Baozun Inc.

BZUN Nasdaq Retail-Catalog & Mail-Order Houses Financials FY2016–FY2025

Baozun Inc. had $1.4B of revenue in fiscal 2025, up 5.7% on the year before. Over five years, revenue changed +1.5% a year on average.

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Earnings calendar · Baozun Inc.

Every quarter, companies publish how much they sold and earned. These are the days Baozun Inc. did it, and the next one. Share prices often move a lot on those days.

Next results

November 24, 2026

Tuesday · in 29 days

Time: Time not announced
Covers: Period ended Sep 30, 2026
Source: Earnings calendar

See who else reports that week →

Date	Results for	Time	Source
Apr 23, 2026	Period ended Dec 31, 2025	Before the market opens	20-F ↗
Apr 23, 2025	Period ended Dec 31, 2024	Before the market opens	20-F ↗
Apr 19, 2024	Period ended Dec 31, 2023	Before the market opens	20-F ↗
Apr 25, 2023	Period ended Dec 31, 2022	Before the market opens	20-F ↗
Apr 29, 2022	Period ended Dec 31, 2021	During market hours	20-F ↗
Apr 12, 2021	Period ended Dec 31, 2020	After the market closes	20-F ↗
Apr 28, 2020	Period ended Dec 31, 2019	During market hours	20-F ↗
Apr 3, 2019	Period ended Dec 31, 2018	During market hours	20-F ↗

From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.

KIRA’s summary AI analyst

Hi! I read Baozun Inc.’s latest annual report (fiscal 2025). Here is what stands out:

4 strengths 2 to watch

1.Sales and profit

See section →

Baozun Inc. had $1.4B of revenue in fiscal 2025, up 5.7% on the year before. Over five years, revenue changed +1.5% a year on average.
Its operating margin was 0.6%, up 1.8 pts: of every 100 in sales, about 1 is left after running the business.
Baozun Inc. lost $33.7M in fiscal 2025.

2.Cash and shareholders

See section →

Free cash flow was $43.7M in fiscal 2025, 3.2% of revenue.
Baozun Inc. returned $4.5M to shareholders in fiscal 2025, 10% of free cash flow. The diluted share count fell 3.4%.
In the last 12 months, insiders bought $1.7M of shares on the open market and sold none.

3.Financial health

See section →

Baozun Inc. has $207M more cash than debt.
Its return on capital was 2.0%: every 100 invested in the business earned about 2 in a year.
Baozun Inc. passes 5 of 9 financial health tests (Piotroski F-score).

Baozun Inc. in 30 seconds

Good So-so Weak

Are sales growing?

+5.7%

Yes. Sales grew 5.7% last year.

Does it make a profit?

−2.4%

No. It lost money last year.

Does profit turn into cash?

3.2%

Partly. 3.2% of sales ends up as free cash.

Is debt under control?

Net cash

Yes. It has more cash than debt.

How healthy are the accounts?

5 / 9

Mixed. It passes 5 of 9 health tests.

Rules of thumb on reported numbers. A starting point, not a recommendation.

Key numbers, fiscal 2025

Market cap

—

P/E

—

Sales and profit

Is it selling more, and how much does it keep?

Revenue and margins

KIRA · Baozun Inc. had $1.4B of revenue in fiscal 2025, up 5.7% on the year before. Over five years, revenue changed +1.5% a year on average. Its operating margin was 0.6%, up 1.8 pts: of every 100 in sales, about 1 is left after running the business.

In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).

Revenue

FY16

Revenue $510M

FY17

Revenue $614M

FY18

Revenue $815M

FY19

Revenue $1.1B

FY20

Revenue $1.3B

FY21

Revenue $1.5B

FY22

Revenue $1.2B

FY23

Revenue $1.2B

FY24

Revenue $1.3B

FY25

Revenue $1.4B

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

Margins, % of revenue

FY16

Gross 43.3%

Operating 2.7%

Net 2.5%

FCF −1.8%

FY17

Gross 53.8%

Operating 6.2%

Net 5.0%

FCF −10.5%

FY18

Gross 62.3%

Operating 6.6%

Net 5.0%

FCF −4.1%

FY19

Gross 61.9%

Operating 5.3%

Net 3.9%

FCF 2.9%

FY20

Gross 62.4%

Operating 6.3%

Net 4.8%

FCF 2.2%

FY21

Gross 65.1%

Operating 0.1%

Net −2.3%

FCF −4.1%

FY22

Gross 73.1%

Operating 0.4%

Net −7.8%

FCF 2.1%

FY23

Gross 72.7%

Operating −2.3%

Net −3.2%

FCF 3.2%

FY24

Gross 73.7%

Operating −1.2%

Net −2.0%

FCF −0.3%

FY25

Gross 74.1%

Operating 0.6%

Net −2.4%

FCF 3.2%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

Gross Operating Net FCF

Net income and earnings per share

KIRA · Baozun Inc. lost $33.7M in fiscal 2025.

Loss periods are shown in red.

In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.

Net income

FY16

Net income $12.9M

FY17

Net income $30.9M

FY18

Net income $40.8M

FY19

Net income $40.8M

FY20

Net income $61.7M

FY21

Net income −$34.1M

FY22

Net income −$97.0M

FY23

Net income −$39.3M

FY24

Net income −$25.7M

FY25

Net income −$33.7M

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

Diluted EPS

FY16

Diluted EPS $0.08

FY17

Diluted EPS $0.18

FY18

Diluted EPS $0.23

FY19

Diluted EPS $0.23

FY20

Diluted EPS $0.32

FY21

Diluted EPS −$0.16

FY22

Diluted EPS −$0.53

FY23

Diluted EPS −$0.22

FY24

Diluted EPS −$0.14

FY25

Diluted EPS −$0.19

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

Cash and shareholders

How much cash comes in, and where does it go?

Cash flow

KIRA · Free cash flow was $43.7M in fiscal 2025, 3.2% of revenue.

Cash from operations minus capital spending.

In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.

Free cash flow

FY16

Free cash flow −$9.4M

FY17

Free cash flow −$64.5M

FY18

Free cash flow −$33.5M

FY19

Free cash flow $30.4M

FY20

Free cash flow $28.8M

FY21

Free cash flow −$59.2M

FY22

Free cash flow $26.1M

FY23

Free cash flow $40.0M

FY24

Free cash flow −$4.3M

FY25

Free cash flow $43.7M

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

Cash from operations vs capital spending

FY16

Cash from operations $2.0M

Capital spending $11.5M

FY17

Cash from operations −$25.0M

Capital spending $39.5M

FY18

Cash from operations −$14.9M

Capital spending $18.6M

FY19

Cash from operations $43.6M

Capital spending $13.2M

FY20

Cash from operations $44.9M

Capital spending $16.1M

FY21

Cash from operations −$14.9M

Capital spending $44.3M

FY22

Cash from operations $56.8M

Capital spending $30.7M

FY23

Cash from operations $63.3M

Capital spending $23.3M

FY24

Cash from operations $14.1M

Capital spending $18.4M

FY25

Cash from operations $58.5M

Capital spending $14.8M

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

Cash from operations Capital spending

Dividends, buybacks and share count

KIRA · Baozun Inc. returned $4.5M to shareholders in fiscal 2025, 10% of free cash flow. The diluted share count fell 3.4%.

In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).

Dividends and buybacks

FY16

Dividends —

Buybacks $6.8M

FY17

Dividends —

Buybacks $0.0M

FY18

Dividends —

Buybacks $0.0M

FY19

Dividends —

Buybacks $0.0M

FY20

Dividends —

Buybacks $0.0M

FY21

Dividends $0.0M

Buybacks $164M

FY22

Dividends $0.0M

Buybacks $66.3M

FY23

Dividends $0.2M

Buybacks $0.0M

FY24

Dividends $0.2M

Buybacks $13.3M

FY25

Dividends $3.1M

Buybacks $1.4M

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

Dividends Buybacks

Diluted shares outstanding (annual)

FY16

Diluted shares 0.16B

FY17

Diluted shares 0.18B

FY18

Diluted shares 0.18B

FY19

Diluted shares 0.18B

FY20

Diluted shares 0.19B

FY21

Diluted shares 0.22B

FY22

Diluted shares 0.18B

FY23

Diluted shares 0.18B

FY24

Diluted shares 0.18B

FY25

Diluted shares 0.17B

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

Insider trades

KIRA · In the last 12 months, insiders bought $1.7M of shares on the open market and sold none.

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. “Plan” marks trades under a pre-arranged Rule 10b5-1 plan.

In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.

Bought, 12 months

$1.7M

2 insiders

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

—

$0.0M

Date	Insider	Trade	Shares	Price	Value	Filing
Oct 22, 2026	Wenbin QiuChief Executive Officer, Director	Bought	5,700	$3.50	$0.0M	Form 4
Oct 21, 2026	Wenbin QiuChief Executive Officer, Director	Bought	5,700	$3.50	$0.0M	Form 4
Oct 14, 2026	Wenbin QiuChief Executive Officer, Director	Bought	5,800	$3.44	$0.0M	Form 4
Oct 13, 2026	Wenbin QiuChief Executive Officer, Director	Bought	5,800	$3.47	$0.0M	Form 4
Oct 12, 2026	Wenbin QiuChief Executive Officer, Director	Bought	6,000	$3.34	$0.0M	Form 4
Sep 21, 2026	Wenbin QiuChief Executive Officer, Director	Bought	6,900	$2.85	$0.0M	Form 4
Sep 18, 2026	Wenbin QiuChief Executive Officer, Director	Bought	7,000	$2.88	$0.0M	Form 4
Sep 17, 2026	Wenbin QiuChief Executive Officer, Director	Bought	7,100	$2.84	$0.0M	Form 4
Sep 16, 2026	Wenbin QiuChief Executive Officer, Director	Bought	7,300	$2.74	$0.0M	Form 4
Sep 15, 2026	Wenbin QiuChief Executive Officer, Director	Bought	7,300	$2.72	$0.0M	Form 4
Sep 15, 2026	Junhua WuChief Strategy Officer, Director	Bought	13,900	$2.73	$0.0M	Form 4
Sep 14, 2026	Wenbin QiuChief Executive Officer, Director	Bought	7,300	$2.74	$0.0M	Form 4
Sep 2, 2026	Junhua WuChief Strategy Officer, Director	Bought	13,500	$2.85	$0.0M	Form 4
Jun 24, 2026	Junhua WuChief Strategy Officer, Director	Bought	29,000	$2.85	$0.1M	Form 4
Jun 22, 2026	Wenbin QiuChief Executive Officer, Director	Bought	10,000	$2.81	$0.0M	Form 4
Jun 18, 2026	Wenbin QiuChief Executive Officer, Director	Bought	10,000	$2.77	$0.0M	Form 4
Jun 17, 2026	Junhua WuChief Strategy Officer, Director	Bought	18,500	$2.84	$0.1M	Form 4
Jun 17, 2026	Wenbin QiuChief Executive Officer, Director	Bought	10,000	$2.83	$0.0M	Form 4
Jun 16, 2026	Wenbin QiuChief Executive Officer, Director	Bought	10,000	$2.72	$0.0M	Form 4
Jun 15, 2026	Wenbin QiuChief Executive Officer, Director	Bought	10,000	$2.79	$0.0M	Form 4
Jun 12, 2026	Wenbin QiuChief Executive Officer, Director	Bought	10,000	$2.72	$0.0M	Form 4
Jun 11, 2026	Junhua WuChief Strategy Officer, Director	Bought	18,000	$2.69	$0.0M	Form 4
Jun 11, 2026	Wenbin QiuChief Executive Officer, Director	Bought	10,000	$2.67	$0.0M	Form 4
Jun 10, 2026	Wenbin QiuChief Executive Officer, Director	Bought	10,000	$2.64	$0.0M	Form 4
Jun 9, 2026	Wenbin QiuChief Executive Officer, Director	Bought	10,000	$2.72	$0.0M	Form 4
Jun 8, 2026	Wenbin QiuChief Executive Officer, Director	Bought	10,000	$2.77	$0.0M	Form 4
Jun 5, 2026	Wenbin QiuChief Executive Officer, Director	Bought	10,000	$2.65	$0.0M	Form 4
Jun 4, 2026	Wenbin QiuChief Executive Officer, Director	Bought	10,000	$2.67	$0.0M	Form 4
Jun 3, 2026	Wenbin QiuChief Executive Officer, Director	Bought	10,000	$2.63	$0.0M	Form 4
Jun 2, 2026	Wenbin QiuChief Executive Officer, Director	Bought	10,000	$2.69	$0.0M	Form 4
Jun 1, 2026	Wenbin QiuChief Executive Officer, Director	Bought	10,000	$2.73	$0.0M	Form 4
Jun 1, 2026	Junhua WuChief Strategy Officer, Director	Bought	20,000	$2.70	$0.1M	Form 4
May 29, 2026	Wenbin QiuChief Executive Officer, Director	Bought	10,000	$2.57	$0.0M	Form 4
May 28, 2026	Wenbin QiuChief Executive Officer, Director	Bought	10,000	$2.56	$0.0M	Form 4
May 28, 2026	Junhua WuChief Strategy Officer, Director	Bought	19,500	$2.56	$0.0M	Form 4
May 27, 2026	Wenbin QiuChief Executive Officer, Director	Bought	10,000	$2.58	$0.0M	Form 4
May 26, 2026	Wenbin QiuChief Executive Officer, Director	Bought	10,000	$2.55	$0.0M	Form 4
May 26, 2026	Junhua WuChief Strategy Officer, Director	Bought	10,000	$2.55	$0.0M	Form 4
Apr 17, 2026	Wenbin QiuChief Executive Officer, Director	Bought	16,000	$3.14	$0.1M	Form 4
Apr 16, 2026	Wenbin QiuChief Executive Officer, Director	Bought	17,500	$2.84	$0.0M	Form 4
Apr 15, 2026	Wenbin QiuChief Executive Officer, Director	Bought	11,000	$2.71	$0.0M	Form 4
Apr 14, 2026	Wenbin QiuChief Executive Officer, Director	Bought	11,500	$2.63	$0.0M	Form 4
Apr 13, 2026	Wenbin QiuChief Executive Officer, Director	Bought	12,100	$2.48	$0.0M	Form 4
Apr 13, 2026	Junhua WuChief Strategy Officer, Director	Bought	11,084	$2.49	$0.0M	Form 4
Apr 10, 2026	Wenbin QiuChief Executive Officer, Director	Bought	12,400	$2.43	$0.0M	Form 4
Apr 10, 2026	Junhua WuChief Strategy Officer, Director	Bought	5,372	$2.40	$0.0M	Form 4
Apr 9, 2026	Wenbin QiuChief Executive Officer, Director	Bought	11,650	$2.58	$0.0M	Form 4
Apr 8, 2026	Wenbin QiuChief Executive Officer, Director	Bought	11,600	$2.58	$0.0M	Form 4
Apr 8, 2026	Junhua WuChief Strategy Officer, Director	Bought	30,886	$2.54	$0.1M	Form 4
Apr 7, 2026	Wenbin QiuChief Executive Officer, Director	Bought	12,000	$2.51	$0.0M	Form 4
Apr 2, 2026	Junhua WuChief Strategy Officer, Director	Bought	30,000	$2.47	$0.1M	Form 4
Mar 31, 2026	Junhua WuChief Strategy Officer, Director	Bought	14,000	$2.40	$0.0M	Form 4

Financial health

Can it carry its debts, and how well does it use its money?

Balance sheet

KIRA · Baozun Inc. has $207M more cash than debt.

Cash, debt and the ratios that show how comfortably Baozun Inc. can carry it.

In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.

Cash vs debt (incl. leases)

FY16

Cash $138M

Debt $0.0M

FY17

Cash $85.7M

Debt $26.4M

FY18

Cash $74.7M

Debt $73.4M

FY19

Cash $286M

Debt $329M

FY20

Cash $769M

Debt $270M

FY21

Cash $725M

Debt $360M

FY22

Cash $441M

Debt $147M

FY23

Cash $404M

Debt $157M

FY24

Cash $351M

Debt $167M

FY25

Cash $379M

Debt $173M

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

Cash Debt

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	$725M	$441M	$404M	$351M	$379M
Debt incl. finance leases	$360M	$147M	$157M	$167M	$173M
Net debt / EBITDA	−11.0x	−8.6x	−38.7x	−10.2x	−5.3x
Debt / equity	0.5x	0.2x	0.3x	0.3x	0.3x
Interest coverage	0.1x	0.6x	−5.0x	−2.9x	1.3x
Current ratio	1.9x	2.0x	1.9x	1.9x	1.9x
Quick ratio	1.7x	1.8x	1.7x	1.6x	1.6x
Total assets	$1.9B	$1.5B	$1.5B	$1.4B	$1.4B
Total liabilities	$919M	$644M	$651M	$606M	$600M
Shareholders' equity	$771M	$592M	$577M	$536M	$520M
Net debt (− = net cash)	−$365M	−$293M	−$247M	−$184M	−$207M

Returns on capital

KIRA · Its return on capital was 2.0%: every 100 invested in the business earned about 2 in a year.

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.

Return on capital, equity and assets (annual)

FY16

Return on capital 12.8%

Return on equity 5.7%

Return on assets 3.8%

FY17

Return on capital 13.8%

Return on equity 12.3%

Return on assets 7.7%

FY18

Return on capital 13.8%

Return on equity 13.7%

Return on assets 7.8%

FY19

Return on capital 10.7%

Return on equity 11.9%

Return on assets 5.1%

FY20

Return on capital 14.3%

Return on equity 9.5%

Return on assets 4.7%

FY21

Return on capital 0.2%

Return on equity −4.0%

Return on assets −1.9%

FY22

Return on capital 1.3%

Return on equity −14.2%

Return on assets −5.7%

FY23

Return on capital −7.0%

Return on equity −6.7%

Return on assets −2.7%

FY24

Return on capital −3.6%

Return on equity −4.6%

Return on assets −1.8%

FY25

Return on capital 2.0%

Return on equity −6.4%

Return on assets −2.4%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

Return on capital Return on equity Return on assets

Piotroski F-score

KIRA · Baozun Inc. passes 5 of 9 financial health tests (Piotroski F-score).

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.

Test	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income is positive	✓	✓	✓	✓	✓	✕	✕	✕	✕	✕
Cash from operations is positive	✓	✕	✕	✓	✓	✕	✓	✓	✓	✓
Return on assets rose	—	✓	✓	✕	✕	✕	✕	✓	✓	✕
Cash from operations exceeds net income	✕	✕	✕	✓	✕	✓	✓	✓	✓	✓
Debt fell relative to assets	—	✕	✕	✕	✓	✕	✓	✕	✕	✕
Current ratio rose	—	✕	✕	✓	✓	✕	✓	✕	✕	✕
Share count didn't rise	—	✕	✕	✓	✕	✕	✓	✓	✕	✓
Gross margin rose	—	✓	✓	✕	✓	✓	✓	✕	✓	✓
Revenue rose relative to assets	—	✕	✓	✕	✕	✕	✓	✕	✓	✓
F-score	— / 3	3 / 9	4 / 9	5 / 9	5 / 9	2 / 9	7 / 9	4 / 9	5 / 9	5 / 9
Accruals ratio	3.2%	14.0%	10.7%	−0.4%	1.3%	−1.1%	−9.0%	−7.0%	−2.8%	−6.6%
Altman Z''	5.82	5.08	4.53	4.32	6.48	3.35	3.32	2.85	2.86	2.77

All figures

Every number, year by year.

10 years of figures

Amounts in USD. Hover a ratio’s name for its definition.

In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.

Download CSV

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	$510M	$614M	$815M	$1.1B	$1.3B	$1.5B	$1.2B	$1.2B	$1.3B	$1.4B
Gross profit	$221M	$330M	$507M	$652M	$801M	$949M	$913M	$904M	$966M	$1.0B
Operating income	$13.6M	$37.9M	$53.8M	$55.5M	$80.9M	$1.1M	$4.9M	−$29.1M	−$16.0M	$7.9M
Interest expense	$0.0M	$0.6M	$2.0M	$8.9M	$9.6M	$8.8M	$8.5M	$5.8M	$5.4M	$6.2M
Pretax income	$15.4M	$39.2M	$50.7M	$50.4M	$79.5M	−$23.9M	−$86.2M	−$30.6M	−$12.9M	−$27.9M
Income tax	$2.5M	$8.0M	$9.8M	$10.3M	$18.5M	$8.6M	$3.9M	$1.7M	$2.9M	$1.4M
Net income	$12.9M	$30.9M	$40.8M	$40.8M	$61.7M	−$34.1M	−$97.0M	−$39.3M	−$25.7M	−$33.7M
Net income to common	$13.0M	$30.9M	$40.8M	$40.7M	$61.7M	−$34.1M	−$97.0M	−$39.3M	−$25.7M	−$33.7M
Diluted EPS	$0.08	$0.18	$0.23	$0.23	$0.32	−$0.16	−$0.53	−$0.22	−$0.14	−$0.19
Diluted shares	0.16B	0.18B	0.18B	0.18B	0.19B	0.22B	0.18B	0.18B	0.18B	0.17B
Cash flow
Cash from operations	$2.0M	−$25.0M	−$14.9M	$43.6M	$44.9M	−$14.9M	$56.8M	$63.3M	$14.1M	$58.5M
Capital expenditure	$11.5M	$39.5M	$18.6M	$13.2M	$16.1M	$44.3M	$30.7M	$23.3M	$18.4M	$14.8M
Free cash flow	−$9.4M	−$64.5M	−$33.5M	$30.4M	$28.8M	−$59.2M	$26.1M	$40.0M	−$4.3M	$43.7M
Depreciation and amortization	$5.4M	$7.5M	$10.9M	$17.4M	$22.0M	$32.1M	$29.2M	$35.5M	$34.0M	$30.9M
Stock-based compensation	$5.1M	$8.6M	$11.5M	$10.9M	$15.7M	$30.5M	$21.1M	$14.6M	$10.6M	$2.8M
Acquisitions	$0.0M	$2.5M	$0.0M	−$2.0M	$0.0M	$32.3M	$11.5M	$14.8M	$8.7M	$0.0M
Share buybacks	$6.8M	$0.0M	$0.0M	$0.0M	$0.0M	$164M	$66.3M	$0.0M	$13.3M	$1.4M
Dividends paid	—	—	—	—	—	$0.0M	$0.0M	$0.2M	$0.2M	$3.1M
Dividends and buybacks	$6.8M	$0.0M	$0.0M	$0.0M	$0.0M	$164M	$66.3M	$0.2M	$13.4M	$4.5M
Balance sheet
Cash and short-term investments	$138M	$85.7M	$74.7M	$286M	$769M	$725M	$441M	$404M	$351M	$379M
Total debt	$0.0M	$26.4M	$73.4M	$329M	$270M	$360M	$147M	$157M	$167M	$173M
Current assets	$312M	$379M	$473M	$817M	$1.4B	$1.4B	$1.1B	$1.0B	$988M	$972M
Current liabilities	$115M	$177M	$254M	$334M	$336M	$752M	$534M	$529M	$513M	$521M
Inventory	$44.9M	$58.7M	$94.6M	$129M	$157M	$169M	$137M	$147M	$153M	$126M
Property and equipment, net	$14.5M	$50.9M	$58.6M	$59.7M	$65.8M	$103M	$101M	$120M	$113M	$108M
Goodwill	—	$2.0M	$1.9M	$1.9M	$2.1M	$62.6M	$48.8M	$44.0M	$49.6M	$39.2M
Intangible assets	$3.9M	$10.2M	$19.2M	$21.7M	$22.4M	$62.2M	$45.0M	$43.1M	$49.0M	$46.1M
Total assets	$341M	$458M	$584M	$1.0B	$1.6B	$1.9B	$1.5B	$1.5B	$1.4B	$1.4B
Total liabilities	$115M	$177M	$265M	$646M	$663M	$919M	$644M	$651M	$606M	$600M
Shareholders' equity	$226M	$278M	$317M	$369M	$935M	$771M	$592M	$577M	$536M	$520M
Margins
Gross margin	43.3%	53.8%	62.3%	61.9%	62.4%	65.1%	73.1%	72.7%	73.7%	74.1%
Operating margin	2.7%	6.2%	6.6%	5.3%	6.3%	0.1%	0.4%	−2.3%	−1.2%	0.6%
EBITDA margin	3.7%	7.4%	7.9%	6.9%	8.0%	2.3%	2.7%	0.5%	1.4%	2.8%
Net margin	2.5%	5.0%	5.0%	3.9%	4.8%	−2.3%	−7.8%	−3.2%	−2.0%	−2.4%
FCF margin	−1.8%	−10.5%	−4.1%	2.9%	2.2%	−4.1%	2.1%	3.2%	−0.3%	3.2%
Returns
Return on capital	12.8%	13.8%	13.8%	10.7%	14.3%	0.2%	1.3%	−7.0%	−3.6%	2.0%
Return on capital employed	6.0%	13.5%	16.3%	8.1%	6.4%	0.1%	0.5%	−3.1%	−1.8%	0.9%
Return on equity	5.7%	12.3%	13.7%	11.9%	9.5%	−4.0%	−14.2%	−6.7%	−4.6%	−6.4%
Return on assets	3.8%	7.7%	7.8%	5.1%	4.7%	−1.9%	−5.7%	−2.7%	−1.8%	−2.4%
Return on tangible equity	5.9%	11.6%	13.8%	11.8%	6.8%	−5.3%	−19.5%	−8.0%	−5.9%	−7.7%
Growth
Revenue growth	—	20.3%	32.8%	29.2%	21.8%	13.6%	−14.4%	−0.3%	5.2%	5.7%
Net income growth	—	140.7%	31.7%	0.1%	51.3%	−155.2%	—	—	—	—
EPS growth	—	120.7%	28.7%	0.2%	42.2%	−148.9%	—	—	—	—
FCF growth	—	—	—	—	−5.2%	−305.3%	—	53.3%	−110.7%	—
Share count change	—	7.4%	1.8%	−0.2%	6.7%	13.3%	−15.3%	−2.6%	0.6%	−3.4%
Financial health
Net debt / EBITDA	−7.3x	−1.3x	−0.0x	0.6x	−4.9x	−11.0x	−8.6x	−38.7x	−10.2x	−5.3x
Debt / equity	0.0x	0.1x	0.2x	0.9x	0.3x	0.5x	0.2x	0.3x	0.3x	0.3x
Interest coverage	—	60.3x	27.2x	6.3x	8.4x	0.1x	0.6x	−5.0x	−2.9x	1.3x
Current ratio	2.7x	2.1x	1.9x	2.4x	4.2x	1.9x	2.0x	1.9x	1.9x	1.9x
Quick ratio	2.3x	1.8x	1.5x	2.1x	3.7x	1.7x	1.8x	1.7x	1.6x	1.6x
Capital allocation
Capex / revenue	2.2%	6.4%	2.3%	1.3%	1.3%	3.0%	2.5%	1.9%	1.4%	1.1%
Stock comp / revenue	1.0%	1.4%	1.4%	1.0%	1.2%	2.1%	1.7%	1.2%	0.8%	0.2%
Payouts / FCF	—	—	—	0.0%	0.0%	—	254.3%	0.4%	—	10.3%
Quality scores
Piotroski F-score	—	3.0	4.0	5.0	5.0	2.0	7.0	4.0	5.0	5.0
Altman Z''	5.8	5.1	4.5	4.3	6.5	3.4	3.3	2.9	2.9	2.8
Accruals ratio	3.2%	14.0%	10.7%	−0.4%	1.3%	−1.1%	−9.0%	−7.0%	−2.8%	−6.6%

Source: SEC EDGAR XBRL filings (CIK 0001625414). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. Filed in CNY under US GAAP and converted to US$: income and cash-flow lines at each period's average exchange rate, balance-sheet lines at the period-end rate. The ADS ratio could not be read from the filing, so market cap and valuation are not shown. For information only — not investment advice. Check the original filings before relying on any figure.

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