A number of brokerage firms raised profit expectations and target prices for BZUN.US (BZUN.US) to be optimistic about the room for business improvement and AI efficiency

The Zhitong Finance App learned that after Baozun E-Commerce (BZUN.US,09991) released its financial report for the second quarter of 2026, many brokerage firms such as Citibank, CITIC Lyon, and CMB International made positive adjustments to the company's investment ratings, profit forecasts, or target prices.

According to financial reports, Baozun's total net revenue for the second quarter increased 7% year-on-year to 2.7 billion yuan, and non-GAAP operating profit reached 74 million yuan. E-commerce business revenue increased 5% year over year to 2.3 billion yuan, and non-GAAP operating profit reached 107 million yuan, the highest in the second quarter since 2022; brand management revenue increased 22% year over year to 486 million yuan, and operating losses narrowed further. The company also raised its 2028 non-GAAP operating profit target from 550 million yuan to 700 million yuan.

Citi maintained Baozun's “buy” rating, raised its target price from $4.50 to $5.30, and raised the company's non-GAAP net profit forecast for 2026 to 2028 by 36%, 40%, and 30%, respectively. Citi believes that the profit improvements in the two major business segments, the efficiency improvements brought about by AI, and the increase in medium- to long-term profit targets have provided further support for the company's profit growth.

CITIC Lyon (CLSA) raised Baozun's rating to “outperform the market”, raised the target price from $3.20 to $3.80, and raised the adjusted net profit forecast for 2026 and 2027 by 20%, respectively. The agency mainly focuses on Baozun service business growth, e-commerce business profitability improvement, and operational efficiency improvements brought about by AI and automation applications.

CMB International, on the other hand, maintained Baozun's “buy” rating, raised the target price from $3.98 to $4.23, and raised the company's non-GAAP operating profit forecast for 2026 to 2028, mainly based on improved revenue prospects and continued improvement in operating efficiency.

A number of brokerage firms concentrated on raising Baozun's profit forecasts and target prices after the financial report was released, reflecting that the capital market is paying more attention to releasing profits from its e-commerce business, improving its brand management business, and improving AI efficiency. In the future, whether AI and automation can move further from pilot to large-scale application and transform into continuous, quantifiable efficiency and profit increases will become an important dimension for observing Baozun's medium- to long-term value.