唯品会发布2025年业绩：净营收1059亿元 SVIP活跃用户数保持两位数增长

Core Insights - Vipshop, a leading online discount retailer in China, reported a net revenue of 32.5 billion RMB for Q4 2025 and a total net revenue of 105.9 billion RMB for the entire year, with a Non-GAAP net profit of 2.9 billion RMB and 8.7 billion RMB respectively [1] - The company returned approximately 940 million USD to shareholders through stock buybacks and dividends in 2025, with a new annual dividend plan approved, offering 3.10 USD per ordinary share or 0.62 USD per American depositary share [1] - Vipshop's CEO emphasized the importance of strategic execution, business agility, and technological innovation to strengthen brand partnerships and respond to changing consumer demands [1] Financial Performance - In Q4 2025, Vipshop achieved a net revenue of 32.5 billion RMB and a Non-GAAP net profit of 2.9 billion RMB [1] - For the full year 2025, the company reported a total net revenue of 105.9 billion RMB and a Non-GAAP net profit of 8.7 billion RMB [1] - The company returned about 940 million USD to shareholders through stock buybacks and dividends [1] Shareholder Returns - Vipshop's board approved a new annual dividend plan, distributing 3.10 USD per ordinary share or 0.62 USD per American depositary share to shareholders registered by April 10, 2026 [1] - The total shareholder return for 2025 was approximately 940 million USD [1] Strategic Initiatives - The company introduced several international brands in 2025, including Alexander Wang, MAMMUT, and MUJI, enhancing its supply advantages [2] - Vipshop's exclusive products significantly attracted high-value users, contributing to a positive growth in active user numbers [2] - The platform's Super VIP (SVIP) user count reached 9.8 million, contributing 52% to online sales [2] User Engagement and AI Integration - The platform enhanced member benefits for SVIP users, introducing exclusive experiences and increasing user engagement [2] - AI applications in search recommendations, customer service, and virtual fitting rooms improved user experience, with a near 90% issue resolution rate in smart customer service [2] - AIGC was widely applied in creative content, advertising, and product descriptions, enhancing operational efficiency [2]