Shanghai-headquartered e-commerce enabler Baozun reported a solid finish to its three-year transformation, with fourth-quarter 2025 revenue rising 5.9% year-on-year to RMB3.17 billion and operating income more than doubling to RMB175.54 million, lifting the operating margin to 5.5% from 2.4% a year earlier.

Fourth-quarter non-GAAP operating income expanded 91.4% to RMB197.70 million, while adjusted operating profit from the core E-Commerce (BEC) unit climbed 42.5% to RMB195.91 million. The newer Brand Management (BBM) segment booked its first positive adjusted operating result—RMB1.77 million versus a RMB34.16 million loss in the prior-year quarter—on the back of stronger Gap sales.

Quarterly service revenue rose 2.4% to RMB1.93 billion, buoyed by 19.0% growth in digital marketing and IT solutions. Product sales revenue grew 11.9% to RMB1.24 billion, with BBM contributing RMB663.70 million, up 24.2%.

Despite higher sales and marketing spending linked to offline-store expansion, cost controls in fulfillment and technology expenses supported profitability. Net loss attributable to ordinary shareholders was RMB37.96 million, but on a non-GAAP basis the company posted net income of RMB159.62 million, up 249.1% year-on-year.

For full-year 2025, revenue increased 5.6% to RMB9.95 billion. Baozun turned last year’s RMB114.83 million operating loss into an operating profit of RMB56.56 million, with the operating margin improving to 0.6% from ‑1.2%. Non-GAAP operating income jumped to RMB126.16 million from RMB10.65 million in 2024.

The E-Commerce segment generated a 22.1% uplift in adjusted operating profit to RMB219.32 million for the year. BBM narrowed its adjusted operating loss by 44.9% to RMB93.03 million.

Operating cash flow more than tripled year-on-year to RMB420.40 million, while cash, cash equivalents and short-term investments stood at RMB2.80 billion as of 31 December 2025.

Management reaffirmed its dual-engine strategy—monetising the cash-generating BEC platform and scaling the BBM portfolio—and targets non-GAAP operating profit of at least RMB550 million by 2028, driven by further margin gains in BEC, operating leverage in BBM and deeper synergies between the two businesses.