Baozun Posts 15.3% Q1 Revenue Growth to RMB2.38 Billion, Returns to Profitability
Baozun’s Q1 net revenues rose 15.3% year-over-year to RMB2,381.1 million (US$345.2 million), driven by 10.4% BEC and 38.8% BBM growth. The company returned to non-GAAP operating profitability with RMB8.1 million income and cut working capital days to 109 from 193.
1. First Quarter Financial Results
Baozun delivered net revenues of RMB2,381.1 million in the first quarter, up 15.3% year-over-year. Non-GAAP operating income reached RMB8.1 million, reversing a prior-year loss of RMB66.9 million, while non-GAAP operating margin improved to 0.3% from –3.2%.
2. E-Commerce Segment Performance
The BEC division reported revenue of approximately RMB1,886.5 million, up 10.4% year-over-year, driven by a 20.6% increase in product sales to RMB510.3 million and a 7.1% rise in services revenue to RMB1,376.2 million. Adjusted operating profit for the e-commerce segment was RMB13.0 million, compared with a loss of RMB45.8 million in Q1 2025.
3. Brand Management Segment Performance
BBM revenue jumped 38.8% year-over-year to RMB537.8 million, supported by deeper brand partnerships and expanded channel integration. The segment’s adjusted operating loss narrowed to RMB4.9 million from RMB21.1 million, and offline store count reached 176 at quarter end.
4. Operational Improvements and Outlook
Working capital turnover days improved to 109 from 193 in Q1 2025 following streamlined processes and resource allocation. Net loss narrowed to RMB7.5 million from RMB63.1 million, while non-GAAP net income was RMB1.4 million, underpinning confidence in sustained profitability.