Baozun Inc (BZUN)
NASDAQ:BZUN
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Baozun
(NASDAQ:BZUN)
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Rating:56Neutral
Price Target:
$2.50
▼(-20.38% Downside)
Action:Reiterated
Date:04/27/26
The score reflects below-average core fundamentals driven by persistent losses and stated income-statement volatility, partially offset by improving cash generation and a reasonably positioned balance sheet. Technicals are moderately supportive, and the latest earnings call reinforced a credible path toward profitability with improving margins and cash flow, though execution and growth risks remain elevated. Valuation is constrained by continued losses and no dividend support.
Positive Factors
Improving cash generation
Sustained positive operating cash flow (2022–2025) and a large 2025 rebound provide durable liquidity to fund operations, inventory and store rollouts without immediate financing. Strong cash conversion reduces refinancing risk and supports multi-year execution of margin and store expansion plans.
Negative Factors
Persistent losses & revenue volatility
Chronic net losses and volatile top-line undermine confidence in sustainable earnings despite margin gains. Negative ROE and inconsistent revenue trends mean margin improvements must translate into sustained operating profit; otherwise the company risks repeating cash-flow swings that impair strategic investments.
Read all positive and negative factors
Positive Factors
Negative Factors
Improving cash generation
Sustained positive operating cash flow (2022–2025) and a large 2025 rebound provide durable liquidity to fund operations, inventory and store rollouts without immediate financing. Strong cash conversion reduces refinancing risk and supports multi-year execution of margin and store expansion plans.
Read all positive factors
Baozun (BZUN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$153.72M
Dividend YieldN/A
Average Volume (3M)410.16K
Price to Earnings (P/E)―
Beta (1Y)1.06
Revenue Growth5.82%
EPS Growth-35.69%
CountryUS
Employees7,650
SectorConsumer Cyclical
Sector Strength84
IndustrySpecialty Retail
Share Statistics
EPS (TTM)-4.20
Shares Outstanding58,094,833
10 Day Avg. Volume290,469
30 Day Avg. Volume410,161
Financial Highlights & Ratios
PEG Ratio-0.15
Price to Book (P/B)0.30
Price to Sales (P/S)0.11
P/FCF Ratio4.03
Enterprise Value/Market Cap14.50
Enterprise Value/Revenue0.23
Enterprise Value/Gross Profit0.39
Enterprise Value/Ebitda64.40
Forecast
1Y Price Target
$3.98Price Target Upside26.75% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)2.91
Revenue Forecast (FY)$10.51B
Baozun Business Overview & Revenue Model
Company Description
Baozun 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 me...
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:Mar 25, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Sep 02, 2026
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.Positive Updates
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.
Negative Updates
Significant Investment Impairment
The company recorded a GAAP investment impairment loss of RMB 230 million in the quarter related to pre-investments in the e-commerce sector and certain equity investments, weighing on GAAP results.
Read all updates
Q4-2025 Updates
Positive
Negative
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.
Read all positive updates
Company Guidance
Management guided to accelerate from rebuilding to scaling, targeting group non‑GAAP operating profit of RMB 550 million by 2028 and expecting 2026 to be a positive year (aiming for positive net income to ordinary shareholders); they project 2026 non‑GAAP operating profit to be roughly double 2025’s level. Near‑term revenue guidance is single‑digit growth for BEC and continued double‑digit growth for BBM (Gap guided ~20% revenue growth in 2026, accelerating to ~25–30% in 2027–28), with BBM aiming annual GAAP operating breakeven in 2026 and ~150 bps of operating‑profit improvement per year thereafter; BBM will accelerate store expansion (29 Gap stores added in 2025 to 164 total, 177 total BBM stores, with ~50 new Gap stores planned for 2026). Management reiterated balance‑sheet strength (cash, equivalents, restricted cash and short‑term investments RMB 2.8 billion; 2025 operating cash flow RMB 420 million, +315% YoY), emphasized margin expansion (historic improvements: group product gross margin 36.5% +640 bps; e‑commerce product margin 18.4% +760 bps; BBM margin 52.1% +170 bps) and said AI and efficiency programs—focused on bottom‑line automation rather than clear top‑line AI monetization today—will be prioritized with talent and targeted investment.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 | 9.67B | 9.42B | 8.81B | 8.40B | 9.40B |
| Gross Profit | 7.17B | 4.49B | 3.90B | 3.42B | 3.46B |
| EBITDA | -2.29M | 190.85M | 75.95M | -326.85M | 109.78M |
| Net Income | -235.50M | -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
Negative
3.14
Price Trends
2.58
Negative
2.64
Negative
2.98
Negative
Market Momentum
-0.02
Positive
43.53
Neutral
14.79
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BZUN, the sentiment is Negative. The current price of 3.14 is above the 20-day moving average (MA) of 2.72, above the 50-day MA of 2.58, and above the 200-day MA of 2.98, indicating a bearish trend. The MACD of -0.02 indicates Positive momentum. The RSI at 43.53 is Neutral, neither overbought nor oversold. The STOCH value of 14.79 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 | $6.81B | 6.04 | 17.98% | 2.46% | -2.12% | -0.37% | |
67 Neutral | $44.75B | 13.78 | 6.15% | 3.37% | 12.13% | -67.45% | |
66 Neutral | $5.78B | 17.26 | -25.47% | ― | 1.78% | 75.71% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
56 Neutral | $153.72M | -7.20 | -6.45% | ― | 5.82% | -35.69% | |
54 Neutral | $323.27B | 137.72 | 9.98% | 1.31% | 4.44% | -16.38% | |
54 Neutral | $28.04B | -32.38 | -3.67% | ― | 13.10% | -163.64% |
* Consumer Cyclical Sector Average
BZUN
Baozun
2.54
-0.54
-17.53%
VIPS
Vipshop
14.22
0.34
2.43%
JD
JD
32.46
-0.05
-0.17%
BABA
Alibaba
134.47
12.91
10.62%
ETSY
Etsy
60.89
14.40
30.97%
CPNG
Coupang
15.62
-11.76
-42.95%
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.