DDL vs VIPS
Dingdong (Cayman) Ltd. and Vipshop Holdings Ltd., side by side — 7 fiscal years reported in CNY, drawn from SEC filings.
Most recent reported year
| Metric | DDL | VIPS |
|---|---|---|
| Revenue | CNY 24.4B | CNY 105.9B |
| Net income | CNY 231.7M | CNY 7.2B |
| Gross margin | · | 23.1% |
| Net margin | 1.0% | 7.0% |
| Return on equity | 25.2% | 17.9% |
| Diluted EPS | · | CNY 70.74 |
| Dividend / share | · | · |
| Payout ratio | · | 24.8% |
| Free cash flow | CNY 357.8M | CNY 5.5B |
| Equity | CNY 1.0B | CNY 41.0B |
| Net debt / equity | −0.23× | −0.42× |
| Current ratio | 1.05× | 1.28× |
| Revenue CAGR 5y | 16.5% | 0.8% |
| Profit CAGR 5y | · | · |
VIPS bills 4.3× the revenue of DDL, and keeps more of each dollar of revenue as profit (7.0% against 1.0%).
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.
7 years side by side
| Fiscal year | DDL | VIPS |
|---|---|---|
| FY2025 | CNY 24.4B | CNY 105.9B |
| FY2024 | CNY 23.1B | CNY 108.4B |
| FY2023 | CNY 20.0B | CNY 112.9B |
| FY2022 | CNY 24.2B | CNY 103.2B |
| FY2021 | CNY 20.1B | CNY 117.1B |
| FY2020 | CNY 11.3B | CNY 101.9B |
| FY2019 | CNY 3.9B | CNY 93.0B |
Bottom line
| Fiscal year | DDL | VIPS |
|---|---|---|
| FY2025 | CNY 231.7M | CNY 7.2B |
| FY2024 | CNY 304.4M | CNY 7.7B |
| FY2023 | CNY -91.3M | CNY 8.1B |
| FY2022 | CNY -806.9M | CNY 6.3B |
| FY2021 | CNY -6.4B | CNY 4.7B |
| FY2020 | CNY -3.2B | CNY 5.9B |
| FY2019 | CNY -1.9B | CNY 4.0B |
7 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | −CNY 81,559,658,000 | VIPS |
| FY2024 | −CNY 85,354,578,000 | VIPS |
| FY2023 | −CNY 92,884,801,000 | VIPS |
| FY2022 | −CNY 78,931,256,000 | VIPS |
| FY2021 | −CNY 96,938,552,000 | VIPS |
| FY2020 | −CNY 90,522,702,000 | VIPS |
| FY2019 | −CNY 89,114,306,000 | VIPS |
VIPS has reported the higher revenue in every one of these 7 fiscal years. The gap has narrowed since the earliest year compared.
7 of 16 comparable fiscal years — a year missing data on either side is not counted.
7 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | −6.0 pp | VIPS |
| FY2024 | −5.9 pp | VIPS |
| FY2023 | −7.7 pp | VIPS |
| FY2022 | −9.5 pp | VIPS |
| FY2021 | −36.0 pp | VIPS |
| FY2020 | −33.8 pp | VIPS |
| FY2019 | −52.6 pp | VIPS |
VIPS has kept the higher net margin in every one of these 7 fiscal years.
7 of 16 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
DDL's net margin has been more volatile than VIPS's over the 7 comparable fiscal years — 18.6 percentage points of standard deviation against 1.3.
7 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 7 comparable fiscal years — a structural lead, not a recent swing.
7 of 16 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
DDL's return on equity has been more volatile than VIPS's over the 4 comparable fiscal years — 79.7 percentage points of standard deviation against 2.0.
4 of 14 comparable fiscal years — a year missing data on either side is not counted.
Year by year
The lead in return on equity changed hands between DDL and VIPS over these 4 fiscal years — DDL led in 2 and VIPS in 2.
4 of 14 comparable fiscal years — a year missing data on either side is not counted.