key task for 2026, which could support apparel e-commerce platforms like the company [2] - There is a need to monitor the pace of consumer recovery and the intensifying competition within the industry [2]