宝尊电商：Heading towards strong medium-term profitability target with solid execution-20260327

27 Mar 2026 CMB International Global Markets | Equity Research | Company Update Baozun (BZUN US) Baozun (BZUN US) - Heading Heading towards strong medium execution -term profitability target with solid execution Baozun reported its 4Q25 results: revenue reached RMB3.2bn, up 5.9% YoY (3Q25: +4.8% YoY); non-GAAP NP attributable to ordinary shareholders was RMB159.6mn (vs. RMB45.7mn in 4Q24) driven by a solid improvement in operating profitability across both Baozun E-commerce (BEC) and Baozun Brand Management ...