Baozun Inc (BZUN)
NASDAQ:BZUN
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Baozun
(NASDAQ:BZUN)
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Rating:54Neutral
Price Target:
$2.50
▼(-20.38% Downside)
Action:Reiterated
Date:05/21/26
The score reflects weak underlying financial performance (persistent losses and a sharp 2025 revenue drop) and soft technical momentum, partially offset by a notably improved and upbeat Q1 earnings update (return to non-GAAP operating profitability, better margins, and sharply improved working capital). Valuation remains constrained by negative earnings and no dividend support.
Positive Factors
End-to-end e‑commerce services
Baozun’s core business is a diversified, service‑based e‑commerce model that bundles store operations, marketing, tech and fulfillment. This combination creates recurring fee income, cross‑sell opportunities and higher client stickiness, supporting durable revenue streams and resilience versus single-channel vendors.
Negative Factors
Persistent losses and revenue volatility
Chronic net losses and extreme revenue swings (notably 2025’s -95.4%) indicate structural volatility in client demand or business mix. Negative returns on equity and unstable top line hinder reinvestment and make multi‑quarter planning harder, limiting confidence in a sustained profitability trajectory.
Read all positive and negative factors
Positive Factors
Negative Factors
End-to-end e‑commerce services
Baozun’s core business is a diversified, service‑based e‑commerce model that bundles store operations, marketing, tech and fulfillment. This combination creates recurring fee income, cross‑sell opportunities and higher client stickiness, supporting durable revenue streams and resilience versus single-channel vendors.
Read all positive factors
Baozun (BZUN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$163.87M
Dividend YieldN/A
Average Volume (3M)282.90K
Price to Earnings (P/E)―
Beta (1Y)1.06
Revenue Growth9.72%
EPS Growth-5.82%
CountryUS
Employees7,650
SectorConsumer Cyclical
Sector Strength84
IndustrySpecialty Retail
Share Statistics
EPS (TTM)-4.20
Shares Outstanding58,094,833
10 Day Avg. Volume261,291
30 Day Avg. Volume282,904
Financial Highlights & Ratios
PEG Ratio-0.14
Price to Book (P/B)0.30
Price to Sales (P/S)0.11
P/FCF Ratio4.03
Enterprise Value/Market Cap12.97
Enterprise Value/Revenue0.21
Enterprise Value/Gross Profit0.42
Enterprise Value/Ebitda-13.61
Forecast
1Y Price Target
$3.98Price Target Upside26.75% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)2.78
Revenue Forecast (FY)$10.58B
Baozun Business Overview & Revenue Model
Company Description
Baozun Inc., operating through its network of subsidiaries, provides a comprehensive suite of digital commerce services to brand partners across the People's Republic of China. The company's extensive offerings include establishing and integrating...
How the Company Makes Money
Baozun primarily makes money by providing e-commerce and related services to brands and charging fees tied to those services. A core revenue stream is service-based revenue from running brands’ official online stores and commerce operations on thi...
Baozun Earnings Call Summary
Earnings Call Date:May 20, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Sep 02, 2026
Earnings Call Sentiment Positive
The call conveyed a broadly positive tone: the company reported double-digit revenue growth, a return to group-level non-GAAP profitability, meaningful margin expansion for product sales, strong BBM top-line momentum (especially GAP) and sharp improvements in working capital and inventory turnover. Offsetting items include higher sales & marketing investments, a small remaining BBM non-GAAP loss at the segment level, some margin compression at BBM versus prior year, and near-term demand timing risks around April/618 and campaign digestion in certain FMCG categories. Overall, operational improvements and the profitability turnaround outweigh the headwinds.Positive Updates
Group Revenue Growth
Total net revenues grew 15% year-over-year to CNY 2.4 billion in Q1 2026.
Negative Updates
Rising Sales & Marketing Spend
Sales and marketing expenses increased by CNY 93 million to CNY 893 million (approximately +11.6% year-over-year), driven by higher creative/content spend in BEC (+CNY 43 million) and BBM offline store and marketing expansion (+CNY 56.8 million).
Read all updates
Q1-2026 Updates
Positive
Negative
Group Revenue Growth
Total net revenues grew 15% year-over-year to CNY 2.4 billion in Q1 2026.
Read all positive updates
Company Guidance
Management said Q1 momentum supports a confident full‑year outlook: group revenue was up 15% YoY to CNY 2.4bn (e‑commerce +10% to CNY 1.9bn — services +7% to CNY 1.4bn, product sales +21% to CNY 510m; BBM revenue +39% to CNY 538m), product sales gross profit rose 33.6% to CNY 350m with blended product gross margin 33.5% (+110 bps) and e‑commerce product margin 15.9% (+98 bps), non‑GAAP operating income turned positive at CNY 8m (BEC +CNY13m vs loss CNY46m a year ago; BBM loss CNY4.9m vs loss CNY21.1m), cash and equivalents plus short‑term investments totaled CNY 2.9bn, working capital days improved to 109 from 193 and inventory days shortened to 113 from 185 (BBM 114 from 157); looking ahead management reiterated BBM’s 2026 growth objective of “over 20%,” a path to 2026 annual operating breakeven (GAP delivered Q1 same‑store sales growth in the 20s), plans ~50 new GAP stores in 2026 (about 10 in Q2), expects continued margin improvement, AI‑driven efficiency gains and a strong finish to 618.Baozun Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
56
Neutral
Cash Flow
63
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 9.95B | 9.42B | 8.81B | 8.40B | 9.40B |
| Gross Profit | 5.06B | 4.49B | 3.90B | 3.42B | 3.46B |
| EBITDA | 65.55M | 190.85M | 75.95M | -326.85M | 109.78M |
| Net Income | -242.10M | -185.20M | -278.42M | -653.29M | -219.83M |
Balance Sheet | |||||
| Total Assets | 9.70B | 10.21B | 10.46B | 9.98B | 12.30B |
| Cash, Cash Equivalents and Short-Term Investments | 2.80B | 2.92B | 3.07B | 3.10B | 4.69B |
| Total Debt | 2.27B | 2.52B | 2.75B | 2.38B | 3.98B |
| Total Liabilities | 4.20B | 4.43B | 4.62B | 4.38B | 5.83B |
| Stockholders Equity | 3.64B | 3.91B | 4.09B | 4.03B | 4.89B |
Cash Flow | |||||
| Free Cash Flow | 266.59M | -106.99M | 283.25M | 175.65M | -381.69M |
| Operating Cash Flow | 420.43M | 101.28M | 448.25M | 382.61M | -96.11M |
| Investing Cash Flow | -898.59M | -817.61M | -340.37M | -1.31B | 375.82M |
| Financing Cash Flow | -107.49M | -19.74M | -8.03M | -1.65B | 749.95M |
Baozun Technical Analysis
Positive
3.14
Price Trends
2.70
Positive
2.60
Positive
2.95
Negative
Market Momentum
0.03
Negative
59.38
Neutral
60.12
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 3.14 is above the 20-day moving average (MA) of 2.65, above the 50-day MA of 2.70, and above the 200-day MA of 2.95, indicating a neutral trend. The MACD of 0.03 indicates Negative momentum. The RSI at 59.38 is Neutral, neither overbought nor oversold. The STOCH value of 60.12 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 | $6.41B | 5.78 | 18.50% | 2.46% | 0.97% | 10.77% | |
67 Neutral | $7.02B | 24.99 | -25.47% | ― | 1.78% | 75.71% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
57 Neutral | $38.10B | 18.61 | 6.15% | 3.37% | 12.13% | -67.45% | |
54 Neutral | $163.87M | -5.88 | -5.06% | ― | 9.72% | -5.82% | |
54 Neutral | $262.06B | 17.54 | 10.00% | 1.31% | 4.44% | -16.38% | |
54 Neutral | $32.31B | -199.09 | -3.67% | ― | 13.10% | -163.64% |
* Consumer Cyclical Sector Average
BZUN
Baozun
2.79
0.22
8.56%
VIPS
Vipshop
13.33
-0.82
-5.81%
JD
JD
27.57
-3.83
-12.21%
BABA
Alibaba
107.10
-5.38
-4.78%
ETSY
Etsy
73.95
17.79
31.68%
CPNG
Coupang
18.00
-10.55
-36.95%
Baozun Corporate Events
Baozun Sets May 20 Board Meeting to Approve First-Quarter 2026 Results
May 8, 2026
Baozun Inc. announced on May 8, 2026, that its board of directors will convene a meeting on May 20, 2026, in Hong Kong to approve and publish the company’s unaudited financial results for the first quarter ended March 31, 2026, prepared unde...
Baozun Reports Stable Share Capital and Public Float in April 2026 Hong Kong Filing
May 7, 2026
On May 7, 2026, Baozun Inc. filed a Form 6-K with the U.S. Securities and Exchange Commission, noting that it had submitted a monthly return to the Hong Kong Stock Exchange covering movements in its share capital for April 2026. The filing confirm...
Baozun Sets May 15, 2026 Record Date for Annual General Meeting Eligibility
Apr 24, 2026
Baozun Inc. announced on April 24, 2026 that it has set May 15, 2026, Hong Kong time, as the record date for determining holders of its ordinary shares who are eligible to attend and vote at its forthcoming annual general meeting. The company will...
Baozun Files 2025 Annual Reports and Expands ESG-Focused Disclosure
Apr 23, 2026
Baozun Inc., a leading Chinese brand e-commerce solution provider and digital commerce enabler, operates through its Baozun e-Commerce, Baozun Brand Management and Baozun International units, offering integrated services in brand e-commerce, brand...
Baozun Reports Stable Share Capital and Public Float in March 2026 Hong Kong Filing
Apr 9, 2026
Baozun Inc. reported to the U.S. Securities and Exchange Commission on April 9, 2026, that it had submitted a monthly return to the Hong Kong Stock Exchange detailing movements in its authorized share capital and issued shares for the month ended ...
Baozun Reports No Share Capital Changes in February 2026 Hong Kong Filing
Mar 4, 2026
Baozun Inc. reported to the U.S. Securities and Exchange Commission on March 4, 2026 that it had filed a monthly return with the Hong Kong Stock Exchange detailing movements in its authorized share capital and issued shares for February 2026. The ...
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.