VIPSNYSERetail-Catalog & Mail-Order HousesFiscal year ends December 31
Vipshop Holdings Ltd
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Apr 16, 2026
$12.80−0.06 (-0.47%)
Close on Oct 19, 2026
Vipshop Holdings Ltd revenue by segment
By business segment
| Revenue | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | % of revenue | YoY |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Vip.Com | CN¥101.52B | CN¥104.73B | CN¥109.56B | – | – | – | – | – | – | – | 95.8% | -3.1% |
| Shan Shan Outlets | CN¥4.06B | CN¥3.28B | CN¥2.77B | CN¥1.86B | CN¥1.58B | CN¥1.15B | CN¥245.82M | – | – | – | 3.8% | +23.5% |
| Other | CN¥725.02M | CN¥756.86M | CN¥907.46M | – | – | – | – | – | – | – | 0.7% | -4.2% |
| Internet finance business | – | – | – | – | – | – | – | CN¥753.75M | CN¥249.73M | CN¥114.74M | – | – |
| Vip.com | – | – | CN¥109.56B | CN¥100.81B | CN¥114.19B | CN¥99.32B | CN¥91.44B | CN¥84.16B | CN¥72.88B | CN¥56.57B | – | – |
| Others | – | – | CN¥1.23B | CN¥2.11B | CN¥3.20B | CN¥2.90B | CN¥2.64B | CN¥753.75M | CN¥249.73M | – | – | – |
| Operating income | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | YoY |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Vip.Com | CN¥7.18B | CN¥8.35B | CN¥8.62B | CN¥6.52B | – | – | – | – | – | – | -14.0% |
| Shan Shan Outlets | CN¥857.21M | CN¥725.24M | CN¥361.12M | CN¥1.22M | CN¥357.60M | CN¥187.50M | CN¥6.26M | – | – | – | +18.2% |
| Other | CN¥96.20M | CN¥96.49M | CN¥123.85M | -CN¥324.84M | – | – | – | – | – | – | -0.3% |
| Internet finance business | – | – | – | – | – | – | – | -CN¥215.46M | -CN¥366.03M | -CN¥172.75M | – |
| Vip.com | – | – | CN¥9.64B | CN¥7.34B | CN¥6.16B | CN¥6.66B | CN¥5.27B | CN¥3.35B | CN¥4.06B | CN¥3.67B | – |
| Others | – | – | CN¥169.24M | -CN¥290.58M | CN¥88.07M | CN¥2.29M | CN¥227.72M | -CN¥215.46M | -CN¥366.03M | – | – |
By product or service
| Revenue | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | % of revenue | YoY |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Product revenues | CN¥97.40B | CN¥100.73B | CN¥105.61B | CN¥97.25B | CN¥111.26B | CN¥97.45B | CN¥88.72B | CN¥81.51B | CN¥71.17B | CN¥55.28B | 92.0% | -3.3% |
| Other revenues | CN¥8.52B | CN¥7.69B | CN¥7.24B | CN¥5.90B | CN¥5.80B | CN¥4.41B | CN¥4.27B | CN¥3.01B | CN¥1.74B | CN¥1.31B | 8.0% | +10.9% |
| Service | CN¥5.12B | CN¥4.96B | CN¥4.94B | CN¥4.43B | CN¥4.71B | CN¥3.96B | CN¥4.19B | CN¥3.01B | – | – | 4.8% | +3.2% |
| Lease | CN¥3.40B | CN¥2.73B | CN¥2.30B | CN¥2.30B | CN¥1.47B | CN¥1.09B | CN¥445.00M | CN¥2.70M | – | – | 3.2% | +24.5% |
| Sportswear and sporting goods | – | – | – | – | – | – | CN¥7.33B | CN¥5.70B | CN¥4.75B | CN¥3.52B | – | – |
| Other goods | – | – | – | – | – | – | CN¥5.72B | CN¥7.40B | CN¥5.98B | CN¥3.91B | – | – |
| Shoes and bags | – | – | – | – | – | – | CN¥9.05B | CN¥8.44B | CN¥8.34B | CN¥7.73B | – | – |
| Apparel | – | – | – | – | – | – | CN¥33.58B | CN¥30.45B | CN¥24.64B | CN¥20.38B | – | – |
| Home goods and other lifestyle products | – | – | – | – | – | – | CN¥8.31B | CN¥9.81B | CN¥9.88B | CN¥6.62B | – | – |
| Cosmetics | – | – | – | – | – | – | CN¥14.65B | CN¥11.70B | CN¥10.61B | CN¥7.57B | – | – |
| Toys, kids and baby | – | – | – | – | – | – | – | – | – | CN¥5.54B | – | – |
| Toys, kids and baby | – | – | – | – | – | – | CN¥10.10B | CN¥8.01B | CN¥6.98B | CN¥5.54B | – | – |
By region
From the segment and revenue-disaggregation notes of Vipshop's 10-K and 10-Q filings (XBRL). Fourth-quarter figures are the fiscal year less the first nine months. Segment names follow the company's own labels and can change when it reorganizes.