Q3 2025 Baozun Inc Earnings Call

SHANGHAI, Nov. 25, 2025 /PRNewswire/ — Baozun Inc. ( and ) ("Baozun", the "Company" or the "Group"), a leading brand e-commerce solution provider and digital commerce enabler in China, today announced its unaudited financial results for the third quarter of 2025.

Mr. Vincent Qiu, Chairman and Chief Executive Officer of Baozun, commented, "In the third quarter, we advanced our strategic transformation with steady momentum, delivering a strong quarter marked by 5% total revenue growth and a significant narrowing of operating loss. BEC demonstrated solid performance, improving its profitability by enhancing the quality of its revenue stream, underscoring its growing agility and efficiency. BBM upgraded its brand image through impactful integrated marketing, agile merchandising, and focused channel expansion. This steady momentum reflects the strength and resilience of our transformed business model, firmly validating our continued progress toward sustainable profitability."

Ms. Catherine Zhu, Chief Financial Officer of Baozun Inc., commented, "In the third quarter, both BEC and BBM delivered meaningful operational and financial improvements. E-Commerce achieved stable revenue and returned to adjusted operating income of RMB28 million in a traditionally low-seasonality quarter. BBM maintained strong momentum with 20% year-over-year revenue growth while further narrowing its adjusted operating losses by 30%. Together, these results confirmed a more balanced business portfolio, positioning us well for the next phase of growth."

Third Quarter 2025 Financial Highlights

• Total net revenues were RMB2,156.2 million (US$[1]302.9 million), representing an increase of 4.8% compared with RMB2,057.0 million in the same quarter of last year.
• Loss from operations was RMB25.6 million (US$3.6 million), compared with RMB114.5 million in the same quarter of last year. Operating margin was negative 1.2%, compared with negative 5.6% for the same period of 2024.
• Non-GAAP loss from operations[2] was RMB10.8 million (US$1.5 million), compared with RMB85.2 million in the same quarter of last year. Non-GAAP operating margin was negative 0.5%, compared with negative 4.1% for the same period of 2024.
• Adjusted operating income of E-commerce was RMB28.1 million (US$3.9 million), compared with adjusted operating loss of RMB29.8 million for the same period of 2024.
• Adjusted operating loss of Brand Management narrowed to RMB38.7 million (US$5.4 million), an improvement of 30.0% from RMB55.3 million for the same period of 2024.
• Net loss attributable to ordinary shareholders of Baozun was RMB107.1 million (US$15.0 million), compared with RMB88.1 million for the same period of 2024.
• Non-GAAP net loss attributable to ordinary shareholders of Baozun[3] was RMB40.2 million (US$5.7 million), compared with RMB66.8 million for the same period of 2024.
• Basic and diluted net loss attributable to ordinary shareholders of Baozun per American Depositary Share ("ADS[4]") were both RMB1.85 (US$0.26), compared with RMB1.48 for the same period of 2024.
• Diluted non-GAAP net loss attributable to ordinary shareholders of Baozun per ADS[5] was RMB0.70 (US$0.10), compared with RMB1.12 for the same period 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 third quarter of 2025, total revenue from BEC increased by 2.4% year-over-year, driven by sustainable growth in the service model. BEC's product sales decreased by 8.9% to RMB413.4 million, mainly due to lower sales in Appliances, and Health and Nutrition categories. BEC's services revenue grew by 6.3% to RMB1,385.2 million, driven by a 15.5% revenue growth in online store operations and 5.5% revenue growth in Digital Marketing and IT solutions.

Baozun Brand Management, or "BBM"

The company launched the BBM business line in 2023, to leverage its leading portfolio of technologies in service of brands, fostering deeper and longer relationships to drive sustainable business growth in China.

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 third quarter of 2025, total revenue from BBM increased by 19.8% year-over-year to RMB396.0 million. We have 171 offline stores under our management at the end of the third quarter of 2025.

Third Quarter 2025 Financial Results

Total net revenues were RMB2,156.2 million (US$302.9 million), an increase of 4.8% from RMB2,057.0 million in the same quarter of last year. The increase in total net revenues was driven by both of the Group's two business lines.

Total product sales revenue was RMB808.3 million (US$113.5 million), an increase of 3.2% compared with RMB783.1 million in the same quarter of last year, of which,

• Product sales revenue of E-Commerce was RMB413.4 million (US$58.1 million), a decrease of 8.9% from RMB454.0 million in the same quarter of last year. The decrease was primarily attributable to the categories of Appliances, and Health and Nutrition sectors.

The following table sets forth a breakdown of product sales revenues of E-Commerce by key categories ([6]) for the periods indicated:

 
                     For the three months ended September 30, 
                 ------------------------------------------------- 
                       2024                 2025 
                 ----------------  ----------------------  ------- 
                         % of Net                % of Net      YoY 
                    RMB  Revenues    RMB   US$   Revenues   Change 
                 ------  --------  -----  ----  ---------  ------- 
                       (In millions, except for percentage) 
Product Sales 
of E-Commerce 
Appliances        177.1       9 %  139.9  19.7        6 %    -21 % 
Beauty and 
 Cosmetics         89.7       4 %  107.7  15.1        5 %     20 % 
Health and 
 Nutrition         75.0       4 %   56.9   8.0        3 %    -24 % 
Others            112.2       5 %  108.9  15.3        5 %     -3 % 
Total net 
 revenues from 
 product sales 
 of E-Commerce    454.0      22 %  413.4  58.1       19 %     -9 % 
                 ------  --------  -----  ----  ---------  ------- 
 

• Product sales revenue of Brand Management was RMB395.2 million (US$55.5 million), an increase of 19.8% from RMB329.8 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, channel and marketing initiatives to boost sales.

Services revenue was RMB1,347.9 million (US$189.3 million), an increase of 5.8% from RMB 1,273.9 million in the same quarter of last year. The increase was primarily attributable to a 15.5% year-over-year growth in online store operations and a 5.5% 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 periods indicated:

 
                           For the three months ended September 30, 
                     ---------------------------------------------------- 
                           2024                   2025 
                     -----------------  ------------------------  ------- 
                              % of Net                  % of Net      YoY 
                         RMB  Revenues      RMB    US$  Revenues   Change 
                     -------  --------  -------  -----  --------  ------- 
                            (In millions, except for percentage) 
Services revenue 
Online store 
 operations            362.6      18 %    418.8   58.8      19 %     16 % 
Warehousing and 
 fulfillment           433.8      21 %    431.6   60.6      20 %     -1 % 
Digital marketing 
 and IT solutions      507.7      24 %    535.6   75.3      26 %      6 % 
Inter-segment 
 eliminations([7])    (30.2)      -1 %   (38.1)  (5.4)      -2 %     26 % 
Total net revenues 
 from services       1,273.9      62 %  1,347.9  189.3      63 %      6 % 
                     -------  --------  -------  -----  --------  ------- 
 

Breakdown of total net revenues of online store operations of services revenue by key categories ([8]) for the periods indicated:

 
                        For the three months ended September 30, 
                   -------------------------------------------------- 
                         2024                 2025 
                   ----------------  -----------------------  ------- 
                           % of Net                 % of Net      YoY 
                      RMB  Revenues     RMB    US$  Revenues   Change 
                   ------  --------  ------  -----  --------  ------- 
                         (In millions, except for percentage) 
Online store 
operations in 
Services 
revenue 
Apparel and 
 accessories        275.7      13 %   316.0   44.4      15 %     15 % 
Luxury               86.8       4 %    98.8   13.9       5 %     14 % 
Sportswear          100.7       5 %   106.6   15.0       5 %      6 % 
Other apparel        88.2       4 %   110.6   15.5       5 %     25 % 
Others               86.9       5 %   102.8   14.4       5 %     18 % 
Inter-segment 
 eliminations([) 
 (9])              (20.5)      -1 %  (12.5)  (1.8)      -1 %    -39 % 
Total net 
 revenues from 
 online store 
 operations in 
 services           342.1      17 %   406.3   57.0      19 %     19 % 
                   ------  --------  ------  -----  --------  ------- 
 

Total operating expenses were RMB2,181.9 million (US$306.5 million), compared with RMB2,171.5 million in the same quarter of last year.

• Cost of products was RMB531.0 million (US$74.6 million), compared with RMB563.1 million in the same quarter of last year. The decrease was primarily due to decrease in product sales volume of E-Commerce.
• Fulfillment expenses were RMB495.9 million (US$69.7 million), compared with RMB519.4 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 savings in logistics expenses.
• Sales and marketing expenses were RMB886.6 million (US$124.5 million), compared with RMB800.6 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 marketing activities and expenses associated with the expansion of offline stores for BBM during the quarter.
• Technology and content expenses were RMB115.2 million (US$16.2 million), compared with RMB140.7 million in the same quarter of last year. The decrease was mainly due to the company's continued efforts to implement cost control and efficiency improvement initiatives.
• General and administrative expenses were RMB168.9 million (US$23.7 million), compared with RMB176.6 million in the same quarter of last year. The decrease was primarily due to the Company's cost control initiatives and efficiency improvements.

Loss from operations was RMB25.6 million (US$3.6 million), compared with RMB114.5 million in the same quarter of last year. The operating margin was negative 1.2%, compared with negative 5.6% in the same quarter of last year.

Non-GAAP loss from operations was RMB10.8 million (US$1.5 million), compared with RMB85.2 million in the same quarter of last year. Non-GAAP operating margin was negative 0.5%, compared with negative 4.1% in the same quarter of last year.

• Adjusted operating profit of E-Commerce was RMB28.1 million (US$3.9 million), compared with adjusted operating loss of RMB29.8 million in the same quarter of last year.
• Adjusted operating loss of Brand Management was RMB38.7 million (US$5.4 million), an improvement of 30.0% compared with RMB55.3 million in the same quarter of last year.

Unrealized investment loss was RMB20.5 million (US$2.9 million), compared with unrealized investment gain of RMB3.9 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.

Loss on disposal of subsidiaries was RMB36.3 million (US$5.1 million), compared with nil in the same quarter of last year. The loss was primarily due to the Company's disposal of subsidiaries following a strategic adjustment in the third quarter of 2025.

Fair value change on financial instruments was a gain of RMB2.4 million (US$0.3 million), compared with a loss of RMB17.0 million in the same quarter of last year. The fair value change on financial instruments was mainly composed of the loss recognized from the financial instruments the Company invested in.

Exchange loss was RMB7.8 million (US$1.1 million), due to exchange rate fluctuation in the quarter ended September 30, 2025, compared to exchange gain RMB11.9 million in the same quarter last year.

Net loss attributable to ordinary shareholders of Baozun was RMB107.1 million (US$15.0 million), compared with RMB88.1 million in the same quarter of last year.

Basic and diluted net loss attributable to ordinary shareholders of Baozun per ADS were both RMB1.85 (US$0.26), compared with both RMB1.48 for the same period of 2024.

Non-GAAP net loss attributable to ordinary shareholders of Baozun Inc. was RMB40.2 million (US$5.7 million), compared with RMB66.8 million in the same quarter of last year.

Diluted non-GAAP net loss attributable to ordinary shareholders of Baozun per ADS was RMB0.70 (US$0.10), compared with RMB1.12 for the same period of 2024.

Segment Information

(a) Description of segments

The Group has two operating segments, which are (i) E-Commerce and (ii) Brand Management.

The following summary describes the operations in each of the Group's operating segment:

   1. E-Commerce focuses on Baozun traditional e-commerce service business and 
      comprises two business lines, BEC (Baozun E-Commerce) and BZI (Baozun 
      International). 
 
          1. BEC includes our mainland China e-commerce businesses, such as 
             brands' store operations, customer services and value-added 
             services in logistics and supply chain management, IT and digital 
             marketing. 
 
          2. BZI includes our e-commerce businesses outside of mainland China, 
             including locations such as Hong Kong, Macau, Taiwan, South East 
             Asia and Europe. 
 
   2. Brand Management engages in holistic brand management, encompassing 
      strategic and tactical positioning, branding and marketing, retail and 
      e-commerce operations, supply chain and logistics and technology 
      enablement to leverage our portfolio of technologies to build into longer 
      and deeper relationships with brands. Currently, the primary brand under 
      the Company's brand management is Gap in Greater China. 

(b) Segments data

The table below provides a summary of the Group's reportable segment results for the three months ended September 30, 2024 and 2025:

 
                                 For the three months ended September 30, 
                                ------------------------------------------ 
                                        2024                  2025 
                                --------------------  -------------------- 
                                        RMB                   RMB 
Net revenues: 
E-Commerce                                 1,757,320             1,798,654 
Brand Management                             330,605               395,961 
Inter-segment eliminations *                (30,905)              (38,381) 
                                --------------------  -------------------- 
Total consolidated net 
 revenues                                  2,057,020             2,156,234 
                                --------------------  -------------------- 
 
Adjusted Operating Profits 
(Losses) **: 
E-Commerce                                  (29,781)                28,090 
Brand Management                            (55,332)              (38,729) 
Inter-segment eliminations *                    (50)                 (129) 
Total Adjusted Operating Loss               (85,163)              (10,768) 
Unallocated expenses: 
Share-based compensation 
 expenses                                   (19,628)               (6,917) 
Amortization of intangible 
 assets resulting from 
 business acquisition                        (9,529)               (7,782) 
Cancellation fees of 
 repurchased shares                            (162)                 (150) 
Loss on disposal of 
 subsidiaries                                     --              (36,262) 
Total other income (expenses), 
 net                                           4,596              (21,952) 
                                --------------------  -------------------- 
Loss before income tax and 
 share of (loss) income in 
 equity method investment                  (109,886)              (83,831) 
                                --------------------  -------------------- 
 
 
*The inter-segment eliminations mainly consist of revenues from services 
provided by E-Commerce to Brand Management. 
** Adjusted Operating (Losses) Profits represent segment (losses) profits, 
which is (loss) income from operations from each segment without allocating 
share-based compensation expenses, amortization of intangible assets resulting 
from business acquisition, and cancellation fees of repurchased shares. 
 

Conference Call

The Company will host a conference call to discuss the earnings at 6:30 a.m. Eastern Time on Tuesday, November 25, 2025 (7:30 p.m. Beijing time on the same day).

Dial-in details for the earnings conference call are as follows:

 
United States:    1-888-317-6003 
Hong Kong:        800-963-976 
Singapore:        800-120-5863 
Mainland China:   4001-206-115 
International:    1-412-317-6061 
Passcode:         0064930 
 

A replay of the conference call may be accessible through December 2, 2025 by dialing the following numbers:

 
United States:        1-877-344-7529 
International:        1-412-317-0088 
Canada:               855-669-9658 
Replay Access Code:   6299059 
 

A live webcast of the conference call will be available on the Investor Relations section of Baozun's website at http://ir.baozun.com. An archived webcast will be available through the same link following the call.

[1] This announcement contains translations of certain Renminbi (RMB) amounts
into U.S. dollars (US$) at a specified rate solely for the convenience of the
reader. Unless otherwise noted, the translation of RMB into US$ has been made
at RMB7.1190 to US$1.00, the noon buying rate in effect on September 30,
2025 as set forth in the H.10 Statistical Release of the Federal Reserve
Board.
[2] Non-GAAP income (loss) from operations is a non-GAAP financial measure,
which is defined as income (loss) from operations excluding the impact of
share-based compensation expenses, amortization of intangible assets resulting
from business acquisition, acquisition-related expenses, impairment of
goodwill and cancellation fees of repurchased ADSs.
[3] Non-GAAP net income (loss) attributable to ordinary shareholders of Baozun
Inc. is a non-GAAP financial measure, which is defined as net income (loss)
attributable to ordinary shareholders of Baozun excluding the impact of
share-based compensation expenses, amortization of intangible assets resulting
from business acquisition, acquisition-related expenses, impairment of
goodwill and investments, other-than-temporary impairment of equity method
investments, cancellation fees of repurchased ADSs, fair value loss on
financial instruments, loss on disposal of investments and subsidiaries, and
unrealized investment loss (gain).
[4] Each ADS represents three Class A ordinary shares.
[5] Diluted non-GAAP net income (loss) attributable to ordinary shareholders
of Baozun Inc. per ADS are non-GAAP financial measures, which are respectively
defined as non-GAAP net income (loss) attributable to ordinary shareholders of
Baozun Inc. divided by weighted average number of shares used in calculating
diluted net income (loss) per ordinary share multiplied by three,
respectively.
[6] Key categories refer to the categories that accounted for no less than 10%
of product sales of E-Commerce revenues during the periods indicated.
[7] The inter-segment eliminations mainly consist of revenues from online
store operations, warehousing and fulfillment, and digital marketing and IT
services provided by E-Commerce to Gap, a brand under Brand Management.
[8] Key categories refer to the categories that accounted for no less than 10%
of services revenue during the periods indicated.
[9] The inter-segment eliminations mainly consist of revenues from store
operation services provided by E-Commerce to Gap, a brand under Brand
Management.

Use of Non-GAAP Financial Measures

The Company also uses certain non-GAAP financial measures in evaluating its business. For example, the Company uses non-GAAP income (loss) from operations, non-GAAP net income (loss), non-GAAP net margin, non-GAAP net income (loss) attributable to ordinary shareholders of Baozun and diluted non-GAAP net income (loss) attributable to ordinary shareholders of Baozun per ADS, as supplemental measures to review and assess its financial and operating performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation, or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP.

The Company defines non-GAAP income (loss) from operations as income (loss) from operations excluding the impact of share-based compensation expenses, amortization of intangible assets resulting from business acquisition, acquisition-related expenses, impairment of goodwill and cancelation fees of repurchased. The Company defines non-GAAP net income (loss) as net (loss) income excluding the impact of share-based compensation expenses, amortization of intangible assets resulting from business acquisition, acquisition-related expenses, impairment of goodwill and investments, other-than-temporary impairment of equity method investments, cancellation fees of repurchased ADSs, fair value loss on financial instruments, loss on disposal of investments and subsidiaries, and unrealized investment loss (gain). The Company defines non-GAAP net income (loss) attributable to ordinary shareholders of Baozun as net income (loss) attributable to ordinary shareholders of Baozun excluding the impact of share-based compensation expenses, amortization of intangible assets resulting from business acquisition, acquisition-related expenses, impairment of goodwill and investments, other-than-temporary impairment of equity method investments, cancellation fees of repurchased ADSs, fair value loss on financial instruments, loss on disposal of investments and subsidiaries, and unrealized investment loss (gain). The Company defines diluted non-GAAP net income (loss) attributable to ordinary shareholders of Baozun per ADS as non-GAAP net income (loss) attributable to ordinary shareholders of Baozun divided by weighted average number of shares used in calculating net income (loss) per ordinary share multiplied by three.

The Company presents the non-GAAP financial measures because they are used by the Company's management to evaluate the Company's financial and operating performance and formulate business plans. Non-GAAP income (loss) from operations, non-GAAP net income (loss), non-GAAP net income (loss) attributable to ordinary shareholders of Baozun and Non-GAAP net income (loss) attributable to ordinary shareholders of Baozun per ADS reflect the Company's ongoing business operations in a manner that allows more meaningful period-to-period comparisons. The Company believes that the use of the non-GAAP financial measures facilitates investors to understand and evaluate the Company's current operating performance and future prospects in the same manner as management does, if they so choose. The Company also believes that the non-GAAP financial measures provide useful information to both management and investors by excluding certain expenses, gain/loss and other items that are not expected to result in future cash payments or that are non-recurring in nature or may not be indicative of the Company's core operating results and business outlook.

The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using non-GAAP income (loss) from operations, non-GAAP net income (loss), non-GAAP net income (loss) attributable to ordinary shareholders of Baozun, and non-GAAP net income (loss) attributable to ordinary shareholders of Baozun per ADS is that they do not reflect all items of income and expense that affect the Company's operations. Further, the non-GAAP measures may differ from the non-GAAP measures used by other companies, including peer companies, potentially limiting the comparability of their financial results to the Company's. In light of the foregoing limitations, the non-GAAP income (loss) from operations, non-GAAP operating margin, non-GAAP net income (loss), non-GAAP net margin, non-GAAP net income (loss) attributable to ordinary shareholders of Baozun and non-GAAP net income (loss) attributable to ordinary shareholders of Baozun per ADS for the period should not be considered in isolation from or as an alternative to income (loss) from operations, operating margin, net income (loss), net margin, net income (loss) attributable to ordinary shareholders of Baozun and net income (loss) attributable to ordinary shareholders of Baozun per ADS, or other financial measures prepared in accordance with U.S. GAAP.

The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measures, which should be considered when evaluating the Company's performance. The Company encourages you to review the Company's financial information in its entirety and not rely on a single financial measure. For reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures, please see the section of the accompanying tables titled, "Reconciliations of GAAP and Non-GAAP Results."

Safe Harbor Statements

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident," "potential," "continues," "ongoing," "targets," "guidance," "going forward," "looking forward," "outlook" or other similar expressions. Statements that are not historical facts, including but not limited to statements about Baozun's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to Baozun's filings with the United States Securities and Exchange Commission and its announcements, notices or other documents published on the website of The Stock Exchange of Hong Kong Limited. All information provided in this announcement is as of the date hereof and is based on assumptions that Baozun believes to be reasonable as of this date, and Baozun undertakes no obligation to update such information, except as required under applicable law.

About Baozun Inc.

Founded in 2007, Baozun Inc. is a leader in brand e-commerce service, brand management, and digital commerce service. It serves approximately 490 brands from various industries and sectors around the world, including East and Southeast Asia, Europe and North America as of December 31, 2024.

Baozun Inc. comprises three major business lines — Baozun e-Commerce (BEC), Baozun Brand Management (BBM) and Baozun International (BZI) and is committed to accelerating high-quality and sustainable growth. Driven by the principle that "Technology Empowers the Future Success", Baozun's business lines are devoted to empowering their clients' business and navigating their new phase of development.

For more information, please visit http://ir.baozun.com.

For investor and media inquiries, please contact:

Baozun Inc.

Ms. Wendy Sun

Email: ir@baozun.com

RESIGNATION OF DIRECTOR

The Board announces that Mr. Satoshi Okada ("Mr. Okada") has resigned as a Director due to other personal developments with effect from December 31, 2025.

Mr. Okada has confirmed that he has no disagreements with the Board and there are no matters relating to his resignation that need to be brought to the attention of the shareholders of the Company and The Stock Exchange of Hong Kong Limited.

The Board would like to take this opportunity to express its gratitude to Mr. Okada for his invaluable contributions to the Company during his tenure of office.

 
 
                              Baozun Inc. 
            UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS 
                             (In thousands) 
                                                As of 
                              ------------------------------------------ 
                              December 31,  September 30,  September 30, 
                                  2024           2025           2025 
                              ------------  -------------  ------------- 
                                  RMB            RMB            US$ 
ASSETS 
Current assets 
Cash and cash equivalents        1,289,323      1,125,514        158,100 
Restricted cash                    354,991        131,312         18,445 
Short-term investments           1,271,618      1,408,169        197,804 
Accounts receivable, net         2,033,778      1,970,416        276,783 
Inventories                      1,117,439      1,117,990        157,043 
Advances to suppliers              404,353        242,626         34,081 
Derivative financial assets         11,557          2,810            395 
Prepayments and other 
 current assets                    724,091        773,199        108,611 
Amounts due from related 
 parties                             7,021          2,591            364 
                              ------------  -------------  ------------- 
Total current assets             7,214,171      6,774,627        951,626 
 
Non-current assets 
Long-term debt investments 
 (including RMB146,444 of 
 the investments measured at 
 fair value as at September 
 30, 2025)                               -        234,195         32,897 
Long-term equity investments       341,687        321,673         45,185 
Property and equipment, net        822,229        772,693        108,540 
Intangible assets, net             357,307        323,843         45,490 
Land use right, net                 37,438         36,669          5,151 
Operating lease right-of-use 
 assets                            767,376        738,272        103,704 
Goodwill                           362,399        292,721         41,118 
Other non-current assets            69,886         56,085          7,878 
Deferred tax assets                234,508        239,244         33,606 
                              ------------ 
Total non-current assets         2,992,830      3,015,395        423,569 
Total assets                    10,207,001      9,790,022      1,375,195 
                              ============  =============  ============= 
 
LIABILITIES , REDEEMABLE 
NON- CONTROLLING INTERESTS 
AND SHAREHOLDERS' EQUITY 
Current liabilities 
Short-term loan                  1,220,957      1,253,088        176,020 
Accounts payable                   620,679        650,495         91,374 
Notes payable                      461,179        315,668         44,342 
Income tax payables                 26,559         12,083          1,697 
Accrued expenses and other 
 current liabilities             1,169,547      1,125,645        158,117 
Derivative financial 
 liabilities                           130             76             11 
Amounts due to related 
 parties                             5,369          2,182            306 
Current operating lease 
 liabilities                       243,137        256,677         36,055 
Total current liabilities        3,747,557      3,615,914        507,922 
 
Non-current liabilities 
Long-term loan                           -          4,000            562 
Deferred tax liabilities            32,783         24,694          3,469 
Long-term operating lease 
 liabilities                       597,805        573,720         80,590 
Other non-current 
 liabilities                        48,277         50,050          7,030 
                              ------------  -------------  ------------- 
Total non-current 
 liabilities                       678,865        652,464         91,651 
Total liabilities                4,426,422      4,268,378        599,573 
                              ------------  -------------  ------------- 
 
Redeemable non-controlling 
 interests                       1,670,379         57,540          8,083 
 
Baozun Inc. shareholders' 
equity: 
Class A ordinary shares 
 (US$0.0001 par value; 
 470,000,000 shares 
 authorized,175,668,586 and 
 173,530,303 shares issued, 
 161,337,586 and 160,261,678 
 shares outstanding, as of 
 December 31, 2024, and 
 September 30, 2025, 
 respectively)                          95             93             13 
Class B ordinary shares 
 (US$0.0001 par value; 
 30,000,000 shares 
 authorized, 13,300,738 
 shares issued and 
 outstanding as of December 
 31, 2024, and September 30, 
 2025)                                   8              8              1 
Additional paid-in capital       4,646,631      4,641,973        652,054 
Treasury shares (15,802,428 
 and 13,268,625 shares as of 
 December 31, 2024, and 
 September 30, 2025, 
 respectively)                    (95,502)       (90,643)       (12,733) 
Accumulated deficit              (691,785)      (895,928)      (125,849) 
Accumulated other 
 comprehensive income               54,575         41,622          5,847 
                              ------------  -------------  ------------- 
 
Total Baozun Inc. 
 shareholders' equity            3,914,022      3,697,125        519,333 
 
Non-controlling interests          196,178      1,766,979        248,206 
                              ------------  -------------  ------------- 
 
Total Shareholders' equity       4,110,200      5,464,104        767,539 
                              ------------  -------------  ------------- 
 
Total liabilities, 
 redeemable non-controlling 
 interests and shareholders' 
 equity                         10,207,001      9,790,022      1,375,195 
                              ============  =============  ============= 
 
 
 
                               Baozun Inc. 
   UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME 
   (In thousands, except for share and per share data and per ADS data) 
 
                                For the three months ended September 30, 
                              -------------------------------------------- 
                                        2024              2025 
                              --------------  ---------------------------- 
                                         RMB            RMB            US$ 
 
Net revenues 
Product sales (1)                    783,132        808,333        113,546 
Services                           1,273,888      1,347,901        189,339 
Total net revenues                 2,057,020      2,156,234        302,885 
 
Operating expenses (2) 
Cost of products                   (563,110)      (530,964)       (74,584) 
Fulfillment (3)                    (519,379)      (495,902)       (69,659) 
Sales and marketing (3)            (800,562)      (886,595)      (124,539) 
Technology and content (3)         (140,725)      (115,153)       (16,175) 
General and administrative 
 (3)                               (176,611)      (168,864)       (23,720) 
Other operating income, net           28,885         15,627          2,195 
Total operating expenses         (2,171,502)    (2,181,851)      (306,482) 
Loss from operations               (114,482)       (25,617)        (3,597) 
Other income (expenses) 
Interest income                       14,585         13,275          1,865 
Interest expense                     (8,727)        (9,808)        (1,378) 
Unrealized investment gain 
 (loss)                                3,855       (20,501)        (2,881) 
Gain on disposal of 
 investments                              --            562             79 
Loss on disposal of 
 subsidiaries                             --       (36,262)        (5,094) 
Exchange gain (loss)                  11,851        (7,836)        (1,101) 
Fair value change on 
 financial instruments              (16,968)          2,356            331 
Loss before income tax and 
 share of (loss) income in 
 equity method investment          (109,886)       (83,831)       (11,776) 
Income tax benefit 
 (expense) (4)                        18,569       (12,988)        (1,824) 
Share of (loss) income in 
 equity method investment, 
 net of tax of nil                   (1,938)          2,105            296 
Net loss                            (93,255)       (94,714)       (13,304) 
Net loss (income) 
 attributable to 
 noncontrolling interests             10,193        (9,058)        (1,272) 
Net income attributable to 
 redeemable noncontrolling 
 interests                           (5,008)        (3,333)          (468) 
Net loss attributable to 
 ordinary shareholders of 
 Baozun Inc.                        (88,070)      (107,105)       (15,044) 
                              ==============  =============  ============= 
 
Net loss per share 
attributable to ordinary 
shareholders of Baozun 
Inc.: 
Basic                                 (0.49)         (0.62)         (0.09) 
Diluted                               (0.49)         (0.62)         (0.09) 
Net loss per ADS 
attributable to ordinary 
shareholders of Baozun 
Inc.: 
Basic                                 (1.48)         (1.85)         (0.26) 
Diluted                               (1.48)         (1.85)         (0.26) 
Weighted average shares used 
in calculating net loss per 
ordinary share 
Basic                            178,284,818    173,436,711    173,436,711 
Diluted                          178,284,818    173,436,711    173,436,711 
 
Net loss                            (93,255)       (94,714)       (13,304) 
Other comprehensive (loss) 
income, net of tax of nil: 
Foreign currency translation 
 adjustment                         (20,372)          8,769          1,232 
Comprehensive loss                 (113,627)       (85,945)       (12,072) 
                              ==============  =============  ============= 
 
 
(1)    These amounts include product sales from E-Commerce and Brand 
Management of RMB413.4 million and RMB 395.2 million for the three months 
period ended September 30, 2025, respectively, compared with product sales 
from E-Commerce of RMB454.0 million and Brand Management of RMB329.8 million 
for the three months period ended September 30, 2024. 
(2)    Share-based compensation expenses are allocated in operating expenses 
items as follows: 
 
 
                              For the three months ended September 30, 
                            -------------------------------------------- 
                                   2024                   2025 
                            ------------------  ------------------------ 
                                   RMB               RMB          US$ 
 
Fulfillment                                733             226        32 
Sales and marketing                      4,617             982       138 
Technology and content                   2,475             807       113 
General and administrative              11,803           4,902       689 
                                        19,628           6,917       972 
                            ==================  ==============  ======== 
 
 
(3)    These amounts include amortization of intangible assets resulting from 
business acquisition, which amounted to RMB9.5 million and RMB7.8 million for 
the three months period ended September 30, 2024 and 2025, respectively. 
(4)    These amounts mainly include income tax benefits of RMB2.0 million and 
RMB1.8 million related to the reversal of deferred tax liabilities, which was 
recognized on business acquisition for the three months period ended September 
30, 2024 and 2025, respectively. 
 
 
 
                              Baozun Inc. 
              Reconciliations of GAAP and Non-GAAP Results 
           (in thousands, except for share and per ADS data) 
                              For the three months ended September 30, 
                                 2024                   2025 
                            --------------  ---------------------------- 
                                 RMB             RMB            US$ 
 
Loss from operations             (114,482)       (25,617)        (3,597) 
Add: Share-based 
 compensation expenses              19,628          6,917            972 
Amortization of intangible 
 assets resulting from 
 business acquisition                9,529          7,782          1,093 
Cancellation fees of 
 repurchased ADSs                      162            150             21 
Non-GAAP loss from 
 operations                       (85,163)       (10,768)        (1,511) 
                            --------------  -------------  ------------- 
 
Net loss                          (93,255)       (94,714)       (13,304) 
Add: Share-based 
 compensation expenses              19,628          6,917            972 
Amortization of intangible 
 assets resulting from 
 business acquisition                9,529          7,782          1,093 
Cancellation fees of 
 repurchased ADSs                      162            150             21 
Unrealized investment 
 (gain) loss                       (3,855)         20,501          2,881 
Loss on disposal of 
 investments and 
 subsidiaries, net                      --         35,700          5,015 
Less: Tax effect of 
 amortization of 
 intangible assets 
           resulting from 
 business acquisition and 
 loss on 
           disposal of 
 subsidiaries (1)                  (2,043)        (2,399)          (337) 
Non-GAAP net loss                 (69,834)       (26,063)        (3,659) 
                            --------------  -------------  ------------- 
 
Net loss attributable to 
 ordinary shareholders of 
 Baozun Inc.                      (88,070)      (107,105)       (15,044) 
Add: Share-based 
 compensation expenses              19,628          6,917            972 
Amortization of intangible 
 assets resulting from 
 business acquisition                6,734          5,413            760 
Cancellation fees of 
 repurchased ADSs                      162            150             21 
Unrealized investment 
 (gain) loss                       (3,855)         20,501          2,881 
Loss on disposal of 
 investments and 
 subsidiaries, net                      --         35,700          5,015 
Less: Tax effect of 
 amortization of 
 intangible assets 
           resulting from 
 business acquisition and 
 loss on 
           disposal of 
 subsidiaries (1)                  (1,388)        (1,806)          (254) 
Non-GAAP net loss 
 attributable to ordinary 
 shareholders of Baozun 
 Inc.                             (66,789)       (40,230)        (5,649) 
                            --------------  -------------  ------------- 
 
Diluted non-GAAP net loss 
 attributable to ordinary 
 shareholders of Baozun 
 Inc. per ADS:                      (1.12)         (0.70)         (0.10) 
 
Weighted average shares 
 used in calculating 
 diluted net loss per 
 ordinary share                178,284,818    173,436,711    173,436,711 
 
 
(1) The Company evaluated the non-GAAP adjustments items and concluded that 
these items have immaterial income tax effects except for amortization of 
intangible assets resulting from business acquisition and loss on disposal of 
subsidiaries. 
 

View original content:https://www.prnewswire.com/news-releases/baozun-announces-third-quarter-2025-unaudited-financial-results-302625454.html

SOURCE Baozun Inc.