Baozun reports mixed results as revenue grows, net loss widens

Baozun Inc. reported total net revenues of RMB4,617.0 million for the first half of 2025, a 5.6% increase compared to RMB4,370.8 million in the same period of 2024. Growth was primarily fueled by both of the group’s operating segments. Product sales revenue rose by 14.3% to RMB1,803.389 million, driven by optimization of the product portfolio and stronger sales from the Gap brand. Services revenue also saw a slight increase of 0.7% to RMB2,813.632 million, largely due to digital marketing and IT solutions.

Despite revenue growth, the company experienced a net loss of RMB92.7 million for the reporting period, compared to a net loss of RMB87.3 million in the prior year. Non-GAAP operating loss increased significantly to RMB60.8 million from RMB7.5 million, primarily attributed to a RMB53.3 million write-down of accounts receivable. Total operating expenses increased to RMB4,710.389 million from RMB4,444.317 million in the previous year.

The group's liquidity and capital resources remained stable, with cash and cash equivalents, restricted cash, and short-term investments totaling RMB1,189.4 million, RMB138.2 million, and RMB1,374.2 million, respectively, as of June 30, 2025. The gearing ratio as of June 30, 2025, was 0.99, indicating a slightly improved financial leverage compared to 1.08 at the end of 2024.