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业绩快报 | 唯品会发布一季报:净营收263亿元,SVIP活跃用户贡献超5成线上销售额
VipshopVipshop(US:VIPS) 3 6 Ke·2025-05-20 11:55

Core Insights - Vipshop reported a net revenue of 26.3 billion RMB and a Non-GAAP net profit of 2.3 billion RMB for Q1 2025 [1] - The company's GMV reached 52.4 billion RMB with active user count at 41.3 million, highlighting a significant contribution from Super VIP users [1] - The company is focusing on enhancing its product offerings through exclusive collaborations with brands and leveraging AI technologies to improve user experience [1][2] Financial Performance - For Q1 2025, Vipshop achieved a net revenue of 26.3 billion RMB and a Non-GAAP net profit of 2.3 billion RMB [1] - The company expects Q2 net revenue to be between 25.5 billion and 26.9 billion RMB [2] User Engagement - Active user count reached 41.3 million, with Super VIP users growing by 18% year-over-year, contributing 51% of online sales [1] - The company has established exclusive partnerships with 285 brands to enhance product differentiation and user retention [1] Strategic Initiatives - Vipshop is undergoing organizational changes to better focus on its buyer-driven product strategy and enhance technology and service innovation [2] - The company is committed to a stock repurchase plan to create value for shareholders [2] Market Outlook - Analysts from Huatai Securities suggest that while Vipshop's fundamentals may take time to stabilize, the company could benefit from a more rational competitive environment [2] - Barclays analysts maintain a buy rating for Vipshop with a target price of $20 [3]