Baozun (NASDAQ:BZUN), a leading brand e-commerce service partner in China, announced its unaudited financial results for the fourth quarter and full year ended December 31, 2025, on March 25, 2026.
The results highlight a period of improved operational efficiency and a notable strengthening of the company's liquidity position despite broader macroeconomic headwinds.
For the fourth quarter of 2025, Baozun reported total net revenues of RMB3,172.2 million, a 5.9% increase compared to the same period in 2024.
The company's focus on cost optimization was reflected in its non-GAAP operating income, which surged 91.4% year-over-year to RMB197.7 million during the quarter.
For the full fiscal year 2025, total revenue reached RMB9,945.5 million, up 5.6% from the previous year.
One of the most significant metrics in the report was the company's cash generation capabilities.
Annual operating cash flow tripled in 2025, reaching RMB420.4 million, signaling a more robust internal funding mechanism for the company's ongoing digital and logistics investments.
However, the bottom line remained impacted by non-cash accounting adjustments.
Baozun reported a net loss attributable to ordinary shareholders of RMB242.1 million for the full year.
This was driven in part by RMB213.4 million in impairment losses recognized during the fourth quarter, primarily related to asset revaluations and strategic realignments.
Management indicated that the year’s performance reflects a successful transition toward higher-quality growth and improved service margins across its brand portfolio.