Baozun

BZUN

Specialty Retail · Consumer Cyclical

Price

$2.84

+0.04 (+1.43%)

Market Cap

$165.1M

Exchange

NASDAQ

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Weak

Stability

Good

Valuation

Data not available

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Share count falling — buybacks

−19.7% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 72.1M (2021) → 57.8M (2025)

Winston Score History

The full picture

Baozun is a Chinese company that helps foreign and domestic brands sell products online in China. It runs online stores for brands like Nike, Microsoft, and Starbucks on platforms such as Tmall and JD.com, handling everything from website design to warehousing and customer service. The company operates in China's e-commerce services industry and is one of the largest brand e-commerce service providers in the country.

Baozun makes money by charging brands fees for its services, including technology solutions, fulfillment, and marketing support. It also earns revenue by buying and reselling products directly on behalf of brands. The company operates almost entirely within China, and its competitive edge comes from its end-to-end platform that lets brands outsource their entire China e-commerce operation to one provider. Its main risks include slowing growth in China's e-commerce market, intense competition from rivals, and ongoing pressure on profit margins given its very thin operating income.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+15.3% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+88.0% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

¥0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

7.7%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

¥3.4B cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Baozun is a rare growth stock that's already generating positive cash flow while growing at 15%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

49.0%

Healthy — 49.0% gross margin

Profit after running costs

Operating Margin

0.0%

Thin — 0.0% operating margin

Return on the money invested

ROCE

2.9%

Weak — 2.9% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

+7.9%

Steady sales growth (+7.9% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

2.6%

Thin free cash flow (2.6%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.51

Conservative — low debt load (0.51)

Covers its interest

Interest Cover

3.89x

Tight — interest eats into profit (3.9x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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