Baozun (BZUN) financial statements

· Market cap $186M

Baozun reported revenue of 9.9B CNY in fiscal 2025, up 12.7% a year over 9 years.

Net income was -242M CNY and the operating margin 0.6%, against 2.7% in 2016.

Free cash flow was 314M CNY, and the company returned 22M CNY in dividends and 10M CNY in net buybacks.

The diluted share count rose 6% over the period (dilution).

Revenue and free cash flow

Fiscal years, $ billions (CNY).

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<p style="font-size:13px">Source: <a href="https://investingly.io/stocks/BZUN/financials">Baozun financials</a> on Investingly</p>

Income statement

Fiscal years, in CNY, from Baozun's 10-K filings with the SEC.

Fiscal year	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Revenue	3.4B CNY	4.1B CNY	5.4B CNY	7.3B CNY	8.9B CNY	9.4B CNY	8.4B CNY	8.8B CNY	9.4B CNY	9.9B CNY
Cost of revenue	1.9B CNY	1.9B CNY	2.0B CNY	2.8B CNY	3.3B CNY	3.3B CNY	2.3B CNY	2.4B CNY	2.5B CNY	2.6B CNY
Gross profit	1.5B CNY	2.2B CNY	3.4B CNY	4.5B CNY	5.5B CNY	6.1B CNY	6.1B CNY	6.4B CNY	6.9B CNY	7.4B CNY
Selling, general and admin	747M CNY	1.0B CNY	1.5B CNY	2.0B CNY	2.4B CNY	3.1B CNY	3.0B CNY	3.7B CNY	4.1B CNY	4.6B CNY
Operating income	90M CNY	256M CNY	356M CNY	384M CNY	559M CNY	7M CNY	33M CNY	-206M CNY	-115M CNY	57M CNY
Interest expense	0 CNY	4M CNY	13M CNY	61M CNY	66M CNY	57M CNY	57M CNY	41M CNY	39M CNY	45M CNY
Pre-tax income	102M CNY	265M CNY	336M CNY	348M CNY	549M CNY	-154M CNY	-580M CNY	-217M CNY	-93M CNY	-201M CNY
Income tax	17M CNY	54M CNY	65M CNY	71M CNY	128M CNY	55M CNY	26M CNY	12M CNY	21M CNY	10M CNY
Net income	87M CNY	209M CNY	270M CNY	281M CNY	426M CNY	-220M CNY	-653M CNY	-278M CNY	-185M CNY	-242M CNY
EPS (diluted)	0.53 CNY	1.19 CNY	1.50 CNY	1.57 CNY	2.23 CNY	-1.02 CNY	-3.56 CNY	-1.56 CNY	-1.03 CNY	-1.40 CNY
Diluted shares	164M	176M	179M	179M	191M	216M	183M	179M	180M	173M
Gross margin	43.3%	53.8%	62.3%	61.9%	62.4%	65.1%	73.1%	72.7%	73.7%	74.1%
Operating margin	2.7%	6.2%	6.6%	5.3%	6.3%	0.1%	0.4%	-2.3%	-1.2%	0.6%
Net margin	2.6%	5.0%	5.0%	3.9%	4.8%	-2.3%	-7.8%	-3.2%	-2.0%	-2.4%

Balance sheet

Fiscal years, in CNY, from Baozun's 10-K filings with the SEC.

Fiscal year	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Cash and short-term investments	957M CNY	557M CNY	514M CNY	2.0B CNY	5.0B CNY	4.6B CNY	3.0B CNY	2.9B CNY	2.6B CNY	2.7B CNY
Receivables	625M CNY	1.1B CNY	1.5B CNY	1.8B CNY	2.2B CNY	2.3B CNY	2.3B CNY	2.2B CNY	2.0B CNY	2.2B CNY
Inventory	312M CNY	382M CNY	650M CNY	897M CNY	1.0B CNY	1.1B CNY	943M CNY	1.0B CNY	1.1B CNY	879M CNY
Total current assets	2.2B CNY	2.5B CNY	3.3B CNY	5.7B CNY	9.2B CNY	9.2B CNY	7.4B CNY	7.3B CNY	7.2B CNY	6.8B CNY
Property, plant and equipment	101M CNY	331M CNY	403M CNY	416M CNY	430M CNY	653M CNY	694M CNY	851M CNY	822M CNY	759M CNY
Goodwill	—	13M CNY	13M CNY	14M CNY	14M CNY	398M CNY	336M CNY	312M CNY	362M CNY	274M CNY
Total assets	2.4B CNY	3.0B CNY	4.0B CNY	7.1B CNY	10.5B CNY	12.3B CNY	10.1B CNY	10.5B CNY	10.2B CNY	9.7B CNY
Total current liabilities	796M CNY	1.1B CNY	1.7B CNY	2.3B CNY	2.2B CNY	4.8B CNY	3.7B CNY	3.8B CNY	3.7B CNY	3.6B CNY
Long-term debt	—	0 CNY	69M CNY	1.9B CNY	1.8B CNY	0 CNY	—	—	—	—
Total liabilities	796M CNY	1.2B CNY	1.8B CNY	4.5B CNY	4.3B CNY	5.8B CNY	4.4B CNY	4.6B CNY	4.4B CNY	4.2B CNY
Shareholders' equity	1.6B CNY	1.8B CNY	2.2B CNY	2.6B CNY	6.1B CNY	4.9B CNY	4.1B CNY	4.1B CNY	3.9B CNY	3.6B CNY
Net debt	-917M CNY	-245M CNY	-389M CNY	715M CNY	-1.8B CNY	-4.6B CNY	-2.1B CNY	-2.1B CNY	-1.3B CNY	-907M CNY

Cash flow

Fiscal years, in CNY, from Baozun's 10-K filings with the SEC.

Fiscal year	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Operating cash flow	13M CNY	-169M CNY	-99M CNY	301M CNY	310M CNY	-96M CNY	383M CNY	448M CNY	101M CNY	420M CNY
Capital spending	76M CNY	267M CNY	123M CNY	91M CNY	111M CNY	286M CNY	207M CNY	165M CNY	132M CNY	107M CNY
Free cash flow	-63M CNY	-436M CNY	-222M CNY	210M CNY	199M CNY	-382M CNY	176M CNY	283M CNY	-31M CNY	314M CNY
Stock-based compensation	34M CNY	58M CNY	76M CNY	75M CNY	108M CNY	197M CNY	142M CNY	103M CNY	76M CNY	20M CNY
Dividends paid	—	—	—	—	—	0 CNY	0 CNY	1M CNY	1M CNY	22M CNY
Share buybacks (net)	-45M CNY	0 CNY	0 CNY	0 CNY	0 CNY	-1.1B CNY	-447M CNY	0 CNY	-96M CNY	-10M CNY
Net borrowing	0 CNY	0 CNY	63M CNY	-69M CNY	0 CNY	0 CNY	—	—	—	—
Free cash flow margin	-1.8%	-10.5%	-4.1%	2.9%	2.2%	-4.1%	2.1%	3.2%	-0.3%	3.2%
Dividends per share	—	—	—	—	—	—	—	0.01 CNY	0.01 CNY	0.13 CNY

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Questions

What was Baozun's revenue in 2025?

9.9B CNY in fiscal 2025, from its 10-K filing.

How much free cash flow does Baozun generate?

314M CNY in fiscal 2025 (operating cash flow minus capital spending).

From Baozun's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.