diff --git a/CHANGELOG.md b/CHANGELOG.md
index 716c813cf21..13fdd9c4fbc 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,3 +1,25 @@
+## [3.2.5](https://github.com/vuejs/vue-next/compare/v3.2.4...v3.2.5) (2021-08-24)
+
+
+### Bug Fixes
+
+* **compiler-core:** fix duplicated component identifier for names with non-ascii chars ([#4429](https://github.com/vuejs/vue-next/issues/4429)) ([3282750](https://github.com/vuejs/vue-next/commit/32827506ff2b6174d63525e7713830838840c671)), closes [#4422](https://github.com/vuejs/vue-next/issues/4422)
+* **compiler-sfc:**   fix 'export default' rewrite with extra whitespaces ([#4375](https://github.com/vuejs/vue-next/issues/4375)) ([4792ebd](https://github.com/vuejs/vue-next/commit/4792ebd6879115f887e393c7ed0a8475a705b6b0))
+* **compiler-sfc:** fix `<script>` and `<script setup>` co-usage ordering edge case ([#4419](https://github.com/vuejs/vue-next/issues/4419)) ([9826382](https://github.com/vuejs/vue-next/commit/98263821f8c42abcff46fae2b0375219c84fb6a4)), closes [#4395](https://github.com/vuejs/vue-next/issues/4395) [#4376](https://github.com/vuejs/vue-next/issues/4376)
+* **compiler-sfc:** should also expose regular script block bindings when `<script setup>` is used ([872b3f7](https://github.com/vuejs/vue-next/commit/872b3f7ec5e1a41c60018bb1f64d841c309b8939)), closes [#4369](https://github.com/vuejs/vue-next/issues/4369)
+* **types:** improve the type of createElementBlock ([#4406](https://github.com/vuejs/vue-next/issues/4406)) ([ebd0bac](https://github.com/vuejs/vue-next/commit/ebd0baca98b618945fba223b94833c2b34cdf6a2)), closes [#4391](https://github.com/vuejs/vue-next/issues/4391)
+
+
+### Features
+
+* **experimental:** expose ref macro types using separate d.ts file ([b408451](https://github.com/vuejs/vue-next/commit/b40845153cd4dbdd76bfb74816f4e6b109c9f049))
+* **experimental:** shouldTransform for ref-transform ([e565831](https://github.com/vuejs/vue-next/commit/e565831c98ac5110bf3550f15575ee6d01961992))
+* **experimental:** standalone ref transform ([db8dc75](https://github.com/vuejs/vue-next/commit/db8dc753c0647edfb878d3b0f7b5b16bcfd2c23c))
+* **experimental:** support ref transform for sfc normal `<script>` ([06051c4](https://github.com/vuejs/vue-next/commit/06051c4bf207ff9ac09292b8a5a73b254608cf0e))
+* **ref-transform:** auto infer parser plugins ([6453359](https://github.com/vuejs/vue-next/commit/6453359852d4c93fe436bb94d73181eaa218b527))
+
+
+
 ## [3.2.4](https://github.com/vuejs/vue-next/compare/v3.2.3...v3.2.4) (2021-08-17)
 
 
diff --git a/package.json b/package.json
index 6b9fb091afd..0c030589d7b 100644
--- a/package.json
+++ b/package.json
@@ -1,6 +1,6 @@
 {
   "private": true,
-  "version": "3.2.4",
+  "version": "3.2.5",
   "workspaces": [
     "packages/*"
   ],
diff --git a/packages/compiler-core/package.json b/packages/compiler-core/package.json
index db404830c45..34c158441d4 100644
--- a/packages/compiler-core/package.json
+++ b/packages/compiler-core/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@vue/compiler-core",
-  "version": "3.2.4",
+  "version": "3.2.5",
   "description": "@vue/compiler-core",
   "main": "index.js",
   "module": "dist/compiler-core.esm-bundler.js",
@@ -32,7 +32,7 @@
   },
   "homepage": "https://github.com/vuejs/vue-next/tree/master/packages/compiler-core#readme",
   "dependencies": {
-    "@vue/shared": "3.2.4",
+    "@vue/shared": "3.2.5",
     "@babel/parser": "^7.15.0",
     "@babel/types": "^7.15.0",
     "estree-walker": "^2.0.2",
diff --git a/packages/compiler-dom/package.json b/packages/compiler-dom/package.json
index 00c7c9ef650..5bd2f3aa02d 100644
--- a/packages/compiler-dom/package.json
+++ b/packages/compiler-dom/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@vue/compiler-dom",
-  "version": "3.2.4",
+  "version": "3.2.5",
   "description": "@vue/compiler-dom",
   "main": "index.js",
   "module": "dist/compiler-dom.esm-bundler.js",
@@ -37,7 +37,7 @@
   },
   "homepage": "https://github.com/vuejs/vue-next/tree/master/packages/compiler-dom#readme",
   "dependencies": {
-    "@vue/shared": "3.2.4",
-    "@vue/compiler-core": "3.2.4"
+    "@vue/shared": "3.2.5",
+    "@vue/compiler-core": "3.2.5"
   }
 }
diff --git a/packages/compiler-sfc/package.json b/packages/compiler-sfc/package.json
index 5b8defac589..ad4b0e03e84 100644
--- a/packages/compiler-sfc/package.json
+++ b/packages/compiler-sfc/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@vue/compiler-sfc",
-  "version": "3.2.4",
+  "version": "3.2.5",
   "description": "@vue/compiler-sfc",
   "main": "dist/compiler-sfc.cjs.js",
   "types": "dist/compiler-sfc.d.ts",
@@ -34,11 +34,11 @@
     "@babel/parser": "^7.15.0",
     "@babel/types": "^7.15.0",
     "@types/estree": "^0.0.48",
-    "@vue/compiler-core": "3.2.4",
-    "@vue/compiler-dom": "3.2.4",
-    "@vue/compiler-ssr": "3.2.4",
-    "@vue/ref-transform": "3.2.4",
-    "@vue/shared": "3.2.4",
+    "@vue/compiler-core": "3.2.5",
+    "@vue/compiler-dom": "3.2.5",
+    "@vue/compiler-ssr": "3.2.5",
+    "@vue/ref-transform": "3.2.5",
+    "@vue/shared": "3.2.5",
     "consolidate": "^0.16.0",
     "estree-walker": "^2.0.2",
     "hash-sum": "^2.0.0",
diff --git a/packages/compiler-ssr/package.json b/packages/compiler-ssr/package.json
index 78922bcd8c9..36ac720fbbd 100644
--- a/packages/compiler-ssr/package.json
+++ b/packages/compiler-ssr/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@vue/compiler-ssr",
-  "version": "3.2.4",
+  "version": "3.2.5",
   "description": "@vue/compiler-ssr",
   "main": "dist/compiler-ssr.cjs.js",
   "types": "dist/compiler-ssr.d.ts",
@@ -28,7 +28,7 @@
   },
   "homepage": "https://github.com/vuejs/vue-next/tree/master/packages/compiler-ssr#readme",
   "dependencies": {
-    "@vue/shared": "3.2.4",
-    "@vue/compiler-dom": "3.2.4"
+    "@vue/shared": "3.2.5",
+    "@vue/compiler-dom": "3.2.5"
   }
 }
diff --git a/packages/reactivity/package.json b/packages/reactivity/package.json
index ea48873478e..f33ab80ca11 100644
--- a/packages/reactivity/package.json
+++ b/packages/reactivity/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@vue/reactivity",
-  "version": "3.2.4",
+  "version": "3.2.5",
   "description": "@vue/reactivity",
   "main": "index.js",
   "module": "dist/reactivity.esm-bundler.js",
@@ -36,6 +36,6 @@
   },
   "homepage": "https://github.com/vuejs/vue-next/tree/master/packages/reactivity#readme",
   "dependencies": {
-    "@vue/shared": "3.2.4"
+    "@vue/shared": "3.2.5"
   }
 }
diff --git a/packages/ref-transform/package.json b/packages/ref-transform/package.json
index 0cebe3b35fe..02f4f3069f6 100644
--- a/packages/ref-transform/package.json
+++ b/packages/ref-transform/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@vue/ref-transform",
-  "version": "3.2.4",
+  "version": "3.2.5",
   "description": "@vue/ref-transform",
   "main": "dist/ref-transform.cjs.js",
   "files": [
@@ -29,8 +29,8 @@
   "homepage": "https://github.com/vuejs/vue-next/tree/dev/packages/ref-transform#readme",
   "dependencies": {
     "@babel/parser": "^7.15.0",
-    "@vue/compiler-core": "3.2.4",
-    "@vue/shared": "3.2.4",
+    "@vue/compiler-core": "3.2.5",
+    "@vue/shared": "3.2.5",
     "estree-walker": "^2.0.2",
     "magic-string": "^0.25.7"
   },
diff --git a/packages/runtime-core/package.json b/packages/runtime-core/package.json
index 7367b6e7015..af5273cfa18 100644
--- a/packages/runtime-core/package.json
+++ b/packages/runtime-core/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@vue/runtime-core",
-  "version": "3.2.4",
+  "version": "3.2.5",
   "description": "@vue/runtime-core",
   "main": "index.js",
   "module": "dist/runtime-core.esm-bundler.js",
@@ -32,7 +32,7 @@
   },
   "homepage": "https://github.com/vuejs/vue-next/tree/master/packages/runtime-core#readme",
   "dependencies": {
-    "@vue/shared": "3.2.4",
-    "@vue/reactivity": "3.2.4"
+    "@vue/shared": "3.2.5",
+    "@vue/reactivity": "3.2.5"
   }
 }
diff --git a/packages/runtime-dom/package.json b/packages/runtime-dom/package.json
index b24d71e714f..56440c2f3e9 100644
--- a/packages/runtime-dom/package.json
+++ b/packages/runtime-dom/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@vue/runtime-dom",
-  "version": "3.2.4",
+  "version": "3.2.5",
   "description": "@vue/runtime-dom",
   "main": "index.js",
   "module": "dist/runtime-dom.esm-bundler.js",
@@ -35,8 +35,8 @@
   },
   "homepage": "https://github.com/vuejs/vue-next/tree/master/packages/runtime-dom#readme",
   "dependencies": {
-    "@vue/shared": "3.2.4",
-    "@vue/runtime-core": "3.2.4",
+    "@vue/shared": "3.2.5",
+    "@vue/runtime-core": "3.2.5",
     "csstype": "^2.6.8"
   }
 }
diff --git a/packages/runtime-test/package.json b/packages/runtime-test/package.json
index 2a90f1a78bf..637ab01dde1 100644
--- a/packages/runtime-test/package.json
+++ b/packages/runtime-test/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@vue/runtime-test",
-  "version": "3.2.4",
+  "version": "3.2.5",
   "description": "@vue/runtime-test",
   "private": true,
   "main": "index.js",
@@ -25,7 +25,7 @@
   },
   "homepage": "https://github.com/vuejs/vue-next/tree/master/packages/runtime-test#readme",
   "dependencies": {
-    "@vue/shared": "3.2.4",
-    "@vue/runtime-core": "3.2.4"
+    "@vue/shared": "3.2.5",
+    "@vue/runtime-core": "3.2.5"
   }
 }
diff --git a/packages/server-renderer/package.json b/packages/server-renderer/package.json
index 7e93fe59be2..7b33794f765 100644
--- a/packages/server-renderer/package.json
+++ b/packages/server-renderer/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@vue/server-renderer",
-  "version": "3.2.4",
+  "version": "3.2.5",
   "description": "@vue/server-renderer",
   "main": "index.js",
   "module": "dist/server-renderer.esm-bundler.js",
@@ -31,10 +31,10 @@
   },
   "homepage": "https://github.com/vuejs/vue-next/tree/master/packages/server-renderer#readme",
   "peerDependencies": {
-    "vue": "3.2.4"
+    "vue": "3.2.5"
   },
   "dependencies": {
-    "@vue/shared": "3.2.4",
-    "@vue/compiler-ssr": "3.2.4"
+    "@vue/shared": "3.2.5",
+    "@vue/compiler-ssr": "3.2.5"
   }
 }
diff --git a/packages/sfc-playground/package.json b/packages/sfc-playground/package.json
index e2de8dad0ad..3278f108e6b 100644
--- a/packages/sfc-playground/package.json
+++ b/packages/sfc-playground/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@vue/sfc-playground",
-  "version": "3.2.4",
+  "version": "3.2.5",
   "private": true,
   "scripts": {
     "dev": "vite",
diff --git a/packages/shared/package.json b/packages/shared/package.json
index 5ee1ccc57c0..c388ea7fc04 100644
--- a/packages/shared/package.json
+++ b/packages/shared/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@vue/shared",
-  "version": "3.2.4",
+  "version": "3.2.5",
   "description": "internal utils shared across @vue packages",
   "main": "index.js",
   "module": "dist/shared.esm-bundler.js",
diff --git a/packages/size-check/package.json b/packages/size-check/package.json
index 4990265fb32..e5744e72466 100644
--- a/packages/size-check/package.json
+++ b/packages/size-check/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@vue/size-check",
-  "version": "3.2.4",
+  "version": "3.2.5",
   "private": true,
   "buildOptions": {
     "name": "Vue",
diff --git a/packages/template-explorer/package.json b/packages/template-explorer/package.json
index cbf02c6a61f..e3a10c08ad8 100644
--- a/packages/template-explorer/package.json
+++ b/packages/template-explorer/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@vue/template-explorer",
-  "version": "3.2.4",
+  "version": "3.2.5",
   "private": true,
   "buildOptions": {
     "formats": [
diff --git a/packages/vue-compat/package.json b/packages/vue-compat/package.json
index 434842eed96..61b629761e9 100644
--- a/packages/vue-compat/package.json
+++ b/packages/vue-compat/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@vue/compat",
-  "version": "3.2.4",
+  "version": "3.2.5",
   "description": "Vue 3 compatibility build for Vue 2",
   "main": "index.js",
   "module": "dist/vue.runtime.esm-bundler.js",
@@ -38,6 +38,6 @@
   },
   "homepage": "https://github.com/vuejs/vue-next/tree/master/packages/vue-compat#readme",
   "peerDependencies": {
-    "vue": "3.2.4"
+    "vue": "3.2.5"
   }
 }
diff --git a/packages/vue/package.json b/packages/vue/package.json
index ad531a2c35c..c9097f4cbd1 100644
--- a/packages/vue/package.json
+++ b/packages/vue/package.json
@@ -1,6 +1,6 @@
 {
   "name": "vue",
-  "version": "3.2.4",
+  "version": "3.2.5",
   "description": "The progressive JavaScript framework for buiding modern web UI.",
   "main": "index.js",
   "module": "dist/vue.runtime.esm-bundler.js",
@@ -37,9 +37,9 @@
   },
   "homepage": "https://github.com/vuejs/vue-next/tree/master/packages/vue#readme",
   "dependencies": {
-    "@vue/shared": "3.2.4",
-    "@vue/compiler-dom": "3.2.4",
-    "@vue/runtime-dom": "3.2.4"
+    "@vue/shared": "3.2.5",
+    "@vue/compiler-dom": "3.2.5",
+    "@vue/runtime-dom": "3.2.5"
   },
   "devDependencies": {
     "lodash": "^4.17.15",