事件:2025年5月27日公司发布2025Q1财报，2025Q1实现营业收入957亿元（YoY+10%，QoQ-14%）；毛利润541亿元（YoY持平，QoQ-14%），营业利润161亿元（YoY-38%，QoQ-37%），净利润147亿元（YoY-47%，QoQ-46%），Non-GAAP归母净利润169亿元（YoY-45%，QoQ-43%）。核心观点:整体表现：国内电商行业竞争加剧、关税等外部...
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