Estados financieros detallados de Baozun Inc. (BZUN): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Baozun Inc. registró ingresos de $9.95B en el último ejercicio fiscal, con un CAGR de 5 años del 2.4%.
Márgenes de los últimos 12 meses: margen bruto 50.9%, margen operativo 0.8%, margen neto -2.4%. El flujo de caja libre creció a un CAGR del 6.0% en 5 años.
Al precio actual de $2.76, BZUN presenta beneficios negativos (P/E no significativo) y un ROE del -6.64%. La capitalización bursátil es de $160M.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $3.39B | $4.15B | $5.39B | $7.28B | $8.85B | $9.40B | $8.40B | $8.81B | $9.42B | $9.95B |
| Coste de Ventas | $2.46B | $2.74B | $3.30B | $4.45B | $5.59B | $5.94B | $4.98B | $4.92B | $4.94B | $4.89B |
| Beneficio Bruto | $927.6M | $1.41B | $2.10B | $2.83B | $3.27B | $3.46B | $3.42B | $3.90B | $4.49B | $5.06B |
| I+D | -$95.6M | -$140.7M | -$269.0M | -$393.0M | $409.9M | $448.4M | $428.0M | $505.2M | 0 | 0 |
| Generales y Administrativos | $747.1M | $1.03B | $1.49B | $2.03B | $2.35B | $3.08B | $3.05B | $3.68B | $4.10B | $4.60B |
| Gastos Operativos | $837.5M | $1.16B | $1.74B | $2.44B | $2.71B | $3.45B | $3.38B | $4.10B | $4.60B | $4.98B |
| Beneficio Operativo | $90.1M | $256.3M | $355.8M | $306.2M | $558.7M | $7.0M | $33.3M | -$206.4M | -$114.8M | $75.0M |
| EBITDA | $125.9M | $306.9M | $421.0M | $529.7M | $669.3M | $109.8M | -$326.8M | $75.9M | $190.9M | $65.5M |
| Gastos por Intereses | 0 | $4.3M | $13.1M | $61.3M | $66.1M | $56.8M | $56.9M | $41.3M | $39.0M | $44.6M |
| Beneficio Antes de Impuestos | $102.3M | $264.6M | $335.7M | $348.3M | $554.3M | -$150.7M | -$583.9M | -$210.8M | -$117.6M | -$189.7M |
| Impuestos | $16.8M | $54.3M | $65.0M | $71.1M | $127.8M | $55.3M | $26.5M | $12.0M | $20.7M | $9.9M |
| Beneficio Neto | $86.6M | $208.9M | $269.7M | $281.3M | $426.0M | -$219.8M | -$653.3M | -$278.4M | -$185.2M | -$242.1M |
| BPA | $1.74 | $3.87 | $4.50 | $4.86 | $6.81 | $-3.06 | $-10.68 | $-4.68 | $-3.09 | $-4.05 |
| BPA Diluido | $1.59 | $3.57 | $4.50 | $4.71 | $6.69 | $-3.06 | $-10.68 | $-4.68 | $-3.09 | $-4.05 |
| Acciones en Circulación (Diluidas) | $54.6M | $58.6M | $59.7M | $59.6M | $63.6M | $72.1M | $61.0M | $59.5M | $59.8M | $57.8M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $2.16B | $3.17B | $2.38B | $2.74B |
| Beneficio Bruto | $1.13B | $1.70B | $1.17B | $2.05B |
| Beneficio Operativo | -$25.6M | $193.9M | $250000 | $44.2M |
| EBITDA | -$74.0M | -$18.0M | $15.9M | $51.0M |
| Beneficio Neto | -$107.1M | -$38.0M | -$7.5M | $17.0M |
| BPA | $-1.86 | $-0.66 | $-0.13 | $0.29 |
| BPA Diluido | $-1.86 | $-0.66 | $-0.13 | $0.29 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $968.1M | $297.1M | $514.1M | $1.51B | $3.72B | $4.69B | $2.21B | $2.35B | $1.64B | $1.05B |
| Inversiones a Corto | $40.0M | $316.3M | $56.6M | $835.0M | $1.45B | 0 | $882.6M | $719.7M | $1.27B | $1.75B |
| Cuentas por Cobrar | $745.8M | $1.20B | $1.62B | $2.12B | $2.56B | $2.72B | $2.73B | $2.66B | $2.41B | $2.18B |
| Inventario | $387.8M | $476.4M | $817.5M | $1.10B | $1.31B | $1.60B | $1.30B | $1.35B | $1.52B | $1.25B |
| Activos Corrientes | $2.17B | $2.50B | $3.26B | $5.63B | $9.14B | $9.19B | $7.29B | $7.28B | $7.21B | $6.81B |
| Inmovilizado Material | $100.9M | $334.8M | $403.3M | $847.1M | $952.8M | $1.75B | $1.52B | $1.92B | $1.59B | $1.41B |
| Fondo de Comercio | 0 | $13.3M | $13.2M | $13.4M | $13.5M | $397.4M | $331.5M | $312.1M | $362.4M | $274.5M |
| Activos Intangibles | $27.0M | $66.9M | $132.6M | $149.4M | $146.1M | $394.7M | $306.3M | $306.1M | $357.3M | $323.1M |
| Activos Totales | $2.37B | $3.01B | $4.02B | $7.02B | $10.45B | $12.30B | $9.98B | $10.46B | $10.21B | $9.70B |
| Cuentas por Pagar | $526.4M | $590.4M | $887.6M | $867.7M | $420.6M | $493.5M | $467.9M | $562.9M | $620.6M | $466.4M |
| Deuda a Corto | $115.1M | $222.6M | $463.6M | $768.7M | $664.5M | $3.09B | $1.71B | $1.95B | $1.93B | $1.78B |
| Pasivos Corrientes | $796.2M | $1.16B | $1.75B | $2.30B | $2.19B | $4.77B | $3.63B | $3.75B | $3.75B | $3.65B |
| Deuda a Largo | 0 | 0 | $68.8M | $1.84B | $1.76B | 0 | 0 | 0 | 0 | 0 |
| Pasivos Totales | $796.2M | $1.17B | $1.82B | $4.45B | $4.32B | $5.83B | $4.38B | $4.62B | $4.43B | $4.20B |
| Reservas | -$233.9M | -$25.3M | $245.0M | $520.4M | $949.9M | $424.6M | -$224.9M | -$506.0M | -$691.7M | -$934.5M |
| Patrimonio Neto | $1.57B | $1.83B | $2.18B | $2.54B | $6.10B | $4.89B | $4.03B | $4.09B | $3.91B | $3.64B |
| Deuda Total | $115.1M | $222.6M | $532.5M | $2.92B | $2.79B | $3.98B | $2.38B | $2.75B | $2.52B | $2.27B |
| Deuda Neta | -$893.0M | -$390.8M | -$38.3M | $569.9M | -$2.38B | -$719.2M | -$717.4M | -$318.0M | -$392.8M | -$523.4M |
| Capital Circulante | $1.37B | $1.33B | $1.51B | $3.33B | $6.95B | $4.42B | $3.66B | $3.53B | $3.47B | $3.16B |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $1.13B | $1.05B | $1.24B | $1.28B |
| Activos Totales | $9.79B | $9.70B | $9.81B | $9.57B |
| Pasivos Totales | $4.27B | $4.20B | $4.35B | $4.06B |
| Patrimonio Neto | $3.70B | $3.64B | $3.61B | $3.64B |
| Deuda Total | $2.40B | $2.27B | $2.29B | $2.12B |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | $86.6M | $208.9M | $269.7M | $281.3M | $426.0M | -$219.8M | -$653.3M | -$278.4M | -$138.4M | -$199.6M |
| Amortizaciones | $35.9M | $50.6M | $72.2M | $136.7M | $177.0M | $230.6M | $204.4M | $251.6M | $244.9M | $221.7M |
| Compensación en Acciones | $34.2M | $58.2M | $75.9M | $75.2M | $108.4M | $196.5M | $142.4M | $103.4M | $76.3M | $19.9M |
| Cambio en Capital Circulante | -$256.8M | -$599.3M | -$884.4M | -$274.1M | -$66.2M | -$666.0M | -$35.4M | $262.0M | -$266.6M | -$51.8M |
| Flujo de Caja Operativo | $13.4M | -$169.1M | -$98.5M | $301.4M | $310.0M | -$96.1M | $382.6M | $448.3M | $101.3M | $420.4M |
| Inversiones (CapEx) | -$76.1M | -$267.0M | -$123.0M | -$91.3M | -$111.1M | -$285.6M | -$207.0M | -$165.0M | -$208.3M | -$153.8M |
| Adquisiciones | 0 | -$17.0M | 0 | $13.6M | -$100000 | -$208.4M | -$77.7M | -$104.6M | -$63.9M | $4.7M |
| Recompra de Acciones | -$45.3M | 0 | 0 | 0 | 0 | -$1.06B | -$446.6M | 0 | -$95.5M | -$10.2M |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$1.1M | -$1.1M | 0 |
| Flujo de Caja Libre | -$62.7M | -$436.1M | -$221.5M | $210.1M | $199.0M | -$381.7M | $175.6M | $283.2M | -$107.0M | $266.6M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | 0 | $420.4M | 0 | 0 |
| Inversiones (CapEx) | 0 | -$153.8M | 0 | 0 |
| Flujo de Caja Libre | 0 | $266.6M | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $2.0M | $1.1M | $450000 | $4.0M |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +22.4% | +30.0% | +35.0% | +21.6% | +6.2% | -10.6% | +4.9% | +6.9% | +5.6% |
| Crecimiento Beneficio Neto (anual) | | +141.1% | +29.1% | +4.3% | +51.4% | -151.6% | -197.2% | +57.4% | +33.5% | -30.7% |
| Crecimiento BPA (anual) | | +122.4% | +16.3% | +8.0% | +40.1% | -144.9% | -249.0% | +56.2% | +34.0% | -31.1% |
| Cambio en Acciones (anual) | | +7.4% | +1.8% | -0.2% | +6.7% | +13.3% | -15.3% | -2.6% | +0.6% | -3.4% |
| Crecimiento FCF (anual) | | -595.8% | +49.2% | +194.9% | -5.3% | -291.8% | +146.0% | +61.3% | -137.8% | +349.2% |
| Margen Bruto | 27.4% | 34.1% | 38.9% | 38.8% | 36.9% | 36.8% | 40.8% | 44.2% | 47.6% | 50.9% |
| Margen Operativo | 2.7% | 6.2% | 6.6% | 4.2% | 6.3% | 0.1% | 0.4% | -2.3% | -1.2% | 0.8% |
| Margen EBITDA | 3.7% | 7.4% | 7.8% | 7.3% | 7.6% | 1.2% | -3.9% | 0.9% | 2.0% | 0.7% |
| Margen Neto | 2.6% | 5.0% | 5.0% | 3.9% | 4.8% | -2.3% | -7.8% | -3.2% | -2.0% | -2.4% |
| Margen FCF | -1.8% | -10.5% | -4.1% | 2.9% | 2.2% | -4.1% | 2.1% | 3.2% | -1.1% | 2.7% |
| Tasa Impositiva Efectiva | 16.5% | 20.5% | 19.3% | 20.4% | 23.1% | -36.7% | -4.5% | -5.7% | -17.6% | -5.2% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-1.15 | $-7.44 | $-3.71 | $3.53 | $3.13 | $-5.30 | $2.88 | $4.76 | $-1.79 | $4.61 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.02 | $0.02 | $0.00 |
| Acciones en Circulación (Básicas) | $49.9M | $54.0M | $59.7M | $57.9M | $62.4M | $71.8M | $61.0M | $59.4M | $59.8M | $57.8M |
Qué mirar en empresas de Consumer Cyclical
- Margen operativo medio 5a (Media del ciclo) — Mira la media del ciclo, no el año actual (pico o valle).
- Rotación de inventario (≥4x/año) — El retail sano rota inventario rápido. Una caída señala demanda débil.
- ROIC medio 5a (≥12%) — Cíclicas con ROIC medio >12% son ganadoras estructurales.
- Deuda neta / EBITDA (pico) (<3x en valle) — En cíclicas la deuda mata en recesión.
- Current Ratio (>1,5x) — Aguanta 12-18 meses sin caja operativa.
- Altman Z-Score (>2,99 seguro) — Modelo de bancarrota — clave en cíclicas sensibles a recesión.
Rentabilidad
| Rentabilidad sobre capital | -6.64% |
| Rentabilidad sobre capital invertido | 0.96% |
| Rentabilidad sobre activos | -2.50% |
| Margen bruto | 50.87% |
| Margen operativo | 0.75% |
| Margen neto | -2.43% |
Salud financiera
| Deuda / Patrimonio | 0.62 |
| Ratio corriente | 1.87 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 1.46 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 48.21 | 56.65 | 44.67 | 47.44 | 32.91 | -28.85 | -3.42 | -4.16 | -6.42 | -4.59 |
| P/VC | 2.66 | 6.46 | 5.50 | 5.26 | 2.29 | 1.30 | 0.55 | 0.28 | 0.30 | 0.30 |
| P/V | 1.23 | 2.85 | 2.22 | 1.83 | 1.58 | 0.67 | 0.27 | 0.13 | 0.13 | 0.11 |
| Margen Bruto | 27.4% | 34.1% | 38.9% | 38.8% | 36.9% | 36.8% | 40.8% | 44.2% | 47.6% | 50.9% |
| Margen Operativo | 2.7% | 6.2% | 6.6% | 4.2% | 6.3% | 0.1% | 0.4% | -2.3% | -1.2% | 0.8% |
| Margen Neto | 2.6% | 5.0% | 5.0% | 3.9% | 4.8% | -2.3% | -7.8% | -3.2% | -2.0% | -2.4% |