Baozun revenue climbs 15.3% as e-commerce solutions firm trims loss

Baozun NASDAQ:BZUN), a leading brand e-commerce solution provider and digital commerce enabler in China, reported its unaudited financial results for the first quarter ended March 31, 2026.

The performance was characterized by double-digit revenue expansion and a notable narrowing of bottom-line losses.

The company's total net revenues rose 15.3% year-over-year to RMB2,381.1 million.

The growth was driven across core business channels, with product sales increasing 29.1% and services revenue advancing 6.5%.

Looking at segment dynamics, Baozun E-Commerce (BEC) revenue rose 10.4% year-over-year, while Baozun Brand Management (BBM) accelerated by 38.8%.

Operating profitability turned positive on a U.S. GAAP basis, hitting RMB0.3 million compared to an operating loss in the matching prior-year period. On a non-GAAP basis, income from operations reached RMB8.1 million.

The net loss attributable to ordinary shareholders narrowed significantly to RMB7.5 million, down from the losses recorded in the first quarter of 2025.

Non-GAAP net income reversed to a positive RMB1.4 million.

Alongside the structural turn toward profitability, the company highlighted substantial operational discipline, reducing its working capital turnover days to 109 days from 193 days a year earlier.