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Baozun, Inc. Class A (HK:9991)
:9991
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Baozun, Inc. Class A
(9991)
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Rating:44Neutral
Price Target:
HK$7.50
▼(-1.57% Downside)
Baozun, Inc.'s overall stock score is primarily impacted by its weak financial performance and bearish technical indicators. The negative valuation metrics further weigh down the score. Despite some positive developments highlighted in the earnings call, such as revenue growth and strategic initiatives, these are not enough to offset the broader financial and technical challenges.
Positive Factors
Revenue Growth
Consistent revenue growth indicates strong market demand and effective business strategies, supporting long-term financial health.
Technological Advancements
Investments in technology improve operational efficiency and competitive positioning, fostering sustainable growth and innovation.
Gross Margin Expansion
Improved gross margins reflect better cost management and pricing power, enhancing profitability and financial resilience.
Negative Factors
Profitability Concerns
Ongoing profitability challenges can limit reinvestment opportunities and affect long-term shareholder value.
Cash Flow Management
Inefficient cash conversion and fluctuating free cash flow may restrict growth initiatives and operational flexibility.
Increased Operating Expenses
Rising operating costs can pressure margins and profitability, potentially impacting financial stability and strategic investments.
Baozun, Inc. Class A (9991) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$1.48B
Dividend YieldN/A
Average Volume (3M)65.52K
Price to Earnings (P/E)―
Beta (1Y)1.79
Revenue Growth6.22%
EPS Growth9.23%
CountryHK
Employees7,650
SectorConsumer Cyclical
Sector Strength84
IndustrySpecialty Retail
Share Statistics
EPS (TTM)-0.68
Shares Outstanding173,530,300
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$9.76Price Target Upside28.08% Upside
Rating ConsensusHold
Number of Analyst Covering4
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
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 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. Additionally, Baozun takes a percentage of sales made through the online stores it operates on behalf of brands, which constitutes a significant revenue stream. The company also benefits from strategic partnerships with major e-commerce platforms such as Tmall and JD.com, allowing it to tap into a larger customer base and enhance its service offerings. Furthermore, Baozun's investment in technology and logistics capabilities contributes to its ability to deliver efficient services, thereby driving customer satisfaction and repeat business.
Baozun, Inc. Class A Earnings Call Summary
Earnings Call Date:Aug 28, 2025
(Q2-2025)
| % Change Since: |
Next Earnings Date:Mar 25, 2026
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 metrics. While the gross profit margin has improved, the company struggles with a negative net profit margin and declining EBITDA and EBIT margins. The balance sheet shows moderate leverage, but cash flow management needs significant improvement.Income Statement
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.45
Neutral
Balance Sheet
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.50
Neutral
Cash Flow
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.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
7.62
Price Trends
8.58
Negative
8.69
Negative
8.14
Negative
Market Momentum
-0.28
Negative
43.96
Neutral
66.70
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 7.62 is above the 20-day moving average (MA) of 7.58, below the 50-day MA of 8.58, and below the 200-day MA of 8.14, indicating a neutral trend. The MACD of -0.28 indicates Negative momentum. The RSI at 43.96 is Neutral, neither overbought nor oversold. The STOCH value of 66.70 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 |
|---|---|---|---|---|---|---|---|
74 Outperform | $608.10B | ― | -1.32% | ― | 11.91% | -106.71% | |
74 Outperform | HK$394.77B | 8.95 | 13.70% | 3.42% | 15.97% | -4.46% | |
71 Outperform | HK$3.04T | 18.46 | 12.42% | 1.28% | 4.89% | 50.48% | |
64 Neutral | HK$51.16B | 20.11 | 20.87% | 3.19% | 13.14% | -19.58% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
44 Neutral | HK$1.48B | -7.31 | -5.33% | ― | 6.22% | 9.23% |
* Consumer Cyclical Sector Average
HK:9991
Baozun, Inc. Class A
7.47
0.36
5.06%
HK:3690
Meituan
100.00
-68.90
-40.79%
HK:9618
JD.com, Inc. Class A
114.80
-29.26
-20.31%
HK:9896
MINISO Group Holding Ltd.
37.92
-8.43
-18.19%
HK:9988
Alibaba Group Holding Ltd.
153.20
66.65
77.01%
Baozun, Inc. Class A Corporate Events
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, with BEC enhancing profitability and BBM achieving a 20% year-over-year revenue growth. These results underscore Baozun’s strategic transformation towards sustainable profitability and a balanced business portfolio, positioning the company for future growth.
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 accordance with U.S. Generally Accepted Accounting Principles and applicable U.S. Securities and Exchange Commission rules. The announcement is set to be made before the U.S. market opens and after Hong Kong market hours. An earnings conference call will follow the announcement, providing stakeholders with insights into the company’s financial performance and strategic direction.
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.