Mr. Vincent Qiu, Chairman and Chief Executive Officer of Baozun, commented, "Baozun concluded 2025 with a strong fourth quarter, successfully completing our three-year transformation. BEC has now evolved into a high-quality cash engine. BBM achieved a key milestone by delivering GAP's first breakeven quarter, showcasing the progress we've made in merchandising, brand positioning, and retail productivity. These accomplishments validate our dual-engine strategy. As we embark on the next phase of development, we are committed to scaling our brand management platform, deepening brand partnerships, and driving sustainable long-term growth."
Ms. Catherine Zhu, Chief Financial Officer of Baozun Inc., commented, "We concluded the fourth quarter with total revenue growing 6% year-over-year and a 91.4% year-over-year increase in adjusted operating profits. Overall, 2025 marks a significant step forward in strengthening Baozun's financial profile, characterized by modest topline growth and enhanced profitability. Additionally, our annual operating cash flow more than tripled to RMB 420.4 million. With a robust, transformed business model and a strong balance sheet, we remain fully committed to delivering sustainable growth in both our top line and bottom line."
Fourth Quarter 2025 Financial Highlights
Total net revenues were RMB3,172.2 million (US$[1]453.6 million), representing an increase of 5.9% compared with RMB2,994.4 million in the same quarter of last year.
Income from operations was RMB175.5 million (US$25.1 million), an improvement of 139.8% from RMB73.2 million in the same quarter of last year. Operating margin was 5.5%, improved from 2.4% for the same period of 2024.
Non-GAAP income from operations[2] was RMB197.7 million (US$28.3 million), an improvement of 91.4% from RMB103.3 million in the same quarter of last year. Non-GAAP operating margin was 6.2%, improved from 3.5% for the same period of 2024.
Adjusted operating profit of E-Commerce[3] was RMB195.9 million (US$28.0 million), an improvement of 42.5% from RMB137.4 million for the same period of 2024.
Adjusted operating profit of Brand Management[3] was RMB1.8 million (US$0.3 million), an improvement of RMB35.9 million from adjusted operating loss of RMB34.2 million for the same period of 2024.
Net loss attributable to ordinary shareholders of Baozun was RMB38.0 million (US$5.4 million), compared with net income attributable to ordinary shareholders of Baozun was RMB0.1 million for the same period of 2024.
Non-GAAP net income attributable to ordinary shareholders of Baozun[4] was RMB159.6 million (US$22.8 million), an improvement of 249.1% from RMB45.7 million for the same period of 2024.
Basic and diluted net loss attributable to ordinary shareholders of Baozun per American Depositary Share ("ADS[5]") were both RMB0.66 (US$0.09), compared with basic and diluted net income attributable to ordinary shareholders of Baozun per American Depositary Share were both RMB 0.00[6] for the same period of 2024.
Diluted non-GAAP net income attributable to ordinary shareholders of Baozun per ADS[7] was RMB2.75 (US$0.39), compared with RMB0.77 for the same period of 2024.
Cash and cash equivalents, restricted cash, and short-term investments totaled RMB2,795.3 million (US$399.7 million), as of December 31, 2025, compared with RMB2,915.9 million as of December 31, 2024.
Fiscal Year 2025 Financial Highlights
Total net revenues were RMB9,945.5 million (US$1,422.2 million), representing an increase of 5.6% compared with RMB9,422.2 million in the fiscal year of 2024.
Income from operations was RMB56.6 million (US$8.1 million), compared with loss from operations RMB114.8 million in the fiscal year of 2024. Operating margin was 0.6%, compared with negative 1.2% for the fiscal year of 2024.
Non-GAAP income from operations was RMB126.2 million (US$18.0 million), compared with RMB10.6 million for the fiscal year of 2024. Non-GAAP operating margin was 1.3%, compared with 0.1% for the fiscal year of 2024.
Adjusted operating profit of E-Commerce was RMB219.3 million (US$31.4 million), an improvement of 22.1% from RMB179.6 million for the fiscal year of 2024.
Adjusted operating loss of Brand Management narrowed to RMB93.0 million (US$13.3 million), an improvement of 44.9% from RMB168.8 million for the fiscal year of 2024.
Net loss attributable to ordinary shareholders of Baozun was RMB242.1 million (US$34.6 million), compared with RMB185.2 million for the fiscal year of 2024.
Non-GAAP net income attributable to ordinary shareholders of Baozun was RMB44.2 million (US$6.3 million), compared with non-GAAP net loss attributable to ordinary shareholders of RMB40.4 million for the fiscal year of 2024.
Basic and diluted net loss attributable to ordinary shareholders of Baozun per American Depositary Share ("ADS") were both RMB4.19 (US$0.60), compared with both RMB3.09 for the fiscal year of 2024.
Diluted non-GAAP net income attributable to ordinary shareholders of Baozun per ADS was RMB0.76 (US$0.11), compared with diluted non-GAAP net loss attributable to ordinary shareholders of Baozun per ADS of RMB0.67 for the fiscal year of 2024.
Reconciliations of GAAP measures to non-GAAP measures presented above are included at the end of this results announcement.
Adjusted operating profits (losses) are included in the Segments data of Segment Information.
Business Highlights
Baozun e-Commerce, or "BEC"
BEC encompasses our China e-commerce businesses, including brand store operations, customer services, and value-added services covering warehousing and fulfillment, IT and digital marketing. During the fourth quarter of 2025, total revenue from BEC increased by 2.5% year-over-year, mainly driven by resilient growth in the service fee model. BEC's product sales remained stable compared with the same period of 2024. BEC's services revenue grew by 3.1% to RMB 1,989.2 million, mainly driven by a 19.0% revenue growth in Digital Marketing and IT solutions.
Baozun Brand Management, or "BBM"
BBM provides holistic brand management, encompassing strategic and tactical positioning, branding and marketing, retail and e-commerce operations, supply chain and logistics, and technology enablement. We aim to leverage our portfolio of technologies to build longer and deeper relationships with brands. During the fourth quarter of 2025, total revenue from BBM increased by 24.0% year-over-year to RMB663.8 million. We have 177 offline stores under our management at the end of the fourth quarter of 2025.
Fourth Quarter 2025 Financial Results
Total net revenues were RMB3,172.2 million (US$453.6 million), an increase of 5.9% from RMB2,994.4 million in the same quarter of last year. The increase in total net revenues was driven by revenue growth in both the Company's BEC and BBM business lines.
Total product sales revenue was RMB1,237.8 million (US$177.0 million), an increase of 11.9% compared with RMB1,106.0 million in the same quarter of last year, of which,
Product sales revenue of E-Commerce was RMB574.5 million (US$82.2 million), a slight increase from RMB571.7 million in the same quarter of last year.
The following table sets forth a breakdown of product sales revenues of E-Commerce by key categories [8] for the periods indicated:
For the three months ended December 31,
2024
2025
RMB
% of
RMB
US$
% of
YoY
Net
Revenues
Net
Revenues
Change
(In millions, except for percentage)
Product Sales of E-Commerce
Appliances
220.5
7 %
183.2
26.2
6 %
-17 %
Beauty and cosmetics
130.7
4 %
136.9
19.6
4 %
5 %
Home and Furnishing
84.6
3 %
80.1
11.5
3 %
-5 %
Health and Nutrition
20.8
1 %
61.9
8.9
2 %
198 %
Others
115.1
4 %
112.4
16.0
3 %
-2 %
Total net revenues from product sales
of E-Commerce
571.7
19 %
574.5
82.2
18 %
0 %
Product sales revenue of Brand Management was RMB663.7 million (US$94.9 million), an increase of 24.2% from RMB534.6 million in the same quarter of last year. The increase was primarily driven by higher sales from the Gap brand, as the Company continued to optimize merchandising plans, channels and marketing initiatives to boost sales.
Services revenue was RMB1,934.4 million (US$276.6 million), an increase of 2.4% from RMB1,888.5 million in the same quarter of last year. The increase was primarily attributable to a 19.0% year-over-year growth in digital marketing and IT solutions, driven by content creation and technology monetization.
The following table sets forth a breakdown of services revenue by business models for the periods indicated:
For the three months ended December 31,
2024
2025
RMB
% of
RMB
US$
% of
YoY
Net Revenues
Net Revenues
Change
(In millions, except for percentage)
Services revenue
Online store operations
594.8
20 %
603.7
86.3
19 %
2 %
Warehousing and fulfillment
705.7
24 %
635.3
90.8
20 %
-10 %
Digital marketing and IT solutions
630.5
20 %
750.2
107.3
24 %
19 %
Inter-segment eliminations[9]
(42.5)
-1 %
(54.8)
(7.8)
-2 %
29 %
Total net revenues from services
1,888.5
63 %
1,934.4
276.6
61 %
2 %
Breakdown of total net revenues of online store operations of services revenue by key categories [10] for the periods indicated:
For the three months ended December 31,
2024
2025
RMB
% of
RMB
US$
% of
YoY
Net
Revenues
Net
Revenues
Change
(In millions, except for percentage)
Online store operations in Services
revenue
Apparel and accessories
472.0
15 %
497.0
71.1
16 %
5 %
Luxury
126.9
4 %
159.5
22.8
5 %
26 %
Sportswear
157.6
5 %
150.6
21.5
5 %
-4 %
Other apparel
187.5
6 %
186.9
26.8
6 %
0 %
Others
122.8
4 %
106.7
15.2
3 %
-13 %
Inter-segment eliminations[11]
(14.6)
0 %
(24.2)
(3.5)
-1 %
66 %
Total net revenues from online store operations in services
580.2
19 %
579.5
82.8
18 %
0 %
Total operating expenses were RMB2,996.7 million (US$428.5 million), compared with RMB2,921.2 million in the same quarter of last year.
Cost of products was RMB786.4 million (US$112.4 million), compared with RMB773.9 million in the same quarter of last year. The increase was primarily driven by growth in sales volume, partially offset by cost reductions resulting from efficiency improvements.
Fulfillment expenses were RMB683.4 million (US$97.7 million), compared with RMB768.9 million in the same quarter of last year. The decrease was primarily due to a decline in E-commerce warehouse and logistics revenue, along with the Company's cost control initiatives and efficiency improvements.
Sales and marketing expenses were RMB1,222.4 million (US$174.8 million), compared with RMB1,041.4 million in the same quarter of last year. The increase was mainly due to higher revenue contributions from digital marketing services for BEC, as well as increased expenses associated with the expansion of offline stores and marketing activities for BBM during the quarter.
Technology and content expenses were RMB116.9 million (US$16.7 million), compared with RMB146.6 million in the same quarter of last year. The decrease was mainly attributable to the company's continued efforts to implement cost control and efficiency improvement initiatives.
General and administrative expenses were RMB187.9 million (US$26.9 million), compared with RMB191.8 million in the same quarter of last year. The general and administrative expenses remained stable compared with the same period of last year due to the company's continued efforts to implement cost control and efficiency improvement initiatives.
Income from operations was RMB175.5 million (US$ 25.1 million), an increase of 139.3% compared with RMB73.2 million in the same quarter of last year. The operating margin was 5.5%, an improvement from 2.4% in the same quarter of last year.
Non-GAAP income from operations was RMB197.7 million (US$28.3 million), an increase of 91.4% compared with RMB103.3 million in the same quarter of last year. Non-GAAP operating margin was 6.2%, an improvement from 3.5% in the same quarter of last year.
Adjusted operating profit of E-Commerce was RMB195.9 million (US$28.0 million), an improvement of 42.5% from RMB137.4 million in the same quarter of last year.
Adjusted operating profit of Brand Management was RMB1.8 million (US$0.3 million), significant improvement from adjusted operating loss of RMB34.2 million in the same quarter of last year.
Unrealized investment loss was RMB4.4 million (US$0.6 million), compared with an unrealized investment gain of RMB20.9 million in the same quarter of last year. The unrealized investment loss of this quarter was primarily due to the decrease in the trading price of publicly listed companies we invested in.
Impairment loss of investments was RMB213.4 million (US$30.5 million), compared with RMB14.4 million in the same quarter of last year. The impairment loss of investments during the period was primarily associated with impairment losses of RMB151.6 million related to previous debt investments in the e-commerce business, and impairment provisions of RMB61.8 million for certain equity investments.
Fair value change on financial instruments was a gain of RMB4.9 million (US$0.7 million), compared with RMB17.7 million in the same quarter of last year. The fair value change on financial instruments is mainly comprised of the gain recognized from the financial instruments the Company invested in.
Exchange loss was RMB3.6 million (US$0.5 million), due to exchange rate fluctuation in the quarter ended December 31, 2025, compared to RMB11.5 million in the same quarter last year.
Net loss attributable to ordinary shareholders of Baozun was RMB38.0 million (US$5.4 million), compared with net income attributable to ordinary shareholders of Baozun RMB0.1 million in the same quarter of last year.
Basic and diluted net loss attributable to ordinary shareholders of Baozun per ADS were both RMB0.66 (US$0.09), compared with basic and diluted net income attributable to ordinary shareholders of Baozun per American Depositary Share were both RMB 0.00[12] for the same period of 2024.
Non-GAAP net income attributable to ordinary shareholders of Baozun Inc. was RMB159.6 million (US$22.8 million), an improvement of 249.1% from RMB45.7 million for the same period of 2024.
Diluted non-GAAP net income attributable to ordinary shareholders of Baozun per ADS was RMB2.75 (US$0.39), compared with RMB0.77 for the same period of 2024.
Fiscal Year 2025 Financial Results
Total net revenues were RMB9,945.5 million (US$1,422.2 million), an increase of 5.6% from RMB9,422.2 million in fiscal year 2024. The increase in total net revenues was driven by revenue growth in both the Company's E-Commerce and BBM business lines.
Total product sales revenue was RMB3,849.6 million (US$550.5 million), an increase of 11.0% compared with RMB3,466.9 million in the fiscal year of 2024, of which,
Product sales revenue of E-Commerce was RMB2,009.8 million (US$287.4 million), compared with RMB1,999.6 million in the fiscal year of 2024.
The following table sets forth a breakdown of product sales revenues of E-Commerce by key categories for the years indicated:
For the fiscal year ended December 31,
2024
2025
RMB
% of
RMB
US$
% of
YoY
Net
Revenues
Net
Revenues
Change
(In millions, except for percentage)
Product Sales of E-Commerce
Appliances
852.5
9 %
671.6
96.0
7 %
-12 %
Beauty and cosmetics
397.3
4 %
501.0
71.6
5 %
26 %
Home and Furnishing
201.9
2 %
230.1
32.9
2 %
14 %
Health and Nutrition
208.7
2 %
220.9
31.6
2 %
6 %
Others
339.2
4 %
386.2
55.3
4 %
14 %
Total net revenues from product sales of E-Commerce
1,999.6
21 %
2,009.8
287.4
20 %
1 %
Product sales revenue of Brand Management was RMB1,841.6 million (US$263.4 million), an increase of 25.3% from RMB1,469.6 million in the fiscal year of 2024. The increase was primarily driven by higher sales from the Gap brand, as the Company continued to optimize merchandising plans, channels and marketing initiatives to boost sales.
Services revenue was RMB6,095.9 million (US$871.7 million), an increase of 2.4% from RMB5,955.3 million in the fiscal year of 2024. The increase was primarily attributable to an 8.3% year-over-year growth in online store operations, together with a 8.5% year-over-year growth in digital marketing and IT solutions, driven by content creation and technology monetization.
The following table sets forth a breakdown of services revenue by business models for the years indicated:
For the fiscal year ended December 31,
2024
2025
RMB
% of
RMB
US$
% of
YoY
Net
Revenues
Net
Revenues
Change
(In millions, except for percentage)
Services revenue
Online store operations
1,765.4
19 %
1,912.0
273.4
19 %
8 %
Warehousing and fulfillment
2,189.2
22 %
2,051.7
293.4
21 %
-6 %
Digital marketing and IT solutions
2,120.9
23 %
2,301.5
329.1
23 %
9 %
Inter-segment eliminations[13]
(120.2)
-1 %
(169.3)
(24.2)
-2 %
41 %
Total net revenues from services
5,955.3
63 %
6,095.9
871.7
61 %
2 %
Breakdown of total net revenues of online store operations of services revenue by key categories for the years indicated:
For the fiscal year ended December 31,
2024
2025
RMB
% of
RMB
US$
% of
YoY
Net
Revenues
Net
Revenues
Change
(In millions, except for percentage)
Online store operations in Services
revenue
Apparel and accessories
1,342.7
14 %
1,495.3
213.8
15 %
11 %
Luxury
407.0
4 %
464.9
66.5
5 %
14 %
Sportswear
487.1
5 %
501.4
71.7
5 %
3 %
Other apparel
448.6
5 %
529.0
75.6
5 %
18 %
Others
422.7
4 %
416.7
59.6
5 %
-1 %
Inter-segment eliminations[14]
(55.2)
-1 %
(64.9)
(9.3)
-1 %
18 %
Total net revenues from online store
operations in services
1,710.2
17 %
