机构观点 尽管2026年2月机构观点中75%给予"买入或增持"评级，目标均价9.54港元，但盈利预测存在分歧：2025 年第三季度净利润预测值为-1530万港元，同比改善24.03%，但绝对值仍为亏损。 经济观察网 宝尊电商2025年第三季度财报显示转型成效，总净收入同比增长5%至22亿元，非公认会计 准则下经营亏损收窄，电商业务实现淡季扭亏，品牌管理业务收入同比增长20%。但同期股价持续低 迷，2026年2月12日至16日港股区间下跌1.27%。这一背离主要受以下因素影响： 公司基本面 公司2021年至2024年连续亏损，尽管2025年第三季度亏损收窄，但市场对持续盈利能力仍持观望态度。 中信建投证券指出，品牌管理业务虽增长迅速，但尚未实现盈利，且线下门店扩张可能增加成本。 行业与风险分析 电商行业流量红利见顶，平台获客成本攀升。2021年至2024年，宝尊销售及营销费用从25.5亿元增至 33.81亿元，2025年上半年该项费用达17.38亿元，同比增长13%，挤压利润空间。深圳市思其晟公司 CEO伍岱麒认为，高营销成本是行业普遍挑战。 资金面情况 2026年2月12日至16日，港股日均成交额仅约5700 ...

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]

Core Viewpoint - Chinese concept stocks collectively strengthened, with the Nasdaq China Golden Dragon Index rising nearly 2% [1] Group 1: Stock Performance - Zenggu and Bomei Group surged over 9% [1] - NIO and New Oxygen increased by more than 8% [1] - Li Auto, Century Internet, Aihuishou, and Hesai rose over 4% [1] - GDS Holdings, Kingsoft Cloud, Baozun, and Huya gained over 3% [1] - Pony.ai, XPeng Motors, Baidu, and Bilibili climbed over 2% [1] - Alibaba, NetEase, and JD.com saw an increase of over 1% [1]

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 | ...

Core Viewpoint - The rise of Generative Engine Optimization (GEO) is reshaping digital marketing strategies as user information acquisition methods evolve, with nearly 500 million monthly active users in China and over 1.27 billion globally [1][2] Group 1: GEO Overview - GEO focuses on whether brand content can be understood and recommended by AI models, contrasting with traditional SEO which optimizes keywords and rankings [1][2] - The implementation of GEO is expected to significantly enhance customer acquisition conversion rates, with a reported increase of 2.8 times compared to traditional search methods, and a 40% reduction in user decision-making cycles [3] Group 2: Market Trends - The Chinese GEO market is experiencing rapid growth, with a year-on-year increase of 215% projected for Q2 2025, and over 78% of enterprise decision-makers prioritizing AI search optimization in their digital transformation strategies [3] - Gartner predicts a 25% decline in traffic from traditional search engines by 2026, as AI chatbots and other virtual AI optimization methods capture more market share [3] Group 3: Impact on Marketing Strategies - The transformation in marketing models is compelling brands to adjust their advertising strategies, particularly affecting small and medium-sized brands that may lack the necessary technology and content production capabilities for GEO [4] - E-commerce operators that prioritize GEO are expected to benefit, as they can quickly establish GEO content generation capabilities and provide comprehensive services from semantic analysis to performance tracking [4] Group 4: Investment Recommendations - E-commerce operators are positioned to capitalize on the shift from SEO to GEO, with specific recommendations including RuYueChen (003010.SZ), YiWanYiChuang (300792.SZ), and ShuiYang Co. (300740.SZ) [5] - Related companies include QingMu Technology (301110.SZ), LiRenLiZhuang (605136.SH), BaoZun E-commerce (BZUN.US), and KaiChun Co. (301001.SZ) [5]

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 ...

Group 1 - The Nasdaq Golden Dragon China Index saw a significant increase of over 4% in early trading, indicating a strong performance of Chinese stocks in the US market [1] - Notable individual stock performances included Baidu and GDS, both rising over 10%, while other companies like DDL and VNET also experienced substantial gains of over 8% [1] - The overall trend reflects a positive sentiment towards Chinese companies, with multiple stocks showing increases of 6% or more, suggesting a potential recovery or bullish outlook in the sector [1] Group 2 - Other companies such as Tencent Music, iQIYI, and Oriental also saw their stock prices rise by over 4%, contributing to the overall positive performance of Chinese stocks [2]

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 article discusses the trend of foreign brands selling their Chinese operations, emphasizing the importance of deep localization to revitalize brand growth in the Chinese market [4][7]. Group 1: Foreign Brand Acquisitions - Recent notable acquisitions include Starbucks China being sold to Boyu Capital and Burger King China being acquired by CPE Source Capital [4]. - Anta has become an expert in mergers and acquisitions, and in early 2023, Baozun completed the acquisition of GAP's China operations, joining the ranks of local players reshaping foreign brands [6]. Group 2: Localization Strategy - The core logic behind these acquisitions is that only through deep localization can brands regain growth momentum in China [7]. - GAP China faced operational challenges with over 40 complex systems that were not integrated, leading to slow decision-making processes [9]. - After the acquisition, Baozun spent ten months localizing GAP China's systems, which included reducing reliance on discount promotions and achieving about 70% localization in the supply chain [10]. Group 3: Brand Positioning and Consumer Connection - GAP's strategy has shifted from discount-driven sales to creating emotional connections with consumers [14]. - The number of GAP stores in China increased from over 120 to 170, with same-store sales growing by 7% year-on-year [10]. - The brand's new positioning emphasizes classic designs that resonate with consumer culture, moving away from a purely functional approach [19]. Group 4: Challenges and Future Directions - The CEO of GAP China, Ken Huang, highlighted that the biggest challenge in transforming a foreign brand is the complexity of the entire process [28]. - The company aims to balance international brand identity with local cultural integration, likening GAP China to a cup of "Yuan Yang," combining Western coffee and Chinese tea [43][44]. - The focus is on building a strong local team and supply chain to enhance responsiveness to market demands [26][31].