4Q24 唯品会总收入332 亿元，同比-4.2%，优于VA 一致预期的-7.6%，我们认为收入好于预期主因服装品类在运动和户外等品类帮助下实现GMV 正增长，下滑主因去年同期高基数以及标品销量在消费情绪温和的影响下短期承压。4Q24 非GAAP 净利润30 亿元，对应非GAAP 净利率9.0%，同比下滑0.2pp，好于VA 一致预期的8.1%。维持“买入”评级。高基数与标品消费温和导致短期收入...
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