NASDAQ : BZUN
Baozun Inc. — Financial statements
Consumer Discretionary · Internet Retail · China
Last price 3.17 USD (Nov 2, 2026, 4:00 PM EST) · Market cap 184.31M
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Financial statements
Baozun Inc. (BZUN) reported revenue of 10.45B CNY (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 10.45B | 9.95B | 9.42B | 8.81B | 8.40B | 9.40B |
| Cost of Revenue | 4.94B | 4.89B | 4.94B | 4.92B | 4.98B | 5.94B |
| Gross Profit | 5.51B | 5.06B | 4.49B | 3.90B | 3.42B | 3.46B |
| Selling, General & Admin | 4.88B | 4.60B | 4.10B | 3.68B | 3.05B | 3.08B |
| Research & Development | 471.05M | 463.21M | 550.29M | 505.20M | 427.95M | 448.41M |
| Other Operating Expenses | 23.87M | 15.59M | 8.02M | -62.70M | -22.41M | -31.26M |
| Operating Expenses | 5.37B | 5.08B | 4.66B | 4.13B | 3.45B | 3.49B |
| Operating Income | 139.09M | -17.95M | -171.35M | -231.83M | -26.44M | -34.23M |
| Interest Expense | -38.11M | -44.57M | -38.99M | -41.34M | -56.92M | -56.85M |
| Interest & Investment Income | 66.22M | 58.56M | 68.75M | 82.11M | 45.82M | 62.94M |
| Earnings From Equity Investments | 10.12M | 11.09M | -24.66M | 6.25M | -3.59M | 3.30M |
| Currency Exchange Gain (Loss) | -8.80M | -3.72M | -10.21M | -8.53M | -32.38M | 46.23M |
| Other Non Operating Income (Expenses) | 9.00M | -1.90M | 11.84M | 24.52M | -364.76M | |
| EBT Excluding Unusual Items | 177.51M | 1.51M | -164.62M | -168.83M | -438.27M | 21.39M |
| Impairment of Goodwill | -18.39M | -18.39M | -6.93M | -35.21M | -13.15M | |
| Gain (Loss) on Sale of Investments | -242.43M | -229.42M | -9.55M | -68.03M | -123.19M | -213.35M |
| Gain (Loss) on Sale of Assets | -36.26M | -36.26M | 631.00K | -90.06M | ||
| Other Unusual Items | 92.89M | 92.89M | 63.46M | 60.66M | 80.79M | 41.26M |
| Pretax Income | -26.67M | -189.67M | -117.64M | -210.77M | -583.89M | -150.70M |
| Income Tax Expense | 38.16M | 9.91M | 20.74M | 12.00M | 26.48M | 55.26M |
| Earnings From Continuing Operations | -64.83M | -199.58M | -138.38M | -222.78M | -610.37M | -205.96M |
| Minority Interest in Earnings | -70.67M | -42.52M | -46.81M | -55.65M | -42.92M | -13.87M |
| Net Income | -135.50M | -242.10M | -185.20M | -278.42M | -653.29M | -219.83M |
| Net Income to Common | -135.50M | -242.10M | -185.20M | -278.42M | -653.29M | -219.83M |
| Shares Outstanding (Basic) | 58.00M | 57.83M | 59.89M | 59.52M | 61.09M | 72.12M |
| Shares Outstanding (Diluted) | 58.00M | 57.83M | 59.89M | 59.52M | 61.09M | 72.12M |
| EPS (Basic) | -2.34 | -4.19 | -3.09 | -4.68 | -10.69 | -3.05 |
| EPS (Diluted) | -2.36 | -4.20 | -3.09 | -4.68 | -10.69 | -3.06 |
| Free Cash Flow | 590.74M | 313.89M | -30.83M | 283.25M | 175.65M | -381.69M |
| Free Cash Flow Per Share | 10.19 | 5.43 | -0.52 | 4.76 | 2.88 | -5.29 |
| Gross Margin | 52.71% | 50.88% | 47.62% | 44.21% | 40.77% | 36.81% |
| Operating Margin | 1.33% | -0.18% | -1.82% | -2.63% | -0.32% | -0.36% |
| Profit Margin | -1.30% | -2.43% | -1.97% | -3.16% | -7.78% | -2.34% |
| Free Cash Flow Margin | 5.65% | 3.16% | -0.33% | 3.21% | 2.09% | -4.06% |
| EBITDA | 347.77M | 202.77M | 72.47M | 18.77M | 169.08M | 171.68M |
| EBITDA Margin | 3.33% | 2.04% | 0.77% | 0.21% | 2.01% | 1.83% |
| D&A For EBITDA | 208.68M | 220.72M | 243.82M | 250.60M | 195.52M | 205.91M |
| EBIT | 139.09M | -17.95M | -171.35M | -231.83M | -26.44M | -34.23M |
| EBIT Margin | 1.33% | -0.18% | -1.82% | -2.63% | -0.32% | -0.36% |
| Revenue as Reported | 10.45B | 9.95B | 9.42B | 8.81B | 8.40B | 9.40B |
Balance sheet
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 1.19B | 907.34M | 1.29B | 2.15B | 2.14B | 4.61B |
| Short-Term Investments | 1.62B | 1.75B | 1.27B | 720.52M | 895.42M | |
| Cash & Short-Term Investments | 2.81B | 2.65B | 2.56B | 2.87B | 3.04B | 4.61B |
| Accounts Receivable | 2.12B | 2.18B | 2.04B | 2.27B | 2.39B | 2.33B |
| Other Receivables | 296.30M | 272.54M | 363.04M | 390.26M | 376.81M | 390.44M |
| Receivables | 2.41B | 2.45B | 2.40B | 2.66B | 2.76B | 2.72B |
| Inventory | 816.62M | 879.42M | 1.12B | 1.05B | 943.00M | 1.07B |
| Prepaid Expenses | 180.11M | 169.38M | 203.30M | 100.97M | 84.27M | 108.67M |
| Restricted Cash | 90.83M | 140.96M | 354.99M | 202.76M | 101.70M | 93.22M |
| Other Current Assets | 441.87M | 507.08M | 573.67M | 410.23M | 465.95M | 601.63M |
| Total Current Assets | 6.75B | 6.80B | 7.21B | 7.29B | 7.40B | 9.20B |
| Property, Plant & Equipment | 1.31B | 1.41B | 1.59B | 1.92B | 1.54B | 1.75B |
| Long-Term Investments | 471.64M | 488.62M | 341.69M | 359.13M | 269.69M | 330.79M |
| Goodwill | 274.33M | 274.33M | 362.40M | 312.46M | 336.33M | 397.90M |
| Other Intangible Assets | 352.85M | 359.34M | 394.75M | 344.88M | 350.21M | 435.73M |
| Long-Term Deferred Tax Assets | 278.11M | 284.25M | 234.51M | 200.63M | 162.51M | 114.20M |
| Other Long-Term Assets | 127.12M | 71.08M | 69.89M | 45.32M | 65.11M | 87.93M |
| Total Assets | 9.57B | 9.69B | 10.21B | 10.47B | 10.12B | 12.32B |
| Accounts Payable | 688.81M | 801.25M | 1.08B | 1.07B | 962.57M | 1.02B |
| Accrued Expenses | 1.04B | 1.06B | 808.87M | 875.25M | 845.29M | 811.57M |
| Short-Term Debt | 1.24B | 1.21B | 1.22B | 1.12B | 1.02B | 2.29B |
| Current Portion of Leases | 220.18M | 239.71M | 243.14M | 332.98M | 235.44M | 278.18M |
| Current Income Taxes Payable | 41.80M | 35.51M | 26.56M | 18.77M | 46.83M | 127.99M |
| Current Unearned Revenue | 236.41M | 187.98M | 173.77M | 163.24M | 120.86M | 63.68M |
| Other Current Liabilities | 91.85M | 113.47M | 192.41M | 181.81M | 454.58M | 183.06M |
| Total Current Liabilities | 3.55B | 3.65B | 3.75B | 3.76B | 3.68B | 4.78B |
| Long-Term Leases | 427.26M | 489.60M | 597.80M | 799.10M | 673.96M | 883.50M |
| Long-Term Deferred Tax Liabilities | 19.76M | 22.98M | 32.78M | 24.97M | 28.08M | 51.52M |
| Other Long-Term Liabilities | 54.40M | 41.78M | 48.28M | 40.72M | 62.45M | 125.98M |
| Total Liabilities | 4.06B | 4.20B | 4.43B | 4.62B | 4.45B | 5.84B |
| Common Stock | 101.00K | 101.00K | 103.00K | 101.00K | 124.00K | 133.00K |
| Additional Paid-In Capital | 4.65B | 4.64B | 4.65B | 4.57B | 5.13B | 4.96B |
| Retained Earnings | -924.32M | -933.88M | -691.78M | -506.59M | -228.16M | 425.12M |
| Treasury Stock | -89.92M | -90.64M | -95.50M | -832.58M | -385.94M | |
| Comprehensive Income & Other | 4.56M | 27.49M | 54.58M | 32.25M | 15.68M | -102.60M |
| Total Common Equity | 3.64B | 3.64B | 3.91B | 4.10B | 4.08B | 4.90B |
| Minority Interest | 1.88B | 1.85B | 1.87B | 1.75B | 1.59B | 1.58B |
| Shareholders' Equity | 5.52B | 5.49B | 5.78B | 5.85B | 5.68B | 6.48B |
| Total Liabilities & Equity | 9.57B | 9.69B | 10.21B | 10.47B | 10.12B | 12.32B |
| Total Debt | 1.89B | 1.94B | 2.06B | 2.25B | 1.93B | 3.45B |
| Net Cash (Debt) | 922.50M | 717.28M | 499.04M | 622.25M | 1.11B | 1.16B |
| Net Cash Per Share | 15.91 | 12.40 | 8.33 | 10.46 | 18.23 | 16.03 |
| Filing Date Shares Outstanding | 58.14M | 58.11M | 58.21M | 60.40M | 58.80M | 69.60M |
| Total Common Shares Outstanding | 58.14M | 58.11M | 58.21M | 60.40M | 58.80M | 69.60M |
| Working Capital | 3.20B | 3.16B | 3.47B | 3.53B | 3.72B | 4.43B |
| Book Value Per Share | 62.57 | 62.69 | 67.24 | 67.83 | 69.46 | 70.35 |
| Tangible Book Value | 3.01B | 3.01B | 3.16B | 3.44B | 3.40B | 4.06B |
| Tangible Book Value Per Share | 51.79 | 51.78 | 54.23 | 56.95 | 57.78 | 58.37 |
| Buildings | 410.80M | 405.52M | 405.52M | 405.52M | 201.13M | 201.13M |
| Machinery | 687.79M | 677.12M | 654.64M | 617.43M | 454.26M | 426.89M |
| Leasehold Improvements | 448.59M | 435.95M | 517.19M | 470.64M | 565.50M | 444.04M |
Cash flow statement
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -135.50M | -242.10M | -185.20M | -278.42M | -653.29M | -219.83M |
| Depreciation & Amortization | 208.68M | 220.72M | 243.82M | 250.60M | 195.52M | 205.91M |
| Other Amortization | 1.03M | 1.03M | 1.03M | 1.03M | 8.89M | 24.70M |
| Loss (Gain) From Sale of Assets | 47.08M | 48.20M | 28.55M | 6.78M | 91.29M | 8.31M |
| Asset Writedown & Restructuring Costs | 18.39M | 18.39M | 6.93M | 35.21M | 13.15M | |
| Loss (Gain) From Sale of Investments | 242.43M | 229.42M | 9.55M | 68.03M | 123.19M | 213.35M |
| Loss (Gain) on Equity Investments | -10.12M | -11.09M | 24.66M | -6.25M | 3.59M | -3.30M |
| Stock-Based Compensation | 7.58M | 19.93M | 76.26M | 103.45M | 142.38M | 196.55M |
| Provision & Write-off of Bad Debts | 2.79M | 58.31M | -915.00K | 19.75M | 1.49M | 105.83M |
| Other Operating Activities | 149.92M | 129.42M | 163.15M | 146.97M | 515.55M | 25.71M |
| Change in Accounts Receivable | -202.16M | -328.65M | 181.56M | 226.89M | -42.37M | -98.60M |
| Change in Inventory | -32.78M | 103.92M | -312.85M | 32.13M | 127.29M | -380.82M |
| Change in Accounts Payable | 127.68M | -131.91M | 57.12M | -133.51M | 57.45M | 39.31M |
| Change in Income Taxes | 35.66M | 8.95M | 12.19M | -27.38M | -81.16M | -26.69M |
| Change in Other Net Operating Assets | 255.94M | 295.90M | -204.58M | 2.97M | -120.37M | -186.53M |
| Operating Cash Flow | 716.61M | 420.43M | 101.28M | 448.25M | 382.61M | -96.11M |
| Capital Expenditures | -125.87M | -106.54M | -132.11M | -165.01M | -206.96M | -285.59M |
| Cash Acquisitions | 19.93M | -62.95M | -104.62M | -77.74M | -208.43M | |
| Divestitures | -2.99M | -2.99M | -1.90M | |||
| Sale (Purchase) of Intangibles | -46.63M | -47.30M | -76.16M | -65.19M | -52.29M | -67.19M |
| Investment in Securities | -330.14M | -711.75M | -542.85M | 23.83M | -952.41M | 945.83M |
| Other Investing Activities | -55.00M | -30.00M | -3.54M | -29.38M | -15.36M | -8.80M |
| Investing Cash Flow | -540.70M | -898.59M | -817.61M | -340.37M | -1.31B | 375.82M |
| Short-Term Debt Issued | 2.24B | 1.97B | 1.82B | 1.84B | 548.46M | |
| Total Debt Issued | 2.21B | 2.24B | 1.97B | 1.82B | 1.84B | 548.46M |
| Short-Term Debt Repaid | -2.26B | -1.86B | -1.72B | -1.38B | ||
| Long-Term Debt Repaid | -1.76B | |||||
| Total Debt Repaid | -2.35B | -2.26B | -1.86B | -1.72B | -3.14B | |
| Net Debt Issued (Repaid) | -146.29M | -19.62M | 105.24M | 99.65M | -1.29B | 548.46M |
| Issuance of Common Stock | 3.00K | 164.00K | 1.00K | 3.00K | 52.00K | |
| Repurchase of Common Stock | -10.22M | -95.50M | -446.64M | -1.06B | ||
| Common Dividends Paid | -22.19M | -22.19M | -1.08M | -1.12M | ||
| Other Financing Activities | -46.66M | -55.47M | -28.56M | -106.56M | 88.59M | 1.26B |
| Financing Cash Flow | -215.14M | -107.49M | -19.74M | -8.03M | -1.65B | 749.95M |
| Foreign Exchange Rate Adjustments | -3.96M | -10.38M | 28.08M | 6.72M | 120.42M | -60.92M |
| Net Cash Flow | -43.19M | -596.02M | -707.98M | 106.57M | -2.45B | 968.75M |
| Free Cash Flow | 590.74M | 313.89M | -30.83M | 283.25M | 175.65M | -381.69M |
| Free Cash Flow Margin | 5.65% | 3.16% | -0.33% | 3.21% | 2.09% | -4.06% |
| Free Cash Flow Per Share | 10.19 | 5.43 | -0.52 | 4.76 | 2.88 | -5.29 |
| Levered Free Cash Flow | 606.40M | 467.43M | -271.57M | -229.79M | 495.35M | -270.86M |
| Unlevered Free Cash Flow | 630.21M | 495.28M | -247.21M | -203.95M | 523.06M | -259.00M |
| Cash Interest Paid | 25.03M | 27.80M | 27.05M | 38.19M | 47.14M | 29.82M |
| Cash Income Tax Paid | 52.74M | 58.42M | 53.84M | 84.77M | 163.53M | 145.61M |
| Change in Working Capital | 184.32M | -51.79M | -266.56M | 101.11M | -59.16M | -653.33M |
Ratios
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 184.31M | 154.59M | 158.47M | 165.50M | 311.64M | 1.01B |
| Enterprise Value | 48.50M | 348.20M | 372.53M | 296.29M | 438.72M | 1.06B |
| Last Close Price | 3.17 | 2.66 | 2.72 | 2.74 | 5.30 | 13.90 |
| Forward PE | 4.86 | 8.66 | 15.52 | 5.49 | 7.02 | 30.69 |
| PS Ratio | 0.12 | 0.11 | 0.12 | 0.13 | 0.26 | 0.68 |
| PB Ratio | 0.34 | 0.20 | 0.20 | 0.20 | 0.38 | 0.99 |
| P/TBV Ratio | 0.42 | 0.36 | 0.37 | 0.34 | 0.63 | 1.57 |
| P/FCF Ratio | 2.08 | 3.44 | 4.14 | 12.24 | ||
| P/OCF Ratio | 1.71 | 2.57 | 11.42 | 2.62 | 5.62 | |
| PEG Ratio | 0.66 | 0.50 | 0.35 | 0.45 | 1.96 | |
| EV/Sales Ratio | 0.03 | 0.24 | 0.29 | 0.24 | 0.36 | 0.71 |
| EV/EBITDA Ratio | 0.95 | 12.01 | 37.52 | 111.94 | 17.90 | 39.14 |
| EV/FCF Ratio | 0.55 | 7.76 | 7.42 | 17.23 | ||
| Debt / Equity Ratio | 0.34 | 0.35 | 0.36 | 0.38 | 0.34 | 0.53 |
| Debt / EBITDA Ratio | 2.82 | 3.55 | 4.33 | 4.61 | 3.58 | 7.01 |
| Debt / FCF Ratio | 3.19 | 6.17 | 7.94 | 10.96 | ||
| Net Debt / Equity Ratio | -0.17 | -0.13 | -0.09 | -0.11 | -0.20 | -0.18 |
| Net Debt / EBITDA Ratio | -2.65 | -3.54 | -6.89 | -33.15 | -6.59 | -6.74 |
| Net Debt / FCF Ratio | -1.56 | -2.29 | 16.19 | -2.20 | -6.34 | 3.03 |
| Asset Turnover | 1.09 | 1.00 | 0.91 | 0.86 | 0.75 | 0.82 |
| Inventory Turnover | 5.58 | 4.89 | 4.56 | 4.95 | 4.93 | 5.66 |
| Quick Ratio | 1.47 | 1.40 | 1.32 | 1.47 | 1.58 | 1.53 |
| Current Ratio | 1.90 | 1.87 | 1.93 | 1.94 | 2.01 | 1.93 |
| Return on Equity (ROE) | -1.16% | -3.54% | -2.38% | -3.86% | -10.04% | -3.26% |
| Return on Assets (ROA) | 0.91% | -0.11% | -1.04% | -1.41% | -0.15% | -0.19% |
| Return on Invested Capital (ROIC) | 3.06% | -0.36% | -3.26% | -4.74% | -0.53% | -0.78% |
| Return on Capital Employed (ROCE) | 2.30% | -0.30% | -2.70% | -3.50% | -0.40% | -0.50% |
| Earnings Yield | -10.97% | -22.39% | -16.01% | -23.72% | -30.39% | -3.44% |
| FCF Yield | 48.08% | 29.03% | -2.67% | 24.14% | 8.17% | -5.97% |
| Buyback Yield / Dilution | 0.84% | 3.45% | -0.63% | 2.58% | 15.30% | -13.29% |