Baozun (BZUN) Q1 2026 Earnings Call Transcript | The Motley Fool

Total net revenue reached CNY 2.4 billion, up 15% year over year, supported by gains across both major business segments. BEC revenue increased to CNY 1.9 billion, with product sales rising 21% to CNY 510 million and services revenue growing 7% to CNY 1.4 billion. BBM revenue climbed to CNY 538 million, up 39% year over year, increasing its contribution to group results. Group non-GAAP operating income turned to a CNY 8 million profit from a CNY 67 million loss. BEC adjusted non-GAAP operating income improved to CNY 13 million from a CNY 46 million loss, while BBM losses narrowed. Product sales gross profit rose to CNY 350 million, and blended product gross margin expanded to 33.5%.

"Total Net Revenue -- CNY 2.4 billion, reflecting a 15% increase year over year, driven by gains in both major business segments. BEC (Baozun E-commerce) Revenue -- CNY 1.9 billion, a 10% rise, with product sales up 21% to CNY 510 million, and services revenue up 7% to CNY 1.4 billion. BBM (Brand Management) Revenue -- CNY 538 million, a 39% year-over-year surge, showing BBM's increasing contribution to group results."

"Group Non-GAAP Operating Income -- CNY 8 million profit, a turnaround from a CNY 67 million loss the prior year. BEC Adjusted Non-GAAP Operating Income -- CNY 13 million, reversing a CNY 46 million loss last year. BBM Non-GAAP Operating Loss -- CNY 4.9 million loss, narrowed from CNY 21.1 million loss in the prior year."

"Group Product Sales Gross Profit -- CNY 350 million, up 33.6% from the earlier year, reflecting margin improvement initiatives. Group Blended Gross Margin for Product Sales -- 33.5%, expanding 110 basis points from the previous year. E-commerce Product Sales Gross Margin -- 15.9%, up from 15% the previous year, a gain of 98 basis points. BBM Gross Margin -- 50.0%, versus 51.6% last year, remaining at a high level for the segment."

"Sales & Marketing Expenses -- Increased CNY 93 million to CNY 893 million, with a CNY 43 million rise in BEC mainly for creative content and digital marketing, and BBM up by CNY 56.8 million for offline store expansion and promotions (subtotal clarification: increases in both segments; group total provided). Fulfillment Costs -- Decreased 1% to CNY 519 million, attributed to efficiency gains."

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