Vipshop(US:VIPS) 智通财经网·2025-11-20 15:18Core Viewpoint - Vipshop's stock price declined over 1.8% to $19.09 despite reporting Q3 2025 results that slightly exceeded market expectations, indicating resilience in its discount retail model amid 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%, exceeding market expectations by $30 million [1] - Non-GAAP earnings per ADS were $0.42, surpassing expectations by $0.01, reflecting stable profitability [1] Business Metrics - Gross Merchandise Volume (GMV) increased to RMB 43.1 billion in Q3, a year-over-year growth of 7.5%, significantly outpacing revenue growth, indicating an increase in overall customer spending [1] - Active customer count reached 40.1 million, up 1.3% year-over-year, while total order volume was 166.4 million, growing 1.5% year-over-year, demonstrating successful expansion in orders and GMV despite slowing user growth [1] Future Outlook - For Q4, Vipshop expects revenue to be between RMB 33.2 billion and RMB 34.9 billion, with year-over-year changes ranging from 0% to 5% growth, indicating cautious guidance but potential for stable growth driven by year-end promotional activities [1]