BQ vs VIPS
Boqii Holding Ltd. and Vipshop Holdings Ltd., side by side — 8 fiscal years reported in CNY, drawn from SEC filings.
Most recent reported year
| Metric | BQ | VIPS |
|---|---|---|
| Revenue | CNY 420.5M | CNY 105.9B |
| Net income | CNY -5.1M | CNY 7.2B |
| Gross margin | 26.3% | 23.1% |
| Net margin | −0.4% | 7.0% |
| Return on equity | −2.7% | 17.9% |
| Diluted EPS | −CNY 1.47 | CNY 70.74 |
| Dividend / share | · | · |
| Payout ratio | · | 24.8% |
| Free cash flow | CNY -30.4M | CNY 5.5B |
| Equity | CNY 188.0M | CNY 41.0B |
| Net debt / equity | −0.09× | −0.42× |
| Current ratio | 3.25× | 1.28× |
| Revenue CAGR 5y | −16.1% | 0.8% |
| Profit CAGR 5y | · | · |
VIPS bills 251.9× the revenue of BQ, and BQ closed the last reported year at a loss.
The stronger figure of the pair is set in bold. That is arithmetic, not a recommendation — this page does not pick a winner. "·" marks a figure not available in our data.
8 years side by side
| Fiscal year | BQ | VIPS |
|---|---|---|
| FY2025 | CNY 420.5M | CNY 105.9B |
| FY2024 | CNY 468.9M | CNY 108.4B |
| FY2023 | CNY 709.4M | CNY 112.9B |
| FY2022 | CNY 1.1B | CNY 103.2B |
| FY2021 | CNY 1.2B | CNY 117.1B |
| FY2020 | CNY 1.0B | CNY 101.9B |
| FY2019 | CNY 770.2M | CNY 93.0B |
| FY2018 | CNY 803.8M | CNY 84.5B |
Bottom line
| Fiscal year | BQ | VIPS |
|---|---|---|
| FY2025 | CNY -5.1M | CNY 7.2B |
| FY2024 | CNY -54.1M | CNY 7.7B |
| FY2023 | CNY -63.7M | CNY 8.1B |
| FY2022 | CNY -102.8M | CNY 6.3B |
| FY2021 | CNY -128.4M | CNY 4.7B |
| FY2020 | CNY -194.4M | CNY 5.9B |
| FY2019 | CNY -179.0M | CNY 4.0B |
| FY2018 | CNY -234.2M | CNY 2.1B |
8 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | −CNY 105,499,079,000 | VIPS |
| FY2024 | −CNY 107,951,938,000 | VIPS |
| FY2023 | −CNY 112,146,668,000 | VIPS |
| FY2022 | −CNY 102,060,395,000 | VIPS |
| FY2021 | −CNY 115,873,249,000 | VIPS |
| FY2020 | −CNY 100,847,504,000 | VIPS |
| FY2019 | −CNY 92,224,181,000 | VIPS |
| FY2018 | −CNY 83,720,117,000 | VIPS |
VIPS has reported the higher revenue in every one of these 8 fiscal years. The gap has widened since the earliest year compared.
8 of 16 comparable fiscal years — a year missing data on either side is not counted.
8 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | −7.4 pp | VIPS |
| FY2024 | −19.7 pp | VIPS |
| FY2023 | −17.0 pp | VIPS |
| FY2022 | −15.8 pp | VIPS |
| FY2021 | −15.2 pp | VIPS |
| FY2020 | −24.9 pp | VIPS |
| FY2019 | −27.1 pp | VIPS |
| FY2018 | −31.3 pp | VIPS |
VIPS has kept the higher net margin in every one of these 8 fiscal years.
8 of 16 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
BQ's net margin has been more volatile than VIPS's over the 8 comparable fiscal years — 8.3 percentage points of standard deviation against 1.6.
8 of 16 comparable fiscal years — a year missing data on either side is not counted.
Year by year
VIPS led in net margin in every one of the 8 comparable fiscal years — a structural lead, not a recent swing.
8 of 16 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
BQ's return on equity has been more volatile than VIPS's over the 5 comparable fiscal years — 29.8 percentage points of standard deviation against 2.6.
5 of 14 comparable fiscal years — a year missing data on either side is not counted.
Year by year
VIPS led in return on equity in every one of the 5 comparable fiscal years — a structural lead, not a recent swing.
5 of 14 comparable fiscal years — a year missing data on either side is not counted.