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Baozun, Inc. Class A
(9991)
Select Model
Select Model
Rating:56Neutral
Price Target:
HK$8.00
▲(4.71% Upside)
Action:Reiterated
Date:08/27/26
The score reflects an improving but still unproven financial base (ongoing losses despite better growth/margins and improving cash generation), supported by a moderately bullish technical picture. The earnings call adds upside via raised long-term profitability targets and BBM momentum, while valuation remains constrained by negative earnings and no dividend support.
Positive Factors
Higher-value service growth
Service revenue growth supports a more scalable, fee-based business mix than product distribution. Continued expansion in higher-value services can improve revenue quality, reduce inventory exposure, and provide a stronger foundation for sustainable margins.
Negative Factors
Persistent unprofitability
Recurring net losses show that revenue growth and recent margin gains have not yet translated into durable company-wide profitability. Continued losses could erode equity over time and limit Baozun’s ability to reinvest without relying on existing liquidity.
Read all positive and negative factors
Positive Factors
Negative Factors
Higher-value service growth
Service revenue growth supports a more scalable, fee-based business mix than product distribution. Continued expansion in higher-value services can improve revenue quality, reduce inventory exposure, and provide a stronger foundation for sustainable margins.
Read all positive factors
Baozun, Inc. Class A (9991) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$1.38B
Dividend YieldN/A
Average Volume (3M)25.30K
Price to Earnings (P/E)―
Beta (1Y)1.51
Revenue Growth11.90%
EPS Growth25.23%
CountryHK
Employees6,762
SectorConsumer Cyclical
Sector Strength84
IndustrySpecialty Retail
Share Statistics
EPS (TTM)-0.79
Shares Outstanding174,284,500
10 Day Avg. Volume15,910
30 Day Avg. Volume25,300
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$9.40Price Target Upside23.04% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)1.1
Revenue Forecast (FY)HK$12.54B
Baozun, Inc. Class A Business Overview & Revenue Model
Company Description
Baozun Inc., operating through its subsidiaries, provides comprehensive e-commerce services to brand collaborators throughout the People's Republic of China. Their offerings span a wide range, including the development and integration of IT system...
How the Company Makes Money
Baozun makes money primarily by providing e-commerce and brand services to brand partners and charging fees tied to those services. Its revenue model is typically described across two main segments: (1) E-Commerce (services and distribution) and (...
Baozun, Inc. Class A Earnings Call Summary
Earnings Call Date:Aug 27, 2026
(Q2-2026)
| Next Earnings Date:Dec 01, 2026
Earnings Call Sentiment Positive
The call communicated solid operational progress: mid-single-digit revenue growth, notable margin expansion in product sales and BBM, improved working capital efficiency, record BEC adjusted operating profit for a Q2, and an upgraded 2028 profitability target driven by AI and BBM momentum. Offsetting these positives were a deliberate 10% decline in product sales as low-margin categories were scaled back, higher marketing spend, ongoing BBM losses (albeit narrowed), and macro/consumption uncertainty. Overall, company performance improvements and forward-looking initiatives (AI, store expansion, BBM momentum) outweigh the near-term challenges.Positive Updates
Group Revenue Growth
Total net revenue increased 7% year-over-year to RMB 2.7 billion in Q2 2026.
Negative Updates
Product Sales Decline
BEC product sales decreased 10% year-over-year to RMB 541 million due to intentional scaling back in low-margin, highly competitive categories (Home & Furnishing, Beauty & Cosmetics, Appliances) during 6/18.
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.
Read all positive updates
Company Guidance
Management raised its 2028 non‑GAAP operating profit target from RMB 550 million to RMB 700 million (a RMB 150 million increase), citing BBM momentum and AI/automation rollout; they expect BEC productivity and margin gains as AI initiatives are accelerated over the next 18 months and expect product‑sales to contribute more from 2027. For BBM, they guided full‑year revenue growth of roughly 20–25% (vs. prior street guidance discussed), noted Gap’s same‑store sales growth in the 20s, plan to open more than 50 new stores in 2026 (having opened 8 in Q2 to reach 167 stores), and signaled continued focus on expanding margins and store productivity.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 | 10.39B | 9.69B | 9.42B | 8.81B | 8.40B | 9.40B |
| Gross Profit | 6.69B | 7.18B | 4.49B | 3.90B | 3.42B | 3.46B |
| EBITDA | 204.96M | 213.71M | 142.71M | 75.95M | -326.85M | 109.78M |
| Net Income | -134.95M | -235.83M | -185.20M | -278.42M | -653.29M | -219.83M |
Balance Sheet | ||||||
| Total Assets | 9.57B | 9.70B | 10.21B | 10.47B | 10.12B | 12.32B |
| Cash, Cash Equivalents and Short-Term Investments | 2.90B | 2.80B | 2.56B | 2.87B | 3.04B | 4.61B |
| Total Debt | 2.12B | 2.27B | 2.06B | 2.75B | 2.41B | 3.98B |
| Total Liabilities | 4.06B | 4.20B | 4.43B | 4.62B | 4.45B | 5.84B |
| Stockholders Equity | 3.64B | 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 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 |
|---|---|---|---|---|---|---|---|
67 Neutral | HK$296.52B | 17.24 | 6.63% | 3.61% | 7.53% | -57.52% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
56 Neutral | HK$1.38B | -8.15 | -3.70% | ― | 11.90% | 25.23% | |
52 Neutral | HK$2.18T | 24.21 | 7.04% | 0.94% | 8.06% | -48.95% | |
48 Neutral | HK$494.37B | -10.96 | -24.10% | ― | 9.80% | -230.88% | |
41 Neutral | HK$758.47M | -0.08 | 21.77% | 3.96% | -28.44% | 42.64% | |
39 Underperform | HK$912.47M | -2.27 | -52.21% | ― | 60.24% | -31.32% |
* Consumer Cyclical Sector Average
HK:9991
Baozun, Inc. Class A
7.50
-2.71
-26.54%
HK:3690
Meituan
80.60
-19.05
-19.12%
HK:0493
GOME Retail Holdings
0.01
-0.01
-50.00%
HK:0370
China Best Group Holding Limited
0.30
-1.04
-77.56%
HK:9618
JD.com, Inc. Class A
108.60
-14.44
-11.73%
HK:9988
Alibaba Group Holding Ltd.
109.50
-31.15
-22.15%
Baozun, Inc. Class A Corporate Events
Baozun Turns to Profitable Growth in Q2 2026 Amid Margin Gains and AI Push
Aug 27, 2026
Baozun reported unaudited second-quarter 2026 results showing a solid performance despite soft consumer sentiment, with total net revenues rising 7.5% year-on-year to RMB2,743.0 million and operating income turning positive at RMB63.4 million vers...
Baozun Swings to Profit as Revenue Climbs and Margins Improve in First Half 2026
Aug 27, 2026
Baozun Inc. reported a strong turnaround in its interim results for the six months ended June 30, 2026, as total net revenues rose 11.0% year over year to RMB5,124.0 million and the group swung from an operating loss to income from operations of R...
Baozun Sets August 27 Board Meeting and Earnings Call for First-Half 2026 Results
Aug 13, 2026
Baozun Inc. has scheduled a board meeting for August 27, 2026 in Hong Kong to review and approve its unaudited financial results for the second quarter and first half of 2026, prepared under U.S. GAAP and relevant U.S. securities regulations. The ...
Baozun Registers Additional Shares for Expanded 2022 Incentive Plan
Jul 13, 2026
Baozun Inc. has filed a registration statement on Form S-8 with the U.S. Securities and Exchange Commission to register additional securities under its amended and restated 2022 share incentive plan. The move follows a refreshed scheme mandate lim...
Baozun Shareholders Back All Resolutions at 2026 Annual Meeting
Jun 16, 2026
Baozun Inc. reported the outcomes of its annual general meeting held on June 16, 2026, where shareholders overwhelmingly approved the company’s audited consolidated financial statements for the year ended Dec. 31, 2025. Investors also endors...
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.