Baozun, Inc. Class A (HK:9991)
:9991
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Baozun, Inc. Class A
(9991)
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Rating:46Neutral
Price Target:
HK$7.00
▲(12.72% Upside)
Action:ReiteratedDate:01/14/26
Overall score reflects weak financial performance—ongoing losses, declining operating profitability, and challenged cash flow—offset only partially by improved gross margin and moderate balance-sheet positioning. Technicals are mixed-to-weak with negative MACD and price below longer-term averages, while valuation is constrained by a negative P/E and no dividend support.
Positive Factors
Platform partnerships and service breadth
Deep partnerships with platform leaders and a full-suite service model create a durable competitive moat. This grants broad marketplace access, recurring service fees, cross-selling of tech/logistics, and long-term client stickiness supporting sustainable revenue streams.
Negative Factors
Ongoing unprofitability
Persistent negative net margins and falling operating margins erode shareholder value and limit internal funding for growth. Without sustained margin recovery, the business faces structural pressure on returns and must rely on external financing to scale.
Read all positive and negative factors
Positive Factors
Negative Factors
Platform partnerships and service breadth
Deep partnerships with platform leaders and a full-suite service model create a durable competitive moat. This grants broad marketplace access, recurring service fees, cross-selling of tech/logistics, and long-term client stickiness supporting sustainable revenue streams.
Read all positive factors
Baozun, Inc. Class A (9991) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$1.11B
Dividend YieldN/A
Average Volume (3M)65.52K
Price to Earnings (P/E)―
Beta (1Y)1.61
Revenue Growth5.91%
EPS Growth9.24%
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 Ratio-0.02
Price to Book (P/B)0.11
Price to Sales (P/S)0.04
P/FCF Ratio-3.89
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 Upside25.60% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.74
Revenue Forecast (FY)HK$11.89B
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 generates revenue primarily through service fees and commissions from its e-commerce solutions. The company earns money by charging brands for a range of services, including store setup, operational management, and digital marketing. Additi...
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
45
Neutral
Balance Sheet
50
Neutral
Cash Flow
40
Negative
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 9.67B | 9.42B | 8.81B | 8.40B | 9.40B | 8.85B |
| Gross Profit | 4.65B | 4.49B | 3.90B | 3.42B | 3.46B | 3.27B |
| EBITDA | -22.54M | 142.71M | 75.95M | -326.85M | 109.78M | 669.29M |
| Net Income | -184.98M | -185.20M | -278.42M | -653.29M | -219.83M | 425.99M |
Balance Sheet | ||||||
| Total Assets | 9.62B | 10.21B | 10.47B | 10.12B | 12.32B | 10.47B |
| Cash, Cash Equivalents and Short-Term Investments | 2.56B | 2.56B | 2.87B | 3.04B | 4.61B | 5.03B |
| Total Debt | 2.37B | 2.06B | 2.75B | 2.41B | 3.98B | 2.80B |
| Total Liabilities | 3.95B | 4.43B | 4.62B | 4.45B | 5.84B | 4.34B |
| Stockholders Equity | 3.79B | 3.91B | 4.10B | 4.08B | 4.90B | 6.11B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | -106.99M | 218.05M | 123.36M | -448.89M | 151.44M |
| Operating Cash Flow | 0.00 | 101.28M | 448.25M | 382.61M | -96.11M | 310.01M |
| Investing Cash Flow | 0.00 | -817.61M | -340.37M | -1.31B | 375.82M | -616.37M |
| Financing Cash Flow | 0.00 | -19.74M | -8.03M | -1.65B | 749.95M | 2.67B |
Baozun, Inc. Class A Technical Analysis
Neutral
6.21
Price Trends
6.73
Negative
7.11
Negative
7.85
Negative
Market Momentum
-0.18
Negative
47.62
Neutral
52.52
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:9991, the sentiment is Neutral. The current price of 6.21 is above the 20-day moving average (MA) of 6.20, below the 50-day MA of 6.73, and below the 200-day MA of 7.85, indicating a neutral trend. The MACD of -0.18 indicates Negative momentum. The RSI at 47.62 is Neutral, neither overbought nor oversold. The STOCH value of 52.52 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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$1.99T | 36.89 | 12.42% | 1.34% | 4.89% | 50.48% | |
68 Neutral | HK$495.52B | -24.78 | -13.46% | ― | 11.91% | -106.71% | |
68 Neutral | HK$39.70B | 28.28 | 20.24% | 3.18% | 13.14% | -19.58% | |
67 Neutral | HK$324.89B | 14.92 | 8.57% | 3.48% | 16.27% | -3.87% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
46 Neutral | HK$1.11B | -4.49 | -6.45% | ― | 5.91% | 9.24% |
* Consumer Cyclical Sector Average
HK:9991
Baozun, Inc. Class A
6.21
-0.19
-2.97%
HK:3690
Meituan
80.25
-60.35
-42.92%
HK:9618
JD.com, Inc. Class A
111.90
-25.70
-18.68%
HK:9896
MINISO Group Holding Ltd.
32.04
2.49
8.43%
HK:9988
Alibaba Group Holding Ltd.
118.50
17.69
17.55%
Baozun, Inc. Class A Corporate Events
Baozun Inc. Updates Board and Committee Composition Under Dual-Class Share Structure
Dec 31, 2025
Baozun Inc. announced the current composition of its board of directors and the allocation of roles across its key board committees, underscoring its corporate governance framework as a weighted voting rights issuer in Hong Kong and on Nasdaq. The...
Baozun Inc. Reports Q3 2025 Financial Growth and Strategic Advancements
Nov 25, 2025
Baozun Inc. announced its unaudited financial results for the third quarter of 2025, revealing a 5% growth in total revenue and a significant reduction in operating loss. The company highlighted improvements in its business units, BEC and BBM, wit...
Baozun Inc. Schedules Board Meeting to Announce Q3 Financial Results
Nov 11, 2025
Baozun Inc. has announced that its board of directors will hold a meeting on November 25, 2025, to approve and announce the company’s unaudited financial results for the third quarter ended September 30, 2025. The results will be prepared in...
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.