Baozun, Inc. Class A (HK:9991)
:9991
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Baozun, Inc. Class A
(9991)
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Rating:60Neutral
Price Target:
HK$7.50
▼(-4.94% Downside)
Action:ReiteratedDate:04/25/26
The score is driven primarily by an improving but still mixed financial profile (better growth/margins and stronger operating cash flow, but ongoing net losses and uneven cash flow history). The latest earnings call adds meaningful upside via concrete 2026 profitability guidance and evidence of operational improvements, while technicals are moderately supportive. Valuation remains a constraint due to negative earnings and no provided dividend yield.
Positive Factors
Material Margin Expansion
Sharp, broad-based gross margin gains indicate a structural shift toward higher-value revenue mix and better pricing/fulfillment economics. Sustained margin expansion across BEC and BBM improves long-term operating leverage and gives management scope to reinvest or absorb shocks over the next several quarters.
Negative Factors
Persistent GAAP Losses
Despite recent non‑GAAP improvements, multi-year GAAP losses highlight that profitability is not yet durable. Continued negative net income risks equity erosion, constrains strategic optionality, and means improvements must be sustained across several quarters to be convincing.
Read all positive and negative factors
Positive Factors
Negative Factors
Material Margin Expansion
Sharp, broad-based gross margin gains indicate a structural shift toward higher-value revenue mix and better pricing/fulfillment economics. Sustained margin expansion across BEC and BBM improves long-term operating leverage and gives management scope to reinvest or absorb shocks over the next several quarters.
Read all positive factors
Baozun, Inc. Class A (9991) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$1.29B
Dividend YieldN/A
Average Volume (3M)65.52K
Price to Earnings (P/E)―
Beta (1Y)1.65
Revenue Growth5.73%
EPS Growth-35.54%
CountryHK
Employees7,650
SectorConsumer Cyclical
Sector Strength84
IndustrySpecialty Retail
Share Statistics
EPS (TTM)-3.42
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$7.80Price Target Upside-1.14% Downside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.99
Revenue Forecast (FY)HK$12.00B
Baozun, Inc. Class A 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 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:Mar 25, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 21, 2026
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.Positive Updates
Quarterly Revenue Growth
Total net revenue for Q4 2025 increased 6% year-over-year to RMB 3.2 billion.
Negative Updates
Investment Impairment Loss
Recognized a GAAP investment impairment loss of RMB 230 million in Q4 2025 related to e-commerce pre-investments and certain equity investments, a notable one-time negative charge.
Read all updates
Q4-2025 Updates
Positive
Negative
Quarterly Revenue Growth
Total net revenue for Q4 2025 increased 6% year-over-year to RMB 3.2 billion.
Read all positive updates
Company Guidance
Management guided that 2026 will be a year of profitable scaling: they expect BEC net revenue to grow low-single-digits and BBM to deliver double-digit revenue growth (Gap ~20% in 2026, accelerating to ~25–30% in 2027–28), plan ~50 store openings in 2026 (after 29 new Gap stores in 2025; year‑end Gap stores 164; BBM total stores 177), and target annual GAAP breakeven for BBM in 2026. Near‑term financial goals include roughly doubling 2026 non‑GAAP operating profit versus FY2025 (FY2025 adjusted operating income RMB126M) and achieving positive net income to ordinary shareholders in 2026, while the longer‑term target is group non‑GAAP operating profit of RMB550M by 2028. Guidance also emphasizes continued margin expansion and cash generation—building on Q4 results of revenue RMB3.2B (+6% YoY) and Q4 non‑GAAP operating profit ~RMB198M (+91% YoY), Q4 blended product gross margin 36.5% (+640bps YoY), BEC product gross margin 18.4% (+760bps), BBM gross margin 52.1% (+170bps), FY revenue RMB9.9B (+6%), FY e‑commerce RMB8.3B (+2%), FY BBM RMB1.8B (+25%), operating cash flow RMB420M (+315% YoY), inventory days 114 (‑16%), plus cost efficiencies (fulfillment RMB683.4M ‑11.1%; tech/content RMB116.9M ‑20.2%), while noting a Q4 investment impairment of RMB230M.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
Positive
7.89
Price Trends
6.65
Positive
7.02
Positive
7.83
Positive
Market Momentum
0.17
Negative
68.48
Neutral
86.86
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:9991, the sentiment is Positive. The current price of 7.89 is above the 20-day moving average (MA) of 6.38, above the 50-day MA of 6.65, and above the 200-day MA of 7.83, indicating a bullish trend. The MACD of 0.17 indicates Negative momentum. The RSI at 68.48 is Neutral, neither overbought nor oversold. The STOCH value of 86.86 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
70 Outperform | HK$2.53T | 36.89 | 8.82% | 1.34% | 3.66% | -21.74% | |
68 Neutral | HK$36.75B | -69.15 | 11.27% | 3.18% | 26.38% | -53.61% | |
62 Neutral | HK$324.91B | 14.92 | 8.57% | 3.48% | 13.05% | -51.28% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
60 Neutral | HK$1.29B | -7.10 | -6.45% | ― | 5.73% | -35.54% | |
50 Neutral | HK$509.10B | -24.78 | -13.46% | ― | 8.12% | -166.15% |
* Consumer Cyclical Sector Average
HK:9991
Baozun, Inc. Class A
7.15
0.86
13.67%
HK:3690
Meituan
81.85
-50.25
-38.04%
HK:9618
JD.com, Inc. Class A
117.00
-7.39
-5.94%
HK:9896
MINISO Group Holding Ltd.
29.52
-3.14
-9.62%
HK:9988
Alibaba Group Holding Ltd.
130.20
17.10
15.12%
Baozun, Inc. Class A Corporate Events
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.