Baozun Q4 Earnings Call Highlights

Baozun (NASDAQ:BZUN) reported fourth-quarter 2025 results that absorption said capped a three-year strategical transformation, with improved profitability, expanding margins, and accelerating contributions from its marque absorption business.

Chairman and CEO Vincent Qiu said the institution “delivered a beardown 4th quarter,” emphasizing that the caller show reflected a displacement from pursuing standard to prioritizing value, borderline expansion, and currency generation. Total nett revenues successful the 4th roseate 6% year-over-year to RMB 3.2 billion, portion non-GAAP operating nett accrued 91% to RMB 198 million.

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CFO Catherine Zhu said e-commerce gross grew 2.5% to RMB 2.6 cardinal and marque absorption gross accrued 24% to RMB 664 million. Within e-commerce, services gross roseate 3.1% to RMB 2.0 billion, driven by integer selling and IT solutions and beardown luxury-category show successful store operations services. E-commerce merchandise income gross accrued 0.5% to RMB 574.5 million, with maturation successful wellness and nutrition partially offset by little appliance income arsenic the institution optimized its class premix “to prioritize profitability.”

Brand absorption merchandise income totaled RMB 663.7 million, up 24% year-over-year, which Zhu attributed chiefly to “the beardown show of the Gap brand.”

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Baozun highlighted important borderline improvement. Zhu said radical blended gross borderline for merchandise income expanded 640 ground points to 36.5%, and quarterly gross nett roseate 35.9% to RMB 451.5 million. E-commerce merchandise income gross borderline improved to 18.4% from 10.8%, driven chiefly by merchandise premix optimization. Brand absorption gross borderline roseate to 52.1% from 50.4%, reflecting merchandising and selling initiatives.