唯品会控股有限公司：营收增长恢复正区间仍需更多耐心

Investment Rating - The investment rating for Vipshop Holdings Ltd is Equal-weight [66]. Core Insights - Vipshop has seen improving consumption demand in April and May compared to Q1 2025, but it is too early to expect revenue growth to return to positive territory in Q2 2025 [1]. - The company offers a high shareholder return with a yield of 12% and a low valuation at 6.6x the estimated P/E for 2025, which limits downside risk [1]. Industry Overview - The industry view for China Internet and Other Services is considered Attractive [5].