Research analysts who have asked questions during Baozun earnings calls.
AY
Alicia Yap
Citigroup
8 questions for BZUN
Also covers: BABA, BIDU, DADA +10 more
JY
Jiawei Yin
CITIC Securities Company Limited
3 questions for BZUN
CS
Cao Shunli
Haitai Security
2 questions for BZUN
CC
Chris Chou
Huotai Securities
2 questions for BZUN
FT
Frank Tao
CNBI
2 questions for BZUN
JH
Jie Hou
Huatai Securities
2 questions for BZUN
JM
Jonah Mae
CMBI
2 questions for BZUN
JW
Junjie Wei
CITIC
2 questions for BZUN
TC
Thomas Chong
Jefferies Financial Group Inc.
2 questions for BZUN
Also covers: ATHM, BABA, BEKE +22 more
CK
Chris Kao
Haitong Securities Co., Ltd.
1 question for BZUN
JY
Jarvis Ying
CITIC Securities
1 question for BZUN
JM
Johanna Ma
CMB International
1 question for BZUN
Also covers: CMCM
LX
Lulu Xia
Huatai Securities
1 question for BZUN
QY
Qingpu Yang
Citic Group
1 question for BZUN
WZ
Wang Zhao
China International Capital Corporation
1 question for BZUN
Also covers: RERE
Ye Tao
CMB International Securities
1 question for BZUN
Recent press releases and 8-K filings for BZUN.
Baozun Reports Strong Q3 2025 Revenue Growth and Profitability Improvement
BZUN
Earnings
Guidance Update
Revenue Acceleration/Inflection
- Baozun's total net revenues for Q3 2025 increased by 5% year-over-year to RMB 2.2 billion, with a significant improvement in profitability as non-GAAP operating loss narrowed to RMB 10.8 million from RMB 85.2 million in the prior year.
- The Baozun E-Commerce (BEC) segment achieved a non-GAAP operating profit of RMB 28.1 million in Q3 2025, compared to an operating loss of RMB 29.8 million a year ago.
- The Baozun Brand Management (BBM) segment's revenue grew 20% year-over-year to RMB 396 million, and its non-GAAP operating loss improved by 30% to RMB 38.7 million.
- Management anticipates 2026 to be an "inflection point" for the company, shifting from transformation investment to sustained profitable growth, with expectations for "big improvements in profitability" across the business.
- For GAP China, same-store sales grew 7% in Q3 2025, and the company expects a continuous double-digit increase in sales for 2026.
Nov 25, 2025, 11:30 AM
Baozun Reports Strong Q3 2025 Results with Revenue Growth and Improved Profitability
BZUN
Earnings
Revenue Acceleration/Inflection
Guidance Update
- Baozun Group reported a 5% year-over-year increase in total net revenues, reaching RMB 2.2 billion in Q3 2025, while significantly narrowing its non-GAAP operating loss to RMB 10.8 million from RMB 85.2 million a year ago.
- Both core business engines demonstrated improved profitability: BEC achieved a non-GAAP operating profit of RMB 28.1 million (compared to a loss in Q3 2024), and BBM saw its revenue grow 20% year-over-year to RMB 396 million, with its non-GAAP operating loss improving by 30%.
- The company experienced substantial gross margin expansion, with the blended gross margin for product sales increasing by 620 basis points to 34.3%, and BBM's gross margin expanding by 370 basis points to 56.5%.
- Management projects 2026 as an "inflection point" for sustained profitable growth, with strategic priorities focused on BEC margin expansion and cost optimization, and ensuring the success of existing brands within BBM while carefully pursuing new brand opportunities.
Nov 25, 2025, 11:30 AM
Baozun Reports 5% Revenue Growth and Improved Profitability in Q3 2025
BZUN
Earnings
Revenue Acceleration/Inflection
New Projects/Investments
- Baozun reported a 5% year-over-year increase in total net revenues to RMB 2.2 billion for Q3 2025, with a significant improvement in profitability as non-GAAP operating loss narrowed to RMB 11 million from RMB 85 million a year ago.
- The BEC segment achieved an adjusted non-GAAP operating income of RMB 28.1 million, marking its most profitable third quarter in recent years, while the BBM segment saw 20% year-over-year revenue growth to RMB 396 million and a 30% improvement in non-GAAP operating loss.
- BBM's strong growth was fueled by initiatives for GAP China, including 7% same-store sales growth and the engagement of a top-tier brand ambassador, with expectations for GAP to reach its first break-even quarter in Q4.
- The company anticipates 2026 to be an inflection point, shifting from transformation investment to sustained profitable growth, with strategic priorities including margin expansion for BEC and continued brand success and synergy development for BBM.
Nov 25, 2025, 11:30 AM
BZUN Reports Q3 2025 Financial Results
BZUN
Earnings
Revenue Acceleration/Inflection
- BZUN reported total net revenue of RMB 2.2 billion in Q3 2025, representing a 5% year-over-year increase.
- The company's non-GAAP operating loss narrowed by 87% year-over-year to RMB 10.8 million in Q3 2025.
- Brand Management net revenue saw significant growth, increasing 20% year-over-year to RMB 396 million.
- The Group Product Sales Gross Profit Margin improved to 34.3% in Q3 2025, compared to 28.1% in Q3 2024.
Nov 25, 2025, 11:30 AM
Baozun Announces Third Quarter 2025 Unaudited Financial Results and Board Resignation
BZUN
Earnings
Board Change
Revenue Acceleration/Inflection
- Baozun Inc. reported total net revenues of RMB2,156.2 million (US$302.9 million) for the third quarter of 2025, representing a 4.8% increase compared to the same period last year.
- The company significantly narrowed its operating loss, with loss from operations at RMB25.6 million (US$3.6 million), an improvement from RMB114.5 million in the third quarter of 2024.
- The E-commerce (BEC) segment achieved an adjusted operating income of RMB28.1 million (US$3.9 million), a turnaround from an adjusted operating loss of RMB29.8 million in the prior year's quarter, while the Brand Management (BBM) segment narrowed its adjusted operating loss by 30.0% to RMB38.7 million (US$5.4 million).
- Net loss attributable to ordinary shareholders was RMB107.1 million (US$15.0 million), or RMB1.85 (US$0.26) per ADS for the third quarter of 2025.
- OKADA SATOSHI resigned as a member of Baozun Inc.'s Board of Directors, effective December 31, 2025.
Nov 25, 2025, 11:02 AM
Baozun Inc. Reports Increased Revenue and Operating Loss for First Half of 2025
BZUN
Earnings
Share Buyback
Demand Weakening
- Baozun Inc.'s total net revenues for the six months ended June 30, 2025, increased by 5.6% to RMB4,617.0 million (US$644.5 million), up from RMB4,370.8 million for the same period in 2024. This growth was primarily driven by both of the Group’s operating segments, with product sales increasing by 14.3%.
- The non-GAAP operating loss for the six months ended June 30, 2025, increased to RMB60.8 million from RMB7.5 million in the prior year period, mainly due to a RMB53.3 million write-down of accounts receivable. The GAAP loss from operations for the period was RMB93,368 thousand.
- The diluted non-GAAP net loss attributable to ordinary shareholders per ADS was (US$0.18) for the six months ended June 30, 2025. The diluted GAAP net loss per ADS was (RMB1.68) for the same period.
- The company repurchased 490,476 ADSs in January 2025 for an aggregate consideration of US$1,403,484.06.
Sep 18, 2025, 11:01 AM
Baozun Details August 2025 Share Movements
BZUN
Share Buyback
Executive Compensation
- Baozun Inc. reported a net decrease of 2,340,033 in its issued WVR ordinary shares (Class A) during August 2025, bringing the total outstanding to 160,237,828 shares.
- This decrease was primarily driven by the repurchase and cancellation of 2,533,803 WVR ordinary shares (Class A).
- Partially offsetting this, the company issued 34,998 WVR ordinary shares (Class A) from share option exercises, generating USD 32,548.14, and an additional 158,772 Class A ordinary shares from vested restricted share units.
- The total authorized/registered share capital remained unchanged at USD 50,000 at the end of August 2025.
Sep 3, 2025, 12:09 PM
Quarterly earnings call transcripts for Baozun.
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