VIPS: 1Q25 Flash: Guide Largely in Line
Total revenues were RMB26.3bn (-20.9% QoQ and -5.0% YoY), largely in-line with consensus and our expectations. non-GAAP gross margin came in at 23.2%, above our expectations of 23.0% but down from 23.7% in 1Q24. non-GAAP operating margin was at 10.0%, in-line with our estimates but down from 11.1% in 1Q24. non-GAAP diluted EPS came in at RMB4.43, in-line with our expectations and above consensus estimates of RMB4.32.Analysts:
Jin Yoon
Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.
New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:
- Pan European Telecom Services and Cable
- US Telecoms, Cable, Satellite and Towers
- Global Emerging Market Telecoms
- Japan Telecoms
- Asian Internet
- Pan European Healthcare
- Global healthcare thematic research
We provide debt research on:
- Pan European Telecom Services and Cable
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