BZUNNasdaqRetail-Catalog & Mail-Order HousesFiscal year ends December 31
Baozun Inc.
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Apr 23, 2026
$3.83+0.11 (+3.09%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2012 to 2025
Gross margin
74.1%+11.7 pts over 5 years
Operating margin
0.6%−5.7 pts over 5 years
Net margin
-2.4%−7.2 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +5.6% | +5.8% | +2.4% | +14.4% | |
| Gross profit | +6.1% | +6.2% | +5.9% | +23.9% | |
| Operating income | – | +19.3% | -36.7% | +20.9% | |
| Free cash flow | – | +21.4% | +9.5% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | 9.8% | -6.4% | |
| Return on assets | – | 4.8% | -2.4% | |
| Current ratio | 2.72 | 4.17 | 1.87 | |
| Debt to equity | – | 0.29 | – | |
| Net debt to EBITDA | – | -2.77× | – | |
| Interest coverage | – | 8.4× | 1.3× | |
| Inventory turnover | 5.9× | 3.5× | 2.6× | |
| Capex to revenue | 2.2% | 1.3% | 1.1% | |
| Diluted shares | 164M | 191M | 173M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Baozun generated CN¥1.45B from operations and spent CN¥2.53B on capital expenditure, dividends and share buybacks. 35% of that went back into the business.
Generated
CN¥1.45B
Used
CN¥2.53B
Capital expenditureCN¥896.20M35%DividendsCN¥24.39M1%Share buybacksCN¥1.61B64%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-2.4%
×Asset turnover1.00×
×Equity multiplier2.63×
=Return on equity, FY2025-6.4%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -2.4% | 1.00× | 2.63× | -6.4% |
| FY2024 | -2.0% | 0.91× | 2.58× | -4.6% |
| FY2023 | -3.2% | 0.86× | 2.52× | -6.8% |
| FY2022 | -7.8% | 0.75× | 2.50× | -14.5% |
| FY2021 | -2.3% | 0.82× | 2.07× | -4.0% |
| FY2020 | 4.8% | 1.01× | 2.02× | 9.8% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
5of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero-CN¥242.10M
- Cash generatingOperating cash flow above zeroCN¥420.43M
- Return on assets improvedROA up on the prior year-1.8% → -2.4%
- Earnings backed by cashOperating cash flow above net incomeCN¥420.43M vs -CN¥242.10M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose1.93 → 1.87
- No dilutionShare count did not rise180M → 173M
- Gross margin improvedGross margin up on the prior year73.75% → 74.10%
- More efficientAsset turnover rose0.90 → 0.97