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Baozun, Inc. Class A
(9991)
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Rating:53Neutral
Price Target:
HK$7.00
▼(-11.28% Downside)
Action:Reiterated
Date:05/21/26
The score is driven primarily by improving (but still below-average) financial fundamentals—re-accelerating revenue, a sharp 2025 gross margin step-up, and mostly positive operating/free cash flow—tempered by ongoing net losses and cash-flow unevenness. Technicals are a meaningful drag given negative momentum and the price sitting below key moving averages. The earnings call adds support due to a Q1 profitability turn and strong efficiency/liquidity metrics, while valuation remains pressured by loss-making earnings (negative P/E) and no indicated dividend.
Positive Factors
Brand Management (BBM) Acceleration
Sustained high-teens to double-digit BBM growth and GAP same-store strength indicate a durable shift toward higher-value brand management revenues. This diversifies revenue away from low-margin distribution, supports higher take-rates, and provides a clearer path to operating breakeven as scale and retail footprint expand.
Negative Factors
Persistent Net Losses
Chronic net losses since 2021 mean the business has not yet generated consistent residual earnings for shareholders. Continued losses pressure equity returns, constrain strategic optionality, and require sustained operational improvements to convert margin gains into durable net profitability.
Read all positive and negative factors
Positive Factors
Negative Factors
Brand Management (BBM) Acceleration
Sustained high-teens to double-digit BBM growth and GAP same-store strength indicate a durable shift toward higher-value brand management revenues. This diversifies revenue away from low-margin distribution, supports higher take-rates, and provides a clearer path to operating breakeven as scale and retail footprint expand.
Read all positive factors
Baozun, Inc. Class A (9991) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$1.22B
Dividend YieldN/A
Average Volume (3M)65.52K
Price to Earnings (P/E)―
Beta (1Y)1.56
Revenue Growth9.86%
EPS Growth-6.00%
CountryHK
Employees7,650
SectorConsumer Cyclical
Sector Strength84
IndustrySpecialty Retail
Share Statistics
EPS (TTM)-2.11
Shares Outstanding174,284,500
10 Day Avg. Volume23,027
30 Day Avg. Volume65,524
Financial Highlights & Ratios
PEG Ratio0.08
Price to Book (P/B)0.29
Price to Sales (P/S)0.11
P/FCF Ratio2.47
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$9.27Price Target Upside17.53% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)1.01
Revenue Forecast (FY)HK$12.12B
Baozun, Inc. Class A Business Overview & Revenue Model
Company Description
Baozun Inc., operating through its subsidiaries, provides comprehensive e-commerce services to brand collaborators throughout the People's Republic of China. Their offerings span a wide range, including the development and integration of IT system...
How the Company Makes Money
Baozun makes money by providing e-commerce and brand-related services to consumer brands, generating revenue through several primary streams: (1) Service-based fees for operating brands’ online stores and running related functions such as digital ...
Baozun, Inc. Class A 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 conveys a broadly positive operational and financial momentum: solid double-digit revenue growth, material improvement in profitability (non-GAAP operating income turned positive), strong acceleration in the brand management business, and substantial working capital and inventory efficiency gains. Offsetting factors include higher sales & marketing investment, a modest YoY contraction in BBM gross margin, a small remaining BBM non-GAAP operating loss, and near-term demand cadence uncertainty related to campaign timing and April softness. Overall, the company presented clear signs of recovery and execution progress while noting areas requiring continued focus.Positive Updates
Group Revenue Growth
Total net revenues increased 15% year-over-year to CNY 2.4 billion in Q1 2026, with both business lines contributing to top-line growth.
Negative Updates
Higher Sales & Marketing Spend
Sales and marketing expenses increased by CNY 93 million to CNY 893 million year-over-year, including CNY 43 million higher spend in BEC and CNY 56.8 million higher spend in BBM driven by offline store expansion and marketing activities.
Read all updates
Q1-2026 Updates
Positive
Negative
Group Revenue Growth
Total net revenues increased 15% year-over-year to CNY 2.4 billion in Q1 2026, with both business lines contributing to top-line growth.
Read all positive updates
Company Guidance
Management reiterated confidence in the full‑year outlook and a multi‑year acceleration phase, pointing to Q1 proof points (group revenue +15% YoY to CNY2.4bn; non‑GAAP operating income CNY8m) and outlining specific targets: BBM is expected to sustain double‑digit growth with a 2026 revenue objective of >20% (Q1 BBM +39% YoY) and remain on a clear path to 2026 annual operating breakeven after two consecutive non‑GAAP breakeven quarters; the company plans ~50 new GAP stores in 2026 (about 10 in Q2) while aiming to keep GAP gross margin ~50% and improve store‑level and overall operating margin via scale; BEC is guided toward resumed, higher‑quality growth and margin expansion supported by AI, lean initiatives and priority on higher‑ROI services; liquidity and capital‑efficiency improvements underpin guidance (cash, equivalents & short‑term investments CNY2.9bn; working capital days improved to 109 from 193 and inventory days to 113 from 185), and management expects a strong 618 promotional season.Baozun, Inc. Class A Financial Statement Overview
Summary
Income Statement
46
Neutral
Balance Sheet
58
Neutral
Cash Flow
55
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 9.67B | 9.69B | 9.42B | 8.81B | 8.40B | 9.40B |
| Gross Profit | 4.65B | 7.18B | 4.49B | 3.90B | 3.42B | 3.46B |
| EBITDA | -22.54M | 213.71M | 142.71M | 75.95M | -326.85M | 109.78M |
| Net Income | -184.98M | -235.83M | -185.20M | -278.42M | -653.29M | -219.83M |
Balance Sheet | ||||||
| Total Assets | 9.62B | 9.70B | 10.21B | 10.47B | 10.12B | 12.32B |
| Cash, Cash Equivalents and Short-Term Investments | 2.56B | 2.80B | 2.56B | 2.87B | 3.04B | 4.61B |
| Total Debt | 2.37B | 2.27B | 2.06B | 2.75B | 2.41B | 3.98B |
| Total Liabilities | 3.95B | 4.20B | 4.43B | 4.62B | 4.45B | 5.84B |
| Stockholders Equity | 3.79B | 3.64B | 3.91B | 4.10B | 4.08B | 4.90B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 428.51M | -106.99M | 218.05M | 123.36M | -448.89M |
| Operating Cash Flow | 0.00 | 532.30M | 101.28M | 448.25M | 382.61M | -96.11M |
| Investing Cash Flow | 0.00 | -878.62M | -817.61M | -340.37M | -1.31B | 375.82M |
| Financing Cash Flow | 0.00 | -224.16M | -19.74M | -8.03M | -1.65B | 749.95M |
Baozun, Inc. Class A Technical Analysis
Negative
7.89
Price Trends
7.04
Negative
6.85
Negative
7.72
Negative
Market Momentum
0.03
Positive
46.54
Neutral
37.22
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:9991, the sentiment is Negative. The current price of 7.89 is above the 20-day moving average (MA) of 6.98, above the 50-day MA of 7.04, and above the 200-day MA of 7.72, indicating a bearish trend. The MACD of 0.03 indicates Positive momentum. The RSI at 46.54 is Neutral, neither overbought nor oversold. The STOCH value of 37.22 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:9991.
Baozun, Inc. Class A Risk Analysis
Baozun, Inc. Class A disclosed 114 risk factors in its most recent earnings report. Baozun, Inc. Class A 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, Inc. Class A Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
63 Neutral | HK$1.72T | 14.19 | 10.00% | 1.34% | 4.59% | -16.23% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
56 Neutral | HK$263.22B | 17.44 | 6.15% | 3.48% | 12.29% | -67.34% | |
53 Neutral | HK$1.22B | -5.96 | -5.06% | ― | 9.86% | -6.00% | |
53 Neutral | HK$396.72B | -8.91 | -24.63% | ― | 7.15% | -200.57% | |
42 Neutral | HK$723.68M | -2.61 | -37.75% | ― | 60.24% | -28.03% | |
41 Neutral | HK$724.18M | -0.07 | ― | ― | 13.45% | 48.65% |
* Consumer Cyclical Sector Average
HK:9991
Baozun, Inc. Class A
7.21
0.25
3.59%
HK:3690
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67.65
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-46.01%
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HK:9618
JD.com, Inc. Class A
99.00
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Baozun, Inc. Class A Corporate Events
Baozun Grants Performance-Linked RSUs to Directors Under 2022 Incentive Plan
May 21, 2026
Baozun Inc. has granted and proposed to grant 150,000 restricted share units under its 2022 share incentive plan to four directors, including three independent directors and one executive director. The RSU grants, representing about 0.09% of the c...
Baozun Returns to Profit as Revenue and Working Capital Efficiency Improve in Q1 2026
May 20, 2026
Baozun reported a robust first quarter of 2026, with revenue, profitability and working capital efficiency all improving as its BEC and BBM divisions operated more closely in tandem. Management highlighted stronger brand partnerships, tighter inte...
Baozun Sets 2026 AGM to Approve Accounts, Board Mandates and Share Issuance Powers
May 15, 2026
Baozun Inc. has called its annual general meeting for June 16, 2026 in Hong Kong, where shareholders will review the audited financial statements for the year ended December 31, 2025 and the accompanying reports from the board and independent audi...
Baozun Grants Over 6.1 Million RSUs to Executives and Staff Under 2022 Incentive Plan
Mar 30, 2026
Baozun Inc. has granted 6,167,124 restricted share units under its 2022 share incentive plan to senior executives and selected employees, representing about 3.54% of its issued share capital excluding treasury shares. The awards, which require no ...
Baozun Narrows Underlying Losses as Non-GAAP Profitability Improves in 2025
Mar 25, 2026
Baozun Inc. reported total net revenues of RMB9.95 billion for 2025, up 5.6% year-on-year, with service revenues rising 2.4% to RMB6.10 billion. The group swung to income from operations of RMB56.6 million from a loss a year earlier, while cash an...
Baozun Caps Three-Year Transformation With Strong Q4 and Sharper Profitability in 2025
Mar 25, 2026
Baozun reported unaudited fourth-quarter and full-year 2025 results showing it has completed a three-year transformation, with its core BEC business now described as a high-quality cash engine and the BBM segment delivering GAP’s first break...
Baozun Sets March 25 Board Meeting and Earnings Release for 2025 Results
Mar 11, 2026
Baozun Inc.’s board of directors has scheduled a meeting for March 25, 2026, in Hong Kong to approve and publish the company’s fourth-quarter and full-year 2025 financial results, which are prepared under U.S. GAAP and U.S. SEC require...
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.