Vipshop Full-Year Revenue Slides 2.3% to RMB105.9B, Q4 Net Income Up 5.8%
Vipshop's full-year net revenue fell to RMB105.9B from RMB108.4B with gross profit at RMB24.5B, while GMV climbed 2.0% to RMB213.5B. Fourth-quarter net income rose 5.8% to RMB2.6B and the firm returned US$944.1M through dividends and share repurchases.
1. Full-Year 2025 Results
Vipshop’s full-year 2025 net revenues were RMB105.9 billion, down from RMB108.4 billion a year earlier, while GMV rose 2.0% to RMB213.5 billion. Gross profit declined to RMB24.5 billion and net income attributable to shareholders fell to RMB7.2 billion from RMB7.7 billion, with non-GAAP net income at RMB8.7 billion.
2. Fourth-Quarter Performance
In the fourth quarter of 2025, net revenues were RMB32.5 billion versus RMB33.2 billion year over year as GMV increased marginally to RMB66.6 billion. Gross profit stood at RMB7.4 billion, net income rose 5.8% to RMB2.6 billion, and operating expenses decreased 3.7% to RMB4.9 billion, lowering the expense-to-revenue ratio to 15.0%.
3. Capital Returns and Strategic Outlook
Vipshop returned US$944.1 million to shareholders in 2025 through dividends and share repurchases. Management emphasized leveraging AI for operational efficiency, strengthening merchandising and customer engagement to drive sustainable, profitable growth in 2026.