Compared to Tmall and JD.com, Chinese online brand discount retailer Vipshop (VIPS) has a significant gap in size and scale compared to these two leading e-commerce companies, but it is still able to thrive in the e-commerce industry. On February 28th, Vipshop released its performance for the fourth quarter and full year of 2023. According to the financial report, Vipshop achieved a net revenue of 112.9 billion yuan for the entire year of 2023, a year-on-year increase of 9.4%; The net profit attributable to shareholders increased by nearly 30% compared to the previous year, to 8.1 billion yuan. Meanwhile, the total GMV (platform transaction volume) for the whole year exceeded 208 billion yuan, a year-on-year increase of 18.7%, and the number of orders increased by 9.8%.