YouTube · Q1 2026 · 2026-06-05
BZUN · NasdaqGS
Baozun Inc.
Internet Retail · China
USD 2.852.5% daily changeQuote 2026-09-18 · USD
- Market cap (USD)
- US$165.71M
- Trailing P/E
- —
- Forward P/E
- 3.28x
- Quarterly revenue growth
- 7.5%
- Trailing net margin
- -1.3%
- Indicated dividend yield
- —
Snapshot 2026-09-20 · Latest financial period 2026-06-30 · Yahoo Finance. Quotes may be delayed; reporting periods can differ.
Next earnings: 2026-11-24 (provider estimate, not issuer-confirmed).
Company background
Baozun Inc., through its subsidiaries, engages in the provision of end-to-end e-commerce solutions in the People's Republic of China. It operates in two segments, E-Commerce and Brand Management. The company offers end-to-end e-commerce solutions, including sales of apparel, and home and electronic products; online store design and setup; visual merchandising and marketing; online store operations; customer services; warehousing; and order fulfillment services. It also provides brand management services, such as strategy and tactic positioning; branding and marketing; retail and e-commerce operations; supply chain and logistics; and technology empowerment services. The company serves brand partners in various categories, including apparel and accessories; appliances; electronics; home and furnishings; beauty and cosmetics; fast moving consumer goods; mother and baby products; and automobiles. The company was formerly known as Baozun Cayman Inc. and changed its name to Baozun Inc. in March 2015. Baozun Inc. was founded in 2007 and is headquartered in Shanghai, the People's Republic of China.
Company websiteQ2 2026
Go beyond the headline.
BZUN Stock: Baozun: The Market Prices Its Business at Less Than Zero — Animated Studio Edition
Published 2026-09-07
Q2 2026 REPORT HIGHLIGHTS
What’s changed for BZUN
Baozun (BZUN) Q2 2026 earnings research packet: the call, three valuation routes, scenarios, signposts, earnings quality, balance sheet, risks and catalysts — companion to the Charged Alpha episode.
The operating swing is real but seasonal.
Q2 is a mid-size quarter; Q4 (Singles' Day) carries the year. Non-GAAP operating income of RMB74M in Q2 compares with RMB198M in Q4 2025 and RMB8M in Q1 2026 — read the trailing four quarters (RMB269M), not one print.
Group profit is not shareholder profit.
Of RMB43.8M of Q2 net income, RMB26.8M went to minority holders — mostly Cainiao's 37% of the Baotong logistics arm — leaving RMB17.0M for Baozun's shareholders. Any valuation of 'the operating business' has to net this out.
The cash is the thesis, and it is real:
RMB2.81B of cash and short-term investments against RMB1.24B of short-term loans — $231M net, $3.98 per ADS — but it sits inside a Cayman holding structure with minority holders owning 34% of total equity, a small VIE (4.4% of revenue) and a China-ADR discount that has persisted for years.
Management raised the bar on itself:
the 2028 non-GAAP operating income target went from RMB550M (set March 2026) to at least RMB700M (August 2026). Consensus (3–6 analysts) sits at RMB586M for 2028 — the Street does not yet believe it.
The consumer is the risk, in their own words:
E-Commerce product sales fell 9.6% on Home & Furnishing and Cosmetics, and the release says 'soft consumer sentiment'. If that spreads into the services line (63% of revenue), the margin story stalls.
Comparable businesses
BZUN peer comparison
Same business group first, then company size. Preferred market cap: 0.5–2x; extended range: one-third–3x. Outside that range, industry benchmarks are labeled separately and excluded from peer medians.
| Metric | BZUNBaozun Inc.Snapshot 2026-09-20Financial period: 2026-06-30 | NEGGNewegg Commerce, Inc.Snapshot 2026-09-20Financial period: 2026-06-30 | GLBEGlobal-E Online Ltd.Snapshot 2026-09-20Financial period: 2026-06-30 |
|---|---|---|---|
| Market capMarket value, converted to USD | US$165.71M | US$286.30M | US$6.39B |
| Forward P/EProvider forward earnings estimate | 3.28x | — | 19.00x |
| EV / EBITDAEnterprise value / trailing EBITDA | — | 20.38x | 29.44x |
| Revenue growthLatest quarter vs prior-year quarter | 7.5% | -8.1% | 39.1% |
| Operating marginLatest reported quarter | 2.3% | 0.4% | 14.9% |
| Free cash flow yieldTrailing cash flow / market cap | — | -3.2% | 2.8% |
| Net debt / EBITDANet debt / trailing EBITDA | -2.58x | -2.37x | -2.53x |
| Debt / equityTotal debt / positive book equity | 0.34x | 0.31x | 0.03x |
| Trailing P/ETrailing twelve-month earnings | — | 30.33x | 43.23x |
| Price / bookPrice / positive book equity per share | 0.31x | 1.67x | 7.05x |
| EV / salesEnterprise value / trailing revenue | — | 0.19x | 5.29x |
| Earnings growthLatest quarter vs prior-year quarter | — | — | 350.0% |
| Gross marginTrailing twelve months | 52.7% | 12.5% | 45.2% |
| Net marginTrailing twelve months | -1.3% | 0.7% | 13.9% |
| Return on equityProvider trailing return; positive equity only | -1.2% | 6.5% | 17.0% |
| Free cash flow marginTrailing free cash flow / revenue | — | -0.7% | 16.4% |
| Dividend yieldIndicated annual dividend / price | — | — | — |
| Earnings payoutProvider trailing dividend payout | 0.0% | 0.0% | 0.0% |
| Current ratioCurrent assets / current liabilities | 1.90x | 1.55x | 2.07x |
| BetaProvider historical market sensitivity | 0.51 | 3.56 | 1.00 |
YouTube · Q1 2026 · 2026-06-05
YouTube · Q2 2026 · 2026-08-14
Comparison methodology & limitations
Reviewed operating groups override broad sector classifications. Other companies are matched only within a sufficiently specific provider industry. Business mix, geography and accounting standards can still differ. Market caps are converted to USD using exchange rates captured during the snapshot refresh. Financial ratios that would mix currencies are omitted. Snapshots must be at most 14 days old and no more than seven days apart for automatic selection.
Peer medians require at least two valid similar-size peers for each metric. Negative earnings, nonpositive equity, missing data and irrelevant bank ratios are not presented as attractive valuations. A higher or lower number is not automatically a better investment. Financial statement periods are not calendar-aligned across companies.
Reported performance
Financial trends
Periods are grouped by their ending calendar year or quarter, not identical fiscal calendars. Exact period-end dates appear in tooltips and reported figures. When reporting currencies differ and a recent captured FX rate is available, money and EPS are normalized to USD for comparison. This is not a historical FX restatement. Gaps are not estimated.
Financial statements load separately from the research page.
Source: . Window ends at the latest available reporting period.
Revenue
Reported figures
Financial data & calculation notes
Standalone charts use the stated reporting currency. When a chart comparison spans currencies, money and EPS can be normalized to USD using a recent captured FX snapshot; this is for comparison only, not a historical FX restatement. Stock-based compensation is noncash. Free cash flow is operating cash flow less capital spending, which may include capitalized software. Missing metrics are not estimated or assumed to be zero. Banking and insurance ratios require industry-specific interpretation. Latest restatements may differ from figures in older episodes.
Market context
Valuation & price history
Adjusted closing price
Price history loads separately.
Price figures
Earnings-multiple scenario
Illustrative price = your earnings-per-share assumption × your P/E assumption. This is not a price target or a complete valuation model.
Starting assumptions, when available, use provider forward estimates as of 2026-09-20. Negative earnings require a different valuation method. This calculation omits balance-sheet, dilution and execution risks.
THE RESEARCH RECORD
Research history for BZUN
Q2 20262026-09-07
FREE RESEARCH PACKET · Q2 2026
Baozun (BZUN): the market prices its business at less than zero
Baozun (BZUN) Q2 2026 earnings research packet: the call, three valuation routes, scenarios, signposts, earnings quality, balance sheet, risks and catalysts — companion to the Charged Alpha episode.
Research published September 7, 2026 · Download original report
Read Research PacketBZUN Stock: Baozun: The Market Prices Its Business at Less Than Zero — Animated Studio Edition
Studio edition · 2026-09-07 · YouTube
Baozun (BZUN): The Market Prices Its Business at Less Than Zero
Presentation · 2026-09-06 · YouTube