---
title: "Earnings Deep Dive | Baozun FY2021 — GMV ¥71.1B (+28%), First Net Loss"
author: "Unique Research"
sourcePublication: "Unique Research (FFCAP English library)"
originalPublishedAt: "2022-04-29T15:24:35+08:00"
canonical: "https://ffcap.cn/en/research/20220429a061e000"
source: "https://ffcap.cn/en/research/20220429a061e000"
language: "en"
cnSourceUrl: "https://view.inews.qq.com/a/20220429A061E000"
---

# Earnings Deep Dive | Baozun FY2021 — GMV ¥71.1B (+28%), First Net Loss

_Unique Research · Insight / Earnings · April 29, 2022 · Full rewrite — not a stub_

China’s largest TP ecom services firm **Baozun (宝尊电商)** FY2021: GMV **¥71.054B** (+27.6%), rev ¥9.396B, NI −¥220M (ops profit still +¥7M), GM 65.1%. Hundreds of brands (Nike, Samsung, ZARA…). Distribution GMV ¥4.336B (flat); non-distribution (agency) GMV ¥66.718B (+29.9%). Fee mix: fixed + commission under non-distribution. Channel + brand diversification thesis; first net loss amid higher opex and external headwinds. Charts in CN images — attach on ingest.

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Editorial English edition published on UniqueCapital: https://ffcap.cn/en/research/20220429a061e000
On-site reading page: https://ffcap.cn/en/research/20220429a061e000