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 Highlights
-- Total 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 Highlights
-- Total 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 Highlights
Baozun 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 Results
Total 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 Net
Revenues Revenues Change
------ --------- ----- ---- --------- ------
(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.
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