Baozun 3Q25: Real Profit Turnaround Underway — Can BZUN Sustain the Momentum?
Baozun just posted one of its most encouraging quarters in years.
🔥 Non-GAAP net loss narrowed sharply to RMB –40m
🔥 BEC (e-commerce services) returned to profit with RMB 28m OP
🔥 BBM (brand management) revenue jumped 20%, driven by GAP and Hunter
🔥 GAP’s young customer base up 25% thanks to targeted campaigns
Operational efficiency is clearly improving:
Fulfilment cost ratio dropped –4.5pts YoY
Inventory turnover improved ~20%
Service revenue mix continues to rise
CMBI now expects:
✔ BEC profit to surge in 4Q25
✔ BBM to break even by 4Q25
✔ Target price raised to US$3.81, BUY maintained
Key question for investors:
Is Baozun entering a multi-quarter recovery cycle?
Or will category volatility still hold back margins?
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