Baozun Announces Second Quarter 2026 Unaudited Financial Results
Rhea-AI Summary
Baozun (Nasdaq: BZUN; HKEX: 9991) reported second quarter 2026 net revenues of RMB2,743.0 million, up 7.5% year-over-year, with services revenue rising 10.2% to RMB1,717.4 million and total product sales up 3.2% to RMB1,025.6 million. E-Commerce revenue grew 4.6%, while Brand Management revenue increased 21.9% to RMB485.6 million.
According to Baozun, income from operations reached RMB63.4 million versus a loss a year earlier, with non-GAAP operating income improving to RMB74.3 million. Net income attributable to ordinary shareholders was RMB17.0 million, compared with a RMB34.0 million loss, and non-GAAP net income reached RMB24.8 million. Blended gross margin for product sales expanded by 499 basis points and inventory days improved to 112 from 134. Adjusted E-Commerce operating profit rose to RMB107.1 million, while Brand Management’s adjusted operating loss narrowed to RMB33.0 million. Baozun also raised its 2028 non-GAAP income from operations target to at least RMB700 million from RMB550 million.
Positive
- Total net revenues up 7.5% YoY to RMB2,743.0 million
- Non-GAAP operating income rose to RMB74.3 million from RMB6.1 million
- Operating margin improved to 2.3% from negative 0.4%
- Non-GAAP net income turned to RMB24.8 million from RMB18.0 million loss
- Blended product gross margin expanded by 499 basis points YoY
- 2028 non-GAAP operating income target raised to at least RMB700 million from RMB550 million
Negative
- E-Commerce product sales revenue declined 9.6% YoY to RMB540.8 million
- Brand Management adjusted operating loss remained RMB33.0 million
- Sales and marketing expenses increased to RMB1,177.2 million from RMB937.8 million
- Total operating expenses rose to RMB2,679.6 million from RMB2,562.0 million
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 20 | Q1 2026 earnings | Positive | -0.8% | Revenue grew, profitability improved, but the 24-hour reaction was negative. |
| Mar 25 | Q4/FY2025 earnings | Positive | +16.4% | Revenue and non-GAAP operating income increased; annual cash flow tripled despite impairment losses. |
| Nov 25 | Q3 2025 earnings | Neutral | -5.8% | Revenue grew and losses narrowed, yet the stock recorded a negative reaction. |
| Aug 28 | Q2 2025 earnings | Neutral | +12.7% | Revenue increased across segments, while net loss persisted and the stock rose. |
| May 21 | Q1 2025 earnings | Negative | -4.3% | Revenue grew, but net loss and operating margin deterioration coincided with a decline. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Tag-matched earnings reactions were mixed, with positive operating developments sometimes followed by declines and other releases followed by gains.
Key Terms
non-gaap financial
basis points financial
ads financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Mr. Vincent Qiu, Chairman and Chief Executive Officer of Baozun, commented, "We delivered another solid second quarter, with total revenue growing
Ms. Catherine Zhu, Chief Financial Officer of Baozun Inc., commented, "Our second-quarter results reflect balanced growth across both divisions, with E-Commerce revenue up
Second Quarter 2026 Financial Highlights
- Total net revenues were
RMB2,743.0 million (US$[1]404.3 million), representing an increase of7.5% compared withRMB2,552.7 million in the same quarter of last year. - Income from operations was
RMB63.4 million (US ), compared with loss from operations of$9.3 million RMB9.4 million in the same quarter of last year. Operating margin was2.3% , compared with negative0.4% for the same period of 2025. - Non-GAAP income from operations[2] was
RMB74.3 million (US ), significantly improved compared with$10.9 million RMB6.1 million in the same quarter of last year. Non-GAAP operating margin was2.7% , compared with0.2% for the same period of 2025.- Adjusted operating profit of E-Commerce[3] was
RMB107.1 million (US ), compared with$15.8 million RMB41.1 million for the same period of 2025. - Adjusted operating loss of Brand Management[3] was
RMB33.0 million (US ), compared with$4.9 million RMB35.0 million for the same period of 2025.
- Adjusted operating profit of E-Commerce[3] was
- Net income attributable to ordinary shareholders of Baozun was
RMB17.0 million (US ), compared with net loss attributable to ordinary shareholders of Baozun of$2.5 million RMB34.0 million for the same period of 2025. - Non-GAAP net income attributable to ordinary shareholders of Baozun[4] was
RMB24.8 million (US ), compared with non-GAAP net loss attributable to ordinary shareholders of Baozun of$3.7 million RMB18.0 million for the same period of 2025. - Basic and diluted net income attributable to ordinary shareholders of Baozun per American Depositary Share ("ADS[5]") were both
RMB0.29 (US ), compared with basic and diluted net loss attributable to ordinary shareholders of Baozun per American Depositary Share of$0.04 RMB0.59 for the same period of 2025. - Diluted non-GAAP net income attributable to ordinary shareholders of Baozun per ADS[6] was
RMB0.42 (US ), compared with diluted non-GAAP net loss attributable to ordinary shareholders of Baozun per ADS$0.06 RMB0.31 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.
[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. |
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 second quarter of 2026, total revenue from BBM increased by
Second Quarter 2026 Financial Results
Total net revenues were
Total product sales revenue was
- Product sales revenue of E-Commerce was
RMB540.8 million (US ), a decrease of$79.7 million 9.6% compared withRMB598.6 million in the same quarter of last year. The decrease was primarily attributable to the categories of Home & Furnishing and Cosmetics sectors. - Product sales revenue of Brand Management was
RMB485.3 million (US ), an increase of$71.5 million 22.6% fromRMB396.0 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.
Services revenue was
Total operating expenses were
- Cost of products was
RMB682.8 million (US ), compared with$100.6 million RMB711.5 million in the same quarter of last year. The decrease was primarily attributable to lower sales volume within the BEC business, combined with cost reductions driven by efficiency‑improvement initiatives. - Fulfillment expenses were
RMB549.5 million (US ), compared with$81.0 million RMB606.0 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
RMB1,177.2 million (US ), compared with$173.5 million RMB937.8 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
RMB114.2 million (US ), flat with$16.8 million RMB114.7 million in the same quarter of last year. - General and administrative expenses were
RMB175.1 million (US ), compared with$25.8 million RMB224.4 million in the same quarter of last year. The decrease was primarily due to a write-down of account receivable totalingRMB53.3 million in the same quarter of last year.
Income from operations was
Non-GAAP income from operations was
- Adjusted operating profit of E-Commerce was
RMB107.1 million (US ), compared with$15.8 million RMB41.1 million in the same quarter of last year. - Adjusted operating loss of Brand Management was
RMB33.0 million (US ), compared with$4.9 million RMB35.0 million in the same quarter of last year.
Unrealized investment loss was
Fair value change on financial instruments was a gain of
Net income attributable to ordinary shareholders of Baozun was
Basic and diluted net income 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 e-commerce service business and comprises two business lines, BEC (Baozun E-Commerce) and BZI (Baozun International).
a> BEC includes our Chinese mainland e-commerce businesses, such as brands' store operations, customer services and value-added services in logistics and supply chain management, IT and digital marketing.
b> BZI includes our e-commerce businesses outside of Chinese Mainland, including locations such as Hong Kong SAR, Macau SAR,
(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 June 30, 2025 and 2026:
For the three months ended June 30, | ||||
2025 | 2026 | |||
RMB | RMB | |||
Net revenues: | ||||
E-Commerce | 2,200,182 | 2,302,670 | ||
Brand Management | 398,342 | 485,592 | ||
Inter-segment eliminations * | (45,863) | (45,289) | ||
Total consolidated net revenues | 2,552,661 | 2,742,973 | ||
Adjusted Operating Profits (Losses) **: | ||||
E-Commerce | 41,149 | 107,052 | ||
Brand Management | (34,996) | (33,001) | ||
Inter-segment eliminations * | (18) | 209 | ||
Total Adjusted Operating Profits | 6,135 | 74,260 | ||
Unallocated expenses: | ||||
Share-based compensation expenses | (7,612) | (3,988) | ||
Amortization of intangible assets resulting from business acquisition | (7,901) | (6,856) | ||
Total other (expenses) income, net | (929) | 5,041 | ||
(Loss) income before income tax and share of income in equity | (10,307) | 68,457 | ||
*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 and amortization of intangible assets resulting from business acquisition, cancellation fees of repurchased ADSs and impairment of goodwill. |
Business Outlook
As the Company continues to leverage technological innovation and AI-powered infrastructure to enhance productivity, it has revised its 2028 annual Non-GAAP income from operations target upward to at least
Conference Call
The Company will host a conference call to discuss the earnings at 7:30 a.m. Eastern Time on Thursday, August 27, 2026 (7:30 p.m.
Dial-in details for the earnings conference call are as follows:
United States: | 1-888-317-6003 |
Hong Kong: | 800-963-976 |
Singapore: | 65-3158-8715 |
Mainland China: | 4001-206-115 |
International: | 1-412-317-6061 |
Passcode: | 5702943 |
A replay of the conference call may be accessible through September 3, 2026 by dialing the following numbers:
United States: | 1-855-669-9658 |
International: | 1-412-317-0088 |
Replay Access Code: | 3425144 |
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.
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 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, business trends, growth strategies, operating efficiencies, margin expansion, store openings, brand performance, technology and automation initiatives, and outlook for future periods are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties and are based on current expectations, assumptions, estimates and projections about Baozun and the industries in which it operates. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to risks and uncertainties relating to macroeconomic and consumer spending conditions, Baozun's ability to grow and manage its e-commerce and brand management businesses, demand for its brand partners' and managed brands' products, competition, its ability to improve operating efficiency and profitability, its ability to manage inventory and working capital, the pace and effectiveness of its technology and automation initiatives, store expansion and offline retail execution, relationships with brand partners and other third parties, as well as 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. Investors are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date they are made.
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, | June 30, | June 30, | ||||
2025 | 2026 | 2026 | ||||
RMB | RMB | US$ | ||||
ASSETS | ||||||
Current assets | ||||||
Cash and cash equivalents | 907,335 | 1,193,587 | 175,913 | |||
Restricted cash | 140,959 | 90,831 | 13,387 | |||
Short-term investments (including | 1,747,032 | 1,615,332 | 238,070 | |||
Accounts receivable, net | 2,173,163 | 2,114,172 | 311,590 | |||
Inventories | 879,421 | 816,620 | 120,355 | |||
Advances to suppliers | 366,671 | 299,629 | 44,160 | |||
Derivative financial assets | 6,342 | - | - | |||
Prepayments and other current assets | 575,984 | 618,658 | 91,179 | |||
Amounts due from related parties | 6,235 | 3,170 | 467 | |||
Total current assets | 6,803,142 | 6,751,999 | 995,121 | |||
Non-current assets | ||||||
Long-term debt investments (including | 232,213 | 228,375 | 33,658 | |||
Long - term equity investments | 256,406 | 243,269 | 35,853 | |||
Property and equipment, net | 758,703 | 735,606 | 108,415 | |||
Intangible assets, net | 322,924 | 309,862 | 45,668 | |||
Land use right, net | 36,413 | 42,984 | 6,335 | |||
Operating lease right-of-use assets | 651,660 | 579,384 | 85,391 | |||
Goodwill | 274,326 | 274,326 | 40,431 | |||
Other non-current assets | 71,075 | 127,123 | 18,736 | |||
Deferred tax assets | 284,254 | 278,109 | 40,988 | |||
Total non-current assets | 2,887,974 | 2,819,038 | 415,475 | |||
Total assets | 9,691,116 | 9,571,037 | 1,410,596 | |||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||
Current liabilities | ||||||
Short-term loan | 1,207,773 | 1,238,975 | 182,602 | |||
Accounts payable | 466,081 | 453,427 | 66,827 | |||
Notes payable | 335,171 | 235,386 | 34,692 | |||
Income tax payables | 35,506 | 41,800 | 6,161 | |||
Accrued expenses and other current liabilities | 1,359,389 | 1,363,441 | 200,946 | |||
Amounts due to related parties | 1,532 | 1,343 | 198 | |||
Current operating lease liabilities | 239,712 | 220,180 | 32,451 | |||
Total current liabilities | 3,645,164 | 3,554,552 | 523,877 | |||
Non-current liabilities | ||||||
Deferred tax liabilities | 22,981 | 19,759 | 2,912 | |||
Long-term operating lease liabilities | 489,598 | 427,260 | 62,970 | |||
Other non-current liabilities | 41,781 | 54,404 | 8,018 | |||
Total non-current liabilities | 554,360 | 501,423 | 73,900 | |||
Total liabilities | 4,199,524 | 4,055,975 | 597,777 | |||
Redeemable non-controlling interests | 57,619 | 61,831 | 9,113 | |||
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 | 4,647,628 | 684,976 | |||
Treasury shares (13,268,625 and 13,162,277 shares as of December 31, 2025 and June 30, | (90,643) | (89,917) | (13,252) | |||
Accumulated deficit | (933,885) | (924,324) | (136,230) | |||
Accumulated other comprehensive income | 27,491 | 4,563 | 673 | |||
Total Baozun Inc. shareholders' equity | 3,642,619 | 3,638,051 | 536,182 | |||
Non-controlling interests | 1,791,354 | 1,815,180 | 267,524 | |||
Total Shareholders' equity | 5,433,973 | 5,453,231 | 803,706 | |||
Total liabilities, redeemable non-controlling interests and shareholders' equity | 9,691,116 | 9,571,037 | 1,410,596 | |||
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 June 30, | ||||||
2025 | 2026 | |||||
RMB | RMB | US$ | ||||
Net revenues | ||||||
Product sales (1) | 994,094 | 1,025,564 | 151,149 | |||
Services | 1,558,567 | 1,717,409 | 253,115 | |||
Total net revenues | 2,552,661 | 2,742,973 | 404,264 | |||
Operating expenses (2) | ||||||
Cost of products | (711,500) | (682,815) | (100,634) | |||
Fulfillment (3) | (605,957) | (549,462) | (80,981) | |||
Sales and marketing (3) | (937,846) | (1,177,192) | (173,497) | |||
Technology and content (3) | (114,655) | (114,166) | (16,826) | |||
General and administrative (3) | (224,377) | (175,060) | (25,801) | |||
Other operating income, net | 32,296 | 19,138 | 2,821 | |||
Total operating expenses | (2,562,039) | (2,679,557) | (394,918) | |||
(Loss) income from operations | (9,378) | 63,416 | 9,346 | |||
Other income (expenses) | ||||||
Interest income | 10,895 | 13,192 | 1,944 | |||
Interest expense | (11,781) | (8,955) | (1,320) | |||
Unrealized investment loss | (4,036) | (188) | (29) | |||
Exchange (loss) gain | (454) | 110 | 16 | |||
Fair value change on financial instruments | 4,447 | 882 | 130 | |||
(Loss) income before income tax and share of income | (10,307) | 68,457 | 10,087 | |||
Income tax expense (4) | (13,359) | (25,697) | (3,787) | |||
Share of income in equity method investment, net of tax | 3,212 | 1,031 | 152 | |||
Net (loss) income | (20,454) | 43,791 | 6,452 | |||
Net loss (income) attributable to | 1,172 | (21,083) | (3,107) | |||
Net income attributable to | (14,676) | (5,688) | (838) | |||
Net (loss) income attributable to ordinary | (33,958) | 17,020 | 2,507 | |||
Net (loss) income per share attributable to ordinary | ||||||
Basic | (0.20) | 0.10 | 0.01 | |||
Diluted | (0.20) | 0.10 | 0.01 | |||
Net (loss) income per ADS attributable to ordinary | ||||||
Basic | (0.59) | 0.29 | 0.04 | |||
Diluted | (0.59) | 0.29 | 0.04 | |||
Weighted average shares used in calculating net | ||||||
Basic | 173,318,225 | 174,396,269 | 174,396,269 | |||
Diluted | 173,318,225 | 176,785,143 | 176,785,143 | |||
Net (loss) income | (20,454) | 43,791 | 6,452 | |||
Other comprehensive income, net of tax of nil: | ||||||
Foreign currency translation adjustment | (14,378) | (11,037) | (1,627) | |||
Comprehensive (loss) income | (34,832) | 32,754 | 4,825 | |||
(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 June 30, | ||||||
2025 | 2026 | |||||
RMB | RMB | US$ | ||||
Fulfillment | 226 | 688 | 101 | |||
Sales and marketing | 512 | 755 | 111 | |||
Technology and content | 371 | 140 | 21 | |||
General and administrative | 6,503 | 2,405 | 354 | |||
7,612 | 3,988 | 587 | ||||
(3) These amounts include amortization of intangible assets resulting from business acquisition, which amounted to
(4) 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 June 30, | ||||||
2025 | 2026 | |||||
RMB | RMB | US$ | ||||
(Loss) income from operations | (9,378) | 63,416 | 9,346 | |||
Add: Share-based compensation expenses | 7,612 | 3,988 | 587 | |||
Amortization of intangible assets resulting from business acquisition | 7,901 | 6,856 | 1,010 | |||
Non-GAAP income from operations | 6,135 | 74,260 | 10,943 | |||
Net (loss) income | (20,454) | 43,791 | 6,452 | |||
Add: Share-based compensation expenses | 7,612 | 3,988 | 587 | |||
Amortization of intangible assets resulting from business acquisition | 7,901 | 6,856 | 1,010 | |||
Unrealized investment loss | 4,036 | 188 | 29 | |||
Less: Tax effect of amortization of intangible assets resulting from | (1,802) | (1,541) | (227) | |||
Non-GAAP net (loss) income | (2,707) | 53,282 | 7,851 | |||
Net (loss) income attributable to ordinary shareholders of Baozun Inc. | (33,958) | 17,020 | 2,507 | |||
Add: Share-based compensation expenses | 7,612 | 3,988 | 587 | |||
Amortization of intangible assets resulting from business acquisition | 5,528 | 4,534 | 668 | |||
Unrealized investment loss | 4,036 | 188 | 29 | |||
Less: Tax effect of amortization of intangible assets resulting from | (1,209) | (961) | (142) | |||
Non-GAAP net (loss) income attributable to ordinary shareholders of | (17,991) | 24,769 | 3,649 | |||
Diluted non-GAAP net (loss) income attributable to ordinary | (0.31) | 0.42 | 0.06 | |||
Weighted average shares used in calculating diluted net (loss) | 173,318,225 | 176,785,143 | 176,785,143 | |||
(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.
View original content:https://www.prnewswire.com/news-releases/baozun-announces-second-quarter-2026-unaudited-financial-results-302861725.html
SOURCE Baozun Inc.