Investment Rating - The report maintains an "Outperform" rating for the company [5][22]. Core Insights - The company's Q1 2025 performance exceeded expectations, with total revenue of $4.8 billion, a year-on-year increase of 30%, driven primarily by e-commerce and digital financial services [8][22]. - The e-commerce segment showed significant growth, with revenue reaching $3.5 billion, up 28% year-on-year, and a GMV increase of approximately 21% [10][22]. - Digital financial services, recently rebranded as Monee, reported a revenue of $787 million, a 58% increase year-on-year, largely due to credit services [16][22]. - The digital entertainment segment also performed well, with revenue of $496 million, an 8% increase year-on-year, and a 51% increase in transaction volume [17][22]. Revenue and Profit Forecast - Revenue projections for 2025-2027 have been adjusted to $21 billion, $25 billion, and $28.5 billion, reflecting increases of 4%, 6%, and 5% respectively, primarily due to anticipated growth in gaming revenue [22]. - Net profit forecasts have been revised to $1.7 billion, $2.6 billion, and $3.4 billion for the same period, with increases of 13% across the board, driven by improved e-commerce profit margins [22]. Financial Metrics - The company achieved a net profit margin of 8% in Q1 2025, with a notable improvement in e-commerce profitability [8][10]. - The adjusted EBITDA for the e-commerce segment was $264 million, with a profit margin of 7.5%, reflecting enhanced operational efficiency [10][22]. - The digital financial services segment reported an adjusted EBITDA of $241 million, with a profit margin of 31% [16][22]. Valuation - The company is currently valued at 57 times its earnings for 2025, indicating a strong market position and growth potential [22].

投资建议：公司专注于打造线上奥莱，深耕自身核心优势，我们小幅调整 2025-2027 年 公司 收入 预 测至 1088/1116/1144 亿 元， 调整 幅 度为 -2%/-3%/-3%,主要考虑到行业竞争依旧激烈，调整经调 2025-2027 年经 调利润预测至 91/94/98 亿元，调整幅度为-3%/-2%/-4%,主要受到收入 下调影响。公司当前股价对应 2025 年 PE 为 6x，维持"优于大市"评级。 风险提示：政策风险，新进入者竞争加剧等市场风险，宏观经济系统性风险 等。 证券研究报告 | 2025年05月22日 唯品会（VIPS.N） 优于大市 2025Q1 财报点评：业绩符合预期，下半年有望重回增长轨道 收入端：本季度公司营业收入 263 亿元，yoy -5.0%，主要受需求疲软、 竞争加剧等因素影响。其中产品收入 243 亿元，yoy-6.0%，其中服装品类 本季度实现正增长；其他收入 20 亿，yoy+10%，其他收入的快速增长主要由 杉杉奥莱店带动（目前已达 20 家）。尽管短期承压，行业竞争依然激烈， 但公司已看到逐月改善的趋势，预计 Q2 收入同比增长仍将处于-5%-0 的区 ...