寶尊電商有限公司* （於開曼群島註冊成立以不同投票權控制的有限責任公司） 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 根據不同投票權架構，我們的股本包括A類普通股及B類普通股。對於提呈我們股東大會的任 何決議案，A類普通股持有人每股可投一票，而B類普通股持有人則每股可投十票，惟法律或 《香港聯合交易所有限公司證券上市規則》（「上市規則」）或我們的組織章程大綱及細則另行規定 者除外。股東及有意投資者務請留意投資不同投票權架構公司的潛在風險。我們的美國存託股 （每股美國存託股代表三股A類普通股）於美國納斯達克全球精選市場上市，股份代號為BZUN。 Baozun Inc. （股份代號：9991） 授出限制性股份單位獎勵 授出限制性股份單位獎勵 寶尊電商有限公司（「本公司」，連同其綜合入賬附屬公司及其關聯併表實體，統 稱「本集團」）謹此宣佈，本公司於2026年3月30日（香港時間）根據本公司2022年 股權激勵計劃（「2022年計劃」）向若干承授人（「承授 ...

Investment Rating - The report maintains a "BUY" rating for Baozun, with a target price raised to US$3.98 from US$3.81, indicating an upside potential of 82.6% from the current price of US$2.18 [2][19]. Core Insights - Baozun's 4Q25 results showed revenue of RMB3.2 billion, a 5.9% year-over-year increase, with non-GAAP net profit attributable to ordinary shareholders reaching RMB159.6 million, significantly up from RMB45.7 million in 4Q24 [1]. - The company aims for a non-GAAP operating profit target of at least RMB550 million by 2028, suggesting a compound annual growth rate (CAGR) of over 64% from 2025 to 2028, driven by margin expansion and strategic synergies between its e-commerce and brand management segments [1][11]. - Baozun's net cash position was approximately US$227 million at the end of 2025, compared to a market capitalization of US$127 million, indicating a strong financial position [1]. Financial Performance Summary - For FY25, Baozun reported revenue of RMB9.945 billion, with a projected revenue growth of 5.6% for FY26 and 5.3% for FY27 [9]. - The operating profit is expected to improve significantly, with projections of RMB181 million for FY26 and RMB356.6 million for FY27, reflecting a turnaround from a loss of RMB114.8 million in FY24 [9][16]. - The adjusted net profit is forecasted to reach RMB148 million in FY26 and RMB298 million in FY27, with a notable increase in profitability margins [9][17]. Segment Performance - Baozun E-commerce (BEC) generated revenue of RMB2.6 billion in 4Q25, up 2.5% year-over-year, with a non-GAAP operating profit increase of 43% year-over-year to RMB196 million [1]. - Baozun Brand Management (BBM) achieved revenue of RMB664 million in 4Q25, a 24% year-over-year increase, and turned a profit of RMB1.8 million compared to a loss of RMB34.2 million in 4Q24 [1][10]. - The gross profit margin for BEC expanded to 7.6% in 4Q25, supported by a 760 basis points increase in gross profit margin to 18.4% [8]. Valuation Metrics - The updated sum-of-the-parts (SOTP) valuation includes RMB1.35 billion for BEC based on a 5.0x 2026E EV/EBIT and RMB759 million for BBM based on a 0.4x 2026E EV/sales [14][15]. - The total equity value is estimated at RMB1.63 billion (approximately US$233 million), with a 60% holding discount applied to the group-level valuation [14][15].

Core Viewpoint - The article emphasizes the focus on value investing in Asia, particularly in Hong Kong, targeting stocks with significant discrepancies between market price and intrinsic value, including deep value balance sheet bargains and wide moat stocks [1] Group 1: Investment Strategy - The research service aims to identify Asia-listed stocks that are undervalued, specifically those that can be categorized as deep value balance sheet bargains, such as net cash stocks and low price-to-book (P/B) ratio stocks [1] - The service also seeks wide moat stocks, which are characterized by their strong competitive advantages and ability to generate earnings power at a discount [1] Group 2: Market Focus - The primary focus is on the Hong Kong market, where the analyst has over a decade of experience in both buy and sell-side roles [1] - The investment group provides monthly updates and watch lists to assist value investors in identifying potential investment opportunities [1]

Group 1 - The article does not provide any relevant content regarding the company or industry [1]

Financial Data and Key Metrics Changes - In Q4 2025, the company's revenue increased by 6% year-over-year to RMB 3.2 billion, while non-GAAP operating profits grew by 91% to RMB 198 million [6][9] - The blended gross margin for product sales expanded to 36.5%, an increase of 640 basis points year-over-year [10] - Operating cash flow more than tripled to RMB 420 million in 2025, representing a 315% year-over-year increase [15] Business Line Data and Key Metrics Changes - E-commerce revenue grew by 2.5% to RMB 2.6 billion, with services revenue increasing by 3.1% to RMB 2 billion, driven by digital marketing and IT solutions [9][10] - Brand management revenue grew by 24% to RMB 664 million, with BBM product sales totaling RMB 663.7 million, also representing a 24% year-over-year growth [9][10] - Gross margin for e-commerce product sales improved to 18.4%, reflecting a 760 basis point increase compared to the previous year [11] Market Data and Key Metrics Changes - The company gained market share in key categories such as luxury, sports, and outdoor, with strong performance in the health and nutrition category [18] - The omni-channel capability remains a core advantage, with 41 awards received in the Tmall ecosystem, including the Tmall Ecosystem Excellence in Service Award [18] Company Strategy and Development Direction - The company aims to amplify progress and accelerate growth over the next three years, focusing on margin expansion, building scale in BBM, and deepening synergies between BEC and BBM [8] - The ambition is to drive non-GAAP operating profit growth to RMB 550 million by 2028, with a focus on sustainable and profitable operations [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's transformation and operational improvements, indicating a shift from rebuilding to scaling [7][8] - The company anticipates a strong start for 2026, with expectations for revenue growth and improved profitability across both BEC and BBM segments [62][63] Other Important Information - The company recognized an investment impairment loss of RMB 230 million, primarily related to previous debt investments in the e-commerce sector [15] - The company is focused on leveraging AI technology to enhance operational efficiency and improve profitability [30][47] Q&A Session Summary Question: Current status of AI workflow transformation and measurable gains in efficiency - Management indicated that AI technology has been leveraged to improve internal efficiency, particularly in creating and uploading digital assets [31][32] Question: Mid to long-term impact of AI on e-commerce and brand management - Management noted that AI is changing consumer behavior and reallocating traffic structure, with ongoing efforts to adapt to these changes [32][42] Question: Business outlook for 2028 and key drivers - Management highlighted that the growth in BBM's profitability and margin expansion in BEC are key drivers for the projected operating profit of RMB 550 million by 2028 [36][37] Question: Latest macro sentiment and expectations for 2026 - Management reported strong performance during the Chinese New Year and March 8 campaigns, with positive expectations for future quarters [40][41] Question: Changes to BBM development strategy for 2026 - Management confirmed that the strategy remains consistent, with increased confidence in BBM's growth and capability improvements [53][55] Question: Growth outlook for 2026 and capital allocation plan - Management expressed confidence in achieving a positive year for net income and expects revenue increases in both BEC and BBM segments [62][63] Question: Update on overseas business development strategy - Management indicated solid progress in international markets, particularly in Southeast Asia, but does not expect significant contributions from international business in the near term [70]

Financial Data and Key Metrics Changes - In Q4 2025, the company's revenue increased by 6% year-over-year to RMB 3.2 billion, while non-GAAP operating profits grew by 91% to RMB 198 million [6][9] - The blended gross margin for product sales at the group level was 36.5%, an expansion of 640 basis points year-over-year [10] - Operating cash flow more than tripled to RMB 420 million in 2025, representing a 315% year-over-year increase [15] Business Line Data and Key Metrics Changes - E-commerce revenue grew by 2.5% to RMB 2.6 billion, with services revenue increasing by 3.1% to RMB 2 billion, driven by digital marketing and IT solutions [9][10] - Brand management revenue grew by 24% to RMB 664 million, with BBM product sales totaling RMB 663.7 million, representing a 24% year-over-year growth [9][10] - BEC's gross margin rose to 18.4%, reflecting a 760 basis point improvement compared to the previous year [11] Market Data and Key Metrics Changes - The company gained market share in key categories such as luxury, sports, and outdoor, with strong performance in the health and nutrition category [18] - The omni-channel capability remains a core advantage, with 41 awards received in the Tmall ecosystem, including the Tmall Ecosystem Excellence in Service Award [18] Company Strategy and Development Direction - The company aims to amplify progress and accelerate growth over the next three years, focusing on expanding margins, building scale, and deepening synergies between BEC and BBM [8] - The ambition is to drive non-GAAP operating profit to RMB 550 million by 2028, with a focus on value and margin expansion [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's transformation and operational improvements, indicating a shift from rebuilding to scaling [7][8] - The company is optimistic about the 2026 outlook, expecting double the non-GAAP operating profits compared to 2025 [63] Other Important Information - The company recognized an investment impairment loss of RMB 230 million, primarily related to previous debt investments in the e-commerce sector [15] - The company is focused on leveraging AI technology to enhance operational efficiency and improve profitability [30][47] Q&A Session Summary Question: Current status of AI workflow transformation and measurable gains in efficiency - Management indicated that AI technology has been leveraged to improve internal efficiency, particularly in creating and uploading digital assets [31][32] Question: Mid to long-term impact of AI on e-commerce and brand management - Management noted that AI is changing consumer behavior and reallocating traffic structure, with ongoing monitoring of trends [32][42] Question: Business outlook for 2028 and key drivers - Management highlighted that the growth in BBM's profitability and margin expansion in BEC are key drivers for the projected operating profit of RMB 550 million by 2028 [36][37] Question: Latest macro sentiment and expectations for 2026 - Management reported strong performance during the Chinese New Year and March 8 campaigns, with promising momentum expected in future quarters [40][41] Question: Growth expectations for Gap China and long-term vision - Management expects continued growth for Gap China, with plans to open more than 50 stores and maintain a growth rate of around 20% [44][45]

Financial Data and Key Metrics Changes - In Q4 2025, total revenue increased by 6% year-over-year to RMB 3.2 billion, with non-GAAP operating profits growing by 91% to RMB 198 million [6][10][14] - The blended gross margin for product sales expanded to 36.5%, a 640 basis point increase year-over-year, with gross profit rising by 35.9% to RMB 451.5 million [11][12] - Operating cash flow more than tripled to RMB 420 million in 2025, representing a 315% year-over-year increase [16] Business Line Data and Key Metrics Changes - E-commerce revenue grew by 2.5% to RMB 2.6 billion, while brand management revenue surged by 24% to RMB 664 million [10] - BEC product sales revenue increased by 0.5% to RMB 574.5 million, driven by health and nutrition category growth [11] - BBM product sales totaled RMB 663.7 million, reflecting a 24% year-over-year growth, primarily due to strong performance from the Gap brand [11] Market Data and Key Metrics Changes - BEC's gross margin rose to 18.4%, a record high, driven by category mix optimization [18] - BBM's gross margin improved to 52.1%, up from 50.4% a year ago, indicating effective merchandising and marketing initiatives [12][24] Company Strategy and Development Direction - The company aims to shift focus from rebuilding to scaling, with a target of achieving non-GAAP operating profit growth to RMB 550 million by 2028 [9] - Strategic initiatives include expanding BEC's margin, building scale in BBM, and enhancing synergies between BEC and BBM [9][21] - The company is committed to leveraging AI technology to improve operational efficiency and enhance service offerings [50] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's transformation and growth trajectory, highlighting a successful completion of the initial phase of transformation [6][9] - The company anticipates a strong performance in 2026, with expectations for continued revenue growth and improved profitability [64][66] Other Important Information - The company recognized an investment impairment loss of RMB 230 million, reflecting a strategic focus on developing the brand management business [16] - The company received multiple awards in the Tmall ecosystem, affirming its leadership in execution strength across major platforms [20] Q&A Session Summary Question: Current status of AI workflow transformation and measurable gains in efficiency - Management indicated that AI technology has been leveraged to improve internal efficiency, particularly in digital asset management, but clear top-line impacts are still being defined [31][33] Question: Mid to long-term impact of AI on e-commerce and brand management - Management noted that AI is changing consumer behavior and is focused on enhancing operational efficiency, with no current partnerships with leading AI firms [40][44] Question: Growth expectations for Gap China and long-term vision - Management expects continued growth for Gap China, with plans to open over 50 stores and maintain a growth rate of around 20% in 2026 [46] Question: Impact of macroeconomic changes on operational strategies - Management stated that recent regulatory changes have not significantly affected day-to-day operations, and brands are diversifying strategies across platforms [52][54] Question: Development strategy for BBM in 2026 - Management confirmed that the strategy remains consistent, with increased confidence in BBM's growth and profitability, particularly for the Gap brand [56] Question: Capital allocation plan and shareholder returns - Management emphasized a focus on improving operational aspects to achieve positive net income for shareholders, with expectations for revenue increases in both BEC and BBM segments [60][64]

Financial Performance - Total net revenue for the year was RMB 9,945.5 million (USD 1,422.2 million), an increase of 5.6% year-over-year[5] - Service revenue for the year was RMB 6,095.9 million (USD 871.7 million), up 2.4% year-over-year[5] - Operating profit for the year was RMB 56.6 million (USD 8.1 million), compared to an operating loss of RMB 114.8 million in 2024[5] - Net loss attributable to Baozun's ordinary shareholders was RMB 242.1 million (USD 34.6 million), compared to a net loss of RMB 185.2 million in 2024[6] - Non-GAAP operating profit for the year was RMB 126.2 million (USD 18.0 million), compared to RMB 10.6 million in 2024[6] - Basic and diluted net loss per American Depositary Share (ADS) was RMB 4.19 (USD 0.60), compared to RMB 3.09 in 2024[6] - Non-GAAP diluted net profit per ADS was RMB 0.76 (USD 0.11), while in 2024 it was a loss of RMB 0.67[6] - Revenue for the fiscal year ending December 31, 2024, is projected to increase by 5.6% to RMB 9,945.5 million, primarily driven by a 25.2% increase in brand management revenue[40] - Revenue for 2025 increased by 5.6% to RMB 9,945.5 million, driven by growth in e-commerce and brand management[61] Assets and Liabilities - Cash, cash equivalents, restricted cash, and short-term investments totaled RMB 2,795.3 million (USD 399.7 million) as of December 31, 2025[6] - Total assets as of December 31, 2025, were RMB 9,691.1 million (USD 1,385.8 million)[9] - Total liabilities as of December 31, 2025, were RMB 4,199.5 million (USD 600.5 million)[9] - Total liabilities and redeemable non-controlling interests amounted to RMB 10,207,001 in 2024, decreasing to RMB 9,691,116 in 2025[10] - The company has short-term bank borrowings of RMB 1,220,957 million in 2024 and RMB 1,207,773 million in 2025, with available credit facilities of RMB 2,392,874 million and RMB 2,104,545 million respectively[36] - Accounts payable is expected to decrease from RMB 620,679 million in 2024 to RMB 466,081 million in 2025[34] Revenue Projections - Total net revenue for 2023 was RMB 8,812,013, expected to grow to RMB 9,422,229 in 2024 and RMB 9,945,483 in 2025, representing a CAGR of approximately 6.4%[12] - Product sales for 2023 were RMB 3,357,202, projected to increase to RMB 3,466,928 in 2024 and RMB 3,849,559 in 2025, indicating a growth of 14% from 2024 to 2025[12] - Revenue from e-commerce services for the year ending December 31, 2023, is RMB 5,528,901, expected to grow to RMB 6,070,699 in 2024 and RMB 6,261,439 in 2025, indicating a compound annual growth rate (CAGR) of about 6.5%[22] - Revenue from brand management services is projected to increase from RMB 1,264,987 in 2023 to RMB 1,469,561 in 2024, and further to RMB 1,841,645 in 2025, reflecting a growth rate of approximately 16% year-over-year[22] - The company’s revenue from digital marketing and IT solutions is expected to rise from RMB 1,735,776 in 2023 to RMB 2,120,944 in 2024, and RMB 2,301,523 in 2025, indicating a significant growth trajectory[22] Loss and Expenses - The company reported a net loss of RMB (222,776) for 2023, with expected losses of RMB (138,384) in 2024 and RMB (199,580) in 2025[14] - Other comprehensive loss for 2023 was RMB (206,203), with a forecasted total comprehensive loss of RMB (212,286) in 2025[15] - The company reported a significant goodwill impairment of RMB 20,742 thousand for 2024, with a substantial increase to RMB 229,359 thousand in 2025, translating to USD 32,797 thousand[106] - Sales and marketing expenses increased by 13.8% to RMB 3,847.2 million, driven by increased digital marketing contributions[66] Strategic Initiatives - The company plans to enhance its service revenue, which was RMB 5,454,811 in 2023, projected to reach RMB 6,095,924 by 2025[12] - The company is actively engaged in expanding its service offerings and enhancing its technological capabilities to maintain competitive advantages in the e-commerce sector[22] - The company has established a comprehensive e-commerce solution framework, including services such as online store design, visual marketing, and logistics, which are critical for its growth strategy[22] - The company aims to achieve an annual non-GAAP operating profit of at least RMB 550 million by 2028[59] Shareholder Information - The board does not recommend any final dividends for the fiscal years ending December 31, 2024, and 2025[37] - A total of 2,533,803 shares have been canceled as of 2025, reflecting ongoing capital management efforts[38] - The company announced a share repurchase plan of up to $20 million over the next 12 months, having repurchased shares worth $13.3 million and $1.4 million in 2024 and 2025 respectively[38] Compliance and Governance - The audit committee reviewed the annual financial performance and confirmed compliance with relevant accounting standards and regulations[97] - The company emphasizes the use of non-GAAP financial measures to assess operational performance, excluding non-cash expenses such as share-based compensation and intangible asset amortization from acquisitions[100][101] - The company encourages a comprehensive review of its financial data rather than relying on a single financial metric, highlighting the limitations of non-GAAP measures[103]

4Q 2025 Earnings Presentation This presentation does not constitute an offer to sell or issue or solicitation of an offer to buy or acquire securities of Baozun Inc. (the "Company") in any jurisdiction or an inducement to enter into investment activity, nor may it or any part of it form the basis of or be relied on in connection with any contract or commitment whatsoever. This presentation does not contain all relevant information relating to the Company or its securities, particularly with respect to the r ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 根據不同投票權架構，我們的股本包括A類普通股及B類普通股。對於提呈我們股東大會的任 何決議案，A類普通股持有人每股可投一票，而B類普通股持有人則每股可投十票，惟法律或 《香港聯合交易所有限公司證券上市規則》或我們的組織章程大綱及細則另行規定者除外。股東 及有意投資者務請留意投資不同投票權架構公司的潛在風險。我們的美國存託股（每股美國存 託股代表三股A類普通股）於美國納斯達克全球精選市場上市，股份代號為BZUN。 Baozun Inc. 寶尊電商有限公司* （於開曼群島註冊成立以不同投票權控制的有限責任公司） （股份代號：9991) 2025年第四季度及2025年財政年度業績公告 我們謹此宣佈截至2025年12月31日止第四季度及財政年度的未經審計財務業績 （「業績」）。業績於香港聯合交易所有限公司網站www.hkexnews.hk及我們的網 站www.baozun.com可供查閱。 承董事會命 寶尊電商有 ...