Baozun Inc. (BZUN) AI Dilution Summary

Cash was $175,913,000 at the 2026-06-30 balance-sheet date. Since then, the filings show cash going out on share buybacks rather than capital coming in. Baozun repurchased Class A ordinary shares on the Nasdaq Global Select Market for $43,577.55 on 2026-09-28, $44,557.11 on 2026-09-29, $46,129.42 on 2026-09-30 and $45,150.97 on 2026-10-01, and holds them as treasury shares.