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BaozunHKSE:09991 -2.53%84 Operating Margin % is 2.31% as of Jun. 2026, which is 35% above its 10-year median of 1.71. GuruFocus rates HKSE:09991 with a GF Score™ of 84/100 and a GF Value™ of HK$8.51 (Modestly Undervalued). The stock has 1 warning sign investors should review. Among 1,126 Retail - Cyclical companies, Baozun ranks worse than 61.99% on this metric.
Operating Margin % is calculated as Operating Income divided by its Revenue. Baozun's Operating Income for the
three
months ended in Jun. 2026 was HK$73 Mil. Baozun's Revenue for the
three
months ended in Jun. 2026 was HK$3,173 Mil. Therefore, Baozun's Operating Margin % for the quarter that ended in Jun. 2026 was 2.31%.
The historical rank and industry rank for Baozun's Operating Margin % or its related term are showing as below:
HKSE:09991'
s Operating Margin % Range Over the Past 10 Years
Min: -1.94 Med: 1.71 Max: 6.6
Current: 2.22
HKSE:09991's Operating Margin % is ranked worse than 61.99% of 1126
companies
in the Retail - Cyclical industry
Industry Median: 4.08
vs HKSE:09991: 2.22
Baozun's 5-Year Average Operating Margin % Growth Rate was 0.00% per year.
Baozun's Operating Income for the
three
months ended in Jun. 2026 was HK$73 Mil.
Its Operating Income for the trailing twelve months (TTM) ended in Jun. 2026 was HK$260 Mil.
Just like Gross Margin %, it is important to see a company maintains its operating margin over time. Among the same industry, a company with higher operating margin is more efficient in its operation. It is also more stable during industry slowdown or recessions. Peter Lynch prefers those with higher margins than those with lower margins.
Be Aware
Operating Margin % can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).
If a company is facing competition, its Operating Margin % may decline. Often the Operating Margin % declines well before the company's Revenue or even profit decline. Therefore, Operating Margin % is a very important indicator of whether the company is facing problems.
For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokias Operating Margin % had already been in decline since 2002, although its Earnings per Share (Diluted) were still rising. Investors who paid attention to Operating Margin % would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).
Therefore, Operating Margin % is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.
Baozun Operating Margin % Related Terms
Baozun Operating Margin % Historical Data
* Premium members only.
The historical data trend for Baozun's Operating Margin % can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
HKSE:09991 vs ZHJD, WNW, HOUR: Operating Margin % Comparison
For the Internet Retail subindustry, Baozun's Operating Margin %, along with its competitors' market caps and Operating Margin % data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Baozun Operating Margin % vs Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Baozun's Operating Margin % distribution charts can be found below:
* The bar in red indicates where Baozun's Operating Margin % falls into.
Operating Margin % - also known as operating income margin, operating profit margin and return on sales (ROS) - is the ratio of Operating Income divided by net sales or Revenue, usually presented in percent.
Baozun's Operating Margin % for the fiscal year that ended in Dec. 2025 is calculated as
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Baozun (HKSE:09991) has a Operating Margin % of 2.31% as of Jun. 2026. Operating margin is the ratio of total operating income to net sales. View historical data on Baozun and its competitors. This is 35% above median its historical median of 1.71. According to the industry distribution chart, Baozun ranks #698 out of 1126 companies in the Retail - Cyclical industry, placing it in the top 62%.
Is Baozun's Operating Margin % too high?
Baozun's current Operating Margin % of 2.31% is 35% above median its 10-year median of 1.71. The Retail - Cyclical industry median Operating Margin % is 4.08. Baozun's value of 2.31% is 43.4% below this industry median. Based on the distribution chart, Baozun ranks #698 out of 1126 companies in the Retail - Cyclical industry, which is below the industry midpoint. Overall, Baozun has a GF Score™ of 84/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Baozun's Operating Margin % compare to ZHJD and WNW?
According to the Retail - Cyclical industry distribution chart, Baozun ranks #698 out of 1126 companies for Operating Margin %. This places Baozun in the lower half of its industry. The industry median Operating Margin % is 4.08. Baozun's value of 2.31% is 43.4% below this benchmark. While the company's 10-year median is 1.71 vs. the industry median of 4.08, Baozun has consistently been below the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Operating Margin % for a Retail - Cyclical company?
The median Operating Margin % among Retail - Cyclical companies is 4.08, based on 1,126 companies in the industry. Companies in the top quartile (top 25%) have a Operating Margin % significantly above this median, while those in the bottom quartile fall well below. However, Operating Margin % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Baozun's current Operating Margin % of 2.31% is 43.4% below the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Operating Margin % mean?
A high Operating Margin % can signal that a stock is expensive relative to its fundamentals. Operating margin is the ratio of total operating income to net sales. View historical data on Baozun and its competitors. For the Retail - Cyclical industry, the median Operating Margin % is 4.08 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Baozun's current Operating Margin % is 2.31%, which is 35% above median its own 10-year median of 1.71. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Baozun stock overvalued right now?
Based on GuruFocus' analysis, Baozun (HKSE:09991) is currently considered Modestly Undervalued. The stock's GF Value™ is HK$8.51, compared to a current price of HK$7.52 — trading 11.7% below its estimated fair value. The current Operating Margin % is 2.31%, which is 35% above median its 10-year median of 1.71 and 43.4% below the Retail - Cyclical industry median of 4.08. Baozun's overall GF Score™ is 84/100 with 1 warning sign to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Operating Margin % calculated?
Operating Margin % is calculated from a company's financial statements. For Baozun (HKSE:09991), the current Operating Margin % is 2.31% as of Jun. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Baozun (HKSE:09991) Overvalued in 2026?
Based on GuruFocus' analysis, Baozun stock appears to be undervalued.
The current stock price of HK$7.52 is trading 11.7% below its estimated GF Value™ of HK$8.51.
GuruFocus considers Baozun to be Modestly Undervalued.
Key valuation signals for HKSE:09991:
Operating Margin %: 2.31% (35% above median its 10-year median of 1.71)
GF Value™: HK$8.51 vs. price of HK$7.52 (11.7% below fair value)
Industry Position: 43.4% below the Retail - Cyclical median (#698 of 1126)
No single metric tells the full story. See the HKSE:09991 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Baozun Inc is engaged to provide its customers with end-to-end e-commerce solutions including the sales of apparel, home and electronic products, online store design and setup, visual merchandising and marketing, online store operations, customer services, warehousing and order fulfillment, as well as the holistic brand management, including tactic positioning, branding and marketing, retail and e-commerce operations, supply chain and logistics, and technology empowerment. It has two operating segments: E-Commerce (encompassing BEC and BZI) and Brand Management (representing BBM). The company generates maximum of its revenue from E-Commerce (encompassing BEC and BZI) segment.
84GF Score
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