Baozun Inc (BZUN)
NASDAQ:BZUN
Earnings Data
Report Date
May 21, 2026Before Open (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
―Last Year’s EPS
-0.16Same Quarter Last Year
Moderate Buy
Based on 1 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented a clear improvement in profitability, margin expansion and cash generation, highlighted by a 91% YoY increase in quarterly non-GAAP operating profit, substantial gross margin improvements, BBM achieving its first quarterly breakeven and operating cash flow tripling. Offsetting these positives are a one-time RMB 230 million investment impairment, increased sales & marketing spend, and modest e-commerce top-line growth coupled with execution risks from AI-driven platform shifts and international expansion still being nascent. On balance the operational and financial progress—particularly margin and cash-flow gains—outweigh the negatives, but execution of the stated growth and AI initiatives will be critical to sustain momentum.Company Guidance
Quarterly Revenue Growth
Group revenue for Q4 FY2025 increased 6% year-over-year to RMB 3.2 billion; full-year 2025 revenue was RMB 9.9 billion, up 6% YoY.
Strong Profitability Improvement
Non-GAAP operating income for the quarter rose 91% YoY to RMB 197.7 million (from RMB 103.3 million); full-year adjusted operating income improved to RMB 126 million from RMB 11 million in FY2024.
Margin Expansion and Gross Profit Growth
Blended gross margin for product sales expanded 640 basis points YoY to 36.5%; gross profit for the quarter rose 35.9% YoY to RMB 451.5 million. E-commerce product sales gross margin improved to 18.4% (up 760 bps YoY) and BBM gross margin rose to 52.1% (up 170 bps YoY).
Brand Management (BBM) Momentum & Breakeven
BBM revenue grew 24% YoY to RMB 664 million in Q4 and achieved its first quarterly non-GAAP operating breakeven (RMB 1.8 million). Full-year BBM net revenues were RMB 1.8 billion, up 25% YoY. BBM opened 29 new Gap stores in 2025 (7 in Q4), bringing Gap store count to 164 and BBM portfolio to 177 stores.
E-commerce (BEC) Profitability Gains
BEC delivered modest top-line growth (e-commerce revenue +2–2.5% YoY to ~RMB 2.6 billion) while BEC product sales gross profit increased 70.9% and BEC adjusted non-GAAP operating income rose 43% YoY to RMB 195.9 million in Q4, reflecting category mix optimization (strength in health & nutrition, apparel, beauty).
Cash Generation and Working Capital Improvement
Operating cash flow for 2025 more than tripled to RMB 420 million, a 315% YoY increase; cash, cash equivalents, restricted cash and short-term investments totaled RMB 2.8 billion as of Dec 31, 2025. Inventory turnover days improved (BBM inventory days reduced 16% to 114 days).
Cost Optimization and Efficiency
Fulfillment costs decreased 11.1% to RMB 683.4 million; technology and content expenses fell 20.2% to RMB 116.9 million; G&A declined 2% to RMB 187.9 million, reflecting ongoing cost-control initiatives and AI-driven efficiency efforts.
Strategic Targets & Guidance
Management set a medium-term profitability target of RMB 550 million non-GAAP operating profit by 2028 and expects to accelerate growth and margin expansion across BEC and BBM, with 2026 priorities including single-digit BEC growth, strong BBM growth and an expectation to roughly double non-GAAP operating profit vs. 2025.
BZUN Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
BZUN Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Mar 25, 2026 | $2.13 | $2.48 | +16.43% |
Nov 25, 2025 | $2.92 | $2.75 | -5.82% |
Aug 28, 2025 | $2.83 | $3.19 | +12.72% |
May 21, 2025 | $3.22 | $3.08 | -4.35% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Baozun Inc (BZUN) report earnings?
Baozun Inc (BZUN) is schdueled to report earning on May 21, 2026, Before Open (Confirmed).
What is Baozun Inc (BZUN) earnings time?
Baozun Inc (BZUN) earnings time is at May 21, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
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What companies are reporting earnings today?
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What is BZUN EPS forecast?
Currently, no data Available