Vipshop(US:VIPS) Feng Huang Wang·2026-02-26 10:46Financial Performance - In 2025, the company achieved a total net revenue of 105.9 billion RMB, with a Non-GAAP net profit of 8.7 billion RMB; for Q4, net revenue was 32.5 billion RMB, and Non-GAAP net profit reached 2.9 billion RMB [1] - The management highlighted that the company enhanced business agility and technological innovation to adapt to changing consumer demands [1] User and Core Business Metrics - The company reported positive growth in active user numbers, with SVIP active users increasing to 9.8 million, contributing 52% of total online sales [1] - The performance of core high-value brands remained stable, with overall performance from "Super Brand Day" and "Super Category Day" increasing by 17% year-on-year [1] - The company expanded its brand matrix in 2025, introducing international brands such as Alexander Wang, MAMMUT, and MUJI [1] Technological Implementation - AI technology has been integrated into various business scenarios, including search recommendations, intelligent customer service, and virtual fitting [2] - The user problem resolution rate for intelligent customer service has approached 90% [2] - AIGC is utilized for creative content generation, advertising, and product descriptions to enhance operational efficiency [2] Shareholder Returns - The company returned approximately 940 million USD to shareholders through stock buybacks and dividends in 2025 [2] - A new annual dividend plan has been approved, proposing a cash dividend of 0.62 USD per American Depositary Share (or 3.10 USD per ordinary share) for shareholders registered by April 10, 2026 [2]