Baozun Announces First Quarter 2026 Unaudited Financial Results
Rhea-AI Summary
Baozun (Nasdaq:BZUN, HKEX:9991) reported unaudited Q1 2026 results with total net revenues of RMB2,381.1 million, up 15.3% year-over-year. Income from operations turned slightly positive at RMB0.3 million, with non-GAAP operating income of RMB8.1 million.
BEC revenue rose 10.4% and BBM 38.8%. Product sales grew 29.1%, services revenue 6.5%. Working capital turnover days improved to 109 from 193. Net loss attributable to shareholders narrowed to RMB7.5 million, while non-GAAP net income reached RMB1.4 million.
Positive
- Total net revenues up 15.3% year-over-year to RMB2,381.1 million
- Group returns to positive income from operations at RMB0.3 million
- Non-GAAP operating result improves to RMB8.1 million from RMB66.9 million loss
- E-Commerce adjusted operating swings to RMB13.0 million profit from RMB45.8 million loss
- Brand Management revenue up 38.8% year-over-year to RMB537.8 million
- Working capital turnover improves to 109 days from 193 days
Negative
- Net loss attributable to shareholders remains at RMB7.5 million
- Brand Management still records RMB4.9 million adjusted operating loss
- Unrealized investment swings to RMB4.4 million loss from RMB12.4 million gain
- Operating margin remains very low at 0.01%
- Exchange gain declines to RMB2.5 million from RMB8.2 million
News Market Reaction – BZUN
In the May 20 session, BZUN declined 0.78%, reflecting a mild negative market reaction. Argus tracked a peak move of +8.5% during that session. Our momentum scanner triggered 8 alerts that day, indicating moderate trading interest and price volatility.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Mar 25 | Quarterly earnings | Positive | +16.4% | Q4 and FY2025 revenue growth with strong non-GAAP operating income expansion. |
| Nov 25 | Quarterly earnings | Neutral | -5.8% | Q3 2025 modest revenue growth and narrowed operating losses across segments. |
| Aug 28 | Quarterly earnings | Neutral | +12.7% | Q2 2025 revenue up 6.8% with small non-GAAP operating income but ongoing net loss. |
| May 21 | Quarterly earnings | Negative | -4.3% | Q1 2025 revenue growth but deeper net loss and weaker operating margin. |
| Apr 23 | Annual report filing | Neutral | +3.5% | Filing of FY2024 Form 20-F and Hong Kong annual report with ESG focus. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings releases often led to notable moves, generally aligning with fundamentals: positive reactions to improving margins and growth, negative when losses widened.
Across the last five earnings-related events since Apr 23, 2025, Baozun delivered steady revenue growth with gradual improvement in operating metrics but recurring net losses. Q2 and Q4 2025 results with stronger non-GAAP profitability saw double-digit positive moves, while weaker quarters or filings tied to losses saw declines. Today’s Q1 2026 report showing double-digit revenue growth and a return to non-GAAP operating profit fits this trajectory of incremental fundamental improvement.
Key Terms
non-gaap financial
operating margin financial
ads financial
amortization of intangible assets financial
fair value financial
equity method investments financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Mr. Vincent Qiu, Chairman and Chief Executive Officer of Baozun, commented, "The first quarter of 2026 was robust across the board. We achieved growth in revenue, profitability, and improvement in working capital efficiency, reflecting genuine improvement in our value proposition and, in turn, stronger sales and profit conversion. BEC resumed sustainable growth, evolving into a higher-quality and value-driven business through enhanced brand partnerships, tighter BBM integration, and disciplined operational refinement. BBM accelerated its revenue growth, while GAP achieved its second consecutive quarter of non-GAAP operating breakeven, validating the strength of our Merchandising-Marketing-Channel (MMC) methodology. Both divisions are performing in synchrony, and operational synergies are emerging."
Chief Financial Officer commented, "We are pleased with our
First Quarter 2026 Financial Highlights
- Total net revenues were
RMB2,381.1 million (US$[1]345.2 million), representing an increase of15.3% compared withRMB2,064.4 million in the same quarter of last year. - Income from operations was
RMB0.3 million (US ), compared with loss from operations of$0.04 million RMB84.0 million in the same quarter of last year. Operating margin was0.01% , compared with negative4.1% for the same period of 2025. - Non-GAAP income from operations[2] was
RMB8.1 million (US ), compared with non-GAAP loss from operations of$1.2 million RMB66.9 million in the same quarter of last year. Non-GAAP operating margin was0.3% , compared with negative3.2% for the same period of 2025.- Adjusted operating profit of E-Commerce[3] was
RMB13.0 million (US ), compared with adjusted operating loss of$1.9 million RMB45.8 million for the same period of 2025. - Adjusted operating loss of Brand Management[3] was
RMB4.9 million (US ), a significant improvement from$0.7 million RMB21.1 million in the same quarter of last year.
- Adjusted operating profit of E-Commerce[3] was
- Net loss attributable to ordinary shareholders of Baozun was
RMB7.5 million (US million), narrowed from$1.1 RMB63.1 million for the same period of 2025. - Non-GAAP net income attributable to ordinary shareholders of Baozun[4] was
RMB1.4 million (US ), compared with non-GAAP net loss attributable to ordinary shareholders of Baozun of$0.2 million RMB57.2 million for the same period of 2025. - Basic and diluted net loss attributable to ordinary shareholders of Baozun per American Depositary Share ("ADS[5]") were both
RMB0.13 (US ), compared with$0.02 RMB1.09 for the same period of 2025. - Diluted non-GAAP net income attributable to ordinary shareholders of Baozun per ADS[6] was
RMB0.02 (US [7]), compared with diluted non-GAAP net loss attributable to ordinary shareholders of Baozun per ADS$0.00 RMB0.99 for the same period of 2025.
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
Baozun Brand Management, or "BBM"
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 first quarter of 2026, total revenue from BBM increased by
First Quarter 2026 Financial Results
Total net revenues were
Total product sales revenue was
- Product sales revenue of E-Commerce was
RMB510.3 million (US ), an increase of$74.0 million 20.6% compared withRMB423.2 million in the same quarter of last year. The increase was primarily driven by sales growth across all key categories, benefiting from both deeper brand relationships and improved execution on major platforms. - Product sales revenue of Brand Management was
RMB537.6 million (US ), an increase of$77.9 million 39.0% fromRMB386.7 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, channels and marketing initiatives to boost sales.
Services revenue was
Total operating expenses were
- Cost of products was
RMB694.8 million (US ), compared with$100.7 million RMB547.2 million in the same quarter of last year. The increase was primarily driven by growth in sales volume, partially offset by cost reductions resulting from efficiency improvements. - Fulfillment expenses were
RMB519.2 million (US ), compared with$75.3 million RMB524.5 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 the Company's cost control initiatives and efficiency improvements. - Sales and marketing expenses were
RMB893.3 million (US ), compared with$129.5 million RMB800.4 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 expenses associated with the expansion of offline stores and marketing activities for BBM during the quarter. - Technology and content expenses were
RMB124.8 million (US ), compared with$18.1 million RMB116.5 million in the same quarter of last year. The increase was primarily due to more revenue contribution from technology monetization, partially offset by the company's continued efforts to implement cost control and efficiency improvement initiatives. - General and administrative expenses were
RMB164.2 million (US ), compared with$23.8 million RMB170.5 million in the same quarter of last year. The decrease was primarily due to the company's continued efforts to implement cost control and efficiency improvement initiatives.
Income from operations was
Non-GAAP income from operations was
- Adjusted operating profit of E-Commerce was
RMB13.0 million (US ), a significant improvement from adjusted operating loss of$1.9 million RMB45.8 million in the same quarter of last year. - Adjusted operating loss of Brand Management was
RMB4.9 million (US ), a significant improvement from$0.7 million RMB21.1 million in the same quarter of last year.
Unrealized investment loss was
Fair value change on financial instruments was a gain of
Exchange gain was
Net loss attributable to ordinary shareholders of Baozun was
Basic and diluted net loss attributable to ordinary shareholders of Baozun per ADS were both
Non-GAAP net income attributable to ordinary shareholders of Baozun Inc. was
Diluted non-GAAP net income attributable to ordinary shareholders of Baozun per ADS was
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:
(i) E-Commerce focuses on Baozun traditional e-commerce service business and comprises two business lines, BEC (Baozun E-Commerce) and BZI (Baozun International).
a> BEC includes our mainland
b> BZI includes our e-commerce businesses outside of Chinese Mainland, including locations such as Hong Kong SAR, Macau SAR and
(ii) 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. The primary brand under the Company's brand management is Gap in
(b) Segments data
The table below provides a summary of the Group's reportable segment results for the three months ended March 31, 2025 and 2026:
For the three months ended March 31, | ||||
2025 | 2026 | |||
RMB | RMB | |||
Net revenues: | ||||
E-Commerce | 1,708,666 | 1,886,427 | ||
Brand Management | 387,359 | 537,842 | ||
Inter-segment eliminations * | (31,665) | (43,210) | ||
Total consolidated net revenues | 2,064,360 | 2,381,059 | ||
Adjusted Operating (Losses) Profits **: | ||||
E-Commerce | (45,828) | 12,958 | ||
Brand Management | (21,068) | (4,854) | ||
Inter-segment eliminations * | (15) | 10 | ||
Total Adjusted Operating (Losses) Profits | (66,911) | 8,114 | ||
Unallocated expenses: | ||||
Share-based compensation expenses | (9,178) | (450) | ||
Amortization of intangible assets resulting from business acquisition | (7,901) | (7,414) | ||
Total other income (expenses), net | 5,814 | 6,785 | ||
(Loss) Gain before income tax and share of income (loss) in equity method | (78,176) | 7,035 | ||
*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 | ||||
Conference Call
The Company will host a conference call to discuss the earnings at 7:30 a.m. Eastern Time on Wednesday, May 20, 2026 (7:30 p.m.
Dial-in details for the earnings conference call are as follows:
1-888-317-6003 | |
800-963-976 | |
800-120-5863 | |
Mainland | 4001-206-115 |
International: | 1-412-317-6061 |
Passcode: | 4769193 |
A replay of the conference call may be accessible through May 26, 2026 by dialing the following numbers:
1-855-669-9658 | |
International: | 1-412-317-0088 |
Replay Access Code: | 3492191 |
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 |
[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, impairment of goodwill and cancellation fees of repurchased ADSs. |
[3] The Group operates through two segments: (i) E-Commerce; (ii) Brand Management. For more information, please refer to Supplemental Information. |
[4] Non-GAAP net income (loss) attributable to ordinary shareholders of Baozun 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, impairment of goodwill and investments, other-than-temporary impairment of equity method investments, cancellation fees of repurchased ADSs, fair value gain on derivative liabilities, gain on disposal/acquisition of subsidiaries, and unrealized investment loss (gain). |
[5] Each ADS represents three Class A ordinary shares. |
[6] Diluted non-GAAP net income (loss) attributable to ordinary shareholders of Baozun per ADS are non-GAAP financial measures, which is defined as non-GAAP net income (loss) attributable to ordinary shareholders of Baozun divided by weighted average number of shares used in calculating diluted net income (loss) per ordinary share multiplied by three. |
[7] The amount is less than |
[8] The amount is less than |
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, 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, impairment of goodwill and investments, other-than-temporary impairment of equity method investments, cancellation fees of repurchased ADSs, fair value gain on derivative liabilities, loss (gain) on disposal/acquisition of 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, impairment of goodwill and investments, other-than-temporary impairment of equity method investments, cancellation fees of repurchased ADSs, fair value gain on derivative liabilities, loss (gain) on disposal/acquisition of 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
About Baozun Inc.
Founded in 2007, Baozun Inc. is a leader in brand e-commerce service, brand management, and digital commerce service. 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
Baozun Inc. | ||||||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||
(In thousands) | ||||||
As of | ||||||
December 31, | March 31, | March 31, | ||||
2025 | 2026 | 2026 | ||||
RMB | RMB | US$ | ||||
ASSETS | ||||||
Current assets | ||||||
Cash and cash equivalents | 907,335 | 1,149,663 | 166,666 | |||
Restricted cash | 140,959 | 94,178 | 13,653 | |||
Short-term investments (including | 1,747,032 | 1,702,638 | 246,831 | |||
Accounts receivable, net | 2,173,163 | 2,100,323 | 304,483 | |||
Inventories | 879,421 | 858,352 | 124,435 | |||
Advances to suppliers | 366,671 | 387,115 | 56,120 | |||
Derivative financial assets | 6,342 | 7,687 | 1,114 | |||
Prepayments and other current assets | 575,984 | 671,055 | 97,283 | |||
Amounts due from related parties | 6,235 | 7,333 | 1,063 | |||
Total current assets | 6,803,142 | 6,978,344 | 1,011,648 | |||
Non-current assets | ||||||
Long-term debt investments (including | 232,213 | 230,163 | 33,367 | |||
Long - term equity investments | 256,406 | 249,186 | 36,124 | |||
Property and equipment, net | 758,703 | 742,692 | 107,668 | |||
Intangible assets, net | 322,924 | 315,719 | 45,770 | |||
Land use right, net | 36,413 | 36,156 | 5,242 | |||
Operating lease right-of-use assets | 651,660 | 614,917 | 89,144 | |||
Goodwill | 274,326 | 274,326 | 39,769 | |||
Other non-current assets | 71,075 | 118,797 | 17,222 | |||
Deferred tax assets | 284,254 | 285,793 | 41,430 | |||
Total non-current assets | 2,887,974 | 2,867,749 | 415,736 | |||
Total assets | 9,691,116 | 9,846,093 | 1,427,384 | |||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||
Current liabilities | ||||||
Short-term loan | 1,207,773 | 1,201,908 | 174,240 | |||
Accounts payable | 466,081 | 547,462 | 79,365 | |||
Notes payable | 335,171 | 414,694 | 60,118 | |||
Income tax payables | 35,506 | 29,457 | 4,270 | |||
Accrued expenses and other current liabilities | 1,359,389 | 1,413,518 | 204,915 | |||
Amounts due to related parties | 1,532 | 2,027 | 294 | |||
Current operating lease liabilities | 239,712 | 227,685 | 33,007 | |||
Total current liabilities | 3,645,164 | 3,836,751 | 556,209 | |||
Non-current liabilities | ||||||
Deferred tax liabilities | 22,981 | 21,300 | 3,088 | |||
Long-term operating lease liabilities | 489,598 | 453,416 | 65,732 | |||
Other non-current liabilities | 41,781 | 56,239 | 8,153 | |||
Total non-current liabilities | 554,360 | 530,955 | 76,973 | |||
Total liabilities | 4,199,524 | 4,367,706 | 633,182 | |||
Redeemable non-controlling interests | 57,619 | 57,619 | 8,353 | |||
Baozun Inc. shareholders' equity: | ||||||
Class A ordinary shares ( | 93 | 93 | 14 | |||
Class B ordinary shares ( | 8 | 8 | 1 | |||
Additional paid-in capital | 4,639,555 | 4,642,890 | 673,078 | |||
Treasury shares (13,268,625 shares as of December 31, | (90,643) | (90,643) | (13,140) | |||
Accumulated deficit | (933,885) | (941,344) | (136,465) | |||
Accumulated other comprehensive income | 27,491 | 15,600 | 2,262 | |||
Total Baozun Inc. shareholders' equity | 3,642,619 | 3,626,604 | 525,750 | |||
Non-controlling interests | 1,791,354 | 1,794,164 | 260,099 | |||
Total Shareholders' equity | 5,433,973 | 5,420,768 | 785,849 | |||
Total liabilities, redeemable non-controlling interests and | 9,691,116 | 9,846,093 | 1,427,384 | |||
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 March 31, | |||||
2025 | 2026 | ||||
RMB | RMB | US$ | |||
Net revenues | |||||
Product sales (1) | 809,295 | 1,045,016 | 151,496 | ||
Services | 1,255,065 | 1,336,043 | 193,686 | ||
Total net revenues | 2,064,360 | 2,381,059 | 345,182 | ||
Operating expenses (2) | |||||
Cost of products | (547,178) | (694,802) | (100,725) | ||
Fulfillment (3) | (524,525) | (519,199) | (75,268) | ||
Sales and marketing (3) | (800,351) | (893,336) | (129,507) | ||
Technology and content (3) | (116,475) | (124,808) | (18,093) | ||
General and administrative (3) | (170,485) | (164,209) | (23,805) | ||
Other operating income, net | 10,664 | 15,545 | 2,254 | ||
Total operating expenses | (2,148,350) | (2,380,809) | (345,144) | ||
Loss (income) from operations | (83,990) | 250 | 38 | ||
Other income (expenses) | |||||
Interest income | 11,357 | 16,720 | 2,424 | ||
Interest expense | (12,528) | (8,889) | (1,289) | ||
Unrealized investment gain (loss) | 12,411 | (4,444) | (645) | ||
Exchange loss | 8,164 | 2,521 | 365 | ||
Fair value change on financial instruments(4) | (13,590) | 877 | 127 | ||
(Loss) gain before income tax | (78,176) | 7,035 | 1,020 | ||
Income tax benefits (expense) (5) | 6,412 | (9,501) | (1,377) | ||
Share of (loss) income in equity | (504) | 702 | 102 | ||
Net loss | (72,268) | (1,764) | (255) | ||
Net loss (income) attributable to | 8,887 | (2,810) | (407) | ||
Net loss (income) attributable to | 301 | (2,885) | (418) | ||
Net loss attributable to ordinary shareholders of | (63,080) | (7,459) | (1,080) | ||
Net loss per share attributable to ordinary | |||||
Basic | (0.36) | (0.04) | (0.01) | ||
Diluted | (0.36) | (0.04) | (0.01) | ||
Net loss per ADS attributable to ordinary | |||||
Basic | (1.09) | (0.13) | (0.02) | ||
Diluted | (1.09) | (0.13) | (0.02) | ||
Weighted average shares used in calculating net | |||||
Basic | 173,353,270 | 174,316,616 | 174,316,616 | ||
Diluted | 173,353,270 | 174,316,616 | 174,316,616 | ||
Net loss | (72,268) | (1,764) | (255) | ||
Other comprehensive income, | |||||
Foreign currency translation adjustment | (7,344) | (11,891) | (1,724) | ||
Comprehensive loss | (79,612) | (13,655) | (1,979) | ||
(1) These amounts include product sales from E-Commerce and Brand Management of | |||||
(2) Share-based compensation expenses are allocated in operating expenses items as follows: | |||||
For the three months ended March 31, | ||||||
2025 | 2026 | |||||
RMB | RMB | US$ | ||||
Fulfillment | 377 | 269 | 39 | |||
Sales and marketing | 1,676 | 743 | 108 | |||
Technology and content | 499 | (757) | (110) | |||
General and administrative | 6,626 | 195 | 28 | |||
9,178 | 450 | 65 | ||||
(3) These amounts include amortization of intangible assets resulting from business acquisition, which amounted | ||||||
(4) These amounts include | ||||||
(5) These amounts include income tax benefits of | ||||||
Baozun Inc. | ||||||
Reconciliations of GAAP and Non-GAAP Results | ||||||
(in thousands, except for share and per ADS data) | ||||||
For the three months ended March 31, | ||||||
2025 | 2026 | |||||
RMB | RMB | US$ | ||||
(Loss) income from operations | (83,990) | 250 | 38 | |||
Add: Share-based compensation expenses | 9,178 | 450 | 65 | |||
Amortization of intangible assets resulting from business | 7,901 | 7,414 | 1,075 | |||
Non-GAAP (loss) income from operations | (66,911) | 8,114 | 1,178 | |||
Net loss | (72,268) | (1,764) | (255) | |||
Add: Share-based compensation expenses | 9,178 | 450 | 65 | |||
Amortization of intangible assets resulting from business | 7,901 | 7,414 | 1,075 | |||
Fair value loss on financial instruments | 7,654 | — | — | |||
Unrealized investment (gain) loss | (12,411) | 4,444 | 645 | |||
Less: Tax effect of amortization of intangible assets resulting from | (1,802) | (1,681) | (244) | |||
Non-GAAP net (loss) income | (61,748) | 8,863 | 1,286 | |||
Net loss attributable to ordinary shareholders of Baozun Inc. | (63,080) | (7,459) | (1,080) | |||
Add: Share-based compensation expenses | 9,178 | 450 | 65 | |||
Amortization of intangible assets resulting from business | 5,528 | 5,052 | 732 | |||
Fair value loss on financial instruments | 4,822 | — | — | |||
Unrealized investment (gain) loss | (12,411) | 4,444 | 645 | |||
Less: Tax effect of amortization of intangible assets resulting from | (1,209) | (1,090) | (158) | |||
Non-GAAP net (loss) income attributable to ordinary | (57,172) | 1,397 | 204 | |||
Diluted non-GAAP net (loss) income attributable to ordinary | (0.99) | 0.02 | * | |||
Weighted average shares used in calculating diluted net (loss) | 173,353,270 | 174,408,833 | 174,408,833 | |||
* The amounts are less than 0.01. | ||||||
(1) The Company evaluated the non-GAAP adjustments items and concluded that these items have immaterial | ||||||
View original content:https://www.prnewswire.com/news-releases/baozun-announces-first-quarter-2026-unaudited-financial-results-302777444.html
SOURCE Baozun Inc.