BZUN on Nasdaq

Baozun Inc.

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Last updated Oct 16, 2026.

Overview

$1.4BRevenue, fiscal 2025²

-$34.6MNet income, fiscal 2025²

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TickerBZUN on Nasdaq
IndustryRetail-Catalog & Mail-Order Houses
HeadquartersE9
Incorporated inCayman Islands³
Business addressNo. 1-9, Lane 510, West Jiangchang Road, Jing'An District, Shanghai, F4 200436³
Filer categoryAccelerated filer³

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Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

0.6%Operating margin²

-2.4%Net margin²

10.2%Revenue growth, 2025²

-6.6%Return on equity²

$44.9MFree cash flow²

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Digital Marketing and IT Solutions brought in 37% of the revenue Baozun Inc. broke down this way in fiscal 2025.

Digital Marketing and IT Solutions2.3B CNY²37%up 9% from 2024
Warehousing and Fulfillment2.1B CNY²33%down 6% from 2024
Online Store Operations1.9B CNY²31%up 8% from 2024

Products and services by year

Products and services	2023	2024	2025
Digital Marketing and IT Solutions	1.7B CNY	2.1B CNY	2.3B CNY
Warehousing and Fulfillment	2.2B CNY	2.2B CNY	2.1B CNY
Online Store Operations	1.6B CNY	1.8B CNY	1.9B CNY

Business segments

E commerce brought in 82% of the revenue Baozun Inc. broke down this way in fiscal 2025.

E commerce8.3B CNY²82%up 2% from 2024
Brand Management1.8B CNY²18%up 25% from 2024

Business segments by year

Business segments	2023	2024	2025
E commerce	7.6B CNY	8.1B CNY	8.3B CNY
Brand Management	1.3B CNY	1.5B CNY	1.8B CNY

Where the money goes

Where each dollar of revenue went, fiscal 2025

Cost of revenueOther costs

Cost of revenue26¢$368.4M
Other costs74¢$1.1B
Income tax0¢$1.4M

Out of $1.4B in revenue.² The company lost money this year.

Where each dollar of operating cash went, fiscal 2025

Capital spendingKept or used elsewhere

Capital spending25¢$15.2M
Dividends paid5¢$3.2M
Share buybacks2¢$1.5M
Kept or used elsewhere67¢$40.3M

Out of $60.1M of cash from operations.²

Financial statements

Revenue⁴⁵⁶⁷⁸⁹¹⁰²$1.4B in 2025+81% since 2018

Operating income⁴⁵⁶⁷⁸⁹¹⁰²$8.1M in 2025−84% since 2018

Net income⁴⁵⁶⁷⁸⁹¹⁰²-$34.6M in 2025

Every line of the income statement in the latest annual report, as filed.²

Period ending	2025-12-31	2024-12-31	2023-12-31
Net revenues	9.9B CNY	9.4B CNY	8.8B CNY
Cost of products	-2.6B CNY	-2.5B CNY	-2.4B CNY
Fulfillment	-2.3B CNY	-2.5B CNY	-2.5B CNY
Sales and marketing	-3.8B CNY	-3.4B CNY	-2.8B CNY
Technology and content	-463.2M CNY	-550.3M CNY	-505.2M CNY
General and administrative	-751.6M CNY	-719.2M CNY	-855.9M CNY
Other operating income, net	77.3M CNY	55.4M CNY	123.4M CNY
Impairment of goodwill	-18.4M CNY	-6.9M CNY	-35.2M CNY
Total operating expenses	-9.9B CNY	-9.5B CNY	-9.0B CNY
(Loss) Income from operations	56.6M CNY	-114.8M CNY	-206.4M CNY
Interest income	58.6M CNY	68.8M CNY	82.1M CNY
Interest expense	-44.6M CNY	-39.0M CNY	-41.3M CNY
Unrealized investment (loss) gain	-16.6M CNY	4.9M CNY	-68.0M CNY
Gain on disposal of investments	562.0K CNY
Gain (loss) on disposal/acquisition of subsidiaries	-36.3M CNY	0 CNY	631.0K CNY
Impairment loss of investments	-213.4M CNY	-14.4M CNY	0 CNY
Exchange loss	-3.7M CNY	-10.2M CNY	-8.5M CNY
Fair value change on financial instruments	-1.9M CNY	11.8M CNY	24.5M CNY
Loss before income tax and share of income (loss) in equity method investments	-200.8M CNY	-93.0M CNY	-217.0M CNY
Income tax expense	-9.9M CNY	-20.7M CNY	-12.0M CNY
Share of income (loss) in equity method investments	11.1M CNY	-24.7M CNY	6.3M CNY
Net loss	-199.6M CNY	-138.4M CNY	-222.8M CNY
Net (income) loss attributable to non-controlling interests	-23.4M CNY	2.0M CNY	-9.7M CNY
Net income attributable to redeemable non-controlling interests	-19.1M CNY	-48.8M CNY	-46.0M CNY
Net loss attributable to ordinary shareholders of Baozun Inc.	-242.1M CNY	-185.2M CNY	-278.4M CNY
Basic (in dollars per share)	-1.40 CNY	-1.03 CNY	-1.56 CNY
Diluted (in dollars per share)	-1.40 CNY	-1.03 CNY	-1.56 CNY
Basic (in dollars per share)	-4 CNY	-3 CNY	-5 CNY
Diluted (in dollars per share)	-4 CNY	-3 CNY	-5 CNY

Total assets⁴⁵⁶⁷⁸⁹¹⁰²$1.4B in 2025+137% since 2018

Total liabilities⁴⁵⁶⁷⁸⁹¹⁰²$600.5M in 2025+127% since 2018

Shareholders’ equity⁴⁵⁶⁷⁸⁹¹⁰²$520.9M in 2025+64% since 2018

Cash⁴⁵⁶⁷⁸⁹¹⁰²$129.7M in 2025+95% since 2018

Long-term debt⁴⁵⁶⁷$0 in 2021

Every line of the balance sheet in the latest annual report, as filed.²

Period ending	2025-12-31	2024-12-31	2023-12-31
Cash and cash equivalents	907.3M CNY	1.3B CNY	2.1B CNY
Restricted cash	141.0M CNY	355.0M CNY	202.8M CNY
Short-term investments (including nil and RMB40,000 of the investments measured at fair value as of December 31, 2024 and 2025)	1.7B CNY	1.3B CNY
Accounts receivable, net of allowance for credit losses of RMB126,936 and RMB177,770 as of December 31, 2024 and 2025, respectively	2.2B CNY	2.0B CNY
Inventories	879.4M CNY	1.1B CNY
Advances to suppliers	366.7M CNY	404.4M CNY
Derivative financial assets	6.3M CNY	11.6M CNY
Prepayments and other current assets	576.0M CNY	724.1M CNY
Amounts due from related parties	6.2M CNY	7.0M CNY
Total current assets	6.8B CNY	7.2B CNY
Long-term debt investments (including RMB144,873 of the investments measured at fair value as of December 31, 2025)	232.2M CNY
Long-term equity investments	256.4M CNY	341.7M CNY
Property and equipment, net	758.7M CNY	822.2M CNY
Intangible assets, net	322.9M CNY	357.3M CNY
Land use right, net	36.4M CNY	37.4M CNY
Operating lease right-of-use assets	651.7M CNY	767.4M CNY
Goodwill	274.3M CNY	362.4M CNY
Other non-current assets	71.1M CNY	69.9M CNY
Deferred tax assets	284.3M CNY	234.5M CNY
Total non-current assets	2.9B CNY	3.0B CNY
TOTAL ASSETS	9.7B CNY	10.2B CNY
Short-term loans	1.2B CNY	1.2B CNY
Accounts payable	466.1M CNY	620.7M CNY
Notes payable	335.2M CNY	461.2M CNY
Income tax payables	35.5M CNY	26.6M CNY
Accrued expenses and other current liabilities	1.4B CNY	1.2B CNY
Derivative financial liabilities		130.0K CNY
Amounts due to related parties	1.5M CNY	5.4M CNY
Current operating lease liabilities	239.7M CNY	243.1M CNY
Total current liabilities	3.6B CNY	3.7B CNY
Deferred tax liabilities	23.0M CNY	32.8M CNY
Long-term operating lease liabilities	489.6M CNY	597.8M CNY
Other non-current liabilities	41.8M CNY	48.3M CNY
Total non-current liabilities	554.4M CNY	678.9M CNY
TOTAL LIABILITIES	4.2B CNY	4.4B CNY
Redeemable non-controlling interests	57.6M CNY	1.7B CNY	1.6B CNY
Additional paid-in capital	4.6B CNY	4.6B CNY
Treasury shares (14,331,000 and 13,268,625 shares as of December 31, 2024 and 2025, respectively)	-90.6M CNY	-95.5M CNY
Accumulated deficit	-933.9M CNY	-691.8M CNY
Accumulated other comprehensive income	27.5M CNY	54.6M CNY
Total Baozun Inc. shareholders' equity	3.6B CNY	3.9B CNY
Non-controlling interests	1.8B CNY	196.2M CNY
Total Shareholders' equity	5.4B CNY	4.1B CNY	4.3B CNY
TOTAL LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS AND SHAREHOLDERS' EQUITY	9.7B CNY	10.2B CNY
Short-term investments	40.0M CNY	0 CNY
Accounts receivable, allowance for doubtful accounts	177.8M CNY	126.9M CNY	124.7M CNY
Long-term debt investments, portion measured at fair value	144.9M CNY
Treasury shares (in shares)	13.3M shares	14.3M shares

Cash from operations⁴⁵⁶⁷⁸⁹¹⁰²$60.1M in 2025

Capital spending⁴⁵⁶⁷⁸⁹¹⁰²$15.2M in 2025−15% since 2018

Free cash flow⁴⁵⁶⁷⁸⁹¹⁰²$44.9M in 2025

Dividends paid⁹¹⁰²$3.2M in 2025+1908% since 2023

Share buybacks⁴⁷⁸⁹¹⁰²$1.5M in 2025

Every line of the cash flow in the latest annual report, as filed.²

Period ending	2025-12-31	2024-12-31	2023-12-31
Net loss	-199.6M CNY	-138.4M CNY	-222.8M CNY
Provision for (reversal of) credit losses allowance	58.3M CNY	-915.0K CNY	19.8M CNY
Inventory write-down	126.9M CNY	150.8M CNY	152.9M CNY
Share-based compensation	19.9M CNY	76.3M CNY	103.4M CNY
Depreciation and amortization	221.7M CNY	244.9M CNY	251.6M CNY
Deferred income tax	-56.8M CNY	-40.9M CNY	-45.6M CNY
Loss on disposal of property and equipment	11.9M CNY	28.5M CNY	7.4M CNY
Gain on disposal of investments	-562.0K CNY	0 CNY	0 CNY
Loss (gain) on acquisition or disposal of subsidiaries	36.3M CNY	0 CNY	-631.0K CNY
Share of loss (income) in equity method investment	-11.1M CNY	24.7M CNY	-6.3M CNY
Impairment loss of investments	213.4M CNY	14.4M CNY	0 CNY
Unrealized investment loss (gain)	16.6M CNY	-4.9M CNY	68.0M CNY
Exchange loss	3.7M CNY	10.2M CNY	8.5M CNY
Impairment of goodwill	18.4M CNY	6.9M CNY	35.2M CNY
Fair value adjustment of financial instruments, noncash effect	1.9M CNY	-11.8M CNY	-24.5M CNY
Unrealized interest income on long-term debt investments	-3.5M CNY	0 CNY	0 CNY
Accounts receivable	-328.6M CNY	181.6M CNY	226.9M CNY
Inventories	91.3M CNY	-222.5M CNY	-33.8M CNY
Advances to suppliers	12.6M CNY	-90.3M CNY	65.9M CNY
Prepayments and other current assets	52.0M CNY	-105.8M CNY	-10.9M CNY
Amounts due from related parties	786.0K CNY	56.9M CNY	4.7M CNY
Operating lease right-of-use assets	115.7M CNY	302.7M CNY	143.8M CNY
Other non-current assets	-8.8M CNY	-24.6M CNY	21.7M CNY
Accounts payable	-131.9M CNY	57.1M CNY	-133.5M CNY
Notes payable	-126.0M CNY	-45.5M CNY	18.8M CNY
Income tax payables	8.9M CNY	12.2M CNY	-27.4M CNY
Amounts due to related parties	-3.8M CNY	-26.8M CNY	2.4M CNY
Accrued expenses and other current liabilities	384.2M CNY	-94.3M CNY	14.0M CNY
Other non-current liabilities	-6.5M CNY	23.8M CNY	-47.3M CNY
Operating lease liabilities	-111.6M CNY	-291.1M CNY	-144.2M CNY
Dividend from return on equity method investments	14.7M CNY	8.1M CNY	0 CNY
Net cash provided by operating activities	420.4M CNY	101.3M CNY	448.3M CNY
Purchases of property and equipment	-106.5M CNY	-132.1M CNY	-165.0M CNY
Purchases of investments	-1.8B CNY	-1.1B CNY	-820.6M CNY
Cash disposed upon deconsolidation of a subsidiary	-3.0M CNY	0 CNY	0 CNY
Maturity of investments	1.1B CNY	582.5M CNY	1.0B CNY
Additions of intangible assets	-47.3M CNY	-76.2M CNY	-65.2M CNY
Investment in equity investees	0 CNY	-947.0K CNY	-172.3M CNY
Payment for the acquisition of subsidiaries, net of cash acquired	0 CNY	-63.0M CNY	-104.6M CNY
Proceeds from disposal of equity investments	7.6M CNY	0 CNY	6.3M CNY
Loan to a related party	0 CNY	-664.0K CNY	-29.4M CNY
Loan to third parties	-30.0M CNY	-2.9M CNY	0 CNY
Net cash used in investing activities	-898.6M CNY	-817.6M CNY	-340.4M CNY
Proceeds from short-term borrowings	2.2B CNY	2.0B CNY	1.8B CNY
Repayment of short-term borrowings	-2.3B CNY	-1.9B CNY	-1.7B CNY
Repurchase of ordinary shares	-10.2M CNY	-95.5M CNY	0 CNY
Cash settlement of derivative liabilities with Cainiao	0 CNY	0 CNY	-74.0M CNY
Proceeds from exercises of share options	3.0K CNY	164.0K CNY	1.0K CNY
Acquisition of non-controlling interests of subsidiaries	-3.4M CNY	-4.5M CNY	-2.8M CNY
Dividends paid to non-controlling interests	-22.2M CNY	-1.1M CNY	-1.1M CNY
Capital contribution from non-controlling interests	0 CNY	195.0K CNY	2.7M CNY
Payment of contingent consideration for acquisition of Full Jet	-16.3M CNY	-24.2M CNY	-32.5M CNY
Deferred consideration for the acquisition of subsidiaries	-35.8M CNY	0 CNY	0 CNY
Net cash used in financing activities	-107.5M CNY	-19.7M CNY	-8.0M CNY
Net increase (decrease) in cash, cash equivalents and restricted cash	-585.6M CNY	-736.1M CNY	99.8M CNY
Effect of exchange rate changes on cash, cash equivalents and restricted cash	-10.4M CNY	28.1M CNY	6.7M CNY
Cash paid for interest	27.8M CNY	27.1M CNY	38.2M CNY
Cash paid for income tax	58.4M CNY	53.8M CNY	84.8M CNY
Purchases of property and equipment included in payables	9.0M CNY	16.4M CNY	21.7M CNY
Considerations payable in relation to business combination	10.1M CNY	32.1M CNY	0 CNY

Compare Baozun Inc. with another company

Former names

Baozun Cayman Inc.Dec 18, 2014 to Mar 5, 2015³

Recent filings

Oct 14, 20264 OWNERSHIP DOCUMENT
Oct 9, 20266-K
Oct 2, 20266-K
Sep 24, 20266-K
Sep 22, 20264 OWNERSHIP DOCUMENT
Sep 18, 20264 OWNERSHIP DOCUMENT
Sep 17, 20264 OWNERSHIP DOCUMENT
Sep 17, 20266-K
Sep 16, 20264 OWNERSHIP DOCUMENT
Sep 4, 20264 OWNERSHIP DOCUMENT
Sep 3, 20266-K
Sep 1, 20264 OWNERSHIP DOCUMENT
Sep 1, 20264 OWNERSHIP DOCUMENT
Aug 28, 20266-K
Aug 27, 20266-K

Every filing from the last three years, summarized. The full record is on SEC EDGAR.¹

Sources

The numbers on this page point here. Each one links to the record it came from.

1
SEC EDGARBaozun Inc. filings on SEC EDGAR
2
SEC EDGARBaozun Inc. 10-K for fiscal 2025
3
SEC EDGARBaozun Inc. filings on SEC EDGAR
4
SEC EDGARBaozun Inc. 10-K for fiscal 2018
5
SEC EDGARBaozun Inc. 10-K for fiscal 2019
6
SEC EDGARBaozun Inc. 10-K for fiscal 2020
7
SEC EDGARBaozun Inc. 10-K for fiscal 2021
8
SEC EDGARBaozun Inc. 10-K for fiscal 2022
9
SEC EDGARBaozun Inc. 10-K for fiscal 2023
10
SEC EDGARBaozun Inc. 10-K for fiscal 2024