$BZUN

Baozun Inc.

CIK:0001625414|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥) ¥ / shares	Dec. 31, 2025 USD ($) $ / shares	Dec. 31, 2024 CNY (¥) ¥ / shares	Dec. 31, 2023 CNY (¥) ¥ / shares
Net revenues
Net revenues	¥ 9,945,483	$ 1,422,186	¥ 9,422,229	¥ 8,812,013
Operating expenses:
Cost of products	(2,576,012)	(368,365)	(2,473,804)	(2,409,110)
Fulfillment	(2,309,755)	(330,291)	(2,461,591)	(2,507,306)
Sales and marketing	(3,847,237)	(550,148)	(3,380,724)	(2,829,016)
Technology and content	(463,206)	(66,238)	(550,289)	(505,203)
General and administrative	(751,627)	(107,481)	(719,157)	(855,914)
Other operating income, net	77,304	11,054	55,445	123,368
Impairment of goodwill	(18,395)	(2,630)	(6,934)	(35,212)
Total operating expenses	(9,888,928)	(1,414,099)	(9,537,054)	(9,018,393)
(Loss) Income from operations	56,555	8,087	(114,825)	(206,380)
Other income (expenses):
Interest income	58,556	8,373	68,752	82,113
Interest expense	(44,572)	(6,374)	(38,987)	(41,344)
Unrealized investment (loss) gain	(16,574)	(2,370)	4,851	(68,031)
Gain on disposal of investments	562	80
Gain (loss) on disposal/acquisition of subsidiaries	(36,262)	(5,185)	0	631
Impairment loss of investments	(213,406)	(30,517)	(14,403)	0
Exchange loss	(3,718)	(532)	(10,213)	(8,530)
Fair value change on financial instruments	(1,904)	(272)	11,838	24,515
Loss before income tax and share of income (loss) in equity method investments	(200,763)	(28,710)	(92,987)	(217,026)
Income tax expense	(9,907)	(1,417)	(20,739)	(12,003)
Share of income (loss) in equity method investments	11,090	1,586	(24,658)	6,253
Net loss	(199,580)	(28,541)	(138,384)	(222,776)
Net (income) loss attributable to non-controlling interests	(23,374)	(3,342)	1,990	(9,677)
Net income attributable to redeemable non-controlling interests	(19,146)	(2,738)	(48,804)	(45,969)
Net loss attributable to ordinary shareholders of Baozun Inc.	¥ (242,100)	$ (34,621)	¥ (185,198)	¥ (278,422)
Net loss per share attributable to ordinary shareholders of Baozun Inc.:
Basic (in dollars per share) \| (per share)	¥ (1.4)	$ (0.2)	¥ (1.03)	¥ (1.56)
Diluted (in dollars per share) \| (per share)	(1.4)	(0.2)	(1.03)	(1.56)
Net loss per American depositary shares ("ADS") attributable to ordinary shareholders of Baozun Inc.:
Basic (in dollars per share) \| (per share)	(4.19)	(0.6)	(3.09)	(4.68)
Diluted (in dollars per share) \| (per share)	¥ (4.19)	$ (0.6)	¥ (3.09)	¥ (4.68)
Product sales
Net revenues
Net revenues	¥ 3,849,559	$ 550,480	¥ 3,466,928	¥ 3,357,202
Service
Net revenues
Net revenues	¥ 6,095,924	$ 871,706	¥ 5,955,301	¥ 5,454,811

CONSOLIDATED STATEMENTS OF CASH FLOWS ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Cash flows from operating activities:
Net loss	¥ (199,580)	$ (28,541)	¥ (138,384)	¥ (222,776)
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Provision for (reversal of) credit losses allowance	58,306	8,338	(915)	19,750
Inventory write-down	126,891	18,145	150,752	152,904
Share-based compensation	19,931	2,850	76,261	103,449
Depreciation and amortization	221,741	31,709	244,851	251,628
Deferred income tax	(56,838)	(8,128)	(40,889)	(45,591)
Loss on disposal of property and equipment	11,943	1,708	28,546	7,410
Gain on disposal of investments	(562)	(80)	0	0
Loss (gain) on acquisition or disposal of subsidiaries	36,262	5,185	0	(631)
Share of loss (income) in equity method investment	(11,090)	(1,586)	24,658	(6,253)
Impairment loss of investments	213,406	30,517	14,403	0
Unrealized investment loss (gain)	16,574	2,370	(4,851)	68,031
Exchange loss	3,718	532	10,213	8,530
Impairment of goodwill	18,395	2,630	6,934	35,212
Fair value adjustment of financial instruments, noncash effect	1,904	272	(11,838)	(24,515)
Unrealized interest income on long-term debt investments	(3,451)	(493)	0	0
Changes in operating assets and liabilities:
Accounts receivable	(328,649)	(46,996)	181,561	226,889
Inventories	91,303	13,056	(222,498)	(33,808)
Advances to suppliers	12,622	1,805	(90,347)	65,942
Prepayments and other current assets	52,014	7,438	(105,804)	(10,890)
Amounts due from related parties	786	112	56,893	4,702
Operating lease right-of-use assets	115,716	16,547	302,735	143,840
Other non-current assets	(8,843)	(1,265)	(24,570)	21,693
Accounts payable	(131,912)	(18,863)	57,116	(133,511)
Notes payable	(126,008)	(18,019)	(45,450)	18,792
Income tax payables	8,948	1,280	12,193	(27,375)
Amounts due to related parties	(3,837)	(549)	(26,750)	2,403
Accrued expenses and other current liabilities	384,200	54,940	(94,278)	13,967
Other non-current liabilities	(6,495)	(929)	23,777	(47,313)
Operating lease liabilities	(111,633)	(15,963)	(291,137)	(144,224)
Dividend from return on equity method investments	14,672	2,099	8,096	0
Net cash provided by operating activities	420,434	60,121	101,278	448,255
Cash flows from investing activities:
Purchases of property and equipment	(106,544)	(15,236)	(132,108)	(165,007)
Purchases of investments	(1,809,420)	(258,744)	(1,124,370)	(820,633)
Cash disposed upon deconsolidation of a subsidiary	(2,988)	(427)	0	0
Maturity of investments	1,090,023	155,871	582,470	1,010,477
Additions of intangible assets	(47,300)	(6,764)	(76,161)	(65,195)
Investment in equity investees	0	0	(947)	(172,313)
Payment for the acquisition of subsidiaries, net of cash acquired	0	0	(62,951)	(104,623)
Proceeds from disposal of equity investments	7,643	1,093	0	6,300
Loan to a related party	0	0	(664)	(29,378)
Loan to third parties	(30,000)	(4,290)	(2,875)	0
Net cash used in investing activities	(898,586)	(128,497)	(817,606)	(340,372)
Cash flows from financing activities:
Proceeds from short-term borrowings	2,241,041	320,465	1,969,737	1,820,689
Repayment of short-term borrowings	(2,260,665)	(323,271)	(1,864,500)	(1,721,039)
Repurchase of ordinary shares	(10,217)	(1,461)	(95,502)	0
Cash settlement of derivative liabilities with Cainiao	0	0	0	(73,988)
Proceeds from exercises of share options	3	0	164	1
Acquisition of non-controlling interests of subsidiaries	(3,381)	(483)	(4,531)	(2,821)
Dividends paid to non-controlling interests	(22,188)	(3,173)	(1,080)	(1,120)
Capital contribution from non-controlling interests	0	0	195	2,736
Payment of contingent consideration for acquisition of Full Jet	(16,316)	(2,333)	(24,220)	(32,491)
Deferred consideration for the acquisition of subsidiaries	(35,768)	(5,115)	0	0
Net cash used in financing activities	(107,491)	(15,371)	(19,737)	(8,033)
Net increase (decrease) in cash, cash equivalents and restricted cash	(585,643)	(83,747)	(736,065)	99,850
Cash, cash equivalents and restricted cash, beginning of year	1,644,314	225,270	2,352,295	2,245,724
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(10,377)	8,381	28,084	6,721
Cash, cash equivalents and restricted cash, end of year	1,048,294	149,904	1,644,314	2,352,295
Supplemental disclosure of cash flow information:
Cash paid for interest	27,802	3,976	27,051	38,186
Cash paid for income tax	58,417	8,354	53,837	84,770
Supplemental disclosures of non-cash investing and financing activities:
Purchases of property and equipment included in payables	9,024	1,290	16,403	21,654
Considerations payable in relation to business combination	10,064	$ 1,439	32,090	0
Cash and cash equivalents	907,335		1,289,323	2,149,531
Restricted cash	140,959		354,991	202,764
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	¥ 1,048,294		¥ 1,644,314	¥ 2,352,295

CONSOLIDATED BALANCE SHEETS ¥ in Thousands, $ in Thousands	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
Current assets:
Cash and cash equivalents	¥ 907,335	$ 129,747	¥ 1,289,323
Restricted cash	140,959	20,157	354,991
Short-term investments (including nil and RMB40,000 of the investments measured at fair value as of December 31, 2024 and 2025)	1,747,032	249,822	1,271,618
Accounts receivable, net of allowance for credit losses of RMB126,936 and RMB177,770 as of December 31, 2024 and 2025, respectively	2,173,163	310,758	2,033,778
Inventories	879,421	125,756	1,117,439
Advances to suppliers	366,671	52,433	404,353
Derivative financial assets	6,342	907	11,557
Prepayments and other current assets	575,984	82,365	724,091
Amounts due from related parties	¥ 6,235	$ 892	¥ 7,021
Other Receivable, after Allowance for Credit Loss, Current, Related Party, Type [Extensible Enumeration]	Related Party	Related Party	Related Party
Total current assets	¥ 6,803,142	$ 972,837	¥ 7,214,171
Non-current assets:
Long-term debt investments (including RMB144,873 of the investments measured at fair value as of December 31, 2025)	232,213	33,206
Long-term equity investments	256,406	36,666	341,687
Property and equipment, net	758,703	108,493	822,229
Intangible assets, net	322,924	46,178	357,307
Land use right, net	36,413	5,207	37,438
Operating lease right-of-use assets	651,660	93,186	767,376
Goodwill	274,326	39,228	362,399
Other non-current assets	71,075	10,164	69,886
Deferred tax assets	284,254	40,647	234,508
Total non-current assets	2,887,974	412,975	2,992,830
TOTAL ASSETS	9,691,116	1,385,812	10,207,001
Current liabilities:
Short-term loans	1,207,773	172,709	1,220,957
Accounts payable	466,081	66,649	620,679
Notes payable	335,171	47,929	461,179
Income tax payables	35,506	5,077	26,559
Accrued expenses and other current liabilities	1,359,389	194,394	1,169,547
Derivative financial liabilities			130
Amounts due to related parties	¥ 1,532	$ 219	¥ 5,369
Other Liability, Current, Related Party [Extensible Enumeration]	Related Party	Related Party	Related Party
Current operating lease liabilities	¥ 239,712	$ 34,278	¥ 243,137
Total current liabilities	3,645,164	521,255	3,747,557
Non-current liabilities:
Deferred tax liabilities	22,981	3,286	32,783
Long-term operating lease liabilities	489,598	70,012	597,805
Other non-current liabilities	41,781	5,975	48,277
Total non-current liabilities	554,360	79,273	678,865
TOTAL LIABILITIES	4,199,524	600,528	4,426,422
Redeemable non-controlling interests	57,619	8,239	1,670,379
Baozun Inc. shareholders' equity:
Additional paid-in capital	4,639,555	663,448	4,646,631
Treasury shares (14,331,000 and 13,268,625 shares as of December 31, 2024 and 2025, respectively)	(90,643)	(12,962)	(95,502)
Accumulated deficit	(933,885)	(133,546)	(691,785)
Accumulated other comprehensive income	27,491	3,931	54,575
Total Baozun Inc. shareholders' equity	3,642,619	520,885	3,914,022
Non-controlling interests	1,791,354	256,160	196,178
Total Shareholders' equity	5,433,973	777,045	4,110,200
TOTAL LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS AND SHAREHOLDERS' EQUITY	9,691,116	1,385,812	10,207,001
Class A ordinary shares
Baozun Inc. shareholders' equity:
Ordinary shares	93	13	95
Class B ordinary shares
Baozun Inc. shareholders' equity:
Ordinary shares	¥ 8	$ 1	¥ 8