VIPS 2Q25 Results: Improving Outlook
What’s new: Vipshop’s reported 2Q25 results that were largely in line with consensus and our expectations. Guidance implies continued recovery in apparel, while standardized category could face further pressure amid intense competition. Margins could remain stable due to continued cost control. We up our PT from US$13 to US$15.5 on improving outlook. Our updated PT of US$15.5 implies 6.2x FY26E P/E. We maintain our NEUTRAL rating.Analysts:
Jin Yoon
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