• Vipshop Holdings average return on tangible equity for 2023 was 29.98, a 51.72% decline from 2022.
• Vipshop Holdings average return on tangible equity for 2022 was 19.76, a 24.78% increase from 2021.
• Vipshop Holdings average return on tangible equity for 2021 was 26.27, a 5.61% decline from 2020.

Return on tangible equity can be defined as the amount of net income returned as a percentage of shareholders equity, after subtracting intangible assets, goodwill and preferred equity.