Group 1 - The core viewpoint of the article highlights the financial performance of Baozun E-commerce in the second quarter, showcasing growth in various segments [1][2] - In Q2, the e-commerce segment generated product sales revenue of 600 million, a year-on-year increase of 3% [1] - Online store operation revenue reached 480 million, reflecting an 8% year-on-year growth [1] - Digital marketing and technology service revenue amounted to 580 million, with a 12% year-on-year increase [1] - The overall net revenue for Baozun in Q2 was 2.6 billion, representing a 7% year-on-year growth [2] - The brand management segment achieved net revenue of 400 million, showing a significant year-on-year growth of 35% [2] - The gross profit from comprehensive product sales was 280 million, which is a 28% increase compared to the previous year [2] - Adjusted operating profit for the group was 59 million, marking a substantial year-on-year increase of 489% [2] Group 2 - The company continues to implement a high-quality distribution strategy, leading to sustained revenue growth and improved gross margins [1] - New product categories contributed to revenue growth, while service capabilities were continuously enhanced [1] - The digital marketing and technology services segment achieved double-digit growth, indicating strong performance in these areas [1]

Core Insights - Baosun E-commerce reported a 7% year-on-year increase in total net revenue for Q2 2025, reaching 2.6 billion yuan, with e-commerce business revenue growing by 3% to 2.2 billion yuan and brand management revenue increasing by 35% to 400 million yuan [2] - The company achieved a significant increase in operating profit, reaching 59 million yuan, compared to 10 million yuan in the same period last year, indicating strong profitability growth momentum [2] - The CEO highlighted the strategic focus on operational efficiency, value creation, and organizational effectiveness as key drivers of growth in both e-commerce and brand management segments [2] E-commerce Business Performance - E-commerce revenue reached 2.2 billion yuan, reflecting a 3.4% year-on-year increase, with adjusted operating profit rising by 56% to 94 million yuan, marking the highest level since the pandemic [2] - The growth was attributed to continuous improvement in core capabilities, including optimizing distribution models, expanding advantageous categories, and enhancing technology-driven operational efficiency [2][3] Distribution and Service Business - Distribution business revenue was 599 million yuan, up 3.3% year-on-year, with beauty and alcohol categories being significant contributors [3] - The gross margin for distribution improved by 110 basis points to 12.8%, supported by enhanced channel construction and data-driven inventory management [3] Brand Management Performance - Brand management revenue surged by 35% to 398 million yuan, driven by the growth of Gap and Hunter brands, with same-store sales and new store openings contributing to revenue growth [5] - The company plans to open approximately 40 new stores in key urban areas, focusing on enhancing brand influence and sustainable growth [5][6] Strategic Initiatives - Baosun E-commerce is deepening strategic partnerships with local affiliates, particularly in new first-tier and second-tier cities, to capture market opportunities [5] - Hunter brand expanded its offline presence with new flagship stores and diversified its product offerings, contributing to a balanced business structure [6]

Group 1 - The core viewpoint of the article is that Baozun E-commerce reported its interim financial results for the six months ending June 30, 2025, showing a revenue increase but also a significant loss [1] Group 2 - The company achieved a net revenue of 4.617 billion yuan, representing a year-on-year increase of 5.63% [1] - The company incurred a loss of 97.04 million yuan during the reporting period [1]

Financial Data and Key Metrics Changes - Total revenue grew by 7% year over year, reaching RMB2.6 billion [6][12] - Adjusted operating income expanded to RMB59 million, a significant improvement from RMB10 million in the same period last year [6][17] - Blended gross margin for product sales at a group level was 28.4%, an expansion of 310 basis points year over year [14] - Non-GAAP income from operations was RMB6.1 million, with adjusted non-GAAP income from operations at RMB59 million, a sharp improvement from RMB10 million in the same period last year [17] Business Line Data and Key Metrics Changes - E-commerce revenue grew by 3.4% to RMB2.2 billion, while brand management revenue rose by 35.4% to RMB398 million [12][13] - BEC revenue grew by 3%, with adjusted operating profits rising 56% year over year to RMB94 million, the highest second quarter level in four years [7][17] - BBM revenue grew by 35% year over year, up from 23% in the previous quarter [8] Market Data and Key Metrics Changes - Strong performance in beauty and cosmetics and alcohol categories contributed to e-commerce product sales revenue growth of 3.3% year over year [13][20] - BBM product sales totaled RMB396 million, representing a 35.5% year over year growth, mainly driven by the strong performance of the Gap brand [13] Company Strategy and Development Direction - The company is focused on leveraging technology and data-driven solutions to enhance retail operations and optimize decision-making [9][10] - BEC aims to elevate its role from a distribution partner to a comprehensive trade partner, emphasizing quality over volume [19][20] - BBM is expanding its footprint with new store openings and enhancing its merchandising strategy to capture demand across categories [29][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the business model and the potential for sustainable long-term value creation [6][10] - The company anticipates a promising second half of the year, driven by strong brand partner confidence and planned marketing initiatives [45][68] - Management noted that the recent six-eighteen promotions exceeded expectations, leading to increased confidence among brand partners for the upcoming Double Eleven promotion [45][84] Other Important Information - A one-time write-off of RMB53 million in accounts receivable was recorded due to a conservative assessment of recovery likelihood [11][12] - Cash and cash equivalents, restricted cash, and short-term investments totaled RMB2.7 billion as of June 30, 2025 [18] Q&A Session Summary Question: Contribution from Tmall and impact of instant retail shopping - Management noted significant GMV growth on Tmall and JD during the six-eighteen promotion, with Tmall's growth outpacing JD [40] - Instant retail shopping is gaining popularity, and the company is testing various categories in this space [41][42] Question: Future momentum of BBM business and profitability timeline - Management remains confident in BBM's growth momentum and anticipates achieving GAAP breakeven in Q4 [43][44] Question: E-commerce operational cost benefits and traffic allocation - The company has benefited from rebate programs with platforms, which encourage driving top-line growth [50][51] - Traffic allocation strategies vary by category, with premium brands receiving higher quality traffic [52][53] Question: Brand acquisition and collaboration criteria - The company aims to leverage experience from managing existing brands like Gap and Hunter to support new brand collaborations [56][57] Question: Growth outlook for BEC and benefits from RedNote partnership - Management emphasized ongoing operational efficiency improvements and confidence in the second half of the year [66][71] Question: AI application progress and future direction - The focus on AI is primarily on increasing internal efficiency rather than directly driving revenue [82] - Brands are preparing for the Double Eleven promotion, leveraging insights from previous campaigns [84]

Financial Data and Key Metrics Changes - Total revenue grew by 7% year over year, reaching CNY2.6 billion [8][15] - Adjusted operating income expanded to CNY59 million, a significant improvement from CNY10 million in the same period last year [8][19] - Blended gross margin for product sales at a group level was 28.4%, an expansion of 310 basis points year over year [17] - Non-GAAP income from operations was CNY6.1 million, with adjusted non-GAAP income from operations at CNY59 million, a sharp improvement from CNY10 million in the same period last year [19] Business Line Data and Key Metrics Changes - E-commerce revenue grew by 3.4% to CNY2.2 billion, while brand management revenue rose by 35.4% to CNY398 million [15] - BEC revenue grew by 3%, with adjusted operating profits rising 56% year over year to CNY94 million [8][19] - BBM revenue grew by 35% year over year, up from 23% in the previous quarter [11] Market Data and Key Metrics Changes - Strong performance in beauty and cosmetics and alcohol categories contributed to e-commerce product sales revenue growth of 3.3% year over year [16] - BBM product sales totaled CNY396 million, representing a 35.5% year over year growth, mainly driven by the strong performance of the Gap brand [16] Company Strategy and Development Direction - The company is focused on leveraging technology and data-driven solutions to optimize decision-making and improve inventory efficiency [12] - BBM is established as a growth-driving core division, with ongoing initiatives in merchandising, channel expansion, and marketing [11][30] - The company aims to elevate its role from a distribution partner to a comprehensive trade partner, enhancing partnerships with brand partners [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the second half of the year, anticipating stronger performance driven by brand partners' planning and inventory allocation [45][68] - The company is optimistic about the upcoming Double Eleven promotion, with brands planning to allocate higher marketing budgets [84] Other Important Information - The company wrote off CNY53 million in accounts receivable as a one-time general and administrative expense [14][19] - Cash and cash equivalents totaled CNY2.7 billion as of June 30, 2025 [20] Q&A Session Summary Question: Contribution from Tmall and impact of instant retail shopping - Management noted strong GMV growth on Tmall and JD during the six-eighteen promotion, with Tmall's growth significantly outpacing JD [40] - Instant retail shopping is gaining popularity, and the company is testing various categories in this space [41] Question: Future momentum of BBM business - Management confirmed plans for continued store expansion and product improvements, with a breakeven point expected in Q4 [43][44] Question: E-commerce operational costs and traffic allocation - The company benefits from rebate programs with platforms, which encourage driving top-line growth [50] - Traffic allocation strategies vary by category, with premium brands receiving higher quality traffic [52] Question: Brand acquisition and collaboration criteria - The company aims to cultivate brands from its existing client base and is open to new brands that show growth potential [56][57] Question: Growth outlook for BEC business - Management emphasized ongoing operational efficiency improvements and confidence in the second half of the year [66][68] Question: AI application progress - The company is focused on using AI to enhance internal efficiency rather than directly driving revenue [82] Question: Plans for Double Eleven promotion - Management indicated that brand partners are preparing for the Double Eleven promotion, leveraging insights from the six-eighteen festival [84]

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） 承董事會命 寶尊電商有限公司 仇文彬 主席 香港，2025年8月28日 於本公告日期，我們的董事會包括董事仇文彬先生（主席）、吳駿華先生、岡 田聡良先生、王俊博士及余濱女士；以及獨立董事Yiu Pong Chan先生、Steve Hsien-Chieng Hsia先生及葉長青先生。 * 僅供識別 （股 ...

Performance Summary - SF Holding reported a revenue of 146.858 billion yuan, a year-on-year increase of 9.26%, and a net profit of 5.738 billion yuan, up 19.37% year-on-year [2] - Shanghai Pharmaceuticals achieved a revenue of 141.593 billion yuan, a growth of 1.56%, with a net profit of 4.459 billion yuan, increasing by 51.56% [2] - New China Life Insurance's revenue reached 69.429 billion yuan, a 25.5% increase, and a net profit of 14.799 billion yuan, up 33.5% [2] - Huadian International Power's revenue was 59.953 billion yuan, down 8.98%, while net profit increased by 13.15% to 3.904 billion yuan [2] - China Pacific Insurance reported a revenue of 55.964 billion yuan, a slight increase of 0.2%, and a net profit of 6.764 billion yuan, up 12.2% [2] - CITIC Securities had a revenue of 46.552 billion yuan, a 16.28% increase, and a net profit of 13.719 billion yuan, up 29.79% [2] - Beijing Enterprises Holdings reported a revenue of 44.529 billion yuan, a 5.2% increase, and a net profit of 3.404 billion yuan, up 8.1% [2] - Li Auto's vehicle sales revenue for Q2 2025 was 28.9 billion yuan, down 4.7%, with a net profit of 1.093 billion yuan, a decrease of 0.9% [2] - Huishang Bank reported a revenue of 21.157 billion yuan, a 2.25% increase, and a net profit of 9.109 billion yuan, up 5.55% [2] - SMIC achieved a revenue of 4.456 billion USD, a 22% increase, with a net profit of 320 million USD, up 35.6% [2] - China Galaxy Securities reported a total revenue of 18.798 billion yuan, an 18.92% increase, and a net profit of 6.488 billion yuan, up 47.86% [2] - Zhongjun Group Holdings had a revenue of 18.521 billion yuan, down 25.4%, with a net loss of 3.48 billion yuan, a narrowing of 5.5% [2] - BeiGene reported a revenue of 2.433 billion USD, a 44.7% increase, and a net profit of 95.59 million USD, turning from a loss of 372 million USD [2] - SF Express City reported a revenue of 10.236 billion yuan, up 48.8%, and a net profit of 137 million yuan, up 120.4% [2] - China Shipbuilding Defense reported a revenue of 10.173 billion yuan, a 16.54% increase, and a net profit of 526 million yuan, up 258.46% [2] - Qingdao Port reported a revenue of 9.434 billion yuan, a 4.04% increase, and a net profit of 2.842 billion yuan, up 7.58% [2] - Shanghai Industrial Holdings reported a revenue of 9.476 billion yuan, down 8.6%, and a net profit of 1.042 billion yuan, down 13.2% [2] - Everbright Securities reported a revenue of 7.481 billion yuan, a 17.7% increase, and a net profit of 1.683 billion yuan, up 21% [2] - Baozun reported a revenue of 4.617 billion yuan, a 5.63% increase, with a net loss of 97.04 million yuan, narrowing [2] - Sichuan Chengyu Expressway reported a revenue of 4.08 billion yuan, down 23.3%, and a net profit of 838 million yuan, up 20.1% [2] - Baideli Holdings reported a revenue of approximately 3.813 billion yuan, down 10.9%, and a net profit of 7.1 million yuan, down 79.1% [2] - Tigermed reported a revenue of 3.25 billion yuan, down 3.21%, and a net profit of 383 million yuan, down 22.22% [2] - Zhengli New Energy reported a revenue of 3.172 billion yuan, a 71.9% increase, and a net profit of 220 million yuan, turning from a loss of 130 million yuan [2] - Sensong International reported a revenue of 2.687 billion yuan, down 22.7%, and a net profit of 338 million yuan, down 10.15% [2] - Dasheng Holdings reported a revenue of approximately 2.593 billion yuan, a 27% increase, and a net profit of 65.924 million yuan, up 504.4% [2] - SenseTime reported a revenue of 2.358 billion yuan, a 35.6% increase, with a gross profit of 908 million yuan, up 18.4%, and an adjusted net loss of 1.162 billion yuan, narrowing by 50% [2] - Ruian Real Estate reported a revenue of 2.074 billion yuan, flat year-on-year, with a net profit of 51 million yuan, down 29.2% [2] - Shangri-La Asia reported a revenue of 1.056 billion USD, a 0.7% increase, and a net profit of 57.9 million USD, down 38.7% [2] - Quanfeng Holdings reported a revenue of 912 million USD, an 11.9% increase, and a net profit of 95.217 million USD, up 54.8% [2] - COSCO Shipping Ports reported a revenue of 806 million USD, a 13.6% increase, and a net profit of approximately 182 million USD, up 30.6% [2] - Tianjin Development reported a revenue of 1.719 billion yuan, down 5.59%, and a net profit of 344 million yuan, up 19.57% [2] Company News - Sillodic Pharmaceuticals successfully administered the new radiolabeled drug 3D1015 to patients with PSMA-positive metastatic castration-resistant prostate cancer, demonstrating safety and preliminary efficacy [2] - Shoucheng Holdings signed a strategic cooperation framework agreement with Alter and Alrite to jointly promote breakthroughs in robotics technology, scene implementation, and industrial chain collaboration [2]

Group 1 - The core viewpoint of the article is that Baozun E-commerce (09991) reported a total net revenue of 4.617 billion RMB for the six months ending June 30, 2025, representing a year-on-year increase of 5.63% [1] - Service revenue grew by 1.8% during the same period, driven by strong digital marketing demand from brand partners and robust performance in the sports apparel and accessories category [1] - The company continues to enhance its omnichannel capabilities, with approximately 48.5% of brand partners operating stores in at least two channels in collaboration with the company, up from 45.8% in the same period last year [1]

Core Insights - The company reported total net revenue of 4.617 billion RMB for the six months ending June 30, 2025, representing a year-on-year increase of 5.63% [1] - Service revenue grew by 1.8%, driven by strong digital marketing demand from brand partners and robust performance in the sports apparel and accessories category [1] - The company continues to enhance its omnichannel capabilities, with approximately 48.5% of brand partners operating stores through at least two channels in collaboration with the company, up from 45.8% in the same period last year [1]

Financial Performance - The company's total net revenue reached RMB 2.6 billion, a year-over-year increase of 7%[7] - E-Commerce net revenue was RMB 2.2 billion, up 3% year-over-year[7] - Brand Management (BBM) net revenue reached RMB 398 million, showing a significant year-over-year growth of 35%[5] - Group product sales gross profit margin increased to 28.4% in 2Q25 from 25.4% in 2Q24[10] - Non-GAAP operating income for the group was RMB 6.1 million, a decrease of 38.9% year-over-year[5] - Adjusted Non-GAAP operating income for the group was RMB 59.1 million, a substantial increase of 489.2% year-over-year, excluding a one-time provision[5, 6] Business Segments - BBM net revenue was RMB 536 million, representing a 17% year-over-year increase[7] - E-Commerce product sales gross margin improved to 12.8% in 2Q25 from 11.7% in 2Q24[12, 30] - Brand Management gross profit margin remained relatively stable at 52%, with net revenues growing by 35% year-over-year[14, 36] Operational Expenses - Fulfillment expenses decreased to RMB 606 million in 2Q25 from RMB 627 million in 2Q24[17] - Sales and marketing expenses increased to RMB 938 million in 2Q25 from RMB 845 million in 2Q24[19] - General and administrative expenses decreased to RMB 115 million in 2Q25 from RMB 130 million in 2Q24[21]