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BZUN

Baozun Inc.

BZUN

Baozun Inc. • NASDAQ
$2.86 ▲ 3.25% (+0.09)
Market Cap $165.46 M
52w High $4.88
52w Low $2.12
Dividend Yield 0%
P/E -6.09
Volume 121.41K
Outstanding Shares 57.85M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $2.553B ▲ $1.245B ▲ $-33.958M ▲ -1.33% ▲ $-0.6 ▲ $1.474M ▲
Q1-2025 $2.064B ▼ $1.077B ▼ $-63.08M ▼ -3.056% ▼ $-1.08 ▼ $-65.648M ▼
Q4-2024 $2.994B ▲ $1.378B ▲ $129K ▲ 0.004% ▲ $0.002 ▲ $165.1M ▲
Q3-2024 $2.057B ▼ $1.089B ▼ $-88.07M ▼ -4.281% ▼ $-1.44 ▼ $-51.831M ▼
Q2-2024 $2.391B $1.133B $-30.62M -1.281% $-0.51 $44.42M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $2.564B ▲ $9.621B ▼ $3.955B ▼ $3.788B ▼
Q1-2025 $2.22B ▼ $9.719B ▼ $4.019B ▼ $3.839B ▼
Q4-2024 $2.561B ▲ $10.207B ▲ $4.426B ▲ $3.914B ▲
Q3-2024 $2.33B ▼ $10.023B ▲ $4.281B ▲ $3.911B ▼
Q2-2024 $2.611B $9.944B $4.075B $4.034B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $-33.958M ▲ $0 $0 $0 $0 $0
Q1-2025 $-63.08M ▼ $0 $0 $0 $0 $0
Q4-2024 $129K ▲ $0 $0 $0 $0 $0
Q3-2024 $-88.07M ▼ $0 $0 $0 $0 $0
Q2-2024 $-30.62M $0 $0 $0 $0 $0

Revenue by Products

Product Q1-2019Q4-2019Q1-2020Q4-2020
Product
Product
 $2.52Bn ▲$910.00M ▼$3.42Bn ▲$480.00M ▼
Service
Service
 $2.88Bn ▲$980.00M ▼$3.86Bn ▲$1.09Bn ▼

Five-Year Company Overview

Income Statement

Income Statement Revenue has been fairly steady over the past few years and recently started to grow again, which suggests the core business is still in demand despite a softer consumer backdrop. Gross profit has improved, showing that the company is adding value and getting some traction from its higher‑margin services and brand management efforts. The main issue is profitability. Operating results have drifted from small profits into modest losses, and net income has been negative for several years in a row after being profitable earlier in the period. This points to pressure from costs, investments in new initiatives, and possibly weaker pricing power in some segments. Overall, Baozun looks like a business in transition: sales are holding up, but the income statement still reflects a turnaround story rather than a stable profit generator.

Balance Sheet

Balance Sheet The balance sheet looks reasonably solid but less conservative than a few years ago. Total assets have stayed fairly stable, indicating that the company still controls a meaningful base of technology, logistics, and brand‑related assets. Equity remains clearly positive, which provides a cushion against ongoing losses, though that cushion has gradually shrunk as the company has absorbed several years of negative earnings. Debt has come down from earlier peaks but still represents a meaningful claim on the business, especially now that cash reserves are lower than in the past. The drop in cash compared with earlier years means there is less room for error, and management will need to stay disciplined on spending and leverage.

Cash Flow

Cash Flow Cash generation is more encouraging than the income statement. The company has generally produced positive cash flow from operations in most years, which suggests the underlying business model still converts a good portion of its activity into cash. Free cash flow has been uneven. In some years Baozun covered its investments and still produced surplus cash; in others, outflows for expansion and transformation weighed on results. Capital spending has been moderate rather than aggressive, but the latest year slipped back into slightly negative free cash flow, reflecting the cost of the strategic shift and brand investments. Overall, the cash flow profile looks workable but not yet strong or fully self‑funding through the transformation cycle.

Competitive Edge

Competitive Edge Baozun holds an entrenched niche as a technology‑driven partner helping brands navigate Chinese e‑commerce. Its strength comes from deep integration into clients’ online operations, from storefronts and marketing to logistics and customer service. Once a brand plugs into Baozun’s systems, switching to another provider can be complex and disruptive, which creates stickiness. Its localized expertise in major Chinese platforms, combined with scale in warehousing, fulfillment, and digital marketing, makes it an attractive one‑stop solution, particularly for international brands that lack local know‑how. The shift into full brand management — running not just online stores but also offline presence and supply chains — can deepen relationships and move Baozun further up the value chain. However, this also puts the company in more direct competition with both local specialists and global brand operators, raising execution risk and exposing it more to consumer‑cycle swings in China.

Innovation and R&D

Innovation and R&D Innovation is at the core of Baozun’s strategy. The company has built its own cloud‑based infrastructure, data platforms, and a suite of proprietary tools that handle orders, inventory, and warehouse operations across multiple channels. Its AI‑driven “Baozun Brain” and related analytics offerings help brands optimize merchandising, targeting, and customer experience, which strengthens client dependence on its technology. Platforms like its omni‑channel digital operating system are designed to blend online marketplaces, brand sites, and physical stores into a unified view, which is increasingly important as retail shifts toward seamless experiences. Baozun continues to invest in these capabilities, as well as in international expansion and brand management technologies. The upside is a potentially durable technological edge and higher‑value services; the downside is ongoing spending and the uncertainty of how quickly these investments translate into consistent profits.

Summary

Baozun today is a business in the middle of a major strategic evolution. It is moving from being mainly an e‑commerce service provider to becoming a broader brand owner and manager, using its technology and local expertise to run both online and offline retail for global labels in China. On the positive side, revenue has been resilient and recently returned to growth, gross margins have improved, and the company still has a workable balance sheet and generally positive operating cash flow. Its competitive moat is built on deep client integration, proprietary technology, and localized know‑how, all of which are hard for newcomers to replicate quickly. The main concerns are persistent net losses, a thinner equity cushion than a few years ago, reduced cash reserves, and choppy free cash flow as the company invests in its new model. Future performance will hinge on whether Baozun can turn its brand management segment — including deals like Gap Greater China and similar partnerships — into a consistently profitable engine, manage debt and costs carefully, and sustain its technology edge in a fast‑moving and highly competitive Chinese retail environment.