Education
About Us
Working with TipRanks
Follow Us
Baozun Inc (BZUN)
NASDAQ:BZUN
Top Page
Baozun
(NASDAQ:BZUN)
Select Model
Select Model
Rating:45Neutral
Price Target:
$3.00
▼(-1.64% Downside)
Baozun's overall stock score is primarily influenced by its financial performance and technical analysis. While the company shows revenue growth, profitability and cash flow issues are significant concerns. Technical indicators suggest bearish momentum, further impacting the score. Valuation challenges, including a negative P/E ratio, also weigh on the overall assessment.
Positive Factors
Revenue Growth
Consistent revenue growth indicates strong market demand and effective business strategies, supporting long-term expansion.
Improved Profitability
Improved profitability through margin expansion enhances financial stability and supports sustainable growth.
Cash Position
A strong cash position provides financial flexibility for strategic investments and resilience against economic fluctuations.
Negative Factors
Profitability Challenges
Persistent profitability issues indicate challenges in cost management, potentially hindering long-term financial health.
Cash Flow Issues
Negative free cash flow suggests potential liquidity constraints, which could limit growth opportunities and operational flexibility.
Increased Expenses
Rising expenses without proportional revenue growth can pressure margins and affect long-term profitability.
Baozun (BZUN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$176.61M
Dividend YieldN/A
Average Volume (3M)185.49K
Price to Earnings (P/E)―
Beta (1Y)0.62
Revenue Growth6.20%
EPS Growth9.12%
CountryUS
Employees7,650
SectorConsumer Cyclical
Sector Strength84
IndustrySpecialty Retail
Share Statistics
EPS (TTM)-0.27
Shares Outstanding58,094,833
10 Day Avg. Volume230,230
30 Day Avg. Volume185,492
Financial Highlights & Ratios
PEG Ratio0.19
Price to Book (P/B)0.30
Price to Sales (P/S)0.13
P/FCF Ratio-11.10
Enterprise Value/Market Cap2.57
Enterprise Value/Revenue0.05
Enterprise Value/Gross Profit0.09
Enterprise Value/Ebitda16.86
Forecast
1Y Price Target
$3.81Price Target Upside24.92% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Baozun Business Overview & Revenue Model
Company DescriptionBaozun Inc., through its subsidiaries, provides e-commerce solutions to brand partners in the People's Republic of China. The company offers IT infrastructure setup and integration, online store design and setup, online store operations, visual merchandising and marketing campaigns, customer services, and warehousing and order fulfilment. It serves brand partners in various categories, including apparel and accessories; appliances; electronics; home and furnishings; food and health products; beauty and cosmetics; fast moving consumer goods, and mother and baby products; and automobiles. The company was formerly known as Baozun Cayman Inc. and changed its name to Baozun Inc. in March 2015. Baozun Inc. was founded in 2007 and is headquartered in Shanghai, the People's Republic of China.
How the Company Makes MoneyBaozun generates revenue through a variety of streams, primarily by charging brands for its e-commerce solutions and services. These include setup fees for online stores, ongoing service fees for managing operations, performance-based commissions from sales generated through the platforms it manages, and revenue from logistics and warehousing services. Additionally, Baozun benefits from strategic partnerships with major e-commerce platforms like Tmall and JD.com, which enhance its market reach and operational capabilities. The company's ability to provide a full-service e-commerce solution allows it to capture a significant share of the revenue generated by the brands it supports.
Baozun Earnings Call Summary
Earnings Call Date:Nov 25, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:Mar 25, 2026
Earnings Call Sentiment Positive
The earnings call highlighted significant improvements in revenue growth and profitability, with successful marketing initiatives and brand engagement contributing positively. Despite some declines in product sales and increased expenses, the overall performance and strategic direction appear promising.Q3-2025 Updates
Positive Updates
Positive Revenue Growth
Baozun's total net revenues for Q3 2025 increased by 5% year-over-year to RMB 2.2 billion, with E-Commerce revenue growing by 2.4% to RMB 1.8 billion and Brand Management revenue up 20% to RMB 396 million.
Improved Profitability
Non-GAAP operating loss narrowed significantly to RMB 11 million from RMB 85 million a year ago, driven by strong gross margin expansion. Gross profit increased by 26.1% to RMB 277.4 million.
BEC Profitability Surge
BEC achieved its most profitable third quarter in recent years with a non-GAAP operating profit of RMB 28 million, compared to an operating loss of RMB 30 million a year ago.
BBM Revenue and Margin Growth
BBM revenue grew by 20% year-over-year, with a gross profit increase of 28% and gross margin expansion to 56.5% from 52.8%.
Successful Marketing and Brand Initiatives
Engaged a top-tier actor as Gap China brand ambassador, launched effective marketing campaigns, and expanded Gap's offline presence.
Cash Position
As of September 30, 2025, Baozun's cash and cash equivalents, restricted cash, and short-term investments totaled RMB 2.7 billion.
Negative Updates
Decline in Certain Product Sales
BEC product sales revenue decreased 8.9% year-over-year to RMB 413.4 million, mainly due to decline in Appliances, and Health and Nutrition categories.
Sales and Marketing Expenses Increase
Sales and marketing expenses increased by 10.7% to RMB 886.6 million, driven by higher spending on creative content and expanded offline network.
Company Guidance
In the third quarter of 2025, Baozun demonstrated robust performance with a 5% increase in total revenue, reaching RMB 2.2 billion. This growth was driven by a 2.4% rise in E-Commerce revenue to RMB 1.8 billion and a 20% surge in Brand Management revenue to RMB 396 million. The company achieved a significant improvement in profitability, with a non-GAAP operating loss narrowing to RMB 11 million from RMB 85 million in the prior year, thanks to a strong gross margin expansion. Baozun's BEC segment reported a non-GAAP operating profit of RMB 28 million, marking its most profitable third quarter in recent years, while BBM exhibited strong top-line growth and improved profitability, driven by effective merchandising and marketing strategies. Gross margin for BBM expanded to 56.5%, contributing to a 30% reduction in non-GAAP operating loss to RMB 38.7 million. The company also noted improvements in operating efficiency, with fulfillment costs reduced by 4.5% and technology and content expenses down by 18.2%. Baozun's cash and cash equivalents totaled RMB 2.7 billion as of September 30, 2025, with total equity rising to RMB 5.5 billion following an accounting adjustment related to the expiration of options in its Cainiao investment. Looking ahead, Baozun is optimistic about sustained growth and profitability, with 2026 expected to be a pivotal year for transitioning from strategic transformation to consistent profitable expansion.Baozun Financial Statement Overview
Summary
Baozun is experiencing revenue growth but struggles with profitability and cash flow stability. The balance sheet is stable with manageable leverage, but negative returns and cash flow issues highlight the need for strategic adjustments.Income Statement
Baozun's revenue has shown moderate growth over the years, with a 6.9% increase from 2023 to 2024. However, the company has been struggling with profitability, as indicated by negative EBIT and net income margins in recent years. The gross profit margin remains healthy at around 47.6% for 2024, but the persistent negative net profit margin highlights ongoing challenges in managing costs and achieving profitability.Balance Sheet
The balance sheet indicates a stable equity position, with a debt-to-equity ratio of 0.64 in 2024, suggesting manageable leverage. However, the equity ratio has decreased slightly, reflecting a potential risk in asset financing. The return on equity remains negative due to net losses, which is a concern for long-term sustainability.Cash Flow
Baozun's cash flow situation is mixed. The operating cash flow has decreased significantly from 2023 to 2024, and free cash flow has turned negative, indicating potential liquidity issues. The operating cash flow to net income ratio is positive, suggesting that the company is generating cash despite net losses, but the negative free cash flow to net income ratio is a concern.| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 9.77B | 9.42B | 8.81B | 8.40B | 9.40B | 8.85B |
| Gross Profit | 4.81B | 4.49B | 3.90B | 3.42B | 3.46B | 3.27B |
| EBITDA | 26.90M | 190.85M | 75.95M | -326.85M | 109.78M | 669.29M |
| Net Income | -204.01M | -185.20M | -278.42M | -653.29M | -219.83M | 425.99M |
Balance Sheet | ||||||
| Total Assets | 9.79B | 10.21B | 10.46B | 9.98B | 12.30B | 10.45B |
| Cash, Cash Equivalents and Short-Term Investments | 2.53B | 2.92B | 3.07B | 3.10B | 4.69B | 5.17B |
| Total Debt | 2.40B | 2.52B | 2.75B | 2.38B | 3.98B | 2.79B |
| Total Liabilities | 4.27B | 4.43B | 4.62B | 4.38B | 5.83B | 4.32B |
| Stockholders Equity | 3.70B | 3.91B | 4.09B | 4.03B | 4.89B | 6.10B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | -106.99M | 283.25M | 175.65M | -381.69M | 198.96M |
| Operating Cash Flow | 0.00 | 101.28M | 448.25M | 382.61M | -96.11M | 310.01M |
| Investing Cash Flow | 0.00 | -817.61M | -340.37M | -1.31B | 375.82M | -616.37M |
| Financing Cash Flow | 0.00 | -19.74M | -8.03M | -1.65B | 749.95M | 2.67B |
Baozun Technical Analysis
Positive
3.05
Price Trends
2.90
Positive
3.32
Negative
3.04
Positive
Market Momentum
<0.01
Negative
61.48
Neutral
77.86
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BZUN, the sentiment is Positive. The current price of 3.05 is above the 20-day moving average (MA) of 2.76, above the 50-day MA of 2.90, and above the 200-day MA of 3.04, indicating a bullish trend. The MACD of <0.01 indicates Negative momentum. The RSI at 61.48 is Neutral, neither overbought nor oversold. The STOCH value of 77.86 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for BZUN.
Baozun Risk Analysis
Baozun disclosed 114 risk factors in its most recent earnings report. Baozun reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 3 New Risks
1.
We may incur impairment charges for our goodwill. Q4, 2023
2.
Our plans to innovate, expand our product offerings and successfully implement our growth strategies may not be successful, and implementation of these plans may divert our operational, managerial and administrative resources, which could harm our competitive position and reduce our revenue and profitability. Q4, 2023
3.
We are subject to changing laws and regulations regarding regulatory matters, corporate governance and public disclosure that have increased both our costs and the risk of non-compliance. Q4, 2023
Baozun Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
81 Outperform | $8.83B | 9.40 | 17.83% | 2.46% | -2.97% | -8.57% | |
70 Outperform | $42.67B | 9.95 | 13.68% | 3.37% | 16.54% | -3.61% | |
68 Neutral | $358.79B | 20.13 | 12.39% | 1.31% | 5.14% | 50.76% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
60 Neutral | $41.54B | 104.92 | 8.73% | ― | 16.63% | -62.54% | |
57 Neutral | $6.11B | 42.22 | ― | ― | 1.98% | -20.98% | |
45 Neutral | $176.61M | -6.23 | -5.26% | ― | 6.20% | 9.12% |
* Consumer Cyclical Sector Average
BZUN
Baozun
3.05
0.31
11.31%
VIPS
Vipshop
18.56
6.04
48.24%
JD
JD
30.73
-4.01
-11.54%
BABA
Alibaba
166.31
85.98
107.02%
ETSY
Etsy
60.39
6.98
13.07%
CPNG
Coupang
22.17
0.20
0.91%
Baozun Corporate Events
Baozun Reports December 2025 Share Capital Movements and RSU-Driven Share Increase
Jan 6, 2026
On January 6, 2026, Baozun Inc. filed a Form 6-K in the United States and submitted a monthly return to the Hong Kong Stock Exchange reporting movements in its share capital for the month ended December 31, 2025. The filing shows that while the company’s authorized share capital remained unchanged at a total of US$50,000, its issued Class A WVR ordinary shares increased by 735,750 to 161,015,878 (excluding treasury shares), bringing total Class A issued shares including treasury stock to 174,284,503, with Class B shares unchanged at 13,300,738. The increase in issued Class A shares stemmed from restricted share units vesting under Baozun’s 2022 Share Incentive Plan, reflecting ongoing use of equity-based compensation without new option grants under its older 2014 and 2015 plans, and indicating a modest dilution for shareholders as the company continues to incentivize management and employees within its WVR structure.
The most recent analyst rating on (BZUN) stock is a Buy with a $3.81 price target. To see the full list of analyst forecasts on Baozun stock, see the BZUN Stock Forecast page.
Baozun Reports November 2025 Share Capital Movements
Dec 3, 2025
On December 3, 2025, Baozun Inc. submitted a monthly return form to The Stock Exchange of Hong Kong Limited, detailing movements in its authorized share capital and issued shares for November 2025. The report highlighted that there were no changes in the authorized share capital, maintaining a balance of 470 million WVR ordinary shares A and 30 million WVR ordinary shares B. The issued shares saw a slight increase, with 11,700 new shares issued, bringing the total to 173,548,753 shares. This update reflects Baozun’s ongoing adjustments in its share structure, which may impact its market positioning and shareholder value.
The most recent analyst rating on (BZUN) stock is a Buy with a $3.81 price target. To see the full list of analyst forecasts on Baozun stock, see the BZUN Stock Forecast page.
Baozun Inc. Schedules Board Meeting to Approve Q3 2025 Financial Results
Nov 12, 2025
Baozun Inc. announced that its board of directors will hold a meeting on November 25, 2025, to approve the company’s unaudited financial results for the third quarter ended September 30, 2025. The results will be published on the same day, with an earnings conference call scheduled for later that evening. This announcement is significant as it reflects Baozun’s ongoing commitment to transparency and regulatory compliance, potentially impacting investor confidence and market positioning.
The most recent analyst rating on (BZUN) stock is a Hold with a $3.50 price target. To see the full list of analyst forecasts on Baozun stock, see the BZUN Stock Forecast page.
Baozun Reports October 2025 Share Capital Movements
Nov 7, 2025
Baozun Inc. announced a submission to The Stock Exchange of Hong Kong Limited detailing movements in its authorized share capital and issued shares for October 2025. The report, submitted on November 6, 2025, highlights that there was no change in the number of authorized shares, which remained at 470 million for Class A and 30 million for Class B shares. The number of issued shares increased slightly due to the issuance of new shares under the 2022 Share Incentive Plan. This update reflects Baozun’s ongoing efforts to manage its capital structure effectively, which is crucial for maintaining its competitive position in the e-commerce sector.
The most recent analyst rating on (BZUN) stock is a Hold with a $3.50 price target. To see the full list of analyst forecasts on Baozun stock, see the BZUN Stock Forecast page.
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.