Baozun Q4 Revenue Rises 6% to RMB3.2B, Operating Profit Jumps 91%
Baozun Inc posted Q4 2025 revenue of RMB3.2 billion, up 6% year-over-year, with non-GAAP operating profit surging 91% to RMB198 million and gross margin expanding 640 basis points to 36.5%. Full-year operating cash flow more than tripled to RMB420 million, while brand management revenue climbed 24% to RMB664 million.
1. Q4 2025 Financial Highlights
Baozun delivered RMB3.2 billion in revenue for Q4 2025, marking a 6% year-over-year increase. Non-GAAP operating profit reached RMB198 million, up 91%, and overall gross margin expanded by 640 basis points to 36.5%.
2. Segment Growth and Store Expansion
E-commerce revenue grew 2.5% to RMB2.6 billion, while brand management revenue rose 24% to RMB664 million, with BBM gross margin improving to 52.1%. The company operated 164 Gap stores by year-end and plans to add 50 more in 2026.
3. Expense Management and Impairments
Sales and marketing expenses increased to RMB1.2 billion, including RMB136.9 million from BEC, while fulfillment costs fell 11.1% to RMB683.4 million. Technology and content expenses decreased 20.2% to RMB116.9 million, but a RMB230 million investment impairment impacted overall results.
4. Operating Cash Flow and AI Efficiency
Full-year operating cash flow exceeded RMB420 million, more than tripling 2024 levels. The company has deployed AI agents to automate digital asset creation and uploads, enhancing internal efficiency though direct top-line effects remain undefined.