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Baozun Announces First Quarter 2026 Unaudited Financial Results

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SHANGHAI, May 20, 2026 /PRNewswire/ — Baozun Inc. (Nasdaq: BZUN and HKEX: 9991) ("Baozun", the "Company" or the "Group"), a leading brand e-commerce solution provider and digital commerce enabler in China, today announced its unaudited financial results for the first quarter ended March 31, 2026.

Mr. Vincent Qiu, Chairman and Chief Executive Officer of Baozun, commented, "The first quarter of 2026 was robust across the board. We achieved growth in revenue, profitability, and improvement in working capital efficiency, reflecting genuine improvement in our value proposition and, in turn, stronger sales and profit conversion. BEC resumed sustainable growth, evolving into a higher-quality and value-driven business through enhanced brand partnerships, tighter BBM integration, and disciplined operational refinement. BBM accelerated its revenue growth, while GAP achieved its second consecutive quarter of non-GAAP operating breakeven, validating the strength of our Merchandising-Marketing-Channel (MMC) methodology. Both divisions are performing in synchrony, and operational synergies are emerging."

Chief Financial Officer commented, "We are pleased with our 15% year-over-year revenue growth and the return to non-GAAP operating profitability at the group level, especially given that the first quarter is typically a seasonally softer period for topline performance. Both BEC and BBM significantly improved their bottom lines alongside double-digit revenue growth. We also conducted comprehensive working capital reviews and streamlined technology processes to further optimize resource allocation and operating efficiency. Overall, working capital turnover days in the first quarter of 2026 improved to 109 days from 193 days in the first quarter of 2025, reflecting our operational discipline and rigor. With focused execution, enhanced margins, and strong performance from both divisions, we remain confident in sustaining our profitability trajectory."

First Quarter 2026 Financial Highlights

Reconciliations of GAAP measures to non-GAAP measures presented above are included at the end of this results announcement.

Adjusted operating profits (losses) are included in the Segments data of Segment Information.

Business Highlights

Baozun e-Commerce, or "BEC"

BEC encompasses our China e-commerce businesses, including brand store operations, customer services, and value-added services covering warehousing and fulfillment, IT and digital marketing. During the first quarter of 2026, total revenue from BEC increased by 10.4% year-over-year, mainly driven by resilient growth in both product sales and service fee model. BEC’s product sales grew 20.6% year-over-year compared with the same period of 2025, with broad-based growth across all key categories, benefiting from both deeper brand relationships and improved execution on major platforms. BEC’s services revenue grew by 7.1% to RMB1,376.2 million, mainly driven by revenue growth in Digital Marketing and IT solutions and online store operations.

Baozun Brand Management, or "BBM"

BBM provides holistic brand management, encompassing strategic and tactical positioning, branding and marketing, retail and e-commerce operations, supply chain and logistics, and technology enablement. We aim to leverage our portfolio of technologies to build longer and deeper relationships with brands. During the first quarter of 2026, total revenue from BBM increased by 38.8% year-over-year to RMB537.8 million. We have 176 offline stores under our management at the end of the first quarter of 2026.

First Quarter 2026 Financial Results

Total net revenues were RMB2,381.1 million (US$345.2 million), an increase of 15.3% from RMB2,064.4 million in the same quarter of last year. The increase in total net revenues was driven by revenue growth in both the Company’s BEC and BBM business lines.

Total product sales revenue was RMB1,045.0 million (US$151.5 million), an increase of 29.1% compared with RMB809.3 million in the same quarter of last year, of which,

Services revenue was RMB1,336.0 million (US$193.7 million), an increase of 6.5% from RMB1,255.1 million in the same quarter of last year. The increase was primarily attributable to double-digit revenue growth in digital marketing and IT solutions and online store operations.

Total operating expenses were RMB2,380.8 million (US$345.1 million), compared with RMB2,148.4 million in the same quarter of last year.

Income from operations was RMB0.3 million (US$0.04 million), compared with loss from operations of RMB84.0 million in the same quarter of last year. The operating margin was 0.01%, compared with negative 4.1% in the same quarter of last year.

Non-GAAP income from operations was RMB8.1 million (US$1.2 million), compared with non-GAAP loss from operations of RMB66.9 million in the same quarter of last year. Non-GAAP operating margin was 0.3%, compared with negative 3.2% in the same quarter of last year.

Unrealized investment loss was RMB4.4 million (US$0.6 million), compared with an unrealized investment gain of RMB12.4 million in the same quarter of last year. The unrealized investment loss of this quarter was primarily due to the decrease in the trading price of publicly listed companies we invested in.

Fair value change on financial instruments was a gain of RMB0.9 million (US$0.1 million), compared with a loss of RMB13.6 million in the same quarter of last year. The fair value change on financial instruments is mainly comprised of the gain recognized from the financial instruments the Company invested in.

Exchange gain was RMB2.5 million (US$0.4 million), due to exchange rate fluctuation in the quarter ended March 31, 2026, compared to exchange gain of RMB8.2 million in the same quarter of last year.

Net loss attributable to ordinary shareholders of Baozun was RMB7.5 million (US$1.1 million), compared with RMB63.1 million in the same quarter of last year.

Basic and diluted net loss attributable to ordinary shareholders of Baozun per ADS were both RMB0.13 (US$0.02), compared with RMB1.09 for the same period of 2025.

Non-GAAP net income attributable to ordinary shareholders of Baozun Inc. was RMB1.4 million (US$0.2 million), compared with non-GAAP net loss attributable to ordinary shareholders of Baozun Inc. of RMB57.2 million for the same period of 2025.

Diluted non-GAAP net income attributable to ordinary shareholders of Baozun per ADS was RMB0.02 (US$0.00[8]), compared with diluted non-GAAP net loss attributable to ordinary shareholders of Baozun per ADS of RMB0.99 for the same period of 2025.

Segment Information

(a) Description of segments 

The Group has two operating segments, which are (i) E-Commerce and (ii) Brand Management.

The following summary describes the operations in each of the Group’s operating segment:

(i) E-Commerce focuses on Baozun traditional e-commerce service business and comprises two business lines, BEC (Baozun E-Commerce) and BZI (Baozun International).

a> BEC includes our mainland China e-commerce businesses, such as brands’ store operations, customer services and value-added services in logistics and supply chain management, IT and digital marketing.

b> BZI includes our e-commerce businesses outside of Chinese Mainland, including locations such as Hong Kong SAR, Macau SAR and Taiwan Region and South East Asia.

(ii) Brand Management engages in holistic brand management, encompassing strategic and tactical positioning, branding and marketing, retail and e-commerce operations, supply chain and logistics and technology enablement to leverage our portfolio of technologies to build into longer and deeper relationships with brands. The primary brand under the Company’s brand management is Gap in Greater China.

(b) Segments data

The table below provides a summary of the Group’s reportable segment results for the three months ended March 31, 2025 and 2026:

For the three months ended March 31,

2025

2026

RMB

RMB

Net revenues:

E-Commerce

1,708,666

1,886,427

Brand Management 

387,359

537,842

Inter-segment eliminations *

(31,665)

(43,210)

Total consolidated net revenues

2,064,360

2,381,059

Adjusted Operating (Losses) Profits **:

E-Commerce

(45,828)

12,958

Brand Management

(21,068)

(4,854)

Inter-segment eliminations *

(15)

10

Total Adjusted Operating (Losses) Profits

(66,911)

8,114

Unallocated expenses:

Share-based compensation expenses

(9,178)

(450)

Amortization of intangible assets resulting from business acquisition   

(7,901)

(7,414)

Total other income (expenses), net

5,814

6,785

(Loss) Gain before income tax and share of income (loss) in equity method
investment

(78,176)

7,035

*The inter-segment eliminations mainly consist of revenues from services provided by E-Commerce to Brand Management.

** Adjusted Operating (Losses) Profits represent segment (losses) profits, which is (loss) income from operations from each segment
without allocating share-based compensation expenses and amortization of intangible assets resulting from business acquisition, cancellation
fees of repurchased ADSs and impairment of goodwill.

Conference Call

The Company will host a conference call to discuss the earnings at 7:30 a.m. Eastern Time on Wednesday, May 20, 2026 (7:30 p.m. Beijing time on the same day).

Dial-in details for the earnings conference call are as follows:

United States:

1-888-317-6003

Hong Kong:

800-963-976

Singapore:

800-120-5863

Mainland China:

4001-206-115

International:

1-412-317-6061

Passcode:

4769193

A replay of the conference call may be accessible through May 26, 2026 by dialing the following numbers:

United States:

1-855-669-9658

International:

1-412-317-0088

Replay Access Code:

3492191

A live webcast of the conference call will be available on the Investor Relations section of Baozun’s website at http://ir.baozun.com. An archived webcast will be available through the same link following the call.

[1] This announcement contains translations of certain Renminbi (RMB) amounts into U.S. dollars (US$) at a specified rate solely for the convenience of the reader. Unless otherwise noted, the translation of RMB into US$ has been made at RMB6.8980 to US$1.00, the noon buying rate in effect on March 31, 2026 as set forth in the H.10 Statistical Release of the Federal Reserve Board

[2] Non-GAAP income (loss) from operations is a non-GAAP financial measure, which is defined as income (loss) from operations excluding the impact of share-based compensation expenses, amortization of intangible assets resulting from business acquisition, impairment of goodwill and cancellation fees of repurchased ADSs.

[3] The Group operates through two segments: (i) E-Commerce; (ii) Brand Management. For more information, please refer to Supplemental Information.

[4] Non-GAAP net income (loss) attributable to ordinary shareholders of Baozun is a non-GAAP financial measure, which is defined as net income (loss) attributable to ordinary shareholders of Baozun excluding the impact of share-based compensation expenses, amortization of intangible assets resulting from business acquisition, impairment of goodwill and investments, other-than-temporary impairment of equity method investments, cancellation fees of repurchased ADSs, fair value gain on derivative liabilities, gain on disposal/acquisition of subsidiaries, and unrealized investment loss (gain).

[5] Each ADS represents three Class A ordinary shares.

[6] Diluted non-GAAP net income (loss) attributable to ordinary shareholders of Baozun per ADS are non-GAAP financial measures, which is defined as non-GAAP net income (loss) attributable to ordinary shareholders of Baozun divided by weighted average number of shares used in calculating diluted net income (loss) per ordinary share multiplied by three.

[7] The amount is less than US$0.01.

[8] The amount is less than US$0.01.

Use of Non-GAAP Financial Measures

The Company also uses certain non-GAAP financial measures in evaluating its business. For example, the Company uses non-GAAP income (loss) from operations, non-GAAP net income (loss), non-GAAP net margin, non-GAAP net income (loss) attributable to ordinary shareholders of Baozun and diluted non-GAAP net income (loss) attributable to ordinary shareholders of Baozun per ADS, as supplemental measures to review and assess its financial and operating performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation, or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP.

The Company defines non-GAAP income (loss) from operations as income (loss) from operations excluding the impact of share-based compensation expenses, amortization of intangible assets resulting from business acquisition, impairment of goodwill and cancelation fees of repurchased. The Company defines non-GAAP net income (loss) as net (loss) income excluding the impact of share-based compensation expenses, amortization of intangible assets resulting from business acquisition, impairment of goodwill and investments, other-than-temporary impairment of equity method investments, cancellation fees of repurchased ADSs, fair value gain on derivative liabilities, loss (gain) on disposal/acquisition of subsidiaries, and unrealized investment loss (gain). The Company defines non-GAAP net income (loss) attributable to ordinary shareholders of Baozun as net income (loss) attributable to ordinary shareholders of Baozun excluding the impact of share-based compensation expenses, amortization of intangible assets resulting from business acquisition, impairment of goodwill and investments, other-than-temporary impairment of equity method investments, cancellation fees of repurchased ADSs, fair value gain on derivative liabilities, loss (gain) on disposal/acquisition of subsidiaries, and unrealized investment loss (gain). The Company defines diluted non-GAAP net income (loss) attributable to ordinary shareholders of Baozun per ADS as non-GAAP net income (loss) attributable to ordinary shareholders of Baozun divided by weighted average number of shares used in calculating net income (loss) per ordinary share multiplied by three.

The Company presents the non-GAAP financial measures because they are used by the Company’s management to evaluate the Company’s financial and operating performance and formulate business plans. Non-GAAP income (loss) from operations, non-GAAP net income (loss), non-GAAP net income (loss) attributable to ordinary shareholders of Baozun and Non-GAAP net income (loss) attributable to ordinary shareholders of Baozun per ADS reflect the Company’s ongoing business operations in a manner that allows more meaningful period-to-period comparisons. The Company believes that the use of the non-GAAP financial measures facilitates investors to understand and evaluate the Company’s current operating performance and future prospects in the same manner as management does, if they so choose. The Company also believes that the non-GAAP financial measures provide useful information to both management and investors by excluding certain expenses, gain/loss and other items that are not expected to result in future cash payments or that are non-recurring in nature or may not be indicative of the Company’s core operating results and business outlook.

The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using non-GAAP income (loss) from operations, non-GAAP net income (loss), non-GAAP net income (loss) attributable to ordinary shareholders of Baozun, and non-GAAP net income (loss) attributable to ordinary shareholders of Baozun per ADS is that they do not reflect all items of income and expense that affect the Company’s operations. Further, the non-GAAP measures may differ from the non-GAAP measures used by other companies, including peer companies, potentially limiting the comparability of their financial results to the Company’s. In light of the foregoing limitations, the non-GAAP income (loss) from operations, non-GAAP operating margin, non-GAAP net income (loss), non-GAAP net margin, non-GAAP net income (loss) attributable to ordinary shareholders of Baozun and non-GAAP net income (loss) attributable to ordinary shareholders of Baozun per ADS for the period should not be considered in isolation from or as an alternative to income (loss) from operations, operating margin, net income (loss), net margin, net income (loss) attributable to ordinary shareholders of Baozun and net income (loss) attributable to ordinary shareholders of Baozun per ADS, or other financial measures prepared in accordance with U.S. GAAP.

The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measures, which should be considered when evaluating the Company’s performance. The Company encourages you to review the Company’s financial information in its entirety and not rely on a single financial measure. For reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures, please see the section of the accompanying tables titled, "Reconciliations of GAAP and Non-GAAP Results."

Safe Harbor Statements

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident," "potential," "continues," "ongoing," "targets," "guidance," "going forward," "looking forward," "outlook" or other similar expressions. Statements that are not historical facts, including but not limited to statements about Baozun’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to Baozun’s filings with the United States Securities and Exchange Commission and its announcements, notices or other documents published on the website of The Stock Exchange of Hong Kong Limited. All information provided in this announcement is as of the date hereof and is based on assumptions that Baozun believes to be reasonable as of this date, and Baozun undertakes no obligation to update such information, except as required under applicable law.

About Baozun Inc.

Founded in 2007, Baozun Inc. is a leader in brand e-commerce service, brand management, and digital commerce service.  Baozun Inc. comprises three major business lines – Baozun e-Commerce (BEC), Baozun Brand Management (BBM) and Baozun International (BZI) and is committed to accelerating high-quality and sustainable growth.  Driven by the principle that "Technology Empowers the Future Success", Baozun’s business lines are devoted to empowering their clients’ business and navigating their new phase of development.

For more information, please visit http://ir.baozun.com.

For investor and media inquiries, please contact:

Baozun Inc.
Ms. Wendy Sun
Email: ir@baozun.com 

Baozun Inc.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

As of

December 31, 

March 31, 

March 31, 

2025

2026

2026

RMB

RMB

US$

ASSETS

Current assets

Cash and cash equivalents

907,335

1,149,663

166,666

Restricted cash

140,959

94,178

13,653

Short-term investments (including RMB40,000 and
   RMB50,000 of the investments measured at fair value as
   of December 31, 2025 and March 31, 2026)

1,747,032

1,702,638

246,831

Accounts receivable, net

2,173,163

2,100,323

304,483

Inventories

879,421

858,352

124,435

Advances to suppliers

366,671

387,115

56,120

Derivative financial assets

6,342

7,687

1,114

Prepayments and other current assets

575,984

671,055

97,283

Amounts due from related parties

6,235

7,333

1,063

Total current assets

6,803,142

6,978,344

1,011,648

Non-current assets

Long-term debt investments (including RMB144,873 and
   RMB142,699 of the investments measured at fair value
   as of December 31, 2025 and March 31, 2026)

232,213

230,163

33,367

Long – term equity investments

256,406

249,186

36,124

Property and equipment, net

758,703

742,692

107,668

Intangible assets, net

322,924

315,719

45,770

Land use right, net

36,413

36,156

5,242

Operating lease right-of-use assets

651,660

614,917

89,144

Goodwill

274,326

274,326

39,769

Other non-current assets

71,075

118,797

17,222

Deferred tax assets

284,254

285,793

41,430

Total non-current assets

2,887,974

2,867,749

415,736

Total assets

9,691,116

9,846,093

1,427,384

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities

Short-term loan

1,207,773

1,201,908

174,240

Accounts payable

466,081

547,462

79,365

Notes payable

335,171

414,694

60,118

Income tax payables 

35,506

29,457

4,270

Accrued expenses and other current liabilities

1,359,389

1,413,518

204,915

Amounts due to related parties

1,532

2,027

294

Current operating lease liabilities

239,712

227,685

33,007

Total current liabilities

3,645,164

3,836,751

556,209

Non-current liabilities

Deferred tax liabilities

22,981

21,300

3,088

Long-term operating lease liabilities

489,598

453,416

65,732

Other non-current liabilities

41,781

56,239

8,153

Total non-current liabilities

554,360

530,955

76,973

Total liabilities

4,199,524

4,367,706

633,182

Redeemable non-controlling interests

57,619

57,619

8,353

Baozun Inc. shareholders’ equity:

Class A ordinary shares (US$0.0001 par value; 470,000,000
   shares authorized, 174,284,503 shares issued, 161,015,878
   shares outstanding, as of December 31, 2025 and
   March 31, 2026)

93

93

14

Class B ordinary shares (US$0.0001 par value; 30,000,000
   shares authorized, 13,300,738 shares issued and
   outstanding as of December 31, 2025 and March 31, 2026)

8

8

1

Additional paid-in capital 

4,639,555

4,642,890

673,078

Treasury shares (13,268,625 shares as of December 31,
   2025 and March 31, 2026)

(90,643)

(90,643)

(13,140)

 Accumulated deficit

(933,885)

(941,344)

(136,465)

 Accumulated other comprehensive income

27,491

15,600

2,262

Total Baozun Inc. shareholders’ equity

3,642,619

3,626,604

525,750

Non-controlling interests

1,791,354

1,794,164

260,099

Total Shareholders’ equity

5,433,973

5,420,768

785,849

Total liabilities, redeemable non-controlling interests and
shareholders’ equity 

9,691,116

9,846,093

1,427,384

 

 

Baozun Inc.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands, except for share and per share data and per ADS data)

For the three months ended March 31,

2025

2026

RMB

RMB

US$

Net revenues

Product sales (1)

809,295

1,045,016

151,496

Services

1,255,065

1,336,043

193,686

Total net revenues

2,064,360

2,381,059

345,182

Operating expenses (2)

Cost of products

(547,178)

(694,802)

(100,725)

Fulfillment (3)

(524,525)

(519,199)

(75,268)

Sales and marketing (3)

(800,351)

(893,336)

(129,507)

Technology and content (3)

(116,475)

(124,808)

(18,093)

General and administrative (3)

(170,485)

(164,209)

(23,805)

Other operating income, net

10,664

15,545

2,254

Total operating expenses 

(2,148,350)

(2,380,809)

(345,144)

Loss (income) from operations 

(83,990)

250

38

Other income (expenses)

Interest income 

11,357

16,720

2,424

Interest expense 

(12,528)

(8,889)

(1,289)

Unrealized investment gain (loss)

12,411

(4,444)

(645)

Exchange loss

8,164

2,521

365

Fair value change on financial instruments(4)

(13,590)

877

127

(Loss) gain before income tax

(78,176)

7,035

1,020

Income tax benefits (expense) (5)

6,412

(9,501)

(1,377)

Share of (loss) income in equity
   method investment, net of tax
   of nil

(504)

702

102

Net loss

(72,268)

(1,764)

(255)

Net loss (income) attributable to
   noncontrolling interests

8,887

(2,810)

(407)

Net loss (income) attributable to
   redeemable noncontrolling interests

301

(2,885)

(418)

Net loss attributable to ordinary shareholders of
   Baozun Inc.

(63,080)

(7,459)

(1,080)

Net loss per share attributable to ordinary
   shareholders of Baozun Inc.:

Basic

(0.36)

(0.04)

(0.01)

Diluted

(0.36)

(0.04)

(0.01)

Net loss per ADS attributable to ordinary
   shareholders of Baozun Inc.:

Basic

(1.09)

(0.13)

(0.02)

Diluted

(1.09)

(0.13)

(0.02)

Weighted average shares used in calculating net
   loss per ordinary share

Basic

173,353,270

174,316,616

174,316,616

Diluted

173,353,270

174,316,616

174,316,616

Net loss

(72,268)

(1,764)

(255)

Other comprehensive income,
   net of tax of nil: 

Foreign currency translation adjustment

(7,344)

(11,891)

(1,724)

Comprehensive loss

(79,612)

(13,655)

(1,979)

(1) These amounts include product sales from E-Commerce and Brand Management of RMB510.3 million and
     RMB537.6 million for the three months period ended March 31, 2026, respectively, compared with product sales
     from E-Commerce of RMB423.2 million and Brand Management of RMB386.7 million for the three months
     period ended March 31, 2025.

(2) Share-based compensation expenses are allocated in operating expenses items as follows:

 

For the three months ended March 31,

2025

2026

RMB

RMB

US$

Fulfillment

377

269

39

Sales and marketing

1,676

743

108

Technology and content

499

(757)

(110)

General and administrative

6,626

195

28

9,178

450

65

(3) These amounts include amortization of intangible assets resulting from business acquisition, which amounted
      to RMB7.9 million and RMB7.4 million for the three months period ended March 31, 2025 and 2026,
      respectively. 

(4) These amounts include RMB7.7 million fair value loss on financial instruments in relation to the previous
      year’s business acquisition for the three months period ended March 31, 2025.

(5) These amounts include income tax benefits of RMB1.8 million and RMB1.7 million related to the reversal of
      deferred tax liabilities recognized on business acquisition, for the three months period ended March 31, 2025
      and 2026, respectively.

 

 

Baozun Inc.

Reconciliations of GAAP and Non-GAAP Results

(in thousands, except for share and per ADS data)

For the three months ended March 31,

2025

2026

RMB

RMB

US$

(Loss) income from operations 

(83,990)

250

38

Add: Share-based compensation expenses

9,178

450

65

Amortization of intangible assets resulting from business
acquisition

7,901

7,414

1,075

Non-GAAP (loss) income from operations 

(66,911)

8,114

1,178

Net loss

(72,268)

(1,764)

(255)

Add: Share-based compensation expenses

9,178

450

65

Amortization of intangible assets resulting from business
acquisition

7,901

7,414

1,075

Fair value loss on financial instruments

7,654

—

—

Unrealized investment (gain) loss

(12,411)

4,444

645

Less: Tax effect of amortization of intangible assets resulting from
           business acquisition (1)

(1,802)

(1,681)

(244)

Non-GAAP net (loss) income 

(61,748)

8,863

1,286

Net loss attributable to ordinary shareholders of Baozun Inc.

(63,080)

(7,459)

(1,080)

Add: Share-based compensation expenses

9,178

450

65

Amortization of intangible assets resulting from business
acquisition

5,528

5,052

732

Fair value loss on financial instruments

4,822

—

—

Unrealized investment (gain) loss

(12,411)

4,444

645

Less: Tax effect of amortization of intangible assets resulting from
           business acquisition (1)

(1,209)

(1,090)

(158)

Non-GAAP net (loss) income attributable to ordinary
   shareholders of Baozun Inc.

(57,172)

1,397

204

Diluted non-GAAP net (loss) income attributable to ordinary
   shareholders of Baozun Inc. per ADS:

(0.99)

0.02

*

Weighted average shares used in calculating diluted net (loss)
   income per ordinary share

173,353,270

174,408,833

174,408,833

* The amounts are less than 0.01.

(1) The Company evaluated the non-GAAP adjustments items and concluded that these items have immaterial
      income tax effects except for amortization of intangible assets resulting from business acquisition.

 

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