Baozun Inc.
BZUN · Retail-Catalog & Mail-Order Houses · EDGAR filings ↗
Reference price $2.85 — last insider purchase, 2026-06-24 (estimated from the dated SEC Form 4 price — not a live quote)
Grade
C56China e-commerce enabler with strong cash and gross margins but negative bottom-line returns and material VIE/HFCAA governance risk.
Strengths
- Large cash balance $2.65B (85.7th pct) and positive FCF ($314M, 3.2% margin)
- High gross margin 74% (92.3rd pct) and improving net income (+31%) with leadership position on Tmall/Douyin
Risks
- Still unprofitable: net margin -2.4%, ROE -6.6%, ROA -2.5% — returns below break-even
- VIE contractual structure, HFCAA delisting exposure and broad PRC regulatory discretion are significant overhangs
Notable findings
- Net lossNet loss (net margin -2.4%)
- Strong balance sheetStrong balance sheet — $380M cash & investments
- Insider buyingInsider buying — 39 open-market buy(s) by 2 insider(s) (cluster of 2 insiders, ~$1M, last 6mo) Form 4 ↗
Key metrics
Gross margin
74.1%
Operating margin
0.6%
Net margin
-2.4%
Return on equity
-6.6%
Return on assets
-2.5%
Revenue growth (QoQ)
10.2%
Current ratio
1.9×
Free cash flow
$45M
EBITDA
$40M
Tangible book value
$435M
Cash & investments
$380M
Stock comp / revenue
0.2%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-24 | Wu Junhua | Buy | 29K | $2.85 |
| 2026-06-22 | Qiu Wenbin | Buy | 10K | $2.81 |
| 2026-06-18 | Qiu Wenbin | Buy | 10K | $2.77 |
| 2026-06-17 | Qiu Wenbin | Buy | 10K | $2.83 |
| 2026-06-17 | Wu Junhua | Buy | 18K | $2.84 |
| 2026-06-16 | Qiu Wenbin | Buy | 10K | $2.72 |
| 2026-06-15 | Qiu Wenbin | Buy | 10K | $2.79 |
| 2026-06-12 | Qiu Wenbin | Buy | 10K | $2.72 |
| 2026-06-11 | Qiu Wenbin | Buy | 10K | $2.67 |
| 2026-06-11 | Wu Junhua | Buy | 18K | $2.69 |
| 2026-06-10 | Qiu Wenbin | Buy | 10K | $2.64 |
| 2026-06-09 | Qiu Wenbin | Buy | 10K | $2.72 |
| 2026-06-08 | Qiu Wenbin | Buy | 10K | $2.77 |
| 2026-06-05 | Qiu Wenbin | Buy | 10K | $2.65 |
| 2026-06-04 | Qiu Wenbin | Buy | 10K | $2.67 |
| 2026-06-03 | Qiu Wenbin | Buy | 10K | $2.63 |
| 2026-06-02 | Qiu Wenbin | Buy | 10K | $2.69 |
| 2026-06-01 | Wu Junhua | Buy | 20K | $2.70 |
| 2026-06-01 | Qiu Wenbin | Buy | 10K | $2.73 |
| 2026-05-29 | Qiu Wenbin | Buy | 10K | $2.57 |
| 2026-05-28 | Wu Junhua | Buy | 20K | $2.56 |
| 2026-05-28 | Qiu Wenbin | Buy | 10K | $2.56 |
| 2026-05-27 | Qiu Wenbin | Buy | 10K | $2.58 |
| 2026-05-26 | Wu Junhua | Buy | 10K | $2.55 |
| 2026-05-26 | Qiu Wenbin | Buy | 10K | $2.55 |
| 2026-04-17 | Qiu Wenbin | Buy | 16K | $3.14 |
| 2026-04-16 | Qiu Wenbin | Buy | 18K | $2.84 |
| 2026-04-15 | Qiu Wenbin | Buy | 11K | $2.71 |
| 2026-04-14 | Qiu Wenbin | Buy | 12K | $2.63 |
| 2026-04-13 | Qiu Wenbin | Buy | 12K | $2.48 |
| 2026-04-13 | Wu Junhua | Buy | 11K | $2.49 |
| 2026-04-10 | Wu Junhua | Buy | 5.4K | $2.40 |
| 2026-04-10 | Qiu Wenbin | Buy | 12K | $2.43 |
| 2026-04-09 | Qiu Wenbin | Buy | 12K | $2.58 |
| 2026-04-08 | Wu Junhua | Buy | 31K | $2.54 |
| 2026-04-08 | Qiu Wenbin | Buy | 12K | $2.58 |
| 2026-04-07 | Qiu Wenbin | Buy | 12K | $2.51 |
| 2026-04-02 | Wu Junhua | Buy | 30K | $2.47 |
| 2026-03-31 | Wu Junhua | Buy | 14K | $2.40 |
All non-derivative Form 4 activity (SEC), newest first.
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-04-23 | 2025-12-31 | 0001104659-26-047177 ↗ |
| 20-F | 2025-04-23 | 2024-12-31 | 0001410578-25-000824 ↗ |
| 20-F | 2024-04-19 | 2023-12-31 | 0001104659-24-049045 ↗ |
| 20-F | 2023-04-25 | 2022-12-31 | 0001410578-23-000782 ↗ |
| 20-F | 2022-04-29 | 2021-12-31 | 0001410578-22-001089 ↗ |
| 20-F | 2021-04-12 | 2020-12-31 | 0001104659-21-049360 ↗ |
| 20-F | 2020-04-28 | 2019-12-31 | 0001104659-20-052015 ↗ |
| 20-F | 2019-04-03 | 2018-12-31 | 0001144204-19-017964 ↗ |
| 20-F | 2018-04-11 | 2017-12-31 | 0001144204-18-020145 ↗ |
| 20-F | 2017-04-12 | 2016-12-31 | 0001144204-17-020069 ↗ |
| 20-F | 2016-04-08 | 2015-12-31 | 0001144204-16-093524 ↗ |