Vipshop(US:VIPS) Zhi Tong Cai Jing·2025-11-20 15:21Core Viewpoint - Vipshop's stock price declined over 1.8% to $19.09 despite reporting third-quarter earnings for 2025 that slightly exceeded market expectations, indicating resilience in its discount retail model amid a slow consumer recovery [1] Financial Performance - The company's revenue for the quarter reached $3 billion, representing a year-over-year increase of 3.4%, which was $30 million above market expectations [1] - Non-GAAP earnings per ADS were $0.42, exceeding expectations by $0.01, showcasing stable profitability [1] Business Metrics - Gross Merchandise Volume (GMV) increased to RMB 43.1 billion in the third quarter, reflecting a year-over-year growth of 7.5%, significantly outpacing revenue growth [1] - Active customer count reached 40.1 million, up 1.3% year-over-year, while total order volume was 166.4 million, marking a 1.5% increase [1] - The company successfully expanded both orders and GMV despite a slowdown in user growth [1] Future Outlook - For the fourth quarter, Vipshop expects revenue to be between RMB 33.2 billion and RMB 34.9 billion, with year-over-year changes ranging from 0% to a 5% increase [1] - Although the guidance appears cautious, the company anticipates stable growth in business demand driven by the year-end promotional season [1]