Financial Data and Key Metrics Changes - Baozun Group reported a 9% increase in net revenues, reaching RMB2.3 billion during Q2 2023, with product sales up 34% and service revenue down 3% year-over-year [17][18] - Total gross profit increased by 8% to RMB1.6 billion, while total cost of products rose by 12% to RMB675 million [18][20] - Adjusted income from operations was RMB0.7 million, with E-Commerce adjusted operating income growing by 29% to RMB61 million [19][20] Business Line Data and Key Metrics Changes - The E-Commerce segment showed improved profitability and operating cash flows, driven by business optimization and cost reduction efforts [17][18] - Baozun Brand Management (BBM) saw a reduction in operating loss for Gap China by nearly half year-over-year, with a total revenue of RMB324 million, down 26% due to store closures [19][33] - BBM achieved a blended gross margin of 52%, indicating strong operational performance despite a decrease in store count [32][33] Market Data and Key Metrics Changes - Consumer sentiment showed recovery during the 618 promotion, but faced challenges in July, with a slight recovery in August [43][44] - Non-Tmall channels contributed 34% of overall GMV in Q2, with 47% of clients using multiple channels [48] Company Strategy and Development Direction - The company is expanding into three business lines: Baozun E-Commerce, Baozun Brand Management, and Baozun International, creating a one-stop ecosystem [9][11] - Focus on higher business quality and transitioning E-Commerce into a second growth curve, while BBM is accelerating its China-for-China product offerings [11][12] - Plans to enhance capabilities in omnichannel services and invest in technology to improve operational efficiency [27][28] Management's Comments on Operating Environment and Future Outlook - Management anticipates a challenging macro environment in China to persist but remains optimistic about achieving key objectives for each business line [11][12] - The company is confident in its ability to adapt to changing market dynamics and drive sustainable growth through strategic initiatives [29] Other Important Information - The strategic partnership with Authentic Brands Group (ABG) includes a joint venture to co-own Hunter's intellectual property in Greater China and Southeast Asia [11][36] - The company is focusing on building a portfolio of premium consumer lifestyle brands with a data-driven approach [31][36] Q&A Session Summary Question: Update on consumption sentiment for July and August - Management noted a positive recovery trend during Q2, but July saw a slowdown, with some recovery in August, particularly in luxury and travel-related products [43][44] Question: Update on store traffic for Gap China - Same-store growth for Q2 was 11%, increasing to over 30% in August, indicating improved traffic and conversion rates [45] Question: Growth outlook for non-Tmall channels - Non-Tmall channels represented 34% of overall GMV in Q2, with an increasing trend in clients seeking omnichannel strategies [48] Question: Rationale behind the Hunter acquisition - Hunter fits the company's portfolio philosophy as a premium lifestyle brand with strong online sales potential, and the acquisition allows for co-ownership of the brand [56][57]

Financial Performance - Total net revenue for the six months ended June 30, 2023, was RMB 4,207,957, representing a slight increase from RMB 4,106,195 for the same period in 2022, reflecting a growth of approximately 2.6%[7] - The company reported a net loss attributable to ordinary shareholders of RMB 103,575 for the six months ended June 30, 2023, compared to a net loss of RMB 200,163 for the same period in 2022, indicating a reduction in losses by about 48.2%[9] - The total comprehensive loss attributable to ordinary shareholders for the six months ended June 30, 2023, was RMB 71,849, down from RMB 125,770 for the same period in 2022, a decrease of about 42.9%[10] - The company’s basic and diluted net loss per American Depositary Share (ADS) for the six months ended June 30, 2023, was $1.75, compared to $3.15 for the same period in 2022, indicating an improvement in loss per share by approximately 44.8%[9] - The net loss attributable to ordinary shareholders of Baozun Inc. was RMB 1,036 million (USD 143 million), down from RMB 2,002 million in the same period last year[25] - The company recorded a net loss of approximately RMB 912 million (USD 126 million) for the reporting period, compared to a net loss of RMB 1,969 million (USD 294 million) for the six months ended June 30, 2022[156] Revenue Breakdown - The company’s gross revenue from product sales for the six months ended June 30, 2023, was RMB 1,596,325, compared to RMB 1,374,741 for the same period in 2022, representing a growth of about 16.1%[7] - The company’s service revenue for the six months ended June 30, 2023, was RMB 2,611,632, slightly down from RMB 2,731,454 for the same period in 2022, indicating a decline of approximately 4.4%[7] - Revenue from services decreased to RMB 2,552,541 for the six months ended June 30, 2023, compared to RMB 2,697,961 for the same period in 2022, a decline of 5.4%[40] - Product sales revenue was RMB 1,596.33 million, representing a 16.1% increase year-over-year, while service revenue decreased by 4.4% to RMB 2,611.63 million[120] Operating Loss and Expenses - The operating loss for the six months ended June 30, 2023, was RMB 77,066, compared to an operating loss of RMB 64,525 for the same period in 2022, showing an increase in operating losses by approximately 19.4%[7] - During the reporting period, the non-GAAP operating loss was RMB 89 million (USD 12 million), compared to a non-GAAP operating profit of RMB 519 million in the same period last year, resulting in a non-GAAP operating loss margin of 0.2% versus a profit margin of 1.3% last year[25] - Management and administrative expenses surged by 126.4% to RMB 412.70 million, driven by increased brand management costs and strategic investments[126] - Sales and marketing expenses increased by 1.2% to RMB 1,299.10 million, mainly due to incremental costs related to the acquisition of Gaipu Shanghai[125] Assets and Liabilities - The company’s total equity as of June 30, 2023, was RMB 10,280,765, compared to RMB 10,122,470 as of December 31, 2022, reflecting an increase of approximately 1.6%[5] - As of June 30, 2023, total current assets amounted to RMB 7,042,175 thousand, a decrease from RMB 7,397,121 thousand as of December 31, 2022[14] - Total liabilities increased to RMB 4,622,410 thousand as of June 30, 2023, compared to RMB 4,446,132 thousand as of December 31, 2022[16] - The company had total assets of RMB 10,280,765 thousand as of June 30, 2023, compared to RMB 10,122,470 thousand as of December 31, 2022[14] Strategic Initiatives - The company plans to continue its market expansion and product development strategies following the acquisition of Gaipoo Shanghai, which has restructured its operational segments into e-commerce and brand management[2] - The company aims to leverage its technology and brand partnerships to create a long-term and deeper relationship with clients[48] - The company is expanding into three business lines, aiming to create a synergistic ecosystem that adds value across divisions[61] - The acquisition of GAP's Greater China business was a key strategic move, granting the company exclusive rights to produce, market, distribute, and sell locally created GAP products in the region[82] Cash and Liquidity - The company’s cash and cash equivalents as of June 30, 2023, were not explicitly stated but are critical for assessing liquidity and future investments[6] - Cash and cash equivalents decreased to RMB 1,689,337 thousand from RMB 2,144,020 thousand as of December 31, 2022[14] - As of June 30, 2023, cash, cash equivalents, restricted cash, and short-term investments totaled RMB 3,212.5 million (USD 443 million), compared to RMB 3,141.1 million on December 31, 2022[25] Governance and Compliance - The independent auditor reviewed the unaudited interim financial results, confirming compliance with relevant accounting standards and regulations[175] - The company has established an audit committee to review the interim financial performance during the reporting period[183] - The company’s board of directors includes independent directors, ensuring governance and oversight[180]

2Q 2023 Earnings Presentation Disclaimer 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 notcontain all relevant information relating tothe Company orits securities, particularly with respectt ...

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) 2023年第二季度業績公告 我們謹此宣佈截至2023年6月30日止三個月（「2023年第二季度業績」）的未經審核 財務業績。2023年第二季度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 ...

Exhibit 99.2 Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. Under our weighted voting rights structure, our share capital comprises Class A ordinary shares and Class B ordinary shares. Each ...

Baozun Inc. (NASDAQ:BZUN) Q1 2023 Earnings Conference Call May 25, 2023 7:30 AM ET Company Participants Wendy Sun - Senior Director, Corporate Development & Investor Relations Vincent Qiu - Chairman & Chief Executive Officer Arthur Yu - Chief Financial Officer Sandrine Zerbib - President of Brand Management Conference Call Participants Alicia Yap - Citi Sophia Tan - Credit Suisse Operator Good morning, ladies and gentlemen, and thank you for standing by for Baozun's First Quarter 2023 Earnings Conference Ca ...

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） 香港，2023年5月25日 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。 我們謹此宣佈截至 2023 年 3 月 3 1 日止三個月（「2023 年第一季度業績」）的 未經審核財務業績。 2023 年第一季度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。 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 良先生及劉洋女士；以及獨立董事Yiu Pong Chan先生、Steve Hsien-Chieng Hsia 先生及葉長青先生。 寶尊 ...

Exhibit 99.1 Baozun Announces First Quarter 2023 Unaudited Financial Results SHANGHAI, China, May 25, 2023 - Baozun Inc. (Nasdaq: BZUN and HKEX: 9991) ("Baozun", the "Company" or the "Group"), a leading brand e-commerce solution provider and digital commerce enabler in China, today announced its unaudited financial results for the first quarter ended March 31, 2023. Mr. Vincent Qiu, Chairman and Chief Executive Officer of Baozun, commented, "I am excited about the transformation roadmap we have lined up for ...

Financial Performance - In 2022, Baozun achieved an annual operating cash flow of 383 million RMB, setting a historical record[14]. - The total net revenue for the fiscal year ended December 31 was approximately RMB 8,400.6 million (USD 1,218.0 million), a decrease of about 10.6% compared to RMB 9,396.3 million in the same period of 2021[41]. - Revenue for the fiscal year ending December 31, 2022, reached $1.2 billion, representing a 15% increase compared to the previous year[124]. - The company has set a future revenue guidance of $1.5 billion for the next fiscal year, indicating a projected growth of 25%[124]. - Other operating profit increased by 31.4% to RMB 95.3 million (USD 13.8 million) for the year ended December 31, 2022, primarily due to increased local government subsidies[44]. Business Strategy and Development - The company launched a new omnichannel digital technology service brand, "BaoDuo," aimed at enhancing technical capabilities and accelerating commercialization[18]. - Baozun's three upgraded business lines include Baozun E-commerce (BEC), Baozun Brand Management (BBM), and Baozun International (BZI), with BBM expected to be a key growth segment over the next three years[25]. - The acquisition of Gap's Greater China business marks a significant milestone for Baozun Brand Management, aiming to leverage technology and data-driven operations for sustainable growth[24]. - The company continues to optimize value-added services and upgrade its comprehensive operation platform to enhance accountability, efficiency, and flexibility[38]. - The company has enriched its product portfolio and engaged in complementary business acquisitions to support growth[38]. Market Position and Competition - The company remains a leader in the Chinese brand e-commerce service industry, providing IT solutions, online store operations, digital marketing, customer service, and warehousing and distribution[36]. - The competitive landscape in the Chinese retail sector is intense, and any significant decline in online sales by brand partners could adversely affect the company's business performance[192]. - The ongoing demand for services and solutions from existing and potential brand partners depends on the continued acceptance of e-commerce[190]. Operational Efficiency - Over 60% of customer service personnel are now located in regional operation centers, contributing to cost optimization and improved service quality[12]. - The company is committed to enhancing energy efficiency in logistics and promoting green low-carbon operations across the entire value chain[26]. - The company has implemented comprehensive risk management policies across various business operations, including IT, financial reporting, compliance, and human resources[151]. Human Resources and Talent Management - Baozun upgraded its "Baozun University" training platform to provide customized talent development pathways for employees[20]. - The company recognizes the importance of talent for sustainable growth and competitive advantage, focusing on attracting and retaining qualified personnel, especially those with e-commerce industry experience[197]. - The company has implemented a diversity policy, with a goal of increasing female representation in senior management to 40% by 2025[118]. Corporate Governance - The company aims to achieve high standards of corporate governance, which is crucial for its development and protecting shareholder interests[75]. - The board of directors is responsible for overall leadership and strategy decisions, with three committees established for oversight: Audit Committee, Compensation Committee, and Nomination and Corporate Governance Committee[78]. - The company has adopted a conflict of interest policy, requiring directors to disclose any significant personal interests in contracts or transactions that may involve potential conflicts[81]. Risk Management - The company has identified risks related to the trust and confidence levels of online retail consumers in China, which could adversely affect the demand for its solutions and services[164]. - The company emphasizes the importance of internal controls and risk management systems to safeguard shareholder investments and group assets[151]. - The risk management and internal control systems have been deemed effective and sufficient as of December 31, 2022[124]. Shareholder Communication - The board believes that the shareholder communication policy is effective, ensuring timely updates on recent developments through the company's website and regulatory announcements[127]. - The company is committed to continuous dialogue with shareholders, addressing their inquiries during the annual general meeting[129]. Employee and Organizational Changes - As of December 31, 2022, the company had 7,588 full-time employees, a decrease from 8,821 full-time employees as of December 31, 2021, reflecting a reduction of approximately 14%[182]. - The company has established a comprehensive training program to enhance performance and service quality, including onboarding and on-the-job training[53].

Financial Performance - Net revenues for the year ended December 31, 2022, were RMB 8,400,631 thousand, down from RMB 9,396,256 thousand in 2021, indicating a decrease of about 10.6%[34] - The net loss for the year ended December 31, 2022, was RMB 610,374 thousand, compared to a net loss of RMB 205,963 thousand in 2021, reflecting a significant increase in losses[34] - Total assets as of December 31, 2022, amounted to RMB 10,122,470 thousand, a decrease from RMB 12,318,980 thousand in 2021, representing a decline of approximately 17.8%[32] - The company’s total equity as of December 31, 2022, was RMB 5,676,338 thousand, down from RMB 6,481,349 thousand in 2021, reflecting a decrease of approximately 12.4%[32] - The company reported net cash used in operating activities of RMB 96,107 thousand for the year ended December 31, 2022, compared to RMB 2,534,677 thousand in 2021, indicating a significant reduction in cash outflow[39] Revenue Sources and Contributions - Revenues from Shanghai Zunyi contributed 9.8%, 8.6%, and 6.8% of total net revenues in 2020, 2021, and 2022 respectively[14] - Approximately 45.3% of total net revenues in 2022 were derived from the top 10 brand partners, with the top two partners contributing 14.0% and 11.8% respectively[58] - The company's GMV from Tmall accounted for approximately 69.3% of total GMV in 2022, highlighting reliance on this e-commerce channel[64] Operational Challenges - The company anticipates significant increases in operating expenses as it scales operations, which may hinder the ability to return to profitability[61] - The company faces risks related to the e-commerce market growth in China, which could adversely affect demand for its services[52] - The company relies heavily on maintaining relationships with e-commerce channels, as any disruption could significantly impact its operations[62] - The company’s success is closely tied to the performance of its brand partners, and any decline in their sales could adversely affect its results[56] Investments and Acquisitions - The company may pursue strategic acquisitions and partnerships to enhance its technology infrastructure and service offerings, including the acquisition of Gap Greater China in 2022[89] - The company plans to invest in overseas markets to replicate the success of China e-commerce, although these investments may face uncertainties[81] - The company has invested in technology and innovation initiatives, including cloud-based operating platforms and big data analysis tools, to enhance its services[83] Regulatory and Compliance Risks - The PRC government has indicated an intent to exert more oversight over overseas offerings by domestic companies[20] - The PCAOB was unable to inspect or investigate registered public accounting firms in mainland China and Hong Kong, impacting audit report filings[17] - The company is subject to various regulatory requirements from PRC government authorities, which could impact its business operations if not complied with[138] - The company may face material and adverse tax consequences if the PRC tax authorities determine that its contractual arrangements were not entered into on an arm's-length basis[209] Market and Economic Conditions - China's GDP growth rate was 2.3% in 2020, increased to 8.1% in 2021, and slowed to 3.0% in 2022, indicating economic volatility that may impact the company's operations[179] - Economic growth in the PRC has been uneven, and government measures to control growth, such as interest rate increases, may lead to decreased demand for the company's services[212] Inventory and Supply Chain Management - The company faces risks related to inventory management, including potential obsolescence and the need to lower sale prices to reduce inventory levels[109] - The company's inventories were RMB943.0 million (US$136.7 million) as of December 31, 2022, down from RMB1,073.6 million in 2021 and RMB1,026.0 million in 2020, reflecting adjustments to support expanded product sales volumes[108] Labor and Workforce Issues - Labor costs in China have increased significantly, particularly in large cities, which may adversely affect the company's financial condition[151] - The company has experienced an overall tightening of the labor market, leading to potential disruptions in its fulfillment and delivery functions[150] Data Security and Compliance - The company processes a large volume of personal and transaction data, facing risks related to data protection and compliance with applicable laws[154] - Significant resources may be required to protect against information security breaches, which could adversely affect consumer trust and lead to legal claims[155] Legal and Structural Risks - The company relies on contractual arrangements with Shanghai Zunyi for operational control and economic benefits, which may not be as effective as direct ownership[199] - There are substantial uncertainties regarding the interpretation and application of current and future PRC laws that could affect the company's operations[196] - If the PRC government finds the company's legal structure and contractual arrangements in violation of laws, it could materially impact the company's financial condition and results of operations[198]