Baozun Inc. (BZUN) Balance Sheet

NASDAQ: BZUNAssets, liabilities, debt and equity over 10 years.

BZUN balance sheet, 2025

December 31, 2025 · Chinese yuan

CN¥9.70B assets = CN¥4.20B liabilities + CN¥5.50B equity

Both columns are drawn to the same scale: what BZUN owns equals what it owes plus shareholders’ equity. Hover a block for its value.

BZUN financial health

Current ratio1.87

Comfortable · current assets cover current liabilities 1.87×

Debt / equity0.62

Moderate leverage · CN¥0.62 of debt for each $1 of equity

Equity / assets37.6%

Balanced · of assets funded by shareholders

Cash / debt123.0%

Cash covers debt · cash & short-term investments vs total debt

Goodwill & intangibles6.2%

Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

BZUN balance sheet trends, 2016–2025

Baozun Inc. balance sheet trends
Metric	Then	Latest	Change
Total assets	CN¥2.37B2016	CN¥9.70B2025	+17.0%/yr
Total liabilities	CN¥796.2M2016	CN¥4.20B2025	+20.3%/yr
Shareholders’ equity	CN¥1.57B2016	CN¥3.64B2025	+9.8%/yr
Cash & short-term investments	CN¥1.01B2016	CN¥2.80B2025	+12.0%/yr
Total debt	CN¥115.1M2016	CN¥2.27B2025	+39.3%/yr
Net cash (debt)	CN¥893.0M2016	CN¥523.4M2025	−CN¥369.6M
Working capital	CN¥1.37B2016	CN¥3.16B2025	+CN¥1.8B
Current ratio	2.722016	1.872025	−0.86
Debt / equity	0.072016	0.622025	+0.55
Shares outstanding	54.6M2016	57.8M2025	+0.6%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

BZUN assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

BZUN liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

BZUN debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

BZUN balance sheet in Chinese yuan

Baozun Inc. annual balance sheet
	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash & short-term investments	CN¥2.80B	CN¥2.92B	CN¥3.07B	CN¥3.10B	CN¥4.69B	CN¥5.17B	CN¥2.35B	CN¥570.7M	CN¥613.4M	CN¥1.01B
Cash & equivalents	CN¥1.05B	CN¥1.64B	CN¥2.35B	CN¥2.21B	CN¥4.69B	CN¥3.72B	CN¥1.51B	CN¥514.1M	CN¥297.1M	CN¥968.1M
Short-term investments	CN¥1.75B	CN¥1.27B	CN¥719.7M	CN¥882.6M	CN¥0	CN¥1.45B	CN¥835.0M	CN¥56.6M	CN¥316.3M	CN¥40.0M
Receivables	CN¥2.18B	CN¥2.41B	CN¥2.66B	CN¥2.73B	CN¥2.72B	CN¥2.56B	CN¥2.12B	CN¥1.62B	CN¥1.20B	CN¥745.8M
Inventory	CN¥1.25B	CN¥1.52B	CN¥1.35B	CN¥1.30B	CN¥1.60B	CN¥1.31B	CN¥1.10B	CN¥817.5M	CN¥476.4M	CN¥387.8M
Other current assets	CN¥582.7M	CN¥362.2M	CN¥194.2M	CN¥166.7M	CN¥174.4M	CN¥102.0M	CN¥68.4M	CN¥252.7M	CN¥207.7M	CN¥26.3M
Total current assets	CN¥6.81B	CN¥7.21B	CN¥7.28B	CN¥7.29B	CN¥9.19B	CN¥9.14B	CN¥5.63B	CN¥3.26B	CN¥2.50B	CN¥2.17B
Property, plant & equipment (net)	CN¥1.41B	CN¥1.59B	CN¥1.92B	CN¥1.52B	CN¥1.75B	CN¥952.8M	CN¥847.1M	CN¥403.3M	CN¥334.8M	CN¥100.9M
Goodwill & intangible assets	CN¥597.6M	CN¥719.7M	CN¥618.2M	CN¥637.8M	CN¥792.2M	CN¥159.6M	CN¥162.9M	CN¥145.8M	CN¥80.2M	CN¥27.0M
Long-term investments	CN¥488.6M	CN¥341.7M	CN¥359.1M	CN¥269.7M	CN¥330.8M	CN¥53.3M	CN¥37.4M	CN¥34.0M	CN¥24.3M	CN¥33.4M
Other non-current assets	CN¥392.3M	CN¥341.8M	CN¥283.7M	CN¥259.4M	CN¥242.0M	CN¥147.3M	CN¥343.9M	CN¥181.4M	CN¥79.4M	CN¥38.9M
Total assets	CN¥9.70B	CN¥10.21B	CN¥10.46B	CN¥9.98B	CN¥12.30B	CN¥10.45B	CN¥7.02B	CN¥4.02B	CN¥3.01B	CN¥2.37B
Liabilities
Accounts payable	CN¥466.4M	CN¥620.6M	CN¥562.9M	CN¥467.9M	CN¥493.5M	CN¥420.6M	CN¥867.7M	CN¥887.6M	CN¥590.4M	CN¥526.4M
Short-term debt	CN¥1.78B	CN¥1.93B	CN¥1.95B	CN¥1.71B	CN¥3.09B	CN¥664.5M	CN¥768.7M	CN¥463.6M	CN¥222.6M	CN¥115.1M
Deferred revenue	—	CN¥173.8M	CN¥163.0M	CN¥119.1M	CN¥63.6M	CN¥65.1M	CN¥24.5M	CN¥18.4M	CN¥27.4M	CN¥43.5M
Total current liabilities	CN¥3.65B	CN¥3.75B	CN¥3.75B	CN¥3.63B	CN¥4.77B	CN¥2.19B	CN¥2.30B	CN¥1.75B	CN¥1.16B	CN¥796.2M
Long-term debt	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥1.76B	CN¥1.86B	CN¥68.8M	CN¥0	CN¥0
Lease obligations	CN¥729.3M	CN¥840.9M	CN¥1.13B	CN¥909.4M	CN¥1.16B	CN¥535.6M	CN¥447.8M	CN¥0	CN¥0	CN¥0
Other long-term liabilities	CN¥554.7M	CN¥678.8M	CN¥863.8M	CN¥753.5M	CN¥1.06B	CN¥368.3M	CN¥289.7M	CN¥3.4M	CN¥3.8M	CN¥0
Total liabilities	CN¥4.20B	CN¥4.43B	CN¥4.62B	CN¥4.38B	CN¥5.83B	CN¥4.32B	CN¥4.45B	CN¥1.82B	CN¥1.17B	CN¥796.2M
Shareholders' equity
Common stock & paid-in capital	CN¥101,064	CN¥102,993	CN¥100,877	CN¥122,218	CN¥132,842	CN¥144,675	CN¥113,766	CN¥106,144	CN¥104,199	CN¥99,993
Retained earnings (deficit)	−CN¥934.5M	−CN¥691.7M	−CN¥506.0M	−CN¥224.9M	CN¥424.6M	CN¥949.9M	CN¥520.4M	CN¥245.0M	−CN¥25.3M	−CN¥233.9M
Treasury stock	—	—	—	—	—	—	CN¥0	CN¥0	CN¥0	CN¥0
Accumulated other comprehensive income	CN¥27.5M	CN¥54.6M	CN¥32.2M	CN¥15.5M	−CN¥102.5M	−CN¥48.6M	CN¥28.1M	CN¥29.3M	CN¥10.1M	CN¥44.3M
Minority interest	CN¥1.85B	CN¥1.87B	CN¥1.75B	CN¥1.59B	—	—	CN¥0	CN¥0	CN¥0	CN¥0
Total shareholders' equity	CN¥3.64B	CN¥3.91B	CN¥4.09B	CN¥4.03B	CN¥4.89B	CN¥6.10B	CN¥2.54B	CN¥2.18B	CN¥1.83B	CN¥1.57B
Key figures
Total debt	CN¥2.27B	CN¥2.52B	CN¥2.75B	CN¥2.38B	CN¥3.98B	CN¥2.79B	CN¥2.92B	CN¥532.5M	CN¥222.6M	CN¥115.1M
Net cash (debt)	CN¥523.4M	CN¥392.8M	CN¥318.0M	CN¥717.4M	CN¥719.2M	CN¥2.38B	−CN¥569.9M	CN¥38.3M	CN¥390.8M	CN¥893.0M
Working capital	CN¥3.16B	CN¥3.47B	CN¥3.53B	CN¥3.66B	CN¥4.42B	CN¥6.95B	CN¥3.33B	CN¥1.51B	CN¥1.33B	CN¥1.37B
Tangible book value	CN¥3.05B	CN¥3.19B	CN¥3.47B	CN¥3.39B	CN¥4.10B	CN¥5.94B	CN¥2.38B	CN¥2.03B	CN¥1.75B	CN¥1.54B
Shares outstanding	57.8M	59.8M	59.5M	61.0M	72.1M	63.6M	59.6M	59.7M	58.6M	54.6M
Current ratio	1.87	1.93	1.94	2.01	1.93	4.17	2.45	1.86	2.15	2.72
Quick ratio	1.36	1.42	1.53	1.61	1.56	3.53	1.94	1.25	1.56	2.20
Debt / equity	0.62	0.64	0.67	0.59	0.81	0.46	1.15	0.24	0.12	0.07
Equity / assets	37.6%	38.3%	39.1%	40.3%	39.7%	58.3%	36.2%	54.2%	60.7%	66.4%

Baozun Inc. quarterly balance sheet
	Jun '26	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23
Assets
Cash & short-term investments	CN¥2.90B	CN¥2.94B	CN¥2.80B	CN¥2.53B	CN¥2.56B	CN¥2.52B	CN¥2.56B	CN¥2.65B	CN¥2.85B	CN¥2.95B	CN¥2.87B	CN¥2.93B
Cash & equivalents	CN¥1.28B	CN¥1.24B	CN¥1.05B	CN¥1.13B	CN¥1.19B	CN¥1.42B	CN¥1.29B	CN¥1.39B	CN¥1.70B	CN¥2.30B	CN¥2.15B	CN¥2.21B
Short-term investments	CN¥1.62B	CN¥1.70B	CN¥1.75B	CN¥1.41B	CN¥1.37B	CN¥1.11B	CN¥1.27B	CN¥1.26B	CN¥1.16B	CN¥647.5M	CN¥720.5M	CN¥718.6M
Receivables	CN¥2.12B	CN¥2.10B	CN¥2.18B	CN¥1.97B	CN¥2.38B	CN¥2.02B	CN¥2.03B	CN¥1.87B	CN¥1.90B	CN¥1.80B	CN¥2.27B	CN¥1.74B
Inventory	CN¥1.12B	CN¥1.24B	CN¥1.25B	CN¥1.12B	CN¥956.0M	CN¥1.54B	CN¥1.12B	CN¥1.75B	CN¥1.44B	CN¥1.35B	CN¥1.05B	CN¥1.54B
Other current assets	CN¥618.9M	CN¥676.2M	CN¥582.7M	CN¥1.15B	CN¥728.5M	CN¥656.2M	CN¥1.50B	CN¥695.6M	CN¥689.5M	CN¥689.0M	CN¥1.10B	CN¥592.4M
Total current assets	CN¥6.75B	CN¥6.95B	CN¥6.81B	CN¥6.77B	CN¥6.63B	CN¥6.74B	CN¥7.21B	CN¥6.96B	CN¥6.88B	CN¥6.79B	CN¥7.29B	CN¥6.80B
Property, plant & equipment (net)	CN¥1.32B	CN¥1.35B	CN¥1.41B	CN¥1.51B	CN¥1.47B	CN¥1.53B	CN¥1.59B	CN¥1.65B	CN¥1.67B	CN¥1.77B	CN¥1.92B	CN¥1.94B
Goodwill & intangible assets	CN¥584.4M	CN¥587.8M	CN¥597.6M	CN¥653.2M	CN¥699.0M	CN¥708.3M	CN¥757.1M	CN¥718.6M	CN¥719.7M	CN¥610.0M	CN¥657.3M	CN¥654.7M
Long-term investments	CN¥471.6M	CN¥479.3M	CN¥488.6M	CN¥555.9M	CN¥498.9M	CN¥431.1M	CN¥341.7M	CN¥366.2M	CN¥364.5M	CN¥347.1M	CN¥359.1M	CN¥299.4M
Other non-current assets	CN¥448.5M	CN¥437.3M	CN¥392.3M	CN¥295.3M	CN¥328.9M	CN¥329.2M	CN¥304.4M	CN¥316.8M	CN¥304.7M	CN¥314.0M	CN¥245.9M	CN¥301.6M
Total assets	CN¥9.57B	CN¥9.81B	CN¥9.70B	CN¥9.79B	CN¥9.62B	CN¥9.73B	CN¥10.21B	CN¥10.01B	CN¥9.94B	CN¥9.83B	CN¥10.47B	CN¥10.00B
Liabilities
Accounts payable	CN¥453.6M	CN¥545.4M	CN¥466.4M	CN¥650.5M	CN¥348.4M	CN¥408.7M	CN¥620.7M	CN¥648.2M	CN¥439.7M	CN¥454.8M	CN¥1.07B	CN¥536.2M
Short-term debt	CN¥1.70B	CN¥1.84B	CN¥1.78B	CN¥1.83B	CN¥1.86B	CN¥1.87B	—	CN¥1.88B	CN¥1.86B	CN¥1.77B	CN¥1.45B	CN¥1.60B
Deferred revenue	—	—	—	—	CN¥190.1M	CN¥173.8M	—	—	—	CN¥163.0M	CN¥163.2M	CN¥163.2M
Total current liabilities	CN¥3.56B	CN¥3.82B	CN¥3.65B	CN¥3.62B	CN¥3.36B	CN¥3.39B	CN¥3.75B	CN¥3.57B	CN¥3.35B	CN¥3.23B	CN¥3.76B	CN¥3.22B
Long-term debt	CN¥0	CN¥0	CN¥0	CN¥4.0M	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0
Lease obligations	CN¥647.4M	CN¥681.1M	CN¥729.3M	CN¥830.4M	CN¥777.2M	CN¥803.5M	CN¥840.9M	CN¥899.1M	CN¥924.3M	CN¥1.01B	CN¥1.13B	CN¥1.15B
Other long-term liabilities	CN¥501.6M	CN¥529.0M	CN¥554.7M	CN¥648.5M	CN¥590.9M	CN¥632.0M	CN¥678.9M	CN¥709.1M	CN¥724.0M	CN¥772.1M	CN¥864.8M	CN¥935.6M
Total liabilities	CN¥4.06B	CN¥4.35B	CN¥4.20B	CN¥4.27B	CN¥3.95B	CN¥4.03B	CN¥4.43B	CN¥4.28B	CN¥4.08B	CN¥4.01B	CN¥4.62B	CN¥4.15B
Shareholders' equity
Common stock & paid-in capital	CN¥101,029	CN¥100,620	CN¥101,064	CN¥101,000	CN¥102,973	CN¥103,153	—	CN¥102,911	CN¥103,005	CN¥103,034	CN¥101,000	CN¥100,986
Retained earnings (deficit)	−CN¥924.7M	−CN¥937.8M	−CN¥934.5M	−CN¥895.9M	−CN¥788.6M	−CN¥756.0M	−CN¥691.8M	−CN¥691.3M	−CN¥603.9M	−CN¥573.4M	−CN¥506.6M	−CN¥458.1M
Accumulated other comprehensive income	CN¥4.6M	CN¥15.5M	CN¥27.5M	CN¥41.6M	CN¥32.8M	CN¥47.3M	—	CN¥29.8M	CN¥50.2M	CN¥43.9M	CN¥32.3M	CN¥56.0M
Minority interest	CN¥1.88B	CN¥1.85B	CN¥1.85B	CN¥1.82B	CN¥1.88B	—	—	—	—	—	—	—
Total shareholders' equity	CN¥3.64B	CN¥3.61B	CN¥3.64B	CN¥3.70B	CN¥3.79B	CN¥3.85B	CN¥3.91B	CN¥3.91B	CN¥4.03B	CN¥4.07B	CN¥4.10B	CN¥4.14B
Key figures
Total debt	CN¥2.12B	CN¥2.29B	CN¥2.27B	CN¥2.40B	CN¥2.37B	CN¥2.42B	—	CN¥2.51B	CN¥2.51B	CN¥2.48B	CN¥2.75B	CN¥2.45B
Net cash (debt)	CN¥778.2M	CN¥646.4M	CN¥523.4M	CN¥130.5M	CN¥193.2M	CN¥103.2M	—	CN¥138.9M	CN¥347.8M	CN¥464.1M	CN¥115.6M	CN¥483.4M
Working capital	CN¥3.20B	CN¥3.13B	CN¥3.16B	CN¥3.16B	CN¥3.26B	CN¥3.35B	CN¥3.47B	CN¥3.39B	CN¥3.53B	CN¥3.55B	CN¥3.53B	CN¥3.58B
Tangible book value	CN¥3.05B	CN¥3.03B	CN¥3.05B	CN¥3.04B	CN¥3.09B	CN¥3.14B	CN¥3.16B	CN¥3.19B	CN¥3.31B	CN¥3.46B	CN¥3.44B	CN¥3.49B
Shares outstanding	58.9M	58.1M	57.9M	57.8M	57.8M	57.8M	174.6M	60.6M	60.6M	60.5M	60.2M	59.5M
Current ratio	1.90	1.82	1.87	1.87	1.97	1.99	1.93	1.95	2.05	2.10	1.94	2.11
Quick ratio	1.41	1.32	1.36	1.25	1.47	1.34	1.23	1.27	1.42	1.47	1.37	1.45
Debt / equity	0.58	0.63	0.62	0.65	0.63	0.63	—	0.64	0.62	0.61	0.67	0.59
Equity / assets	38.0%	36.8%	37.6%	37.8%	39.4%	39.5%	38.3%	39.0%	40.6%	41.4%	39.1%	41.4%

Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported (latest annual report filed April 23, 2026); data from EODHD.

BZUN financial position

At the end of fiscal 2025 (December 31, 2025), Baozun had total assets of CN¥9.7 billion (down 5.0% from a year earlier), total liabilities of CN¥4.2 billion and shareholders' equity of CN¥3.6 billion. It held CN¥2.8 billion in cash and short-term investments against CN¥2.3 billion of debt, a net cash position of CN¥523.4 million. Its current ratio was 1.87. In the latest quarter (ended June 30, 2026) total assets were CN¥9.6 billion and equity CN¥3.6 billion.

Related: BZUN income statement, BZUN cash flow statement, BZUN key metrics. See the BZUN stock overview for the latest quote and news.

BZUN balance sheet FAQ

What are Baozun's total assets?

Baozun reported total assets of CN¥9.7 billion at the end of fiscal 2025 (December 31, 2025), compared with CN¥10.2 billion a year earlier.

How much debt does Baozun have?

Baozun had CN¥2.3 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.62.

How much cash does Baozun have?

Baozun held CN¥2.8 billion in cash and short-term investments at the end of fiscal 2025; with CN¥2.3 billion of debt that is net cash of CN¥523.4 million.

What is Baozun's book value?

Baozun's shareholders' equity (book value) was CN¥3.6 billion at the end of fiscal 2025.

What is Baozun's current ratio?

Baozun had current assets of CN¥6.8 billion and current liabilities of CN¥3.6 billion, a current ratio of 1.87 (it can cover its short-term obligations).

How much goodwill does Baozun have?

Baozun carried CN¥597.6 million of goodwill and intangible assets, 6.2% of total assets, at the end of fiscal 2025.