BZUN vs VIPS
Baozun Inc. and Vipshop Holdings Ltd., side by side — 10 fiscal years reported in CNY, drawn from SEC filings.
Most recent reported year
| Metric | BZUN | VIPS |
|---|---|---|
| Revenue | CNY 9.9B | CNY 105.9B |
| Net income | CNY -242.1M | CNY 7.2B |
| Gross margin | 74.1% | 23.1% |
| Net margin | −2.0% | 7.0% |
| Return on equity | −6.4% | 17.9% |
| Diluted EPS | −CNY 1.40 | CNY 70.74 |
| Dividend / share | · | · |
| Payout ratio | −9.2% | 24.8% |
| Free cash flow | CNY 313.9M | CNY 5.5B |
| Equity | CNY 3.6B | CNY 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 | · | · |
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. "·" marks a figure not available in our data.
10 years side by side
| Fiscal year | BZUN | VIPS |
|---|---|---|
| FY2025 | CNY 9.9B | CNY 105.9B |
| FY2024 | CNY 9.4B | CNY 108.4B |
| FY2023 | CNY 8.8B | CNY 112.9B |
| FY2022 | CNY 8.4B | CNY 103.2B |
| FY2021 | CNY 9.4B | CNY 117.1B |
| FY2020 | CNY 8.9B | CNY 101.9B |
| FY2019 | CNY 7.3B | CNY 93.0B |
| FY2018 | CNY 5.4B | CNY 84.5B |
| FY2017 | CNY 4.1B | CNY 72.9B |
| FY2016 | CNY 3.4B | CNY 56.6B |
Bottom line
| Fiscal year | BZUN | VIPS |
|---|---|---|
| FY2025 | CNY -242.1M | CNY 7.2B |
| FY2024 | CNY -185.2M | CNY 7.7B |
| FY2023 | CNY -278.4M | CNY 8.1B |
| FY2022 | CNY -653.3M | CNY 6.3B |
| FY2021 | CNY -219.8M | CNY 4.7B |
| FY2020 | CNY 426.0M | CNY 5.9B |
| FY2019 | CNY 281.9M | CNY 4.0B |
| FY2018 | CNY 269.8M | CNY 2.1B |
| FY2017 | CNY 209.1M | CNY 1.9B |
| FY2016 | CNY 85.4M | CNY 2.0B |
13 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | −CNY 95,974,063,000 | VIPS |
| FY2024 | −CNY 98,998,603,000 | VIPS |
| FY2023 | −CNY 104,044,007,000 | VIPS |
| FY2022 | −CNY 94,751,858,000 | VIPS |
| FY2021 | −CNY 107,663,422,000 | VIPS |
| FY2020 | −CNY 93,006,926,000 | VIPS |
| FY2019 | −CNY 85,716,226,000 | VIPS |
| FY2018 | −CNY 79,130,911,000 | VIPS |
| FY2017 | −CNY 68,763,505,000 | VIPS |
| FY2016 | −CNY 53,201,027,000 | VIPS |
| FY2015 | −CNY 37,604,769,000 | VIPS |
| FY2014 | −CNY 21,544,893,000 | VIPS |
| FY2013 | −CNY 8,898,958,000 | VIPS |
VIPS has reported the higher revenue in every one of these 13 fiscal years. The gap has widened since the earliest year compared.
13 of 16 comparable fiscal years — a year missing data on either side is not counted.
13 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | −9.0 pp | VIPS |
| FY2024 | −8.7 pp | VIPS |
| FY2023 | −9.8 pp | VIPS |
| FY2022 | −13.4 pp | VIPS |
| FY2021 | −6.2 pp | VIPS |
| FY2020 | −1.0 pp | VIPS |
| FY2019 | −0.4 pp | VIPS |
| FY2018 | +2.5 pp | BZUN |
| FY2017 | +2.4 pp | BZUN |
| FY2016 | −1.0 pp | VIPS |
| FY2015 | −2.9 pp | VIPS |
| FY2014 | −7.0 pp | VIPS |
| FY2013 | −5.6 pp | VIPS |
The higher net margin has changed hands between BZUN and VIPS over this period.
13 of 16 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
BZUN's net margin has been more volatile than VIPS's over the 13 comparable fiscal years — 3.8 percentage points of standard deviation against 1.7.
13 of 16 comparable fiscal years — a year missing data on either side is not counted.
Year by year
The lead in net margin changed hands between BZUN and VIPS over these 13 fiscal years — BZUN led in 2 and VIPS in 11.
13 of 16 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
BZUN's return on equity has been more volatile than VIPS's over the 6 comparable fiscal years — 7.2 percentage points of standard deviation against 2.9.
6 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 6 comparable fiscal years — a structural lead, not a recent swing.
6 of 14 comparable fiscal years — a year missing data on either side is not counted.