Baozun, Inc. Class A (HK:9991)
:9991
Earnings Data
Report Date
May 21, 2026Before Open (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
―Last Year’s EPS
-0.4Same Quarter Last Year
Moderate Buy
Based on 1 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed a clear positive shift: Baozun completed a multi-year transformation, delivered margin expansion, materially improved profitability and operating cash flow, and achieved BBM's first quarterly breakeven. Key positives (margin gains, strong cash flow improvement, double-digit rises in non-GAAP operating profit, BBM revenue growth and retail momentum) substantially outweigh the main negatives (a one-time RMB 230 million impairment, increased S&M spend, modest e-commerce top-line growth, and uncertainty over AI-driven revenue upside). Management set an ambitious but attainable profit target for 2028 and signaled confidence and execution focus for 2026, though execution risks (AI monetization, sustaining BBM margins at scale, and continued marketing intensity) remain.Company Guidance
Quarterly Revenue Growth
Total net revenue for Q4 2025 increased 6% year-over-year to RMB 3.2 billion.
Strong Full-Year Top-Line
Fiscal 2025 total revenue was RMB 9.9 billion, up 6% year-over-year; e-commerce net revenues were RMB 8.3 billion (+2% YoY) and BBM net revenues were RMB 1.8 billion (+25% YoY).
Material Margin Expansion
Group blended gross margin for product sales expanded by 640 basis points year-over-year to 36.5%; e-commerce product gross margin rose 760 basis points to 18.4%; BBM gross margin improved 170 basis points to 52.1%.
Significant Profitability Improvement
Non-GAAP income from operations for Q4 was RMB 197.7 million, up 91.4% YoY (from RMB 103.3 million). BEC's adjusted non-GAAP operating income rose 43% YoY to RMB 195.9 million.
BBM First Quarterly Breakeven
Brand Management (BBM) achieved its first quarterly breakeven in Q4 2025 with non-GAAP operating income of RMB 1.8 million, signaling transition toward profitable growth.
Operating Cash Flow & Working Capital Gains
Operating cash flow more than tripled to RMB 420 million for 2025, a 315% YoY increase; inventory turnover days improved by 16% to 114 days.
Cost and Efficiency Improvements
Fulfillment costs were reduced by 11.1% to RMB 683.4 million; technology and content expenses decreased 20.2% to RMB 116.9 million; G&A fell 2% to RMB 187.9 million.
BBM Retail Expansion and Momentum
BBM opened 7 new Gap stores in Q4 and 29 new Gap stores in 2025, reaching 164 Gap stores by year-end and a BBM portfolio of 177 stores overall; company plans to open 50 stores in 2026 and expects continued double-digit top-line growth and GAAP annual breakeven for BBM in 2026.
Strategic Targets and Confidence
Management set a clear medium-term objective to grow group non-GAAP operating profit to RMB 550 million by 2028 and signaled confidence after completing a 3-year transformation; FY adjusted operating income improved to RMB 126 million from RMB 11 million in 2024.
Platform & Service Recognition
BEC received ecosystem awards (e.g., Tmall Ecosystem Service Award) and high-tier certifications (e.g., Douyin diamond service partner), supporting market leadership claims.
HK:9991 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
HK:9991 Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Mar 25, 2026 | HK$5.69 | HK$5.69 | 0.00% |
Nov 25, 2025 | HK$7.37 | HK$7.75 | +5.16% |
Aug 28, 2025 | HK$7.70 | HK$7.84 | +1.82% |
May 21, 2025 | HK$8.70 | HK$8.60 | -1.15% |
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. Class A (HK:9991) report earnings?
Baozun, Inc. Class A (HK:9991) is schdueled to report earning on May 21, 2026, Before Open (Confirmed).
What is Baozun, Inc. Class A (HK:9991) earnings time?
Baozun, Inc. Class A (HK:9991) 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 the P/E ratio of Baozun, Inc. Class A stock?
The P/E ratio of Baozun, Inc. Class A is N/A.
What is HK:9991 EPS forecast?
Currently, no data Available