Baozun Inc. (BZUN) Cash Flow Statement

NASDAQ: BZUNOperating cash, capex, free cash flow and buybacks.

Where BZUN’s cash came from and went, 2025

December 31, 2025 · Chinese yuan
Cash from operations
CN¥420.4M
+315.1% vs 2024
Capital expenditures
CN¥153.8M
1.5% of revenue
Free cash flow
CN¥266.6M
2.7% margin
Returned to shareholders
CN¥10.2M
4% of free cash flow
Change in cash
−CN¥596.0M
cash at year-end CN¥1.05B
Cash from operations: CN¥420.4MCash from operationsCN¥420.4MDrawn from cash: CN¥596.0MDrawn from cashCN¥596.0MInvestments (net): CN¥719.4MInvestments (net)CN¥719.4M · 71%Capital expenditures: CN¥153.8MCapital expendituresCN¥153.8M · 15%Other financing: CN¥77.7MOther financingCN¥77.7M · 8%Acquisitions & other, Debt repayment, Share buybacks, Currency & other: CN¥65.6MOther usesCN¥65.6M · 6%CN¥1.02B
Cash from operations
CN¥420.4M
Capital expenditures
−CN¥153.8M
Investments (net)
−CN¥719.4M
Acquisitions & other
−CN¥25.3M
Share buybacks (net)
−CN¥10.2M
Net borrowing (repayment)
−CN¥19.6M
Other financing
−CN¥77.7M
Currency & other
−CN¥10.4M
Change in cash
−CN¥596.0M

Drawn to scale: where the cash came from and how it was used. Hover for values.

BZUN operating cash flow, capex and free cash flow

Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)

BZUN cash flow trends, 2016–2025

MetricTrendThenLatestChange
Operating cash flowCN¥13.4M2016CN¥420.4M2025+46.6%/yr
Capital expendituresCN¥76.1M2016CN¥153.8M2025+8.1%/yr
Free cash flow−CN¥62.7M2016CN¥266.6M2025—
Free cash flow margin−1.8%20162.7%2025+4.5 pts
Operating cash flow / net income0.1620160.732020+0.57
Stock-based compensationCN¥34.2M2016CN¥19.9M2025−5.8%/yr
Dividends paidCN¥02016CN¥1.1M2024—
Share buybacks (net)CN¥45.3M2016CN¥10.2M2025−15.3%/yr
Capex / revenue2.2%20161.5%2025−0.7 pts

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

BZUN cash flow by activity

OperatingInvestingFinancingChange in cash

BZUN net income vs operating cash flow

Net incomeOperating cash flow

Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).

BZUN cash flow statement in Chinese yuan

2025202420232022202120202019201820172016
Operating activities
Net income−CN¥199.6M−CN¥138.4M−CN¥278.4M−CN¥653.3M−CN¥219.8MCN¥426.0MCN¥281.3MCN¥269.7MCN¥208.9MCN¥86.6M
Depreciation & amortizationCN¥221.7MCN¥244.9MCN¥251.6MCN¥196.5MCN¥206.9MCN¥151.7MCN¥120.1MCN¥72.2MCN¥50.6MCN¥35.9M
Stock-based compensationCN¥19.9MCN¥76.3MCN¥103.4MCN¥142.4MCN¥196.5MCN¥108.4MCN¥75.2MCN¥75.9MCN¥58.2MCN¥34.2M
Change in working capital−CN¥51.8M−CN¥266.6MCN¥262.0M−CN¥35.4M−CN¥666.0M−CN¥66.2M−CN¥274.1M−CN¥884.4M−CN¥599.3M−CN¥256.8M
Other non-cash itemsCN¥430.1MCN¥185.1MCN¥109.6MCN¥732.4MCN¥386.2M−CN¥309.9MCN¥98.9MCN¥368.2MCN¥112.5MCN¥113.5M
Cash from operating activitiesCN¥420.4MCN¥101.3MCN¥448.3MCN¥382.6M−CN¥96.1MCN¥310.0MCN¥301.4M−CN¥98.5M−CN¥169.1MCN¥13.4M
Investing activities
Capital expenditures−CN¥153.8M−CN¥208.3M−CN¥165.0M−CN¥207.0M−CN¥285.6M−CN¥111.1M−CN¥91.3M−CN¥123.0M−CN¥267.0M−CN¥76.1M
Investments (net)−CN¥719.4M−CN¥817.6M−CN¥340.4M−CN¥1.31BCN¥945.8M−CN¥457.7M−CN¥1.13BCN¥37.6M−CN¥637.2M−CN¥119.4M
Acquisitions & other investing−CN¥25.3MCN¥208.3MCN¥165.0MCN¥207.0M−CN¥284.4M−CN¥47.6MCN¥91.3MCN¥123.0MCN¥265.0MCN¥78.8M
Cash from investing activities−CN¥898.6M−CN¥817.6M−CN¥340.4M−CN¥1.31BCN¥375.8M−CN¥616.4M−CN¥1.13BCN¥37.6M−CN¥639.2M−CN¥116.7M
Financing activities
Dividends paid—−CN¥1.1M−CN¥1.1MCN¥0CN¥0—CN¥0CN¥0CN¥0CN¥0
Share repurchases & issuance (net)−CN¥10.2M−CN¥95.5MCN¥0−CN¥446.6M−CN¥1.06BCN¥0CN¥1.7MCN¥0CN¥0−CN¥45.3M
Net borrowing (repayment)−CN¥19.6MCN¥105.2MCN¥99.7M−CN¥1.29BCN¥548.5M−CN¥428.5MCN¥1.77BCN¥327.5MCN¥172.0MCN¥172.0M
Shares issuedCN¥0CN¥0CN¥0CN¥0CN¥0CN¥3.13BCN¥0CN¥0CN¥0CN¥0
Other financing−CN¥77.7M−CN¥28.4M−CN¥106.6MCN¥88.6MCN¥1.26B−CN¥32.0MCN¥4.5MCN¥3.7M−CN¥4.3MCN¥84.0M
Cash from financing activities−CN¥107.5M−CN¥19.7M−CN¥8.0M−CN¥1.65BCN¥750.0MCN¥2.67BCN¥1.78BCN¥331.2MCN¥167.7MCN¥210.7M
Summary
Net change in cash−CN¥596.0M−CN¥708.0MCN¥106.6M−CN¥2.45BCN¥968.7MCN¥2.20BCN¥944.0MCN¥289.2M−CN¥674.5MCN¥180.9M
Cash at end of periodCN¥1.05BCN¥1.64BCN¥2.35BCN¥2.25BCN¥4.70BCN¥3.73BCN¥1.53BCN¥582.9MCN¥293.7MCN¥968.2M
Free cash flowCN¥266.6M−CN¥107.0MCN¥283.2MCN¥175.6M−CN¥381.7MCN¥199.0MCN¥210.1M−CN¥221.5M−CN¥436.1M−CN¥62.7M
Free cash flow margin2.7%−1.1%3.2%2.1%−4.1%2.2%2.9%−4.1%−10.5%−1.8%
Capex / revenue1.5%2.2%1.9%2.5%3.0%1.3%1.3%2.3%6.4%2.2%
Operating cash flow / net income—————0.731.07−0.37−0.810.16

Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported; data from EODHD.

BZUN cash generation

In fiscal 2025 (ended December 31, 2025), Baozun generated CN¥420.4 million of cash from operations (up 315.1%) and spent CN¥153.8 million on capital expenditures, leaving free cash flow of CN¥266.6 million, 2.7% of revenue. It returned CN¥10.2 million to shareholders through dividends (CN¥0) and net share buybacks (CN¥10.2 million). Cash and equivalents fell by CN¥596.0 million over the year.

Related: BZUN income statement, BZUN balance sheet. See the BZUN stock overview for the latest quote and news.

BZUN cash flow FAQ

What is Baozun's free cash flow?

Baozun's free cash flow was CN¥266.6 million in fiscal 2025: CN¥420.4 million of operating cash flow minus CN¥153.8 million of capital expenditures It was -CN¥107.0 million a year earlier..

How much cash does Baozun generate from operations?

Baozun generated CN¥420.4 million of cash from operating activities in fiscal 2025.

How much does Baozun spend on capital expenditures?

Baozun spent CN¥153.8 million on capital expenditures in fiscal 2025, 1.5% of revenue, compared with CN¥208.3 million the year before.

How much stock does Baozun buy back?

Baozun spent CN¥10.2 million on net share repurchases in fiscal 2025.

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