New Street Research - Vipshop Holdings Ltd Sponsored ADR (VIPS) VIPS 1Q25 Results: Consumer Sentiment Trending Better, but Uncertainty Remains

Report

New Street Research

Jin Yoon

VIPS 1Q25 Results: Consumer Sentiment Trending Better, but Uncertainty Remains

What’s new: Vipshop’s reported 1Q25 results that were largely in line with consensus and our expectations. While consumer sentiment has been trending better in Apr and May, the rev guidance implies that there are still uncertainties in the recovery trend for the rest of the quarter. Margins could remain stable amid continued cost controls. We maintain our PT at USD13.

Analysts:
Jin Yoon

21/05/2025 1 EN

Underlying

Vipshop Holdings Ltd Sponsored ADR

See profile

US92763W1036 New York Stock Exchange United States

Provider

New Street Research

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

See profile

Analysts

Jin Yoon

Other Reports on these Companies

New Street Research

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

22h / 16m 22h / 16m 1 EN

New Street Research

VIPS 1Q25 Preview: Lowering 1Q Estimates

What’s New: We lower our 1Q25 top line estimates towards the lower-end of the guided range as apparel could remain challenging partly due to pull-forward demand from earlier CNY and volatility in weather conditions. Analysts: Jin Yoon

March 31, 2025 March 31, 2025 1 EN

CBO Releases Spectrum Score

Last night the Congressional Budget Office (CBO) released its score for the spectrum auctions mandated in the reconciliation bill. In this note, we address what the score means and doesn’t mean.

EUR 8828.00

21m 21m 1 EN

Jonathan Chaplin

Jonathan Chaplin

SATS: rearchitecting the model (and a small collateral swap)

We have rearchitected the model in light of evidence of the company no longer using DBS as a source of cash for the wireless business and given changes in how the various subsidiaries are being funded following the debt raise late last year. It appears that DBS is building up cash to pay off debt in July of next year. This may require EchoStar to raise new debt in the fourth quarter of 2026 rather than during 2027. We also cover a small but interesting collateral swap between Dish Network & EchoStar.

EUR 8828.00

48m 48m 1 EN

Jin Yoon

Jin Yoon

BILI 1Q25 Results: Gaming Rev Growth Momentum Continues in 2Q

What’s new: Bilibili’s reported 1Q25 results that were above consensus and our expectations partly driven by gaming. Gaming could maintain its high double-digit YoY growth in 2Q driven by San Mou. Margins could further improve sequentially partly driven by continued cost controls. We maintain our PT at USD 25. Analysts: Jin Yoon

6h / 52m 6h / 52m 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

VIPS 1Q25 Results: Consumer Sentiment Trending Better, but Uncertainty Remains

VIPS: 1Q25 Flash: Guide Largely in Line

VIPS 1Q25 Preview: Lowering 1Q Estimates

CBO Releases Spectrum Score

SATS: rearchitecting the model (and a small collateral swap)

BILI 1Q25 Results: Gaming Rev Growth Momentum Continues in 2Q

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe