Vipshop Holdings Limited (NYSE: VIPS) filed its 2025 annual report on Form 20‑F with the U.S. Securities and Exchange Commission on April 16, 2026. The filing, which includes audited financial statements for the three years ended December 31, 2025, is available on the company’s investor‑relations website at ir.vip.com.
The report shows total revenue of RMB 105.9 billion for 2025, down 2.4% from RMB 108.4 billion in 2024 and 3.8% from RMB 112.9 billion in 2023. Net income attributable to shareholders was RMB 7.2 billion, a decline of 6.5% from the prior year, while non‑GAAP net income reached RMB 8.7 billion. Operating margin slipped to 8.9% from 9.2% in 2024, and gross margin fell to 23.1% from 23.5% in 2024, reflecting a shift toward lower‑margin product mix and competitive pricing pressure.
Revenue decline was driven by a 4.5% drop in core e‑commerce sales, while the company’s Super VIP (SVIP) program continued to expand, adding 11% more active members to reach 9.8 million by year‑end 2025. SVIP customers accounted for 52% of online GMV, underscoring the program’s role in offsetting top‑line weakness. Fulfillment and G&A expenses rose modestly, driven by logistics investments and cost adjustments associated with revenue deleveraging.
Management highlighted its focus on strengthening market leadership through enhanced merchandising, expanding the customer base, and investing in AI‑driven customer engagement and exclusive product lines. CEO Shen Ya emphasized that “Through the improvement of strategic execution, business agility, and technological innovation, we continue to deepen brand cooperation, respond more efficiently to users’ changing consumption needs, and continuously consolidate our leading position in the discount retail industry.”
Looking ahead, Vipshop guided for Q1 2026 revenue growth of 0% to 5%, reflecting caution amid macroeconomic uncertainty. The company returned $944.1 million to shareholders in 2025 via share buybacks and dividends, and it committed to returning at least 75% of 2025 non‑GAAP net income to shareholders in 2026. Investors noted the revenue miss despite an earnings beat, indicating that top‑line growth remains a key focus for the business.
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