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Jun 30, 2025
Baozun Q2 2025 Earnings Report
Baozun reported Q2 2025 results with modest revenue growth and narrowing losses in Brand Management.
Key Takeaways
Baozun delivered $356.3M in revenue with a net loss of $4.7M in Q2 2025. While E-Commerce showed improving operational efficiency, Brand Management saw strong topline growth driven by the GAP brand.
Total revenue grew 6.8% year-over-year to $356.3M
Brand Management revenue increased 35.4%, driven by GAP brand performance
Adjusted operating loss in Brand Management narrowed by 30% year-over-year
Diluted non-GAAP EPS declined to -$0.04 from -$0.06 in Q2 2024
Revenue by Segment
Forward Guidance
Baozun remains focused on profitability improvements and long-term growth, especially through efficiencies in E-Commerce and momentum in Brand Management.
Positive Outlook
- Brand Management revenue surged by 35%
- Adjusted operating loss in BBM narrowed by 30%
- Disciplined execution and strategic alignment cited by CFO
- E-Commerce operations improved efficiency and reduced impairment impacts
- High double-digit growth from JD and triple-digit growth from RedNote marketplaces
Challenges Ahead
- Net loss widened to $4.7M
- Non-GAAP net loss increased to $2.5M
- Operating margin remains negative
- Exchange rate loss impacted financials
- E-Commerce adjusted operating profit declined year-over-year
Historical Earnings Impact
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Avg. Return Before/After Earnings
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