在资本市场关注的股东回报方面，唯品会在2025年全年通过股票回购和分红累计向股东返还约9.4亿美 元。此外，唯品会董事会已批准一项新的年度股息派发计划，拟向截至2026年4月10日休市后登记在册 的股东，派发每股美国存托股（ADS）0.62美元（或每股普通股3.10美元）的现金股息。 在用户数据与核心业务层面，唯品会全年活跃用户数实现正增长。其中，高粘性客群SVIP活跃用户数 增至980万，保持了两位数增幅，这部分核心用户贡献了平台线上销售总额的52%。商品供给及转化方 面，平台核心高价值品牌业绩保持稳定，其"超级大牌日"和"超级品类日"的全年整体业绩同比增长 17%。同时，唯品会在2025年内扩充了品牌矩阵，相继引进了Alexander Wang、MAMMUT、MUJI無印 良品等国际知名品牌。 凤凰网科技讯 2月26日，唯品会对外披露了2025年第四季度及全年未经审计的财务业绩。财报数据显 示，唯品会2025年全年实现净营收1059亿元（人民币，下同），Non-GAAP净利润为87亿元；其中，第 四季度净营收为325亿元，Non-GAAP净利润达29亿元。唯品会管理层表示，过去一年公司通过提升业 务敏捷性 ...

Core Insights - Vipshop reported Q2 2025 net revenue of 25.8 billion RMB and Non-GAAP net profit of 2.1 billion RMB, with GMV of 51.4 billion RMB, a year-on-year increase of 1.7% [1] - The number of active Super VIP users grew by 15% year-on-year, contributing 52% to online sales [1] - The company returned over 600 million USD to shareholders through stock buybacks and dividends in the first half of 2025 [1] Financial Performance - Q2 2025 net revenue reached 25.8 billion RMB, with a Non-GAAP net profit of 2.1 billion RMB [1] - GMV for Q2 was 51.4 billion RMB, reflecting a 1.7% year-on-year growth [1] - The company achieved a significant return to shareholders exceeding 600 million USD in the first half of 2025 [1] Business Strategy - The CEO emphasized internal reforms to enhance brand value delivery, focusing on improving product sourcing and operational efficiency for sustainable growth [1] - The introduction of high-value brands and optimized product mix contributed to a 17% year-on-year growth in performance for key promotional events [1] - The company enhanced user engagement through surprise experiences and promotional events, leading to significant performance improvements [1] Product and Membership Development - The company expanded its exclusive product offerings, with notable growth in "Vipshop Exclusive" products, driven by deep collaborations with brands [2] - The introduction of luxury brands and exclusive discounts for SVIP users led to rapid sell-outs of high-demand items [2] - New membership benefits included 53 additional high-frequency perks across various sectors, enhancing the value for high-value users [2] Technological Innovation - Vipshop leveraged AI technology to enhance core business operations, achieving measurable improvements in product recommendations, customer service, and marketing [2] - The application of AI contributed to increased operational efficiency and improved user experience [2]