以上内容基于公开资料整理，不构成投资建议。 经济观察网宝尊电商-W(09991.HK)近7日(2026年2月20日至27日)股价波动显著，成为市场关注热点。根 据实时行情数据，截至2026年2月27日收盘，股价报7.08港元，单日下跌5.47%；近5个交易日累计上涨 1.14%，但区间振幅达12.43%，显示短期波动加剧。关键交易日中，2月26日股价大幅上涨7.31%至7.49 港元，但次日回调，资金面显示2月27日成交清淡，净流出710港元。整体来看，股价在低位震荡，技术 指标如MACD柱状图转正，但基本面仍承压。 ...

随着电商行业竞争进入存量博弈与精细化运营阶段，品牌方对专业化、数据驱动的淘宝代运营需求持续攀升。选择一家具备深厚经验、可靠技术及卓越服务 能力的代运营伙伴，已成为商家实现可持续增长的核心决策。为向广大电商商家提供客观、严谨的决策参考，我们基于EEAT（经验、专业、权威、可信） 核心框架，对市场主流淘宝代运营服务商进行了系统性量化评估。 专业技术与数据驱动能力（权重25%）：权重理由：在算法主导的电商环境中，精细化运营依赖于对平台规则、流量算法及用户数据的深度理解。技术能力 直接决定推广ROI、流量成本及运营效率，是核心价值产出环节。 服务覆盖度与定制化能力（权重25%）：权重理由：不同规模、不同阶段的商家需求差异巨大。服务商能否提供从"直通车单点优化"到"全店全域代运营"的 弹性服务矩阵，并针对商家痛点定制策略，是衡量其服务适配性的关键。 市场口碑与信任背书（权重20%）：权重理由：行业存在信息不对称，第三方客户评价、长期合作续约率及行业声誉是验证服务商承诺兑现能力、经营稳定 性和商业诚信的重要外部指标。 二、逐项剖析：五大服务商核心画像 1. 落日雁团队（广东碧欧科技有限公司）亮点解析：在经验与实操案例深度 ...

Company Performance - The company reported a total net revenue growth of 5% year-on-year to 2.2 billion yuan in Q3 2025, with a narrowing operating loss under non-GAAP standards [1] - The e-commerce business turned profitable during the off-season, while the brand management business saw a revenue increase of 20% year-on-year [1] - Despite the improvement in Q3 2025, the company has faced continuous losses from 2021 to 2024, leading to market skepticism regarding its sustainable profitability [1] Industry and Risk Analysis - The e-commerce industry is experiencing a peak in traffic dividends, resulting in rising customer acquisition costs; sales and marketing expenses increased from 2.55 billion yuan in 2021 to 3.381 billion yuan in 2024, with 2025 H1 expenses reaching 1.738 billion yuan, a 13% year-on-year increase [2] - High marketing costs are identified as a common challenge across the industry [2] Market Conditions - From February 12 to 16, 2026, the average daily trading volume in the Hong Kong stock market was approximately 5.7 billion HKD, with a turnover rate close to 0%, indicating low market participation [3] - The online retail sector declined by 0.55% during the same period, influenced by fluctuations in the Hang Seng Index [3] Institutional Perspectives - In February 2026, 75% of institutional views rated the stock as "buy or hold," with a target average price of 9.54 HKD; however, there is a divergence in profit forecasts [4] - The projected net profit for Q3 2025 is estimated at -15.3 million HKD, reflecting a 24.03% year-on-year improvement, but it remains a loss [4] Future Developments - In February 2026, the subsidiary Luoke Xun received "Diamond Service Provider" certification from Douyin E-commerce, with support from local government; however, stock price increases were limited and trading volume remained low, indicating a muted market response [5] - The brand management business needs to achieve profitability through economies of scale, but competition in the offline fashion industry is intense, and the effectiveness of the transformation requires time to validate [6]

Group 1 - The latest stock price of Baozun E-commerce (09991.HK) is HKD 7.09, with a 5-day increase of 4.11%, while its US stock (BZUN.OQ) is priced at USD 2.72, reflecting a 5-day increase of 3.42% [2] - Recent stock price fluctuations indicate market attention towards the company's business developments, although low trading volume suggests weak liquidity [2] Group 2 - Baozun's subsidiary, Luoke Xun, received the "Diamond Service Provider" certification from Douyin E-commerce on February 6, 2026, highlighting its leading capabilities in content marketing, influencer resources, and full-link operations [3] - On the same day, Baozun was awarded the "2025 China Consumer Annual Business Value Service Institution" by Yicai, emphasizing its integration of AI and data capabilities to enhance brand decision-making efficiency [3] - On February 10, 2026, a delegation led by Xu Jing, Deputy Secretary of the Jing'an District Committee, visited Baozun E-commerce, recognizing its practice of integrating party leadership with business development, showcasing government support for the company's growth [3]

Core Insights - The company Baosheng E-commerce's subsidiary, Luokexun, has received the "Diamond Service Provider" certification from Douyin E-commerce, highlighting its leading capabilities in content marketing, influencer resources, and full-link operations [2] - Luokexun was also awarded the "2025 China Consumer Annual Business Value Service Institution" by Yicai, emphasizing its integration of AI and data capabilities to enhance brand decision-making efficiency [2] - Local government support was demonstrated when the deputy secretary of the Jing'an District Committee visited the company, acknowledging its practice of integrating party leadership with business development [3] Business Progress - On February 6, 2026, Luokexun was recognized as a "Diamond Service Provider" by Douyin E-commerce, showcasing its strengths in various operational aspects [2] - The company received the "2025 China Consumer Annual Business Value Service Institution" award, which underscores its commitment to leveraging AI and data for improved service delivery [2] Recent Events - A visit from the Jing'an District Committee's deputy secretary on February 10, 2026, reflected local government support for the company's business practices and development [3] Stock Performance - As of February 11, 2026, Baosheng E-commerce's Hong Kong stock (09991.HK) was priced at 7.09 HKD, with a 5-day increase of 4.11%, while its US stock (BZUN.OQ) was priced at 2.72 USD, with a 5-day increase of 3.42% [4] - The recent stock price movements are linked to the company's business developments, although low trading volumes indicate weak liquidity [4]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 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公司) 呈交日期: 2026年2月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 不同投票權架構公司普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09991 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | | 法定/註冊股本 | | | 上月底結存 | | | 470,000,000 | USD | | 0.0001 | USD | | 47,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 470,000,000 | USD | | 0.0001 | USD | ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 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公司) 呈交日期: 2026年1月6日 I. 法定/註冊股本變動 | 1. 股份分類 | 不同投票權架構公司普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09991 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 470,000,000 | USD | | 0.0001 USD | | | 47,000 | | 增加 / 減少 (-) | | | | | | USD | | | | | 本月底結存 | | | 470,000,000 | USD | | 0.0001 ...

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。 （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） 董事名單及其角色與職能 寶尊電商有限公司（「本公司」）董事會（「董事會」）成員載列如下。 董事 仇文彬先生 （主席兼首席執行官） 吳駿華先生 王俊博士 余濱女士 獨立董事 Yiu Pong Chan先生 Steve Hsien-Chieng Hsia先生 葉長青先生 Baozun Inc. 寶尊電商有限公司* 1 | | ...

Core Viewpoint - The recent trend of foreign brands selling their Chinese operations highlights the necessity for deep localization to revitalize brand growth in the Chinese market [3][4]. Group 1: Foreign Brand Acquisitions - Starbucks China was sold to Boyu Capital, and Burger King China was acquired by CPE Yuanfeng, indicating a growing trend of foreign brands divesting their Chinese operations [1][2]. - Anta has become an experienced player in acquisitions, and in early 2023, Baozun completed the acquisition of GAP's China business, joining the ranks of local companies reshaping foreign brands [3]. Group 2: Operational Challenges and Solutions - GAP China faced over 40 complex operational systems that were not interconnected, leading to lengthy decision-making processes [4]. - Baozun spent ten months localizing GAP China's systems and streamlined operations, resulting in a 7% year-on-year increase in same-store sales and an increase in store count from over 120 to 170 [5][8]. Group 3: Brand Strategy and Positioning - GAP's core strategy is "Local for Local, China for China," focusing on local operations, supply chains, and consumer perspectives in product development [11]. - The brand's positioning has shifted to emphasize emotional connections with consumers rather than relying on discount-driven sales, aligning with GAP's global brand evolution [12][16]. Group 4: Consumer Engagement and Marketing - GAP aims to create emotional connections through brand narratives centered around music and dance, enhancing in-store experiences and social media engagement [13]. - The brand's marketing efforts have led to increased consumer engagement, as evidenced by a rise in user-generated content following the announcement of a new brand ambassador [14]. Group 5: Supply Chain and Product Development - The local supply chain now accounts for approximately 70% of GAP China's operations, allowing for quicker responses to market demands [27]. - The company is focused on balancing local and global product offerings to meet consumer needs while maintaining brand identity [28]. Group 6: Future Outlook and Challenges - The company acknowledges that achieving greater growth potential will require time for consumers to recognize brand changes [30]. - GAP China's localized marketing strategies have garnered positive responses, providing insights for GAP's global operations [31].

Core Insights - Baozun E-commerce (BZUN) has shown a stock price increase of 2.99% on December 17, reaching $2.76 per share with a total market capitalization of $160 million [1] - As of June 30, 2025, Baozun's total revenue is projected to be 4.617 billion RMB, reflecting a year-on-year growth of 5.63%, while the net profit attributable to shareholders is expected to be -97.038 million RMB, with a slight increase of 0.23% [1] Company Overview - Baozun E-commerce was founded in 2007 and is recognized as a leader and pioneer in the Chinese brand e-commerce service industry, providing digital business empowerment [2] - The company employs approximately 8,000 staff and operates across East Asia, Southeast Asia, Europe, and North America, serving over 450 brands globally [2] - Baozun has three main business lines: Baozun E-commerce (BEC), Baozun Brand Management (BBM), and Baozun International (BZI), all contributing to the company's sustainable business development goals [2] Strategic Initiatives - In celebration of its 15th anniversary, Baozun launched a new corporate promotional video showcasing its brand image and the various stages of the brand digital business lifecycle [2] - The video emphasizes Baozun's commitment to providing high-value services and technological solutions, setting a new industry benchmark for sustainable development in the digital business ecosystem [2] - The company aims to innovate continuously and advance towards the upstream of the global supply chain, enhancing customized solutions for brands and creating unparalleled shopping experiences for consumers [2]