BZUN

MKT CAP:$164M

Baozun Inc.

Market Cap

$164M

Consumer Cyclical·Specialty Retail·🇨🇳 China·NASDAQ

Consumer Cyc.·Specialty Retail·🇨🇳·NASDAQ

Stock Price

$2.78-$0.03 (-1.07%)

Apr 23, 2026

Company Details

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, vi...

CEO

Wenbin Qiu

IPO Date

May 20, 2015

Website

www.baozun.com

Key Metrics TTM

Revenue

$1.4B

+5.1% YoY

Net Income

-$35M

EPS (Diluted)

-$0.61

Free Cash Flow

$0

Revenue / Share

$24.97

Gross Margin

57.7%

Operating Margin

0.5%

Net Margin

-2.4%

FCF Margin

0.0%

P/S

0.1x

P/E

—

Earnings Reports

FY 2025

Dec 30, 2025

$1.4BEPS -$0.59

Q4 2025

Dec 30, 2025

$457M+4.5%EPS -$0.10

Q3 2025

Nov 25, 2025

$315M+4.8%EPS -$0.27

Q2 2025

Aug 28, 2025

$373M+6.8%EPS -$0.09

Q1 2025

May 21, 2025

$302M+4.3%EPS -$0.16

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 21	$337M	$136M	$16M
Q3 21	$277M	$98M	-$23M
Q4 21	$464M	$171M	$584.6K
Q1 22	$290M	$111M	-$5M
Q2 22	$310M	$116M	-$3M
Q2 23	$339M	$144M	-$5M
Q3 23	$266M	$120M	-$20M
Q4 23	$406M	$186M	$934.8K
Q1 24	$289M	$138M	-$8M
Q2 24	$349M	$163M	-$3M
Q3 24	$301M	$142M	-$17M
Q4 24	$438M	$212M	$11M
Q1 25	$302M	$145M	-$12M
Q2 25	$373M	$180M	-$1M
Q3 25	$315M	$165M	-$4M
Q4 25	$457M	$344M	$25M

Valuation

Quarter	P/S	P/E
Q2 21	2.0x	48.4x
Q3 21	0.9x	322.8x
Q4 21	0.7x	—
Q1 22	0.4x	—
Q2 22	0.5x	—
Q2 23	0.2x	—
Q3 23	0.2x	—
Q4 23	0.1x	—
Q1 24	0.1x	—
Q2 24	0.1x	—
Q3 24	0.2x	—
Q4 24	0.1x	—
Q1 25	0.1x	—
Q2 25	0.1x	—
Q3 25	0.2x	—
Q4 25	0.1x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 18	$0	$0
Q4 19	$0	$0
Q2 20	$0	$0
Q3 20	$0	$0
Q4 20	$0	$0
Q4 21	$0	$0
Q2 23	$0	$0
Q3 23	$0	$0
Q4 23	$0	$0
Q1 24	$0	$0
Q2 24	$0	$0
Q3 24	$0	$0
Q4 24	$0	$0
Q1 25	$0	$0
Q2 25	$0	$0
Q3 25	$0	$0

Capital Expenditures

Quarter	CapEx
Q4 18	$0
Q4 19	$0
Q2 20	$0
Q3 20	$0
Q4 20	$0
Q4 21	$0
Q2 23	$0
Q3 23	$0
Q4 23	$0
Q1 24	$0
Q2 24	$0
Q3 24	$0
Q4 24	$0
Q1 25	$0
Q2 25	$0
Q3 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 21	+7.1%	+10.3%
Q3 21	+3.8%	+17.8%
Q4 21	-5.2%	+4.0%
Q1 22	-1.8%	+2.5%
Q2 22	-7.9%	-2.4%
Q2 23	+22.2%	+14.7%
Q3 23	-42.5%	-38.2%
Q4 23	+40.1%	+37.5%
Q1 24	-6.7%	-5.2%
Q2 24	+3.1%	+2.3%
Q3 24	+12.8%	+10.8%
Q4 24	+7.7%	+5.3%
Q1 25	+4.3%	+5.6%
Q2 25	+6.8%	+6.3%
Q3 25	+4.8%	+0.5%
Q4 25	+4.5%	+1.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 18	$2M	0.8%
Q4 19	$3M	0.7%
Q2 20	$4M	1.2%
Q3 20	$4M	1.5%
Q4 20	$5M	1.0%
Q4 21	$8M	1.8%
Q2 23	$4M	1.3%
Q3 23	$4M	1.6%
Q4 23	$4M	0.9%
Q1 24	$4M	1.5%
Q2 24	$3M	0.7%
Q3 24	$3M	1.0%
Q4 24	$2M	0.5%
Q1 25	$1M	0.4%
Q2 25	$1M	0.3%
Q3 25	$294.4K	0.1%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q2 21	$17M	$31M	$95M	—
Q3 21	$17M	$45M	$78M	—
Q4 21	—	$23M	$131M	—
Q1 22	$15M	$29M	$90M	—
Q2 22	$16M	$30M	$98M	—
Q2 23	$19M	$36M	$103M	—
Q3 23	$18M	$31M	$93M	—
Q4 23	$21M	$33M	$130M	—
Q1 24	$19M	$26M	$101M	—
Q2 24	$19M	$25M	$123M	—
Q3 24	—	$26M	$117M	—
Q4 24	—	$28M	$152M	—
Q1 25	—	$25M	$117M	—
Q2 25	—	$33M	$137M	—
Q3 25	—	$25M	$130M	—
Q4 25	$17M	—	—	$301M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$494M	$0	$494M
Q2 22	$459M	$0	$459M
Q3 22	$338M	$88M	$427M
Q4 22	$323M	$129M	$452M
Q1 23	$233M	$191M	$424M
Q2 23	$255M	$213M	$468M
Q3 23	$323M	$105M	$428M
Q4 23	$343M	$105M	$448M
Q1 24	$336M	$95M	$431M
Q2 24	$248M	$169M	$417M
Q3 24	$203M	$184M	$388M
Q4 24	$240M	$186M	$426M
Q1 25	$207M	$162M	$369M
Q2 25	$174M	$201M	$375M
Q3 25	$164M	$206M	$370M
Q4 25	$153M	$255M	$409M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 21	75M	+0.1%	+25.1%
Q3 21	73M	-2.5%	+21.2%
Q4 21	68M	-7.5%	-15.2%
Q1 22	65M	-3.3%	-12.7%
Q2 22	62M	-5.8%	-17.9%
Q2 23	59M	-3.7%	-18.9%
Q3 23	60M	+0.4%	-11.9%
Q4 23	60M	+1.1%	-7.9%
Q1 24	60M	+0.5%	-1.7%
Q2 24	61M	+0.1%	+2.2%
Q3 24	61M	0.0%	+1.8%
Q4 24	60M	-1.2%	-0.5%
Q1 25	58M	-3.4%	-4.5%
Q2 25	58M	0.0%	-4.6%
Q3 25	58M	+0.0%	-4.6%
Q4 25	58M	+0.2%	-3.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 21	$55.4K	6K
Q3 21	$45.7K	6K
Q4 21	$52.6K	9K
Q1 22	$32.9K	9K
Q2 22	$35.2K	9K
Q2 23	$44.7K	8K
Q3 23	$35.1K	8K
Q4 23	$51.9K	8K
Q1 24	$37.0K	8K
Q2 24	$44.6K	8K
Q3 24	$38.4K	8K
Q4 24	$57.2K	8K
Q1 25	$39.4K	8K
Q2 25	$48.8K	8K
Q3 25	$41.2K	8K
Q4 25	$59.8K	8K

Revenue / Employee