BZUN Baozun Inc.

Overview and Growth

In fiscal 2025, Baozun Inc. recorded $1.42B of revenue, net loss of $34.62M, and an operating cash inflow of $60.12M. At $1.42B, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. Revenue was 10.2% above fiscal 2024 revenue of $1.29B, marking a year-over-year increase. Diluted earnings per share were -$0.20, translating the period’s attributable earnings into the amount reported for each diluted share. A diluted share base of 173.48M links the aggregate earnings figure to diluted EPS and helps frame the per-share comparison. Total assets stood at $1.39B, showing the scale of resources supporting revenue, earnings, liquidity, and financing. Revenue equaled 1.03x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

Gross profit was $1.05B, representing the portion of revenue remaining after the reported cost of revenue and before operating expenses. Gross margin was 74.1%, so that share of each revenue unit remained after the cost of revenue reported for the period. Operations produced $8.09M of income after the reported operating expense base, before the remaining non-operating and tax effects. Operating margin measured 0.6%, showing the portion of revenue preserved after the full set of operating costs. The company ended the period with a net loss of $34.62M, extending the operating result through all remaining items. Measured against revenue, the bottom-line deficit represented 2.4% after all recognized items. EBITDA was $39.80M, adding a pre-interest, tax, depreciation, and amortization view of the company’s earnings capacity. Income tax expense totaled $1.42M, providing the reported tax component that separates pretax and after-tax earnings. Relative to period-end equity, the net loss represented 4.5%. The loss-to-assets relationship was 2.5%, placing the bottom-line deficit against the company’s resource base. The bottom-line deficit increased from $25.37M in fiscal 2024 to $34.62M.

Liquidity and Capital Structure

At period end, the $1.39B asset base was financed through $600.53M of liabilities and $777.04M of equity. The near-term balance sheet paired $972.84M of current assets with $521.25M of current liabilities at the reporting date. At 1.87x, the current ratio shows that short-term assets were greater than short-term liabilities at period end. Cash and equivalents totaled $129.75M, identifying the most liquid reported component available within the broader current-asset balance. Cash and equivalents represented 24.9% of current liabilities, showing the portion of near-term obligations matched by reported cash alone. The equity-to-assets relationship was 56.1%, placing book capital against the total resource base. Liabilities represented 43.3% of total assets, quantifying the liability-funded share of the company’s resource base. Measured against total assets, cash and equivalents represented 9.4%, a balance-sheet composition measure rather than a liquidity forecast. Total assets were 0.9% lower than fiscal 2024 assets of $1.40B, measuring the company’s own balance-sheet change. Book equity was 38.0% higher than fiscal 2024 equity of $563.09M, showing how shareholder capital changed year over year. Compared with $176.64M in fiscal 2024, the current cash balance moved 26.5% and finished lower.

Cash Flow and Earnings Quality

The company reported $60.12M of operating cash flow, a cash inflow that shows the cash generated by operations. Capital expenditures used $15.24M, identifying the reported investment outflow deducted from operating cash flow in the free-cash-flow calculation. Capital expenditures represented 25.3% of operating cash flow, leaving the remainder available as free cash flow. The combination of operating cash flow and capital spending produced $44.88M of positive free cash flow for the period. Free cash flow represented 3.2% of revenue, linking post-investment cash generation with the company’s operating scale. The free-cash-flow-to-assets relationship was 3.2%, comparing post-investment cash with the balance-sheet asset base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.