On August 28, Baozun released its financial report for the second quarter of 2026. The report shows that total net revenue for the quarter grew by 7% year-over-year to RMB 2.7 billion, with non-GAAP operating profit jumping to RMB 74 million, a significant improvement from RMB 6 million in the same period last year.
During the period, the e-commerce business (BEC) generated revenue of RMB 2.3 billion, up 5% year-over-year, while its non-GAAP operating profit reached RMB 107 million, marking the highest level for a second quarter since 2022. The brand management business (BBM) saw revenue climb 22% year-over-year to RMB 486 million, and its non-GAAP operating loss narrowed to RMB 33 million, with the GAP brand's operating loss improving by more than 40% year-over-year. The group's dual-engine strategy continues to deliver, with growth momentum steadily strengthening.
Vincent Qiu, founder, chairman, and CEO of Baozun, commented: "Despite the overall consumer sentiment remaining relatively weak, the group's total revenue grew 7% year-over-year, with improving profitability and operating profit reaching a new high for the period in recent years. The e-commerce business achieved resilient growth while further solidifying operational efficiency and profitability; the brand management business sustained strong momentum, with GAP's continued steady performance being a key driver."
In the second quarter, Baozun's e-commerce business generated net revenue of RMB 2.3 billion, up 5% year-over-year. The services business continued its growth trajectory, with revenue increasing 10% year-over-year to RMB 1.8 billion. Baozun has been expanding its market share in high-value categories such as luxury goods, sportswear, and outdoor products, while leveraging digital marketing and content creation to help brands strengthen consumer engagement and brand awareness.
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