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Vipshop

Logo: d9soft.com, Non-free logo, via Wikipedia6

Chinese e-commerce company

Vipshop (Chinese: 唯品会; pinyin: Wei Pin Hui) is a Chinese company that operates the e-commerce website VIP.com (formerly Vipshop.com) specializing in online discount sales. Vipshop is based out of Guangzhou, Guangdong, China, and was listed on New York Stock Exchange (NYSE) on March 23, 2012. As of 2017, Vipshop had 52.1 million customers, and there were 269.8 million orders for the year 2016.3 Wikipedia text CC BY-SA 4.0

$12.60 down 0.36 (2.82%)Price as of Oct 21, 2026 at 18:59 UTC

Last updated Oct 21, 2026.

Overview

$15.1BRevenue, fiscal 20257
$1.0BNet income, fiscal 20257
Dec 2008Founded1

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  • TickerVIPS on NYSE1
  • Industrye-commerce1
  • HeadquartersGuangzhou1
  • Websitewww.vip.com
  • Business addressVipshop Headquarters, 128 Dingxin Road, Haizhu District,, Guangzhou, 5103358
  • Filer categoryLarge accelerated filer8
  • Legal formexempted limited partnership4
  • Kind of organizationLimited partnership1
  • LEI549300I9F52K06HPZX604
  • StatusActive4
  • LEI statusLapsed (not renewed)4
  • Registered addressHarbour Place,2nd Floor 103 South Church Street, KY1-1106 乔治敦, Cayman Islands4
  • Registered withGeneral Registry, IC-2447714

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Vipshop (Chinese: 唯品会; pinyin: Wei Pin Hui) is a Chinese company that operates the e-commerce website VIP.com (formerly Vipshop.com) specializing in online discount sales. Vipshop is based out of Guangzhou, Guangdong, China, and was listed on New York Stock Exchange (NYSE) on March 23, 2012.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

23.1%Gross margin7
7.7%Operating margin7
6.8%Net margin7
2.0%Revenue growth, 20257
17.7%Return on equity7
$782.0MFree cash flow7

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Service brought in 60% of the revenue Vipshop broke down this way in fiscal 2025.

  1. Service5.1B CNY760%up 3% from 2024
  2. Lease3.4B CNY740%up 25% from 2024
Products and services by year
Products and services202320242025
Service4.9B CNY5.0B CNY5.1B CNY
Lease2.3B CNY2.7B CNY3.4B CNY

Business segments

Vip. Com brought in 96% of the revenue Vipshop broke down this way in fiscal 2025.

  1. Vip. Com101.5B CNY796%down 3% from 2024
  2. Shan Shan Outlets4.1B CNY74%up 24% from 2024
Business segments by year
Business segments202320242025
Vip. Com109.6B CNY104.7B CNY101.5B CNY
Shan Shan Outlets2.8B CNY3.3B CNY4.1B CNY

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue77¢$11.6B
  • Other costs15¢$2.2B
  • Interest0¢$12.9M
  • Income tax2¢$257.2M
  • Profit7¢$1.0B

Out of $15.1B in revenue.7

Where each dollar of operating cash went, fiscal 2025

  • Capital spending23¢$284.0M
  • Dividends paid21¢$256.7M
  • Share buybacks57¢$706.5M

Out of $1.1B of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.7

Financial statements

Revenue101112131415167$15.1B in 2025+23% since 2018
0$5.0B$10.0B$15.0B$20.0B2018: $12.3B$12.3B20182019: $13.4B$13.4B2019+9%2020: $15.6B$15.6B2020+17%2021: $18.4B$18.4B2021+18%2022: $15.0B$15.0B2022−19%2023: $15.9B$15.9B2023+6%2024: $14.9B$14.9B2024−7%2025: $15.1B$15.1B2025+2%
Gross profit101112131415167$3.5B in 2025+41% since 2018
0$1.0B$2.0B$3.0B$4.0B2018: $2.5B$2.5B20182019: $3.0B$3.0B2019+20%2020: $3.3B$3.3B2020+10%2021: $3.6B$3.6B2021+11%2022: $3.1B$3.1B2022−14%2023: $3.6B$3.6B2023+16%2024: $3.5B$3.5B2024−4%2025: $3.5B$3.5B2025+0%
Operating income101112131415167$1.2B in 2025+230% since 2018
0$500.0M$1.0B$1.5B2018: $352.1M$352.1M20182019: $685.7M$685.7M2019+95%2020: $898.1M$898.1M2020+31%2021: $876.0M$876.0M2021−2%2022: $898.5M$898.5M2022+3%2023: $1.3B$1.3B2023+43%2024: $1.3B$1.3B2024−2%2025: $1.2B$1.2B2025−7%
Net income101112131415167$1.0B in 2025+234% since 2018
0$500.0M$1.0B$1.5B2018: $310.3M$310.3M20182019: $572.6M$572.6M2019+85%2020: $907.2M$907.2M2020+58%2021: $736.4M$736.4M2021−19%2022: $915.1M$915.1M2022+24%2023: $1.2B$1.2B2023+26%2024: $1.1B$1.1B2024−7%2025: $1.0B$1.0B2025−4%

Every line of the income statement as filed: the last 3 fiscal years, latest first.7

Period ending2025-12-312024-12-312023-12-31
Total net revenues105.9B CNY108.4B CNY112.9B CNY
Cost of revenues-81.4B CNY-83.0B CNY-87.1B CNY
Gross profit24.5B CNY25.5B CNY25.7B CNY
Fulfillment expenses (Including shipping and handling expenses of RMB5,837,096, RMB5,822,405 and RMB5,822,804 for the years ended December 31, 2023, 2024 and 2025, respectively)-8.3B CNY-8.3B CNY-8.3B CNY
Marketing expenses-3.0B CNY-3.0B CNY-3.2B CNY
Technology and content expenses-1.8B CNY-1.9B CNY-1.8B CNY
General and administrative expenses-4.4B CNY-4.0B CNY-4.1B CNY
Total operating expenses-17.4B CNY-17.2B CNY-17.4B CNY
Other operating income1.1B CNY915.2M CNY801.6M CNY
Income from operations8.1B CNY9.2B CNY9.1B CNY
Impairment loss of investments-15.4M CNY-61.2M CNY-19.1M CNY
Interest expenses-90.0M CNY-57.7M CNY-22.9M CNY
Interest income801.6M CNY809.8M CNY780.3M CNY
Exchange gain (loss)-62.1M CNY-24.8M CNY162.7M CNY
Investment (loss) gain and revaluation of investments144.7M CNY148.2M CNY-18.1M CNY
Income before income taxes and share of income of equity method investees8.9B CNY10.0B CNY10.0B CNY
Income tax expense-1.8B CNY-2.3B CNY-1.9B CNY
Share of income of equity method investees, net of tax of nil293.9M CNY167.0M CNY80.3M CNY
Net income attributable to non-controlling interests-167.1M CNY-99.0M CNY-84.7M CNY
Net income attributable to Vipshop Holdings Limited's shareholders7.2B CNY7.7B CNY8.1B CNY
-Basic (in shares)100.1M shares106.1M shares110.7M shares
-Diluted (in shares)102.4M shares107.9M shares112.6M shares
-Basic (in dollars per share)72.37 CNY72.97 CNY73.32 CNY
-Diluted (in dollars per share)70.74 CNY71.76 CNY72.11 CNY
Net income7.4B CNY7.8B CNY8.2B CNY
Share of equity adjustments for other comprehensive income (loss) of an equity method investee-52.5M CNY-148.9M CNY23.1M CNY
Foreign currency translation, net of tax of nil35.6M CNY37.1M CNY-11.1M CNY
Comprehensive income7.4B CNY7.7B CNY8.2B CNY
Less: Comprehensive income attributable to non-controlling interests167.1M CNY99.0M CNY84.7M CNY
Comprehensive income attributable to Vipshop Holdings Limited's shareholders7.2B CNY7.6B CNY8.1B CNY
Tax on share of income of equity method investees0 CNY0 CNY0 CNY
Tax on foreign currency translation0 CNY0 CNY0 CNY

Compare Vipshop with another company

Corporate structure

Vipshop sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Vipshop

  • FIL Ltd Filed SCHEDULE 13G/A on Vipshop, latest Aug 6, 2026 (2 filings since May 6, 2026)
  • UBS Filed SCHEDULE 13G/A on Vipshop, latest May 7, 2026 (5 filings since May 10, 2022)
  • Elegant Motion Holdings Ltd Filed SCHEDULE 13G/A on Vipshop, latest Aug 14, 2025 (5 filings since Jan 27, 2022)
  • High Vivacity Holdings Ltd Filed SCHEDULE 13G/A on Vipshop, latest Aug 14, 2025 (4 filings since Jan 27, 2022)
  • Tencent Holdings Ltd Filed SCHEDULE 13D/A on Vipshop, latest May 22, 2025
  • HARRIS ASSOCIATES L P Filed SC 13G/A on Vipshop, latest Feb 14, 2023 (2 filings since Feb 11, 2022)
  • JD.com Filed SC 13D/A on Vipshop, latest Jun 30, 2022 (3 filings since Apr 14, 2022)
  • SYZXC Trust Filed SC 13G/A on Vipshop, latest Feb 14, 2022
  • Vipshop 广州市, China

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Vipshop reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, net$2.6B7 Dec 31, 2025$2.5B16 Dec 31, 2024+4.5%
Operating-lease assets (leased space)$57.0M7 Dec 31, 2025$59.4M16 Dec 31, 2024−4.0%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$3.3B7 Dec 31, 2025$3.6B16 Dec 31, 2024−8.9%
Marketable securities, current$826.1M7 Dec 31, 2025$256.6M16 Dec 31, 2024+222.0%
Debt securities available for sale54.0M CNY7 Dec 31, 202554.0M CNY7 Dec 31, 20240%
Stakes in other companies (equity method)$448.6M7 Dec 31, 2025$274.3M16 Dec 31, 2024+63.5%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$108.0M7 Dec 31, 2025$103.5M16 Dec 31, 2024+4.4%
Finite-lived intangibles, net$46.3M7 Dec 31, 2025$44.9M16 Dec 31, 2024+3.2%

Inventory

ItemLatestA year beforeChange
Inventory, total$736.9M7 Dec 31, 2025$689.4M16 Dec 31, 2024+6.9%
Finished goods5.6B CNY7 Dec 31, 20255.6B CNY7 Dec 31, 2024+0.2%

The story

8 December 2008: Vipshop.com went online

2010 and 2011: Completed 2 rounds of VC financing at 70 million US dollars

March 2012: Listed on New York Stock Exchange (VIPS)

November 2013: Transferred to new domain name VIP.com

September 2014: Launched VIP International

2015: Began to run its own logistics & distribution system

2016: Launched INTERNET financing business "Wei pin Hua" (Chinese: 唯品花; pinyin: Wei Pin Hua)

2017: Announced to spin off financing service and reconstruct its logistics business

From Wikipedia’s article on Vipshop, shared under CC BY-SA 4.0.9

Leadership

Who has led Vipshop, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Eric Ya Shen2026–now

Chief financial officer

  1. Yuhua Wang2026–now

Chief operating officer

  1. Arthur Xiaobo Hong2026–now
2010201520202025
Board members and other officers (8)

Products and brands

Internet Finance Division was founded at the end of 2015. With one year's development, "VIP Expense", a consumer finance product, had attracted 5 million new users. Currently, 15% of orders at Vip.com are paid through the "VIP Expense".

During the "12.8" Anniversary celebration sales period in 2016, the average transaction value per customer paid through "VIP Expense" was 45% higher than that of the overall transaction and the user activity rate improved by 27%.

In 2016, the average monthly new user growth of "VIP Expense" stood above 30%.

From Wikipedia’s article on Vipshop, shared under CC BY-SA 4.0.9

Timeline

  1. Mar 18, 2026New chief executive Eric Ya Shen becomes CEO17
  2. Mar 23, 2012Went public Listed on NYSE1
  3. Dec 2008Founded Founded1

Calendar

Coming up

  1. Nov 19, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported $0.33 a share, on Nov 20, 2025.26

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

98 filings to the SEC since October 2021: 5 annual reports, 22 insider forms, 23 large holders, 48 other. The latest 20:

  1. Oct 15, 20264 PRIMARY DOCUMENT EDGAR
  2. Oct 15, 20264 PRIMARY DOCUMENT EDGAR
  3. Sep 10, 20264 PRIMARY DOCUMENT EDGAR
  4. Sep 10, 20264 PRIMARY DOCUMENT EDGAR
  5. Aug 25, 20266-K EDGAR
  6. Aug 6, 2026SCHEDULE 13G/A EDGAR
  7. Jul 9, 20264 PRIMARY DOCUMENT EDGAR
  8. Jul 9, 20264 PRIMARY DOCUMENT EDGAR
  9. Jun 11, 20264 PRIMARY DOCUMENT EDGAR
  10. Jun 11, 20264 PRIMARY DOCUMENT EDGAR
  11. May 21, 20266-K EDGAR
  12. May 7, 2026SCHEDULE 13G/A EDGAR
  13. May 6, 2026SCHEDULE 13G EDGAR
  14. Apr 16, 202620-F EDGAR
  15. Apr 13, 20264 PRIMARY DOCUMENT EDGAR
  16. Apr 10, 20264 PRIMARY DOCUMENT EDGAR
  17. Mar 18, 20263 EDGAR
  18. Mar 18, 20263 OWNERSHIP DOCUMENT EDGAR
  19. Mar 18, 20263 OWNERSHIP DOCUMENT EDGAR
  20. Mar 18, 20263 OWNERSHIP DOCUMENT EDGAR

The 98 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

8 open-market trades by officers, directors and large owners since October 2021: 0 buys and 8 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 8, 2026Wang YuhuaChief Financial OfficerSale2,499$64.95$162.3KForm 4
Sep 8, 2026Yang DonghaoDirectorSale479$64.80$31.0KForm 4
Jul 7, 2026Li TianminChief Technology OfficerSale2,518$67.45$169.8KForm 4
Jul 7, 2026Liu ChunDirectorSale174$67.31$11.7KForm 4
Jun 9, 2026Wang YuhuaChief Financial OfficerSale2,589$69.12$179.0KForm 4
Jun 9, 2026Yang DonghaoDirectorSale397$69.30$27.5KForm 4
Apr 8, 2026Li TianminChief Technology OfficerSale2,482$77.88$193.3KForm 4
Apr 8, 2026Liu ChunDirectorSale145$77.88$11.3KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
FIL Ltd26,073,132$345.7M0.2%+1,166,110
BlackRock, Inc.19,056,243$252.7M0.0%−3,389,464
Invesco Ltd.18,545,001$245.9M0.0%−464,228
Robeco Institutional Asset Management B.V.13,674,611$181.3M0.2%+1,169,547
Krane Funds Advisors LLC10,317,325$136.8M4.9%−1,105,783
Dimensional Fund Advisors LP8,246,644$109.3M0.0%−371,373
Vanguard Capital Management LLC6,805,552$90.2M0.0%−265,282
State Street Corp6,728,486$89.2M0.0%−329,224
Carmignac Gestion4,920,324$65.2M0.8%+439,795
Ranmore Fund Management Ltd3,850,000$51.1M5.7%New
Allianz Asset Management GmbH3,602,998$49.2M0.1%−132,668
Orbis Allan Gray Ltd3,594,710$47.7M0.2%−1,622,455
Hhlr Advisors, Ltd.3,470,400$46.0M5.5%+3,345,700
American Century Companies Inc3,186,439$42.3M0.0%+83,231
Geode Capital Management, LLC3,042,458$40.1M0.0%+58,139
D. E. Shaw & Co., Inc.2,958,115$39.2M0.0%+1,213,619
Jupiter Asset Management Ltd2,943,800$39.0M0.2%+2,408,800
Todd Asset Management LLC2,871,479$38.1M0.7%−1,695
Marathon Asset Management Ltd2,758,415$36.6M1.5%−167,190
Northern Trust Corp2,485,968$33.0M0.0%+198,608
Legal & General Group Plc2,384,898$31.6M0.0%−101,183
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC2,335,801$31.0M0.0%−271,927
Arrowstreet Capital, Limited Partnership2,309,610$30.6M0.0%−584,667
Charles Schwab Investment Management Inc2,298,473$30.5M0.0%−31,493
Fmr LLC2,209,657$29.3M0.0%−37,611

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Vipshop is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARVipshop Holdings Ltd2
  • CIK0001529192
  • Filer statusLarge accelerated filer not an emerging growth company; not a shell company35
  • Incorporated inCayman Islands35
  • Fiscal year endsDecember 312
  • Industry code (SIC)5961 Retail-Catalog & Mail-Order Houses2
  • SEC reviewing officeOffice of Trade & Services, Division of Corporation Finance2
  • Business addressVipshop Headquarters, 128 Dingxin Road, Haizhu District,, Guangzhou, China 510335, China2
  • Phone86 (20) 2233-00002
  • Shares outstanding80,208,937 Common Class A shares; 15,560,358 Common Class B shares as of Dec 31, 202535
  • AuditorDeloitte Touche Tohmatsu, Hong Kong PCAOB ID 1104; it also attests to the company’s internal control over financial reporting35
  • On EDGAR sinceFeb 17, 20122
  • Filings299 in all: 6-K (118), SC 13G/A (34), SC 13D/A (23), 20-F (14), 3 (12), SC 13G (12), CORRESP (11), 4 (10)2
    All 31 form types

    UPLOAD (10), 144 (8), F-1/A (6), S-8 (5), SC 13D (5), SCHEDULE 13G/A (5), EFFECT (3), SC TO-I/A (3), 424B3 (2), 424B4 (2), 424B5 (2), F-1 (2), FWP (2), 6-K/A (1), 8-A12B (1), CERTNYS (1), F-1MEF (1), F-3ASR (1), F-6 (1), F-6EF (1), SC TO-I (1), SCHEDULE 13D/A (1), SCHEDULE 13G (1)

  • Latest filingsAnnual report (20-F) Apr 16, 2026

Securities registered for trading

ClassSymbolExchange
American depositary sharesVIPSNew York Stock Exchange
Class A ordinary shares, par value US$0.0001 per shareNew York Stock Exchange

From the cover page of the 20-F filed Apr 16, 2026 (Section 12(b) of the Exchange Act).35

Sources

The numbers on this page point here. Each one links to the record it came from.

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