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NYSE · RETAIL-CATALOG & MAIL-ORDER HOUSES · LARGE CAP

Vipshop Holdings Ltd. VIPS

16 fiscal years on record · CNY · FY2025 reported · SEC filings only
CNY 105.9B
▼ 2.3% YoY
CNY 7.2B
▼ 6.4% YoY
CNY 5.5B
▼ 14.6% YoY

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

In brief

What this company does

Vipshop Holdings Limited operates as an off-price retailer, offering branded products at deep discounts across categories including womenswear and menswear, sportswear and sporting goods, baby and children products, shoes and bags, skincare and cosmetics, and home goods and other lifestyle products. As of December 31, 2025, it had 312.1 million cumulative customers and had promoted and sold products for over 52,000 domestic and international brands. In 2023, 2024, and 2025, it generated more than 96% of its net revenues from its online channels, referred to as its vip.com segment. It also operates a nationwide offline network of 22 Shan Shan Outlets and a number of other offline retail stores. As of December 31, 2025, it had worked with over 32,000 brand partners. It introduced flash sales, an online retail format offering a limited quantity of branded products at deep discounts for a short period of time, in China in 2008.

Written from the business description in Vipshop Holdings Limited's annual report to the U.S. Securities and Exchange Commission, filed 16 April 2026. Every sentence was checked against that document before publication.

Growth

CNY 105.9B
Revenue, FY2025 · full 16-year series below
Revenue CNY B Net income CNY B
FY2025 · Revenue 105.9 · Net income 7.2
50B100B
201020132016201920222025
Compound annual growth
+0.9%
+0.8%
+10.2%
+12.9%
+10.6%
+18.3%
+2.5%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +0.8% a year over the five years to FY2025.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

7 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Operating 7.7% · Net 7.0%
5%-20%-40%
201020172025
ROE
FY2025 · ROE 17.9%
20%40%-5%-10%-15%
201020172025
Three returns, three denominators.

Each CNY of equity produced 18 cents of profit this year.

Cash & shareholders

CNY 6.7B
returned in FY2025 · dividends + net buybacks
Free cash flow CNY B
FY2025 · FCF 5.5
5B10B
201020172025
Net buybacks CNY B Dividends CNY B
FY2025 · Dividends 1.8 · Net buybacks 4.9
2.5B5.0BDividendsNet buybacks
20112015201620212022202320242025

CNY 1.8B in dividends and CNY 4.9B in buybacks — 93% of the year's profit went back to shareholders.

Total assetsCNY 78.8B
EquityCNY 41.0B
CashCNY 23.0B
Gross debtCNY 5.8B
Net debtCNY -17.1B
Current ratio1.28×

The company holds more cash than debt.

The 16-year record

16 fiscal years
Every figure from documents filed with the SEC · CNY

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative—not applicable◌not available in our data
VIPS, 16-year financial record
Metric 2025202420232022202120202019201820172016201520142013201220112010
Revenue CNY B105.9108.4112.9103.2117.1101.993.084.572.956.640.223.110.4◌◌◌
Operating income CNY B8.19.29.16.25.65.94.82.42.72.72.10.80.3◌◌◌
EBITDA CNY B9.710.610.47.46.76.85.63.23.43.32.40.90.4−0.0−0.1−0.0
Income tax CNY B1.82.31.91.81.21.11.00.60.60.60.50.20.1◌◌◌
Net income CNY B7.27.78.16.34.75.94.02.11.92.01.50.80.3◌◌◌
Free cash flow CNY B5.56.412.28.14.09.69.03.2−1.20.9−0.31.72.50.1−0.0−0.0
EPS, diluted CNY 70.7471.7672.1149.1533.7442.7929.5815.6115.9416.8613.237.00◌◌◌◌
Dividend / sh CNY ◌◌◌◌◌◌◌◌◌◌◌◌◌◌◌◌
Payout %2522——————————————
ROE %17.920.123.319.315.423.520.413.518.943.049.5◌◌−18.8——
Shares out B◌◌◌◌◌◌◌◌◌◌◌◌0.110.100.050.00

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

Compare

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Provenance

Company facts, as filed

How we verify · 4 failures in 78 reconciliationsAUDITED

Reconciled in 12 of the 16 fiscal years we could check. Eight checks were skipped: the balance sheet is not tagged before 2011. Three checks were skipped: EPS is not tagged before 2010. Three checks were skipped: revenue is not tagged before 2010.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency4 failures
ActivityRetail-Catalog & Mail-Order Houses
Listed onNYSE
Incorporated innot stated in the filings
Fiscal year endsDecember 31
Data on record since2010

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