Q4盈利超预期抵消营收压力 唯品会(VIPS.US)股价小幅走高

Core 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 - Total merchandise volume in Q4 grew by 0.6% year-over-year to RMB 66.6 billion [1] - Active user count was 45.3 million, slightly down from 45.7 million in the same period last year [1] - Order volume decreased to 206 million from 217.5 million year-over-year [1] Guidance and Market Outlook - 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]