Baozun Inc. ADR (BZUN) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 25	-$1.42	-$0.99	+30.3%	—	$2.1B	—
Q4 24	$0.53	$0.77	+45.3%	—	$3B	—
Q3 24	—	-$1.12	—	—	$290.6M	—
Q2 24	$0.18	-$0.06	-133.3%	—	$335.3M	—
Q1 24	-$0.4	-$0.25	+37.5%	—	$2B	—
Q4 23	$0.83	$0.47	-43.4%	—	$2.8B	—
Q3 23	-$1.89	-$1.28	+32.3%	—	$1.8B	—
Q2 23	-$0.24	-$0.07	+70.8%	—	$2.3B	—
Q1 23	-$0.16	-$0.22	-37.5%	—	$1.9B	—
Q4 22	-$0.1	-$0.22	-120.0%	—	$2.6B	—
Q3 22	$0.55	-$0.22	-140.0%	—	$1.7B	—
Q2 22	$0.56	$0.02	-96.4%	—	$2.1B	—
Q1 22	$0.66	$0.02	-97.0%	—	$2B	—
Q4 21	$0.86	$1.11	+29.1%	—	$3.2B	—
Q3 21	$0.01	-$1.21	-12200.0%	—	$1.9B	—
Q2 21	$2.26	$2.01	-11.1%	—	$2.3B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	-$4.2	—	—	$9.9B	—
FY24	—	-$3.09	—	—	$9.4B	—
FY23	—	-$4.68	—	—	$8.8B	—
FY22	—	-$10.7	—	—	$8.4B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$3.4B	$4.1B	$5.4B	$7.3B	$8.9B	$9.4B	$8.4B	$8.8B	$9.4B	$9.9B
YoY change	+30.5%	+22.4%	+30%	+35%	+21.6%	+6.15%	-10.6%	+4.9%	+6.92%	+5.55%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	3.4B	4.1B	5.4B	7.3B	8.9B	9.4B	8.4B	8.8B	9.4B	9.9B
Cost of revenue	2.5B	2.7B	3.3B	4.5B	5.6B	5.9B	5B	4.9B	4.9B	4.9B
Gross profit	927.6M	1.4B	2.1B	2.8B	3.3B	3.5B	3.4B	3.9B	4.5B	5.1B
Gross margin	27.4%	34.1%	38.9%	38.8%	36.9%	36.8%	40.8%	44.2%	47.6%	50.9%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	747.1M	1B	1.5B	2B	2.4B	3.1B	3B	3.7B	4.1B	4.6B
Operating expenses	837.5M	1.2B	1.7B	2.4B	2.7B	3.5B	3.4B	4.1B	4.6B	5B
Operating income	90.1M	256.3M	355.8M	383.7M	558.7M	7M	46.4M	-171.2M	-107.9M	75M
Operating margin	2.66%	6.18%	6.6%	5.27%	6.31%	0.07%	0.55%	-1.94%	-1.15%	0.75%
Non-operating income, net	320K	-784K	-15M	-16.7M	14.9M	-167.1M	-615.6M	-86.6M	-14.9M	-289.7M
Pretax income	102.3M	264.6M	335.7M	348.3M	548.9M	-154M	-580.3M	-217M	-93M	-200.8M
Income tax	16.8M	54.3M	65M	71.1M	127.8M	55.3M	26.5M	12M	20.7M	9.9M
Net income	85.4M	209.1M	269.8M	281.9M	426.5M	-206M	-610.4M	-222.8M	-138.4M	-199.6M
Net margin	2.52%	5.04%	5%	3.87%	4.82%	-2.19%	-7.27%	-2.53%	-1.47%	-2.01%
EBITDA	137.8M	320.3M	436M	546.4M	751.8M	276.9M	288.8M	162.6M	205.7M	355.2M
EPS	1.74	3.87	4.77	4.86	6.81	-3.06	-10.7	-4.68	-3.09	-4.2
Diluted EPS	1.59	3.57	4.5	4.71	6.69	-3.06	-10.7	-4.68	-3.09	-4.2

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	1.8B	2.8B	2B	335.3M	290.6M	3B	2.1B	2.6B	2.2B	3.2B	2.4B	2.7B
Cost of revenue	1B	1.5B	1B	179.1M	152.9M	1.5B	1.1B	1.3B	1B	1.5B	1.2B	1.2B
Gross profit	819.5M	1.3B	946.3M	156.3M	137.7M	1.5B	992.7M	1.2B	1.1B	1.7B	1.2B	1.5B
Gross margin	44.9%	45.8%	47.8%	46.6%	47.4%	48.5%	48.1%	48.4%	52.4%	53.7%	49%	55.1%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	852M	1.1B	873.1M	142.5M	138.1M	1.2B	970.8M	1.2B	1.1B	1.4B	1.1B	1.4B
Operating expenses	955.2M	1.2B	1B	158.9M	153.9M	1.4B	1.1B	1.2B	1.2B	1.5B	1.2B	1.4B
Operating income	-135.7M	41.6M	-54.8M	-2.6M	-16.2M	80.1M	-84M	-9.4M	-25.6M	193.9M	250K	63.4M
Operating margin	-7.44%	1.5%	-2.77%	-0.79%	-5.57%	2.68%	-4.07%	-0.37%	-1.19%	6.11%	0.01%	2.31%
Non-operating income, net	-9.1M	-45.4M	-17.2M	-294K	-178.3K	5.7M	7M	-43K	-61.7M	-235M	-1M	804K
Pretax income	-131.5M	6.2M	-63M	-2M	-15.5M	94.5M	-78.2M	-10.3M	-83.8M	-28.4M	7M	68.5M
Income tax	1.9M	6M	7.1M	527.8K	-2.6M	28.4M	-6.4M	13.4M	13M	-10M	9.5M	25.7M
Net income	-129.6M	-2M	-65.3M	-3.1M	-13.2M	42.2M	-72.3M	-20.5M	-94.7M	-12.1M	-1.8M	43.8M
Net margin	-7.11%	-0.07%	-3.3%	-0.92%	-4.53%	1.41%	-3.5%	-0.8%	-4.39%	-0.38%	-0.07%	1.6%
EBITDA	-111.2M	61.1M	-35.6M	-291.4K	-14.1M	98.4M	-72.6M	1.5M	-12.3M	217M	17M	76.6M
EPS	-2.13	-0.81	-1.11	-0.51	-1.47	0	-1.08	-0.6	-1.86	-0.66	-0.12	0.3
Diluted EPS	-2.13	-0.81	-1.11	-0.51	-1.47	0	-1.08	-0.6	-1.86	-0.66	-0.12	0.3

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	12.4B	12B	13.9B	15.6B	—	—	1.2B	—	159.3M	159.3M
Enterprise value	—	12B	12B	14.9B	13.3B	—	—	1.1B	—	-222.8M	-222.8M
Shares outstanding	362.4M	391.8M	410.6M	420.4M	452.7M	522.9M	442.9M	435.1M	59.9M	59.9M	59.9M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	59.1	44.5	49.4	36.5	—	—	—	—	—	—
P/S	—	2.98	2.22	1.91	1.76	—	—	0.14	—	0.02	0.02
P/B	—	6.77	5.46	5.37	2.53	—	—	0.2	—	0.03	0.03
EV/EBITDA	—	37.6	27.5	27.2	17.7	—	—	6.62	—	-0.63	-0.63
EV/Sales	—	2.9	2.23	2.04	1.5	—	—	0.12	—	-0.02	-0.02
Earnings yield	—	1.69%	2.25%	2.02%	2.74%	—	—	—	—	—	—
FCF yield	—	-4.19%	-2.56%	1.07%	0.97%	—	—	18.3%	—	167.3%	167.3%

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	27.4%	34.1%	38.9%	38.8%	36.9%	36.8%	40.8%	44.2%	47.6%	50.9%	50.9%
Operating margin	2.66%	6.18%	6.6%	5.27%	6.31%	0.07%	0.55%	-1.94%	-1.15%	0.75%	0.75%
Net margin	2.52%	5.04%	5%	3.87%	4.82%	-2.19%	-7.27%	-2.53%	-1.47%	-2.01%	-2.01%
ROE	5.43%	11.5%	12.3%	10.9%	6.94%	-3.18%	-10.8%	-3.81%	-2.39%	-3.63%	-3.63%
ROA	3.61%	7.02%	6.72%	3.97%	4.07%	-1.67%	-6.03%	-2.13%	-1.36%	-2.06%	-2.06%
ROIC	10.3%	13.7%	13%	8.6%	11%	0.12%	0.92%	-2.98%	-1.88%	1.47%	1.47%
Return on tangible assets	3.69%	7.66%	7.42%	4.22%	4.23%	-1.93%	-6.98%	-2.43%	-1.59%	-2.37%	-2.37%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	2.72	2.15	1.86	2.45	4.17	1.93	2.01	1.94	1.93	1.87	1.87
Quick ratio	2.33	1.81	1.49	2.06	3.7	1.7	1.75	1.66	1.63	1.63	1.63
Debt / equity	0.07	0.12	0.24	1.14	0.46	0.61	0.43	0.47	0.44	0.41	0.41
Debt / assets	0.05	0.07	0.13	0.42	0.27	0.32	0.24	0.26	0.25	0.23	0.23
Net debt / EBITDA	-6.11	-1.05	0.04	1.75	-2.97	-2.26	-2.17	-0.71	-0.18	-1.08	-1.08
Interest coverage	—	63.2	26.7	6.68	9.3	-1.71	-9.2	-4.25	-1.39	-3.5	-3.5
Effective tax rate	16.5%	20.5%	19.3%	20.4%	23.3%	0%	0%	0%	0%	0%	0%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	9.36	10.6	13.1	17.3	19.6	18	19	20.3	157.3	166.1	166.1
EPS (basic)	1.74	3.87	4.77	4.86	6.81	-3.06	-10.7	-4.68	-3.09	-4.2	-4.2
EPS (diluted)	1.59	3.57	4.5	4.71	6.69	-3.06	-10.7	-4.68	-3.09	-4.2	-4.2
Book value per share	4.34	4.66	5.35	6.16	13.6	12.4	12.8	13.4	96.5	91.7	91.7
FCF per share	-0.22	-1.32	-0.75	0.35	0.33	-0.86	0.28	0.5	-1.79	4.45	4.45
Cash per share	2.64	1.42	1.25	4.73	11.1	8.81	6.86	6.6	42.8	44.3	44.3
Capex per share	0.21	0.68	0.3	0.22	0.25	0.55	0.47	0.38	2.21	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	2.25%	6.44%	2.28%	1.25%	1.25%	3.04%	2.46%	1.87%	1.4%	—	—
Capex / operating cash flow	292.6%	-84%	-204.5%	94.4%	-96.3%	-10.7K%	-56.6%	114.8%	70.1%	—	—
Payout ratio	—	—	—	—	—	0%	0%	-0.5%	—	—	—
Dividend yield	—	—	—	—	—	—	—	0.09%	—	—	—

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$1.8B	$2.8B	$2B	$335.3M	$290.6M	$3B	$2.1B	$2.6B	$2.2B	$3.2B	$2.4B	$2.7B
YoY change	+4.73%	+8.9%	+4.87%	-85.5%	-84.1%	+7.7%	+4.27%	+661.2%	+641.9%	+5.94%	+15.3%	+7.46%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	957.3M	557.4M	513.9M	2B	5B	4.6B	3B	2.9B	2.6B	2.7B
Receivables	624.8M	1.1B	1.5B	1.8B	2.2B	2.3B	2.3B	2.2B	2B	2.2B
Inventory	312.1M	382M	650.3M	896.8M	1B	1.1B	943M	1B	1.1B	879.4M
Total current assets	2.2B	2.5B	3.3B	5.7B	9.2B	9.2B	7.4B	7.3B	7.2B	6.8B
Property, plant & equipment	100.9M	179.1M	248.1M	658M	753.8M	1.5B	1.3B	1.5B	1.2B	1B
Goodwill & intangibles	54M	247.9M	378.3M	414.4M	403M	1.7B	1.4B	1.3B	1.5B	1.3B
Total assets	2.4B	3B	4B	7.1B	10.5B	12.3B	10.1B	10.5B	10.2B	9.7B
Accounts payable	526.5M	583.5M	886.3M	877.1M	421.6M	494.1M	474.7M	563.6M	620.7M	466.1M
Short-term debt	115.1M	220M	463M	777M	665.9M	3.1B	1.7B	2B	1.9B	1.8B
Total current liabilities	796.3M	1.1B	1.7B	2.3B	2.2B	4.8B	3.7B	3.8B	3.7B	3.6B
Long-term debt	—	—	68.8M	2.2B	2.1B	883.5M	674M	799.1M	597.8M	489.6M
Total liabilities	796.3M	1.2B	1.8B	4.5B	4.3B	5.8B	4.4B	4.6B	4.4B	4.2B
Shareholders' equity	1.6B	1.8B	2.2B	2.6B	6.1B	6.5B	5.7B	5.9B	5.8B	5.5B
Total debt	115.1M	220M	531.7M	2.9B	2.8B	4B	2.4B	2.8B	2.5B	2.3B
Net debt	-802.2M	-24.8M	74.4M	1.8B	-780.4M	-626.8M	269.3M	604.9M	1.2B	1.4B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	2.9B	2.9B	2.6B	366.1M	329.2M	2.6B	2.2B	2.6B	2.5B	2.7B	2.9B	2.8B
Receivables	1.7B	2.2B	1.7B	258.4M	262.9M	2B	2B	2B	2B	2.2B	2.1B	2.1B
Inventory	1.1B	1B	1.1B	158.6M	196.2M	1.1B	1.1B	956M	1.1B	879.4M	858.4M	816.6M
Total current assets	6.8B	7.3B	6.8B	965.2M	984.4M	7.2B	6.7B	6.6B	6.8B	6.8B	7B	6.8B
Property, plant & equipment	1.9B	1.5B	1.8B	177.8M	233.6M	1.2B	1.5B	1.1B	1.5B	1B	1.4B	1.3B
Goodwill & intangibles	1.4B	1.3B	1.3B	212.5M	213.9M	1.5B	1.5B	1.5B	1.3B	1.3B	1.3B	1.3B
Total assets	10B	10.5B	9.8B	1.4B	1.4B	10.2B	9.7B	9.6B	9.8B	9.7B	9.8B	9.6B
Accounts payable	536.2M	563.6M	454.7M	61.7M	91.7M	620.7M	408.1M	348.4M	650.5M	466.1M	547.5M	453.4M
Short-term debt	1.6B	2B	1.8B	260.6M	266.3M	1.9B	1.9B	1.9B	1.8B	1.8B	1.8B	1.7B
Total current liabilities	3.2B	3.8B	3.2B	470.1M	504.6M	3.7B	3.4B	3.4B	3.6B	3.6B	3.8B	3.6B
Long-term debt	851.4M	799.1M	708.5M	90.8M	89.2M	597.8M	554.3M	514.2M	577.7M	489.6M	453.4M	427.3M
Total liabilities	4.2B	4.6B	4B	571.6M	604.9M	4.4B	4B	4B	4.3B	4.2B	4.4B	4.1B
Shareholders' equity	5.8B	5.9B	5.8B	823.1M	811.3M	5.8B	5.7B	5.7B	5.5B	5.5B	5.5B	5.5B
Total debt	2.4B	2.8B	2.5B	351.4M	355.5M	2.5B	2.4B	2.4B	2.4B	2.3B	2.3B	2.1B
Net debt	289.3M	604.9M	536.1M	147.4M	204.8M	1.2B	1.3B	1.2B	1.3B	1.4B	1.1B	928.2M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	85.4M	209.1M	269.8M	281.9M	426.5M	-206M	-610.4M	-222.8M	-138.4M	-199.6M
Depreciation & amortization	35.9M	50.6M	72.2M	120.1M	151.7M	206.9M	196.5M	251.6M	244.9M	221.7M
Stock-based compensation	34.2M	58.2M	75.9M	75.2M	108.4M	196.5M	142.4M	103.4M	76.3M	19.9M
Change in working capital	-131M	-632.6M	-455M	-380.3M	-826.6M	-160.2M	-47.6M	57.1M	38.4M	-505.7M
Operating cash flow	26M	-318M	-60.2M	96.7M	-115.3M	-2.7M	-365.7M	143.8M	188.4M	420.4M
Capital expenditure	-76.1M	-267M	-123M	-91.3M	-111.1M	-285.6M	-207M	-165M	-132.1M	—
Investing cash flow	-100.7M	-557M	123.3M	-1.1B	-568.8M	443M	-1.3B	-275.2M	-741.4M	-744.7M
Dividends paid	—	—	—	—	—	0	0	-1.1M	—	—
Share repurchases	-45.3M	0	0	0	0	-1.1B	-446.6M	0	-95.5M	-10.2M
Financing cash flow	206.8M	6M	-188.4M	850.9M	2B	749.9M	-3B	-1.7B	-1.9B	-2.4B
Net change in cash	132.1M	-868.9M	-125.3M	-124.3M	1.3B	1.2B	-4.6B	-1.9B	-2.4B	-2.7B
Free cash flow	-78.8M	-518.3M	-307.2M	148.5M	151.4M	-448.9M	123.4M	218.1M	-107M	266.6M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q1 14	Q1 15
Net income	1.8M	2M
Depreciation & amortization	2.9M	4.9M
Stock-based compensation	1.6M	5.7M
Change in working capital	-31.3M	-22.8M
Operating cash flow	-25.1M	-10.3M
Capital expenditure	-2.5M	-8.3M
Investing cash flow	-7.8M	-26.1M
Dividends paid	—	—
Share repurchases	—	—
Financing cash flow	—	-4.2M
Net change in cash	-32.9M	-40.6M
Free cash flow	-33.2M	-18.6M

Baozun Inc. ADR Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement