Recent Insider Transactions • Jun 04
Co-Founder recently bought US$54k worth of stock On the 1st of June, Junhua Wu bought around 20k shares on-market at roughly US$2.70 per share. This transaction amounted to 12% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth US$78k. Junhua has been a buyer over the last 12 months, purchasing a net total of US$487k worth in shares. Announcement • May 08
Baozun Inc. to Report Q1, 2026 Results on May 20, 2026 Baozun Inc. announced that they will report Q1, 2026 results Pre-Market on May 20, 2026 Reported Earnings • Apr 27
Full year 2025 earnings released: CN¥4.19 loss per share (vs CN¥3.09 loss in FY 2024) Full year 2025 results: CN¥4.19 loss per share (further deteriorated from CN¥3.09 loss in FY 2024). Revenue: CN¥9.95b (up 5.6% from FY 2024). Net loss: CN¥242.1m (loss widened 31% from FY 2024). Revenue is forecast to grow 6.1% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Multiline Retail industry in Europe. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Announcement • Apr 25
Baozun Inc., Annual General Meeting, May 15, 2026 Baozun Inc., Annual General Meeting, May 15, 2026. Recent Insider Transactions • Apr 22
Co-Founder recently bought US$80k worth of stock On the 16th of April, Wenbin Qiu bought around 29k shares on-market at roughly US$2.79 per share. This transaction amounted to 2.0% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Wenbin's only on-market trade for the last 12 months. Recent Insider Transactions • Apr 07
Co-Founder recently bought US$74k worth of stock On the 2nd of April, Junhua Wu bought around 30k shares on-market at roughly US$2.47 per share. This transaction amounted to 49% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth US$131k. Junhua has been a buyer over the last 12 months, purchasing a net total of US$239k worth in shares. Announcement • Mar 11
Baozun Inc. to Report Q4, 2025 Results on Mar 25, 2026 Baozun Inc. announced that they will report Q4, 2025 results Pre-Market on Mar 25, 2026 New Risk • Feb 21
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 7.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Breakeven Date Change • Dec 31
Forecast breakeven date pushed back to 2026 The 7 analysts covering Baozun previously expected the company to break even in 2025. New consensus forecast suggests the company will make a profit of CN¥144.3m in 2026. Average annual earnings growth of 89% is required to achieve expected profit on schedule. Breakeven Date Change • Nov 28
Forecast breakeven date pushed back to 2026 The 7 analysts covering Baozun previously expected the company to break even in 2025. New consensus forecast suggests losses will reduce by 99% to 2025. The company is expected to make a profit of CN¥140.5m in 2026. Average annual earnings growth of 89% is required to achieve expected profit on schedule. Reported Earnings • Nov 26
Third quarter 2025 earnings released: CN¥1.85 loss per share (vs CN¥1.48 loss in 3Q 2024) Third quarter 2025 results: CN¥1.85 loss per share (further deteriorated from CN¥1.48 loss in 3Q 2024). Revenue: CN¥2.16b (up 4.8% from 3Q 2024). Net loss: CN¥107.1m (loss widened 22% from 3Q 2024). Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Multiline Retail industry in Europe. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Announcement • Nov 11
Baozun Inc. to Report Q3, 2025 Results on Nov 25, 2025 Baozun Inc. announced that they will report Q3, 2025 results Pre-Market on Nov 25, 2025 Reported Earnings • Aug 28
Second quarter 2025 earnings released: CN¥0.59 loss per share (vs CN¥0.51 loss in 2Q 2024) Second quarter 2025 results: CN¥0.59 loss per share (further deteriorated from CN¥0.51 loss in 2Q 2024). Revenue: CN¥2.55b (up 6.8% from 2Q 2024). Net loss: CN¥34.0m (loss widened 11% from 2Q 2024). Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Multiline Retail industry in Europe. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has fallen by 29% per year, which means it is significantly lagging earnings. Announcement • Aug 14
Baozun Inc. to Report Q2, 2025 Results on Aug 28, 2025 Baozun Inc. announced that they will report Q2, 2025 results Pre-Market on Aug 28, 2025 Board Change • Jun 02
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Director Steve Hsia was the last independent director to join the board, commencing their role in 2016. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • May 07
Baozun Inc. to Report Q1, 2025 Results on May 21, 2025 Baozun Inc. announced that they will report Q1, 2025 results Pre-Market on May 21, 2025 Announcement • Apr 24
Baozun Inc., Annual General Meeting, May 19, 2025 Baozun Inc., Annual General Meeting, May 19, 2025. Board Change • Mar 06
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 6 highly experienced directors. Independent Director Steve Hsia was the last director to join the board, commencing their role in 2016. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Mar 06
Baozun Inc. to Report Q4, 2024 Results on Mar 20, 2025 Baozun Inc. announced that they will report Q4, 2024 results Pre-Market on Mar 20, 2025 Board Change • Jan 30
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 6 highly experienced directors. Independent Director Steve Hsia was the last director to join the board, commencing their role in 2016. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 22
Third quarter 2024 earnings released: CN¥1.48 loss per share (vs CN¥2.12 loss in 3Q 2023) Third quarter 2024 results: CN¥1.48 loss per share (improved from CN¥2.12 loss in 3Q 2023). Revenue: CN¥2.06b (up 13% from 3Q 2023). Net loss: CN¥88.1m (loss narrowed 30% from 3Q 2023). Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Multiline Retail industry in Europe. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has fallen by 46% per year, which means it is performing significantly worse than earnings. Announcement • Nov 07
Baozun Inc. to Report Q3, 2024 Results on Nov 21, 2024 Baozun Inc. announced that they will report Q3, 2024 results Pre-Market on Nov 21, 2024 New Risk • Sep 27
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 7.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Buy Or Sell Opportunity • Sep 25
Now 21% undervalued Over the last 90 days, the stock has risen 11% to US$2.62. The fair value is estimated to be US$3.29, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.2% over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to grow by 5.2% in a year. Earnings are forecast to grow by 84% in the next year. Reported Earnings • Aug 29
Second quarter 2024 earnings released: CN¥0.51 loss per share (vs CN¥0.34 loss in 2Q 2023) Second quarter 2024 results: CN¥0.51 loss per share (further deteriorated from CN¥0.34 loss in 2Q 2023). Revenue: CN¥2.39b (up 3.1% from 2Q 2023). Net loss: CN¥30.6m (loss widened 53% from 2Q 2023). Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Multiline Retail industry in Europe. Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has fallen by 55% per year, which means it is performing significantly worse than earnings. Announcement • Aug 14
Baozun Inc. to Report Q2, 2024 Results on Aug 28, 2024 Baozun Inc. announced that they will report Q2, 2024 results Pre-Market on Aug 28, 2024 Announcement • Jun 19
Baozun Inc. Announces Appointment of Jun Wang as Director Baozun Inc. in relation to appointment of directors dated June 14, 2024. The Company would like to provide the following additional information in relation to the biographical details of Dr. Jun Wang ("Dr. Wang"): Dr. Wang served as a non-executive director of Mulsanne Group Holding Limited from August 2019 to March 2022 and a director of Secoo Holding Limited from July 2020 to April 2022. Announcement • May 31
Baozun Inc. Announces Resignation of Yang Liu as Director The board of directors of the Baozun Inc. announced that with effect from May 30, 2024, Ms. Yang Liu has resigned as a Director due to shareholding changes of Alibaba Investment Limited in the Company. Reported Earnings • May 30
First quarter 2024 earnings released: CN¥1.10 loss per share (vs CN¥1.42 loss in 1Q 2023) First quarter 2024 results: CN¥1.10 loss per share (improved from CN¥1.42 loss in 1Q 2023). Revenue: CN¥1.98b (up 4.9% from 1Q 2023). Net loss: CN¥66.6m (loss narrowed 20% from 1Q 2023). Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 8.7% growth forecast for the Multiline Retail industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 7 percentage points per year, which is a significant difference in performance. Announcement • May 16
Baozun Inc. to Report Q1, 2024 Results on May 28, 2024 Baozun Inc. announced that they will report Q1, 2024 results Pre-Market on May 28, 2024 Announcement • May 12
Baozun Inc., Annual General Meeting, Jun 12, 2024 Baozun Inc., Annual General Meeting, Jun 12, 2024, at 14:00 China Standard Time. Location: Unit 1701-1707 & 1716, 17/F., BEA Tower Millennium City 5, 418 Kwun Tong Road, Kwun Tong, Hong Kong Kwun Tong Hong Kong Agenda: To receive, consider and adopt the audited consolidated financial statements for the year ended December 31, 2023 together with the report of the directors of the Company (the “Directors”) and the independent auditor’s report; to re-elect the retiring Directors; to authorize the board of Directors (the “Board”) to fix the Directors’ fees; to re-appoint Deloitte Touche Tohmatsu as auditor of the Company and authorize the Board to fix its remuneration; and to consider other matters. Reported Earnings • Apr 22
Full year 2023 earnings released: CN¥4.68 loss per share (vs CN¥10.69 loss in FY 2022) Full year 2023 results: CN¥4.68 loss per share (improved from CN¥10.69 loss in FY 2022). Revenue: CN¥8.81b (up 4.9% from FY 2022). Net loss: CN¥278.4m (loss narrowed 57% from FY 2022). Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 8.5% growth forecast for the Multiline Retail industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 26 percentage points per year, which is a significant difference in performance. Announcement • Apr 20
Baozun Inc. Announces Change of Chief Financial Officer The board of directors of Baozun Inc. announced that Mr. Arthur Yu ("Mr. Yu") has resigned as the chief financial officer of the Company (the "Chief Financial Officer") with effect from April 19, 2024, as he will retain and focus on his role as the president of the Company's E-commerce business. The Board further announced that Ms. Catherine Zhu (Ms. Zhu) has been appointed as the Chief Financial Officer with effect from April 19, 2024. Ms. Catherine Zhu is a seasoned finance executive with extensive experience in leading finance operations across diverse industries. She joined Baozun in 2020 as Director of Finance, held a number of positions with the Company thereafter and currently serves as Vice President of Finance. Before joining Baozun, Catherine held key roles in various organizations from 2013 to 2020, including IBR Ltd., Cue & Co., Xperience Communications (Shanghai) Co. Ltd., Porsche Centre Shanghai Waigaoqiao Limited and Lend Lease Project Management & Construction (Shanghai) Co Ltd. She started her career at KPMG Shanghai as an Audit Manager from 2005 to 2013. Catherine holds a bachelor's degree in Business Administration from Shanghai International Studies University and is certified by the Chinese Institute of Certified Public Accountants (CICPA) and holds a Certified Internal Auditor (CIA) certificate. New Risk • Apr 05
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.0% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (12% average weekly change). Minor Risk Shareholders have been diluted in the past year (3.0% increase in shares outstanding). New Risk • Apr 03
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.0% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (12% average weekly change). Minor Risk Shareholders have been diluted in the past year (3.0% increase in shares outstanding). Breakeven Date Change • Mar 22
Forecast breakeven date pushed back to 2025 The 10 analysts covering Baozun previously expected the company to break even in 2024. New consensus forecast suggests losses will reduce by 44% to 2024. The company is expected to make a profit of CN¥197.1m in 2025. Average annual earnings growth of 94% is required to achieve expected profit on schedule. Reported Earnings • Mar 21
Full year 2023 earnings released: CN¥4.68 loss per share (vs CN¥10.69 loss in FY 2022) Full year 2023 results: CN¥4.68 loss per share (improved from CN¥10.69 loss in FY 2022). Revenue: CN¥8.81b (up 4.9% from FY 2022). Net loss: CN¥278.4m (loss narrowed 57% from FY 2022). Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 8.7% growth forecast for the Multiline Retail industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 27 percentage points per year, which is a significant difference in performance. Announcement • Mar 08
Baozun Inc. to Report Q4, 2023 Results on Mar 21, 2024 Baozun Inc. announced that they will report Q4, 2023 results Pre-Market on Mar 21, 2024 Announcement • Jan 25
Baozun Inc. to Report Fiscal Year 2023 Results on Mar 31, 2024 Baozun Inc. announced that they will report fiscal year 2023 results on Mar 31, 2024 Announcement • Jan 24
Baozun Inc. (NasdaqGS:BZUN) announces an Equity Buyback for $20 million worth of its shares. Baozun Inc. (NasdaqGS:BZUN) announces a share repurchase program. Under the program, the company will repurchase up to $20 million worth of its outstanding (i) American depositary shares, each representing three Class A ordinary shares, and/or (ii) Class A ordinary shares. The company plans to fund repurchases from its existing cash balance. The repurchase program will be valid for 12 months. Buying Opportunity • Nov 28
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 29%. The fair value is estimated to be US$3.72, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Nov 23
Third quarter 2023 earnings released: CN¥2.12 loss per share (vs CN¥2.88 loss in 3Q 2022) Third quarter 2023 results: CN¥2.12 loss per share (improved from CN¥2.88 loss in 3Q 2022). Revenue: CN¥1.82b (up 4.7% from 3Q 2022). Net loss: CN¥126.4m (loss narrowed 25% from 3Q 2022). Revenue is forecast to grow 8.5% p.a. on average during the next 3 years, compared to a 9.0% growth forecast for the Multiline Retail industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 42 percentage points per year, which is a significant difference in performance. Announcement • Nov 09
Baozun Inc. to Report Q3, 2023 Results on Nov 22, 2023 Baozun Inc. announced that they will report Q3, 2023 results Pre-Market on Nov 22, 2023 New Risk • Nov 08
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.3% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (8.0% average weekly change). Shareholders have been diluted in the past year (2.3% increase in shares outstanding). New Risk • Nov 06
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.3% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (8.0% average weekly change). Shareholders have been diluted in the past year (2.3% increase in shares outstanding). New Risk • Oct 07
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.3% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (8.6% average weekly change). Shareholders have been diluted in the past year (2.3% increase in shares outstanding). Reported Earnings • Aug 28
Second quarter 2023 earnings released: CN¥0.34 loss per share (vs CN¥1.26 loss in 2Q 2022) Second quarter 2023 results: CN¥0.34 loss per share (improved from CN¥1.26 loss in 2Q 2022). Revenue: CN¥2.32b (up 9.3% from 2Q 2022). Net loss: CN¥20.0m (loss narrowed 74% from 2Q 2022). Revenue is forecast to grow 9.7% p.a. on average during the next 3 years, compared to a 9.5% growth forecast for the Multiline Retail industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 53 percentage points per year, which is a significant difference in performance. Announcement • Aug 15
Baozun Inc. to Report Q2, 2023 Results on Aug 28, 2023 Baozun Inc. announced that they will report Q2, 2023 results Pre-Market on Aug 28, 2023 Announcement • May 26
An unknown buyer acquired Baobida IOT Technology (Suzhou) Co., Ltd from Baozun Inc. (NasdaqGS:BZUN). An unknown buyer acquired Baobida IOT Technology (Suzhou) Co., Ltd from Baozun Inc. (NasdaqGS:BZUN) in third quarter of 2022.
An unknown buyer completed the acquisition of Baobida IOT Technology (Suzhou) Co., Ltd from Baozun Inc. (NasdaqGS:BZUN) in third quarter of 2022. Reported Earnings • May 26
First quarter 2023 earnings released: CN¥0.002 loss per share (vs CN¥1.87 loss in 1Q 2022) First quarter 2023 results: CN¥0.002 loss per share (improved from CN¥1.87 loss in 1Q 2022). Revenue: CN¥1.98b (flat on 1Q 2022). Net loss: CN¥122.4m (flat on 1Q 2022). Revenue is forecast to grow 8.4% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Multiline Retail industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 49 percentage points per year, which is a significant difference in performance. Announcement • May 16
Baozun Inc., Annual General Meeting, Jun 15, 2023 Baozun Inc., Annual General Meeting, Jun 15, 2023, at 14:00 China Standard Time. Location: Unit 1701-1707 & 1716, 17/F., BEA Tower Millennium City 5 418 Kwun Tong Road, Kwun Tong, Hong Kong Kwun Tong Hong Kong Agenda: To receive, consider and adopt the audited consolidated financial statements for the year ended 31 December 2022 together with the report of the directors of the Company and the independent auditor ’s report; to consider directorate reelections; to authorize the board of Directors to fix the Directors’ fees; to re-appoint Deloitte Touche Tohmatsu as auditor of the Company and authorize the Board to fix its remuneration; and to consider other matters. Announcement • May 13
Baozun Inc. to Report Q1, 2023 Results on May 25, 2023 Baozun Inc. announced that they will report Q1, 2023 results Pre-Market on May 25, 2023 Announcement • May 12
Baozun Inc. Announces Board Changes The board of directors of Baozun Inc. announced that Ms. Bin Yu has resigned as an independent Director, the chairman of the audit committee (the Audit Committee) and a member of each of the compensation committee (the Compensation Committee) and the nominating and corporate governance committee (the Nominating and Corporate Governance Committee) of the Company with effect from May 11, 2023, as she will join the Company as a consultant. Ms. Yu has confirmed that she has no disagreement with the Board and there is no matter in relation to her resignation that needs to be brought to the attention of the shareholders of the Company and The Stock Exchange of Hong Kong Limited. The Board further announced that with effect from May 11, 2023, (i) Mr. Benjamin Changqing Ye, an independent Director, was re-designated from a member of the Audit Committee to the chairman of the Audit Committee; (ii) Mr. Ye was appointed as a member of each of the Compensation Committee and the Nominating and Corporate Governance Committee; (iii) Mr. Steve Hsien-Chieng Hsia, an independent Director, was appointed as a member of the Audit Committee. Reported Earnings • Mar 22
Full year 2022 earnings released: CN¥10.69 loss per share (vs CN¥3.05 loss in FY 2021) Full year 2022 results: CN¥10.69 loss per share (further deteriorated from CN¥3.05 loss in FY 2021). Revenue: CN¥8.40b (down 11% from FY 2021). Net loss: CN¥653.3m (loss widened 197% from FY 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 61 percentage points per year, which is a significant difference in performance. Announcement • Feb 01
Baozun Inc. (NasdaqGS:BZUN) completed the acquisition of Gap (Shanghai) Commercial Co., Ltd and Gap Taiwan Limited from The Gap, Inc. (NYSE:GPS) and Gap (UK Holdings) Limited. Baozun Inc. (NasdaqGS:BZUN) signed definitive agreements to acquire Gap (Shanghai) Commercial Co., Ltd and Gap Taiwan Limited from The Gap, Inc. (NYSE:GPS) and Gap (UK Holdings) Limited for $50 million on November 8, 2022. The consideration is paid in an all cash transaction. The consideration will be financed by the internal resources of the Group. Gap (Shanghai) Commercial reported a net loss of $-0.040 million in December 31, 2021 and Gap Taiwan Limited reported a net loss of -0.01 million in January 29, 2022. The debt restructuring for Gap Shangai and Gap Taiwan has been completed. The relevant government approval in respect of the Gap Taiwan Limited Transfer shall have been obtained, and Completion in relation to Gap (Shanghai) Commercial Transfer shall have taken place. The transaction is expected to complete in first half of 2023. Morgan Stanley is advising Gap on both divestitures & acted as financial advisor to Gap (Shanghai) Commercial Co., Ltd and Gap Taiwan Limited from The Gap, Inc. (NYSE:GPS) and Gap (UK Holdings) Limited.
Baozun Inc. (NasdaqGS:BZUN) completed the acquisition of Gap (Shanghai) Commercial Co., Ltd and Gap Taiwan Limited from The Gap, Inc. (NYSE:GPS) and Gap (UK Holdings) Limited on February 1, 2023. Greater China will become part of the Baozun group, under the business line of Baozun Brand Management, led by Sandrine Zerbib, President of Baozun Brand Management. Wing Xiao, the Head of Operations at Baozun Brand Management will be the CEO as Gap Greater China with immediate effect. Reported Earnings • Nov 30
Third quarter 2022 earnings released: CN¥2.88 loss per share (vs CN¥4.00 loss in 3Q 2021) Third quarter 2022 results: CN¥2.88 loss per share (improved from CN¥4.00 loss in 3Q 2021). Revenue: CN¥1.74b (down 8.3% from 3Q 2021). Net loss: CN¥168.9m (loss narrowed 42% from 3Q 2021). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Online Retail industry in the United Kingdom. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 37 percentage points per year, which is a significant difference in performance. Board Change • Nov 16
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 3 highly experienced directors. Director Liu Yang was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 23
Second quarter 2022 earnings released: CN¥1.15 loss per share (vs CN¥1.08 profit in 2Q 2021) Second quarter 2022 results: CN¥1.15 loss per share (down from CN¥1.08 profit in 2Q 2021). Revenue: CN¥2.12b (down 7.9% from 2Q 2021). Net loss: CN¥77.8m (down 198% from profit in 2Q 2021). Over the next year, revenue is forecast to grow 15%, compared to a 16% growth forecast for the Online Retail industry in the United Kingdom. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 32 percentage points per year, which is a significant difference in performance. Reported Earnings • May 02
Full year 2021 earnings released: CN¥3.05 loss per share (vs CN¥6.82 profit in FY 2020) Full year 2021 results: CN¥3.05 loss per share (down from CN¥6.82 profit in FY 2020). Revenue: CN¥9.40b (up 6.2% from FY 2020). Net loss: CN¥219.8m (down 152% from profit in FY 2020). Over the next year, revenue is forecast to grow 8.4%, compared to a 23% growth forecast for the retail industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has fallen by 45% per year, which means it is performing significantly worse than earnings. Board Change • Apr 27
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 5 experienced directors. 2 highly experienced directors. Director Liu Yang was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Buying Opportunity • Mar 31
Now 24% undervalued after recent price drop Over the last 90 days, the stock is down 39%. The fair value is estimated to be US$11.10, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Mar 11
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: CN¥3.04 loss per share (down from CN¥6.82 profit in FY 2020). Revenue: CN¥9.40b (up 6.2% from FY 2020). Net loss: CN¥219.8m (down 152% from profit in FY 2020). Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 15%, compared to a 25% growth forecast for the retail industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has fallen by 40% per year, which means it is performing significantly worse than earnings. Reported Earnings • Dec 01
Third quarter 2021 earnings: EPS in line with expectations, revenues disappoint Third quarter 2021 results: CN¥4.00 loss per share (down from CN¥1.10 profit in 3Q 2020). Revenue: CN¥1.90b (up 3.8% from 3Q 2020). Net loss: CN¥292.5m (down CN¥357.1m from profit in 3Q 2020). Revenue missed analyst estimates by 1.6%. Over the next year, revenue is forecast to grow 21%, compared to a 26% growth forecast for the industry in the United Kingdom. Valuation Update With 7 Day Price Move • Nov 23
Investor sentiment deteriorated over the past week After last week's 16% share price decline to US$15.69, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 25x in the Online Retail industry in the United Kingdom. Total loss to shareholders of 62% over the past year. Simply Wall St's valuation model estimates the intrinsic value at US$21.98 per share. Valuation Update With 7 Day Price Move • Oct 11
Investor sentiment improved over the past week After last week's 15% share price gain to US$19.20, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 15x in the Online Retail industry in the United Kingdom. Total loss to shareholders of 62% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$34.49 per share. Reported Earnings • Aug 20
Second quarter 2021 earnings released: EPS CN¥2.04 (vs CN¥2.04 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2021 results: Revenue: CN¥4.61b (up 114% from 2Q 2020). Net income: CN¥159.5m (up 33% from 2Q 2020). Profit margin: 3.5% (down from 5.6% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 30% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jul 23
Investor sentiment deteriorated over the past week After last week's 16% share price decline to CN¥27.12, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 26x in the Online Retail industry in the United Kingdom. Total loss to shareholders of 57% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$49.68 per share. Executive Departure • Jul 23
Director Xiuyun Liu has left the company On the 21st of July, Xiuyun Liu's tenure as Director ended after 4.0 years in the role. We don't have any record of a personal shareholding under Xiuyun's name. A total of 3 executives have left over the last 12 months. Executive Departure • Jul 22
Director Xiuyun Liu has left the company On the 21st of July, Xiuyun Liu's tenure as Director ended after 4.0 years in the role. We don't have any record of a personal shareholding under Xiuyun's name. A total of 3 executives have left over the last 12 months. Reported Earnings • May 19
First quarter 2021 earnings released: EPS CN¥0.016 (vs CN¥0.038 in 1Q 2020) The company reported a mediocre first quarter result with weaker earnings, although profit margins were flat and revenues improved. First quarter 2021 results: Revenue: CN¥2.02b (up 33% from 1Q 2020). Net income: CN¥1.26m (down 44% from 1Q 2020). Profit margin: 0.1% (in line with 1Q 2020). Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 14
Full year 2020 earnings released: EPS CN¥6.82 (vs CN¥4.85 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: CN¥8.85b (up 22% from FY 2019). Net income: CN¥426.0m (up 51% from FY 2019). Profit margin: 4.8% (up from 3.9% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Mar 25
Investor sentiment deteriorated over the past week After last week's 19% share price decline to CN¥36.70, the stock trades at a forward P/E ratio of 32x. Average forward P/E is 34x in the Online Retail industry in the United Kingdom. Total loss to shareholders of 18% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$41.05 per share. Reported Earnings • Mar 06
Full year 2020 earnings released: EPS CN¥6.82 (vs CN¥4.85 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: CN¥8.85b (up 22% from FY 2019). Net income: CN¥426.0m (up 51% from FY 2019). Profit margin: 4.8% (up from 3.9% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Analyst Estimate Surprise Post Earnings • Mar 06
Revenue misses expectations Revenue missed analyst estimates by 0.6%. Over the next year, revenue is forecast to grow 36%, compared to a 22% growth forecast for the Online Retail industry in the United Kingdom. Valuation Update With 7 Day Price Move • Feb 13
Investor sentiment improved over the past week After last week's 19% share price gain to CN¥54.43, the stock is trading at a trailing P/E ratio of 63x, up from the previous P/E ratio of 52.9x. This compares to an average P/E of 40x in the Online Retail industry in the United Kingdom. Total returns to shareholders over the past three years are 45%. Is New 90 Day High Low • Feb 09
New 90-day high: US$49.72 The company is up 22% from its price of US$40.64 on 10 November 2020. The British market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Online Retail industry, which is up 21% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is US$68.43 per share. Valuation Update With 7 Day Price Move • Jan 29
Investor sentiment improved over the past week After last week's 19% share price gain to CN¥42.13, the stock is trading at a trailing P/E ratio of 49.7x, up from the previous P/E ratio of 41.6x. This compares to an average P/E of 37x in the Online Retail industry in the United Kingdom. Total returns to shareholders over the past three years are 10%. Valuation Update With 7 Day Price Move • Dec 08
Market bids up stock over the past week After last week's 42% share price gain to CN¥52.73, the stock is trading at a trailing P/E ratio of 43.2x, up from the previous P/E ratio of 30.5x. This compares to an average P/E of 32x in the Online Retail industry in the United Kingdom. Total returns to shareholders over the past year are 47%. Valuation Update With 7 Day Price Move • Dec 01
Market bids up stock over the past week After last week's 27% share price gain to CN¥52.73, the stock is trading at a trailing P/E ratio of 45.9x, up from the previous P/E ratio of 36.2x. This compares to an average P/E of 30x in the Online Retail industry in the United Kingdom. Total returns to shareholders over the past year are 47%. Reported Earnings • Nov 25
Third quarter 2020 earnings released: EPS CN¥1.10 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: CN¥1.83b (up 22% from 3Q 2019). Net income: CN¥64.6m (up 64% from 3Q 2019). Profit margin: 3.5% (up from 2.6% in 3Q 2019). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Nov 13
Market bids up stock over the past week After last week's 37% share price gain to CN¥52.73, the stock is trading at a trailing P/E ratio of 52.1x, up from the previous P/E ratio of 38x. This compares to an average P/E of 31x in the Online Retail industry in the United Kingdom. Total returns to shareholders over the past year are 22%. Valuation Update With 7 Day Price Move • Nov 10
Market bids up stock over the past week After last week's 23% share price gain to CN¥43.40, the stock is trading at a trailing P/E ratio of 54.3x, up from the previous P/E ratio of 44x. This compares to an average P/E of 30x in the Online Retail industry in the United Kingdom. Total returns to shareholders over the past year are 2.2%. Reported Earnings • Sep 19
First half earnings released Over the last 12 months the company has reported total profits of CN¥302.2m, down 5.3% from the prior year. Total revenue was CN¥7.96b over the last 12 months, up 26% from the prior year. 
