BQ vs BZUN
Boqii Holding Ltd. and Baozun Inc., side by side — 8 fiscal years reported in CNY, drawn from SEC filings.
Most recent reported year
| Metric | BQ | BZUN |
|---|---|---|
| Revenue | CNY 420.5M | CNY 9.9B |
| Net income | CNY -5.1M | CNY -242.1M |
| Gross margin | 26.3% | 74.1% |
| Net margin | −0.4% | −2.0% |
| Return on equity | −2.7% | −6.4% |
| Diluted EPS | −CNY 1.47 | −CNY 1.40 |
| Dividend / share | · | · |
| Payout ratio | · | −9.2% |
| Free cash flow | CNY -30.4M | CNY 313.9M |
| Equity | CNY 188.0M | CNY 3.6B |
| Net debt / equity | −0.09× | 0.08× |
| Current ratio | 3.25× | 1.87× |
| Revenue CAGR 5y | −16.1% | 2.4% |
| Profit CAGR 5y | · | · |
BZUN bills 23.7× the revenue of BQ, and both closed the last reported year at a loss.
The stronger figure of the pair is set in bold. That is arithmetic, not a recommendation — this page does not pick a winner. "·" marks a figure not available in our data.
8 years side by side
| Fiscal year | BQ | BZUN |
|---|---|---|
| FY2025 | CNY 420.5M | CNY 9.9B |
| FY2024 | CNY 468.9M | CNY 9.4B |
| FY2023 | CNY 709.4M | CNY 8.8B |
| FY2022 | CNY 1.1B | CNY 8.4B |
| FY2021 | CNY 1.2B | CNY 9.4B |
| FY2020 | CNY 1.0B | CNY 8.9B |
| FY2019 | CNY 770.2M | CNY 7.3B |
| FY2018 | CNY 803.8M | CNY 5.4B |
Bottom line
| Fiscal year | BQ | BZUN |
|---|---|---|
| FY2025 | CNY -5.1M | CNY -242.1M |
| FY2024 | CNY -54.1M | CNY -185.2M |
| FY2023 | CNY -63.7M | CNY -278.4M |
| FY2022 | CNY -102.8M | CNY -653.3M |
| FY2021 | CNY -128.4M | CNY -219.8M |
| FY2020 | CNY -194.4M | CNY 426.0M |
| FY2019 | CNY -179.0M | CNY 281.9M |
| FY2018 | CNY -234.2M | CNY 269.8M |
8 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | −CNY 9,525,016,000 | BZUN |
| FY2024 | −CNY 8,953,335,000 | BZUN |
| FY2023 | −CNY 8,102,661,000 | BZUN |
| FY2022 | −CNY 7,308,537,000 | BZUN |
| FY2021 | −CNY 8,209,827,000 | BZUN |
| FY2020 | −CNY 7,840,578,000 | BZUN |
| FY2019 | −CNY 6,507,955,000 | BZUN |
| FY2018 | −CNY 4,589,206,000 | BZUN |
BZUN has reported the higher revenue in every one of these 8 fiscal years. The gap has widened since the earliest year compared.
8 of 13 comparable fiscal years — a year missing data on either side is not counted.
8 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | +1.6 pp | BQ |
| FY2024 | −11.0 pp | BZUN |
| FY2023 | −7.2 pp | BZUN |
| FY2022 | −2.4 pp | BZUN |
| FY2021 | −9.0 pp | BZUN |
| FY2020 | −23.9 pp | BZUN |
| FY2019 | −26.7 pp | BZUN |
| FY2018 | −33.8 pp | BZUN |
The higher net margin has changed hands between BQ and BZUN over this period.
8 of 13 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
BQ's net margin has been more volatile than BZUN's over the 8 comparable fiscal years — 8.3 percentage points of standard deviation against 4.1.
8 of 13 comparable fiscal years — a year missing data on either side is not counted.
Year by year
The lead in net margin changed hands between BQ and BZUN over these 8 fiscal years — BQ led in 1 and BZUN in 7.
8 of 13 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
BQ's return on equity has been more volatile than BZUN's over the 5 comparable fiscal years — 29.8 percentage points of standard deviation against 3.8.
5 of 6 comparable fiscal years — a year missing data on either side is not counted.
Year by year
The lead in return on equity changed hands between BQ and BZUN over these 5 fiscal years — BQ led in 1 and BZUN in 4.
5 of 6 comparable fiscal years — a year missing data on either side is not counted.