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Baozun
(NASDAQ:BZUN)
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Rating:61Neutral
Price Target:
$4.00
▲(41.34% Upside)
Action:Reiterated
Date:10/16/26
The score is held back primarily by weak financial performance (persistent losses and a severe 2025 revenue decline), despite better balance-sheet leverage and improved recent cash flow. Offsetting this, technical indicators show strong upward momentum, and the latest earnings call emphasized meaningful operating improvement and upgraded long-term profit targets. Valuation remains a concern given the negative P/E and lack of dividend yield data.
Positive Factors
Services Revenue Growth
Growth in e-commerce services and a deliberate shift toward higher-value activities can improve revenue quality over time. A larger services mix may support more recurring, asset-light economics and reduce reliance on lower-margin product sales, strengthening Baozun’s operating model.
Negative Factors
Persistent Losses and Revenue Volatility
The prolonged record of net losses and severe 2025 revenue contraction shows that Baozun has not yet established stable earnings power. Even with recent improvement, this history raises the risk that operating gains may not persist through changing demand and business-model mix.
Read all positive and negative factors
Positive Factors
Negative Factors
Services Revenue Growth
Growth in e-commerce services and a deliberate shift toward higher-value activities can improve revenue quality over time. A larger services mix may support more recurring, asset-light economics and reduce reliance on lower-margin product sales, strengthening Baozun’s operating model.
Read all positive factors
Baozun (BZUN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$211.57M
Dividend YieldN/A
Average Volume (3M)316.17K
Price to Earnings (P/E)―
Beta (1Y)0.97
Revenue Growth11.59%
EPS Growth25.34%
CountryUS
Employees6,626
SectorGeneral
Sector StrengthN/A
IndustrySpecialty Retail
Share Statistics
EPS (TTM)-2.36
Shares Outstanding58,094,833
10 Day Avg. Volume433,197
30 Day Avg. Volume316,173
Financial Highlights & Ratios
PEG Ratio-0.15
Price to Book (P/B)0.30
Price to Sales (P/S)0.11
P/FCF Ratio4.03
Enterprise Value/Market Cap1.55
Enterprise Value/Revenue0.03
Enterprise Value/Gross Profit0.05
Enterprise Value/Ebitda-33.83
Forecast
1Y Price Target
$4.44Price Target Upside57.01% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)3.11
Revenue Forecast (FY)$10.75B
Baozun Business Overview & Revenue Model
Company Description
Baozun Inc., operating through its network of subsidiaries, provides a comprehensive suite of digital commerce services to brand partners across the People's Republic of China. The company's extensive offerings include establishing and integrating...
How the Company Makes Money
Baozun primarily makes money by providing e-commerce services to brands and charging for those services through a mix of service fees and other platform-related income, with revenue tied to the scope of operations it runs on behalf of clients. A c...
Baozun Earnings Call Summary
Earnings Call Date:Aug 27, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Dec 01, 2026
Earnings Call Sentiment Positive
The call conveyed a constructive and improving operational picture: group revenue grew 7% and non-GAAP operating income meaningfully improved to RMB 74 million, with strong margin expansion (group product-sales gross margin +~499 bps) and a record BEC adjusted operating profit of RMB 107 million. BBM showed robust top-line momentum (+22% YoY), same-store growth in the 20s for Gap, and ongoing store expansion. Management highlighted successful AI and automation pilots and raised the 2028 non-GAAP operating profit target from RMB 550 million to RMB 700 million, reflecting increased confidence in medium-term profitability. Offsetting these positives are a 10% decline in BEC product sales as the company reprioritized low-margin categories, a continuing BBM operating loss (albeit narrowed), elevated sales & marketing spend, and an uncertain macro consumption backdrop. On balance, the operational improvements, margin gains, cash position, AI progress and upgraded long-term target outweigh near-term headwinds and investments.Positive Updates
Group Revenue Growth
Total net revenue increased 7% year-over-year to RMB 2.7 billion in Q2 2026, driven by strength in both business segments (BEC and BBM).
Negative Updates
Decline in BEC Product Sales
BEC product sales revenue decreased 10% year-over-year to RMB 541 million as the company strategically scaled back participation in low-margin, highly competitive categories (Home & Furnishing, Beauty & Cosmetics, Appliances). First-half product sales rose only ~3% year-over-year to RMB 1.0 billion.
Read all updates
Q2-2026 Updates
Positive
Negative
Group Revenue Growth
Total net revenue increased 7% year-over-year to RMB 2.7 billion in Q2 2026, driven by strength in both business segments (BEC and BBM).
Read all positive updates
Company Guidance
Management raised its 2028 non‑GAAP operating profit target to RMB 700 million (from RMB 550 million) and gave near‑term operational guidance including BBM full‑year top‑line growth of 20–25% and plans to open more than 50 new stores in 2026 (167 stores after eight Q2 openings); they will accelerate AI and automation rollout over the next 18 months to drive productivity and margin expansion, expecting BEC to become a leaner, higher‑margin operation. This guidance is supported by Q2/ H1 baselines: group revenue RMB 2.7 billion (+7% YoY), non‑GAAP operating income RMB 74 million, BEC adjusted non‑GAAP operating income RMB 107 million, BBM non‑GAAP operating loss RMB 33 million, services revenue RMB 1.8 billion (+10%), product sales RMB 541 million (‑10%), H1 product sales RMB 1.0 billion (+3% YoY), blended product gross margin 33% (+499 bps YoY) with BBM at 56.1% (+383 bps), working‑capital turnover 107 days (vs. 148), inventory turnover 112 days (vs. 134), Gap same‑store growth in the 20s, Gap inventory days 128, and cash/short‑term investments of RMB 2.9 billion.Baozun Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
56
Neutral
Cash Flow
63
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Mar 2023 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 10.44B | 9.95B | 9.42B | 8.81B | 8.40B | 9.40B |
| Gross Profit | 6.05B | 5.06B | 4.49B | 3.90B | 3.42B | 3.46B |
| EBITDA | -9.72M | 65.55M | 190.85M | 75.95M | -326.85M | 109.78M |
| Net Income | -135.55M | -242.10M | -185.20M | -278.42M | -653.29M | -219.83M |
Balance Sheet | ||||||
| Total Assets | 9.57B | 9.70B | 10.21B | 10.46B | 9.98B | 12.30B |
| Cash, Cash Equivalents and Short-Term Investments | 2.90B | 2.80B | 2.92B | 3.07B | 3.10B | 4.69B |
| Total Debt | 2.12B | 2.27B | 2.52B | 2.75B | 2.38B | 3.98B |
| Total Liabilities | 4.06B | 4.20B | 4.43B | 4.62B | 4.38B | 5.83B |
| Stockholders Equity | 3.64B | 3.64B | 3.91B | 4.09B | 4.03B | 4.89B |
Cash Flow | ||||||
| Free Cash Flow | 266.59M | 266.59M | -106.99M | 283.25M | 175.65M | -381.69M |
| Operating Cash Flow | 420.43M | 420.43M | 101.28M | 448.25M | 382.61M | -96.11M |
| Investing Cash Flow | -898.59M | -898.59M | -817.61M | -340.37M | -1.31B | 375.82M |
| Financing Cash Flow | -107.49M | -107.49M | -19.74M | -8.03M | -1.65B | 749.95M |
Baozun Technical Analysis
Positive
2.83
Price Trends
3.08
Positive
2.93
Positive
2.78
Positive
Market Momentum
0.17
Positive
60.75
Neutral
42.53
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BZUN, the sentiment is Positive. The current price of 2.83 is below the 20-day moving average (MA) of 3.43, below the 50-day MA of 3.08, and above the 200-day MA of 2.78, indicating a bullish trend. The MACD of 0.17 indicates Positive momentum. The RSI at 60.75 is Neutral, neither overbought nor oversold. The STOCH value of 42.53 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for BZUN.
Baozun Risk Analysis
Baozun disclosed 114 risk factors in its most recent earnings report. Baozun 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 Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
81 Outperform | $6.01B | 3.97 | 24.62% | 4.91% | 2.38% | 64.31% | |
66 Neutral | $7.84B | 40.30 | -17.67% | ― | 0.73% | 44.07% | |
62 Neutral | $34.53B | 15.68 | 6.63% | 3.96% | 7.23% | -57.76% | |
61 Neutral | $211.57M | -10.08 | -3.70% | ― | 11.59% | 25.34% | |
59 Neutral | $248.48B | 21.51 | 7.04% | 1.05% | 7.76% | -49.08% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
52 Neutral | $24.72B | -31.67 | -18.84% | ― | 9.92% | -309.73% |
* General Sector Average
BZUN
Baozun
3.63
-0.03
-0.82%
VIPS
Vipshop
12.63
-5.33
-29.67%
JD
JD
25.24
-7.81
-23.62%
BABA
Alibaba
100.25
-77.60
-43.63%
ETSY
Etsy
85.43
9.87
13.06%
CPNG
Coupang
13.75
-17.99
-56.68%
Baozun Corporate Events
Baozun Reports October Share Repurchases and Incentive Grants in Form 6-K
Oct 16, 2026
Baozun Inc. filed a Form 6-K with the U.S. Securities and Exchange Commission dated October 16, 2026, detailing changes in its issued and treasury shares reported to the Hong Kong Stock Exchange. The filing reflects routine equity management actio...
Baozun Reports September Share Capital Movements and Small WVR Share Buyback
Oct 9, 2026
Baozun Inc., a China-based e-commerce and brand management company incorporated in the Cayman Islands and listed in Hong Kong under stock code 09991, reported movements in its share capital tied to repurchases of weighted voting rights ordinary sh...
Baozun Details Late-September Share Buybacks in October 6-K Filing
Oct 2, 2026
On October 2, 2026, Baozun Inc. filed a Form 6-K with the U.S. Securities and Exchange Commission, reporting changes in its share capital and recent repurchase activity for its Hong Kong-listed weighted voting rights ordinary shares. The filing, c...
Baozun Files 2026 Interim Report with U.S. SEC on September 17
Sep 17, 2026
Baozun Inc., a dual-listed issuer on the U.S. and Hong Kong markets, continues to report under both regulatory regimes as it serves brand partners in the e-commerce and retail technology ecosystem. Its operations span digital commerce solutions an...
Baozun Files August 2026 Hong Kong Share Capital Return, Confirms Stable Structure
Sep 3, 2026
Baozun Inc. reported to the U.S. Securities and Exchange Commission on September 3, 2026 that it had filed a monthly return with the Hong Kong Stock Exchange detailing movements in its authorized share capital and issued shares for August 2026, wh...
Baozun Reports Stable Share Capital and Confirms Public Float Compliance in July 2026
Aug 5, 2026
Baozun Inc., a weighted voting rights issuer listed in Hong Kong and operating e-commerce solutions for brands in China, reported no changes to its authorised share capital or issued share counts for both Class A and Class B WVR ordinary shares fo...
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.