EarningsQ2 2026 Earnings Report
MX:BZUNN Q2 2026 EPS Results
Actual EPS$0.80
Consensus EPS―
Beat/Miss―
One Year Ago EPS-$1.58
MX:BZUNN Q2 2026 Revenue Results
Actual Revenue$7.24B
Expected Revenue$49.27B
Beat/MissMissed by -$42.03B
YoY Revenue Growth+14.19%
Earnings Announcement Details
QuarterQ2 2026
Date08/27/2026
TimeBefore Open
Conference CallThursday, August 27, 2026
MX:BZUNN Upcoming Earnings
Baozun's next earnings date is estimated for December 1, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:BZUNN Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
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.Company Guidance
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).
Improved Operating Profitability
Non-GAAP operating income rose to RMB 74 million in Q2 2026 (up from RMB 6 million year-ago; RMB 59 million on rebased basis), a material year-over-year improvement (~25% vs rebased). BEC delivered a record Q2 non-GAAP operating income of RMB 107 million (highest since 2022).
Strong BBM Revenue and Margin Expansion
Brand Management (BBM) revenue grew 22% year-over-year to RMB 486 million. BBM gross margin expanded to 56.1% in the quarter (up from ~52% year-over-year, a multi-hundred basis point expansion) and same-store sales at Gap grew in the 20s (double-digit growth).
Product Sales and Gross Profit Improvement
Gross profit for product sales increased 21.3% year-over-year to RMB 343 million. Group blended product-sales gross margin improved to 33%, representing approximately a 499 basis-point expansion year-over-year.
Services Revenue and Strategic Mix Shift
E-commerce services revenue increased 10% year-over-year to RMB 1.8 billion, reflecting a deliberate shift toward higher-value service revenue and market-share gains in categories like luxury, sports and outdoor.
Operational Efficiency and Working Capital
Working capital turnover improved substantially to 107 days from 148 days year-over-year; inventory turnover shortened to 112 days from 134 days. Fulfillment costs decreased 9% to RMB 549 million and G&A fell 22% to RMB 175 million, indicating tighter cost control.
AI & Automation Pilots and Raised Long-Term Profit Target
Pilots of AI and automation in Gap e-commerce showed meaningful productivity gains. Management raised the 2028 non-GAAP operating profit target from RMB 550 million to RMB 700 million, citing AI-driven efficiency and stronger BBM traction.
Healthy Liquidity
Cash, cash equivalents, restricted cash and short-term investments totaled RMB 2.9 billion as of June 30, 2026, supporting strategic investments and store expansion plans.
Retail Footprint and Emerging Brand Progress
BBM opened 8 new Gap stores in the quarter (167 total), plans to open >50 stores in 2026, and is advancing emerging brands (e.g., Hunter opened 3 flagship stores bringing its total to 16 and expanded apparel contribution in some stores to >30%).
Market Recognition and Platform Credentials
BEC maintained Douyin e-commerce Diamond Service Provider certification and executed large-scale digital initiatives and live events that increased consumer engagement and brand value.
MX:BZUNN Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed