Vipshop(US:VIPS) CMS·2025-08-15 11:49Investment Rating - The report maintains a "Strong Buy" rating for the company [2][4]. Core Insights - The company's Q2 2025 financial results met expectations, with revenue of 25.8 billion yuan, a year-on-year decrease of 4%, and GMV of 51.4 billion yuan, a year-on-year increase of 1.7%. The Q3 revenue guidance indicates a positive growth trajectory, with expected revenue between 20.7 billion and 21.7 billion yuan, representing a year-on-year growth of 0-5% [1][4]. - The company is leveraging its advantages in brand reputation and supply chain to solidify its platform value, while also enhancing shareholder returns through ongoing buybacks and dividends [1][4]. Financial Performance Summary - For 2023, the company expects total revenue of 112.856 billion yuan, with a year-on-year growth of 9.4%. However, revenue is projected to decline by 3.9% in 2024 and by 1.0% in 2025, before recovering slightly in 2026 and 2027 [2][8]. - Non-GAAP net profit for 2023 is estimated at 9.51 billion yuan, with a significant year-on-year growth of 39.1%. This is expected to decline by 5.0% in 2024 and by 1.1% in 2025, before showing modest growth in subsequent years [2][8]. - The company has a current PE ratio of 6.5, with projections indicating a slight increase to 6.9 by 2025 [2][9]. Shareholder Returns - The company has repurchased shares worth 3.498 billion USD in Q2 2025, with a remaining buyback plan of 6.46 billion USD. It commits to returning at least 75% of the 2024 Non-GAAP net profit to shareholders through dividends and buybacks [1][4]. Membership Growth - The number of active SVIP members continues to grow at a double-digit rate, with a year-on-year increase of 15%, contributing approximately 52% to online sales [1][4].