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VIPS

Vipshop Holdings Limited

VIPS

Vipshop Holdings Limited • NYSE
$19.64 ▼ -0.61% (-0.12)
Market Cap $9.95 B
52w High $21.08
52w Low $12.14
Dividend Yield 0.48%
P/E 10.45
Volume 1.60M
Outstanding Shares 506.44M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $21.371B ▼ $3.945B ▼ $1.221B ▼ 5.712% ▼ $2.48 ▼ $1.085B ▼
Q2-2025 $25.806B ▼ $4.357B ▲ $1.49B ▼ 5.773% ▼ $2.94 ▼ $2.268B ▼
Q1-2025 $26.269B ▼ $3.805B ▼ $1.943B ▼ 7.396% ▲ $3.78 ▼ $2.632B ▼
Q4-2024 $33.224B ▲ $4.776B ▲ $2.447B ▲ 7.364% ▲ $4.77 ▲ $3.025B ▲
Q3-2024 $20.676B $3.626B $1.045B 5.056% $2 $1.656B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $30.489B ▲ $78.328B ▲ $34.539B ▲ $40.413B ▲
Q2-2025 $27.219B ▼ $73.584B ▼ $32.452B ▼ $39.5B ▼
Q1-2025 $28.562B ▲ $74.575B ▼ $32.757B ▼ $40.214B ▲
Q4-2024 $28.225B ▲ $74.936B ▲ $33.387B ▲ $39.969B ▲
Q3-2024 $23.43B $69.485B $30.353B $37.603B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $1.49B ▼ $0 $0 $0 $0 $0
Q1-2025 $1.943B ▼ $0 $0 $0 $0 $0
Q4-2024 $2.447B ▲ $0 $0 $0 $0 $0
Q3-2024 $1.045B ▼ $0 $0 $0 $0 $0
Q2-2024 $1.931B $0 $0 $0 $0 $0

Five-Year Company Overview

Income Statement

Income Statement Revenue has stayed relatively stable over the past few years, with only modest ups and downs rather than dramatic swings. The more notable story is on profitability: gross profit and operating profit have both trended upward, suggesting better cost control and more efficient operations. Net income has improved compared with earlier years, and earnings per share have climbed meaningfully, showing that the business is converting sales into profit more effectively over time. Overall, this looks like a mature retailer with steady sales and improving margin discipline, rather than a high-growth story driven by rapid expansion in revenue.

Balance Sheet

Balance Sheet The balance sheet appears solid and has strengthened over time. Total assets and shareholder equity have steadily grown, implying that the company has been building its net worth rather than running it down. Cash holdings have increased significantly over the five-year period, giving the company a comfortable financial cushion. Debt levels are present but relatively modest next to cash and equity, which points to a conservative use of borrowing. In simple terms, the company looks financially sturdy, with a strong liquidity position and a balance sheet that supports resilience in a cyclical retail environment.

Cash Flow

Cash Flow Cash generation from the core business has been consistently positive and generally strong, with several years of particularly robust operating cash flow. After accounting for capital spending, free cash flow has remained positive each year, which is a key sign of financial health. Capital expenditures have been moderate rather than aggressive, indicating investment in the platform and infrastructure without overextending. This pattern suggests the company can fund its needs internally, support potential growth initiatives, and still maintain flexibility, rather than relying heavily on external financing.

Competitive Edge

Competitive Edge Vipshop occupies a focused niche in China’s crowded e‑commerce market, centered on online discount “flash sales” for branded goods. Its strength lies in long-standing relationships with many brands that use the platform to clear inventory without heavily diluting their image, plus a loyal base of deal‑seeking customers who return frequently. This specialization and curation create some differentiation from the broad marketplaces run by larger rivals. However, the competitive environment remains intense, with major platforms capable of copying discount formats and pressuring margins. As a result, Vipshop’s edge looks meaningful but relatively narrow and must be continually defended through execution, service, and brand partnerships.

Innovation and R&D

Innovation and R&D While not a classic research-heavy tech firm, Vipshop is actively using technology to refine its retail model. It applies artificial intelligence to personalize recommendations, manage merchandising, and improve inventory decisions. The company has integrated deeply with major ecosystems like Tencent’s, uses multiple online touchpoints, and is experimenting with physical outlets to complement online flash sales. Initiatives such as “Made for Vipshop” exclusive products, new promotional formats, and a push into sustainability and potential overseas markets all show a willingness to adapt and innovate on the business model. The focus is less on pure R&D labs and more on data-driven retail innovation, customer experience enhancements, and operational efficiency gains.

Summary

Vipshop today looks like a financially solid, focused discount e‑commerce player with stable revenues, improving profitability, and consistently positive cash generation. Its balance sheet is robust, with growing equity, strong cash reserves, and limited reliance on debt. The company’s niche in branded discount flash sales, supported by data-driven personalization and strong brand relationships, provides a distinct position but exists within a highly competitive and fast-moving Chinese e‑commerce landscape. Future performance will likely hinge on its ability to keep deepening brand partnerships, sustain customer loyalty, execute on technology-driven improvements, and cautiously expand new initiatives like exclusive products, offline outlets, and selective international moves, all while managing the structural risks inherent in China’s retail and regulatory environment.

NEWS

November 20, 2025 · 5:00 AM UTC

Vipshop Reports Unaudited Third Quarter 2025 Financial Results

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November 12, 2025 · 5:00 AM UTC

Vipshop Holdings Limited to Hold Annual General Meeting on December 5, 2025

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November 10, 2025 · 5:00 AM UTC

Vipshop to Announce Third Quarter 2025 Financial Results on November 20, 2025

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