Vipshop(US:VIPS) 智通财经网·2026-02-26 15:09Core Viewpoint - Vipshop's stock price increased by 1.38% in intraday trading, reflecting a generally positive market reaction to its latest earnings report, which showed mixed results for Q4 2025 [1] Financial Performance - The company reported a non-GAAP earnings per American depositary share of $0.81, exceeding market expectations by $0.03 [1] - Q4 revenue was approximately $4.6 billion, remaining flat year-over-year but falling short of market expectations by about $220 million [1] Key Operational Metrics - The total merchandise volume for Q4 grew by 0.6% year-over-year to RMB 66.6 billion [1] - Active user count decreased slightly to 45.3 million from 45.7 million in the same period last year [1] - The number of orders fell to 206 million, down from 217.5 million year-over-year [1] Future Guidance - The company provided a relatively stable performance outlook, expecting Q1 2026 net revenue to be between RMB 26.3 billion and RMB 27.6 billion, indicating a year-over-year growth of approximately 0% to 5% [1] - Market analysts believe that despite short-term revenue growth pressures, the company's stable profitability and moderate forward guidance provide some support for its stock price [1]