Question · Q3 2025
Wei Sheng asked if Vipshop expects continued sequential improvement in active customer numbers and revenue growth in Q4 2025, detailing investment plans and operational focus for users, and the outlook for user and revenue growth in 2026. She also sought an update on the shareholder return program for next year.
Answer
CEO Eric Shen and Head of Investor Relations Jessie Zheng stated they expect customer growth to accelerate in Q4 2025 compared to Q3, aiming for steady customer and revenue growth in 2026 through investments in new customer acquisition, retention, and SVIP experience. CFO Mark Wang reaffirmed the commitment to return no less than 75% of 2024 non-GAAP net income to shareholders in 2025 and will evaluate the appropriate level for 2026.
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