Core Insights - Vipshop reported Q2 2025 net revenue of 25.8 billion RMB and Non-GAAP net profit of 2.1 billion RMB [1] - The company's GMV for Q2 was 51.4 billion RMB, showing a year-on-year growth of 1.7% [1] - Active user count reached 43.5 million, with Super VIP users increasing by 15% year-on-year, contributing 52% of online sales [1] Business Performance - The performance of wearable products showed steady growth, with Super Brand Days and Super Category Days achieving a 17% year-on-year increase [1] - The differentiated product strategy through deep collaboration with brands has enhanced the platform's quality and price competitiveness, leading to significant growth in "Vipshop Exclusive" products [1] - The company is focusing on enhancing its sourcing capabilities and operational efficiency to drive long-term sustainable growth [2] Innovation and Technology - Vipshop is leveraging its self-developed "Zhao Che" AI model to enhance operational efficiency and user experience across core business scenarios [1] - AI applications in product recommendations, customer service, and creative marketing have yielded quantifiable results in Q2 [1] Shareholder Returns - In the first half of 2025, Vipshop returned over 600 million USD to shareholders through stock buybacks and dividends [2] - The company aims to effectively communicate brand value to users while enhancing the uniqueness and flexibility of its business model [2] Future Outlook - For Q3, Vipshop expects net revenue to be between 20.7 billion and 21.7 billion RMB, reflecting a year-on-year growth of approximately 0% to 5% [2] - Analysts from招商证券 noted the company's strong performance during the 618 shopping festival, highlighting seasonal consumer trends [2] - 中金证券 believes Vipshop's current valuation is below reasonable levels, indicating potential upside, maintaining an outperform rating with a target price of 17.6 USD [2]

唯品会董事长兼首席执行官沈亚表示，"为更有效地向用户传递品牌特卖价值，我们的团队正在推进内 部变革，一方面强化买手制好货能力，另一方面提升业务模式的独特性、灵活性及运营效率，驱动业务 实现长期可持续增长。" 展望第三季度，唯品会预计净营收将在207亿元至217亿元之间，较去年同期增长约0%至5%。 唯品会首席财务官王宇骅进一步表示，"展望未来，我们将继续专注于执行战略重点，重回可持续增长 轨道。" 招商证券研报指出，唯品会618表现稳健，长期品牌及消费者价值稳固。从大促表现来看，平台呈现相 对显著的季节性消费特征，防晒衣、凉感T恤等夏日单品持续热销，此外3C数码类国补产品需求也持续 升温，整体表现稳健。长期看，唯品会稳固的正品特卖心智和供应链能力支持平台价值保持稳固。 中金证券则认为，唯品会当前估值低于合理水平，具备上行空间。因此维持跑赢行业评级，目标价为 17.6美元。 8月14日美股盘前，唯品会发布2025年第二季度财报。二季度，唯品会实现净营收258亿元（人民币，下 同），Non-GAAP净利润达21亿元。 核心运营数据方面，二季度GMV（商品交易总额）为514亿元，同比增长1.7%；活跃用户数为435 ...

证券研究报告 | 公司点评报告 2025 年 07 月 01 日 唯品会（VIPS.N）25Q2 前瞻 收入及利润趋势符合预期，用户趋势稳步改善 消费品/商业 Q2 收入及 GMV 趋势预计符合指引，用户层面稳步改善，盈利水平保持稳健， 预计收入同比-4%，GMV 增速回正，利润端 Nongaap 归母净利润率预计维持 在 8%左右，预计下半年在穿戴类低基数下需求同比改善以及标品类提高补贴效 率驱动下，收入有望在某一时点恢复正增长。长期看公司正品特卖心智+供应链 优势下平台价值及核心客群保持稳固，公司持续分红+回购提升股东价值彰显经 营信心，维持"强烈推荐"评级。 ❑ 风险提示：宏观经济风险；行业竞争加剧；穿戴类复苏较弱。 财务数据与估值 | 会计年度 | | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | --- | | 主营收入(百万元) | | 112856 | 108421 | 107379 | 110764 | 111551 | | 同比增长 | | 9.4% | -3.9% | -1.0% | ...