Baozun (ADR) (BZUN)
Runs brand e-commerce operations and manages brands across China and international markets.
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Runs e-commerce operations for brand partners and manages brands through BEC, BBM and BZI. The Gap Greater China acquisition expanded the model from services into brand management.
Online-store operations, IT services, digital marketing, customer service and fulfillment form the core of Baozun e-Commerce (BEC), which serves partner brands across mainland China.
Baozun Brand Management (BBM) adds brand positioning, retail and e-commerce operations, supply chain and logistics, with Gap Greater China as its first milestone. Baozun International (BZI) extends e-commerce activity beyond mainland China to Hong Kong, Macau, Taiwan, Southeast Asia and Europe.
The business is organized around E-Commerce, which includes BEC and BZI, and Brand Management, which houses BBM. Operations are conducted through subsidiaries, a variable-interest entity and its subsidiaries.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Aug 28, 2026 | CLSA | Upgrade | Target: $2.20 | Target: $3.80 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $433.7M · Total debt $317.4M · Total assets $1.43B · Shareholders' equity $544.2M
- Revenue
- $409.0M
- Operating income
- $6.6M
- Net income
- $2.5M
Reported in CNY, converted at the latest exchange rate
No dividends on record.
| Institutions | 21.82% | 12.69M ADS | |
|---|---|---|---|
| 73 holders · as of Jun 30, 2026 | |||
| Insiders | 5.21% | 3.03M ADS | |
| 6 holders · as of Sep 22, 2026 | |||
| Strategic holders | 12.00% | 6.97M ADS | |
| 2 holders · as of Feb 12, 2026 | |||
| Other | 60.97% | 35.45M ADS | |
| remainder | |||
58.14M ADS (1 ADS = 6 ordinary shares) as of Aug 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
The share count is from the company's Dec 2022 annual report; nothing newer is on file here.
This company has 3 share classes; every stake here is a share of the whole company.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Strategic | 9.30% | 5.41M | filed Feb 11, 2019 |
Schroder Investment Management GroupInstitution | 4.15% | 2.41M A ADS | as of Jun 30, 2026 |
Acadian Asset Management LLCInstitution | 3.64% | 2.12M A ADS | as of Jun 30, 2026 |
Wenbin Qiu1Insiderdirector, officer: Chief Executive Officer | 2.90% | 1.69M ADS · 10,010 A ordinary | filed Sep 22, 2026 |
Jesvinco Holdings LimitedStrategic | 2.70% | 1.57M | filed Feb 12, 2026 |
- Wenbin Qiu reports a block also reported by Jesvinco Holdings Limited; it is counted once, under Jesvinco Holdings Limited.
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 21, 2026 | Wenbin Qiu | director, officer: Chief Executive Officer | +6,900 | $2.85 |
| Sep 18, 2026 | Wenbin Qiu | director, officer: Chief Executive Officer | +7,000 | $2.88 |
| Sep 17, 2026 | Wenbin Qiu | director, officer: Chief Executive Officer | +7,100 | $2.84 |
| Sep 16, 2026 | Wenbin Qiu | director, officer: Chief Executive Officer | +7,300 | $2.74 |
| Sep 15, 2026 | Junhua Wu | director, officer: Chief Strategy Officer | +13,900 | $2.73 |
Not reported.