唯品会发布2025年业绩：净营收1059亿元，全年活跃用户数实现正增长

Core Insights - Vipshop, a leading online discount retailer in China, reported Q4 2025 net revenue of 32.5 billion RMB and a Non-GAAP net profit of 2.9 billion RMB. For the full year 2025, net revenue reached 105.9 billion RMB with a Non-GAAP net profit of 8.7 billion RMB [1] - The company returned approximately 940 million USD to shareholders through stock buybacks and dividends in 2025, with a new annual dividend plan approved by the board, distributing 3.10 USD per ordinary share or 0.62 USD per American depositary share [1] - Vipshop's CEO emphasized the company's strategic execution, business agility, and technological innovation to strengthen brand partnerships and respond to changing consumer demands, maintaining its leading position in the discount retail sector [1] Financial Performance - In Q4 2025, Vipshop achieved net revenue of 32.5 billion RMB and a Non-GAAP net profit of 2.9 billion RMB [1] - For the entire year of 2025, the company reported net revenue of 105.9 billion RMB and a Non-GAAP net profit of 8.7 billion RMB [1] - The total shareholder return for 2025 was approximately 940 million USD through stock buybacks and dividends [1] Strategic Initiatives - Vipshop enhanced its supply advantages by introducing several international brands, including Alexander Wang and MUJI, under its buyer's strategy [2] - The platform saw a positive growth in active user numbers, with Super VIP (SVIP) users increasing to 9.8 million, contributing 52% to online sales [2] - The company enriched member benefits for SVIP users, introducing exclusive experiences and enhancing perceived value [2] Technological Advancements - AI applications in search recommendations, intelligent customer service, and virtual fitting rooms have created new value for the platform, with a near 90% issue resolution rate in intelligent customer service [2] - The AI fitting feature "Try It On" has increased user revisit intentions, while AIGC has been widely applied in creative content and advertising, improving operational efficiency [2] - The company plans to further integrate AI into its business to drive overall efficiency improvements [2]