BZUN: financial statements from SEC

Income statement

Metric	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022
Revenue	9.95bn	9.42bn	8.81bn	8.40bn
Cost of revenue	2.58bn	2.47bn	2.41bn	2.26bn
Selling, general and administrative	752m	719m	856m	371m
Operating expenses	9.89bn	1.31bn	9.02bn	8.37bn
Operating income	57m	−115m	−206m	33m
Pre-tax income	−201m	−93m	−217m	−580m
Income tax	10m	3m	12m	26m
Net income	−242m	−185m	−278m	−653m
Earnings per share	−1.40	−0.14	−1.56	−3.56
Earnings per share, diluted	−1.40	−0.14	−1.56	−3.56

Metric	Aug 19, 2026	Aug 18, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Cash and equivalents	—	—	907m	1.29bn	2.15bn	2.14bn	4.70bn
Short-term investments	—	—	1.75bn	174m	721m	—	—
Receivables	—	—	2.17bn	279m	2.18bn	—	—
Inventory	—	—	879m	1.12bn	1.05bn	—	—
Current assets	—	—	6.80bn	7.21bn	7.29bn	—	—
Property, plant and equipment	—	—	759m	113m	851m	—	—
Goodwill	—	—	274m	50m	312m	—	—
Total assets	—	—	9.69bn	1.40bn	10.47bn	—	—
Current liabilities	—	—	3.65bn	3.75bn	3.76bn	—	—
Short-term debt	—	—	1.21bn	1.22bn	1.12bn	—	—
Total liabilities	—	—	4.20bn	4.43bn	4.62bn	—	—
Equity	—	—	3.64bn	3.91bn	4.10bn	4.24bn	5.06bn
Treasury shares	—	—	13m	14m	0	—	—

Metric	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022
Operating cash flow	420m	101m	448m	383m
Depreciation and amortisation	222m	245m	252m	197m
Share-based compensation	20m	10m	103m	142m
Capital expenditure	107m	18m	165m	207m
Investing cash flow	−899m	−112m	−340m	−1.31bn
Dividends paid	22m	148,000	1m	0
Share buybacks	10m	13m	0	447m
Financing cash flow	−107m	−20m	−8m	−1.65bn