Vipshop Holdings Limited (1VPA) - Net Assets
Based on the latest financial reports, Vipshop Holdings Limited (1VPA) has net assets worth €44.44 Billion EUR (≈ $51.96 Billion USD) as of December 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (€78.84 Billion ≈ $92.18 Billion USD) and total liabilities (€34.40 Billion ≈ $40.22 Billion USD). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check 1VPA goodwill-adjusted equity ratio to evaluate the tangible quality of the company's equity base.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | €44.44 Billion |
| % of Total Assets | 56.37% |
| Annual Growth Rate | 25.44% |
| 5-Year Change | 31.38% |
| 10-Year Change | N/A |
| Growth Volatility | 42.22 |
Vipshop Holdings Limited - Net Assets Trend (2016–2025)
This chart illustrates how Vipshop Holdings Limited's net assets have evolved over time, based on quarterly financial data. See Vipshop Holdings Limited liquidity coverage in days to measure how many days the company can operate on defensive assets alone.
Annual Net Assets for Vipshop Holdings Limited (2016–2025)
The table below shows the annual net assets of Vipshop Holdings Limited from 2016 to 2025. For live valuation and market cap data, see Vipshop Holdings Limited market capitalisation.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | €44.44 Billion ≈ $51.96 Billion |
+6.97% |
| 2024-12-31 | €41.55 Billion ≈ $48.58 Billion |
+7.75% |
| 2023-12-31 | €38.56 Billion ≈ $45.08 Billion |
+13.17% |
| 2022-12-31 | €34.07 Billion ≈ $39.83 Billion |
+0.72% |
| 2021-12-31 | €33.83 Billion ≈ $39.55 Billion |
+15.12% |
| 2020-12-31 | €29.39 Billion ≈ $34.36 Billion |
+32.07% |
| 2019-12-31 | €22.25 Billion ≈ $26.01 Billion |
+29.28% |
| 2018-12-31 | €17.21 Billion ≈ $20.12 Billion |
+20.77% |
| 2017-12-31 | €14.25 Billion ≈ $16.66 Billion |
+146.47% |
| 2016-12-31 | €5.78 Billion ≈ $6.76 Billion |
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Equity Component Analysis
This analysis shows how different components contribute to Vipshop Holdings Limited's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 1230.2% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | €48.59 Billion | 118.50% |
| Total Equity | €41.00 Billion | 100.00% |
Vipshop Holdings Limited Competitors by Market Cap
The table below lists competitors of Vipshop Holdings Limited ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Kanzhun Ltd ADR
NASDAQ:BZ
|
$5.37 Billion |
|
USA Rare Earth, Inc.
NASDAQ:USAR
|
$5.37 Billion |
|
Kulicke and Soffa Industries Inc
NASDAQ:KLIC
|
$5.37 Billion |
|
Oberbank AG
VI:OBS
|
$5.38 Billion |
|
Ningbo Ginlong Technologies Co Ltd Class A
SHE:300763
|
$5.36 Billion |
|
Shenzhen Jove Enterprise Co. Ltd.
SHE:300814
|
$5.36 Billion |
|
Taiwan Business Bank
TW:2834
|
$5.36 Billion |
|
Wangsu Science Tech
SHE:300017
|
$5.36 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Vipshop Holdings Limited's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 39,968,813,000 to 41,004,749,000, a change of 1,035,936,000 (2.6%).
- Net income of 7,242,490,000 contributed positively to equity growth.
- Dividend payments of 1,795,384,000 reduced retained earnings.
- Share repurchases of 4,940,778,000 reduced equity.
- Other factors increased equity by 529,608,000.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | €7.24 Billion | +17.66% |
| Dividends Paid | €1.80 Billion | -4.38% |
| Share Repurchases | €4.94 Billion | -12.05% |
| Other Changes | €529.61 Million | +1.29% |
| Total Change | €- | 2.59% |
Book Value vs Market Value Analysis
This analysis compares Vipshop Holdings Limited's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 0.03x
- The company is trading below its book value, potentially indicating the market believes the assets are overvalued on the balance sheet or anticipates future losses.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2017-12-31 | €108.93 | €11.40 | x |
| 2018-12-31 | €129.88 | €11.40 | x |
| 2019-12-31 | €162.77 | €11.40 | x |
| 2020-12-31 | €209.95 | €11.40 | x |
| 2021-12-31 | €240.31 | €11.40 | x |
| 2022-12-31 | €279.50 | €11.40 | x |
| 2023-12-31 | €340.78 | €11.40 | x |
| 2024-12-31 | €387.40 | €11.40 | x |
| 2025-12-31 | €428.02 | €11.40 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Vipshop Holdings Limited utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 17.66%
- The company demonstrates strong efficiency in generating profits from shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 6.84%
- • Asset Turnover: 1.34x
- • Equity Multiplier: 1.92x
- Recent ROE (17.66%) is below the historical average (19.32%), suggesting potential challenges in capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2016 | 35.53% | 3.60% | 2.26x | 4.38x | €1.46 Billion |
| 2017 | 13.64% | 2.67% | 1.92x | 2.66x | €520.20 Million |
| 2018 | 12.33% | 2.52% | 1.94x | 2.52x | €402.61 Million |
| 2019 | 18.40% | 4.32% | 1.91x | 2.23x | €1.83 Billion |
| 2020 | 20.73% | 5.80% | 1.73x | 2.07x | €3.06 Billion |
| 2021 | 14.34% | 4.00% | 1.88x | 1.91x | €1.42 Billion |
| 2022 | 19.23% | 6.11% | 1.58x | 2.00x | €3.02 Billion |
| 2023 | 21.96% | 7.19% | 1.56x | 1.96x | €4.42 Billion |
| 2024 | 19.36% | 7.14% | 1.45x | 1.87x | €3.74 Billion |
| 2025 | 17.66% | 6.84% | 1.34x | 1.92x | €3.14 Billion |
Industry Comparison
This section compares Vipshop Holdings Limited's net assets metrics with peer companies in the Internet Retail industry.
Industry Context
- Industry: Internet Retail
- Average net assets among peers: $68,309,428,898
- Average return on equity (ROE) among peers: -21.04%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Vipshop Holdings Limited (1VPA) | €44.44 Billion | 35.53% | 0.77x | $5.36 Billion |
| JD.com Inc Adr (013A) | $204.49 Billion | 24.16% | 1.07x | $34.07 Billion |
| JD.com Inc. (013C) | $296.38 Billion | 8.15% | 1.12x | $35.76 Billion |
| BAOZUN INC. A DL -0001 (2BZ) | $6.48 Billion | -3.39% | 0.90x | $124.51 Million |
| Baozun Inc (2BZA) | $2.20 Billion | 12.29% | 0.83x | $130.21 Million |
| YESASIA HOLDINGS LTD (4CM) | $52.99 Million | 35.96% | 1.28x | $135.32 Million |
| GIGLIO.COM S.P.A. O.N. (5JR0) | $7.84 Million | -16.31% | 1.07x | $6.29 Million |
| MERCARI INC. UNSP.ADR/1/2 (6TP0) | $99.64 Billion | 26.21% | 4.46x | $3.35 Billion |
| Coupang Inc. (788) | $2.18 Billion | -70.91% | 2.97x | $25.88 Billion |
| D-MARKET E.S.+T.SP.ADR/1B (8WZ) | $3.37 Billion | -205.50% | 3.93x | $834.81 Million |
About Vipshop Holdings Limited
Vipshop Holdings Limited operates online platforms in the People's Republic of China. The company operates through Vip.com, Shan Shan Outlets, and Others segments. It provides womenswear, menswear, sportswear and sporting goods, baby and children products, shoes and bags, skincare and cosmetics, home goods and other lifestyle products, and supermarket and other products. The company also engages … Read more