JD vs VIPS
JD.com, Inc. and Vipshop Holdings Ltd., side by side — 10 fiscal years reported in CNY, drawn from SEC filings.
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. "·" marks a figure not available in our data.
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 |
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 |
13 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | +CNY 1,203,165,454,000 | JD |
| FY2024 | +CNY 1,050,398,168,000 | JD |
| FY2023 | +CNY 971,805,980,000 | JD |
| FY2022 | +CNY 943,083,511,000 | JD |
| FY2021 | +CNY 834,532,322,000 | JD |
| FY2020 | +CNY 643,943,511,000 | JD |
| FY2019 | +CNY 483,893,582,000 | JD |
| FY2018 | +CNY 377,495,811,000 | JD |
| FY2017 | +CNY 289,419,441,000 | JD |
| FY2016 | +CNY 201,698,645,000 | JD |
| FY2015 | +CNY 140,839,088,000 | JD |
| FY2014 | +CNY 91,873,004,000 | JD |
| FY2013 | +CNY 58,919,018,000 | JD |
JD 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.
14 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | −5.2 pp | VIPS |
| FY2024 | −3.4 pp | VIPS |
| FY2023 | −5.1 pp | VIPS |
| FY2022 | −5.2 pp | VIPS |
| FY2021 | −4.5 pp | VIPS |
| FY2020 | +0.8 pp | JD |
| FY2019 | −2.2 pp | VIPS |
| FY2018 | −3.1 pp | VIPS |
| FY2017 | −2.6 pp | VIPS |
| FY2016 | −4.8 pp | VIPS |
| FY2015 | −8.8 pp | VIPS |
| FY2014 | −7.6 pp | VIPS |
| FY2013 | −3.2 pp | VIPS |
| FY2012 | −2.8 pp | VIPS |
The higher net margin has changed hands between JD and VIPS over this period.
14 of 16 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
JD's net margin has been more volatile than VIPS's over the 14 comparable fiscal years — 3.1 percentage points of standard deviation against 2.3.
14 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 JD and VIPS over these 14 fiscal years — JD led in 1 and VIPS in 13.
14 of 16 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
VIPS's return on equity has been more volatile than JD's over the 5 comparable fiscal years — 71.2 percentage points of standard deviation against 36.0.
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.