Baoshun E-commerce (09991) expects its operating cash flow to increase by over 300% in 2025, with a continued optimization of its financial structure.

On March 25, Baozun E-commerce (09991) released its full-year and fourth-quarter financial report for 2025, achieving a significant improvement in financial health. The operating cash flow for the whole year reached 420 million yuan, with a year-on-year growth rate exceeding 300%, demonstrating a cash engine with high-quality sustainable growth capability. In the fourth quarter, non-GAAP operating profit was 200 million yuan, a year-on-year increase of 91%; the full-year net operating income was 9.9 billion yuan, a 6% year-on-year growth, achieving dual growth in revenue and profit. The stable cash flow is not only due to the continuous contribution of the e-commerce business but also benefits from the profit breakthrough in the brand management sector, further optimizing the group's financial structure and providing solid financial support for deepening brand cooperation and expanding business scale.