Baozun Inc. released its unaudited results for the year ended 31 December 2025. Total revenue rose 5.6% year-on-year to RMB9.95 billion (US$1.42 billion), driven by stronger product sales and steady service income.

Revenue mix • Product sales: RMB3.85 billion, up 11.0%. • Service revenue: RMB6.10 billion, up 2.4%, supported by 8.3% growth in online-store operations and 8.5% growth in digital marketing and IT solutions. Brand Management revenue grew 25.2%, contributing RMB1.84 billion, while E-Commerce service revenue continued to generate the bulk of sales.

Profitability • Operating result turned positive, posting income of RMB56.56 million versus a RMB114.83 million loss in 2024. • Non-GAAP operating income increased to RMB126.16 million from RMB10.65 million. • Statutory net loss widened to RMB199.58 million; net loss attributable to ordinary shareholders was RMB242.10 million. • On a non-GAAP basis, net income attributable to ordinary shareholders reached RMB44.23 million, reversing a RMB40.37 million loss in 2024. • Diluted non-GAAP EPS came in at RMB0.76 per ADS; GAAP diluted loss per ADS was RMB4.19.

Cost profile Fulfilment expenses fell 6.2% to RMB2.31 billion, and technology & content costs dropped 15.8% to RMB463.21 million, reflecting ongoing efficiency measures. Sales & marketing expenses climbed 13.8% to RMB3.85 billion on higher digital-marketing activity and Gap store expansion.

Balance-sheet highlights • Cash, cash equivalents, restricted cash and short-term investments stood at RMB2.80 billion. • Accounts receivable increased 6.9% to RMB2.17 billion; accounts payable declined 24.9% to RMB466.08 million. • Short-term loans were broadly stable at RMB1.21 billion. • Gearing ratio (total liabilities/total equity) improved to 0.77 from 1.08.

Operational developments The E-Commerce segment sharpened its focus on margin expansion, while Brand Management—anchored by the Gap China business—achieved its first quarterly breakeven in Q4 2025 and ended the year with 177 physical stores. Management cited omnichannel gains on Tmall and Douyin and continued cost discipline across the group.

Dividend The board did not recommend a final dividend for 2025.

Outlook Management targets scaling the dual-engine model of E-Commerce and Brand Management, aiming for group non-GAAP operating profit of at least RMB550 million by 2028, while maintaining a technology-led approach to brand operations.