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Consolidated balance sheets

In millions of CNY, except per-share amounts
Q4 FY2025
As of Dec 31, 2025
Q4 FY2024
As of Dec 31, 2024
Q4 FY2023
As of Dec 31, 2023
Q4 FY2022
As of Dec 31, 2022
Q4 FY2021
As of Dec 31, 2021
Q4 FY2020
As of Dec 31, 2020
Q4 FY2019
As of Dec 31, 2019
Q4 FY2018
As of Dec 31, 2018
Q4 FY2017
As of Dec 31, 2017
Q4 FY2016
As of Dec 31, 2016
Q4 FY2015
As of Dec 31, 2015
ASSETS
Current assets:
Cash and cash equivalents
Restricted cash
Short-term investments (including nil and RMB40,000 of the investments measured at fair value as of December 31, 2024 and 2025)
Accounts receivable, net of allowance for credit losses of RMB126,936 and RMB177,770 as of December 31, 2024 and 2025, respectively
Inventories
Advances to suppliers
Derivative financial assets
Prepayments and other current assets
Amounts due from related parties
Total current assets
Non-current assets:
Long-term time deposits
Long-term investments
Long-term debt investments (including RMB144,873 of the investments measured at fair value as of December 31, 2025)
Long-term equity investments
Property and equipment, net
Intangible assets, net
Land use right, net
Operating lease right-of-use assets
Goodwill
Other non-current assets
Deferred tax assets
Total non-current assets
TOTAL ASSETS
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term loans
Accounts payable
Notes payable
Income tax payables
Accrued expenses and other current liabilities
Derivative financial liabilities
Amounts due to related parties
Current operating lease liabilities
Total current liabilities
Non-current liabilities:
Deferred tax liabilities
Long-term operating lease liabilities
Other non-current liabilities
Total non-current liabilities
TOTAL LIABILITIES
Redeemable non-controlling interests
Baozun Inc. shareholders' equity:
Ordinary shares
Class A ordinary shares
Class B ordinary shares
Additional paid-in capital
Treasury shares (14,331,000 and 13,268,625 shares as of December 31, 2024 and 2025, respectively)
Accumulated deficit
Accumulated other comprehensive income
Total Baozun Inc. shareholders' equity
Non-controlling interests
Total Shareholders' equity
TOTAL LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS AND SHAREHOLDERS' EQUITY

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