| Related party transactions |
19. Related party transactions The table below sets forth the major related parties and their relationships with the Group as of December 31, 2025: Name of related parties | | Relationship with the Group | Beijing Pengtai Baozun E-commerce Co., Ltd. (“Pengtai”) | | Equity method investee of the Group | | | | Hangzhou Juxi Technology Co., Ltd. (“Juxi”) | | Equity method investee of the Group | | | | Jiangsu Shanggao Supply Chain Co., Ltd. (“Shanggao”) | | Equity method investee of the Group | | | | Signify Lighting Technology (Shanghai) Co., Ltd. (“Signify”) | | Equity method investee of the Group | | | | Laifeng Brand Management (Shanghai) Co., Ltd. (“Laifeng”) | | Equity method investee of the Group | | | | Jiangsu Creaway Supply Chain Management Co., Ltd. (“Creaway Group”) | | Non-controlling shareholder of BolTone, one subsidiary of the Group | | | | Changsha Benwei Fresh Food Brand Management Co., Ltd. (“Benwei”) | | Equity investee of the Group | | | | Aoxue Culture Communication (Beijing) Co., Ltd. (“AX”) | | Equity investee of the Group | | | | Sesame Blooming Limited (“Sesame”) | | Equity investee of the Group |
(a) The Group entered into the following transactions with its related parties: | | | | | | | | | For Year Ended December 31, | | | 2023 | | 2024 | | 2025 | | | RMB | | RMB | | RMB | Revenue derived from: | | | | | | | Product sales revenue generated from Alibaba Group(1) | | 8,607 | | 2,779 | | — | Warehousing service revenue generated from Alibaba Group(1) | | 70,566 | | 50,553 | | — | Store operation service revenue generated from Alibaba Group(1) | | 5,728 | | 2,210 | | — | IT service revenue generated from Pengtai | | — | | — | | 163 | Store operation service revenue generated from Pengtai | | 5,232 | | 2,079 | | — | Store operation service revenue generated from Signify | | 6,493 | | 3,942 | | 1,507 | Store operation service revenue generated from Kewei(1) | | 2,985 | | — | | — | Logistic service revenues collected by Creaway Group | | 12,814 | | 10,926 | | 558 | Logistic service revenues generated from Creaway Group | | 1,363 | | 18,180 | | 9,333 | Store operation service revenue generated from Aoxue | | 1,522 | | 2,771 | | 2,478 | Store operation service revenue generated from Benwei | | 5,375 | | 1,477 | | — | Others | | 1,210 | | 192 | | — | | | 113,288 | | 92,330 | | 14,039 | | | | | | | | Service fees: | | | | | | | Marketing and platform service fees paid to Alibaba Group | | 278,938 | | 167,356 | | — | Logistic service fees paid to Alibaba Group | | 38,373 | | 7,153 | | — | Outsourcing labor cost paid to Juxi | | 6,493 | | 203 | | — | Marketing and platform service fees paid to Kewei(1) | | 16,337 | | — | | — | Logistic service expenses advanced by Creaway Group | | 1,330 | | 647 | | 390 | Logistic service expenses paid to Creaway Group | | 2,902 | | 5,429 | | 7,307 | Logistic service expenses paid to BBD(1) | | 718 | | — | | — | IT service fees paid to Alibaba Group | | 12,755 | | 4,860 | | — | Others | | 4,586 | | 1,418 | | — |
(b) The Group had the following balances with its related parties: | | | | | | | As of December 31, | | | 2024 | | 2025 | | | RMB | | RMB | Amounts due from Signify | | 1,383 | | 57 | Amounts due from Creaway Group | | 4,610 | | 5,809 | Amounts due from Aoxue | | 1,023 | | 365 | Amounts due from Benwei | | 2 | | 2 | Others | | 3 | | 2 | Total amount due from related parties | | 7,021 | | 6,235 | | | | | | Amounts due to Creaway Group | | 3,124 | | 1,087 | Others | | 2,245 | | 445 | Total amount due to related parties | | 5,369 | | 1,532 |
(1)Alibaba Group Holding Limited (“Alibaba Group”) was previously the ordinary shareholders of the Company, who held approximately 14.4% of the total number of issued shares of the Company. On May 30, 2024, Alibaba Group sold these shares to Champion Kerry via a share sales and purchase agreement and then ceased to be a related party of the Group, while Champion Kerry became a related party of the Group since then. Shanghai Kewei E-commerce Co., Ltd. (Kewei) became our related party as an e-commerce joint venture in June 2020. The Company disposed its investment in Kewei in April 2025, and Kewei was no longer a related party of the Company as of December 31, 2025. Baobida IOT Technology (Suzhou) Co., Ltd. (BBD) became our related party as an associate in July 2022. The Company disposed its investment in BBD in June 2025, and BBD was no longer a related party of the Company as of December 31, 2025.
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