JD vs VIPS
JD.com, Inc. and Vipshop Holdings Ltd., side by side — 10 fiscal years reported in CNY, drawn from SEC filings.
At a glance
Most recent reported year
| Metric | JD | VIPS |
|---|---|---|
| Revenue | CNY 1.3T | CNY 105.9B |
| Net income | CNY 23.1B | CNY 7.2B |
| Gross margin | 16.0% | 23.1% |
| Net margin | 1.8% | 7.0% |
| Return on equity | — | 17.9% |
| Diluted EPS | CNY 6.45 | CNY 70.74 |
| Dividend / share | — | — |
| Payout ratio | — | 24.8% |
| Free cash flow | CNY 11.2B | CNY 5.5B |
| Equity | CNY 225.0B | CNY 41.0B |
| Net debt / equity | −0.41× | −0.42× |
| Current ratio | 1.22× | 1.28× |
| Revenue CAGR 5y | 11.9% | 0.8% |
| Profit CAGR 5y | −14.1% | — |
JD bills 12.4× the revenue of VIPS, and VIPS keeps more of each dollar of revenue as profit (7.0% against 1.8%).
The stronger figure of the pair is set in bold. That is arithmetic, not a recommendation — this page does not pick a winner.
Revenue by year
10 years side by side
| Fiscal year | JD | VIPS |
|---|---|---|
| FY2025 | CNY 1.3T | CNY 105.9B |
| FY2024 | CNY 1.2T | CNY 108.4B |
| FY2023 | CNY 1.1T | CNY 112.9B |
| FY2022 | CNY 1.0T | CNY 103.2B |
| FY2021 | CNY 951.6B | CNY 117.1B |
| FY2020 | CNY 745.8B | CNY 101.9B |
| FY2019 | CNY 576.9B | CNY 93.0B |
| FY2018 | CNY 462.0B | CNY 84.5B |
| FY2017 | CNY 362.3B | CNY 72.9B |
| FY2016 | CNY 258.3B | CNY 56.6B |
Net income by year
Bottom line
| Fiscal year | JD | VIPS |
|---|---|---|
| FY2025 | CNY 23.1B | CNY 7.2B |
| FY2024 | CNY 44.7B | CNY 7.7B |
| FY2023 | CNY 23.3B | CNY 8.1B |
| FY2022 | CNY 9.7B | CNY 6.3B |
| FY2021 | CNY -4.5B | CNY 4.7B |
| FY2020 | CNY 49.3B | CNY 5.9B |
| FY2019 | CNY 11.9B | CNY 4.0B |
| FY2018 | CNY -2.8B | CNY 2.1B |
| FY2017 | CNY -11.7M | CNY 1.9B |
| FY2016 | CNY -3.4B | CNY 2.0B |
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