Baozun Files Annual Reports for Fiscal Year 2025

Rhea-AI Summary

Baozun (Nasdaq: BZUN) filed its Form 20-F for the fiscal year ended December 31, 2025 on April 23, 2026 and published the equivalent annual report in Hong Kong.

The reports are available on the company's investor relations site and on the SEC and HKEX websites. The company adopted electronic dissemination of annual reports as part of its ESG initiative; printed copies are available on request.

News Market Reaction – BZUN

-4.79%

-4.79% Session close to close

In the Apr 23 session, BZUN declined 4.79%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement centered on Baozun’s Form 20-F and Hong Kong annual report, formalizing FY2025 res...

Analysis

This announcement centered on Baozun’s Form 20-F and Hong Kong annual report, formalizing FY2025 results of RMB9,945.5 million in revenue and a net loss of RMB199.6 million. The filing reiterates key risks, including heavy reliance on top partners contributing about 35.0% of revenues and a VIE structure supplying 4.4%. Investors monitoring this name may track subsequent earnings releases, regulatory updates, and further disclosures on debt, cash flow, and customer concentration.

Key Figures

FY2025 revenue: RMB9,945.5 million FY2023 revenue: RMB8,812.0 million FY2025 net loss: RMB199.6 million +5 more

8 metrics

FY2025 revenue RMB9,945.5 million Total net revenues reported in 2025 Form 20-F

FY2023 revenue RMB8,812.0 million Prior-year total net revenues from 2023

FY2025 net loss RMB199.6 million Net loss reported in 2025 Form 20-F

Top 10 partner concentration 35.0% Share of 2025 net revenues from top 10 brand partners

VIE revenue contribution 4.4% 2025 net revenues supplied by VIE Shanghai Zunyi

CEO ADS purchase 16,000 ADS at $3.14 Open-market purchase reported on Form 4 dated 2026-04-21

CEO indirect holdings 1,433,872 ADS Total ADS held via JESFUND after 2026-04-21 purchase

Director ADS holdings 27,649 ADS and 16,809 RSUs Holdings for director Hsia Hsien-Chieng Steve in Form 3/A

Historical Context

4 past events · Latest: Mar 25 (Positive)

Pattern 4 events

Date	Event	Sentiment	24h Move	Catalyst
Mar 25	Earnings results	Positive	+16.4%	Q4 and FY2025 revenue growth with sharply higher non-GAAP operating income.
Mar 11	Earnings date	Neutral	-0.8%	Announcement of Q4 and FY2025 results release and conference call timing.
Nov 25	Earnings results	Negative	-5.8%	Q3 2025 revenue growth but continued operating and net losses to shareholders.
Nov 11	Earnings date	Neutral	+0.6%	Scheduling of Q3 2025 results release and related conference call details.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Earnings results have produced larger moves than scheduling or administrative announcements, with recent earnings generally aligning with the direction of the subsequent price reaction.

Recent Company History

Over the past few months, Baozun has focused on stabilizing growth and narrowing losses. Q3 2025 results on Nov 25, 2025 showed net revenues of RMB2,156.2M and an improved operating loss, but the stock fell 5.82%. The Q4 and FY2025 release on Mar 25, 2026 reported FY revenues of RMB9,945.5M and a net loss to shareholders of RMB242.1M, with the stock rising 16.43%. Earnings date notices on Nov 11, 2025 and Mar 11, 2026 saw minimal price impact.

Key Terms

form 20-f, u.s. securities and exchange commission, hkex, american depositary shares, +4 more

8 terms

form 20-f regulatory

"it filed its annual report on Form 20-F for the fiscal year ended"

Form 20-F is the standardized annual disclosure that non-U.S. companies must file with the U.S. securities regulator when their shares are traded in the U.S.; it contains audited financial statements, a plain-language description of the business, management discussion, governance details and key risk factors. It matters to investors because it provides a consistent, comparable company “report card” and rulebook, helping buyers assess financial health, governance and risks before investing.

u.s. securities and exchange commission regulatory

"for the fiscal year ended December 31, 2025 with the U.S. Securities and Exchange Commission"

The U.S. Securities and Exchange Commission is a government agency responsible for overseeing the stock market and protecting investors. It sets rules to ensure that companies share truthful information and that trading is fair, helping to maintain trust in the financial system. This oversight is important because it helps prevent fraud and ensures that investors can make informed decisions.

hkex regulatory

"pursuant to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "HKEX")"

HKEX is the operator of Hong Kong’s main financial marketplaces, running the stock exchange, derivatives trading and the clearing systems that settle trades. Think of it as the marketplace and referee that decides which companies can list, how trades are processed, and the rules that keep trading orderly; its policies and listings shape investor access, liquidity and price discovery for many Asian and international investments.

american depositary shares financial

"purchase of 16,000 American Depositary Shares at $3.14 per ADS"

American depositary shares (ADSs) are a way for investors in the United States to buy shares of foreign companies without dealing with international markets directly. They represent ownership in a foreign company's stock and are traded on U.S. stock exchanges, making it easier for American investors to buy, sell, and own parts of companies from around the world.

ads financial

"purchase of 16,000 American Depositary Shares at $3.14 per ADS"

Ads are paid promotional messages a company places across media — online, on TV, in print, or on social platforms — to attract customers, explain products, or shape public perception. For investors, ads matter because they drive sales growth, affect how much a company must spend to win customers, and influence brand strength and long-term value. Ads can also create regulatory or reputational risk if claims are misleading, which can affect profits and stock price.

restricted stock units financial

"He also holds 16,809 restricted stock units (RSUs) granted under Baozun’s 2015 Share"

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

hfCAA regulatory

"Baozun also discusses prior identification under the HFCAA; while current PCAOB access"

The HFCAA is a U.S. law that requires companies listed on U.S. stock exchanges to allow their auditors to be inspected by U.S. regulators; if a company’s auditors can’t be reviewed for several years, the company risks being removed from U.S. markets. For investors, it matters because the law increases transparency and audit oversight—think of it as a safety inspection for a car—while also creating a clear regulatory trigger that can affect a stock’s availability and price if compliance can’t be shown.

vie regulatory

"operates mainly through PRC subsidiaries and a VIE, Shanghai Zunyi, which supplied 4.4%"

To vie means to compete with others for a limited prize, such as contracts, customers, market share or an acquisition target. Investors pay attention because competition can change a company’s costs, pricing power and growth prospects—like bidders pushing prices higher at an auction, firms that actively vie can drive up spending or valuations and signal how likely they are to gain or lose market advantage.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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SHANGHAI, April 23, 2026 /PRNewswire/ -- Baozun Inc. (Nasdaq: BZUN and HKEX: 9991) ("Baozun," the "Company" or the "Group"), a leading brand e-commerce solution provider and digital commerce enabler in China, today announced that it filed its annual report on Form 20-F for the fiscal year ended December 31, 2025 with the U.S. Securities and Exchange Commission (the "SEC"). The annual report can be accessed on the Company's investor relations website at http://ir.baozun.com as well as the SEC's website at http://www.sec.gov.

The Company has also published its annual report in Hong Kong pursuant to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "HKEX"), which can be accessed on the Company's investor relations website at http://ir.baozun.com as well as the HKEX's website at http://www.hkexnews.hk.

The Company has adopted new arrangements for electronic dissemination of its annual reports to its shareholders and ADS holders as a promotion of its ESG initiatives. Requests for printed copy of the annual report should be directed to the Company's IR Department at ir@baozun.com.

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

View original content:https://www.prnewswire.com/news-releases/baozun-files-annual-reports-for-fiscal-year-2025-302751661.html

SOURCE Baozun Inc.

FAQ

When did Baozun (BZUN) file its Form 20-F for fiscal year 2025?

Baozun filed its Form 20-F on April 23, 2026. According to the company, the filing covers the fiscal year ended December 31, 2025 and is available on its investor relations site and the SEC website.

Where can investors access Baozun's (BZUN) 2025 annual report and Form 20-F?

Investors can access the reports on the company's investor relations website and official exchanges. According to the company, both the SEC's website and the HKEX website host the filings for download and review.

Did Baozun (BZUN) publish an annual report in Hong Kong for 2025?

Yes, Baozun published an annual report in Hong Kong pursuant to HKEX rules for 2025. According to the company, the Hong Kong report is available on its investor relations site and on the HKEX news website.

What changes did Baozun (BZUN) make to annual report distribution for 2025?

Baozun adopted new electronic dissemination arrangements for annual reports as part of its ESG efforts. According to the company, shareholders and ADS holders will receive reports electronically, with printed copies available on request.

How can shareholders request a printed copy of Baozun's (BZUN) 2025 annual report?

Shareholders can request printed copies by contacting the company's investor relations department. According to the company, printed copy requests should be directed to ir@baozun.com for fulfillment.