BZUN vs VIPS
Baozun Inc. and Vipshop Holdings Limited, side by side — 10 fiscal years reported in CNY, drawn from SEC filings.
At a glance
Most recent reported year
| Metric | BZUN | VIPS |
|---|---|---|
| Revenue | ¥9.9B | ¥105.9B |
| Net income | ¥-242.1M | ¥7.2B |
| Gross margin | 74.1% | 23.1% |
| Net margin | −2.4% | 6.8% |
| Return on equity | −6.4% | 17.9% |
| Diluted EPS | −¥1.40 | ¥70.74 |
| Dividend / share | — | — |
| Payout ratio | −9.2% | 24.8% |
| Free cash flow | ¥313.9M | ¥5.5B |
| Equity | ¥3.6B | ¥41.0B |
| Net debt / equity | 0.08× | −0.42× |
| Current ratio | 1.87× | 1.28× |
| Revenue CAGR 5y | 2.4% | 0.8% |
| Profit CAGR 5y | — | 4.1% |
VIPS bills 10.7× the revenue of BZUN, and BZUN 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.
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Revenue by year
10 years side by side
| Fiscal year | BZUN | VIPS |
|---|---|---|
| FY2025 | ¥9.9B | ¥105.9B |
| FY2024 | ¥9.4B | ¥108.4B |
| FY2023 | ¥8.8B | ¥112.9B |
| FY2022 | ¥8.4B | ¥103.2B |
| FY2021 | ¥9.4B | ¥117.1B |
| FY2020 | ¥8.9B | ¥101.9B |
| FY2019 | ¥7.3B | ¥93.0B |
| FY2018 | ¥5.4B | ¥84.5B |
| FY2017 | ¥4.1B | ¥72.9B |
| FY2016 | ¥3.4B | ¥56.6B |
Net income by year
Bottom line
| Fiscal year | BZUN | VIPS |
|---|---|---|
| FY2025 | ¥-242.1M | ¥7.2B |
| FY2024 | ¥-185.2M | ¥7.7B |
| FY2023 | ¥-278.4M | ¥8.1B |
| FY2022 | ¥-653.3M | ¥6.3B |
| FY2021 | ¥-219.8M | ¥4.7B |
| FY2020 | ¥426.0M | ¥5.9B |
| FY2019 | ¥281.9M | ¥4.0B |
| FY2018 | ¥269.8M | ¥2.1B |
| FY2017 | ¥209.1M | ¥1.9B |
| FY2016 | ¥85.4M | ¥2.0B |
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