Baozun narrows Q3 operating loss, revenue grows 4.8%

Baozun Inc. announced its unaudited financial results for the third quarter ended September 30, 2025, reporting a total net revenue of RMB2,156.2m, a 4.8% increase from RMB2,057.0m in the same quarter of the previous year. The company significantly narrowed its loss from operations to RMB25.6m, an improvement from RMB114.5m in Q3 2024. The operating margin improved to negative 1.2% from negative 5.6% year-over-year.

Baozun's non-GAAP loss from operations also improved to RMB10.8m, down from RMB85.2m in the prior year's comparable quarter. Adjusted operating profit for E-commerce reached RMB28.1m, reversing an adjusted operating loss of RMB29.8m in Q3 2024. Furthermore, the adjusted operating loss for Brand Management narrowed by 30.0% to RMB38.7m from RMB55.3m.

Product sales revenue from Brand Management increased by 19.8% to RMB395.2m, driven by higher sales from the Gap brand. Services revenue also saw a 5.8% increase to RMB1,347.9m, primarily due to growth in online store operations and digital marketing/IT solutions. Net loss attributable to ordinary shareholders was RMB107.1m, compared to RMB88.1m in Q3 2024.