Baozun Inc (BZUN)

BZUN...............................p/m

Baozun Announces First Quarter 2026 Unaudited Financial ResultsMay 20, 2026 6:00 AM
PR Newswire (US) SHANGHAI, May 20, 2026 /PRNewswire/ -- Baozun Inc. (Nasdaq: BZUN and HKEX: 9991) ("Baozun", the "Company" or the "Group"), a leading brand e-commerce solution provider and digital commerce enabler in China, today announced its unaudited financial results for the first quarter ended March 31, 2026.Mr. Vincent Qiu, Chairman and Chief Executive Officer of Baozun, commented, "The first quarter of 2026 was robust across the board. We achieved growth in revenue, profitability, and improvement in working capital efficiency, reflecting genuine improvement in our value proposition and, in turn, stronger sales and profit conversion. BEC resumed sustainable growth, evolving into a higher-quality and value-driven business through enhanced brand partnerships, tighter BBM integration, and disciplined operational refinement. BBM accelerated its revenue growth, while GAP achieved its second consecutive quarter of non-GAAP operating breakeven, validating the strength of our Merchandising-Marketing-Channel (MMC) methodology. Both divisions are performing in synchrony, and operational synergies are emerging."Chief Financial Officer commented, "We are pleased with our 15% year-over-year revenue growth and the return to non-GAAP operating profitability at the group level, especially given that the first quarter is typically a seasonally softer period for topline performance. Both BEC and BBM significantly improved their bottom lines alongside double-digit revenue growth. We also conducted comprehensive working capital reviews and streamlined technology processes to further optimize resource allocation and operating efficiency. Overall, working capital turnover days in the first quarter of 2026 improved to 109 days from 193 days in the first quarter of 2025, reflecting our operational discipline and rigor. With focused execution, enhanced margins, and strong performance from both divisions, we remain confident in sustaining our profitability trajectory."First Quarter 2026 Financial HighlightsTotal net revenues were RMB2,381.1 million (US$[1]345.2 million), representing an increase of 15.3% compared with RMB2,064.4 million in the same quarter of last year.Income from operations was RMB0.3 million (US$0.04 million), compared with loss from operations of RMB84.0 million in the same quarter of last year. Operating margin was 0.01%, compared with negative 4.1% for the same period of 2025.Non-GAAP income from operations[2] was RMB8.1 million (US$1.2 million), compared with non-GAAP loss from operations of RMB66.9 million in the same quarter of last year. Non-GAAP operating margin was 0.3%, compared with negative 3.2% for the same period of 2025.Adjusted operating profit of E-Commerce[3] was RMB13.0 million (US$1.9 million), compared with adjusted operating loss of RMB45.8 million for the same period of 2025.Adjusted operating loss of Brand Management[3] was RMB4.9 million (US$0.7 million), a significant improvement from RMB21.1 million in the same quarter of last year.Net loss attributable to ordinary shareholders of Baozun was RMB7.5 million (US$1.1  million), narrowed from RMB63.1 million for the same period of 2025.Non-GAAP net income attributable to ordinary shareholders of Baozun[4] was RMB1.4 million (US$0.2 million), compared with non-GAAP net loss attributable to ordinary shareholders of Baozun of RMB57.2 million for the same period of 2025.  Basic and diluted net loss attributable to ordinary shareholders of Baozun per American Depositary Share ("ADS[5]") were both RMB0.13 (US$0.02), compared with RMB1.09 for the same period of 2025.Diluted non-GAAP net income attributable to ordinary shareholders of Baozun per ADS[6] was RMB0.02 (US$0.00[7]), compared with diluted non-GAAP net loss attributable to ordinary shareholders of Baozun per ADS RMB0.99 for the same period of 2025.Reconciliations of GAAP measures to non-GAAP measures presented above are included at the end of this results announcement.Adjusted operating profits (losses) are included in the Segments data of Segment Information.Business HighlightsBaozun e-Commerce, or "BEC"BEC encompasses our China e-commerce businesses, including brand store operations, customer services, and value-added services covering warehousing and fulfillment, IT and digital marketing. During the first quarter of 2026, total revenue from BEC increased by 10.4% year-over-year, mainly driven by resilient growth in both product sales and service fee model. BEC's product sales grew 20.6% year-over-year compared with the same period of 2025, with broad-based growth across all key categories, benefiting from both deeper brand relationships and improved execution on major platforms. BEC's services revenue grew by 7.1% to RMB1,376.2 million, mainly driven by revenue growth in Digital Marketing and IT solutions and online store operations.Baozun Brand Management, or "BBM"BBM provides holistic brand management, encompassing strategic and tactical positioning, branding and marketing, retail and e-commerce operations, supply chain and logistics, and technology enablement. We aim to leverage our portfolio of technologies to build longer and deeper relationships with brands. During the first quarter of 2026, total revenue from BBM increased by 38.8% year-over-year to RMB537.8 million. We have 176 offline stores under our management at the end of the first quarter of 2026.First Quarter 2026 Financial ResultsTotal net revenues were RMB2,381.1 million (US$345.2 million), an increase of 15.3% from RMB2,064.4 million in the same quarter of last year. The increase in total net revenues was driven by revenue growth in both the Company's BEC and BBM business lines.Total product sales revenue was RMB1,045.0 million (US$151.5 million), an increase of 29.1% compared with RMB809.3 million in the same quarter of last year, of which, Product sales revenue of E-Commerce was RMB510.3 million (US$74.0 million), an increase of 20.6% compared with RMB423.2 million in the same quarter of last year. The increase was primarily driven by sales growth across all key categories, benefiting from both deeper brand relationships and improved execution on major platforms.Product sales revenue of Brand Management was RMB537.6 million (US$77.9 million), an increase of 39.0% from RMB386.7 million in the same quarter of last year. The increase was primarily driven by higher sales from the Gap brand, as the Company continued to optimize merchandising plans, channels and marketing initiatives to boost sales.Services revenue was RMB1,336.0 million (US$193.7 million), an increase of 6.5% from RMB1,255.1 million in the same quarter of last year. The increase was primarily attributable to double-digit revenue growth in digital marketing and IT solutions and online store operations.Total operating expenses were RMB2,380.8 million (US$345.1 million), compared with RMB2,148.4 million in the same quarter of last year.Cost of products was RMB694.8 million (US$100.7 million), compared with RMB547.2 million in the same quarter of last year. The increase was primarily driven by growth in sales volume, partially offset by cost reductions resulting from efficiency improvements.Fulfillment expenses were RMB519.2 million (US$75.3 million), compared with RMB524.5 million in the same quarter of last year. The decrease was primarily due to a decline in E-commerce warehouse and logistics revenue, along with the Company's cost control initiatives and efficiency improvements.Sales and marketing expenses were RMB893.3 million (US$129.5 million), compared with RMB800.4 million in the same quarter of last year. The increase was mainly due to higher revenue contributions from digital marketing services for BEC, as well as increased expenses associated with the expansion of offline stores and marketing activities for BBM during the quarter.Technology and content expenses were RMB124.8 million (US$18.1 million), compared with RMB116.5 million in the same quarter of last year. The increase was primarily due to more revenue contribution from technology monetization, partially offset by the company's continued efforts to implement cost control and efficiency improvement initiatives.General and administrative expenses were RMB164.2 million (US$23.8 million), compared with RMB170.5 million in the same quarter of last year. The decrease was primarily due to the company's continued efforts to implement cost control and efficiency improvement initiatives.Income from operations was RMB0.3 million (US$0.04 million), compared with loss from operations of RMB84.0 million in the same quarter of last year. The operating margin was 0.01%, compared with negative 4.1% in the same quarter of last year.Non-GAAP income from operations was RMB8.1 million (US$1.2 million), compared with non-GAAP loss from operations of RMB66.9 million in the same quarter of last year. Non-GAAP operating margin was 0.3%, compared with negative 3.2% in the same quarter of last year.Adjusted operating profit of E-Commerce was RMB13.0 million (US$1.9 million), a significant improvement from adjusted operating loss of RMB45.8 million in the same quarter of last year.Adjusted operating loss of Brand Management was RMB4.9 million (US$0.7 million), a significant improvement from RMB21.1 million in the same quarter of last year.Unrealized investment loss was RMB4.4 million (US$0.6 million), compared with an unrealized investment gain of RMB12.4 million in the same quarter of last year. The unrealized investment loss of this quarter was primarily due to the decrease in the trading price of publicly listed companies we invested in.Fair value change on financial instruments was a gain of RMB0.9 million (US$0.1 million), compared with a loss of RMB13.6 million in the same quarter of last year. The fair value change on financial instruments is mainly comprised of the gain recognized from the financial instruments the Company invested in.Exchange gain was RMB2.5 million (US$0.4 million), due to exchange rate fluctuation in the quarter ended March 31, 2026, compared to exchange gain of RMB8.2 million in the same quarter of last year.Net loss attributable to ordinary shareholders of Baozun was RMB7.5 million (US$1.1 million), compared with RMB63.1 million in the same quarter of last year.Basic and diluted net loss attributable to ordinary shareholders of Baozun per ADS were both RMB0.13 (US$0.02), compared with RMB1.09 for the same period of 2025.Non-GAAP net income attributable to ordinary shareholders of Baozun Inc. was RMB1.4 million (US$0.2 million), compared with non-GAAP net loss attributable to ordinary shareholders of Baozun Inc. of RMB57.2 million for the same period of 2025.Diluted non-GAAP net income attributable to ordinary shareholders of Baozun per ADS was RMB0.02 (US$0.00[8]), compared with diluted non-GAAP net loss attributable to ordinary shareholders of Baozun per ADS of RMB0.99 for the same period of 2025.Segment Information(a) Description of segments The Group has two operating segments, which are (i) E-Commerce and (ii) Brand Management.The following summary describes the operations in each of the Group's operating segment:(i) E-Commerce focuses on Baozun traditional e-commerce service business and comprises two business lines, BEC (Baozun E-Commerce) and BZI (Baozun International).a> BEC includes our mainland China e-commerce businesses, such as brands' store operations, customer services and value-added services in logistics and supply chain management, IT and digital marketing.b> BZI includes our e-commerce businesses outside of Chinese Mainland, including locations such as Hong Kong SAR, Macau SAR and Taiwan Region and South East Asia.(ii) Brand Management engages in holistic brand management, encompassing strategic and tactical positioning, branding and marketing, retail and e-commerce operations, supply chain and logistics and technology enablement to leverage our portfolio of technologies to build into longer and deeper relationships with brands. The primary brand under the Company's brand management is Gap in Greater China.(b) Segments dataThe table below provides a summary of the Group's reportable segment results for the three months ended March 31, 2025 and 2026:

For the three months ended March 31,

2025
2026

RMB
RMBNet revenues:



E-Commerce
1,708,666
1,886,427Brand Management 
387,359
537,842Inter-segment eliminations *
(31,665)
(43,210)Total consolidated net revenues
2,064,360
2,381,059









Adjusted Operating (Losses) Profits **:



E-Commerce
(45,828)
12,958Brand Management
(21,068)
(4,854)Inter-segment eliminations *
(15)
10Total Adjusted Operating (Losses) Profits
(66,911)
8,114Unallocated expenses:



Share-based compensation expenses
(9,178)
(450)Amortization of intangible assets resulting from business acquisition   
(7,901)
(7,414)Total other income (expenses), net
5,814
6,785(Loss) Gain before income tax and share of income (loss) in equity method
investment
(78,176)
7,035
*The inter-segment eliminations mainly consist of revenues from services provided by E-Commerce to Brand Management.** Adjusted Operating (Losses) Profits represent segment (losses) profits, which is (loss) income from operations from each segment
without allocating share-based compensation expenses and amortization of intangible assets resulting from business acquisition, cancellation
fees of repurchased ADSs and impairment of goodwill.Conference CallThe Company will host a conference call to discuss the earnings at 7:30 a.m. Eastern Time on Wednesday, May 20, 2026 (7:30 p.m. Beijing time on the same day).Dial-in details for the earnings conference call are as follows:United States:1-888-317-6003Hong Kong:800-963-976Singapore:800-120-5863Mainland China:4001-206-115International:1-412-317-6061Passcode:4769193A replay of the conference call may be accessible through May 26, 2026 by dialing the following numbers:United States:1-855-669-9658International:1-412-317-0088Replay Access Code:3492191A live webcast of the conference call will be available on the Investor Relations section of Baozun's website at http://ir.baozun.com. An archived webcast will be available through the same link following the call.[1] This announcement contains translations of certain Renminbi (RMB) amounts into U.S. dollars (US$) at a specified rate solely for the convenience of the reader. Unless otherwise noted, the translation of RMB into US$ has been made at RMB6.8980 to US$1.00, the noon buying rate in effect on March 31, 2026 as set forth in the H.10 Statistical Release of the Federal Reserve Board[2] Non-GAAP income (loss) from operations is a non-GAAP financial measure, which is defined as income (loss) from operations excluding the impact of share-based compensation expenses, amortization of intangible assets resulting from business acquisition, impairment of goodwill and cancellation fees of repurchased ADSs.[3] The Group operates through two segments: (i) E-Commerce; (ii) Brand Management. For more information, please refer to Supplemental Information.[4] Non-GAAP net income (loss) attributable to ordinary shareholders of Baozun is a non-GAAP financial measure, which is defined as net income (loss) attributable to ordinary shareholders of Baozun excluding the impact of share-based compensation expenses, amortization of intangible assets resulting from business acquisition, impairment of goodwill and investments, other-than-temporary impairment of equity method investments, cancellation fees of repurchased ADSs, fair value gain on derivative liabilities, gain on disposal/acquisition of subsidiaries, and unrealized investment loss (gain).[5] Each ADS represents three Class A ordinary shares.[6] Diluted non-GAAP net income (loss) attributable to ordinary shareholders of Baozun per ADS are non-GAAP financial measures, which is defined as non-GAAP net income (loss) attributable to ordinary shareholders of Baozun divided by weighted average number of shares used in calculating diluted net income (loss) per ordinary share multiplied by three.[7] The amount is less than US$0.01.[8] The amount is less than US$0.01.Use of Non-GAAP Financial MeasuresThe Company also uses certain non-GAAP financial measures in evaluating its business. For example, the Company uses non-GAAP income (loss) from operations, non-GAAP net income (loss), non-GAAP net margin, non-GAAP net income (loss) attributable to ordinary shareholders of Baozun and diluted non-GAAP net income (loss) attributable to ordinary shareholders of Baozun per ADS, as supplemental measures to review and assess its financial and operating performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation, or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP.The Company defines non-GAAP income (loss) from operations as income (loss) from operations excluding the impact of share-based compensation expenses, amortization of intangible assets resulting from business acquisition, impairment of goodwill and cancelation fees of repurchased. The Company defines non-GAAP net income (loss) as net (loss) income excluding the impact of share-based compensation expenses, amortization of intangible assets resulting from business acquisition, impairment of goodwill and investments, other-than-temporary impairment of equity method investments, cancellation fees of repurchased ADSs, fair value gain on derivative liabilities, loss (gain) on disposal/acquisition of subsidiaries, and unrealized investment loss (gain). The Company defines non-GAAP net income (loss) attributable to ordinary shareholders of Baozun as net income (loss) attributable to ordinary shareholders of Baozun excluding the impact of share-based compensation expenses, amortization of intangible assets resulting from business acquisition, impairment of goodwill and investments, other-than-temporary impairment of equity method investments, cancellation fees of repurchased ADSs, fair value gain on derivative liabilities, loss (gain) on disposal/acquisition of subsidiaries, and unrealized investment loss (gain). The Company defines diluted non-GAAP net income (loss) attributable to ordinary shareholders of Baozun per ADS as non-GAAP net income (loss) attributable to ordinary shareholders of Baozun divided by weighted average number of shares used in calculating net income (loss) per ordinary share multiplied by three.The Company presents the non-GAAP financial measures because they are used by the Company's management to evaluate the Company's financial and operating performance and formulate business plans. Non-GAAP income (loss) from operations, non-GAAP net income (loss), non-GAAP net income (loss) attributable to ordinary shareholders of Baozun and Non-GAAP net income (loss) attributable to ordinary shareholders of Baozun per ADS reflect the Company's ongoing business operations in a manner that allows more meaningful period-to-period comparisons. The Company believes that the use of the non-GAAP financial measures facilitates investors to understand and evaluate the Company's current operating performance and future prospects in the same manner as management does, if they so choose. The Company also believes that the non-GAAP financial measures provide useful information to both management and investors by excluding certain expenses, gain/loss and other items that are not expected to result in future cash payments or that are non-recurring in nature or may not be indicative of the Company's core operating results and business outlook.The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using non-GAAP income (loss) from operations, non-GAAP net income (loss), non-GAAP net income (loss) attributable to ordinary shareholders of Baozun, and non-GAAP net income (loss) attributable to ordinary shareholders of Baozun per ADS is that they do not reflect all items of income and expense that affect the Company's operations. Further, the non-GAAP measures may differ from the non-GAAP measures used by other companies, including peer companies, potentially limiting the comparability of their financial results to the Company's. In light of the foregoing limitations, the non-GAAP income (loss) from operations, non-GAAP operating margin, non-GAAP net income (loss), non-GAAP net margin, non-GAAP net income (loss) attributable to ordinary shareholders of Baozun and non-GAAP net income (loss) attributable to ordinary shareholders of Baozun per ADS for the period should not be considered in isolation from or as an alternative to income (loss) from operations, operating margin, net income (loss), net margin, net income (loss) attributable to ordinary shareholders of Baozun and net income (loss) attributable to ordinary shareholders of Baozun per ADS, or other financial measures prepared in accordance with U.S. GAAP.The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measures, which should be considered when evaluating the Company's performance. The Company encourages you to review the Company's financial information in its entirety and not rely on a single financial measure. For reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures, please see the section of the accompanying tables titled, "Reconciliations of GAAP and Non-GAAP Results."Safe Harbor StatementsThis announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident," "potential," "continues," "ongoing," "targets," "guidance," "going forward," "looking forward," "outlook" or other similar expressions. Statements that are not historical facts, including but not limited to statements about Baozun's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to Baozun's filings with the United States Securities and Exchange Commission and its announcements, notices or other documents published on the website of The Stock Exchange of Hong Kong Limited. All information provided in this announcement is as of the date hereof and is based on assumptions that Baozun believes to be reasonable as of this date, and Baozun undertakes no obligation to update such information, except as required under applicable law.About Baozun Inc.Founded in 2007, Baozun Inc. is a leader in brand e-commerce service, brand management, and digital commerce service.  Baozun Inc. comprises three major business lines – Baozun e-Commerce (BEC), Baozun Brand Management (BBM) and Baozun International (BZI) and is committed to accelerating high-quality and sustainable growth.  Driven by the principle that "Technology Empowers the Future Success", Baozun's business lines are devoted to empowering their clients' business and navigating their new phase of development.For more information, please visit http://ir.baozun.com.For investor and media inquiries, please contact:Baozun Inc.
Ms. Wendy Sun
Email: ir@baozun.com Baozun Inc.UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS(In thousands)

As of

December 31, 
March 31, 
March 31, 202520262026

RMB
RMB
US$ASSETS





Current assets





Cash and cash equivalents
907,335
1,149,663
166,666Restricted cash
140,959
94,178
13,653Short-term investments (including RMB40,000 and
   RMB50,000 of the investments measured at fair value as
   of December 31, 2025 and March 31, 2026)
1,747,032
1,702,638
246,831Accounts receivable, net
2,173,163
2,100,323
304,483Inventories
879,421
858,352
124,435Advances to suppliers
366,671
387,115
56,120Derivative financial assets
6,342
7,687
1,114Prepayments and other current assets
575,984
671,055
97,283Amounts due from related parties
6,235
7,333
1,063Total current assets
6,803,142
6,978,344
1,011,648






Non-current assets





Long-term debt investments (including RMB144,873 and
   RMB142,699 of the investments measured at fair value
   as of December 31, 2025 and March 31, 2026)
232,213
230,163
33,367Long - term equity investments
256,406
249,186
36,124Property and equipment, net
758,703
742,692
107,668Intangible assets, net
322,924
315,719
45,770Land use right, net
36,413
36,156
5,242Operating lease right-of-use assets
651,660
614,917
89,144Goodwill
274,326
274,326
39,769Other non-current assets
71,075
118,797
17,222Deferred tax assets
284,254
285,793
41,430Total non-current assets
2,887,974
2,867,749
415,736Total assets
9,691,116
9,846,093
1,427,384






LIABILITIES AND SHAREHOLDERS' EQUITY





Current liabilities





Short-term loan
1,207,773
1,201,908
174,240Accounts payable
466,081
547,462
79,365Notes payable
335,171
414,694
60,118Income tax payables 
35,506
29,457
4,270Accrued expenses and other current liabilities
1,359,389
1,413,518
204,915Amounts due to related parties
1,532
2,027
294Current operating lease liabilities
239,712
227,685
33,007Total current liabilities
3,645,164
3,836,751
556,209






Non-current liabilities





Deferred tax liabilities
22,981
21,300
3,088Long-term operating lease liabilities
489,598
453,416
65,732Other non-current liabilities
41,781
56,239
8,153Total non-current liabilities
554,360
530,955
76,973Total liabilities
4,199,524
4,367,706
633,182






Redeemable non-controlling interests
57,619
57,619
8,353






Baozun Inc. shareholders' equity:





Class A ordinary shares (US$0.0001 par value; 470,000,000
   shares authorized, 174,284,503 shares issued, 161,015,878
   shares outstanding, as of December 31, 2025 and
   March 31, 2026)
93
93
14Class B ordinary shares (US$0.0001 par value; 30,000,000
   shares authorized, 13,300,738 shares issued and
   outstanding as of December 31, 2025 and March 31, 2026)
8
8
1Additional paid-in capital 
4,639,555
4,642,890
673,078Treasury shares (13,268,625 shares as of December 31,
   2025 and March 31, 2026)
(90,643)
(90,643)
(13,140) Accumulated deficit
(933,885)
(941,344)
(136,465) Accumulated other comprehensive income
27,491
15,600
2,262






Total Baozun Inc. shareholders' equity
3,642,619
3,626,604
525,750






Non-controlling interests
1,791,354
1,794,164
260,099






Total Shareholders' equity
5,433,973
5,420,768
785,849






Total liabilities, redeemable non-controlling interests and
shareholders' equity 9,691,116
9,846,093
1,427,384  Baozun Inc.UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME(In thousands, except for share and per share data and per ADS data)






For the three months ended March 31,
2025
2026
RMB
RMB
US$





Net revenues




Product sales (1)809,295
1,045,016
151,496Services1,255,065
1,336,043
193,686Total net revenues2,064,360
2,381,059
345,182





Operating expenses (2)




Cost of products(547,178)
(694,802)
(100,725)Fulfillment (3)(524,525)
(519,199)
(75,268)Sales and marketing (3)(800,351)
(893,336)
(129,507)Technology and content (3)(116,475)
(124,808)
(18,093)General and administrative (3)(170,485)
(164,209)
(23,805)Other operating income, net10,664
15,545
2,254Total operating expenses (2,148,350)
(2,380,809)
(345,144)Loss (income) from operations (83,990)
250
38





Other income (expenses)




Interest income 11,357
16,720
2,424Interest expense (12,528)
(8,889)
(1,289)Unrealized investment gain (loss)12,411
(4,444)
(645)Exchange loss8,164
2,521
365Fair value change on financial instruments(4)(13,590)
877
127(Loss) gain before income tax(78,176)
7,035
1,020Income tax benefits (expense) (5)6,412
(9,501)
(1,377)Share of (loss) income in equity
   method investment, net of tax
   of nil(504)
702
102Net loss(72,268)
(1,764)
(255)Net loss (income) attributable to
   noncontrolling interests8,887
(2,810)
(407)Net loss (income) attributable to
   redeemable noncontrolling interests301
(2,885)
(418)Net loss attributable to ordinary shareholders of
   Baozun Inc.(63,080)
(7,459)
(1,080)





Net loss per share attributable to ordinary
   shareholders of Baozun Inc.:




Basic(0.36)
(0.04)
(0.01)Diluted(0.36)
(0.04)
(0.01)Net loss per ADS attributable to ordinary
   shareholders of Baozun Inc.:




Basic(1.09)
(0.13)
(0.02)Diluted(1.09)
(0.13)
(0.02)Weighted average shares used in calculating net
   loss per ordinary share




Basic173,353,270
174,316,616
174,316,616Diluted173,353,270
174,316,616
174,316,616





Net loss(72,268)
(1,764)
(255)Other comprehensive income,
   net of tax of nil: 




Foreign currency translation adjustment(7,344)
(11,891)
(1,724)Comprehensive loss(79,612)
(13,655)
(1,979)
(1) These amounts include product sales from E-Commerce and Brand Management of RMB510.3 million and
     RMB537.6 million for the three months period ended March 31, 2026, respectively, compared with product sales
     from E-Commerce of RMB423.2 million and Brand Management of RMB386.7 million for the three months
     period ended March 31, 2025.(2) Share-based compensation expenses are allocated in operating expenses items as follows: 

For the three months ended March 31,

2025
2026

RMB
RMB
US$






Fulfillment
377
269
39Sales and marketing
1,676
743
108Technology and content
499
(757)
(110)General and administrative
6,626
195
28

9,178
450
65
(3) These amounts include amortization of intangible assets resulting from business acquisition, which amounted
      to RMB7.9 million and RMB7.4 million for the three months period ended March 31, 2025 and 2026,
      respectively. (4) These amounts include RMB7.7 million fair value loss on financial instruments in relation to the previous
      year's business acquisition for the three months period ended March 31, 2025.(5) These amounts include income tax benefits of RMB1.8 million and RMB1.7 million related to the reversal of
      deferred tax liabilities recognized on business acquisition, for the three months period ended March 31, 2025
      and 2026, respectively.  Baozun Inc.Reconciliations of GAAP and Non-GAAP Results(in thousands, except for share and per ADS data)








For the three months ended March 31,

2025
2026

RMB
RMB
US$






(Loss) income from operations 
(83,990)
250
38Add: Share-based compensation expenses
9,178
450
65Amortization of intangible assets resulting from business
acquisition
7,901
7,414
1,075Non-GAAP (loss) income from operations 
(66,911)
8,114
1,178






Net loss
(72,268)
(1,764)
(255)Add: Share-based compensation expenses
9,178
450
65Amortization of intangible assets resulting from business
acquisition
7,901
7,414
1,075Fair value loss on financial instruments
7,654
—
—Unrealized investment (gain) loss
(12,411)
4,444
645Less: Tax effect of amortization of intangible assets resulting from
           business acquisition (1)
(1,802)
(1,681)
(244)Non-GAAP net (loss) income 
(61,748)
8,863
1,286






Net loss attributable to ordinary shareholders of Baozun Inc.
(63,080)
(7,459)
(1,080)Add: Share-based compensation expenses
9,178
450
65Amortization of intangible assets resulting from business
acquisition
5,528
5,052
732Fair value loss on financial instruments
4,822
—
—Unrealized investment (gain) loss
(12,411)
4,444
645Less: Tax effect of amortization of intangible assets resulting from
           business acquisition (1)
(1,209)
(1,090)
(158)Non-GAAP net (loss) income attributable to ordinary
   shareholders of Baozun Inc.
(57,172)
1,397
204






Diluted non-GAAP net (loss) income attributable to ordinary
   shareholders of Baozun Inc. per ADS:
(0.99)
0.02
*Weighted average shares used in calculating diluted net (loss)
   income per ordinary share
173,353,270
174,408,833
174,408,833
* The amounts are less than 0.01.(1) The Company evaluated the non-GAAP adjustments items and concluded that these items have immaterial
      income tax effects except for amortization of intangible assets resulting from business acquisition.  View original content:https://www.prnewswire.com/news-releases/baozun-announces-first-quarter-2026-unaudited-financial-results-302777444.htmlSOURCE Baozun Inc. Original: Baozun Announces First Quarter 2026 Unaudited Financial Results

Baozun Schedules Annual General Meeting of ShareholdersMay 15, 2026 6:00 AM
PR Newswire (US) SHANGHAI, May 15, 2026 /PRNewswire/ -- Baozun Inc. (NASDAQ: BZUN and HKEX: 9991) ("Baozun" or the "Company"), a leading brand e-commerce solution provider and digital commerce enabler in China, announced today that it will hold its annual general meeting of shareholders ("AGM") on Tuesday, June 16, 2026, at 3:00 p.m., Hong Kong time (or 3:00 a.m. on Tuesday, June 16, 2026, New York time). The meeting will be held at 9F, The Rays, 71 Hung To Road, Kwun Tong, Kowloon, Hong Kong.Copies of the notice of AGM, which sets forth the resolutions to be submitted to shareholder approval at the meeting, along with the circular of AGM, the notice of AGM, the form of proxy and the form of voting card for American Depositary Shares (the "ADSs") are available on the Company's investor relations website at http://ir.baozun.com.Holders of record of the Company's ordinary shares, par value US$0.0001 per share (the "Ordinary Shares"), as of the close of business on Friday, May 15, 2026, Hong Kong time, will be eligible to attend and vote at the AGM. Holders of record of the Company's ADSs as of the close of business on Friday, May 15, 2026, New York time, who wish to exercise their voting rights for the underlying Class A ordinary shares, par value US$0.0001 per share, must give voting instructions to JPMorgan Chase Bank, N.A., the depositary of the ADSs.Safe Harbor StatementsThis press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "confident," "potential," "continues," "ongoing," "targets," "guidance," "going forward," "looking forward," "outlook" or other similar expressions. Statements that are not historical facts, including but not limited to statements about Baozun's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to Baozun's filings with the United States Securities and Exchange Commission and its announcements, notices or other documents published on the website of The Stock Exchange of Hong Kong Limited. All information provided in this press release is as of the date hereof and is based on assumptions that Baozun believes to be reasonable as of this date, and Baozun undertakes no obligation to update such information, except as required under applicable law.About Baozun Inc.Founded in 2007, Baozun Inc. is a leader in brand e-commerce service, brand management, and digital commerce service. Baozun Inc. comprises three major business lines – Baozun e-Commerce (BEC), Baozun Brand Management (BBM) and Baozun International (BZI) and is committed to accelerating high-quality and sustainable growth. Driven by the principle that "Technology Empowers the Future Success", Baozun's business lines are devoted to empowering their clients' business and navigating their new phase of development.For more information, please visit http://ir.baozun.com.For investor and media inquiries, please contact:Baozun Inc.
Ms. Wendy Sun
Email: ir@baozun.com View original content:https://www.prnewswire.com/news-releases/baozun-schedules-annual-general-meeting-of-shareholders-302773340.htmlSOURCE Baozun Inc. Original: Baozun Schedules Annual General Meeting of Shareholders

Baozun to Announce First Quarter 2026 Unaudited Financial Results on May 20, 2026May 8, 2026 6:00 AM
PR Newswire (US) SHANGHAI, May 8, 2026 /PRNewswire/ -- Baozun Inc. (Nasdaq: BZUN and HKEX: 9991) ("Baozun", the "Company" or the "Group"), a leading brand e-commerce solution provider and digital commerce enabler in China, today announced that it will release its unaudited financial results for the first quarter ended March 31, 2026 on Wednesday, May 20, 2026, before the open of U.S. markets.The Company will host a conference call to discuss the earnings at 7:30 a.m. Eastern Time on Wednesday, May 20, 2026 (7:30 p.m. Beijing time on the same day).Dial-in details for the earnings conference call are as follows:United States:1-888-317-6003Hong Kong:800-963-976Singapore:65-3158-8715Mainland China:          4001-206-115International:1-412-317-6061Passcode:4769193A replay of the conference call may be accessible through May 26, 2026 by dialing the following numbers:United States:1-855-669-9658International:1-412-317-0088Replay Access Code:  3492191A live webcast of the conference call will be available on the Investor Relations section of Baozun's website at http://ir.baozun.com. An archived webcast will be available through the same link following the call.Safe Harbor StatementsThis press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "confident," "potential," "continues," "ongoing," "targets," "guidance," "going forward," "looking forward," "outlook" or other similar expressions. Statements that are not historical facts, including but not limited to statements about Baozun's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to Baozun's filings with the United States Securities and Exchange Commission and its announcements, notices or other documents published on the website of The Stock Exchange of Hong Kong Limited. All information provided in this press release is as of the date hereof and is based on assumptions that Baozun believes to be reasonable as of this date, and Baozun undertakes no obligation to update such information, except as required under applicable law.About Baozun Inc.Founded in 2007, Baozun Inc. is a leader in brand e-commerce service, brand management, and digital commerce service. Baozun Inc. comprises three major business lines – Baozun e-Commerce (BEC), Baozun Brand Management (BBM) and Baozun International (BZI) and is committed to accelerating high-quality and sustainable growth. Driven by the principle that "Technology Empowers the Future Success", Baozun's business lines are devoted to empowering their clients' business and navigating their new phase of development.For more information, please visit http://ir.baozun.com.For investor and media inquiries, please contact:Baozun Inc.
Ms. Wendy Sun
Email: ir@baozun.com View original content:https://www.prnewswire.com/news-releases/baozun-to-announce-first-quarter-2026-unaudited-financial-results-on-may-20-2026-302766736.htmlSOURCE Baozun Inc. Original: Baozun to Announce First Quarter 2026 Unaudited Financial Results on May 20, 2026

Baozun Releases 2025 Annual Sustainability ReportApril 23, 2026 7:42 AM
PR Newswire (US)

SHANGHAI, April 23, 2026 /PRNewswire/ -- Baozun Inc. (Nasdaq: BZUN and HKEX: 9991) ("Baozun", "we" or the "Company"), a leader, pioneer and digital commerce enabler in China's brand e-commerce services industry, today released its 2025 Annual Sustainability Report (the "Sustainability Report"), highlighting the Company's achievements in environmental sustainability, social responsibility, and corporate governance.As a technology-driven service provider advancing commercial ecosystems, Baozun regards sustainable development as a foundational principle of its broader strategic transformation. The Company is committed to becoming a pioneer in sustainable business, creating integrated economic, environmental, and social value for all stakeholders. Mr. Vincent Qiu, Founder, Chairman and CEO of Baozun, remarked, "We embed sustainability into our core business operations, build a green, end-to-end industry ecosystem, and continue to develop a technology-driven digital product and service matrix. Through full-chain integration and omnichannel collaboration, we enhance brand value and partner with our ecosystem to co-create a thriving, inclusive, and greener digital commerce future."Key ESG achievements in 2025:In 2025, Baozun's Scope 1 and Scope 2 greenhouse gas (GHG) emissions decreased by 26.96% compared to the 2021 baseline year, excluding Gap China.Baozun has actively implemented its carbon neutrality strategy. The Company has deployed photovoltaic power generation systems across four industrial parks, officially launched an autonomous vehicle fleet, and advanced green and paperless operations. Three parks have obtained ISO 14064-1 greenhouse gas emissions verification. In addition, the Yishang and Tuopu parks have achieved ISO 14068-1 carbon neutrality certification.Baozun has launched a pilot IoT-based integrated energy management platform, progressively establishing a data-driven energy management model that reduces both electricity consumption but greenhouse gas emissions.Baozun continues to advance product technology upgrades and functional innovations. The Company's DTC digital touchpoint solution, omnichannel product information management system (PIM), and order management system (OMS) have been featured in multiple Gartner 2025 research publications.Baozun launched an AIGC-powered intelligent customer service coaching system on its S-ANY platform and continuously enhanced S-Whiz, its intelligent customer service assistant. Together, these capabilities delivered more efficient and professional customer service during peak promotional periods.Baozun has cultivated a vibrant and people-first workplace culture. In 2025, the Company received multiple industry recognitions, including "2025 Model Employer," "51job 2025 Outstanding Employer," and "China Europe International Business School (CEIBS)  Best Company Event."Baozun places information security and privacy protection at the core of its operations. The Company has developed its proprietary "PII Vault" privacy protection solution, enabling centralized management and full lifecycle protection of personally identifiable information (PII). In 2025, the Company participated in the "Panshi Action" cybersecurity live-fire exercise in Shanghai and won the Excellence in Emergency Response Award.For the full 2025 annual sustainability report, please visit: https://ir.baozun.com/ESG-Report.Safe Harbor StatementsThis press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "confident," "potential," "continues," "ongoing," "targets," "guidance," "going forward," "looking forward," "outlook" or other similar expressions. Statements that are not historical facts, including but not limited to statements about Baozun's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to Baozun's filings with the United States Securities and Exchange Commission and its announcements, notices or other documents published on the website of The Stock Exchange of Hong Kong Limited. All information provided in this press release is as of the date hereof and is based on assumptions that Baozun believes to be reasonable as of this date, and Baozun undertakes no obligation to update such information, except as required under applicable law.About Baozun Inc.Founded in 2007, Baozun Inc. is a leader in brand e-commerce service, brand management, and digital commerce service. Baozun Inc. comprises three major business lines – Baozun e-Commerce (BEC), Baozun Brand Management (BBM) and Baozun International (BZI) and is committed to accelerating high-quality and sustainable growth.  Driven by the principle that "Technology Empowers the Future Success", Baozun's business lines are devoted to empowering their clients' business and navigating their new phase of development.For more information, please visit http://ir.baozun.com.For investor and media inquiries, please contact:Baozun Inc.
Ms. Wendy Sun
Email: ir@baozun.com



View original content:https://www.prnewswire.com/news-releases/baozun-releases-2025-annual-sustainability-report-302751709.htmlSOURCE Baozun Inc.

Original: Baozun Releases 2025 Annual Sustainability Report

Baozun Files Annual Reports for Fiscal Year 2025April 23, 2026 6:50 AM
PR Newswire (US)

SHANGHAI, April 23, 2026 /PRNewswire/ -- Baozun Inc. (Nasdaq: BZUN and HKEX: 9991) ("Baozun," the "Company" or the "Group"), a leading brand e-commerce solution provider and digital commerce enabler in China, today announced that it filed its annual report on Form 20-F for the fiscal year ended December 31, 2025 with the U.S. Securities and Exchange Commission (the "SEC"). The annual report can be accessed on the Company's investor relations website at http://ir.baozun.com as well as the SEC's website at http://www.sec.gov.The Company has also published its annual report in Hong Kong pursuant to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "HKEX"), which can be accessed on the Company's investor relations website at http://ir.baozun.com as well as the HKEX's website at http://www.hkexnews.hk.The Company has adopted new arrangements for electronic dissemination of its annual reports to its shareholders and ADS holders as a promotion of its ESG initiatives. Requests for printed copy of the annual report should be directed to the Company's IR Department at ir@baozun.com.About Baozun Inc.Founded in 2007, Baozun Inc. is a leader in brand e-commerce service, brand management, and digital commerce service. Baozun Inc. comprises three major business lines – Baozun e-Commerce (BEC), Baozun Brand Management (BBM) and Baozun International (BZI) and is committed to accelerating high-quality and sustainable growth. Driven by the principle that "Technology Empowers the Future Success", Baozun's business lines are devoted to empowering their clients' business and navigating their new phase of development.For more information, please visit http://ir.baozun.com.For investor and media inquiries, please contact:Baozun Inc.
Ms. Wendy Sun
Email: ir@baozun.com



View original content:https://www.prnewswire.com/news-releases/baozun-files-annual-reports-for-fiscal-year-2025-302751661.htmlSOURCE Baozun Inc.

Original: Baozun Files Annual Reports for Fiscal Year 2025

Baozun Releases 2025 Chairman LetterApril 23, 2026 6:00 AM
PR Newswire (US)

SHANGHAI, April 23, 2026 /PRNewswire/ --Dear Shareholders:First of all, this is a letter I write to you by myself, and it's a pure human writing without any involvement of AI (though yes I use AI everyday for a lot of things). As a company,  we are ambitious to deploy AI into a lot aspects of our business to make it more efficient and intelligent, but when communicating with our customers, colleagues and investors, the human approach is what we choose. Thanks to all investors for your trust in the past and please keep trusting us going forward!Three years ago, along with our takeover of GAP China, we started to execute our new strategy which is to extend our Brand E-commerce business into Brand Management business. It's a great and bold leap since our experiences are limited. Coming through all the challenges and even those mistakes we made, we are happy to see that we completed the first phase of our transformation very successfully.To summarize 2025, we see:Solid Completion of the First Stage of Strategic TransformationTake a look at the financial results. Full-year revenue grew by 6% to RMB 9.9 billion, non-GAAP operating income improved significantly to RMB 126 million from RMB 11 million the previous year, and annual operating cash flow more than tripled to RMB 420 million. Of course, a dedicated day-to-day management of the business contributes to these great results but more importantly, the formation, development and refinement of the strategy, start to contribute more and more. This gives the head room for the company to grow in coming years. This is the true potential of our renovated business model.Throughout the year, Baozun e-Commerce ("BEC") kept stable and strong in sales profitability and cash flow, thanks to its great execution and cost management. Why the existing business can be still this healthy? Because we shifted our priorities from pursuing scale to profitability through margin expansion, cash generation and strengthening alignment with BBM.BBM gained even stronger momentum in 2025. Full-year revenue grew 25% year-over-year to RMB 1.8 billion, showing the long-term potential of our brand management platform. Notably, after three years of repositioning and localization, GAP China achieved its first quarterly breakeven in the fourth quarter of 2025! And it's still  keeping a great momentum entering into 2026. It's a big win since it tells that the strategy is correct, and our execution is powerful. It give us more courage and confidence in delivering future results looking into the coming new state of 2026 to 2028.2026-2028: Acceleration Stage of Our Strategic TransformationBased on the established strategic and business model, we are now ready to accelerate. We aim to keep expanding BEC profit margins, building up scale and developing leverage with BBM. We now have a clear goal: to grow the group's non-GAAP operating profit to RMB 550 million by 2028. Here is how.BEC will focus on quality, margin and efficiency, which means customer centricity, better service quality, and better margin. Meanwhile, keep utilizing technology and more-recent development and adoption of AI to make possible a much higher effectiveness and process efficiency. Learning and adopting experiences, practices and skillsets also serve these purposes.BBM will keep focusing on accelerating scale, especially for existing brands. We'll keep active in looking for new brands, but we will be very selective. So, the growth of BBM will majorly rely on more organic aspects.Now BEC and BBM have been into their positions, then we see a lot of major opportunities in between! By leveraging both BEC and BBM expertise and capabilities, we will be trying to help more of our brand partners turn-around their business or make them more successful. For brands business in China, it now can win big if and only if, they can manage well both online and offline channels, while fully localizing across product design, manufacturing, merchandising and supplying, and utilizing an effective marketing method, among other things. Yes, it's difficult. And it's what we have been focused on the past several years with great efforts.Role of Technologies Our vision, "Technology Empowers Future Success", reflects how important technology is to brands success. The solid software, data and security infrastructure we have been building up in the past two decades is valuable for both BEC and BBM businesses. We are actively adopting AI industrial achievements into our array of technical systems. Several AI-powered tools are now deployed including voice of consumer, demand data analytics, supply chain management, demand forecasting, creative content production, and marketing automation. By combining the classical infrastructure and recent-developed AI models, agents and practices, we are confident to add leading edges to ourselves and making us a true beneficiary of Technology developments, especially when compared to industry peers.SustainabilityAs our business evolves, we remain committed to responsible and sustainable development. In 2025, we advanced our environmental initiatives by reducing carbon emissions across our operations and strengthening sustainability standards throughout our logistics and supply chain networks. We achieved a 36% reduction in Scope 1 and 2 carbon emissions against our 2021 base year, keeping us on track to meet our commitment of a 50% reduction by 2030.Equally important to what we offer is our people. Our success is built on an ambitious and dedicated team. We will keep striving for quality of our products and services delivered to our target clients and customers, while making every experience of our colleagues worthwhile. We believe these two elements are instrumental to delivering returns for our investors.Finally, on behalf of the Board, I thank our employees, partners, customers, and shareholders for your continued trust and support. The progress achieved over the past three years belongs to you, and us. Please keep supporting us and I am confident in what Baozun will achieve in the years ahead.Sincerely,Vincent Wenbin Qiu
Chairman and Chief Executive Officer
Baozun Inc.About Baozun Inc.Founded in 2007, Baozun Inc. is a leader in brand e-commerce service, brand management, and digital commerce service. Baozun Inc. comprises three major business lines – Baozun e-Commerce (BEC), Baozun Brand Management (BBM) and Baozun International (BZI) and is committed to accelerating high-quality and sustainable growth. Driven by the principle that "Technology Empowers the Future Success", Baozun's business lines are devoted to empowering their clients' business and navigating their new phase of development.For more information, please visit http://ir.baozun.com.For investor and media inquiries, please contact:Baozun Inc.
Ms. Wendy Sun
Email: ir@baozun.com



View original content:https://www.prnewswire.com/news-releases/baozun-releases-2025-chairman-letter-302751572.htmlSOURCE Baozun Inc.

Original: Baozun Releases 2025 Chairman Letter

BZUN.......https://stockcharts.com/sc3/ui/?s=BZUN&p=w&b=5&g=0&id=p86431144783

Baozun tops Q4 earnings forecasts but shares slip slightlyMarch 25, 2026 8:37 AM
IH Market News
Baozun Inc. (NASDAQ:BZUN) reported fourth-quarter adjusted earnings of RMB2.75 per ADS ($0.39) on Wednesday, surpassing analyst expectations of RMB1.80.Despite the earnings beat, the company’s shares fell about 1.4% in premarket trading following the release of the results.The brand e-commerce solutions provider generated quarterly revenue of RMB3.17 billion ($453.6 million) for the period ending December 31, 2025, marking a 5.9% year-over-year increase from RMB2.99 billion. Adjusted operating profit jumped 91.4% to RMB197.7 million, while operating margin improved to 6.2%, up from 3.5% a year earlier.Baozun said its Brand Management segment delivered its first breakeven quarter for the Gap brand, recording adjusted operating profit of RMB1.8 million compared with a loss of RMB34.2 million in the same period last year.“Baozun concluded 2025 with a strong fourth quarter, successfully completing our three-year transformation,” said Vincent Qiu, Chairman and Chief Executive Officer. “BEC has now evolved into a high-quality cash engine. BBM achieved a key milestone by delivering GAP’s first breakeven quarter, showcasing the progress we’ve made in merchandising, brand positioning, and retail productivity.”The company’s E-Commerce segment reported adjusted operating profit of RMB195.9 million, representing a 42.5% increase year over year. Services revenue grew 2.4% to RMB1.93 billion, supported by a 19.0% rise in digital marketing and IT solutions.Revenue from product sales increased 11.9% to RMB1.24 billion, with product sales from the Brand Management division climbing 24.2% to RMB663.7 million.For the full fiscal year 2025, Baozun posted total revenue of RMB9.95 billion, up 5.6% compared with the previous year. Adjusted operating profit reached RMB126.2 million, a significant improvement from RMB10.6 million recorded in 2024.Looking ahead, the company set a goal of achieving at least RMB550 million in annual adjusted operating profit by 2028, supported by higher margins in its E-Commerce operations and continued growth in its Brand Management business.Baozun stock price

Original: Baozun tops Q4 earnings forecasts but shares slip slightly

Baozun Announces Fourth Quarter and Fiscal Year 2025 Unaudited Financial ResultsMarch 25, 2026 6:15 AM
PR Newswire (US)

SHANGHAIMarch 25, 2026 /PRNewswire/ -- Baozun Inc. (Nasdaq: BZUN and HKEX: 9991) ("Baozun", the "Company" or the "Group"), a leading brand e-commerce solution provider and digital commerce enabler in China, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2025.Mr. Vincent Qiu, Chairman and Chief Executive Officer of Baozun, commented, "Baozun concluded 2025 with a strong fourth quarter, successfully completing our three-year transformation. BEC has now evolved into a high-quality cash engine. BBM achieved a key milestone by delivering GAP's first breakeven quarter, showcasing the progress we've made in merchandising, brand positioning, and retail productivity. These accomplishments validate our dual-engine strategy. As we embark on the next phase of development, we are committed to scaling our brand management platform, deepening brand partnerships, and driving sustainable long-term growth."Ms. Catherine Zhu, Chief Financial Officer of Baozun Inc., commented, "We concluded the fourth quarter with total revenue growing 6% year-over-year and a 91.4% year-over-year increase in adjusted operating profits. Overall, 2025 marks a significant step forward in strengthening Baozun's financial profile, characterized by modest topline growth and enhanced profitability. Additionally, our annual operating cash flow more than tripled to RMB 420.4 million. With a robust, transformed business model and a strong balance sheet, we remain fully committed to delivering sustainable growth in both our top line and bottom line."Fourth Quarter 2025 Financial HighlightsTotal net revenues were RMB3,172.2 million (US$[1]453.6 million), representing an increase of 5.9% compared with RMB2,994.4 million in the same quarter of last year.Income from operations was RMB175.5 million (US$25.1 million), an improvement of 139.8% from RMB73.2 million in the same quarter of last year. Operating margin was 5.5%, improved from 2.4% for the same period of 2024.Non-GAAP income from operations[2] was RMB197.7 million (US$28.3 million), an improvement of 91.4% from RMB103.3 million in the same quarter of last year. Non-GAAP operating margin was 6.2%, improved from 3.5% for the same period of 2024.Adjusted operating profit of E-Commerce[3] was RMB195.9 million (US$28.0 million), an improvement of 42.5% from RMB137.4 million for the same period of 2024.Adjusted operating profit of Brand Management[3] was RMB1.8 million (US$0.3 million), an improvement of RMB35.9 million from adjusted operating loss of RMB34.2 million for the same period of 2024.Net loss attributable to ordinary shareholders of Baozun was RMB38.0 million (US$5.4 million), compared with net income attributable to ordinary shareholders of Baozun was RMB0.1 million for the same period of 2024.Non-GAAP net income attributable to ordinary shareholders of Baozun[4] was RMB159.6 million (US$22.8 million), an improvement of 249.1% from RMB45.7 million for the same period of 2024.  Basic and diluted net loss attributable to ordinary shareholders of Baozun per American Depositary Share ("ADS[5]") were both RMB0.66 (US$0.09), compared with basic and diluted net income attributable to ordinary shareholders of Baozun per American Depositary Share were both RMB 0.00[6] for the same period of 2024.Diluted non-GAAP net income attributable to ordinary shareholders of Baozun per ADS[7] was RMB2.75 (US$0.39), compared with RMB0.77 for the same period of 2024.Cash and cash equivalents, restricted cash, and short-term investments totaled RMB2,795.3 million (US$399.7 million), as of December 31, 2025, compared with RMB2,915.9 million as of December 31, 2024.Fiscal Year 2025 Financial HighlightsTotal net revenues were RMB9,945.5 million (US$1,422.2 million), representing an increase of 5.6% compared with RMB9,422.2 million in the fiscal year of 2024.Income from operations was RMB56.6 million (US$8.1 million), compared with loss from operations RMB114.8 million in the fiscal year of 2024. Operating margin was 0.6%, compared with negative 1.2% for the fiscal year of 2024.Non-GAAP income from operations was RMB126.2 million (US$18.0 million), compared with RMB10.6 million for the fiscal year of 2024. Non-GAAP operating margin was 1.3%, compared with 0.1% for the fiscal year of 2024.Adjusted operating profit of E-Commerce was RMB219.3 million (US$31.4 million), an improvement of 22.1% from RMB179.6 million for the fiscal year of 2024.Adjusted operating loss of Brand Management narrowed to RMB93.0 million (US$13.3 million), an improvement of 44.9% from RMB168.8 million for the fiscal year of 2024.Net loss attributable to ordinary shareholders of Baozun was RMB242.1 million (US$34.6 million), compared with RMB185.2 million for the fiscal year of 2024.Non-GAAP net income attributable to ordinary shareholders of Baozun was RMB44.2 million (US$6.3 million), compared with non-GAAP net loss attributable to ordinary shareholders of RMB40.4 million for the fiscal year of 2024.Basic and diluted net loss attributable to ordinary shareholders of Baozun per American Depositary Share ("ADS") were both RMB4.19 (US$0.60), compared with both RMB3.09 for the fiscal year of 2024.Diluted non-GAAP net income attributable to ordinary shareholders of Baozun per ADS was RMB0.76 (US$0.11), compared with diluted non-GAAP net loss attributable to ordinary shareholders of Baozun per ADS of RMB0.67 for the fiscal year of 2024.Reconciliations of GAAP measures to non-GAAP measures presented above are included at the end of this results announcement.Adjusted operating profits (losses) are included in the Segments data of Segment Information.Business HighlightsBaozun e-Commerce, or "BEC"BEC encompasses our China e-commerce businesses, including brand store operations, customer services, and value-added services covering warehousing and fulfillment, IT and digital marketing. During the fourth quarter of 2025, total revenue from BEC increased by 2.5% year-over-year, mainly driven by resilient growth in the service fee model. BEC's product sales remained stable compared with the same period of 2024. BEC's services revenue grew by 3.1% to RMB 1,989.2 million, mainly driven by a 19.0% revenue growth in Digital Marketing and IT solutions.Baozun Brand Management, or "BBM"BBM provides holistic brand management, encompassing strategic and tactical positioning, branding and marketing, retail and e-commerce operations, supply chain and logistics, and technology enablement. We aim to leverage our portfolio of technologies to build longer and deeper relationships with brands. During the fourth quarter of 2025, total revenue from BBM increased by 24.0% year-over-year to RMB663.8 million. We have 177 offline stores under our management at the end of the fourth quarter of 2025.Fourth Quarter 2025 Financial ResultsTotal net revenues were RMB3,172.2 million (US$453.6 million), an increase of 5.9% from RMB2,994.4 million in the same quarter of last year. The increase in total net revenues was driven by revenue growth in both the Company's BEC and BBM business lines.Total product sales revenue was RMB1,237.8 million (US$177.0 million), an increase of 11.9% compared with RMB1,106.0 million in the same quarter of last year, of which,Product sales revenue of E-Commerce was RMB574.5 million (US$82.2 million), a slight increase from RMB571.7 million in the same quarter of last year.The following table sets forth a breakdown of product sales revenues of E-Commerce by key categories [8] for the periods indicated:

For the three months ended December 31,

2024
2025

RMB
% of 
RMB
US$
% of 
YoY Net RevenuesNet RevenuesChange
(In millions, except for percentage)Product Sales of E-Commerce











Appliances
220.5
7 %
183.2
26.2
6 %
-17 %Beauty and cosmetics
130.7
4 %
136.9
19.6
4 %
5 %Home and Furnishing
84.6
3 %
80.1
11.5
3 %
-5 %Health and Nutrition
20.8
1 %
61.9
8.9
2 %
198 %Others
115.1
4 %
112.4
16.0
3 %
-2 %Total net revenues from product sales of E-Commerce
571.7
19 %
574.5
82.2
18 %
0 %Product sales revenue of Brand Management was RMB663.7 million (US$94.9 million), an increase of 24.2% from RMB534.6 million in the same quarter of last year. The increase was primarily driven by higher sales from the Gap brand, as the Company continued to optimize merchandising plans, channels and marketing initiatives to boost sales.Services revenue was RMB1,934.4 million (US$276.6 million), an increase of 2.4% from RMB1,888.5 million in the same quarter of last year. The increase was primarily attributable to a 19.0% year-over-year growth in digital marketing and IT solutions, driven by content creation and technology monetization.The following table sets forth a breakdown of services revenue by business models for the periods indicated:

For the three months ended December 31,

2024
2025

RMB
% of 
RMB
US$
% of 
YoY Net RevenuesNet RevenuesChange
(In millions, except for percentage)Services revenue











Online store operations
594.8
20 %
603.7
86.3
19 %
2 %Warehousing and fulfillment
705.7
24 %
635.3
90.8
20 %
-10 %Digital marketing and IT solutions
630.5
20 %
750.2
107.3
24 %
19 %Inter-segment eliminations[9]
(42.5)
-1 %
(54.8)
(7.8)
-2 %
29 %Total net revenues from services
1,888.5
63 %
1,934.4
276.6
61 %
2 %Breakdown of total net revenues of online store operations of services revenue by key categories [10] for the periods indicated:

For the three months ended December 31,

2024
2025

RMB
% of 
RMB
US$
% of 
YoY Net RevenuesNet RevenuesChange
(In millions, except for percentage)Online store operations in Services revenue 











Apparel and accessories
472.0
15 %
497.0
71.1
16 %
5 % Luxury
126.9
4 %
159.5
22.8
5 %
26 % Sportswear
157.6
5 %
150.6
21.5
5 %
-4 %Other apparel
187.5
6 %
186.9
26.8
6 %
0 %Others
122.8
4 %
106.7
15.2
3 %
-13 %Inter-segment eliminations[11]
(14.6)
0 %
(24.2)
(3.5)
-1 %
66 %Total net revenues from online
store operations in services
580.2
19 %
579.5
82.8
18 %
0 %Total operating expenses were RMB2,996.7 million (US$428.5 million), compared with RMB2,921.2 million in the same quarter of last year.Cost of products was RMB786.4 million (US$112.4 million), compared with RMB773.9 million in the same quarter of last year. The increase was primarily driven by growth in sales volume, partially offset by cost reductions resulting from efficiency improvements.Fulfillment expenses were RMB683.4 million (US$97.7 million), compared with RMB768.9 million in the same quarter of last year. The decrease was primarily due to a decline in E-commerce warehouse and logistics revenue, along with the Company's cost control initiatives and efficiency improvements.Sales and marketing expenses were RMB1,222.4 million (US$174.8 million), compared with RMB1,041.4 million in the same quarter of last year. The increase was mainly due to higher revenue contributions from digital marketing services for BEC, as well as increased expenses associated with the expansion of offline stores and marketing activities for BBM during the quarter.Technology and content expenses were RMB116.9 million (US$16.7 million), compared with RMB146.6 million in the same quarter of last year. The decrease was mainly attributable to the company's continued efforts to implement cost control and efficiency improvement initiatives.General and administrative expenses were RMB187.9 million (US$26.9 million), compared with RMB191.8 million in the same quarter of last year. The general and administrative expenses remained stable compared with the same period of last year due to the company's continued efforts to implement cost control and efficiency improvement initiatives.Income from operations was RMB175.5 million (US$ 25.1 million), an increase of 139.3% compared with RMB73.2 million in the same quarter of last year. The operating margin was 5.5%, an improvement from 2.4% in the same quarter of last year.Non-GAAP income from operations was RMB197.7 million (US$28.3 million), an increase of 91.4% compared with RMB103.3 million in the same quarter of last year. Non-GAAP operating margin was 6.2%, an improvement from 3.5% in the same quarter of last year.Adjusted operating profit of E-Commerce was RMB195.9 million (US$28.0 million), an improvement of 42.5% from RMB137.4 million in the same quarter of last year.Adjusted operating profit of Brand Management was RMB1.8 million (US$0.3 million), significant improvement from adjusted operating loss of RMB34.2 million in the same quarter of last year.Unrealized investment loss was RMB4.4 million (US$0.6 million), compared with an unrealized investment gain of RMB20.9 million in the same quarter of last year. The unrealized investment loss of this quarter was primarily due to the decrease in the trading price of publicly listed companies we invested in.Impairment loss of investments was RMB213.4 million (US$30.5 million), compared with RMB14.4 million in the same quarter of last year. The impairment loss of investments during the period was primarily associated with impairment losses of RMB151.6 million related to previous debt investments  in the e-commerce business, and impairment provisions of RMB61.8 million for certain equity investments.Fair value change on financial instruments was a gain of RMB4.9 million (US$0.7 million), compared with RMB17.7 million in the same quarter of last year. The fair value change on financial instruments is mainly comprised of the gain recognized from the financial instruments the Company invested in.Exchange loss was RMB3.6 million (US$0.5 million), due to exchange rate fluctuation in the quarter ended December 31, 2025, compared to RMB11.5 million in the same quarter last year.Net loss attributable to ordinary shareholders of Baozun was RMB38.0 million (US$5.4 million), compared with net income attributable to ordinary shareholders of Baozun RMB0.1 million in the same quarter of last year.Basic and diluted net loss attributable to ordinary shareholders of Baozun per ADS were both RMB0.66 (US$0.09), compared with basic and diluted net income attributable to ordinary shareholders of Baozun per American Depositary Share were both RMB 0.00[12] for the same period of 2024.Non-GAAP net income attributable to ordinary shareholders of Baozun Inc. was RMB159.6 million (US$22.8 million), an improvement of 249.1% from RMB45.7 million for the same period of 2024.Diluted non-GAAP net income attributable to ordinary shareholders of Baozun per ADS was RMB2.75 (US$0.39), compared with RMB0.77 for the same period of 2024.Fiscal Year 2025 Financial ResultsTotal net revenues were RMB9,945.5 million (US$1,422.2 million), an increase of 5.6% from RMB9,422.2 million in fiscal year 2024. The increase in total net revenues was driven by revenue growth in both the Company's E-Commerce and BBM business lines.Total product sales revenue was RMB3,849.6 million (US$550.5 million), an increase of 11.0% compared with RMB3,466.9 million in the fiscal year of 2024, of which,Product sales revenue of E-Commerce was RMB2,009.8 million (US$287.4 million), compared with RMB1,999.6 million in the fiscal year of 2024.The following table sets forth a breakdown of product sales revenues of E-Commerce by key categories for the years indicated:

For the fiscal year ended December 31,

2024
2025

RMB
% of 
RMB
US$
% of 
YoY Net RevenuesNet RevenuesChange
(In millions, except for percentage)Product Sales of E-Commerce











Appliances
852.5
9 %
671.6
96.0
7 %
-12 %Beauty and cosmetics
397.3
4 %
501.0
71.6
5 %
26 %Home and Furnishing
201.9
2 %
230.1
32.9
2 %
14 %Health and Nutrition
208.7
2 %
220.9
31.6
2 %
6 %Others
339.2
4 %
386.2
55.3
4 %
14 %Total net revenues from product sales
of E-Commerce
1,999.6
21 %
2,009.8
287.4
20 %
1 %Product sales revenue of Brand Management was RMB1,841.6 million (US$263.4 million), an increase of 25.3% from RMB1,469.6 million in the fiscal year of 2024. The increase was primarily driven by higher sales from the Gap brand, as the Company continued to optimize merchandising plans, channels and marketing initiatives to boost sales.Services revenue was RMB6,095.9 million (US$871.7 million), an increase of 2.4% from RMB5,955.3 million in the fiscal year of 2024. The increase was primarily attributable to an 8.3% year-over-year growth in online store operations, together with a 8.5% year-over-year growth in digital marketing and IT solutions, driven by content creation and technology monetization.The following table sets forth a breakdown of services revenue by business models for the years indicated:

For the fiscal year ended December 31,

2024
2025

RMB
% of 
RMB
US$
% of 
YoY Net RevenuesNet RevenuesChange
(In millions, except for percentage)Services revenue











Online store operations
1,765.4
19 %
1,912.0
273.4
19 %
8 %Warehousing and fulfillment
2,189.2
22 %
2,051.7
293.4
21 %
-6 %Digital marketing and IT solutions
2,120.9
23 %
2,301.5
329.1
23 %
9 %Inter-segment eliminations[13]
(120.2)
-1 %
(169.3)
(24.2)
-2 %
41 %Total net revenues from services
5,955.3
63 %
6,095.9
871.7
61 %
2 %Breakdown of total net revenues of online store operations of services revenue by key categories for the years indicated:

For the fiscal year ended December 31,

2024
2025

RMB
% of 
RMB
US$
% of 
YoY Net RevenuesNet RevenuesChange
(In millions, except for percentage)Online store operations in Services revenue 











Apparel and accessories
1,342.7
14 %
1,495.3
213.8
15 %
11 %Luxury
407.0
4 %
464.9
66.5
5 %
14 %Sportswear
487.1
5 %
501.4
71.7
5 %
3 %Other apparel
448.6
5 %
529.0
75.6
5 %
18 %Others
422.7
4 %
416.7
59.6
5 %
-1 %Inter-segment eliminations[14]
(55.2)
-1 %
(64.9)
(9.3)
-1 %
18 %Total net revenues from online store operations in services
1,710.2
17 %
1,847.1
264.1
19 %
8 %Total operating expenses were RMB9,888.9 million (US$1,414.1 million), compared with RMB9,537.1 million in the fiscal year of 2024.Cost of products was RMB2,576.0 million (US$368.4 million), compared with RMB2,473.8 million in the fiscal year of 2024. The increase was primarily due to an increase in product sales volume.Fulfillment expenses were RMB2,309.8 million (US$330.3 million), compared with RMB2,461.6 million in the fiscal year of 2024. The decrease was primarily due to a decline in E-commerce warehouse and logistics revenue, along with the Company's cost control initiatives and efficiency improvements.Sales and marketing expenses were RMB3,847.2 million (US$550.1 million), compared with RMB3,380.7 million in the fiscal year of 2024. The increase was mainly due to higher revenue contributions from digital marketing services for BEC, as well as increased expenses associated with the expansion of offline stores and increased marketing activities for BBM during the year.Technology and content expenses were RMB463.2 million (US$66.2 million), compared with RMB550.3 million in the fiscal year of 2024. The decrease was mainly due to the company's continued efforts to implement cost control and efficiency improvement initiatives.General and administrative expenses were RMB751.6 million (US$107.5 million), compared with RMB719.2 million in the fiscal year of 2024. The increase was primarily due to a write-down of account receivable totaling RMB53.3 million in the second quarter of 2025, partially offset by the company's continued efforts to implement cost control and efficiency improvement initiatives.Income from operations was RMB56.6 million (US$8.1 million), significantly improved compared with loss from operations of RMB114.8 million in the fiscal year of 2024. Operating margin was 0.6%, compared with negative 1.2% for the fiscal year of 2024.Non-GAAP income from operations RMB126.2 million (US$18.0 million), compared with RMB10.6 million for the fiscal year of 2024. Non-GAAP operating margin was 1.3%, compared with 0.1% for the fiscal year of 2024.Adjusted operating profit of E-Commerce was RMB219.3 million (US$31.4 million), an improvement of 22.1% from RMB179.6 million for the fiscal year of 2024.Adjusted operating loss of Brand Management narrowed to RMB93.0 million (US$13.3 million), an improvement of 44.9% from RMB168.8 million for the fiscal year of 2024.Unrealized investment loss was RMB16.6 million (US$2.4 million), compared with an unrealized investment gain of RMB4.9 million in the fiscal year of 2024. The unrealized investment loss of this year was primarily due to the decrease in the trading price of publicly listed companies we invested in.Loss on disposal of subsidiaries was RMB36.3 million (US$5.2 million), compared with nil in the fiscal year of 2024. The loss was primarily due to the Company's disposal of subsidiaries following a strategic adjustment in the third quarter of 2025.Impairment loss of investments was RMB213.4 million (US$30.5 million), compared with RMB14.4 million in the fiscal year of 2024. The increase of impairment loss of investments was primarily associated with impairment losses of RMB151.6 million related to a previous debt investments in the e-commerce business, and impairment provisions of RMB61.8 million for certain equity investments during the fourth quarter of 2025.Fair value change on financial instruments was a loss of RMB1.9 million (US$0.3 million), compared with a gain of RMB11.8 million in the fiscal year of 2024. The fair value loss on financial instruments this year was mainly due to loss recognized in connection with equity contracts with a holder of non-controlling interest while the gain recognized from the financial instruments the Company invested last year.Exchange loss was RMB3.7 million (US$0.5 million), due to exchange rate fluctuation in the year ended December 31, 2025, compared to RMB10.2 million last year.Net loss attributable to ordinary shareholders of Baozun was RMB242.1 million (US$34.6 million), compared with RMB185.2 million for the fiscal year of 2024.Basic and diluted net loss attributable to ordinary shareholders of Baozun per ADS were both RMB4.19 (US$0.60), compared with both RMB3.09 for the fiscal year of 2024.Non-GAAP net income attributable to ordinary shareholders of Baozun Inc. was RMB44.2 million (US$6.3 million), compared with non-GAAP net loss attributable to ordinary shareholders of RMB40.4 million for the fiscal year of 2024.Diluted non-GAAP net income attributable to ordinary shareholders of Baozun per ADS was RMB0.76 (US$0.11), compared with diluted non-GAAP net loss attributable to ordinary shareholders of Baozun per ADS of RMB0.67 for the fiscal year of 2024.Segment Information(a) Description of segments The Group has two operating segments, which are (i) E-Commerce and (ii) Brand Management.The following summary describes the operations in each of the Group's operating segment:(i) E-Commerce focuses on Baozun traditional e-commerce service business and comprises two business lines, BEC (Baozun E-Commerce) and BZI (Baozun International).a> BEC includes our mainland China e-commerce businesses, such as brands' store operations, customer services and value-added services in logistics and supply chain management, IT and digital marketing.b> BZI includes our e-commerce businesses outside of mainland China, including locations such as Hong Kong, Macau, Taiwan and South East Asia.(ii) Brand Management engages in holistic brand management, encompassing strategic and tactical positioning, branding and marketing, retail and e-commerce operations, supply chain and logistics and technology enablement to leverage our portfolio of technologies to build into longer and deeper relationships with brands. The primary brand under the Company's brand management is Gap in Greater China.(b) Segments dataThe table below provides a summary of the Group's reportable segment results for the three months ended December 31, 2024 and 2025:

For the three months ended December 31,

2024
2025

RMB
RMBNet revenues:



E-Commerce
2,501,781
2,563,726Brand Management 
535,475
663,756Inter-segment eliminations *
(42,811)
(55,254)Total consolidated net revenues
2,994,445
3,172,228









Adjusted Operating Profits (Losses) **:



E-Commerce
137,433
195,910Brand Management
(34,157)
1,765Inter-segment eliminations *
41
28Total Adjusted Operating Profits
103,317
197,703Unallocated expenses:



Share-based compensation expenses
(15,171)
3,776Amortization of intangible assets resulting from business acquisition   
(7,901)
(7,544)Cancellation fees of repurchased ADSs
(101)
-Impairment of goodwill
(6,934)
(18,395)Total other income (expenses), net
21,315
(203,989)Profit (loss) before income tax and share of income (loss) in equity method
investment
94,525
(28,449)The table below provides a summary of the Group's reportable segment results for the fiscal years of 2024 and 2025:

For the fiscal year ended December 31,

2024
2025

RMB
RMBNet revenues:



E-Commerce
8,070,271
8,271,229Brand Management 
1,474,351
1,845,418Inter-segment eliminations *
(122,393)
(171,164)Total consolidated net revenues
9,422,229
9,945,483









Adjusted Operating Profits (Losses) **:



E-Commerce
179,622
219,320Brand Management
(168,767)
(93,028)Inter-segment eliminations *
(210)
(133)Total Adjusted Operating Profits (Losses)
10,645
126,159Unallocated expenses:



Share-based compensation expenses
(81,601)
(19,931)Amortization of intangible assets resulting from business acquisition   
(36,257)
(31,128)Cancellation fees of repurchased ADSs
(678)
(150)Impairment of goodwill
(6,934)
(18,395)Total other income (expenses), net
21,838
(257,318)Loss before income tax and share of income (loss) in equity method
investment
(92,987)
(200,763)

*The inter-segment eliminations mainly consist of revenues from services provided by E-Commerce to Brand Management.

** Adjusted Operating (Losses) Profits represent segment (losses) profits, which is (loss) income from operations from each segment without allocating share-based compensation expenses and amortization of intangible assets resulting from business acquisition, cancellation fees of repurchased ADSs and impairment of goodwill.Business OutlookAs the Company continues to advance its strategic business model transition, it is working toward a 2028 annual non-GAAP operating profit target of at least RMB550 million. The Company currently believes that progress toward this target could be driven primarily by margin expansion in BEC, increased scale and operating leverage in BBM, and deeper strategic synergies between BEC and BBM. This target is based on the Company's current expectations, assumptions and business outlook, and is subject to significant risks and uncertainties that may cause actual results to differ materially.Conference CallThe Company will host a conference call to discuss the earnings at 7:30 a.m. Eastern Time on Wednesday, March 25, 2026 (7:30 p.m. Beijing time on the same day).Dial-in details for the earnings conference call are as follows:United States:                   1-888-317-6003Hong Kong:                       800-963-976Singapore:                       800-120-5863Mainland China:                 4001-206-115International:                     1-412-317-6061Passcode:                           7324098A replay of the conference call may be accessible through April 1, 2026 by dialing the following numbers:United States:                     1-855-669-9658International:                     1-412-317-0088Replay Access Code:           5635844A live webcast of the conference call will be available on the Investor Relations section of Baozun's website at http://ir.baozun.com. An archived webcast will be available through the same link following the call.[1] This announcement contains translations of certain Renminbi (RMB) amounts into U.S. dollars (US$) at a specified rate solely for the convenience of the reader. Unless otherwise noted, the translation of RMB into US$ has been made at RMB6.9931 to US$1.00, the noon buying rate in effect on December 31, 2025 as set forth in the H.10 Statistical Release of the Federal Reserve Board.[2] Non-GAAP income (loss) from operations is a non-GAAP financial measure, which is defined as income (loss) from operations excluding the impact of share-based compensation expenses, amortization of intangible assets resulting from business acquisition, impairment of goodwill and cancellation fees of repurchased ADSs.[3] Following the acquisition of Gap Shanghai, the Group updated its operating segment structure resulting in two segments, which were (i) E-Commerce; (ii) Brand Management, for more information, please refer to Supplemental Information.[4] Non-GAAP net income (loss) attributable to ordinary shareholders of Baozun is a non-GAAP financial measure, which is defined as net income (loss) attributable to ordinary shareholders of Baozun excluding the impact of share-based compensation expenses, amortization of intangible assets resulting from business acquisition, impairment of goodwill and investments, other-than-temporary impairment of equity method investments, cancellation fees of repurchased ADSs, fair value gain on derivative liabilities, gain on disposal/acquisition of subsidiaries, and unrealized investment loss (gain).[5] Each ADS represents three Class A ordinary shares.[6] The amount is less than RMB0.01.[7] Diluted non-GAAP net income (loss) attributable to ordinary shareholders of Baozun per ADS are non-GAAP financial measures, which is defined as non-GAAP net income (loss) attributable to ordinary shareholders of Baozun divided by weighted average number of shares used in calculating diluted net income (loss) per ordinary share multiplied by three.[8] Key categories refer to the categories that accounted for no less than 10% of product sales of BEC during the periods indicated. [9] The inter-segment eliminations mainly consist of revenues from online store operations, digital marketing and IT services provided by E-Commerce to Gap, a brand under Brand Management.[10] Key categories refer to the categories that accounted for no less than 10% of services revenue during the periods indicated. [11] The inter-segment eliminations mainly consist of revenues from store operation services provided by E-Commerce to Gap, a brand under Brand Management.[12] The amount is less than RMB0.01.[13] The inter-segment eliminations mainly consist of revenues from online store operations, digital marketing and IT services provided by E-Commerce to Gap, a brand under Brand Management.[14] The inter-segment eliminations mainly consist of revenues from store operation services provided by E-Commerce to Gap, a brand under Brand Management.Use of Non-GAAP Financial MeasuresThe Company also uses certain non-GAAP financial measures in evaluating its business. For example, the Company uses non-GAAP income (loss) from operations, non-GAAP net income (loss), non-GAAP net margin, non-GAAP net income (loss) attributable to ordinary shareholders of Baozun and diluted non-GAAP net income (loss) attributable to ordinary shareholders of Baozun per ADS, as supplemental measures to review and assess its financial and operating performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation, or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP.The Company defines non-GAAP income (loss) from operations as income (loss) from operations excluding the impact of share-based compensation expenses, amortization of intangible assets resulting from business acquisition, impairment of goodwill and cancelation fees of repurchased. The Company defines non-GAAP net income (loss) as net (loss) income excluding the impact of share-based compensation expenses, amortization of intangible assets resulting from business acquisition, impairment of goodwill and investments, other-than-temporary impairment of equity method investments, cancellation fees of repurchased ADSs, fair value gain on derivative liabilities, loss (gain) on disposal/acquisition of subsidiaries, and unrealized investment loss (gain). The Company defines non-GAAP net income (loss) attributable to ordinary shareholders of Baozun as net income (loss) attributable to ordinary shareholders of Baozun excluding the impact of share-based compensation expenses, amortization of intangible assets resulting from business acquisition, impairment of goodwill and investments, other-than-temporary impairment of equity method investments, cancellation fees of repurchased ADSs, fair value gain on derivative liabilities, loss (gain) on disposal/acquisition of subsidiaries, and unrealized investment loss (gain). The Company defines diluted non-GAAP net income (loss) attributable to ordinary shareholders of Baozun per ADS as non-GAAP net income (loss) attributable to ordinary shareholders of Baozun divided by weighted average number of shares used in calculating net income (loss) per ordinary share multiplied by three.The Company presents the non-GAAP financial measures because they are used by the Company's management to evaluate the Company's financial and operating performance and formulate business plans. Non-GAAP income (loss) from operations, non-GAAP net income (loss), non-GAAP net income (loss) attributable to ordinary shareholders of Baozun and Non-GAAP net income (loss) attributable to ordinary shareholders of Baozun per ADS reflect the Company's ongoing business operations in a manner that allows more meaningful period-to-period comparisons. The Company believes that the use of the non-GAAP financial measures facilitates investors to understand and evaluate the Company's current operating performance and future prospects in the same manner as management does, if they so choose. The Company also believes that the non-GAAP financial measures provide useful information to both management and investors by excluding certain expenses, gain/loss and other items that are not expected to result in future cash payments or that are non-recurring in nature or may not be indicative of the Company's core operating results and business outlook.The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using non-GAAP income (loss) from operations, non-GAAP net income (loss), non-GAAP net income (loss) attributable to ordinary shareholders of Baozun, and non-GAAP net income (loss) attributable to ordinary shareholders of Baozun per ADS is that they do not reflect all items of income and expense that affect the Company's operations. Further, the non-GAAP measures may differ from the non-GAAP measures used by other companies, including peer companies, potentially limiting the comparability of their financial results to the Company's. In light of the foregoing limitations, the non-GAAP income (loss) from operations, non-GAAP operating margin, non-GAAP net income (loss), non-GAAP net margin, non-GAAP net income (loss) attributable to ordinary shareholders of Baozun and non-GAAP net income (loss) attributable to ordinary shareholders of Baozun per ADS for the period should not be considered in isolation from or as an alternative to income (loss) from operations, operating margin, net income (loss), net margin, net income (loss) attributable to ordinary shareholders of Baozun and net income (loss) attributable to ordinary shareholders of Baozun per ADS, or other financial measures prepared in accordance with U.S. GAAP.The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measures, which should be considered when evaluating the Company's performance. The company encourages you to review the company's financial information in its entirety and not rely on a single financial measure. For reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures, please see the section of the accompanying tables titled, "Reconciliations of GAAP and Non-GAAP Results."Safe Harbor StatementsThis announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident," "potential," "continues," "ongoing," "targets," "guidance," "going forward," "looking forward," "outlook" or other similar expressions. Statements that are not historical facts, including but not limited to statements about Baozun's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to Baozun's filings with the United States Securities and Exchange Commission and its announcements, notices or other documents published on the website of The Stock Exchange of Hong Kong Limited. All information provided in this announcement is as of the date hereof and is based on assumptions that Baozun believes to be reasonable as of this date, and Baozun undertakes no obligation to update such information, except as required under applicable law.About Baozun Inc.Founded in 2007, Baozun Inc. is a leader in brand e-commerce service, brand management, and digital commerce service.  Baozun Inc. comprises three major business lines – Baozun e-Commerce (BEC), Baozun Brand Management (BBM) and Baozun International (BZI) and is committed to accelerating high-quality and sustainable growth.  Driven by the principle that "Technology Empowers the Future Success", Baozun's business lines are devoted to empowering their clients' business and navigating their new phase of development.For more information, please visit http://ir.baozun.com.For investor and media inquiries, please contact:Baozun Inc.
Ms. Wendy Sun
Email: ir@baozun.com   Baozun Inc.UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS(In thousands)

As of

December 31, 
December 31, 
December 31, 202420252025

RMB
RMB
US$ASSETS





Current assets





Cash and cash equivalents
1,289,323
907,335
129,747Restricted cash
354,991
140,959
20,157Short-term investments
1,271,618
1,747,032
249,822Accounts receivable, net
2,033,778
2,173,163
310,758Inventories
1,117,439
879,421
125,756Advances to suppliers
404,353
366,671
52,433Derivative financial assets
11,557
6,342
907Prepayments and other current assets
724,091
575,984
82,365Amounts due from related parties
7,021
6,235
892Total current assets
7,214,171
6,803,142
972,837






Non-current assets





Long-term debt investments (including
   RMB144,873 of the investments measured at fair value
   as of December 31, 2025)
—
232,213
33,206Long - term equity investments
341,687
256,406
36,666Property and equipment, net
822,229
758,703
108,493Intangible assets, net
357,307
322,924
46,178Land use right, net
37,438
36,413
5,207Operating lease right-of-use assets
767,376
651,660
93,186Goodwill
362,399
274,326
39,228Other non-current assets
69,886
71,075
10,164Deferred tax assets
234,508
284,254
40,647Total non-current assets
2,992,830
2,887,974
412,975






Total assets
10,207,001
9,691,116
1,385,812






LIABILITIES AND SHAREHOLDERS'
EQUITY





Current liabilities





Short-term loan
1,220,957
1,207,773
172,709Accounts payable
620,679
466,081
66,649Notes payable
461,179
335,171
47,929Income tax payables 
26,559
35,506
5,077Accrued expenses and other current liabilities
1,169,547
1,359,389
194,394Derivative liabilities
130
—
—Amounts due to related parties
5,369
1,532
219Current operating lease liabilities
243,137
239,712
34,278Total current liabilities
3,747,557
3,645,164
521,255






Non-current liabilities





Deferred tax liabilities
32,783
22,981
3,286Long-term operating lease liabilities
597,805
489,598
70,012Other non-current liabilities
48,277
41,781
5,975Total non-current liabilities
678,865
554,360
79,273






Total liabilities
4,426,422
4,199,524
600,528






Redeemable non-controlling interests
1,670,379
57,619
8,239






Baozun Inc. shareholders' equity:





Class A ordinary shares (US$0.0001 par value; 470,000,000 shares authorized, 175,668,586 and 
   174,284,503 shares issued, and 161,337,586 and 161,015,878 shares outstanding, as of December 31,
   2024, and 2025, respectively)
95
93
13Class B ordinary shares (US$0.0001 par value;30,000,000 shares authorized, 13,300,738 shares issued
   and outstanding as of December 31, 2024 and 2025)
8
8
1Additional paid-in capital 
4,646,631
4,639,555
663,448Treasury shares (14,331,000 and 13,268,625 shares as of December 31, 2024 and 2025, respectively)
(95,502)
(90,643)
(12,962)Accumulated deficit
(691,785)
(933,885)
(133,546)Accumulated other comprehensive income
54,575
27,491
3,931






Total Baozun Inc. shareholders' equity
3,914,022
3,642,619
520,885






Non-controlling interests
196,178
1,791,354
256,160






Total Shareholders' equity
4,110,200
5,433,973
777,045






Total liabilities, redeemable non-controlling interests and shareholders' equity 
10,207,001
9,691,116
1,385,812   Baozun Inc.UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME(In thousands, except for share and per share data and per ADS data)












For the three months ended December 31,
For the year ended December 31,
2024
2025
2024
2025
RMB
RMB
US$
RMB
RMB
US$











Net revenues










Product sales (1)1,105,971
1,237,837
177,008
3,466,928
3,849,559
550,480Services1,888,474
1,934,391
276,614
5,955,301
6,095,924
871,706Total net revenues2,994,445
3,172,228
453,622
9,422,229
9,945,483
1,422,186











Operating expenses (2)










Cost of products(773,887)
(786,370)
(112,449)
(2,473,804)
(2,576,012)
(368,365)Fulfillment (3)(768,863)
(683,371)
(97,721)
(2,461,591)
(2,309,755)
(330,291)Sales and marketing (3)(1,041,421)
(1,222,445)
(174,807)
(3,380,724)
(3,847,237)
(550,148)Technology and content (3)(146,589)
(116,923)
(16,720)
(550,289)
(463,206)
(66,238)General and administrative (3)(191,822)
(187,901)
(26,869)
(719,157)
(751,627)
(107,481)Other operating income, net8,281
18,717
2,676
55,445
77,304
11,054Impairment of goodwill(6,934)
(18,395)
(2,630)
(6,934)
(18,395)
(2,630)Total operating expenses (2,921,235)
(2,996,688)
(428,520)
(9,537,054)
(9,888,928)
(1,414,099)Income (loss) from operations 73,210
175,540
25,102
(114,825)
56,555
8,087Other income (expenses)










Interest income 18,298
23,029
3,293
68,752
58,556
8,373Interest expense (9,619)
(10,455)
(1,495)
(38,987)
(44,572)
(6,374)Unrealized investment gain (loss)20,851
(4,448)
(637)
4,851
(16,574)
(2,370)Gain on disposal of investments—
—
—
—
562
80Loss on disposal of subsidiaries—
—
—
—
(36,262)
(5,185)Impairment loss of investments(14,403)
(213,406)
(30,517)
(14,403)
(213,406)
(30,517)Exchange loss(11,466)
(3,592)
(514)
(10,213)
(3,718)
(532)Fair value change on financial
instruments(4)17,654
4,883
698
11,838
(1,904)
(272)Gain (loss) before income tax94,525
(28,449)
(4,070)
(92,987)
(200,763)
(28,710)Income tax expense (5)(28,443)
10,028
1,434
(20,739)
(9,907)
(1,417)Share of (loss) income in equity
method investment, net of tax of nil)(23,930)
6,277
898
(24,658)
11,090
1,586Net income (loss)42,152
(12,144)
(1,738)
(138,384)
(199,580)
(28,541)Net (income) loss attributable to
noncontrolling interests(18,253)
(24,375)
(3,486)
1,990
(23,374)
(3,342)Net income attributable to redeemable noncontrolling interests(23,770)
(1,438)
(206)
(48,804)
(19,146)
(2,738)Net income (loss) attributable to
ordinary shareholders of Baozun
Inc.129
(37,957)
(5,430)
(185,198)
(242,100)
(34,621)











Net income (loss) per share
attributable to ordinary
shareholders of Baozun Inc.:










Basic0.00*  
(0.22)
(0.03)
(1.03)
(1.40)
(0.20)Diluted0.00*  
(0.22)
(0.03)
(1.03)
(1.40)
(0.20)Net income (loss) per ADS
attributable to ordinary
shareholders of Baozun Inc.:










Basic0.00*  
(0.66)
(0.09)
(3.09)
(4.19)
(0.60)Diluted0.00*  
(0.66)
(0.09)
(3.09)
(4.19)
(0.60)Weighted average shares used in
calculating net income (loss) per
ordinary share










Basic176,942,201
173,810,273
173,810,273
179,678,986
173,480,754
173,480,754Diluted178,685,466
173,810,273
173,810,273
179,678,986
173,480,754
173,480,754











Net income (loss)42,152
(12,144)
(1,738)
(138,384)
(199,580)
(28,541)Other comprehensive income, net
of tax of nil: 










Foreign currency translation
adjustment24,732
(14,131)
(2,021)
22,324
(12,706)
(3,071)Comprehensive income (loss)66,884
(26,275)
(3,759)
(116,060)
(212,286)
(31,612)
* The amounts are less than 0.01.
(1) These amounts include product sales from E-Commerce and Brand Management of RMB574.5 million and RMB663.7 million for the three months period ended December 31, 2025, respectively, compared with product sales from E-Commerce of RMB571.7 million and Brand Management of RMB534.6 million for the three months period ended December 31, 2024.
These amounts also include product sales from E-Commerce and Brand Management of RMB2,009.8 million and RMB1,841.6 million for the fiscal year ended December 31, 2025, respectively, compared with product sales from E-Commerce of RMB1,999.6 million and Brand Management of RMB1,469.6 million for the fiscal year ended December 31, 2024.
(2) Share-based compensation expenses are allocated in operating expenses items as follows: 

For the three months ended December 31,
For the year ended December 31,

2024
2025
2024
2025

RMB
RMB
US$
RMB
RMB
US$












Fulfillment
732
182
26
4,885
1,011
145Sales and marketing
3,075
491
70
19,943
3,661
524Technology and content
2,077
329
47
11,290
2,006
287General and administrative
9,287
(4,778)
(683)
45,483
13,253
1,894

15,171
(3,776)
(540)
81,601
19,931
2,850
(3) These amounts include amortization of intangible assets resulting from business acquisition, which amounted to RMB7.9 million and RMB7.5 million for the three months period ended December 31, 2024 and 2025, respectively. These amounts also include amortization of intangible assets resulting from business acquisition, which amounted to RMB36.3 million and RMB31.1 million for the fiscal year ended December 31, 2024 and 2025, respectively.
(4) These amounts include RMB7.7 million fair value loss on financial instruments in relation to the previous year's business acquisition for the fiscal year ended December 31, 2025.
(5) These amounts include income tax benefits of RMB1.8 million and RMB38.2 million related to the reversal of deferred tax liabilities recognized on business acquisition and the recognition of deferred tax assets related to the impairment of investments, for the three months period ended December 31, 2024 and 2025, respectively. These amounts also include income tax benefits of RMB7.6 million and RMB44.2 million related to the reversal of deferred tax liabilities recognized on business acquisition and the recognition of deferred tax assets related to the impairment of investments, for the fiscal year ended December 31, 2024 and 2025, respectively.     Baozun Inc.Reconciliations of GAAP and Non-GAAP Results(in thousands, except for share and per ADS data)














For the three months ended December 31,
For the year ended December 31,

2024
2025
2024
2025

RMB
RMB
US$
RMB
RMB
US$












Income (loss) from operations 
73,210
175,540
25,102
(114,825)
56,555
8,087Add: Share-based compensation expenses
15,171
(3,776)
(540)
81,601
19,931
2,850Amortization of intangible assets resulting from business acquisition
7,901
7,544
1,078
36,257
31,128
4,451Impairment of goodwill
6,934
18,395
2,630
6,934
18,395
2,630Cancellation fees of repurchased ADSs
101
-
-
678
150
21Non-GAAP income from operations 
103,317
197,703
28,270
10,645
126,159
18,039












Net income (loss)
42,152
(12,144)
(1,738)
(138,384)
(199,580)
(28,541)Add: Share-based compensation expenses
15,171
(3,776)
(540)
81,601
19,931
2,850Amortization of intangible assets resulting from business acquisition
7,901
7,544
1,078
36,257
31,128
4,451Impairment of goodwill and investments
21,337
231,801
33,147
21,337
231,801
33,147Other-than-temporary impairment of equity method investments
26,115
-
-
26,115
-
-Cancellation fees of repurchased ADSs
101
-
-
678
150
21Fair value loss on financial instruments
-
-
-
-
7,654
1,095Loss on disposal of subsidiaries
-
-
-
-
35,700
5,105Unrealized investment (gain) loss
(20,851)
4,448
637
(4,851)
16,574
2,370Less: Tax effect of amortization of intangible
           assets resulting from business acquisition,
           loss on disposal of subsidiaries and
           impairment of investments (1)
(1,802)
(38,224)
(5,466)
(7,611)
(44,227)
(6,324)Non-GAAP net income 
90,124
189,649
27,118
15,142
99,131
14,174












Net income (loss) attributable to ordinary shareholders of Baozun Inc.
129
(37,957)
(5,430)
(185,198)
(242,100)
(34,621)Add: Share-based compensation expenses
15,171
(3,776)
(540)
81,601
19,931
2,850Amortization of intangible assets resulting from business acquisition
5,528
5,182
741
25,776
21,651
3,096Impairment of goodwill and investments
20,742
229,359
32,797
20,742
229,359
32,797Other-than-temporary impairment of equity method investments
26,115
-
-
26,115
-
-Cancellation fees of repurchased ADSs
101
-
-
678
150
21Fair value loss on financial instruments
-
-
-
-
4,822
690Loss on disposal of subsidiaries
-
-
-
-
35,700
5,105Unrealized investment (gain) loss
(20,851)
4,448
637
(4,851)
16,574
2,370Less: Tax effect of amortization of intangible
           assets resulting from business acquisition,
           loss on disposal of subsidiaries and
           impairment of investments (1)
(1,209)
(37,634)
(5,382)
(5,234)
(41,858)
(5,986)Non-GAAP net income (loss) attributable to ordinary shareholders of Baozun Inc.
45,726
159,622
22,823
(40,371)
44,229
6,322












Diluted non-GAAP net income (loss) attributable to ordinary shareholders of Baozun Inc. per ADS:
0.77
2.75
0.39
(0.67)
0.76
0.11












Weighted average shares used in calculating diluted net income (loss) per ordinary share
178,685,466
173,898,014
173,898,014
179,678,986
173,601,782
173,601,782
(1) The Company evaluated the non-GAAP adjustments items and concluded that these items have immaterial income tax effects except for amortization of intangible assets resulting from business acquisition and loss on disposal of subsidiaries and impairment of investments.   



View original content:https://www.prnewswire.com/news-releases/baozun-announces-fourth-quarter-and-fiscal-year-2025-unaudited-financial-results-302724700.htmlSOURCE Baozun Inc.

Original: Baozun Announces Fourth Quarter and Fiscal Year 2025 Unaudited Financial Results

Baozun to Announce Fourth Quarter and Fiscal Year 2025 Unaudited Financial Results on March 25, 2026March 11, 2026 6:00 AM
PR Newswire (US)

SHANGHAI, March 11, 2026 /PRNewswire/ -- Baozun Inc. (Nasdaq: BZUN and HKEX: 9991) ("Baozun", the "Company" or the "Group"), a leading brand e-commerce solution provider and digital commerce enabler in China, today announced that it will release its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2025 on Wednesday, March 25, 2026, before the open of U.S. markets.The Company will host a conference call to discuss the earnings at 7:30 a.m. Eastern Time on Wednesday, March 25, 2026 (7:30 p.m. Beijing time on the same day).Dial-in details for the earnings conference call are as follows:United States:
1-888-317-6003Hong Kong:800-963-976Singapore:65-3158-8715Mainland China:4001-206-115International:1-412-317-6061Passcode:7324098A replay of the conference call may be accessible through April 1, 2026 by dialing the following numbers:United States:1-855-669-9658International:1-412-317-0088Replay Access Code:5635844A live webcast of the conference call will be available on the Investor Relations section of Baozun's website at http://ir.baozun.com. An archived webcast will be available through the same link following the call.The Company will further issue an announcement of its annual results for the fiscal year ended December 31, 2025 in accordance with the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Hong Kong Listing Rules") on or before March 31, 2026, which are expected to be the same as the Results prepared in accordance with the U.S. GAAP and the applicable rules of the SEC, except for specific additional information required by the Hong Kong Listing Rules, together with a reconciliation of the Company's annual results from U.S. GAAP to International Financial Reporting Standards.Safe Harbor StatementsThis press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "confident," "potential," "continues," "ongoing," "targets," "guidance," "going forward," "looking forward," "outlook" or other similar expressions. Statements that are not historical facts, including but not limited to statements about Baozun's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to Baozun's filings with the United States Securities and Exchange Commission and its announcements, notices or other documents published on the website of The Stock Exchange of Hong Kong Limited. All information provided in this press release is as of the date hereof and is based on assumptions that Baozun believes to be reasonable as of this date, and Baozun undertakes no obligation to update such information, except as required under applicable law.About Baozun Inc.Founded in 2007, Baozun Inc. is a leader in brand e-commerce service, brand management, and digital commerce service. It serves more than 490 brands from various industries and sectors around the world, including East and Southeast Asia, Europe and North America.Baozun Inc. comprises three major business lines -- Baozun e-Commerce (BEC), Baozun Brand Management (BBM) and Baozun International (BZI) and is committed to accelerating high-quality and sustainable growth. Driven by the principle that "Technology Empowers the Future Success", Baozun's business lines are devoted to empowering their clients' business and navigating their new phase of development.For more information, please visit http://ir.baozun.com.For investor and media inquiries, please contact:Baozun Inc.
Ms. Wendy Sun
Email: ir@baozun.com



View original content:https://www.prnewswire.com/news-releases/baozun-to-announce-fourth-quarter-and-fiscal-year-2025-unaudited-financial-results-on-march-25-2026-302710543.htmlSOURCE Baozun Inc.

Original: Baozun to Announce Fourth Quarter and Fiscal Year 2025 Unaudited Financial Results on March 25, 2026

BZUN WEEKLY BREAK OUT IN

BZUN CHINA EXIT

BZUN HERE WE GO

BZUN MINI MONSTER HEADING TO TO TOP OF WEEKLY CLOUD

BZUN........................https://stockcharts.com/h-sc/ui?s=BZUN&p=W&b=5&g=0&id=p86431144783

BZUN...............................https://stockcharts.com/h-sc/ui?s=BZUN&p=W&b=5&g=0&id=p86431144783

BZUN......................https://stockcharts.com/h-sc/ui?s=BZUN&p=W&b=5&g=0&id=p86431144783

BZUN...............................https://stockcharts.com/h-sc/ui?s=BZUN&p=W&b=5&g=0&id=p86431144783

BZUN...................................https://stockcharts.com/h-sc/ui?s=BZUN&p=W&b=5&g=0&id=p86431144783

BZUN...........................................https://stockcharts.com/h-sc/ui?s=BZUN&p=W&b=5&g=0&id=p86431144783

BZUN........................................https://stockcharts.com/h-sc/ui?s=BZUN&p=W&b=5&g=0&id=p86431144783

Else Nutrition Enters the Chinese Market, via a Signed Agreement with Baozun, a Leading E-Commerce Distributor in China
7:01 AM ET 6/7/22 | GlobeNewswire

Else Nutrition Enters the Chinese Market, via a Signed Agreement with Baozun, a Leading E-Commerce Distributor in China
-- Increasing demand for premium infant nutrition solutions in China, which
accounts for approximately 40% of the global infant formula market,
showing Else's substantial potential for continued growth

VANCOUVER, British Columbia, June 07, 2022 (GLOBE NEWSWIRE) -- ELSE NUTRITION HOLDINGS INC. (BABY) (BABYF) (0YL.F) ("Else" or the "Company"), the plant-based baby, toddler, and children nutrition company, announced today that Baozun, a leading e-commerce solutions provider in China, the Company expects to start selling Else products in China in Q3 of this year.

The global infant formula market in 2021 accounted for approximately $77 billion. The market is expected to grow and reach around 110 billion by 2026, China will remain the market leader with about 40% of the global market share. China's infant formula market is projected to grow at a CAGR of 8%, from $30 Billion in 2021 to $40 Billion by 2025.

With Baozun's e-commerce, end-to-end solutions, the Company would have direct access to retail buyers in China, starting in Q3 2022, through a wide range of online shopping platforms such as Tmall, JD.com, Kuaishou, WeChat Mini programs, and many others. With the recent distribution agreement signing, the Company expects to start operating on China's cross-border e-commerce platforms as early.

"Selling our innovative plant-based clean pediatric nutrition products in China is a key milestone in the company's strategic plan to become a player in the global infant nutrition market. Following our recent growth in North America, we are on track for expansion globally. We are happy to help fulfill the increasing demand in China for a dairy & soy-free pediatric nutrition alternative, especially considering the very high rate of lactose intolerant population in China of about 22.4%, the additional suspected lactose intolerant population of about 25%, and the proportion of infants and toddlers under 2 years who claim to experience allergic symptoms is as high as 40.9% (3.7 million infants/toddlers).

Another indicator of the need for plant-based alternatives is Chinese consumers' rising awareness of health and sustainability which has led to the increasing consumption of plant-based milk, especially among Gen Z and Gen Y consumers. The average annual growth rate of the Chinese plant-based milk industry is expected to remain above 20% in the next few years, and the market size is expected to reach 300 billion Yuan ($56.65 billion CDN) by 2025" said Hamutal Yitzhak, the CEO and Co-Founder of Else.

About Baozun

Baozun is the leading brand E-commerce solutions provider in China, Baozun's integrated capabilities encompass all aspects of the E-commerce value chain covering IT solutions, store operations, digital marketing, customer services, warehousing, and fulfillment. Baozun helps brands execute their E-commerce strategies by selling goods directly to customers online or by providing services to assist with E-commerce operations.

Baozun was listed on NASDAQ (NASDAQ: BZUN) in May, 2015 and completed the secondary dual-listing on HKEX in September, 2020. According to iResearch, Baozun is the leader and a pioneer in the brand e-commerce service industry in China.

With a leading international vision and pragmatic localization implementation expertise, Baozun has successfully empowered brand partners in executing e-commerce strategies and won reputation. Currently, Baozun serves 333 brand partners across 8 categories.

About Else Nutrition Holdings Inc.

Else Nutrition GH Ltd. is an Israel-based food and nutrition company focused on developing innovative, clean, and plant-based food and nutrition products for infants, toddlers, children, and adults. Its revolutionary, plant-based, non-soy formula is a clean-ingredient alternative to dairy-based formula. Else Nutrition (formerly INDI) won the "2017 Best Health and Diet Solutions" award at Milan's Global Food Innovation Summit. Else Plant-Based Complete Nutrition for Toddlers was recently ranked as the #1 Top Seller in the baby and toddler formula category on Amazon. The Company recently received the World Plant-Based Award for "Best dairy alternative product" in New York at World Plant-Based Expo in late 2021. The holding company, Else Nutrition Holdings Inc., is a publicly traded company listed on the Toronto Stock Exchange under the trading symbol BABY and is quoted on the US OTC Markets QX board under the trading symbol BABYF and on the Frankfurt Exchange under the symbol 0YL. Else's Executives include leaders hailing from leading infant nutrition companies. Many of Else advisory board members had past executive roles in companies such as Mead Johnson, Abbott Nutrition, Plum Organics, and leading infant nutrition Societies, and some of them currently serve in different roles in leading medical centers and academic institutes such as Boston Children's Hospital, Pediatrics at Harvard Medical School, USA, Tel Aviv University, Schneider Children's Medical Center of Israel, Rambam Medical Center and Technion, Israel and University Hospital Brussels, Belgium.

For more information, visit elsenutrition.com or @elsenutrition on Facebook and Instagram.

Investor Relations Contact:

Lytham Partners, LLC

Mr. Ben Shamsian

New York | Phoenix

E: shamsian@lythampartners.com

P: 646-829-9701

Toronto Stock Exchange

Neither the Toronto Stock Exchange nor its regulation services provider (as that term is defined in the policies of the Toronto Stock Exchange) accept responsibility for the adequacy or accuracy of this release.

Caution Regarding Forward-Looking Statements

This press release contains statements that may constitute "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements are typically identified by words such as "will" or similar expressions. Forward-looking statements in this press release include statements with respect to the anticipated dates for filing the Company's financial disclosure documents. Such forward-looking statements reflect current estimates, beliefs, and assumptions, which are based on management's perception of current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. No assurance can be given that the foregoing will prove to be correct. Forward-looking statements made in this press release assume, among others, the expectation that there will be no interruptions or supply chain failures as a result of COVID 19 and that the manufacturing, broker, and supply logistic agreement with the Company do not terminate. Actual results may differ from the estimates, beliefs, and assumptions expressed or implied in the forward-looking statements. Readers are cautioned not to place undue reliance on any forward-looking statements, which reflect management's expectations only as of the date of this press release. The Company disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/07ecf5fc-a0c6-47b3-963d-d8fa24684e74

> Dow Jones Newswires

June 07, 2022 07:01 ET (11:01 GMT)

See you in the 30$ in Jan

ZHU* is ready

BREAKING NEWS: $BZUN Baozun Announces Pricing of Global Offering

SHANGHAI, China, Sept. 23, 2020 (GLOBE NEWSWIRE) -- Baozun Inc. (Nasdaq: BZUN) (“Baozun” or the “Company”), the leading brand e-commerce service partner that helps brands execute their e-commerce strategies in China, today announced the pricing of the global offe...

Got this from BZUN - Baozun Announces Pricing of Global Offering

Everybody should watch BZUN this week. The stock is ready to move! Watch their Q2 results on Friday!

News: $BZUN Why Baozun Jumped 45% Last Month

Shares of  Baozun  (NASDAQ: BZUN) were climbing last month after the Chinese e-commerce services provider posted better-than-expected earnings results during the peak of China's coronavirus lockdowns. That sparked a rally that propelled the stock up 45% over the course of the month, ...

In case you are interested BZUN - Why Baozun Jumped 45% Last Month

News: $BZUN Why Baozun Stock Jumped Today

Shares of Chinese e-commerce services provider Baozun (NASDAQ: BZUN) shot up nearly 9% on Thursday on seemingly no news, though there had been some bullish analyst sentiment published in the past 24 hours. Zacks Equity Research highlighted Baozun on Wednesday as a stock benefiting from onli...

In case you are interested BZUN - Why Baozun Stock Jumped Today

News: $BZUN 3 Tech Stocks That Could Deliver Huge Returns Over the Next Decade

The large and growing role that technology plays in commerce and everyday life makes the tech sector the single best starting point for investors seeking explosive returns. Narrowing in on relatively small companies within the sector creates even more potential for big gains -- so long as you're...

Find out more BZUN - 3 Tech Stocks That Could Deliver Huge Returns Over the Next Decade

Strong buy

The worst board ever.

Strong buy!!

News: $BZUN Baozun Announces Pricing of an Offering of American Depositary Shares in connection with the Registered ADS Borrow Facility

SHANGHAI, China, April 05, 2019 (GLOBE NEWSWIRE) -- Baozun Inc. (NASDAQ: BZUN), the leading brand e-commerce service partner that helps brands execute their e-commerce strategies in China (“Baozun” or the “Company”), today announced the pricing on April 4, 2019 o...

Got this from https://marketwirenews.com/news-releases/baozun-announces-pricing-of-an-offering-of-american-depositary-shares-in-connection-with-the-registered-ads-borrow-facility-7950742.html

News: $BZUN Baozun Announces Pricing of Convertible Senior Notes

SHANGHAI, China, April 05, 2019 (GLOBE NEWSWIRE) -- Baozun Inc. (NASDAQ: BZUN) (“Baozun” or the “Company”), the leading brand e-commerce service partner that helps brands execute their e-commerce strategies in China, today announced the pricing on April 4, 2019 o...

Find out more https://marketwirenews.com/news-releases/baozun-announces-pricing-of-convertible-senior-notes-7950740.html

News: $BZUN Baozun Files Annual Report on Form 20-F for Fiscal Year 2018

SHANGHAI, China, April 03, 2019 (GLOBE NEWSWIRE) -- Baozun Inc. (Nasdaq: BZUN) ("Baozun" or the "Company"), the leading brand e-commerce service partner that helps brands execute their e-commerce strategies in China, today announced that it filed its annual report on Form 20-F for the fisca...

Read the whole news https://marketwirenews.com/news-releases/baozun-files-annual-report-on-form-20-f-for-fiscal-year-2018-7941644.html

This looks like a great buy long term....

Why did this go up today? I thought the tariffs would do the opposite. What have I missed?

Thanks

New lows coming.....this is gonna be a great buy one day.

Covered my Short $44.68 from $46.44 IF tariffs are announced tonight, we should see new lows

There will be a time probably shortly, where this will be a screaming buy...just not yet.

CC

Had to bail again $46.44.. as soon as I heard that Trump was going to impose tarrifs on Friday before trade talks... I couldn't jam in a sales order quick enough.

That was a deal killer. I actually over-sold by accident and now short a few hundred shares. could be a bonus. short of a miracle I'm expecting a sharp pullback now that we've had the added news this weekend of China saying they'll pull out of Talks if Trump pulls the trigger.

If He puts in those Tarrifs... my new target is a sub $40.00 test, unfortunately.

BZUN more so than many of the other china plays very dependant on US brands as far as I can tell.

shame as this is a $70+ stock all day long if not for the trade war that is nearly upon us.

Got back in $44.09 on China talk news.

I'm waiting for Trump to announce Tariffs.. should take this under $45 in a flash. I have my targets for re-entering.

By the way if you are playing the Chinese stocks, IQ has a lock-up expiration on September 25th it's a great stock to be short and the next couple of weeks. Good luck to you and have a great Labor Day weekend

Smart Trading! Trump is a complete and total moron. But if you trade based on his tweets you can end up making money. good job

$200b tARRIFS.. TOOK OFF -$300.
NO POSITION AGAIN

Took $54.58 here on swing trade. as long as $54.20 holds today, I'll stay in.. if it doesn't I'll look for $53.50 ish

I think you're 100% correct...we have NOT seen total capitulation in these stocks yet...its coming....may be several months off. EVERY rally will be shorted until that time IMO.

CC