浦银国际研究●国补利好消退，带电品类收入增速大幅放缓，服务收入好于预期：公司3Q25收入为人民币2,991亿元，同比增长14.9%，高于市场预期1.6%。商品收入同比增长10.5%，其中核心品类数码家电由于去年国补红利下的高基数，增速大幅放缓，同比增长4.9%。我们预计高基数影响在四季度将更为显著，增速或进一步放缓。日用百货收入同比增长18.8%，环比提速，延续良好增长势头，受益于外卖业务交叉销售...
Source Link浦银国际研究●国补利好消退，带电品类收入增速大幅放缓，服务收入好于预期：公司3Q25收入为人民币2,991亿元，同比增长14.9%，高于市场预期1.6%。商品收入同比增长10.5%，其中核心品类数码家电由于去年国补红利下的高基数，增速大幅放缓，同比增长4.9%。我们预计高基数影响在四季度将更为显著，增速或进一步放缓。日用百货收入同比增长18.8%，环比提速，延续良好增长势头，受益于外卖业务交叉销售...
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