Baozun Inc. reported a solid first-quarter 2026 performance, highlighted by double-digit top-line growth, restored non-GAAP operating profitability and markedly better working-capital efficiency.

Revenue and Profitability • Total net revenue rose 15.3% year on year to RMB 2.38 billion (USD 345.20 million). • GAAP income from operations reached RMB 0.30 million, reversing a RMB 84.00 million loss a year earlier; operating margin improved to 0.01% from –4.1%. • Non-GAAP income from operations came in at RMB 8.10 million, versus a RMB 66.90 million loss in Q1 2025; non-GAAP operating margin advanced to 0.3% from –3.2%. • Net loss attributable to ordinary shareholders narrowed to RMB 7.46 million, compared with RMB 63.08 million a year ago. Non-GAAP net income attributable to shareholders turned positive at RMB 1.40 million.

Segment Performance E-Commerce (BEC & BZI) • Segment revenue increased 10.4% year on year to RMB 1.89 billion. • Adjusted operating profit reached RMB 13.00 million, versus a RMB 45.83 million loss in the prior-year quarter.

Brand Management (BBM) • Revenue surged 38.8% to RMB 0.54 billion, supported by stronger Gap sales and 176 managed offline stores. • Adjusted operating loss narrowed sharply to RMB 4.85 million from RMB 21.07 million.

Revenue Mix • Product sales climbed 29.1% to RMB 1.05 billion, driven by a 20.6% lift in E-Commerce and a 39.0% rise in Brand Management. • Services revenue grew 6.5% to RMB 1.34 billion, bolstered by digital marketing, IT solutions and store-operation services.

Cost Structure • Total operating expenses increased 10.8% to RMB 2.38 billion, broadly in line with revenue growth, reflecting disciplined cost control. • Fulfillment expense edged down 1.0% to RMB 519.20 million, while sales and marketing expense rose to RMB 893.34 million on expanded digital-marketing and offline activities.

Balance Sheet and Efficiency • Cash, cash equivalents and short-term investments totaled RMB 2.95 billion at quarter-end. • Working-capital turnover improved to 109 days, a significant reduction from 193 days in Q1 2025, underscoring tighter inventory and receivables management.

Management Outlook Leadership emphasized sustained profitability as both divisions integrate further and technology initiatives continue to streamline operations. The company reiterated confidence in maintaining its improving margin trajectory for the remainder of 2026.