Vipshop Holdings Limited
(NYSE:VIPS)

Vipshop Holdings Limited operates as an online discount retailer for various brands in the People's Republic of China. It operates through four segments, Vip.com, Shan Shan Outlets, Internet Finance, and Others. The company offers women's apparel, such as casual wear, jeans, dresses, outerwear, swim...

Website: http://www.vip.com

Founded: 2008

Full Time Employees: 20,442

CEO: Eric Ya Shen

Sector: Consumer Cyclical

Industry: Internet Retail

Discount Retailer Consumer Cyclical Specialty Retail

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Quarterly

Annual

Unit: USD	2025-11-20	2025-08-14	2025-05-20	2025-02-21	2024-12-31	2024-11-19	2024-08-20	2024-05-22	2024-02-28	2023-12-31	2023-11-14	2023-08-18	2023-05-23	2023-02-23	2022-12-31	2022-11-22	2022-08-19	2022-05-19	2022-02-23	2021-12-31	2021-11-18	2021-08-18	2021-05-19	2021-02-26	2020-12-31	2020-11-13	2020-08-19	2020-05-27	2020-03-05	2019-12-31	2019-11-30	2019-08-31	2019-05-31	2019-02-28	2018-11-30	2018-08-31	2018-05-31	2018-02-28	2017-11-30	2017-08-31	2017-05-31	2017-02-28	2016-11-30	2016-08-31	2016-05-31	2016-02-29	2015-11-30	2015-08-31	2015-05-31	2015-02-28	2014-11-30	2014-08-31	2014-05-30	2014-03-31	2013-11-12	2013-08-15	2013-05-15	2013-02-28	2012-12-31	2012-11-14	2012-08-10	2012-05-15

product revenues	19,363,150,000	23,797,383,000	24,293,121,000	30,889,540,000		18,920,273,000	25,077,607,000	25,847,130,000	32,435,188,000		21,077,354,000	26,163,113,000	25,937,830,000	29,914,304,000		20,249,206,000	23,926,432,000	23,926,432,000	32,276,319,000		23,532,005,000	27,221,752,000	27,221,752,000	34,111,067,000		22,161,443,000	17,964,195,000	17,964,195,000	28,062,306,000		18,477,421,000	20,459,633,000	20,459,633,000	25,010,940,000	17,028,266,000	20,103,555,000	19,367,515,000	23,487,183,000	14,900,789,000	17,036,222,000	15,606,804,000	18,501,672,000	11,703,511,000	13,152,278,000	11,924,439,000	13,657,163,000	8,508,687,000	8,829,714,000	8,414,397,000	1,333,220,208	859,883,977	816,700,081	691,379,609	641,801,263
other revenues	2,007,715,000	2,008,977,000	1,975,422,000	2,334,302,000		1,755,668,000	1,797,561,000	1,798,751,000	2,239,288,000		1,688,507,000	1,716,187,000	1,598,553,000	1,843,456,000		1,365,751,000	1,318,086,000	1,318,086,000	1,855,354,000		1,389,801,000	1,176,745,000	1,176,745,000	1,663,874,000		1,018,583,000	828,660,000	828,660,000	1,256,798,000		1,135,559,000	858,983,000	858,983,000	1,072,422,000	803,318,000	634,820,000	503,113,000	642,449,000	412,368,000	480,357,000	346,141,000	478,514,000	298,813,000	287,420,000	244,655,000	243,983,000	162,558,000	188,408,000	198,302,000	26,435,379	22,744,912	12,745,006	10,548,373	9,215,025	2,499,249	261,475
total net revenues	21,370,865,000	25,806,360,000	26,268,543,000	33,223,842,000		20,675,941,000	26,875,168,000	27,645,881,000	34,674,476,000		22,765,861,000	27,879,300,000	27,536,383,000	31,757,760,000		21,614,957,000	25,244,518,000	25,244,518,000	34,131,673,000		24,921,806,000	28,398,497,000	28,398,497,000	35,774,941,000		23,180,026,000	18,792,855,000	18,792,855,000	29,319,104,000		19,612,980,000	21,318,616,000	21,318,616,000	26,083,362,000	17,831,584,000	20,738,375,000	19,870,628,000	24,129,632,000	15,313,157,000	17,516,579,000	15,952,945,000	18,980,186,000	12,002,324,000	13,439,698,000	12,169,094,000	13,901,146,000	8,671,245,000	9,018,122,000	8,612,699,000	1,359,655,587	882,628,889	829,445,087	701,927,982	651,016,288	383,708,552	351,289,213
cost of revenues	-16,461,954,000	-19,751,363,000	-20,186,333,000	-25,596,304,000		-15,720,539,000	-20,533,956,000	-21,100,380,000	-26,441,622,000		-17,384,331,000	-21,677,355,000	-21,631,820,000	-24,857,565,000		-16,931,883,000	-20,236,053,000	-20,236,053,000	-27,418,277,000		-20,080,295,000	-22,803,674,000	-22,803,674,000	-27,927,515,000		-18,299,063,000	-15,175,739,000	-15,175,739,000	-22,318,374,000
gross profit	4,908,911,000	6,054,997,000	6,082,210,000	7,627,538,000		4,955,402,000	6,341,212,000	6,545,501,000	8,232,854,000		5,381,530,000	6,201,945,000	5,904,563,000	6,900,195,000		4,683,074,000	5,008,465,000	5,008,465,000	6,713,396,000		4,841,511,000	5,594,823,000	5,594,823,000	7,847,426,000		4,880,963,000	3,617,116,000	3,617,116,000	7,000,730,000		4,234,024,000	4,356,333,000	4,356,333,000	5,384,344,000	3,631,438,000	4,043,773,000	4,009,414,000	5,239,994,000	3,499,483,000	3,859,893,000	3,694,472,000	4,467,149,000	2,931,963,000	3,241,409,000	2,956,093,000	3,348,419,000	2,156,324,000	2,250,670,000	2,141,076,000	338,232,629	219,525,492	205,777,382	174,811,451	159,426,218	92,966,167	82,629,752	72,750,141	68,733,057		34,764,265	29,552,779	21,425,003
yoy		22.19%	-4.08%	16.53%			17.83%	5.54%	39.43%			32.43%	17.89%	37.77%			3.45%	-10.48%	19.99%			14.63%	54.68%	116.95%			-14.57%	-16.97%	60.70%		16.59%	7.73%	8.65%	2.75%	3.77%	4.76%	8.52%	17.30%	19.36%	19.08%	24.98%	33.41%	35.97%	44.02%	38.07%	889.98%	882.27%	993.74%	1124.79%	112.16%	136.13%	149.04%	140.29%	131.95%		137.69%	146.17%	220.81%
qoq	-18.93%	-0.45%	-20.26%			-21.85%	-3.12%	-20.50%			-13.23%	5.04%	-14.43%			-6.50%	0.00%	-25.40%			-13.46%	0.00%	-28.70%			34.94%	0.00%	-48.33%			-2.81%	0.00%	-19.09%	48.27%	-10.20%	0.86%	-23.48%	49.74%	-9.34%	4.48%	-17.30%	52.36%	-9.55%	9.65%	-11.72%	55.28%	-4.19%	5.12%	533.02%	54.07%	6.68%	17.71%	9.65%	71.49%	12.51%	13.58%	5.84%			17.63%	37.94%
operating expenses:
fulfillment expenses	-1,854,945,000	-2,109,239,000	-1,889,954,000	-2,460,984,000		-1,735,673,000	-2,164,681,000	-1,985,526,000	-2,525,204,000		-1,771,903,000	-2,181,066,000	-1,783,831,000	-2,157,586,000		-1,618,670,000	-1,694,943,000	-1,694,943,000	-2,183,570,000		-1,618,292,000	-1,793,138,000	-1,793,138,000	-2,189,585,000		-1,619,487,000	-1,393,690,000	-1,393,690,000	-2,052,916,000												-1,436,200,000	-1,646,760,000	-1,025,845,000	-1,152,493,000	-1,079,428,000					516,285								78,229				-16,877,142
marketing expenses	-667,234,000	-715,900,000	-732,148,000	-930,293,000		-617,815,000	-740,662,000	-690,884,000	-843,208,000		-669,608,000	-892,505,000	-836,894,000	-944,051,000		-572,421,000	-759,275,000	-759,275,000	-1,145,834,000		-1,241,727,000	-1,294,068,000	-1,294,068,000	-1,703,582,000		-1,139,484,000	-412,305,000	-412,305,000	-944,100,000												-729,549,000	-920,009,000	-641,514,000	-672,345,000	-603,812,000					590,755								81,449		-7,310,957	-6,593,048	-5,873,102
technology and content expenses	-438,552,000	-442,039,000	-449,071,000	-469,223,000		-454,154,000	-487,156,000	-481,901,000	-496,442,000		-435,279,000	-443,046,000	-392,763,000	-408,543,000		-394,752,000	-390,371,000	-390,371,000	-443,011,000		-366,845,000	-337,516,000	-337,516,000	-272,379,000		-305,106,000	-338,398,000	-338,398,000	-362,160,000												-419,533,000	-470,915,000	-374,468,000	-391,525,000	-326,674,000					3,809,942								263,332		-3,218,857	-2,656,044	-2,433,157
general and administrative expenses	-984,634,000	-1,296,338,000	-950,795,000	-1,205,101,000		-957,798,000	-900,671,000	-929,088,000	-1,004,539,000		-1,131,241,000	-963,117,000	-1,047,672,000	-1,137,858,000		-1,071,778,000	-1,054,714,000	-1,054,714,000	-1,200,449,000		-1,020,703,000	-956,688,000	-956,688,000	-1,256,115,000		-848,594,000	-839,220,000	-839,220,000	-1,732,020,000												-542,172,000	-624,102,000	-500,600,000	-434,156,000	-382,288,000					4,271,305								1,370,327		-6,321,337	-5,575,356	-5,756,147
total operating expenses	-3,945,365,000	-4,563,516,000	-4,021,968,000	-5,065,601,000		-3,765,440,000	-4,293,170,000	-4,087,399,000	-4,869,393,000		-4,008,031,000	-4,479,734,000	-4,061,160,000	-4,648,038,000		-3,657,621,000	-3,899,303,000	-3,899,303,000	-4,972,864,000		-4,247,567,000	-4,381,410,000	-4,381,410,000	-5,421,661,000		-3,912,671,000	-2,983,613,000	-2,983,613,000	-5,369,459,000												-3,127,454,000	-3,661,786,000	-2,542,427,000	-2,650,519,000	-2,392,202,000															-38,015,899	-34,995,372	-30,098,120
other operating income	298,854,000	206,423,000	216,556,000	289,291,000		139,939,000	184,380,000	301,599,000	304,818,000		160,165,000	194,288,000	142,289,000	257,062,000		111,874,000	173,452,000	173,452,000	89,183,000		176,842,000	298,000,000	298,000,000	164,011,000		279,820,000	148,688,000	148,688,000	144,162,000		318,943,000	101,404,000	101,404,000	185,732,000	180,097,000	278,960,000	112,273,000
income from operations	1,262,400,000	1,697,904,000	2,276,798,000	2,851,228,000		1,329,901,000	2,232,422,000	2,759,701,000	3,668,279,000		1,533,664,000	1,916,499,000	1,985,692,000	2,509,219,000		1,137,327,000	1,282,614,000	1,282,614,000	1,829,715,000		770,786,000	1,511,413,000	1,511,413,000	2,589,776,000		1,248,112,000	782,191,000	782,191,000	1,775,433,000		1,169,407,000	863,171,000	863,171,000	1,003,434,000	354,706,000	400,283,000	662,692,000	883,912,000	448,201,000	621,737,000	736,596,000	938,927,000	528,787,000	643,929,000	596,066,000	801,760,000	436,061,000	437,768,000	394,960,000	60,811,099	21,260,415	23,707,857	30,240,695		12,040,134	6,748,041	5,477,923	5,423,771		-3,251,634	-5,442,593	-8,673,117
yoy		27.67%	1.99%	3.32%			45.56%	44.00%	84.74%			68.51%	54.82%	95.63%			66.40%	-15.14%	21.06%			21.10%	93.23%	231.09%			-33.11%	-9.38%	105.69%		229.68%	115.64%	30.25%	13.52%	-20.86%	-35.62%	-10.03%	-5.86%	-15.24%	-3.45%	23.58%	17.11%	21.26%	47.09%	50.92%	1218.44%	1951.05%	1746.51%	1206.05%		76.58%	251.33%	452.05%			-307.53%	-200.65%	-162.54%
qoq	-25.65%	-25.43%	-20.15%			-40.43%	-19.11%	-24.77%			-19.98%	-3.48%	-20.86%			-11.33%	0.00%	-29.90%			-49.00%	0.00%	-41.64%			59.57%	0.00%	-55.94%			35.48%	0.00%	-13.98%	182.89%	-11.39%	-39.60%	-25.03%	97.21%	-27.91%	-15.59%	-21.55%	77.56%	-17.88%	8.03%	-25.66%	83.86%	-0.39%	10.84%	549.49%	186.03%	-10.32%	-21.60%			78.42%	23.19%	1.00%			-40.26%	-37.25%
investment gain and revaluation of investments	121,921,000	37,106,000		72,649,000		96,934,000	-17,855,000	-3,558,000	-4,449,000		-94,939,000	39,354,000	41,980,000	257,064,000		330,769,000		-34,458,000	92,232,000		-30,310,000	97,936,000	97,936,000	200,276,000		186,596,000	42,553,000	42,553,000	-30,529,000			214,085,000
impairment loss of investments	-15,450,000			-3,000,000		-43,555,000	-14,691,000					-19,105,000		-34,347,000		-9,557,000			-217,046,000		-36,000,000			-38,114,000			-5,046,000	-5,046,000	-43,973,000														-65,940,000	-48,634,000
interest expense	-26,434,000	-23,482,000	-10,240,000	-17,560,000		-15,895,000	-13,666,000	-10,555,000	-14,770,000		-466,000	-1,989,000	-5,706,000	-4,311,000		-8,718,000	-4,735,000	-4,735,000	-4,899,000		-4,253,000	-3,696,000	-3,696,000	-6,269,000		-4,623,000	-35,395,000	-35,395,000	-14,740,000																															-1,197		-186,725
interest income	190,822,000	195,951,000	222,950,000	227,427,000		174,651,000	191,656,000	216,058,000	208,913,000		166,246,000	183,168,000	221,965,000	198,255,000		176,088,000	199,694,000	199,694,000	194,870,000		163,053,000	153,424,000	153,424,000	155,255,000		112,286,000	81,190,000	81,190,000	70,287,000		34,448,000	70,560,000	70,560,000	70,606,000	49,660,000	62,272,000	60,334,000	27,032,000	18,549,000	29,684,000	25,860,000	29,103,000	21,972,000	28,212,000	27,757,000	46,844,000	62,819,000	75,750,000	81,795,000	13,658,779	11,795,681	13,437,525	8,198,147	5,870,876	3,750,788	3,607,987	2,436,478	1,643,898		1,372,350	375,826	165,939
exchange loss	-13,169,000	-18,849,000	-12,936,000			-86,182,000		-2,367,000					-8,187,000						-34,451,000
income before income tax expense and share of income of equity method investees	1,520,090,000	1,888,630,000	2,439,113,000	3,269,377,000		1,455,854,000	2,302,970,000	2,959,279,000	3,779,822,000		1,570,873,000	2,400,563,000	2,235,744,000	3,086,422,000		1,948,121,000	1,430,933,000	1,430,933,000	1,860,421,000
income tax expenses	-301,065,000	-407,189,000	-507,667,000	-816,363,000		-474,220,000	-405,646,000	-619,286,000	-771,969,000		-364,835,000	-339,056,000	-390,144,000	-903,839,000		-266,412,000	-291,843,000	-291,843,000	-390,691,000		-212,305,000	-306,959,000	-306,959,000	-384,660,000		-247,757,000	-172,716,000	-172,716,000	-313,802,000
share of income of equity method investees	41,115,000	36,357,000	48,865,000	32,799,000		79,043,000	47,203,000	7,934,000	-25,236,000		24,528,000	49,202,000	31,807,000	59,176,000		5,155,000	-43,006,000	-43,006,000	-47,023,000
net income	1,260,140,000	1,517,798,000	1,980,311,000	2,485,813,000		1,060,677,000	1,944,527,000	2,347,927,000	2,982,617,000		1,230,566,000	2,110,709,000	1,877,407,000	2,241,759,000		1,686,864,000	1,096,084,000	1,096,084,000	1,422,707,000		637,193,000	1,547,710,000	1,547,710,000	2,447,711,000		1,251,654,000	680,892,000	680,892,000	1,410,002,000		881,598,000	876,964,000	876,964,000	693,992,000	226,107,000	688,774,000	524,599,000	659,865,000	318,456,000	370,803,000	543,309,000	763,204,000	345,204,000	437,676,000	446,683,000	490,582,000	292,853,000	383,971,000	341,306,000	52,769,164	22,726,618	22,618,958	24,674,455	25,398,630	12,026,885	9,033,175	5,841,173	6,349,802		-1,456,027	-5,779,610	-8,586,239
yoy		43.10%	1.84%	5.87%			58.02%	11.24%	58.87%			25.13%	71.28%	104.52%			72.02%	-29.18%	-8.08%			23.65%	127.31%	259.49%			-22.77%	-22.36%	60.78%		289.90%	27.32%	67.17%	5.17%	-29.00%	85.75%	-3.44%	-13.54%	-7.75%	-15.28%	21.63%	55.57%	17.88%	13.99%	30.87%	829.68%	1188.59%	1597.56%	1283.24%	107.76%	88.97%	150.40%	322.42%	299.99%		-720.40%	-201.07%	-173.95%
qoq	-16.98%	-23.36%	-20.34%			-45.45%	-17.18%	-21.28%			-41.70%	12.43%	-16.25%			53.90%	0.00%	-22.96%			-58.83%	0.00%	-36.77%			83.83%	0.00%	-51.71%			0.53%	0.00%	26.37%	206.93%	-67.17%	31.30%	-20.50%	107.21%	-14.12%	-31.75%	-28.81%	121.09%	-21.13%	-2.02%	-8.95%	67.52%	-23.73%	12.50%	546.79%	132.19%	0.48%	-8.33%	-2.85%	111.18%	33.14%	54.65%	-8.01%			-74.81%	-32.69%
net income attributable to non-controlling interests	-39,463,000	-28,049,000	-37,466,000	-39,134,000		-15,338,000	-13,320,000	-31,218,000	-30,470,000		-22,274,000	-13,255,000	-18,676,000	-7,998,000		-364,000		-421,000	-7,938,000		-8,842,000
net income attributable to vipshop’s shareholders	1,220,677,000	1,489,749,000	1,942,845,000	2,446,679,000		1,045,339,000	1,931,207,000	2,316,709,000	2,952,147,000		1,208,292,000	2,097,454,000	1,858,731,000	2,233,761,000		1,686,500,000	1,095,663,000	1,095,663,000	1,414,769,000		628,351,000	1,545,470,000	1,545,470,000	2,440,813,000		1,244,399,000	684,825,000	684,825,000	1,455,558,000		875,474,000	872,282,000	872,282,000	688,667,000	228,748,000	681,644,000	529,728,000	673,200,000	338,055,000	386,483,000	551,917,000	767,783,000	342,861,000	451,605,000	474,568,000	506,166,000	316,698,000	399,291,000	367,509,000	56,583,510	27,695,639	26,386,740	26,594,021
shares used in calculating earnings per share :
weighted-average number of class a and class b ordinary shares:
—basic	98,613,509	101,229,148	102,682,285	102,688,899		104,496,269	108,709,998	108,459,047	108,441,659		108,463,991	110,053,473	115,930,812	121,010,371		123,718,348	135,256,731	135,256,731	135,695,489		135,419,982	136,459,216	136,459,216	135,646,247		135,372,361	134,326,928	134,326,928	133,954,320		133,689,150	133,037,380	133,037,380	132,797,122	132,508,059	132,138,434	131,605,256	118,372,431	117,641,548	117,365,737	116,819,173	116,562,400	116,178,808	115,858,596	115,241,944	99,486,779	99,665,268	99,369,295	98,431,535	97,841,008	97,215,769	113,214,655	111,919,288	111,366,346	110,802,643		103,004,723	101,183,145		101,139,801	101,138,565	51,664,716
—diluted	100,918,128	102,353,164	104,315,110	104,300,280		106,037,715	110,735,433	110,912,953	110,380,505		110,416,154	111,819,666	117,612,551	122,089,636		124,739,925	136,053,727	136,053,727	136,631,560		136,803,978	141,842,600	141,842,600	139,219,751		138,166,925	136,909,242	136,909,242	135,976,408		135,057,876	139,290,699	139,290,699	140,082,697	133,710,240	140,270,995	140,490,311	126,107,741	125,535,694	125,870,498	125,067,816	125,369,397	118,727,676	124,555,621	124,277,310	109,146,232	103,358,907	103,690,098	103,030,229	103,265,376	102,910,238	119,427,635	119,160,971	117,668,616	116,943,581		109,132,970	105,028,955		101,139,801	101,138,565	51,664,716
net earnings per class a and class b ordinary share
net income attributable to vipshop’s shareholders—basic	12.38	14.72	18.92	23.83		10	17.76	21.36	27.22		11.14	19.06	16.03	18.46			8.1	8.1	10.43		4.64	11.33	11.33	17.99		9.19	5.1	5.1	10.87		6.55	6.56	6.56	5.19	1.73	5.16	4.03	5.69	2.87	3.29	4.72	6.59	2.95	3.9	4.12	4.36	2.73	3.45	3.2	0.49	0.24	0.23	0.24
net income attributable to vipshop’s shareholders—diluted	12.1	14.55	18.62	23.46		9.86	17.44	20.89	26.75		10.94	18.76	15.8	18.3			8.05	8.05	10.35		4.59	10.9	10.9	17.53		9.01	5	5	10.7		6.48	6.33	6.33	5.02	1.71	4.97	3.86	5.37	2.79	3.2	4.59	6.29	2.89	3.8	3.99	4.22	2.64	3.32	3.07	0.47	0.23	0.22	0.23
net earnings per ads
investment loss and revaluation of investments			-37,459,000														-34,458,000
exchange gain				138,633,000			-74,896,000		-78,151,000		-33,632,000	282,636,000		160,542,000		322,212,000	-12,182,000	-12,182,000																								46,650,000	31,913,000					19,959,000			3,518,172	713,015		251,980	287,799	1,039,605				424,454	-678,866	107,664
other revenues primarily consist of product promotion and online advertising revenues, lease income mainly earned from the shan shan outlets ,fees charged to third-party merchants which the company provides platform access for sales of their products, revenue from third-party logistics services, loan facilitation service income and membership fee income.
fulfillment expenses include shipping and handling expenses, which amounted rmb1.5 billion and rmb1.8 billion in the three month periods ended december 31, 2022 and december 31, 2023, respectively.
authorized share capital is re-classified and re-designated into class a ordinary shares and class b ordinary shares, with each class a ordinary share being entitled to one vote and each class b ordinary share being entitled to ten votes on all matters that are subject to shareholder vote.
share-based compensation expenses are included in the operating expenses as follows:
total									284,665																																									9,188,287								1,793,337
net income attributable to vipshop’s shareholders——basic																13.63
net income attributable to vipshop’s shareholders——diluted																13.52						2.18
net loss attributable to non-controlling interests																	-421,000					-2,240,000	-2,240,000	-6,898,000			3,933,000
foreign exchange gain																					17,134,000	30,950,000	30,950,000			-96,558,000	48,754,000	48,754,000			44,938,000				57,175,000	79,557,000
income before income tax expense and share of gain of equity method investees																					880,410,000	1,790,027,000	1,790,027,000	2,802,903,000		1,445,813,000	914,247,000	914,247,000	1,721,316,000		1,106,454,000	1,074,202,000	1,074,202,000
share of gain of equity method investees																					-30,912,000	64,642,000	64,642,000	29,468,000		53,598,000	-60,639,000	-60,639,000	2,488,000			46,659,000	46,659,000
goodwill impairment loss																													-278,263,000
foreign exchange loss																								-98,021,000					-35,162,000
net gain attributable to non-controlling interests																										-7,255,000		3,933,000	45,556,000
weighted average number of class a and class b ordinary shares:
net gain attributable to noncontrolling interests
gain on disposal or revaluation of investments																																	214,085,000			309,059,000
net loss attributable to noncontrolling interests																																			2,641,000		5,129,000	13,335,000	19,599,000		8,608,000	4,579,000				15,584,000	23,845,000					3,767,782	1,919,566
(loss) gain on disposal or revaluation of investments
income before income taxes and share of result of equity method investees																																		986,149,000	318,416,000
share of result of equity method investees																																			10,491,000
class a and class b ordinary shares:
net earnings per class a and class b share
interest expenses																																																													-33,977
income before income taxes and share of result of affiliates																																				812,168,000	630,343,000	845,047,000	421,125,000	547,775,000
share of gain of affiliates																																				2,092,000	737,000	3,692,000
other income																																						73,791,000	103,017,000	184,669,000	169,578,000	133,564,000	139,251,000	53,039,000	32,175,000	174,223,000	77,156,000	41,714,000	15,338,000	10,059,819	7,365,827	4,834,168	2,862,209	3,873,895	2,090,512	1,438,012	1,306,068	813,545		538,739	369,609	841,428
gain on disposal of an investment																																								55,615,000
other comprehensive income, net of tax:
foreign currency translation adjustments																																						125,291																				628,902
unrealized gain from available-for-sale securities																																										9,628
reclassification adjustment for loss included in net income
comprehensive income																																						783,432				520,804								46,973,037
less: comprehensive loss attributable to noncontrolling interests
comprehensive income attributable to vipshop’s shareholders																																						796,767				525,453								50,769,385
income tax expense
share of loss of affiliates
cost of goods sold																																																												-121,180,318	-105,727,006	-79,837,020
operating expenses
net income attributable to noncontrolling interests																																								15,680,000				13,929,000	27,885,000			15,320,000	26,203,000	3,814,346	4,969,021
income before income taxes and share of loss of affiliates																																									726,906,000	993,748,000	496,607,000	581,168,000	594,561,000	661,107,000	419,495,000	516,496,000	453,422,000
shares used in calculating earnings per share:
other revenues primarily consist of revenues from third-party logistics services, product promotion and online advertising, fees charged to third-party merchants which the company provides platform access for sales of their products,and inventory and warehouse management services to certain suppliers.
including shipping and handling expenses, which amounted rmb 647million and rmb 856 million in the three month periods ended december 31, 2015 and december 31, 2016, respectively.
including amortization of intangible assets resulting from business acquisitions, which amounted to rmb 72 million and rmb 78 million in the three months period ended december 31, 2015 and december 31, 2016, respectively.
included income tax benefits of rmb 18 million and rmb 20 million related to the reversal of deferred tax liabilities, which was recognized on business acquisitions for the three months period ended december 31, 2015 and december 31, 2016, respectively.
authorized share capital are re-classified and re-designated into class a ordinary shares and class b ordinary shares, with each class a ordinary share being entitled to one vote and each class b ordinary share being entitled to ten votes on all matters that are subject to shareholder vote.
other comprehensive loss(income), net of tax:
reclassification adjustment for losses included in net income
net loss (income) attributable to noncontrolling interests
other non-operating income																																																			2,572,040	739,993
class a ordinary shares:
class b ordinary shares:
net earnings per class a share
net earnings per class b share
impairment loss of other investment
exchange (loss) gain																																																	8,508,000
impairment loss of investment
income before income taxes																																																		68,122,329	35,207,646	33,917,202	34,997,941		16,078,721	11,395,633	7,691,783	7,055,975		-1,456,027	-5,779,610	-8,586,239
class a common shares:
class b common shares:
other revenues primarily consist of revenues from product promotion and online advertising, fees charged to third-party merchants which the company provides platform access for sales of their product.
including shipping and handling expenses, which amounted us43million, us65.7 million and us40 million in the three month periods ended december 31, 2013, december 31, 2014 and september 30, 2014, respectively.
including amortization of intangible assets resulting from a business acquisition, which amounted to us9.6 million and us10 million in the three months period ended december 31, 2014 and september 30, 2014, respectively.
included income tax benefits of us2.5 million and us2.5 million related to the reversal of deferred tax liabilities, which was recognized on the businss acquisition of lefeng for the three months period ended december 31, 2014 and september 30, 2014, respectively.
less: comprehensive loss attributable to non-controlling interests
share-based compensation charges included are follows
weighted-average numbers of shares used in calculating earnings per share:
net earnings per share
share of loss of an affiliate
(loss) income from operations																																																						29,560,661
(loss) income before income taxes																																																						35,683,517
deemed dividend on issuance of series a preferred shares
weighted average numbers of shares used in calculating earnings per share:
net revenues																																																							381,209,303	351,027,738	310,658,681	299,626,573		155,944,583	135,279,785	101,262,023
––basic																																																								110,564,733
––diluted																																																								116,073,470
fulfillment expenses*																																																												-21,703,487	-20,540,533
net income attributable to ordinary shareholders																																																										6,349,802
*including shipping and handling expenses, which amounted us13 million, us19 million and us13 million in the three month periods ended december 31, 2011, december 31, 2012 and september 30, 2012, respectively.
comprehensive loss																																																										6,978,704
net loss attributable to ordinary shareholders																																																												-1,456,027	-5,779,610	-8,586,239
weighted-average numbers of shares used in calculating net loss per share:
net income per share
net loss per ads
1

Balance Sheets:

Quarterly

Annual

Unit: USD	2025-11-20	2025-09-30	2025-08-14	2025-06-30	2025-05-20	2025-03-31	2025-02-21	2024-12-31	2024-11-19	2024-09-30	2024-08-20	2024-06-30	2024-05-22	2024-03-31	2024-02-28	2023-12-31	2023-11-14	2023-09-30	2023-08-18	2023-06-30	2023-05-23	2023-03-31	2023-02-23	2022-12-31	2022-11-22	2022-08-19	2022-06-30	2022-05-19	2022-03-31	2022-02-23	2021-12-31	2021-11-18	2021-09-30	2021-08-18	2021-05-19	2021-03-31	2021-02-26	2020-12-31	2020-11-13	2020-09-30	2020-08-19	2020-06-30	2020-05-27	2020-03-31	2020-03-05	2019-12-31	2019-11-30	2019-09-30	2019-08-31	2019-06-30	2019-05-31	2019-03-31	2019-02-28	2018-12-31	2018-11-30	2018-09-30	2018-08-31	2018-06-30	2018-05-31	2018-03-31	2018-02-28	2017-12-31	2017-11-30	2017-09-30	2017-08-31	2017-06-30	2017-05-31	2017-03-31	2017-02-28	2016-12-31	2016-11-30	2016-09-30	2016-08-31	2016-06-30	2016-05-31	2016-03-31	2016-02-29	2015-11-30	2015-08-31	2015-06-30	2015-05-31	2015-03-31	2015-02-28	2014-12-31	2014-11-30	2014-09-30	2014-08-31	2014-06-30	2014-05-30	2014-03-31	2013-12-31	2013-11-12	2013-09-30	2013-08-15	2013-06-30	2013-05-15	2013-03-31	2013-02-28	2012-12-31	2012-11-14	2012-08-10	2012-05-15

assets
current assets
cash and cash equivalents	24,567,750,000	24,567,750,000	24,238,054,000	24,238,054,000	28,369,482,000	28,369,482,000	26,352,161,000	411,000	21,870,029,000	21,870,029,000	21,030,780,000	21,030,780,000	24,078,932,000	24,078,932,000	25,414,729,000	904,000	18,840,320,000	18,840,320,000	17,279,939,000	17,279,939,000	17,982,966,000	17,982,966,000	21,938,653,000	1,624,000	14,899,676,000	16,289,127,000	16,289,127,000	13,648,072,000	13,648,072,000	16,297,410,000	337,000	12,529,110,000	12,529,110,000	15,666,775,000	14,435,039,000	14,435,039,000	11,995,415,000	11,995,415,000	8,883,746,000	8,883,746,000	7,395,029,000	7,395,029,000	4,917,949,000	4,917,949,000	6,573,808,000	44,000	5,728,009,000	5,728,009,000	6,836,990,000	6,836,990,000	5,800,322,000	5,800,322,000	9,540,556,000	9,540,556,000	6,179,874,000	6,179,874,000	6,050,756,000	6,050,756,000	7,008,102,000	7,008,102,000	9,973,891,000		3,665,310,000	3,665,310,000	4,148,892,000	4,148,892,000	4,434,837,000	4,434,837,000	4,109,577,000		4,876,764,000	4,876,764,000	3,167,513,000	3,167,513,000	3,572,949,000	3,572,949,000	3,324,384,000	3,543,372,000	4,430,522,000	4,430,522,000	5,911,634,000	5,911,634,000	772,128,894	772,128,894	668,138,066	668,138,066	635,520,609	635,520,609	871,774,767	334,715,019	334,715,019	279,039,304	279,039,304	167,214,905	167,214,905	231,075,063	231,075,063	124,472,629	124,472,629	91,875,685	115,555,040	98,473,344
restricted cash	533,816,000	533,816,000	502,594,000	502,594,000	492,608,000	492,608,000	602,342,000		583,747,000	583,747,000	587,796,000	587,796,000	570,578,000	570,578,000	882,637,000		808,728,000	808,728,000	1,006,743,000	1,006,743,000	937,419,000	937,419,000	1,164,748,000		1,292,079,000	1,058,136,000	1,058,136,000	657,137,000	657,137,000	873,859,000		632,263,000	632,263,000	798,450,000	652,129,000	652,129,000	815,906,000	815,906,000	710,755,000	710,755,000	704,630,000	704,630,000	882,083,000	882,083,000	1,145,477,000		904,887,000	904,887,000	995,255,000	995,255,000	496,811,000	496,811,000	497,916,000	497,916,000	354,045,000	354,045,000	375,610,000	375,610,000	348,476,000	348,476,000	248,101,000		37,781,000	37,781,000	48,898,000	48,898,000					62,234,000	62,234,000	100,000,000	100,000,000					9,700,000	9,700,000	700,000,000	700,000,000	64,526	64,526	65,226	65,226
short term investments	5,921,020,000	5,921,020,000	2,981,248,000	2,981,248,000	192,340,000	192,340,000	1,872,756,000		1,560,246,000	1,560,246,000	1,920,872,000	1,920,872,000	2,909,298,000	2,909,298,000	1,983,201,000		451,929,000	451,929,000	1,451,565,000	1,451,565,000	1,490,093,000	1,490,093,000	1,595,904,000		3,400,130,000	4,121,790,000	4,121,790,000	5,019,373,000	5,019,373,000	5,381,618,000		3,668,316,000	3,668,316,000	3,642,851,000	3,722,773,000	3,722,773,000	7,328,719,000		4,947,339,000	4,947,339,000	5,939,873,000	5,939,873,000	3,424,104,000	3,424,104,000	3,052,726,000		57,545,000	57,545,000	238,302,000	238,302,000	40,259,000	40,259,000	2,321,244,000	2,321,244,000	1,901,968,000	1,901,968,000	2,069,249,000	2,069,249,000	1,806,977,000	1,806,977,000
accounts receivable	1,079,373,000	1,079,373,000	1,018,720,000	1,018,720,000	960,788,000	960,788,000	915,158,000		895,057,000	895,057,000	932,010,000	932,010,000	964,327,000	964,327,000	778,767,000		775,825,000	775,825,000	715,435,000	715,435,000	597,229,000	597,229,000	567,730,000		372,382,000	324,108,000	324,108,000	419,134,000	419,134,000	459,128,000		446,758,000	446,758,000	376,443,000	404,021,000	404,021,000	334,529,000		485,151,000	485,151,000	537,530,000	537,530,000	776,386,000	776,386,000	1,295,766,000		2,453,795,000	2,453,795,000	3,999,549,000	3,999,549,000	4,502,648,000	4,502,648,000	5,674,731,000	5,674,731,000	4,327,326,000	4,327,326,000	4,589,857,000	4,589,857,000	4,520,362,000	4,520,362,000	4,803,527,000		3,561,913,000	3,561,913,000	3,488,455,000	3,488,455,000	2,726,474,000	2,726,474,000	2,333,918,000		1,602,909,000	1,602,909,000	1,306,289,000	1,306,289,000	668,622,000	668,622,000	351,423,000	592,260,000	419,859,000	419,859,000	280,215,000	280,215,000	24,997,405	24,997,405	14,181,062	14,181,062	17,203,969	17,203,969	4,488,283	3,055,446	3,055,446	3,609,461	3,609,461	2,192,221	2,192,221	12,376,560	12,376,560	6,990,560	6,990,560	2,831,356	1,317,695	1,635,632
amounts due from related parties,net	631,833,000	631,833,000																					670,187,000		683,959,000
other receivables and prepayments,net	2,810,353,000	2,810,353,000																					2,280,449,000		2,089,688,000									2,177,100,000	2,148,554,000	2,148,554,000					2,480,658,000	2,480,658,000	2,985,171,000	2,985,171,000			2,878,489,000	2,878,489,000	2,583,560,000	2,583,560,000	2,894,170,000	2,894,170,000	3,594,736,000	3,594,736,000	3,730,176,000	3,730,176,000	3,964,418,000	3,964,418,000	3,468,664,000	3,468,664,000	3,674,196,000		2,782,842,000	2,782,842,000	2,208,141,000	2,208,141,000	2,209,877,000	2,209,877,000	2,293,825,000
loan receivables,net	12,747,000	12,747,000																					882,000		64,000									4,345,000	13,773,000	13,773,000					90,401,000	90,401,000	157,750,000	157,750,000			537,181,000	537,181,000	763,360,000	763,360,000	362,992,000	362,992,000	310,873,000	310,873,000	309,248,000	309,248,000	308,333,000	308,333,000	164,458,000	164,458,000
inventories	4,714,870,000	4,714,870,000	4,276,040,000	4,276,040,000	4,179,459,000	4,179,459,000	5,032,069,000		4,626,792,000	4,626,792,000	4,172,868,000	4,172,868,000	4,214,875,000	4,214,875,000	5,644,713,000		4,129,548,000	4,129,548,000	4,081,458,000	4,081,458,000	4,055,696,000	4,055,696,000	5,515,880,000		4,661,552,000	5,197,534,000	5,197,534,000	5,236,163,000	5,236,163,000	6,865,108,000		6,116,915,000	6,116,915,000	5,941,222,000	5,818,758,000	5,818,758,000	7,642,509,000	7,642,509,000	6,420,009,000	6,420,009,000	5,764,895,000	5,764,895,000	5,112,160,000	5,112,160,000	7,708,292,000		5,276,858,000	5,276,858,000	4,489,339,000	4,489,339,000	4,014,832,000	4,014,832,000	5,368,106,000	5,368,106,000	4,283,470,000	4,283,470,000	4,590,483,000	4,590,483,000	5,081,878,000	5,081,878,000	6,960,251,000		4,341,557,000	4,341,557,000	3,716,585,000	3,716,585,000	3,616,175,000	3,616,175,000	4,948,609,000		3,531,299,000	3,531,299,000	2,885,580,000	2,885,580,000	2,830,122,000	2,830,122,000	4,566,746,000	2,781,181,000	2,719,500,000	2,719,500,000	3,053,596,000	3,053,596,000	578,329,704	578,329,704	468,777,624	468,777,624	334,939,278	334,939,278	306,087,577	270,126,305	270,126,305	227,493,444	227,493,444	117,534,809	117,534,809	116,218,267	116,218,267	143,963,931	143,963,931	90,325,964	62,737,047	66,242,773
total current assets	40,271,762,000	40,271,762,000	36,416,318,000	36,416,318,000	37,434,041,000	37,434,041,000	37,802,559,000		32,728,378,000	32,728,378,000	31,754,337,000	31,754,337,000	35,537,339,000	35,537,339,000	37,560,598,000		27,830,787,000	27,830,787,000	27,246,422,000	27,246,422,000	27,450,918,000	27,450,918,000	33,734,433,000		27,399,530,000	30,112,927,000	30,112,927,000	28,141,574,000	28,141,574,000	32,841,945,000		25,950,331,000	25,950,331,000	28,980,047,000	27,591,797,000	27,591,797,000	31,172,982,000	31,172,982,000	24,091,402,000	24,091,402,000	23,272,343,000	23,272,343,000	18,425,247,000	18,425,247,000	23,028,041,000		17,993,162,000	17,993,162,000	19,985,274,000	19,985,274,000	18,129,469,000	18,129,469,000	27,325,637,000	27,325,637,000	21,100,004,000	21,100,004,000	22,011,700,000	22,011,700,000	22,408,558,000	22,408,558,000	25,916,138,000	25,916,138,000	14,624,677,000	14,624,677,000	13,965,299,000	13,965,299,000	13,739,331,000	13,739,331,000	14,580,872,000	14,580,872,000	12,274,808,000	12,274,808,000	11,041,244,000	11,041,244,000	9,500,533,000	9,500,533,000	12,153,276,000	10,720,550,000	11,498,383,000	11,498,383,000	12,736,545,000	12,736,545,000	2,130,750,546	2,130,750,546	1,744,355,892	1,744,355,892	1,618,082,328	1,618,082,328	1,738,888,880	1,036,947,745	1,036,947,745	749,328,387	749,328,387	533,711,884	533,711,884	519,422,543	519,422,543	381,952,106	381,952,106	251,090,158	191,078,624	188,603,464
non-current assets
property and equipment	18,560,946,000	18,560,946,000	18,490,736,000	18,490,736,000	18,237,712,000	18,237,712,000	18,292,771,000		18,106,529,000	18,106,529,000	17,585,608,000	17,585,608,000	17,063,112,000	17,063,112,000	16,882,100,000		16,643,729,000	16,643,729,000	16,435,045,000	16,435,045,000	16,369,365,000	16,369,365,000	16,225,589,000		15,080,125,000	14,855,278,000	14,855,278,000	14,713,745,000	14,713,745,000	14,376,712,000		14,133,081,000	14,133,081,000	13,925,275,000	13,567,591,000	13,567,591,000	13,584,459,000	13,584,459,000	13,461,309,000	13,461,309,000	12,391,200,000	12,391,200,000	11,291,491,000	11,291,491,000	11,256,810,000		10,612,995,000	10,612,995,000	9,194,037,000	9,194,037,000	8,674,781,000	8,674,781,000	8,531,483,000	8,531,483,000	7,665,441,000	7,665,441,000	7,099,064,000	7,099,064,000	6,701,593,000	6,701,593,000	6,660,825,000		6,161,628,000	6,161,628,000	5,510,239,000	5,510,239,000	4,613,568,000	4,613,568,000	4,467,451,000		4,109,117,000	4,109,117,000	3,719,048,000	3,719,048,000	3,306,035,000	3,306,035,000	2,949,604,000	2,584,530,000	2,570,392,000	2,570,392,000	2,220,363,000	2,220,363,000	308,070,304	308,070,304	213,492,616	213,492,616	79,372,569	79,372,569	34,699,771	24,299,418	24,299,418	17,431,851	17,431,851	16,085,557	16,085,557	14,931,653	14,931,653	12,637,567	12,637,567	8,489,609	8,930,231	8,826,822
deposits for property and equipment	10,651,000	10,651,000	10,416,000	10,416,000	170,818,000	170,818,000	164,955,000		172,570,000	172,570,000	178,269,000	178,269,000	183,000,000	183,000,000	200,739,000		191,495,000	191,495,000	32,760,000	32,760,000	414,502,000	414,502,000	296,717,000		264,931,000	260,780,000	260,780,000	182,622,000	182,622,000	382,121,000		357,989,000	357,989,000	264,260,000	78,468,000	78,468,000	73,718,000	73,718,000	97,979,000	97,979,000	62,283,000	62,283,000	101,925,000	101,925,000	101,800,000		153,958,000	153,958,000	130,076,000	130,076,000	318,080,000	318,080,000	176,556,000	176,556,000	347,188,000	347,188,000	407,522,000	407,522,000	441,270,000	441,270,000	307,859,000		425,639,000	425,639,000	556,074,000	556,074,000	978,628,000	978,628,000	1,039,793,000		976,070,000	976,070,000	1,007,205,000	1,007,205,000	977,130,000	977,130,000	933,419,000	440,349,000	232,657,000	232,657,000	235,572,000	235,572,000	33,444,340	33,444,340	41,239,865	41,239,865	20,666,663	20,666,663	20,280,365	5,518,404	5,518,404	3,528,783	3,528,783	2,516,913	2,516,913	1,631,670	1,631,670	4,322,217	4,322,217
land use rights	10,478,843,000	10,478,843,000	10,548,442,000	10,548,442,000	10,618,047,000	10,618,047,000	10,686,400,000		10,744,108,000	10,744,108,000	10,433,786,000	10,433,786,000	10,068,837,000	10,068,837,000	10,132,626,000		9,872,525,000	9,872,525,000	7,920,624,000	7,920,624,000	7,592,883,000	7,592,883,000	7,638,506,000		7,121,590,000	7,127,268,000	7,127,268,000	6,581,020,000	6,581,020,000	6,612,165,000		5,919,464,000	5,919,464,000	6,029,328,000	5,961,466,000	5,961,466,000	6,062,792,000	6,062,792,000	5,961,786,000	5,961,786,000	5,874,963,000	5,874,963,000	5,517,928,000	5,517,928,000	5,541,108,000		5,422,934,000	5,422,934,000	4,466,116,000	4,466,116,000	4,247,522,000	4,247,522,000	3,885,578,000	3,885,578,000	3,760,913,000	3,760,913,000	3,479,865,000	3,479,865,000	3,309,546,000	3,309,546,000	3,077,770,000		3,095,594,000	3,095,594,000	3,030,806,000	3,030,806,000	2,993,787,000	2,993,787,000	2,399,058,000		2,301,631,000	2,301,631,000	2,244,945,000	2,244,945,000	196,288,000	196,288,000	197,462,000
intangible assets	325,011,000	325,011,000	325,955,000	325,955,000	326,900,000	326,900,000	327,844,000		328,789,000	328,789,000	329,733,000	329,733,000	330,678,000	330,678,000	332,821,000		333,765,000	333,765,000	334,710,000	334,710,000	335,654,000	335,654,000	336,599,000		337,541,000	338,507,000	338,507,000	339,474,000	339,474,000	320,943,000		320,966,000	320,966,000	320,989,000	326,910,000	326,910,000	333,022,000	333,022,000	354,120,000	354,120,000	360,309,000	360,309,000	366,498,000	366,498,000	337,310,000		350,688,000	350,688,000	351,333,000	351,333,000	352,172,000	352,172,000	353,108,000	353,108,000	354,044,000	354,044,000	354,980,000	354,980,000	355,776,000	355,776,000	400,994,000		484,862,000	484,862,000	569,305,000	569,305,000	653,764,000	653,764,000	725,147,000		808,776,000	808,776,000	568,239,000	568,239,000	659,218,000	659,218,000	744,369,000	836,903,000	902,776,000	902,776,000	972,364,000	972,364,000	167,448,229	167,448,229	179,375,206	179,375,206	203,985,425	203,985,425	214,961,169
investment in equity method investees	3,021,354,000	3,021,354,000	2,219,807,000	2,219,807,000	2,248,736,000	2,248,736,000	2,002,043,000		2,118,264,000	2,118,264,000	2,063,075,000	2,063,075,000	2,162,283,000	2,162,283,000	2,155,561,000		2,163,765,000	2,163,765,000	2,150,450,000	2,150,450,000	2,124,163,000	2,124,163,000	2,162,872,000		2,725,365,000	2,637,931,000	2,637,931,000	2,583,150,000	2,583,150,000	2,476,868,000		2,298,361,000	2,298,361,000	2,323,273,000	1,974,677,000	1,974,677,000	1,949,787,000		1,845,822,000	1,845,822,000	2,119,858,000	2,119,858,000	2,899,930,000	2,899,930,000	3,112,952,000		3,161,483,000	3,161,483,000	717,376,000	717,376,000	726,351,000	726,351,000	667,427,000	667,427,000	443,340,000	443,340,000	462,474,000	462,474,000
other investments	3,425,638,000	3,425,638,000	3,377,873,000	3,377,873,000	3,322,838,000	3,322,838,000	3,355,489,000		3,166,681,000	3,166,681,000	3,163,209,000	3,163,209,000	2,954,802,000	2,954,802,000	2,916,189,000		2,955,383,000	2,955,383,000	3,026,766,000	3,026,766,000	2,731,199,000	2,731,199,000	2,660,305,000		2,819,851,000	2,358,148,000	2,358,148,000	2,271,554,000	2,271,554,000	2,482,911,000		2,685,844,000	2,685,844,000	2,722,120,000	3,024,524,000	3,024,524,000	2,861,034,000	2,861,034,000	3,023,241,000	3,023,241,000	2,502,921,000	2,502,921,000	2,353,997,000	2,353,997,000	2,002,756,000		2,034,235,000	2,034,235,000	1,790,343,000	1,790,343,000	1,671,252,000	1,671,252,000	1,470,551,000	1,470,551,000	1,025,824,000	1,025,824,000	875,134,000	875,134,000	376,613,000	376,613,000	387,640,000		424,096,000	424,096,000	416,403,000	416,403,000	507,718,000	507,718,000	503,117,000		482,628,000	482,628,000	499,851,000	499,851,000	487,955,000	487,955,000	489,862,000	460,883,000	436,613,000	436,613,000	299,083,000	299,083,000	16,567,053	16,567,053	5,160,822	5,160,822	2,571,083	2,571,083
other long-term assets	277,166,000	277,166,000	286,156,000	286,156,000	275,292,000	275,292,000	434,206,000		179,564,000	179,564,000	237,930,000	237,930,000	158,784,000	158,784,000	147,669,000		182,118,000	182,118,000	1,301,765,000	1,301,765,000	109,870,000	109,870,000	91,762,000		84,004,000	70,888,000	70,888,000	63,613,000	63,613,000	296,366,000		674,338,000	674,338,000	292,604,000	303,923,000	303,923,000	100,328,000	100,328,000	430,753,000	430,753,000	488,708,000	488,708,000	519,949,000	519,949,000	608,073,000		406,599,000	406,599,000	806,760,000	806,760,000	690,976,000	690,976,000	396,447,000	396,447,000	299,876,000	299,876,000	253,305,000	253,305,000	415,464,000	415,464,000	366,760,000		152,625,000	152,625,000	185,093,000	185,093,000	72,438,000	72,438,000	510,821,000		333,532,000	333,532,000	144,945,000	144,945,000	2,014,077,000	2,014,077,000	1,936,307,000	1,041,491,000	104,235,000	104,235,000	103,146,000	103,146,000	6,527,910	6,527,910
goodwill	755,213,000	755,213,000	755,213,000	755,213,000	755,213,000	755,213,000	755,213,000		755,213,000	755,213,000	755,213,000	755,213,000	755,213,000	755,213,000	755,213,000		755,213,000	755,213,000	755,213,000	755,213,000	755,213,000	755,213,000	755,213,000		589,165,000	589,165,000	589,165,000	589,165,000	589,165,000	589,165,000		593,662,000	593,662,000	593,662,000	593,662,000	593,662,000	593,662,000	593,662,000	593,662,000	593,662,000	369,902,000	369,902,000	186,711,000	186,711,000	236,711,000		371,274,000	371,274,000	356,050,000	356,050,000	367,106,000	367,106,000	367,106,000	367,106,000	367,106,000	367,106,000	367,106,000	367,106,000	367,106,000	367,106,000	367,106,000		367,106,000	367,106,000	367,106,000	367,106,000	367,106,000	367,106,000	367,106,000		376,739,000	376,739,000	350,487,000	350,487,000	342,374,000	342,374,000	108,781,000	64,819,000	64,819,000	64,819,000	60,000,000	60,000,000	9,670,204	9,670,204	2,387,671	2,387,671	2,441,632	2,441,632	2,441,632
deferred tax assets	769,846,000	769,846,000	713,496,000	713,496,000	750,262,000	750,262,000	681,029,000		733,805,000	733,805,000	689,995,000	689,995,000	732,542,000	732,542,000	685,017,000		725,103,000	725,103,000	690,820,000	690,820,000	716,196,000	716,196,000	681,770,000		757,500,000	885,470,000	885,470,000	723,062,000	723,062,000	760,023,000		810,126,000	810,126,000	706,254,000	660,529,000	660,529,000	628,267,000	628,267,000	630,401,000	630,401,000	612,344,000	612,344,000	624,088,000	624,088,000	539,561,000		504,577,000	504,577,000	447,254,000	447,254,000	463,582,000	463,582,000	388,770,000	388,770,000	381,159,000	381,159,000	348,540,000	348,540,000	355,739,000	355,739,000	285,112,000		302,849,000	302,849,000					214,815,000		344,094,000	344,094,000	321,075,000	321,075,000	229,248,000	229,248,000	202,003,000	258,417,000	260,365,000	260,365,000	259,362,000	259,362,000	37,576,691	37,576,691	25,258,228	25,258,228	17,218,176	17,218,176	10,364,395	11,126,647	11,126,647	5,499,247	5,499,247	3,205,385	3,205,385	3,087,064	3,087,064
operating lease right-of-use assets	431,980,000	431,980,000	439,426,000	439,426,000	434,936,000	434,936,000	433,617,000		450,714,000	450,714,000	459,412,000	459,412,000	473,623,000	473,623,000	554,061,000		577,835,000	577,835,000	592,035,000	592,035,000	627,091,000	627,091,000	891,744,000		931,826,000	732,726,000	732,726,000	886,171,000	886,171,000	1,148,322,000		1,255,571,000	1,255,571,000	1,355,352,000	1,463,294,000	1,463,294,000	1,580,763,000		1,750,486,000	1,750,486,000	1,988,535,000	1,988,535,000	1,685,534,000	1,685,534,000	1,715,556,000		1,371,128,000	1,371,128,000	988,655,000	988,655,000	580,602,000	580,602,000
total non-current assets	38,056,648,000	38,056,648,000	37,167,520,000	37,167,520,000	37,140,754,000	37,140,754,000	37,133,567,000		36,756,237,000	36,756,237,000	35,896,230,000	35,896,230,000	34,882,874,000	34,882,874,000	34,761,996,000		34,400,931,000	34,400,931,000	33,240,188,000	33,240,188,000	31,776,136,000	31,776,136,000	31,741,077,000		30,711,898,000	29,856,161,000	29,856,161,000	28,933,576,000	28,933,576,000	29,445,596,000		29,049,402,000	29,049,402,000	28,533,117,000	27,955,044,000	27,955,044,000	27,767,832,000		28,149,559,000	28,149,559,000	26,830,469,000	26,830,469,000	25,637,301,000	25,637,301,000	25,554,637,000		24,389,871,000	24,389,871,000	19,248,000,000	19,248,000,000	18,092,424,000	18,092,424,000	16,237,026,000	16,237,026,000	15,059,578,000	15,059,578,000	14,124,249,000	14,124,249,000	12,531,312,000	12,531,312,000	12,066,682,000		11,625,047,000	11,625,047,000	11,133,027,000	11,133,027,000	10,967,770,000	10,967,770,000	10,513,581,000		9,876,319,000	9,876,319,000	9,050,652,000	9,050,652,000	8,490,799,000	8,490,799,000	7,882,246,000	6,054,538,000	4,900,490,000	4,900,490,000	4,379,071,000	4,379,071,000	601,261,403	601,261,403	493,375,314	493,375,314	362,830,345	362,830,345	328,411,260	35,112,197	35,112,197	22,933,773	22,933,773	18,605,520	18,605,520	16,567,359	16,567,359	16,965,014	16,965,014	9,220,452	9,153,068
total assets	78,328,410,000	78,328,410,000	73,583,838,000	73,583,838,000	74,574,795,000	74,574,795,000	74,936,126,000	53,402,675,000	69,484,615,000	69,484,615,000	67,650,567,000	67,650,567,000	70,420,213,000	70,420,213,000	72,322,594,000	45,624,141,000	62,231,718,000	62,231,718,000	60,486,610,000	60,486,610,000	59,227,054,000	59,227,054,000	65,475,510,000	36,454,924,000	58,111,428,000	59,969,088,000	59,969,088,000	57,075,150,000	57,075,150,000	62,287,541,000	32,716,936,000	54,999,733,000	54,999,733,000	57,513,164,000	55,546,841,000	55,546,841,000	58,940,814,000	58,940,814,000	52,240,961,000	52,240,961,000	50,102,812,000	50,102,812,000	44,062,548,000	44,062,548,000	48,582,678,000	21,832,164,000	42,383,033,000	42,383,033,000	39,233,274,000	39,233,274,000	36,221,893,000	36,221,893,000	43,562,663,000	43,562,663,000	36,159,582,000	36,159,582,000	36,135,949,000	36,135,949,000	34,939,870,000	34,939,870,000	37,982,820,000	37,982,820,000	26,249,724,000	26,249,724,000	25,098,326,000	25,098,326,000	24,707,101,000	24,707,101,000	25,094,453,000	25,094,453,000	22,151,127,000	22,151,127,000	20,091,896,000	20,091,896,000	17,991,332,000	17,991,332,000	20,035,522,000	16,775,088,000	16,398,873,000	16,398,873,000	17,115,616,000	17,115,616,000	2,732,011,949	2,732,011,949	2,237,731,206	2,237,731,206	1,980,912,673	1,980,912,673	2,067,300,140	1,072,059,942	1,072,059,942	772,262,160	772,262,160	552,317,404	552,317,404	535,989,902	535,989,902	398,917,120	398,917,120	260,310,610	200,231,692	197,767,071
liabilities and equity
current liabilities
short term loans	7,869,800,000	7,869,800,000	6,663,000,000	6,663,000,000	4,436,780,000	4,436,780,000	2,399,629,000		5,401,127,000	5,401,127,000	2,485,533,000	2,485,533,000	2,486,436,000	2,486,436,000	1,425,576,000		791,207,000	791,207,000	507,971,000	507,971,000	999,197,000	999,197,000	2,687,438,000		1,354,469,000	1,778,639,000	1,778,639,000	1,928,968,000	1,928,968,000	1,975,184,000		1,801,759,000	1,801,759,000	1,959,516,000	122,438,000	122,438,000	1,043,426,000		2,035,078,000	2,035,078,000	1,850,828,000	1,850,828,000	1,860,198,000	1,860,198,000	1,093,645,000		1,303,925,000	1,303,925,000	637,494,000	637,494,000			1,343,160,000	1,343,160,000	1,722,925,000	1,722,925,000	1,509,830,000	1,509,830,000	751,000,000	751,000,000	907,310,000		554,000,000	554,000,000							3,000,000	3,000,000	3,000,000	3,000,000	3,000,000	3,000,000	95,000,000	6,000,000	6,000,000	6,000,000	160,975,000	160,975,000
accounts payable	11,673,573,000	11,673,573,000	11,733,049,000	11,733,049,000	12,410,216,000	12,410,216,000	15,190,560,000		11,352,270,000	11,352,270,000	12,225,160,000	12,225,160,000	13,218,168,000	13,218,168,000	17,259,395,000		13,101,454,000	13,101,454,000	13,363,632,000	13,363,632,000	11,885,773,000	11,885,773,000	15,018,138,000		10,862,602,000	12,293,624,000	12,293,624,000	10,303,527,000	10,303,527,000	13,144,935,000		9,817,836,000	9,817,836,000	12,289,830,000	10,788,863,000	10,788,863,000	15,191,313,000	15,191,313,000	11,421,579,000	11,421,579,000	11,901,904,000	11,901,904,000	9,279,575,000	9,279,575,000	13,792,200,000		10,171,812,000	10,171,812,000	10,762,058,000	10,762,058,000	9,540,746,000	9,540,746,000	11,630,172,000	11,630,172,000	6,930,109,000	6,930,109,000	8,408,841,000	8,408,841,000	9,569,787,000	9,569,787,000	11,445,109,000		8,435,969,000	8,435,969,000	8,151,478,000	8,151,478,000	7,835,445,000	7,835,445,000	8,333,610,000		7,106,509,000	7,106,509,000	6,202,142,000	6,202,142,000	5,154,802,000	5,154,802,000	6,645,262,000	4,448,870,000	4,740,239,000	4,740,239,000	5,415,446,000	5,415,446,000	986,567,345	986,567,345	727,292,105	727,292,105	563,162,884	563,162,884	532,670,338	476,847,881	476,847,881	325,904,612	325,904,612	190,757,330	190,757,330	175,382,872	175,382,872	193,455,827	193,455,827	105,315,761	76,080,738	71,043,448
advance from customers	1,695,026,000	1,695,026,000	1,530,985,000	1,530,985,000	1,577,818,000	1,577,818,000	2,035,184,000		1,570,520,000	1,570,520,000	1,319,266,000	1,319,266,000	1,641,361,000	1,641,361,000	1,689,881,000		1,132,098,000	1,132,098,000	1,345,158,000	1,345,158,000	1,381,263,000	1,381,263,000	1,737,424,000		1,498,111,000	1,317,910,000	1,317,910,000	1,329,602,000	1,329,602,000	1,828,781,000		1,240,279,000	1,240,279,000	1,238,674,000	1,473,117,000	1,473,117,000	1,558,891,000		1,460,246,000	1,460,246,000	1,053,406,000	1,053,406,000	1,187,978,000	1,187,978,000	1,233,165,000		1,025,203,000	1,025,203,000	783,655,000	783,655,000	971,349,000	971,349,000	1,473,134,000	1,473,134,000	1,317,271,000	1,317,271,000	1,074,531,000	1,074,531,000	1,157,942,000	1,157,942,000	2,339,914,000		1,836,299,000	1,836,299,000	1,703,522,000	1,703,522,000	1,912,760,000	1,912,760,000	2,699,981,000		2,124,256,000	2,124,256,000	1,542,433,000	1,542,433,000	1,732,489,000	1,732,489,000	2,009,578,000	1,660,604,000	1,243,044,000	1,243,044,000	1,539,401,000	1,539,401,000	229,335,438	229,335,438	167,841,832	167,841,832	115,032,773	115,032,773	115,166,104	131,781,751	131,781,751	87,082,838	87,082,838	52,261,942	52,261,942	62,266,485	62,266,485	55,948,713	55,948,713	34,254,432	18,463,318	17,946,093
accrued expenses and other current liabilities	9,171,620,000	9,171,620,000	8,400,509,000	8,400,509,000	10,188,850,000	10,188,850,000	9,663,421,000	771,000	8,176,729,000	8,176,729,000	8,029,983,000	8,029,983,000	10,500,157,000	10,500,157,000	9,560,449,000	1,116,000	8,486,940,000	8,486,940,000	7,998,783,000	7,998,783,000	7,812,377,000	7,812,377,000	8,394,742,000	169,335,000	6,780,832,000	7,296,673,000	7,296,673,000	6,497,100,000	6,497,100,000	7,658,677,000	54,374,000	6,515,679,000	6,515,679,000	7,108,980,000	7,489,426,000	7,489,426,000	7,696,996,000	7,696,996,000	6,422,737,000	6,422,737,000	5,872,404,000	5,872,404,000	4,758,596,000	4,758,596,000	6,534,575,000	5,008,000	5,523,983,000	5,523,983,000	4,985,198,000	4,985,198,000	4,693,534,000	4,693,534,000	5,512,605,000	5,512,605,000	3,240,951,000	3,240,951,000	3,339,296,000	3,339,296,000	3,284,473,000	3,284,473,000	3,537,151,000		2,689,541,000	2,689,541,000	3,004,990,000	3,004,990,000	3,273,506,000	3,273,506,000	3,322,599,000		3,042,945,000	3,042,945,000	2,925,353,000	2,925,353,000	2,512,275,000	2,512,275,000	3,104,622,000	2,184,448,000	2,311,201,000	2,311,201,000	2,496,850,000	2,496,850,000	377,261,330	377,261,330	263,118,762	263,118,762	254,539,080	254,539,080	223,222,238	196,327,519	196,327,519	127,529,273	127,529,273	97,282,377	97,282,377	74,445,163	74,445,163	52,676,443		37,086,069	26,933,646	19,162,426
amounts due to related parties	98,180,000	98,180,000	127,674,000	127,674,000	133,967,000	133,967,000	104,187,000		156,123,000	156,123,000	184,165,000	184,165,000	137,391,000	137,391,000	150,373,000		173,427,000	173,427,000	151,807,000	151,807,000	95,619,000	95,619,000	151,736,000		132,750,000	124,921,000	124,921,000	353,489,000	353,489,000	429,088,000		316,984,000	316,984,000	410,538,000	512,360,000	512,360,000	444,100,000	444,100,000	416,184,000	416,184,000	337,595,000	337,595,000	411,608,000	411,608,000	532,788,000		527,109,000	527,109,000	399,082,000	399,082,000	398,151,000	398,151,000	323,108,000	323,108,000	82,953,000	82,953,000	51,321,000	51,321,000	46,799,000	46,799,000	65,022,000		13,686,000	13,686,000	17,550,000	17,550,000	27,303,000	27,303,000	52,729,000		33,649,000	33,649,000	43,826,000	43,826,000	48,158,000	48,158,000	206,966,000	153,795,000	155,452,000	155,452,000	73,702,000	73,702,000	12,214,227	12,214,227	5,262,903	5,262,903	6,641,734	6,641,734	25,275,832	2,141,411	2,141,411	2,377,972	2,377,972	1,748,221	1,748,221	29,967,757	29,967,757	1,335,756	1,335,756	1,590,227	620,317	3,185,648
deferred income	484,699,000	484,699,000	489,117,000	489,117,000	475,680,000	475,680,000	476,796,000		437,622,000	437,622,000	432,360,000	432,360,000	420,988,000	420,988,000	457,594,000		416,362,000	416,362,000	350,632,000	350,632,000	360,977,000	360,977,000	400,207,000		360,822,000	379,651,000	379,651,000	399,735,000	399,735,000	449,693,000	29,664,000	359,609,000	359,609,000	314,409,000	324,951,000	324,951,000	334,431,000	334,431,000	334,557,000	334,557,000	324,510,000	324,510,000	344,312,000	344,312,000	405,994,000		382,825,000	382,825,000	387,002,000	387,002,000	349,595,000	349,595,000	367,512,000	367,512,000	280,265,000	280,265,000	260,618,000	260,618,000	237,003,000	237,003,000	203,179,000		173,580,000	173,580,000	153,807,000	153,807,000	140,108,000	140,108,000	174,547,000		169,419,000	169,419,000	175,430,000	175,430,000	114,989,000	114,989,000	104,531,000	260,225,000	292,684,000	292,684,000	217,004,000	217,004,000	31,357,338	31,357,338	32,535,198	32,535,198	35,918,968	35,918,968	26,072,502	21,705,981	21,705,981	17,135,944	17,135,944	14,215,130	14,215,130	10,902,946	10,902,946	12,917,567	12,917,567	8,459,309	5,454,869	4,010,665
operating lease liabilities	60,323,000	60,323,000	59,788,000	59,788,000	58,585,000	58,585,000	57,224,000		62,162,000	62,162,000	66,052,000	66,052,000	69,187,000	69,187,000	80,868,000		77,108,000	77,108,000	82,909,000	82,909,000	90,801,000	90,801,000	136,435,000		123,692,000	112,464,000	112,464,000	268,012,000	268,012,000	284,659,000		304,293,000	304,293,000	313,508,000	301,109,000	301,109,000	299,791,000	299,791,000	287,160,000	287,160,000	291,701,000	291,701,000	372,200,000	372,200,000	333,268,000		307,889,000	307,889,000	257,524,000	257,524,000	192,850,000	192,850,000
total current liabilities	31,053,221,000	31,053,221,000	29,004,122,000	29,004,122,000	29,281,896,000	29,281,896,000	29,927,001,000		27,156,553,000	27,156,553,000	24,742,519,000	24,742,519,000	28,473,688,000	28,473,688,000	30,624,136,000		24,178,596,000	24,178,596,000	23,800,892,000	23,800,892,000	22,626,007,000	22,626,007,000	28,526,120,000		21,113,278,000	23,303,882,000	23,303,882,000	21,080,433,000	21,080,433,000	25,771,017,000		20,356,439,000	20,356,439,000	23,635,455,000	21,012,264,000	21,012,264,000	26,568,948,000	26,568,948,000	22,377,541,000	22,377,541,000	21,632,348,000	21,632,348,000	18,214,467,000	18,214,467,000	23,925,635,000		19,475,764,000	19,475,764,000	18,706,013,000	18,706,013,000	17,115,225,000	17,115,225,000	25,945,959,000	25,945,959,000	18,847,022,000	18,847,022,000	19,759,074,000	19,759,074,000	19,469,822,000	19,469,822,000	19,257,685,000		13,988,075,000	13,988,075,000	13,319,347,000	13,319,347,000	13,474,122,000	13,474,122,000	14,583,466,000		12,479,778,000	12,479,778,000	10,892,184,000	10,892,184,000	9,565,713,000	9,565,713,000	12,165,959,000	8,713,942,000	8,748,620,000	8,748,620,000	9,903,378,000	9,903,378,000	1,636,735,678	1,636,735,678	1,196,050,800	1,196,050,800	975,295,439	975,295,439	1,092,706,994	828,804,543	828,804,543	560,030,639	560,030,639	356,265,000	356,265,000	352,965,223	352,965,223	316,334,306	316,334,306	186,705,798	127,552,888	123,287,939
non-current liabilities
deferred tax liability	651,457,000	651,457,000	595,592,000	595,592,000	689,728,000	689,728,000	783,863,000		490,498,000	490,498,000	647,273,000	647,273,000	614,369,000	614,369,000	692,492,000		549,182,000	549,182,000	557,137,000	557,137,000	567,099,000	567,099,000	573,734,000		664,647,000	419,270,000	419,270,000	427,065,000	427,065,000	437,202,000		442,725,000	442,725,000	452,105,000	435,485,000	435,485,000	432,995,000		421,873,000	421,873,000	388,251,000	388,251,000	154,862,000	154,862,000	165,098,000		118,440,000	118,440,000	51,267,000	51,267,000	34,245,000	34,245,000	4,960,000	4,960,000	5,111,000	5,111,000	5,842,000	5,842,000	6,329,000	6,329,000	17,007,000		38,820,000	38,820,000	58,243,000	58,243,000	78,786,000	78,786,000	100,583,000		116,410,000	116,410,000	139,402,000	139,402,000	156,474,000	156,474,000	175,416,000	197,422,000	212,616,000	212,616,000	227,508,000	227,508,000
deferred income-non current	2,249,810,000	2,249,810,000	2,258,212,000	2,258,212,000	2,193,915,000	2,193,915,000	2,084,038,000		2,103,696,000	2,103,696,000	1,951,942,000	1,951,942,000	1,841,306,000	1,841,306,000	1,756,949,000		1,659,907,000	1,659,907,000	1,691,196,000	1,691,196,000	1,656,233,000	1,656,233,000	1,469,685,000		1,398,420,000	1,395,111,000	1,395,111,000	1,025,383,000	1,025,383,000	1,026,155,000		1,036,214,000	1,036,214,000	1,086,398,000	1,055,681,000	1,055,681,000	1,070,891,000		1,010,699,000	1,010,699,000	926,827,000	926,827,000	880,978,000	880,978,000	782,068,000		671,384,000	671,384,000	455,468,000	455,468,000	407,075,000	407,075,000	400,951,000	400,951,000	379,725,000	379,725,000	381,827,000	381,827,000	360,872,000	360,872,000	362,649,000		314,814,000	314,814,000	313,060,000	313,060,000	254,919,000	254,919,000	246,902,000		227,040,000	227,040,000	223,956,000	223,956,000	46,806,000	46,806,000	22,699,000
total non-current liabilities	3,486,046,000	3,486,046,000	3,447,957,000	3,447,957,000	3,475,048,000	3,475,048,000	3,459,896,000		3,196,588,000	3,196,588,000	3,206,493,000	3,206,493,000	3,073,910,000	3,073,910,000	3,138,700,000		2,924,250,000	2,924,250,000	2,973,140,000	2,973,140,000	2,972,336,000	2,972,336,000	2,876,347,000		2,944,271,000	2,501,346,000	2,501,346,000	2,162,049,000	2,162,049,000	2,688,208,000		2,746,373,000	2,746,373,000	2,844,052,000	2,888,971,000	2,888,971,000	2,986,077,000		3,213,699,000	3,213,699,000	3,290,747,000	3,290,747,000	2,696,547,000	2,696,547,000	2,407,346,000		2,200,419,000	2,200,419,000	1,227,219,000	1,227,219,000	825,379,000	825,379,000	405,911,000	405,911,000	878,836,000	878,836,000	387,669,000	387,669,000	367,201,000	367,201,000	4,474,559,000		4,541,055,000	4,541,055,000	4,638,025,000	4,638,025,000	4,676,019,000	4,676,019,000	4,729,183,000		4,546,927,000	4,546,927,000	4,544,009,000	4,544,009,000	4,251,116,000	4,251,116,000	4,256,296,000	4,170,842,000	4,080,753,000	4,080,753,000	4,087,018,000	4,087,018,000	660,426,530	660,426,530	663,750,488	663,750,488	664,956,150	664,956,150	666,163,877
total liabilities	34,539,267,000	34,539,267,000	32,452,079,000	32,452,079,000	32,756,944,000	32,756,944,000	33,386,897,000	13,433,862,000	30,353,141,000	30,353,141,000	27,949,012,000	27,949,012,000	31,547,598,000	31,547,598,000	33,762,836,000	8,662,737,000	27,102,846,000	27,102,846,000	26,774,032,000	26,774,032,000	25,598,343,000	25,598,343,000	31,402,467,000	3,702,887,000	24,057,549,000	25,805,228,000	25,805,228,000	23,242,482,000	23,242,482,000	28,459,225,000	84,038,000	23,102,812,000	23,102,812,000	26,479,507,000	23,901,235,000	23,901,235,000	29,555,025,000		25,591,240,000	25,591,240,000	24,923,095,000	24,923,095,000	20,911,014,000	20,911,014,000	26,332,981,000	5,008,000	21,676,183,000	21,676,183,000	19,933,232,000	19,933,232,000	17,940,604,000	17,940,604,000	26,351,870,000	26,351,870,000	19,725,858,000	19,725,858,000	20,146,743,000	20,146,743,000	19,837,023,000	19,837,023,000	23,732,244,000	23,732,244,000	18,529,130,000	18,529,130,000	17,957,372,000	17,957,372,000	18,150,141,000	18,150,141,000	19,312,649,000	19,312,649,000	17,026,705,000	17,026,705,000	15,436,193,000	15,436,193,000	13,816,829,000	13,816,829,000	16,422,255,000	12,884,784,000	12,829,373,000	12,829,373,000	13,990,396,000	13,990,396,000	2,297,162,208	2,297,162,208	1,859,801,288	1,859,801,288	1,640,251,589	1,640,251,589	1,758,870,871	828,804,543	828,804,543	560,030,639	560,030,639	356,265,000	356,265,000	352,965,223	352,965,223	316,334,306	316,334,306	186,705,798	127,552,888	123,287,939
equity:
total shareholders’ equity	40,412,899,000	40,412,899,000	39,500,179,000	39,500,179,000	40,214,319,000	40,214,319,000	41,549,229,000	39,968,813,000	39,131,474,000	39,131,474,000	39,701,555,000	39,701,555,000	38,872,615,000	38,872,615,000	38,559,758,000	36,961,404,000	35,128,872,000	35,128,872,000	33,712,578,000	33,712,578,000	33,628,711,000	33,628,711,000	34,073,043,000	32,752,037,000	34,053,879,000	34,163,860,000	34,163,860,000	33,832,668,000	33,832,668,000	33,828,316,000	32,632,898,000	31,896,921,000	31,896,921,000	31,033,657,000	31,645,606,000	31,645,606,000	29,385,789,000		26,649,721,000	26,649,721,000	25,179,717,000	25,179,717,000	23,151,534,000	23,151,534,000	22,249,697,000	21,827,156,000	20,706,850,000	20,706,850,000	19,300,042,000	19,300,042,000	18,281,289,000	18,281,289,000	17,210,793,000	17,210,793,000	16,433,724,000	16,433,724,000	15,989,206,000	15,989,206,000	15,102,847,000	15,102,847,000		14,250,576,000	7,720,594,000	7,720,594,000	7,140,954,000	7,140,954,000	6,556,960,000	6,556,960,000	5,781,804,000	5,781,804,000	5,124,422,000	5,124,422,000	4,655,703,000	4,655,703,000	4,174,503,000	4,174,503,000	3,613,267,000	3,890,304,000	3,569,500,000	3,569,500,000	3,125,220,000	3,125,220,000	434,849,741	434,849,741	377,929,918	377,929,918	340,661,084	340,661,084	308,429,269	243,255,399	243,255,399	212,231,521	212,231,521	196,052,404	196,052,404	183,024,679	183,024,679	82,582,814	82,582,814	73,604,812	72,678,804	74,479,132
non-controlling interests	3,376,244,000	3,376,244,000	1,631,580,000	1,631,580,000	1,603,532,000	1,603,532,000	1,580,416,000		1,528,032,000	1,528,032,000	1,425,944,000	1,425,944,000	1,378,935,000	1,378,935,000	1,598,354,000		1,346,586,000	1,346,586,000	1,357,180,000	1,357,180,000	1,322,782,000	1,322,782,000	1,321,006,000		1,318,872,000	1,310,880,000	1,310,880,000	1,176,023,000	1,176,023,000	1,195,418,000		1,003,853,000	1,003,853,000	994,521,000	959,928,000	959,928,000	888,055,000		732,972,000	732,972,000	715,713,000	715,713,000	477,573,000	477,573,000	422,541,000		259,808,000	259,808,000																							56,601,000	56,601,000	30,531,000	30,531,000	100,004,000	100,004,000	74,082,000	93,140,000	108,277,000	108,277,000	117,448,000	117,448,000
total liabilities and shareholders’ equity	78,328,410,000	78,328,410,000	73,583,838,000	73,583,838,000	74,574,795,000	74,574,795,000	74,936,126,000	53,402,675,000	69,484,615,000	69,484,615,000	67,650,567,000	67,650,567,000	70,420,213,000	70,420,213,000	72,322,594,000	45,624,141,000	62,231,718,000	62,231,718,000	60,486,610,000	60,486,610,000	59,227,054,000	59,227,054,000	65,475,510,000	36,454,924,000	58,111,428,000	59,969,088,000	59,969,088,000	57,075,150,000	57,075,150,000	62,287,541,000	32,716,936,000	54,999,733,000	54,999,733,000	57,513,164,000	55,546,841,000	55,546,841,000	58,940,814,000		52,240,961,000	52,240,961,000	50,102,812,000	50,102,812,000	44,062,548,000	44,062,548,000	48,582,678,000	21,832,164,000	42,383,033,000	42,383,033,000	39,233,274,000	39,233,274,000	36,221,893,000	36,221,893,000	43,562,663,000	43,562,663,000	36,159,582,000	36,159,582,000	36,135,949,000	36,135,949,000	34,939,870,000	34,939,870,000			26,249,724,000	26,249,724,000	25,098,326,000	25,098,326,000	24,707,101,000	24,707,101,000	25,094,453,000		22,151,127,000	22,151,127,000	20,091,896,000	20,091,896,000	17,991,332,000	17,991,332,000	20,035,522,000	16,775,088,000	16,398,873,000	16,398,873,000	17,115,616,000	17,115,616,000	2,732,011,949	2,732,011,949	2,237,731,206	2,237,731,206	1,980,912,673	1,980,912,673	2,067,300,140	1,072,059,942	1,072,059,942	772,262,160	772,262,160	552,317,404	552,317,404	535,989,902	535,989,902	398,917,120	398,917,120		200,231,692
amounts due from related parties			545,766,000	545,766,000	501,497,000	501,497,000	548,145,000		678,032,000	678,032,000	574,880,000	574,880,000	513,555,000	513,555,000	553,502,000		605,112,000	605,112,000	697,735,000	697,735,000	197,558,000	197,558,000				1,014,094,000	1,014,094,000	660,629,000	660,629,000	637,825,000		351,560,000	351,560,000	353,333,000	377,222,000	377,222,000	333,539,000	333,539,000	310,997,000	310,997,000	359,327,000	359,327,000	169,644,000	169,644,000	47,964,000		156,398,000	156,398,000	78,919,000	78,919,000	17,435,000	17,435,000	17,475,000	17,475,000	13,897,000	13,897,000	62,994,000	62,994,000	9,641,000	9,641,000	10,191,000		5,007,000	5,007,000	11,089,000	11,089,000	5,727,000	5,727,000	8,352,000		5,000,000	5,000,000	8,008,000	8,008,000	10,776,000	10,776,000	31,856,000	13,201,000	20,866,000	20,866,000	1,941,000	1,941,000	4,994,873	4,994,873														177,237	177,237	477,634		573,197
other receivables and prepayments			2,845,006,000	2,845,006,000	2,731,930,000	2,731,930,000	2,473,050,000	3,423,000	2,508,604,000	2,508,604,000	2,529,655,000	2,529,655,000	2,281,404,000	2,281,404,000	2,298,612,000	3,374,000	2,216,154,000	2,216,154,000	2,011,608,000	2,011,608,000	2,189,043,000	2,189,043,000				2,108,054,000	2,108,054,000	2,500,967,000	2,500,967,000	2,326,866,000		2,204,838,000	2,204,838,000				2,286,359,000	2,286,359,000	2,279,640,000	2,279,640,000					2,897,893,000																										1,781,252,000	1,781,252,000	1,501,829,000	1,501,829,000	1,485,148,000	1,485,148,000	1,869,461,000
loan receivables			8,890,000	8,890,000	5,937,000	5,937,000	6,878,000		5,871,000	5,871,000	5,476,000	5,476,000	4,370,000	4,370,000	4,437,000		3,171,000	3,171,000	1,939,000	1,939,000	914,000	914,000				84,000	84,000	99,000	99,000	131,000		571,000	571,000				27,258,000	27,258,000	53,765,000	53,765,000					306,115,000
class a ordinary shares							64,000	64,000	64,000	64,000	63,000	63,000	63,000	63,000	62,000	62,000	62,000	62,000	62,000	62,000	80,000	80,000	80,000	80,000	80,000	80,000	80,000	80,000	80,000	80,000	80,000	80,000	80,000	79,000	79,000	79,000	77,000		77,000	77,000	77,000	77,000	77,000	77,000	76,000	76,000	76,000	76,000	76,000	76,000	76,000	76,000	75,000	75,000	75,000	75,000	75,000	75,000	75,000	75,000	74,000		66,000	66,000	66,000	66,000	66,000	66,000	66,000		66,000	66,000	65,000	65,000	65,000	65,000	65,000	64,000	64,000	64,000	64,000	64,000
class b ordinary shares							11,000	11,000	11,000	11,000	11,000	11,000	11,000	11,000	11,000	11,000	11,000	11,000	11,000	11,000	11,000	11,000	11,000	11,000	11,000	11,000	11,000	11,000	11,000	11,000	11,000	11,000	11,000	11,000	11,000	11,000	11,000		11,000	11,000	11,000	11,000	11,000	11,000	11,000	11,000	11,000	11,000	11,000	11,000	11,000	11,000	11,000	11,000	11,000	11,000	11,000	11,000	11,000	11,000	11,000		11,000	11,000	11,000	11,000	11,000	11,000	11,000		11,000	11,000	11,000	11,000	11,000	11,000	11,000	11,000	11,000	11,000	11,000	11,000
treasury shares, at cost							-7,042,759,000	-7,042,759,000	-7,086,151,000	-7,086,151,000	-5,205,735,000	-5,205,735,000	-3,710,513,000	-3,710,513,000	-3,624,763,000	-3,624,763,000			-3,502,901,000	-3,502,901,000				-8,352,511,000		-4,358,656,000	-4,358,656,000			-1,927,719,000	-1,927,719,000	-1,927,719,000	-1,927,719,000
additional paid-in capital							4,912,703,000	4,912,703,000	4,955,622,000	4,955,622,000	4,751,653,000	4,751,653,000	4,451,655,000	4,451,655,000	4,444,755,000	4,444,755,000	4,193,009,000	4,193,009,000	3,918,724,000	3,918,724,000	13,312,507,000	13,312,507,000	13,091,781,000	13,091,781,000	12,885,152,000	12,649,250,000	12,649,250,000	12,417,179,000	12,417,179,000	12,227,637,000	12,227,637,000	11,921,880,000	11,921,880,000	11,692,079,000	11,453,486,000	11,453,486,000	10,816,185,000		10,658,423,000	10,658,423,000	10,443,055,000	10,443,055,000	10,190,489,000	10,190,489,000	9,959,497,000	9,959,497,000	10,018,197,000	10,018,197,000	9,767,477,000	9,767,477,000	9,557,942,000	9,557,942,000	9,385,216,000	9,385,216,000	9,276,339,000	9,276,339,000	9,084,348,000	9,084,348,000	8,887,813,000	8,887,813,000	8,715,995,000		3,122,281,000	3,122,281,000	3,051,185,000	3,051,185,000	3,115,090,000	3,115,090,000	3,130,126,000		3,128,486,000	3,128,486,000	3,000,156,000	3,000,156,000	2,934,718,000	2,934,718,000	2,838,591,000	2,753,440,000	2,679,358,000	2,679,358,000	2,607,238,000	2,607,238,000	402,487,492	402,487,492	392,927,550	392,927,550	381,046,741	381,046,741	371,414,172	363,221,310	363,221,310	359,618,956	359,618,956	355,813,887	355,813,887	352,748,549	352,748,549	258,368,448	258,368,448	256,369,162	254,262,023	250,365,437
retained earnings							42,906,188,000	42,906,188,000	40,459,508,000	40,459,508,000	39,414,170,000	39,414,170,000	37,482,962,000	37,482,962,000	36,836,928,000	36,836,928,000	33,884,781,000	33,884,781,000	32,676,488,000	32,676,488,000	30,579,035,000	30,579,035,000	28,720,304,000	28,720,304,000	26,486,542,000	24,800,041,000	24,800,041,000	23,517,152,000	23,517,152,000	22,421,488,000	22,421,488,000	21,006,717,000	21,006,717,000	20,378,367,000	19,285,885,000	19,285,885,000	17,740,415,000		15,299,602,000	15,299,602,000	14,055,203,000	14,055,203,000	12,518,285,000	12,518,285,000	11,924,228,000	11,924,228,000	10,468,671,000	10,468,671,000	9,593,197,000	9,593,197,000	8,779,678,000	8,779,678,000	7,907,396,000	7,907,396,000	7,219,523,000	7,219,523,000	6,990,775,000	6,990,775,000	6,309,130,000	6,309,130,000	5,602,681,000		4,929,480,000	4,929,480,000	4,591,426,000	4,591,426,000	4,204,943,000	4,204,943,000	3,653,026,000		2,885,245,000	2,885,245,000	2,542,382,000	2,542,382,000	2,090,777,000	2,090,777,000	1,616,209,000	1,110,044,000	793,345,000	793,345,000	394,053,000	394,053,000
accumulated other comprehensive loss							-807,394,000	-807,394,000	-725,612,000	-725,612,000	-684,551,000	-684,551,000	-730,498,000	-730,498,000	-695,589,000	-695,589,000	-694,804,000	-694,804,000	-736,986,000	-736,986,000	-841,251,000	-841,251,000	-707,628,000	-707,628,000	-546,768,000	-237,746,000	-237,746,000	-90,001,000	-90,001,000	-88,599,000	-88,599,000	-107,901,000	-107,901,000	-103,681,000	-53,783,000	-53,783,000	-58,954,000		-41,364,000	-41,364,000	-34,342,000	-34,342,000	-34,901,000	-34,901,000	-56,656,000	-56,656,000																																																								-756,919
investment in subsidiaries								52,490,094,000								45,235,847,000								36,076,969,000							28,904,332,000
amount due from subsidiaries								908,747,000								384,016,000								376,331,000							3,812,267,000
liabilities
amount due to subsidiaries								13,433,091,000								8,661,621,000								3,533,552,000
shareholders’ equity
treasury shares,at cost																	-3,600,773,000	-3,600,773,000			-10,744,453,000	-10,744,453,000	-8,352,511,000		-6,090,010,000			-3,187,776,000	-3,187,776,000					-1,927,719,000
liabilties and equity
other long term liabilities																														272,038,000		232,729,000	232,729,000	176,055,000	147,622,000	147,622,000	121,245,000		57,444,000	57,444,000	40,085,000	40,085,000	22,906,000	22,906,000
liabilities and shareholders’ equity
assets held for sale																																		19,528,000	19,528,000	19,528,000	408,748,000	408,748,000
amounts due from related party-non current																																									59,446,000	59,446,000	89,250,000	89,250,000	102,000,000
long term loans																																							197,858,000	197,858,000	197,858,000	197,858,000	262,373,000	262,373,000	64,515,000		340,000,000	340,000,000
current assets:
short-term investments																																						7,328,719,000																																																														40,098,385
accounts receivables																																						334,529,000
investments in equity method investees																																						1,949,787,000
right-of-use assets																																						1,580,763,000
current liabilities:
advances from customers																																						1,558,891,000
short-term loans																																						1,043,426,000																																																			170,299,980
securitization debt																																															233,018,000	233,018,000	494,000,000	494,000,000	969,000,000	969,000,000	969,000,000	969,000,000	950,000,000	950,000,000	950,000,000	950,000,000	475,000,000	475,000,000	760,000,000		285,000,000	285,000,000	285,000,000	285,000,000	285,000,000	285,000,000
convertible senior notes																																																					4,327,268,000	4,327,268,000	4,322,548,000	4,322,548,000	4,164,637,000	4,164,637,000	3,947,818,000	3,947,818,000	4,094,903,000		4,187,421,000	4,187,421,000	4,266,722,000	4,266,722,000	4,342,314,000	4,342,314,000	4,381,698,000		4,203,477,000	4,203,477,000	4,180,651,000	4,180,651,000	4,047,836,000	4,047,836,000	4,058,181,000	3,973,420,000	3,868,137,000	3,868,137,000	3,859,510,000	3,859,510,000
investment in an equity-method investee																																														42,315,000
investment in subsidiaries and vies																																														16,643,391,000
amount due from subsidiaries and vies																																														5,146,414,000
equity
noncontrolling interests																																																																			41,016,000	41,016,000	49,624,000
available-for-sale investments																																																							414,687,000	414,687,000	476,259,000	476,259,000	142,571,000	142,571,000
investment in affiliates																																																											65,634,000	65,634,000	66,334,000		62,642,000	62,642,000	63,635,000	63,635,000	77,224,000	77,224,000	93,144,000		101,781,000	101,781,000	143,061,000	143,061,000	142,897,000	142,897,000	252,706,000	379,887,000	357,894,000	357,894,000	359,459,000	359,459,000	46,318,890	46,318,890	51,719,134	51,719,134	53,792,973	53,792,973
held-to-maturity securities																																																													245,981,000		230,267,000	230,267,000	343,239,000	343,239,000	746,241,000	746,241,000	671,776,000		71,256,000	71,256,000	1,750,950,000	1,750,950,000	703,668,000	703,668,000	1,807,403,000	2,582,450,000	2,866,146,000	2,866,146,000	1,821,484,000	1,821,484,000	607,345,904	607,345,904	491,064,556	491,064,556	558,830,577	558,830,577	332,491,166	385,841,626	385,841,626	202,659,851	202,659,851	217,314,886	217,314,886	141,599,754	141,599,754	86,097,191	86,097,191
available-for-sale securities investments																																																													146,282,000		148,006,000	148,006,000	149,999,000	149,999,000	428,578,000	428,578,000	407,944,000
treasury shares, at cost - 1,356,918 shares and nil shares as of december 31, 2016 and december 31, 2017, respectively
total shareholders' equity																																																													14,250,576,000
total liabilities and shareholders' equity																																																													37,982,820,000
selected consolidated balance sheets data:
cash, cash equivalents and restricted cash																																																														10,221,992,000								4,109,577,000
treasury shares, at cost - 1,356,918 shares and —297,480 shares as of december 31, 2016 and september 30, 2017
short term loan																																																																	3,000,000	3,000,000
treasury shares, at cost - 1,356,918 shares and - 493,845 shares as of december 31, 2016 and june 30, 2017
treasury shares, at cost - 1,356,918 shares and - 983,683 shares as of december 31, 2016 and march 31, 2017
treasury shares, at cost - 1,614,135 shares and - 1,356,918 shares as of december 31, 2015 and december 31, 2016
available-for-sale securities investment, non-current																																																																							386,045,000	386,045,000	372,871,000	372,871,000	364,825,000	364,825,000	269,736,000	47,555,000	61,821,000	61,821,000	47,782,000	47,782,000
treasury shares, at cost - 1,614,135 shares as of december 31, 2015 and september 30, 2016
treasury shares, at cost - 1,614,135 shares as of december 31, 2015 and june 30, 2016
accumulated other comprehensive income																																																																																	6,406,000	6,406,000			732,464	732,464				3,748,394	3,748,394	1,725,535	1,725,535	1,378,439	1,378,439	449,241	449,241	229,573	229,573	-399,329	-674,223
treasury shares, at cost - 1,614,135 shares as of december 31, 2015 and march 31, 2016
treasury shares, at cost - 1,614,135 shares as of december 31, 2015
other receivables																																																																														814,076,000	645,762,000	645,762,000	603,383,000	603,383,000	88,663,626	88,663,626	56,067,808	56,067,808	39,294,177	39,294,177	20,466,154	16,481,032	16,481,032	8,127,400	8,127,400	10,510,137	10,510,137	5,656,418	5,656,418	9,993,887	9,993,887	6,222,200	5,804,461	6,119,672
advance to suppliers																																																																														90,547,000	90,375,000	90,375,000	82,317,000	82,317,000	13,208,263	13,208,263	16,143,574	16,143,574	11,496,818	11,496,818	12,477,722	13,216,869	13,216,869	20,732,646	20,732,646	13,863,756	13,863,756	8,050,558	8,050,558	9,569,795	9,569,795	18,397,721	4,817,656	5,503,815
prepaid expenses																																																																														45,046,000	35,288,000	35,288,000	22,613,000	22,613,000	3,440,660	3,440,660	3,703,690	3,703,690	3,578,724	3,578,724	1,661,113	2,384,801	2,384,801	2,167,034	2,167,034	1,875,785	1,875,785	1,358,859	1,358,859	686,876	686,876	861,213	846,725	1,032,713
prepaid land use right																																																																														198,121,000	169,283,000	169,283,000	81,302,000	81,302,000
land use right																																																																																			13,214,473	13,214,473
deferred tax liabilities																																																																																			39,115,580	39,115,580	43,730,582	43,730,582	46,227,288	46,227,288	48,726,060
notes payable																																																																																			621,310,950	621,310,950	620,019,906	620,019,906	618,728,862	618,728,862	617,437,817
class a common shares																																																																																			9,803	9,803	9,767	9,767
class b common shares																																																																																			1,651	1,651	1,651	1,651
accumulated gains																																																																																			13,534,436	13,534,436
non-controlling interest																																																																																			23,880,022	23,880,022	27,307,558	27,307,558	31,950,210	31,950,210	35,580,434
amounts due from related party																																																																																					956,058	956,058
accumulated losses																																																																																																				-182,375,137	-180,919,110	-175,139,500
ordinary shares																																																																																							11,346	11,346	11,303	11,167	11,167	11,131	11,131	11,065	11,065	11,051	11,051	10,128	10,128	10,116	10,114	10,114
restricted securities																																																																																									179,077,703
investment in an affiliate																																																																																									55,022,240
other investment																																																																																									1,006,083
other assets																																																																																										5,294,375	5,294,375	1,973,139	1,973,139	3,050	3,050	4,036	4,036	5,230	5,230	6,380	6,719
restricted deposits																																																																																																						9,022,318
bank borrowings																																																																																																						7,939,659
series a preferred shares
series b preferred shares
commitments and contingencies
deposits for property, plant and equipment																																																																																																				724,463	216,118	328,877
series a convertible preference shares
series b convertible preference shares
total liabilities and equity																																																																																																				260,310,610		197,767,071
other asset																																																																																																						7,908
total non-current asset																																																																																																						9,163,607

Cashflow Statements:

Quarterly

Annual

Unit: USD

Vipshop Holdings Limited(NYSE:VIPS)

Vipshop Holdings Limited
(NYSE:VIPS)