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Vipshop Holdings Limited (VIPS)
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Vipshop Holdings Limited Income Statement 2025-2010 | VIPS
Brief overview of income trends at Vipshop Holdings Limited
The comparison covers a five-year financial horizon. Vipshop Holdings Limited reported revenue of 102 billion yuan in 2020 and 106 billion yuan by 2025. The cumulative result was +4%, corresponding to roughly 0.8% per year. The scale of the core business was largely unchanged.
The gross result shifted from 21.3 billion yuan to 24.5 billion yuan, or +15.1%. The relationship between revenue and direct costs remained stable. Comparing the endpoints gives gross margins of 20.9% and 23.1%. The business retained more gross profit from each unit of revenue.
The operating result measured by EBITDA moved from 6.8 billion yuan to 9.7 billion yuan, or +41.5%. The operating result outpaced sales and points to improving efficiency. EBITDA margin moved from 6.7% to 9.1%. Higher profitability strengthens the quality of operating growth.
Net profit was 5.9 billion yuan at the start and 7.2 billion yuan at the end. The final result improved faster than the scale of the business.
The five-year change in capitalization reached −69.1%: from 5 billion yuan to 1.6 billion yuan. Financial performance is stronger than the share-price trend.
Conclusion
Positive developments coexist with areas of weakness. The constructive conclusion rests on positive operating leverage, better sales economics and a stronger final result. Caution is warranted because of a softer top-line trend and a weaker market valuation. Future reports should be judged by revenue momentum, margins, and the conversion of sales into net income.
Annual Income Statement Vipshop Holdings Limited
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Market Cap |
1.56 B | 1.5 B | 1.67 B | 1.93 B | 1.18 B | 5.04 B | 1.71 B | 950 M | 2.04 B | 1.39 B | 1.54 B | 2.69 B | 1.22 B | 168 M | - | - |
Shares |
100 M | 106 M | 111 M | 127 M | 136 M | 135 M | 134 M | 132 M | 118 M | 126 M | 120 M | 120 M | 115 M | 89 M | - | 47.8 M |
Historical Prices |
15.6 | 14.1 | 15.1 | 15.2 | 8.67 | 37.3 | 12.8 | 7.18 | 17.4 | 13 | 11.1 | 24.4 | 13.1 | 2.59 | - | - |
Net Income |
7.24 B | 7.74 B | 8.12 B | 6.31 B | 4.69 B | 5.92 B | 3.99 B | 2.13 B | 1.89 B | 2.04 B | 1.59 B | 841 M | 321 M | -60 M | -674 M | - |
Revenue |
106 B | 108 B | 113 B | 103 B | 42.3 M | 102 B | 93 B | 84.5 B | 72.9 B | 56.6 B | 40.2 B | 23.1 B | 10.4 B | 4.37 B | 1.43 B | - |
Cost of Revenue |
81.4 B | 83 B | 87.1 B | 81.5 B | 94 B | 80.6 B | 72.3 B | 67.5 B | 56.6 B | 43 B | - | - | - | - | - | - |
Gross Profit |
24.5 B | 25.5 B | 25.7 B | 21.6 B | 23.1 B | 21.3 B | 20.7 B | 17.1 B | 16.3 B | 13.6 B | 9.9 B | 5.75 B | 2.5 B | 975 M | 272 M | - |
Operating Income |
8.14 B | 9.17 B | 9.1 B | 6.2 B | 5.58 B | 5.86 B | 4.77 B | 2.42 B | 2.69 B | 2.71 B | 2.07 B | 834 M | 331 M | - | - | - |
Interest Expense |
90 M | 57.7 M | 22.9 M | 24.3 M | 14.5 M | 67.4 M | 86 M | 160 M | 82.4 M | 85.2 M | 85.8 M | 75.2 M | - | - | - | - |
EBITDA |
9.66 B | 10.6 B | 10.4 B | 7.43 B | 6.68 B | 6.83 B | 5.6 B | 3.19 B | 3.41 B | 3.61 B | 2.55 B | 1.19 B | 387 M | -63.4 M | -663 M | - |
Operating Expenses |
17.4 B | 17.2 B | 17.4 B | 16.1 B | 18.4 B | 15.4 B | 15.7 B | 14.7 B | 13.7 B | 10.9 B | 7.84 B | 5 B | 2.14 B | 1.04 B | 944 M | - |
General and Administrative Expenses |
4.37 B | 3.99 B | 4.15 B | 4.46 B | 4.19 B | 4.97 B | 15.9 B | 15.1 B | 13.9 B | 11 B | 8.17 B | 195 B | 76.7 B | 1.04 B | 566 M | - |
Annual performance
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All numbers in CNY currency
Quarterly Income Statement Vipshop Holdings Limited
| 2025-Q4 | 2024-Q4 | 2023-Q4 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | 2010-Q4 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Shares |
100 M | 106 M | 111 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 112 M | - | - | - | 101 M | - | - | - | 46.2 M | - | - | - | 47.8 M |
Net Income |
7.24 B | 7.74 B | 8.12 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Revenue |
106 B | 108 B | 113 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Cost of Revenue |
81.4 B | 83 B | 87.1 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Gross Profit |
24.5 B | 25.5 B | 25.7 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Operating Income |
8.14 B | 9.17 B | 9.1 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Interest Expense |
90 M | 57.7 M | 22.9 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
EBITDA |
9.66 B | 10.6 B | 10.4 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Operating Expenses |
17.4 B | 17.2 B | 17.4 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
General and Administrative Expenses |
4.37 B | 3.99 B | 4.15 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quarterly performance
Select metrics to display
All numbers in CNY currency
The income statement is one of the three key financial reports of a company Vipshop Holdings Limited (alongside the balance sheet and the cash flow statement). It shows how the company makes money and what its expenses are:
- How much revenue the company earned
- How much it spent on production, personnel, marketing, taxes, etc.
- What profit remained in the end
Analyzing the income statement helps an investor understand whether the business generates stable and growing profits, how effectively the company controls its expenses, and whether it is capable of generating income in the future. Additionally, this analysis shows how the company copes with crises and economic cycles, and allows assessing the potential for stock price growth and dividend payments.
Features- The income statement may include both recurring and one-time items (for example, profit from the sale of assets). It is necessary to separate core metrics from one-off events for accurate analysis.
- Companies often publish interim reports (e.g., quarterly), which allows for more timely tracking of trends.
- A combined analysis of the income statement with the balance sheet and cash flow statement provides a comprehensive view of the company’s financial health.
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