文|《BUG》栏目 闫妍 中国特卖电商龙头唯品会近日发布2025年第三季度财报。 财报显示，唯品会第三季度实现净营收214亿元，同比增长3.4%，环比下滑17%。净利润同比增长16.8% 至12亿元人民币，环比下滑19.5%。Non-GAAP净利润15亿元，同比增长14.6%，环比下滑28.6%。 此外，据媒体报道，已在美上市十年的唯品会，目前正积极筹备回归港股，最快将于明年实现港股上 市，以期重塑其增长叙事并突破当前估值瓶颈。唯品会方面高管回应称："我们一直在密切关注资本市 场变化，如果有任何进展，我们将及时向市场更新信息。" 季度营收曾"五连降" 财报显示，唯品会三季度恢复了业务增长，各项核心运营指标依然面临着压力。 财报显示，唯品会第三季度实现净营收214亿元，同比增长3.4%，环比下滑17%。净利润12亿元人民 币，同比增长16.8%，环比下滑19.5%。Non-GAAP净利润15亿元，同比增长14.6%，环比下滑28.6%。 值得警惕的是，在刚刚过去的第三季度之前，其营收已连续五个季度同比下滑，有长达近一年半时间的 持续性收缩。 财报显示，自2024年第二季度至2025年第二季度，唯品会每季度财报分 ...

Core Viewpoint - Vipshop is facing significant challenges as it reports declining revenues and user metrics, raising concerns about its ability to maintain its niche in the discount retail sector [1][2][6]. Financial Performance - For the first half of 2025, Vipshop reported revenues of 52.075 billion yuan (approximately 7.269 billion USD), a decrease of 4.4% from 54.5 billion yuan in the same period last year [1]. - The operating profit for the same period was 3.975 billion yuan (approximately 555 million USD), down 20.37% from 4.992 billion yuan year-on-year [1]. - In Q2 2025, Vipshop's revenue was 25.8 billion yuan (approximately 3.6 billion USD), a 4% decline from 26.9 billion yuan in Q2 2024 [1][2]. User Metrics - In Q2 2025, the number of orders decreased to 193 million, a decline of 2.43% year-on-year [4][5]. - The active user count fell to 43.5 million, down 1.81% compared to the previous year [4][5]. Membership and Cost Structure - The Super VIP (SVIP) user base grew by 15% in Q2 2025, contributing 52% to the revenue, but this focus on high-end customers is increasing fulfillment costs and leading to a loss of regular users [4][6]. - Despite revenue declines, operating expenses rose to 4.56 billion yuan in Q2 2025, a 6.3% increase from the previous year, primarily due to higher administrative costs [5]. Competitive Landscape - The competitive environment is intensifying as major e-commerce players engage in price wars, which may weaken Vipshop's discount advantage [6][7]. - Competitors like Pinduoduo and JD.com are aggressively pursuing the discount market, which poses a threat to Vipshop's traditional business model [6][7]. Strategic Challenges - Vipshop's reliance on a narrow focus on discount sales has limited its growth potential, especially as it has not effectively adapted to emerging trends like live-streaming and social commerce [7][8]. - The company has missed opportunities in the live-streaming e-commerce sector, which has rapidly gained traction since its inception [7][8].