4Q 2024 Earnings Presentation March 20, 2025 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 not contain all relevant information relating to the Company or its securities, particul ...

Core Viewpoint - Baozun Inc. will release its unaudited financial results for Q4 and the fiscal year ended December 31, 2024, on March 20, 2025, before U.S. market opening [1] Financial Results Announcement - The earnings conference call is scheduled for 7:30 a.m. Eastern Time on March 20, 2025, with dial-in details provided for various regions [2] - An announcement of the annual results in accordance with Hong Kong Listing Rules will be made on or before March 31, 2025, which will align with U.S. GAAP results [3] Company Overview - Baozun Inc. is a leader in brand e-commerce services, brand management, and digital commerce, serving over 450 brands globally [5] - The company operates three major business lines: Baozun e-Commerce (BEC), Baozun Brand Management (BBM), and Baozun International (BZI), focusing on sustainable growth [6]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price adjusted to $3.10 from the previous $3.20, indicating a potential upside of 30.3% from the current price of $2.38 [8][11]. Core Insights - The company reported better-than-expected Q3 2024 results, with total revenue reaching RMB 2.1 billion, exceeding Bloomberg's consensus by 9%. The non-GAAP net loss narrowed to RMB 67 million from RMB 76 million in Q3 2023, also better than the expected loss of RMB 80 million [8][10]. - The e-commerce segment (BEC) saw a revenue growth of 14%, improving from 6% in Q2 2024, driven by new high-quality distribution channels and emerging e-commerce services [8][10]. - The brand management segment (BBM) achieved a 10% year-over-year growth, recovering from a 9% decline in Q2 2024, attributed to increased order attach rates and new store openings [8][10]. Financial Performance Summary - For FY 2024, total revenue is projected to grow to RMB 9.42 billion, reflecting a 6.9% year-over-year increase, with BBM and BEC expected to grow by 14% and 6% respectively [19]. - The company anticipates achieving non-GAAP operating profit of RMB 5 million in 2024, a significant improvement from the previous forecast of a loss of RMB 2.8 million [10][19]. - The adjusted net profit is expected to improve to RMB 185 million in 2025, with a projected revenue growth of 5.8% [10][19]. Valuation Metrics - The report provides a sum-of-the-parts (SOTP) valuation, estimating the enterprise value at RMB 5.26 billion based on a 3.0x EV/EBIT multiple and RMB 1.44 billion based on a 0.1x EV/sales multiple, alongside RMB 2.6 billion in net cash [10][17]. - The company’s P/E ratio is projected to improve from 23.9x in FY 2023 to 16.9x in FY 2025, indicating a more favorable valuation outlook [19][24].

25 Nov 2024 CMB International Global Markets | Equity Research | Company Update Baozun (BZUN US) | --- | --- | --- | --- | --- | |-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Financial Data and Key Metrics Changes - Total revenues increased by 13% year-over-year to RMB2.1 billion [6][9] - E-commerce revenue grew by 14% to RMB1.8 billion, while brand management revenue increased by 10% to RMB331 million [9] - Adjusted net loss attributable to shareholders improved by 12.5% year-over-year to RMB67 million from RMB76 million [13] Business Line Data and Key Metrics Changes - E-commerce services revenue rose by 15% to RMB1.3 billion, driven by a 40% increase in digital marketing and IT solutions [9][10] - BEC product sales revenue grew by 10% year-over-year to RMB454 million, primarily from beauty and cosmetics categories [10] - BBM product sales totaled RMB330 million, reflecting an 11% year-over-year growth [11] Market Data and Key Metrics Changes - Douyin business achieved triple-digit growth year-over-year, enhancing Baozun's leadership in digital commerce [6][18] - The recent Double 11 shopping festival saw total order value reach a record high with double-digit year-over-year growth [21] Company Strategy and Development Direction - The company is focused on advancing its strategic transformation and enhancing partnerships to integrate global resources with local insights [6][7] - Emphasis on omni-channel marketing and digital innovations to boost brand awareness and sales [18][19] - Plans to continue expanding into new categories while maintaining stronghold in core categories like apparel and luxury [58] Management Comments on Operating Environment and Future Outlook - Management expressed cautious optimism for 2025, anticipating sustained top-line growth momentum despite macroeconomic pressures [6][21] - The company is committed to optimizing operations and enhancing service quality to support brand partners [59] Other Important Information - Cash and cash equivalents totaled RMB2.7 billion as of September 30, 2024 [14] - The company has repurchased approximately 8.6 million ADS for $9.9 million year-to-date, reflecting confidence in future performance [14] Q&A Session Summary Question: Performance during Singles Day and Gap China sales - Management reported solid performance in apparel, sports, and luxury categories, while small appliances and travel categories underperformed [31][33] - Gap's sales on T-Mall increased by three positions, with double-digit growth in GMV and net sales [36] Question: Strategy adjustment due to GMV growth slowdown in live streaming - Management stated that their omni-channel operations allow flexibility in resource allocation based on channel performance [39][41] Question: Monthly sales performance post Double 11 - Sales softened across categories post Double 11, but recovery is expected in apparel as winter approaches [45][46] Question: JD.com investment in clothing category - Baozun has a strong partnership with JD, with Gap being a top-performing brand on the platform [50][51] Question: Return rates for Ralph Lauren brand - High return rates were noted, but the impact on business was minimized through efficient inventory management [50][51] Question: Outlook for consumption trends and next year's expectations - Management expects stabilization in overall consumption and plans to focus on service quality and innovation [57][59]

D > 3Q 2024 Earnings Presentation November 21, 2024 BAO ZUN yof 0 177 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 not contain all relevant information relating to the Company or ...

Exhibit 99.1 FF305 Next Day Disclosure Return (Equity issuer - changes in issued shares or treasury shares, share buybacks and/or on-market sales of treasury shares) | --- | --- | |-----------------|-------------------------------------------------------------------------| | | | | Instrument: | Equity issuer | | Name of Issuer: | Baozun Inc. (A company controlled through weighted limited liability) | Status: New Submission voting rights and incorporated in the Cayman Islands with Date Submitted: 30 Septembe ...

Financial Performance - Baozun's Q2 2024 revenue increased by +3.1% YoY to RMB 2,391.0 million, marking the fifth consecutive quarter of YoY revenue growth [3] - The company's operating loss improved from -RMB 36.4 million in Q2 2023 and -RMB 54.8 million in Q1 2024 to -RMB 18.8 million in Q2 2024 [3] - Baozun achieved a +2.5% top line beat for Q2 2024, with the operating loss being -27.8% narrower than the consensus estimate of -RMB 26.0 million [3] - Service revenue grew by +9.4% to RMB 1,520.7 million, offsetting a -6.4% decline in product sales revenue to RMB 870.3 million in Q2 2024 [3] Revenue Growth Prospects - Baozun's BEC product sales revenue contraction narrowed from -39.6% YoY in Q1 2024 to -4.5% YoY in Q2 2024, indicating a potential turnaround [3] - The company expects BEC and BBM product sales to return to growth in 2H 2024 [3] - Sell-side analysts anticipate a +5% revenue growth in RMB terms for FY 2024, consistent with FY 2023 performance [4] Operating Profitability - Baozun's BBM segment operating loss narrowed by -RMB 10.1 million YoY to -RMB 50.0 million in Q2 2024 [3] - The company has implemented cost optimization initiatives and is fine-tuning the unit economics of new stores to improve future profitability [4] - Analysts expect Baozun's operating loss to improve from -RMB 206 million in FY 2023 to -RMB 122 million in FY 2024 [4] Share Buyback Program - Baozun has a $20 million one-year share buyback plan in place, expiring in late-January 2025 [5] - Between January 24, 2024, and August 28, 2024, the company allocated $4.9 million to share repurchases, averaging $0.7 million per month [6] - The potential buyback yield is 5.6% in the base case scenario, with a best-case scenario yield of 14.7% if the full $20 million is utilized by end-2024 [6] Valuation Metrics - Baozun is trading at a forward one-year normalized P/E multiple of 6.3 times, which is considered attractive [1][4] - The company's potential buyback yield of 5.6% further supports its valuation appeal [8]

Baozun (BZUN US) 2Q loss reduction trend better than expectation Baozun delivered better-than-feared 2Q24 results: total revenue was RMB2.4bn, up 3% YoY, driven by a 9% YoY increase in services revenue, and was 2% better than consensus; non-GAAP net loss attributable to ordinary shareholders of Baozun came in at RMB3.9mn, narrowed from RMB4.4mn in 2Q23, and was better than consensus of RMB16.6mn in loss. Baozun E-commerce's (BEC) top line growth has turned around to YoY positive growth after 10 consecutive ...

D > 2Q 2024 Earnings Presentation August 28, 2024 l 177 101 BAO ZUN yof 0 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 not contain all relevant information relating to the Compan ...