Key Highlights

● Baozun announced a repurchase programme of up to US$10 million over the following 12 months.

● Second-quarter net revenues were RMB2,743.0 million, up 7.5% year on year.

● Non-GAAP income from operations reached RMB74.3 million, against RMB6.1 million a year earlier.

● Management raised its 2028 non-GAAP Operating Income target to RMB700 million from RMB550 million.

Latest development: a share repurchase programme

On 24 September 2026 Baozun Inc. (NASDAQ:BZUN) announced a programme to buy back up to US$10 million of its American depositary shares and/or Class A ordinary shares over the following 12 months. Purchases are subject to the general mandate approved by shareholders at the 16 June 2026 annual general meeting, or any renewed mandate, and will be funded from existing cash, excluding proceeds from the global offering, and other legally available funds.

The company said the repurchase "will demonstrate the Company's confidence in its own Business outlook". It is not required to buy any set amount and may modify, suspend or end the programme at any time, so the headline figure is a ceiling and not a commitment to spend.

Second-quarter results

Baozun reported second-quarter results on 27 August 2026. According to the earnings call, total net revenues were RMB2,743.0 million, up 7.5% year on year. Non-GAAP income from operations was RMB74.3 million, against RMB6.1 million a year earlier, and Net Income attributable to shareholders was RMB17.0 million, compared with a loss of RMB34.0 million. Revenue growth slowed from the first quarter's 15.3% while profitability improved.

The E-commerce segment (BEC) generated revenue of about RMB2.3 billion, up 4.6%, with non-GAAP operating income of RMB107.1 million. Services revenue rose 10.2% to RMB1,717.4 million, while product sales fell 9.6% to RMB540.8 million as the company scaled back categories such as home and furnishings.

Brand management (BBM) revenue rose 21.9% to RMB485.6 million, with a non-GAAP operating loss of RMB33.0 million, narrower than RMB35.0 million a year earlier.

Balance sheet, efficiency and targets

Cash, including restricted cash and short-term investments, was RMB2.9 billion at 30 June. Inventory turnover improved to 112 days from 134, and working-capital turnover to 107 days from 148.

Management raised its 2028 non-GAAP operating income target to RMB700 million from RMB550 million, citing expected AI-driven efficiency gains and growth in brand management. The call also cited Gap Inc. (NYSE:GAP)'s full-year growth outlook of 20% to 25% and plans for more than 50 new Gap stores in 2026. Chairman Vincent Qiu said the company delivered "another solid second quarter with earnings quality continuing to improve".

For comparison, first-quarter net revenues were RMB2.38 billion, up 15.3%, with a net loss of RMB7.5 million. Figures are in renminbi unless stated.

Buyback ceiling and the product-sales pullback

The US$10 million buyback is small against the company's RMB2.9 billion of cash and short-term investments, and the 2028 target remains a management goal rather than a reported result.

The sharper strategic shift is in product sales, which fell 9.6% in the quarter. That weighs on headline revenue growth but reflects a deliberate decision, according to the call, with services and Brand Management carrying the growth.