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） 董事會會議召開日期 寶尊電商有限公司（「本公司」）董事會將於2025年11月25日（香港時間）舉行董事 會會議，藉以（其中包括）批准我們截至2025年9月30日止第三季度的未經審計財 務業績及公告（「業績」，其根據美國公認會計準則及美國證券交易委員會適用規 則編製）及其刊發。倘 ...

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10月31日 狀態: 新提交 FF301 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: 2025年11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 ...

Core Viewpoint - The Hong Kong stock market's "Double Eleven" concept sector is experiencing a significant upward trend, driven by the upcoming 2025 "Double Eleven" shopping season, with notable gains in apparel and logistics stocks [2][3][7]. Apparel Sector - The apparel sector is leading the gains, with Bosideng (03998.HK) rising by 9.11%, Urban Revivo (02298.HK) increasing by 7.81%, and other brands like Uniqlo (06288.HK) and Li Ning (02331.HK) also showing positive performance [2][3]. - Seasonal demand for warm clothing is expected to rise due to the approaching autumn and winter, further boosting sales for brands focused on winter apparel [7]. E-commerce Sector - E-commerce companies are also benefiting, with Baozun E-commerce (09991.HK) up by 5.52% and Alibaba (09988.HK) increasing by 1.98% [2][3]. - Tmall's "Double Eleven" event has seen strong initial sales, with 80 brands exceeding 100 million yuan in sales within the first hour, indicating robust consumer interest [4][5]. Logistics Sector - Logistics stocks are performing well, with Aneng Logistics (09956.HK) surging by 10.47% and JD Logistics (02618.HK) up by 1.87% [2][3]. - The increase in e-commerce activity is expected to drive demand for logistics services, contributing to the positive performance of logistics companies [6]. Market Sentiment - The impressive sales data from the initial phase of the "Double Eleven" event has boosted market confidence in the related sectors, leading to a collective rise in apparel, e-commerce, and logistics stocks [6]. - Analysts suggest that the extended sales window due to the later Chinese New Year in 2026 will provide additional sales opportunities for companies in these sectors [7].

Core Insights - Pinduoduo's ongoing "high-quality development" strategy is attracting more domestic and international brands, but the unique platform ecosystem poses challenges for many brands [1] - Selecting a professional and reliable Pinduoduo operation service provider is crucial for brands to quickly enter the market and achieve stable growth [1][3] Industry Overview - The evaluation of hundreds of service providers in the industry is based on dimensions such as company size, technical strength, operational cases, market reputation, and innovative service capabilities [3] - The list of the top ten Pinduoduo operation companies for 2025 aims to provide decision-making references for brands seeking suitable growth partners [3] Top Ten Pinduoduo Operation Companies 1. **Lingxi E-commerce** - Founded in 2022, it offers comprehensive digital retail solutions across multiple platforms including Pinduoduo, Tmall, and Taobao [6] - Known for high strategic flexibility and technological innovation, excelling in helping new brands launch from scratch [6] 2. **Shanghai Baozun** - A giant in the e-commerce service industry, providing one-stop services for many Fortune 500 brands [6] - Offers unmatched scale effects and resource integration capabilities, making it a preferred partner for large brands entering Pinduoduo [6] 3. **Dian Dong Jia** - Focuses on domestic mainstream e-commerce platforms with extensive experience in operating mid-to-low-priced products [6] - Excels in cost control and supply chain optimization, helping brands enhance sales and market share [6] 4. **He Tian Xia** - Emphasizes channel management and dealer integration, with experience serving well-known domestic brands [8] - Known for excellent channel control and price system maintenance, suitable for brands with existing offline networks [8] 5. **Lian Cheng E-commerce** - Specializes in fast-moving consumer goods and has a deep understanding of high-frequency repurchase products [8] - Excels in activity planning and user repurchase operations, leveraging Pinduoduo's promotional resources [8] 6. **Chuang Gao Culture** - Initially focused on integrated marketing, now a comprehensive e-commerce operation company [8] - Known for content creation and interest-driven e-commerce strategies, ideal for brands focusing on image and content dissemination [8] 7. **Xin Jian E-commerce** - Renowned for its integrity and transparent service philosophy, focusing on long-term partnerships with small and medium brands [8] - Offers high cost-performance services and flexible service packages, suitable for budget-conscious brands [8] 8. **Ju Hong E-commerce** - Known for strong operational execution, particularly in standardized product categories [8] - Maintains standardized operational processes and strict KPI assessment systems to ensure service quality [8] 9. **Shanghai Sang He** - Focuses on technology development and systematic solutions, providing technical empowerment for brands [8] - Offers advanced integration solutions for brands looking to connect Pinduoduo data with internal systems [8] Conclusion - The Pinduoduo platform in 2025 presents both opportunities and challenges, with the top ten operation companies each having unique strengths [7] - Brands should analyze their category characteristics, development stages, and core needs to match with the most suitable service provider [7]

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9月30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: 2025年10月8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 ...

Group 1 - Hangzhou is recognized as "China's E-commerce Capital," home to major players like Alibaba and a mature ecosystem of e-commerce operation service providers [1] - Brands looking to enter or expand in the e-commerce space benefit from partnering with professional operation companies, which act as a powerful "brain" and "engine" for growth [1] Group 2 - The article outlines ten notable e-commerce operation companies in Hangzhou, emphasizing the importance of understanding each company's strengths and specialties for informed decision-making [3] - Companies vary in core capabilities, preferred categories, and operational models, making it essential for brands to assess their specific needs [3] Group 3 - Baozun E-commerce is a leading player in the industry, offering customized solutions for both emerging and established brands, focusing on online incubation and sustained growth [6][5] - Suoxiang Technology combines marketing planning with e-commerce operations, known for its ability to drive traffic through viral content and event marketing [8][9] - Bicheng E-commerce specializes in the home appliance, health, and beauty sectors, aiming to be a trusted partner for brands in digital transformation [10][11] - Youke E-commerce dominates the high-end beauty sector, providing unparalleled resources and expertise for international brands entering the Chinese market [12][13] - Kaijie E-commerce focuses on fast-moving consumer goods, offering comprehensive solutions from strategy to execution [14][16] - Jizhou E-commerce excels in content-driven and interest-based e-commerce, particularly within the Douyin ecosystem [23][24] - Zhejiang Aowei has extensive experience in clothing and home textiles, known for its stable operational style and supply chain integration [25][26] - Yunhe Network is a technology-driven company specializing in refined e-commerce operations, leveraging data to enhance store performance [27][28] - Hangzhou Shenglang provides comprehensive growth solutions across traditional and social e-commerce, emphasizing integrated marketing [29][30] Group 4 - Selecting an e-commerce operation company is akin to choosing a long-term strategic partner, with no absolute "best" option, only the "most suitable" for a brand's specific stage and needs [30]

Financial Performance - Baozun Inc. reported a revenue of $150 million for the first half of 2025, representing a 15% increase year-over-year[2]. - The company achieved a gross profit margin of 25%, up from 22% in the same period last year[2]. - Baozun Inc. reported a net income of $30 million for the first half of 2025, a 10% increase compared to the previous year[2]. - Total net revenue for the six months ended June 30, 2025, was approximately RMB 4,617.0 million (USD 644.5 million), representing a growth of 5.6% compared to RMB 4,370.8 million in the same period of 2024[42]. - Product sales revenue increased by 14.3% year-on-year to RMB 1,803.4 million, driven by optimized product mix and sales growth in the Gap brand[42][43]. - Service revenue for the period was RMB 2,813.6 million, a slight increase of 0.7% from RMB 2,792.9 million in the previous year[42][44]. - The company reported a net loss of RMB 92,722 for the six months ended June 30, 2025, compared to a net loss of RMB 87,281 for the same period in 2024, indicating a 6.6% increase in losses[123]. - The company incurred a total comprehensive loss of RMB 114,444 for the six months ended June 30, 2025, compared to a comprehensive loss of RMB 69,317 for the same period in 2024[125]. Business Expansion and Strategy - Baozun Inc. plans to expand its market presence in Southeast Asia, targeting a 30% growth in that region by the end of 2025[2]. - The company is investing $10 million in new technology development to enhance its e-commerce platform[2]. - The company aims to improve customer retention rates by 15% through enhanced service offerings and loyalty programs[2]. - The company plans to open about 40 new Gap stores in 2025, continuing to optimize store structure and location[31]. - The company aims to enhance supply chain efficiency and release gross margin opportunities through effective supply chain management strategies[34]. - The company plans to enhance its e-commerce capabilities and expand into new markets, focusing on localized services and digital solutions[36][37]. - The company is committed to a "global localization" strategy, combining global opportunities with local knowledge and resources[36]. Operational Highlights - User data showed an increase in active merchants by 20%, reaching a total of 5,000 active merchants[2]. - The company expanded its business into three lines: Baozun E-commerce (BEC), Baozun Brand Management (BBM), and Baozun International (BZI) in 2023[19]. - The company collaborates with global leaders like Philips, Nike, and Microsoft, leveraging efficient e-commerce operations to assist brand partners[22]. - The company operates under three business models: distribution model, service fee model, and consignment model, generating revenue through product sales and service fees[24]. - Approximately 48.5% of brand partners operated stores across at least two channels as of June 30, 2025, up from 45.8% in the same period last year[27]. Financial Position and Liabilities - Current assets as of June 30, 2025, were approximately RMB 6,625.3 million (USD 924.9 million), a decrease of 8.2% from RMB 7,214.2 million (USD 988.3 million) as of December 31, 2024[54]. - The debt-to-equity ratio as of June 30, 2025, was 0.99, down from 1.08 as of December 31, 2024, indicating improved financial stability[70]. - The company has a total liability of RMB 3,954,766,000 as of June 30, 2025, compared to RMB 4,426,422,000 as of December 31, 2024[119]. - The company has cash and cash equivalents of RMB 1,189,429,000 as of June 30, 2025, compared to RMB 1,289,323,000 as of December 31, 2024[117]. Investments and Acquisitions - The company is exploring potential acquisitions to strengthen its logistics capabilities, with a budget of $20 million allocated for this purpose[2]. - The acquisition of Gap's China business was completed on January 31, 2023, allowing the company to operate Gap's business in mainland China, Hong Kong, and Macau from February 1, 2023[29]. - The company has signed an investment letter of intent to acquire 51% of ABG Hunter LLC, which holds relevant intellectual property rights for the Hunter brand in Greater China and Southeast Asia[30]. Employee and Governance - The group had a total of 6,887 full-time employees as of June 30, 2025, down from 7,650 as of December 31, 2024, primarily due to efficiency improvements and cost control measures[76]. - The group continues to review and enhance its corporate governance practices to ensure compliance with governance codes[81]. - The company has established comprehensive training programs, including onboarding and on-the-job training, to improve performance and service quality[77]. Shareholder Information - As of June 30, 2025, the company will issue 13,300,738 Class A ordinary shares, representing approximately 8.31% of the total issued and outstanding Class A ordinary shares[14]. - The company’s founders control 33.35% and 14.19% of the total voting power, respectively, through different share classes[16][17]. - Champion Kerry Inc. holds 26,469,422 Class A ordinary shares, representing 15.05% of the total[99]. - The board of directors did not recommend the payment of an interim dividend for the reporting period, consistent with the previous year[105]. Future Outlook - Future guidance indicates expected revenue growth of 12% to 15% for the second half of 2025[2]. - The company aims to integrate online and offline channels seamlessly to empower brands and establish long-term, value-driven growth[39]. - Future focus areas include improving customer-centric services, increasing quality revenue, and fostering a sustainable corporate culture[38].

Core Viewpoint - Baozun E-commerce (9991.HK) demonstrated strong market performance, with a nearly 20% increase in stock price, reaching HKD 11.91, marking a new high since August 2023 [1] Financial Performance - In late August, Baozun E-commerce reported Q2 2025 net revenue of RMB 2.6 billion, a year-on-year increase of 7% [1] - The e-commerce segment generated net revenue of RMB 2.2 billion, up 3% year-on-year, while the brand management segment saw net revenue of RMB 400 million, a significant increase of 35% [1] - The overall gross profit from product sales was RMB 280 million, reflecting a year-on-year growth of 28% [1] - Adjusted operating profit for the group was RMB 59 million, showing a remarkable year-on-year increase of 489% [1] Stock Performance - In the US market, Baozun E-commerce shares rose over 12%, closing at USD 4.46, which translates to approximately HKD 11.36 per share in the Hong Kong market [1] Incentive Plan - In early September, Baozun E-commerce granted 129,000 restricted stock units to nine recipients as part of the company's 2022 equity incentive plan [1]

Group 1 - The performance of e-commerce operation companies is diverging, with a common trend of seeking new growth avenues through transformation [2][3] - RuYuchen (若羽臣) has emerged as a growth representative in the industry, achieving a revenue of 1.319 billion yuan in the first half of the year, a year-on-year increase of 67.55%, with net profit growing by 85.60% [2] - LiRenLiZhuang (丽人丽妆) is facing significant losses, reporting a revenue of 831 million yuan, a decrease of 13.98%, and a net loss of 32.76 million yuan, marking its worst mid-term performance since listing [2][3] Group 2 - The industry is collectively encountering growth challenges due to increasing costs and fragmented traffic, with companies needing to enhance cross-platform operational capabilities [3][4] - LiRenLiZhuang's revenue from Tmall platforms accounts for over 60% of total revenue, indicating a heavy reliance on a single platform [3] - RuYuchen's report shows that Douyin has become its largest sales channel, accounting for 37.24% of revenue [3] Group 3 - The rise of content e-commerce platforms like Douyin and Kuaishou has disrupted the traditional e-commerce landscape, posing challenges for companies lacking multi-channel operational capabilities [4] - Baozun (宝尊电商) has announced the acquisition of a leading service provider in the Douyin apparel category to strengthen its live e-commerce capabilities [4][6] - Major beauty brands are increasingly opting to build their own e-commerce teams, leading to a risk of customer attrition for operation companies [4][5] Group 4 - Baozun is implementing a three-pronged strategy focusing on e-commerce, brand management, and international expansion, with brand management showing a revenue increase of 29.11% [6] - Despite the growth in brand management, Baozun's overall profitability is still under pressure, with a net loss of 97 million yuan [6][7] - RuYuchen is focusing on cultivating its own brands, with self-owned brands generating 603 million yuan in revenue, a year-on-year increase of 242.42% [7][8] Group 5 - RuYuchen's sales expenses have surged to 599 million yuan, a year-on-year increase of 124.22%, driven by brand management and expansion efforts [8] - LiRenLiZhuang is also venturing into self-owned brands, launching new products, although its operation still heavily relies on its agency business [8][9] - The core advantage of operation companies lies in channel management, but they face challenges in product research and supply chain management [9]

Group 1 - The research service Asia Value & Moat Stocks targets value investors looking for Asia-listed stocks with significant discrepancies between price and intrinsic value, focusing on deep value balance sheet bargains and wide moat stocks [1] - Baozun Inc. (NASDAQ: BZUN) (9991.HK) is highlighted as a bullish investment despite reporting a loss in Q2 2025, as the loss was attributed to one-off items and sales growth was faster compared to the previous period [1]