Vipshop Reports Unaudited Fourth Quarter and Full Year 2025 Financial Results

Core Insights - Vipshop Holdings Limited reported its unaudited financial results for the fourth quarter and full year of 2025, highlighting a focus on strategic realignment and operational resilience to drive long-term growth [1] Financial Performance - Total orders for Q4 2025 were 206.0 million, down from 217.5 million in Q4 2024. For the full year, total orders were 732.4 million, compared to 757.5 million in 2024 [1] - Active customers in Q4 2025 numbered 45.3 million, slightly down from 45.7 million in the prior year. For the full year, active customers were 84.8 million, up from 84.7 million [1] - Non-GAAP net income for Q4 2025 was RMB 2.9 billion (US$ 408.7 million), compared to RMB 3.0 billion in Q4 2024. For the full year, it was RMB 8.7 billion (US$ 1.3 billion), down from RMB 9.0 billion [1] - Net income attributable to shareholders for Q4 2025 increased by 5.8% year-over-year to RMB 2.6 billion (US$ 370.3 million) from RMB 2.4 billion in Q4 2024. For the full year, net income was RMB 7.2 billion (US$ 1.0 billion), down from RMB 7.7 billion [1] - Gross profit for Q4 2025 was RMB 7.4 billion (US$ 1.1 billion), compared to RMB 7.6 billion in Q4 2024. For the full year, gross profit was RMB 24.5 billion (US$ 3.5 billion), down from RMB 25.5 billion [1] Revenue and Expenses - Total net revenues for Q4 2025 were RMB 32.5 billion (US$ 4.6 billion), down from RMB 33.2 billion in Q4 2024. For the full year, total net revenues were RMB 105.9 billion (US$ 15.1 billion), compared to RMB 108.4 billion in 2024 [1] - Total operating expenses for Q4 2025 decreased by 3.7% year-over-year to RMB 4.9 billion (US$ 697.7 million) from RMB 5.1 billion in Q4 2024 [1] - Operating margin for Q4 2025 increased to 8.9% from 8.6% in the prior year [1] Cash Flow and Shareholder Returns - As of December 31, 2025, the company had cash and cash equivalents of RMB 24.1 billion (US$ 3.4 billion) and short-term investments of RMB 5.8 billion (US$ 826.1 million) [1] - The company returned US$ 944.1 million to shareholders in 2025 through dividends and share repurchases [1] - An annual cash dividend of US$ 3.10 per ordinary share was declared for fiscal year 2025, with a payment date expected on April 24, 2026 [1] Business Outlook - For Q1 2026, Vipshop expects total net revenues to be between RMB 26.3 billion and RMB 27.6 billion, representing a year-over-year increase of approximately 0% to 5% [1]