Revenue reached $2.7B in 2026Q2 (+7.2% YoY) with gross margin surging to 74.9%, yet operating income of $44.2M reflects a 1.6% operating margin as SG&A of $1.4B largely offsets the gross profit gains.
Baozun Inc. (BZUN) annual income statement — 14-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Sales/Revenue | 10.44B | 9.95B | 9.42B | 8.81B | 8.4B | 9.4B | 8.85B | 7.28B | 5.39B | 4.15B | 3.39B | 2.6B | 1.58B | 1.52B | 954.46M |
| Revenue Growth % | 8.03% | 5.55% | 6.92% | 4.9% | -10.6% | 6.15% | 21.62% | 34.96% | 29.99% | 22.37% | 30.47% | 64% | 4.11% | 59.44% | - |
| Cost of Goods Sold | 4.4B | 4.89B | 4.94B | 4.92B | 4.98B | 5.94B | 5.59B | 4.45B | 3.3B | 2.74B | 2.46B | 2.06B | 1.25B | 1.36B | 880.09M |
| COGS % of Revenue | - | 49.13% | 52.38% | 55.79% | 59.23% | 63.19% | 63.1% | 61.18% | 61.14% | 65.94% | 72.64% | 79.32% | 79.16% | 89.51% | 92.21% |
| Gross Profit | 6.05B | 5.06B | 4.49B | 3.9B | 3.42B | 3.46B | 3.27B | 2.83B | 2.1B | 1.41B | 927.56M | 537.46M | 330.16M | 159.57M | 74.38M |
| Gross Margin % | 57.89% | 50.87% | 47.62% | 44.21% | 40.77% | 36.81% | 36.9% | 38.82% | 38.86% | 34.06% | 27.36% | 20.68% | 20.84% | 10.49% | 7.79% |
| Gross Profit Growth % | - | 12.77% | 15.18% | 13.74% | -0.97% | 5.89% | 15.59% | 34.82% | 48.31% | 52.35% | 72.58% | 62.79% | 106.9% | 114.55% | - |
| Operating Expenses | 5.83B | 4.98B | 4.6B | 4.1B | 3.38B | 3.45B | 2.71B | 2.44B | 1.74B | 1.16B | 837.5M | 529.01M | 387.01M | 200.56M | 118.77M |
| OpEx % of Revenue | - | 50.12% | 48.84% | 46.55% | 40.22% | 36.73% | 30.59% | 33.55% | 32.27% | 27.88% | 24.7% | 20.36% | 24.43% | 13.18% | 12.44% |
| Selling, General & Admin | 4.88B | 4.6B | 4.1B | 3.68B | 3.05B | 3.08B | 2.35B | 2.03B | 1.49B | 1.03B | 747.09M | 477.2M | 387.47M | 200.48M | 118.65M |
| SG&A % of Revenue | - | 46.24% | 43.51% | 41.82% | 36.26% | 32.73% | 26.6% | 27.91% | 27.7% | 24.76% | 22.04% | 18.36% | 24.45% | 13.17% | 12.43% |
| Research & Development | 113.84M | 0 | 0 | 505.2M | 427.95M | 448.41M | 409.87M | -392.95M | -268.97M | -140.69M | -95.64M | -59.95M | 63.61M | 16.12M | 6.55M |
| R&D % of Revenue | - | - | - | 5.73% | 5.09% | 4.77% | 4.63% | -5.4% | -4.99% | -3.39% | -2.82% | -2.31% | 4.01% | 1.06% | 0.69% |
| Other Operating Expenses | 4M | 385.9M | 501.78M | -88.16M | -95.29M | -72.52M | -57.12M | 803.65M | 246.29M | 129.44M | 90.4M | 51.82M | 63.15M | 16.2M | 6.68M |
| Operating Income | 212.72M | 74.95M | -114.83M | -206.38M | 33.29M | 7.02M | 558.68M | 306.17M | 355.77M | 256.33M | 90.07M | 8.45M | -56.86M | -40.98M | -44.4M |
| Operating Margin % | 2.04% | 0.75% | -1.22% | -2.34% | 0.4% | 0.07% | 6.31% | 4.21% | 6.6% | 6.18% | 2.66% | 0.33% | -3.59% | -2.69% | -4.65% |
| Operating Income Growth % | - | 165.27% | 44.36% | -720% | 374.11% | -98.74% | 82.47% | -13.94% | 38.79% | 184.6% | 965.74% | 114.86% | -38.72% | 7.68% | - |
| EBITDA | 250.62M | 296.69M | 130.03M | 45.25M | 229.83M | 213.96M | 710.4M | 426.27M | 427.95M | 306.95M | 125.95M | 31.6M | -43.6M | -33.8M | -40.12M |
| EBITDA Margin % | 2.4% | 2.98% | 1.38% | 0.51% | 2.74% | 2.28% | 8.03% | 5.86% | 7.94% | 7.4% | 3.71% | 1.22% | -2.75% | -2.22% | -4.2% |
| EBITDA Growth % | 354.58% | 128.18% | 187.36% | -80.31% | 7.42% | -69.88% | 66.66% | -0.39% | 39.42% | 143.71% | 298.61% | 172.46% | -29.02% | 15.75% | - |
| D&A (Non-Cash Add-back) | 22.22M | 221.74M | 244.85M | 251.63M | 196.54M | 206.94M | 151.72M | 120.1M | 72.17M | 50.62M | 35.88M | 23.14M | 13.25M | 7.19M | 4.28M |
| EBIT | -31.94M | -156.19M | -54M | -175.68M | -523.39M | -97.16M | 518.59M | 409.58M | 348.78M | 268.9M | 102.25M | 26.84M | -56.35M | -36.79M | -43.96M |
| Net Interest Income | 28.1M | 13.98M | 29.77M | 40.77M | -11.1M | 6.1M | -24.75M | -18.7M | -5.04M | 9.1M | 11.87M | 8.83M | 1.6M | 3.9M | -3.15M |
| Interest Income | 66.18M | 58.56M | 68.75M | 82.11M | 45.82M | 62.94M | 41.37M | 42.61M | 8.02M | 13.35M | 11.87M | 8.83M | 3.16M | 4.57M | 122K |
| Interest Expense | 38.08M | 44.57M | 38.99M | 41.34M | 56.92M | 56.85M | 66.12M | 61.32M | 13.06M | 4.25M | 0 | 0 | 1.55M | 677K | 3.27M |
| Other Income/Expense | -239.59M | -264.62M | -2.82M | -4.39M | -617.18M | -157.72M | -4.36M | -35.39M | -20.05M | 8.31M | 12.19M | 8.15M | -1.05M | 3.52M | -2.84M |
| Pretax Income | -26.87M | -189.67M | -117.64M | -210.77M | -583.89M | -150.7M | 554.32M | 348.27M | 335.72M | 264.65M | 102.25M | 16.6M | -57.9M | -37.46M | -47.23M |
| Pretax Margin % | -0.26% | -1.91% | -1.25% | -2.39% | -6.95% | -1.6% | 6.26% | 4.79% | 6.23% | 6.38% | 3.02% | 0.64% | -3.65% | -2.46% | -4.95% |
| Income Tax | 38.09M | 9.91M | 20.74M | 12M | 26.48M | 55.26M | 127.79M | 71.14M | 64.95M | 54.25M | 16.83M | -6.02M | 1.91M | 307K | 0 |
| Effective Tax Rate % | -141.74% | -5.22% | -17.63% | -5.69% | -4.54% | -36.67% | 23.05% | 20.43% | 19.35% | 20.5% | 16.46% | -36.28% | -3.3% | -0.82% | 0% |
| Net Income | -135.55M | -242.1M | -185.2M | -278.42M | -653.29M | -219.83M | 425.99M | 281.3M | 269.71M | 208.87M | 86.63M | 22.62M | -59.81M | -37.77M | -47.23M |
| Net Margin % | -1.3% | -2.43% | -1.97% | -3.16% | -7.78% | -2.34% | 4.81% | 3.86% | 5% | 5.03% | 2.56% | 0.87% | -3.78% | -2.48% | -4.95% |
| Net Income Growth % | 26.72% | -30.73% | 33.48% | 57.38% | -197.18% | -151.6% | 51.44% | 4.3% | 29.13% | 141.09% | 282.98% | 137.82% | -58.36% | 20.03% | - |
| Net Income (Continuing) | -64.95M | -199.58M | -138.38M | -222.78M | -610.37M | -205.96M | 426.53M | 281.89M | 269.77M | 209.13M | 85.42M | 22.62M | -59.81M | -37.77M | -47.23M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 1.88B | 1.85B | 1.87B | 1.75B | 1.57B | 1.58B | 31.51M | 30.71M | 17.5M | 17.62M | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.30 | -4.05 | -3.09 | -4.68 | -10.68 | -3.06 | 6.69 | 4.71 | 4.50 | 3.57 | 1.59 | 0.42 | -1.23 | -0.78 | -0.96 |
| EPS Growth % | 24.31% | -31.07% | 33.97% | 56.18% | -249.02% | -145.74% | 42.04% | 4.67% | 26.05% | 124.53% | 278.57% | 134.15% | -57.69% | 18.75% | - |
| EPS (Basic) | - | -4.05 | -3.09 | -4.68 | -10.68 | -3.06 | 6.81 | 4.86 | 4.50 | 3.87 | 1.74 | 0.45 | -1.23 | -0.78 | -0.96 |
| Diluted Shares Outstanding | 58.93M | 57.83M | 59.83M | 59.46M | 61.03M | 72.05M | 63.6M | 59.58M | 59.72M | 58.65M | 54.59M | 53.58M | 48.56M | 48.56M | 48.56M |
| Basic Shares Outstanding | 58.13M | 57.83M | 59.83M | 59.43M | 61.03M | 71.77M | 62.38M | 57.92M | 59.72M | 53.98M | 49.93M | 49.92M | 48.56M | 48.56M | 48.56M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying BZUN stock.
For fiscal year 2025, Baozun Inc. (BZUN) reported total revenue of $9.95B. This represents a 942.0% increase compared to $954.5M in 2012.
Baozun Inc. (BZUN) reported a net loss of $242.1M for the fiscal year ending 2025.
Baozun Inc. (BZUN) reported an operating income of $75.0M, resulting in an operating profit margin of 0.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Baozun Inc. (BZUN) generated $5.06B in gross profit for the year, representing a gross profit margin of 50.9%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Margin expansion sustainability questionable
Mid-Single-Digit Growth Amid Modest Reacceleration
Revenue grew 7.2% year-over-year to $2.7B in 2026Q2, a modest reacceleration from the 4.3% trough in 2025Q1, though growth has remained in a narrow 3–13% band across all ten periods, suggesting a mature, penetration-limited market rather than a structurally expanding opportunity.
Growth has been persistently mid-single-digit, with the strongest reading of 12.8% in 2024Q3 likely benefiting from an easier comparison base rather than structural acceleration. The consistency of the range—from 3.1% to 12.8%—implies that Baozun's revenue engine is driven by overall market expansion rather than demonstrable share gains or pricing power. Investors should monitor whether the 2026Q2 reacceleration to 7.2% reflects a durable trend or noise, particularly given the Chinese consumer backdrop that has pressured peers.
Gross Margin Surge Suggests Structural Mix Shift
Gross margin expanded from 45.8% in 2023Q4 to an unprecedented 74.9% in 2026Q2—a nearly 30-point move—that appears to reflect a fundamental shift in revenue mix rather than incremental operational improvement, warranting scrutiny of what portion of revenue carries the new margin profile.
The acceleration was particularly steep after 2025Q2, jumping from 48.4% to 52.4%, then 53.7%, and finally 74.9%, a pattern consistent with a transition away from inventory-heavy commerce toward asset-light brand management or technology services. However, operating margin tells a different story, oscillating between -5.6% and 6.1% across the period, indicating that SG&A growth has substantially absorbed gross profit gains. The widening divergence between gross and operating margins implies that while the mix shift appears structurally positive at the top of the P&L, its bottom-line benefit has been muted by persistent overhead intensity.
SG&A Drag Undermines Operating Leverage
SG&A expenses have grown from $873.1M in 2024Q1 to $1.4B in 2026Q2—a 63% increase—that has largely absorbed the benefits of expanding gross margins, with operating income swinging between -$114.5M and $193.9M and showing no clear structural trajectory.
Operating leverage has been inconsistent: the company posted its best operating result of $193.9M (6.1% margin) in 2025Q4, yet followed with only $44.2M (1.6% margin) in 2026Q2, suggesting overhead efficiency remains elusive rather than improving. SG&A is consistently the largest cost bucket, sometimes consuming over 60% of revenue in weaker quarters, which implies that expense discipline—not top-line growth—will be the primary lever for durable margin improvement. R&D appears inconsistently reported ($0 in several periods, $113.8M in 2026Q2), complicating any judgment on investment intensity and its contribution to future competitive positioning.
Positive EPS Masks Structural Fragility
Diluted EPS of $0.29 in 2026Q2 represented a 148.3% year-over-year swing from -$0.60, but the recovery rests on a razor-thin 0.6% net margin, while stock-based compensation fell from $29.3M to $4.0M—suggesting part of the improvement is driven by reduced dilution rather than operating strength.
The disconnect between operating income ($44.2M) and net income ($17.0M) in 2026Q2 points to roughly $27M in non-operating drag—potentially interest expense, FX losses, or associate impairments—that is eroding operating gains before they reach shareholders. A similar pattern appeared in 2025Q4, where $193.9M in operating income produced a -$38.0M net loss, suggesting non-operating losses have been material and recurrent. While the declining SBC trend is constructive for per-share economics, the absolute contribution to EPS improvement is modest, and investors should treat the profitability inflection with caution until operating income scales sufficiently to absorb non-operating volatility.
Margin Expansion Sustainability Warrants Skepticism
The 74.9% gross margin in 2026Q2 represents a 26.5-point jump from the prior year's 48.4%—a magnitude of change that typically signals revenue mix reclassification or recognition timing rather than organic margin improvement, creating downside risk to buy-side margin expectations.
If the margin expansion reflects a genuine pivot toward high-margin services, one would expect revenue growth to accelerate as those services scale, yet growth has remained mid-single-digit—creating a tension that warrants resolution before assigning premium valuation. Three consecutive quarters of net losses (2025Q1–Q3) followed by a swing to positive EPS also raises the question of whether the inflection is durable or driven by quarter-end cost management. Combined with peers like VNET (7.6% operating margin) and CANG (-0.4%), BZUN's razor-thin operating profitability leaves little buffer against China consumer demand softness, and the absence of consistent R&D disclosure further obscures the true cost of maintaining competitive positioning.