Investment Rating - The report maintains an "Outperform" rating for the company [4][3] Core Views - The company's revenue for Q4 2025 was 32.4 billion yuan, a year-over-year decrease of 2.3%, with product revenue at 29.9 billion yuan, down 3.1%. The growth in the wearable category was stable, while apparel sales were impacted by a warm winter [6][2] - The company reported a GMV of 66.6 billion yuan, a year-over-year increase of 0.6%. Active buyers numbered 45.3 million, down 1% year-over-year, with SuperVIP members increasing by 11% to 9.8 million, contributing 52% of online sales [6][2] - Non-GAAP net profit for the quarter was 2.9 billion yuan, a decrease of 4% year-over-year, with a net profit margin decline of 0.2 percentage points [2][6] Revenue and Profit Forecast - The company expects revenue growth for Q1 2026 to be in the range of 0% to 5%. Adjusted revenue forecasts for 2026 and 2027 are set at 108.7 billion yuan and 111.5 billion yuan, respectively, with slight downward adjustments of -1.5% and -1.2% [3][12] - Adjusted net profit forecasts for 2026 and 2027 are 9 billion yuan and 9.3 billion yuan, with a minor adjustment of -0.7% for 2026 [3][12] Shareholder Returns - The company returned a total of 944 million USD to shareholders in 2025, with a shareholder return rate of 11%. This includes a share buyback of 305 million USD in Q4 2025 and a total buyback of 684 million USD for the year [7][2] - The cash dividend for 2025 was 0.62 USD per ADS, totaling nearly 300 million USD, with plans to continue shareholder returns in 2026 [7][2]
唯品会（VIPS.N）2025Q4 财报点评：受大盘影响收入利润疲软，2026 年股东回报势头持续
Guoxin Securities·2026-02-27 10:45