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Baozun (BZUN) investor relations material
Baozun Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Total net revenues rose 6.8% year-over-year to RMB2.6 billion, driven by both E-Commerce and Brand Management segments.
E-Commerce revenue increased 3.4% year-over-year, while Brand Management revenue surged 35.4%, with Gap and Hunter brands driving momentum.
Adjusted operating income for E-Commerce rose 56% year-over-year to RMB41.1 million, while Brand Management narrowed its adjusted operating loss by 30%.
Operating loss narrowed to RMB9.4 million from RMB18.8 million, with operating margin improving to -0.4%.
Technology and data-driven solutions enhanced retail operations and inventory management.
Financial highlights
Product sales revenue increased 14.2% year-over-year to RMB994.1 million, with E-Commerce up 3.3% and Brand Management up 35.5%.
Group gross margin for product sales expanded to 28.4%, up 310 basis points year-over-year.
Adjusted non-GAAP income from operations was RMB59 million, up from RMB10 million last year.
Net loss attributable to ordinary shareholders was RMB34.0 million, compared to RMB30.6 million last year.
Cash and cash equivalents stood at RMB1,189.4 million as of June 30, 2025.
Outlook and guidance
Confident in achieving full-year operating business objectives, with strong plans for Q3 and Q4 including new product launches and marketing campaigns.
BBM expects to reach GAAP breakeven in Q4.
BEC anticipates a promising second half, with strong 11/11 festival performance expected.
Forward-looking statements highlight ongoing strategic execution and potential acquisition activity, with risks from macroeconomic and regulatory factors.
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