Vipshop, a leading online branded discount retailer in China, announced its financial results for the third quarter of 2025. The company reported net revenue of RMB 21.4 billion, a year-on-year increase of 3.4%, while non-GAAP net profit rose 14.6% to RMB 1.5 billion.
Active users grew 1.3% YoY to 40.1 million in Q3, with gross merchandise volume (GMV) increasing 7.5% to RMB 43.1 billion. Total orders reached 166 million, up 1.5% YoY.
Eric Shen, Chairman and CEO of Vipshop, stated, "Our strategic initiatives in merchandise and operations have delivered solid results. AI continues to play an increasingly vital role in driving growth and efficiency. By strengthening team collaboration, we are actively capturing market opportunities and remain confident in achieving sustainable long-term growth."
Vipshop enhanced its buying capabilities by sourcing high-quality branded products globally. The platform deepened partnerships with international brands such as Alexander Wang, bebe, OUTDOOR PRODUCTS, and PINKO. Its "Vipshop Exclusive" program saw sales surge 41% YoY, with over 100 new brand collaborations added in Q3.
The company's "Super Brand Day" and "Super Category Day" campaigns maintained strong momentum, with overall sales growing over 20% YoY. Notably, collaborations with Li-Ning Group and Chow Sang Sang set new sales records on the platform. The "Flash Sale" section, featuring high-value products, also achieved significant YoY growth.
Vipshop's private sales events for premium brands gained popularity among its Super VIP (SVIP) members. The platform introduced new membership benefits, including "Super V Brand Day" and "Super V Subsidy Day," to enhance exclusive pricing privileges. Additional lifestyle perks and birthday rewards further strengthened member engagement. SVIP users grew by double digits YoY, contributing 51% of online sales in Q3.
The company is accelerating AI integration across business operations. Its "Try It On" virtual fitting feature allows users to preview outfits and share them with friends, improving shopping experiences. Vipshop is also exploring AI applications in search recommendations, customer service, advertising, and business analytics to boost operational efficiency. Additionally, the platform upgraded its search and recommendation systems through advanced algorithms and product optimizations.
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