VIPS 3Q25 Results: Visibility Remains Limited
What’s new: Vipshop’s reported 3Q25 results that were largely in line with consensus and our expectations. Guidance implies resiliency in apparel rev growth. However, visibility remains limited as there are still uncertainties on the consumption recovery trend towards the back half of the quarter and into FY26. Margins could remain stable amid continued cost controls. We maintain our PT at USD15.50.Analysts:
Jin Yoon
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