炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 出品：新浪财经上市公司研究院 如今，唯品会虽每年仍能维持盈利，"连续XX季度盈利"已成为唯品会最大的业绩宣传点之一，但盈利 背后，公司业绩增长显著承压。2023年第三季度后，唯品会连续5个季度营收下滑。据wind资讯数据， 2024年Q2-2025年Q2，公司营收分别为268.75亿元、206.76亿元、332.24亿元、262.69亿元、258.06亿 元，分别同比变动-4%、-9.18%、-4.18%、-4.98%、-3.98%。 公司较大的亮点主要在SVIP数据。2025年第二季度，唯品会超级VIP（SVIP）用户同比增长15%，贡献 52%。但会员经济或正挤压大众基本盘：为维系高端客群投入的独家定制、免邮退换等权益，推高履约 成本的同时压缩低价商品空间，却导致普通用户流失加速。 2025年第二季度，唯品会季度订单量、活跃用户数均同比下降。其中，报告期内，唯品会订单量为1.93 亿单，同比下降2.43%；活跃用户数为0.435亿人，同比下降1.81%。 作者：新消费主张/cici 业绩双降、季度营收连续5季同比下滑，唯品会恐难固守 ...

Core Viewpoint - Vipshop's Q1 performance shows resilience in high-value user consumption despite overall revenue growth being insufficient, indicating a stable but challenging market environment [1][2] Financial Performance - In Q1, Vipshop achieved net revenue of 26.3 billion RMB and Non-GAAP net profit of 2.3 billion RMB, with GMV at 52.4 billion RMB and active users at 41.3 million [1][8] - The Super VIP (SVIP) user base grew by 18% year-on-year, contributing 51% of online sales, highlighting the importance of high-value users [1][9] - The company reported a gross profit of 6.5 billion RMB, with operating income of 2.8 billion RMB and net income attributable to shareholders at 2.3 billion RMB [8][9] Market Trends - The overall consumer sentiment in the wearable category was subdued in Q1, with a 0.1% decline in clothing sales, reflecting a shift towards essential goods over discretionary spending [3][4] - The early timing of the Spring Festival led to reduced demand for new clothing, as many consumers had already purchased their festive attire [3] Strategic Initiatives - Vipshop is focusing on exclusive collaborations with over 200 brands to enhance product differentiation and attract high-value users [4][5] - The introduction of promotional strategies like "limited-time flash sales" and "everyday low prices" aims to strengthen the perception of value among consumers [4][5] User Engagement - The company organized over 20 exclusive sales events for SVIP users, attracting around 300,000 participants, and offered unique lifestyle benefits to enhance user retention [9][10] - Management remains optimistic about maintaining double-digit growth in the SVIP segment throughout the year, emphasizing the need for unique value propositions [9][10] Future Outlook - Vipshop faces challenges in customer acquisition and needs to enhance its supply chain to sustain growth in core categories [10] - The company has set a revenue guidance of -5% to 0% for Q2, indicating potential pressure on short-term performance [9][10]

转自：推广 随着宁波中心大厦的盛大交付，这座浙江第一高楼迎来了又一时刻——5月10日杉杉商业集团总部正式 乔迁入驻，启幕这座409米超级地标的总部经济新篇章。 作为浙江省最高建筑，宁波中心大厦以"垂直城市"的格局聚合全球资源，而杉杉商业集团的领衔入驻， 标志着这座擎天巨擘从地标图腾迈向产业聚合平台的跨越，为宁波跻身世界级都会舞台注入强劲动能。 活动现场实景图 杉杉商业集团，中国奥特莱斯赛道的领军者。其十余年深耕奥特莱斯领域，布局宁波、哈尔滨、深圳、 成都等19座城市，年销售额超200亿元，稳居中国奥莱开发与运营的头部阵营。 杉杉商业集团母公司唯品会（NYSE:VIPS）VIP.com，是美国纽交所上市公司，累计合作品牌超过 46000家。作为全球领先的特卖电商，获评2022福布斯中国年度最佳雇主和最具可持续发展力雇主，多 次入选"《财富》中国500强"、"中国民营企业500强"榜单，并在2023年荣获"全国五一劳动奖状"。 活动现场实景图 随着2024年底合肥杉杉奥特莱斯的开门营业，杉杉商业在营奥莱项目已达20个，成为目前国内在营奥莱 项目数量第一的企业。2025年，即将迎来武汉、长沙两座杉杉奥特莱斯的正式运 ...