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Baozun, Inc. Class A (HK:9991)
:9991
Hong Kong Market
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Baozun, Inc. Class A (9991) AI Stock Analysis

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HK:9991

Baozun, Inc. Class A

(9991)

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Neutral 57 (OpenAI - 4o)
Rating:57Neutral
Price Target:
HK$13.00
▲(8.33% Upside)
Baozun, Inc.'s overall stock score is driven by its financial challenges, with inconsistent revenue growth and negative profitability weighing heavily. However, strong technical indicators and positive earnings call sentiment provide some optimism. The valuation remains a concern due to a negative P/E ratio and no dividend yield. Addressing financial weaknesses will be crucial for improving the stock's outlook.

Baozun, Inc. Class A (9991) vs. iShares MSCI Hong Kong ETF (EWH)

Baozun, Inc. Class A Business Overview & Revenue Model

Company DescriptionBaozun 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 merchandising and marketing campaigns, customer services, and warehousing and order fulfilment. It serves brand partners in various categories, including apparel and accessories; appliances; electronics; home and furnishings; food and health products; beauty and cosmetics; fast moving consumer goods, and mother and baby products; and automobiles. The company was formerly known as Baozun Cayman Inc. and changed its name to Baozun Inc. in March 2015. Baozun Inc. was founded in 2007 and is headquartered in Shanghai, the People's Republic of China.
How the Company Makes MoneyBaozun makes money through a multi-faceted revenue model primarily driven by service fees, product sales, and other value-added services. The company charges service fees for its end-to-end e-commerce solutions, which include online store setup, digital marketing, and customer service management. Additionally, Baozun earns revenue from product sales, where it purchases products from brands and sells them through various online platforms. The company also generates income from value-added services such as IT solutions, warehousing, and logistics support, which enhance the efficiency and effectiveness of its e-commerce operations. Key partnerships with international brands and local e-commerce platforms contribute significantly to Baozun's earnings, enabling it to leverage its expertise in the Chinese digital commerce landscape.

Baozun, Inc. Class A Earnings Call Summary

Earnings Call Date:Aug 28, 2025
(Q2-2025)
|
% Change Since: |
Next Earnings Date:Dec 02, 2025
Earnings Call Sentiment Positive
The earnings call highlighted strong revenue growth and profitability improvements in both BEC and BBM segments, supported by technological advancements and a solid cash position. However, the call also noted challenges such as one-off expenses and increased operating costs. Despite these setbacks, the overall performance and strategic initiatives indicate a positive outlook.
Q2-2025 Updates
Positive Updates
Overall Revenue Growth
Baozun's total revenue grew by 7%, with adjusted operating income expanding to CNY 59 million, a significant improvement from CNY 10 million in the same period last year.
BEC Segment Profitability
BEC revenue grew by 3%, with adjusted operating profits rising 56% year-over-year to CNY 94 million, marking the highest second quarter level in four years.
BBM Revenue Growth
BBM's revenue grew 35% year-over-year, up from 23% in the previous quarter, driven by merchandising, channel expansion, and strong performance of the Gap brand.
Technological Advancements
Significant strides in technology empowerment were made, enhancing inventory efficiency and productivity through data-driven solutions.
Gross Margin Expansion
Blended gross margin for product sales at the group level expanded to 28.4%, an increase of 310 basis points year-over-year.
Strong Cash Position
As of June 30, 2025, Baozun's cash and cash equivalents, restricted cash, and short-term investments totaled CNY 2.7 billion.
Negative Updates
One-off Expenses
A one-off write-off of CNY 53 million in accounts receivable was recorded as a general and administrative expense.
Increased Operating Expenses
Sales and marketing expenses increased by 11% to CNY 938 million, primarily due to higher spending on digital marketing and expanding BBM's offline network.
BBM Operating Loss
BBM reported a non-GAAP operating loss of CNY 35 million, although this was an improvement of 30% compared to the same period last year.
Company Guidance
In the second quarter of 2025, Baozun reported a 7% increase in total revenue, with significant contributions from both its e-commerce and brand management segments. The adjusted operating income rose to CNY 59 million, a notable improvement from CNY 10 million in the same period last year. The BEC segment showed a year-over-year revenue increase of 3%, with a 56% rise in adjusted operating profits to CNY 94 million, marking the highest second quarter level in four years. In contrast, BBM experienced a 35% year-over-year revenue growth, up from 23% in the previous quarter, driven by robust performances in merchandising and channel expansion initiatives, especially for the Gap brand. Gross profit increased by 28.1% year-over-year to CNY 283 million, with the group-level blended gross margin for product sales expanding by 310 basis points to 28.4%. Despite a non-GAAP operating loss of CNY 35 million for BBM, a 30% improvement was observed compared to last year. The company's focus on technology empowerment continued, leveraging data-driven insights to optimize decision-making and improve inventory efficiency.

Baozun, Inc. Class A Financial Statement Overview

Summary
Baozun, Inc. faces financial challenges with inconsistent revenue growth and negative profitability margins. While gross profit margins have improved, the company struggles with net losses and cash flow inefficiencies, posing risks to financial health.
Income Statement
45
Neutral
Baozun, Inc. shows a mixed performance in its income statement. The gross profit margin has increased from previous years, indicating improved efficiency in managing direct costs. However, the company is struggling with profitability, as evidenced by a negative net profit margin and declining EBITDA and EBIT margins over recent years. Revenue growth is positive but has been inconsistent, reflecting potential volatility in sales performance.
Balance Sheet
50
Neutral
The balance sheet illustrates a moderate position for Baozun, Inc. The debt-to-equity ratio has improved slightly, indicating better leverage management, though it remains relatively high. The equity ratio is stable, suggesting a balanced asset structure. However, return on equity is negative due to ongoing net losses, which poses a risk to shareholder value.
Cash Flow
40
Negative
Cash flow statements reveal challenges in Baozun, Inc.'s cash management. The operating cash flow to net income ratio is low, indicating inefficiencies in converting revenue to cash. Additionally, free cash flow has fluctuated significantly over the years, with a concerning downturn in recent periods, potentially limiting growth opportunities and operational flexibility.
BreakdownTTMDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue9.51B9.42B8.81B8.40B9.40B8.85B
Gross Profit4.53B4.49B3.90B3.42B3.46B3.27B
EBITDA-26.09M142.71M75.95M-326.85M109.78M600.05M
Net Income-181.64M-185.20M-278.42M-606.79M-209.26M425.99M
Balance Sheet
Total Assets9.72B10.21B10.47B10.12B12.32B10.47B
Cash, Cash Equivalents and Short-Term Investments2.22B2.56B2.87B3.04B4.61B5.03B
Total Debt2.42B2.06B2.75B2.41B3.98B2.80B
Total Liabilities4.02B4.43B4.62B4.45B5.84B4.34B
Stockholders Equity3.84B3.91B4.10B4.08B5.94B6.11B
Cash Flow
Free Cash Flow0.00-106.99M218.05M123.36M-448.89M151.44M
Operating Cash Flow0.00101.28M448.25M382.61M-96.11M310.01M
Investing Cash Flow0.00-817.61M-340.37M-1.31B375.82M-616.37M
Financing Cash Flow0.00-19.74M-8.03M-1.65B749.95M2.67B

Baozun, Inc. Class A Technical Analysis

Technical Analysis Sentiment
Positive
Last Price12.00
Price Trends
50DMA
8.36
Positive
100DMA
8.00
Positive
200DMA
7.80
Positive
Market Momentum
MACD
1.07
Negative
RSI
70.36
Negative
STOCH
72.42
Neutral
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 12 is above the 20-day moving average (MA) of 9.51, above the 50-day MA of 8.36, and above the 200-day MA of 7.80, indicating a bullish trend. The MACD of 1.07 indicates Negative momentum. The RSI at 70.36 is Negative, neither overbought nor oversold. The STOCH value of 72.42 is Neutral, 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

Overall Rating
UnderperformOutperform
Sector (61)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
76
Outperform
59.80B23.2625.38%2.49%10.53%-11.17%
76
Outperform
3.08T17.8212.88%1.21%5.08%127.82%
71
Outperform
437.32B9.4317.02%2.87%14.18%32.25%
64
Neutral
642.89B19.9716.01%17.67%33.64%
57
Neutral
HK$2.14B-4.71%7.51%30.41%
61
Neutral
$18.38B12.79-2.54%3.03%1.52%-15.83%
* Consumer Cyclical Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
HK:9991
Baozun, Inc. Class A
12.00
5.15
75.18%
MPNGF
Meituan
13.04
-3.91
-23.07%
HK:9618
JD.com, Inc. Class A
136.70
27.73
25.45%
HK:9896
MINISO Group Holding Ltd.
48.12
17.40
56.64%
HK:9988
Alibaba Group Holding Ltd.
161.60
77.32
91.74%

Baozun, Inc. Class A Corporate Events

Baozun Inc. Grants 129,000 RSUs to Employees Under 2022 Plan
Sep 2, 2025

Baozun Inc. announced the grant of 129,000 restricted share unit awards to nine employees under its 2022 share incentive plan. These awards are part of the company’s strategy to align employee performance with its growth objectives, with vesting contingent on meeting specific performance targets related to revenue and profit growth. The awards are set to vest on January 1, 2028, and include a clawback mechanism to ensure compliance with company policies and performance standards.

The most recent analyst rating on (HK:9991) stock is a Hold with a HK$8.00 price target. To see the full list of analyst forecasts on Baozun, Inc. Class A stock, see the HK:9991 Stock Forecast page.

Baozun Inc. Reports Solid Second Quarter 2025 Financial Results
Aug 28, 2025

Baozun Inc. announced its unaudited financial results for the second quarter of 2025, highlighting a 6.8% increase in total net revenues to RMB2,552.7 million. The company reported improvements in operating profitability across its BEC and BBM businesses, with E-Commerce revenue up by 3% and Brand Management revenue growing by 35% year-over-year. Despite a loss from operations of RMB9.4 million, Baozun demonstrated resilience in its business model and strategic focus on high-quality growth, aiming for long-term success and profitability expansion.

The most recent analyst rating on (HK:9991) stock is a Hold with a HK$7.50 price target. To see the full list of analyst forecasts on Baozun, Inc. Class A stock, see the HK:9991 Stock Forecast page.

Baozun Inc. Reports Revenue Growth Amidst Continued Losses in H1 2025
Aug 28, 2025

Baozun Inc. reported its interim financial results for the first half of 2025, showing a 5.6% increase in total net revenues to RMB4,617.0 million (US$644.5 million). Despite the revenue growth, the company experienced a loss from operations of RMB93.4 million (US$13.0 million), with a negative operating margin of 2.0%. The net loss attributable to ordinary shareholders was RMB97.0 million (US$13.5 million), similar to the previous year. The results reflect ongoing challenges in improving profitability, despite revenue growth.

The most recent analyst rating on (HK:9991) stock is a Hold with a HK$7.50 price target. To see the full list of analyst forecasts on Baozun, Inc. Class A stock, see the HK:9991 Stock Forecast page.

Baozun Inc. Schedules Board Meeting to Announce Q2 2025 Financial Results
Aug 14, 2025

Baozun Inc. has announced a board meeting scheduled for August 28, 2025, to approve and release its unaudited financial results for the second quarter and the first half of 2025. The results will be published before the U.S. market opens and after the Hong Kong market closes. An earnings conference call will be held on the same day, providing stakeholders an opportunity to discuss the financial outcomes with the company’s management.

The most recent analyst rating on (HK:9991) stock is a Buy with a HK$10.30 price target. To see the full list of analyst forecasts on Baozun, Inc. Class A stock, see the HK:9991 Stock Forecast page.

Baozun Inc. Announces Successful AGM Resolutions
Jun 18, 2025

Baozun Inc. announced the successful passing of all proposed resolutions at its annual general meeting held on June 18, 2025. Key resolutions included the adoption of audited financial statements for 2024, re-election of directors, authorization of directors’ fees, and re-appointment of KPMG as the company’s auditor. The approval of these resolutions reflects strong shareholder support and is expected to positively impact Baozun’s governance and operational stability.

The most recent analyst rating on (HK:9991) stock is a Buy with a HK$7.74 price target. To see the full list of analyst forecasts on Baozun, Inc. Class A stock, see the HK:9991 Stock Forecast page.

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.Date of analysis: Sep 13, 2025