Baozun Inc. (NASDAQ:BZUN) Q1 2022 Earnings Conference Call May 26, 2022 8:00 AM ET Company Participants Wendy Sun - Investor Relations Director of Baozun Vincent Qiu - Chairman and Chief Executive Officer Arthur Yu - Chief Financial Officer Tracy Li - Vice President of Strategic Business Development Conference Call Participants Thomas Chong - Jefferies Vicki Wei - Citi Joyce Ju - Bank of America Sophia Tan - Credit Suisse Charlie Chen - China Renaissance Operator Good morning, ladies and gentlemen, and than ...

PART I [ITEM 3. KEY INFORMATION](index=7&type=section&id=ITEM%203.%20KEY%20INFORMATION) Outlines Baozun's corporate structure, VIE reliance, regulatory risks including potential delisting, cash transfers, and dividend restrictions - Baozun Inc. is a Cayman Islands holding company, operating primarily through PRC subsidiaries and a Variable Interest Entity (VIE), Shanghai Zunyi, which contributed **8.6% of total net revenues in 2021**[24](index=24&type=chunk) - The company faces significant delisting risk under the HFCA Act due to the PCAOB's inability to inspect its China-based auditor, potentially leading to a U.S. trading prohibition by **2024** or as early as **2023**[27](index=27&type=chunk)[29](index=29&type=chunk) Cash Transfers Between Parent and Subsidiaries (2019-2021) | Flow | 2019 (RMB in thousands) | 2020 (RMB in thousands) | 2021 (RMB in thousands) | | :--- | :--- | :--- | :--- | | Capital contributions from Parent to Hong Kong subsidiaries | 1,369,590 | — | — | | Capital contributions from Hong Kong subsidiaries to PRC subsidiaries | 548,905 | 608,841 | 383,585 | | Loans from Hong Kong subsidiaries to PRC subsidiaries | 15,000 | 371,925 | 867,646 | | Repayment from Hong Kong subsidiaries to Parent | — | — | 2,256,302 | | Amounts paid by VIE to PRC subsidiaries | 652,675 | 735,580 | 757,749 | - Dividend distribution from PRC subsidiaries is restricted, requiring a **10% statutory reserve fund** until it reaches **50% of registered capital**; the total restricted amount was **RMB 2,345 million (US$368.0 million) as of December 31, 2021**[39](index=39&type=chunk) Condensed Consolidating Statement of Operations Highlights (VIE vs. Consolidated) | Metric (RMB in thousands) | Year | VIE and VIE's Subsidiaries | Consolidated Totals | | :--- | :--- | :--- | :--- | | **Net Revenues** | 2021 | 809,547 | 9,396,256 | | | 2020 | 869,580 | 8,851,563 | | | 2019 | 626,912 | 7,278,192 | | **Net (Loss) Income** | 2021 | 47,090 | (205,963) | | | 2020 | 87,897 | 426,534 | | | 2019 | 65,279 | 281,891 | [Risk Factors](index=15&type=section&id=D.%20Risk%20Factors) - Business risks include dependency on China's e-commerce market growth, reliance on key brand partners (**top 10 accounted for 48.2% of total net revenues in 2021**), and significant reliance on the Tmall platform (**69.3% of total GMV in 2021**)[57](index=57&type=chunk)[63](index=63&type=chunk)[68](index=68&type=chunk) - The company reported a net loss of **RMB 206.0 million in 2021**, a reversal from **RMB 426.5 million net income in 2020**, primarily due to a **RMB 210.0 million unrealized investment loss** and weaker operational profitability[65](index=65&type=chunk) - Corporate structure risks arise from reliance on VIE contractual arrangements, which if deemed non-compliant by the PRC government, could lead to severe penalties[53](index=53&type=chunk)[183](index=183&type=chunk)[189](index=189&type=chunk) - Risks in China include uncertainties in PRC law enforcement, such as the E-Commerce Law, and potential CSRC approval requirements for offshore offerings, impacting future financing[54](index=54&type=chunk)[200](index=200&type=chunk)[213](index=213&type=chunk) - Securities risks include high trading price volatility and significant delisting threat from U.S. exchanges under the HFCA Act due to PCAOB inspection limitations[55](index=55&type=chunk)[243](index=243&type=chunk)[276](index=276&type=chunk) [ITEM 4. INFORMATION ON THE COMPANY](index=74&type=section&id=ITEM%204.%20INFORMATION%20ON%20THE%20COMPANY) Provides Baozun's history, dual listing, business models, e-commerce capabilities, and its organizational structure with a PRC VIE [History and Development of the Company](index=74&type=section&id=A.%20History%20and%20Development%20of%20the%20Company) Founded in 2007, Baozun has grown into a leading e-commerce service provider, with key milestones including its Nasdaq IPO in May 2015 and a global offering on the Hong Kong Stock Exchange in September 2020, accelerating growth through strategic acquisitions and a significant investment from Cainiao into its logistics arm, Baotong - The company was founded in **2007**, listed its ADSs on Nasdaq in **May 2015**, and completed a global offering on the Hong Kong Stock Exchange in **September 2020**, raising net proceeds of approximately **HK$3,511.4 million (US$450.2 million)**[305](index=305&type=chunk)[309](index=309&type=chunk)[316](index=316&type=chunk) - In **2021**, Baozun acquired several complementary businesses to enhance its service offerings, including Full Jet, eFashion, MoreFun, BolTone, and BaoBest[319](index=319&type=chunk) - In **September 2021**, Cainiao, an Alibaba subsidiary, made a **30% equity investment** in Baotong, Baozun's logistics holding company, for **US$217.9 million** to develop fulfillment and e-commerce opportunities[320](index=320&type=chunk) [Business Overview](index=77&type=section&id=B.%20Business%20Overview) Baozun is a leading brand e-commerce service provider in China, offering end-to-end solutions across IT, store operations, digital marketing, customer service, and fulfillment, serving 333 brand partners as of year-end 2021 - Baozun is a leader in China's brand e-commerce service industry, holding a **7.9% market share by GMV in 2019**, and served **333 brand partners** for store operations as of December 31, 2021[322](index=322&type=chunk)[323](index=323&type=chunk) Key Operating Metrics (2019-2021) | Metric | 2019 | 2020 | 2021 | | :--- | :--- | :--- | :--- | | **Total GMV (RMB in millions)** | 44,410.3 | 55,687.4 | 71,053.9 | | Distribution GMV (RMB in millions) | 3,849.5 | 4,334.6 | 4,335.7 | | Non-distribution GMV (RMB in millions) | 40,560.8 | 51,352.8 | 66,718.2 | | **Total Net Revenues (RMB in millions)** | 7,278.2 | 8,851.6 | 9,396.3 | | Product Sales Revenue (%) | 47.0% | 44.1% | 41.2% | | Services Revenue (%) | 53.0% | 55.9% | 58.8% | - The company's top five customers accounted for **19.2% of total net revenues in 2021**, while its top five suppliers accounted for **59.7% of purchases**, indicating some concentration risk[393](index=393&type=chunk)[394](index=394&type=chunk) - As of December 31, 2021, Baozun directly operated **57 warehouses** with an aggregate gross floor area of approximately **1,135,000 square meters**, fulfilling **50.4 million outbound orders in 2021**[359](index=359&type=chunk) [Organizational Structure](index=112&type=section&id=C.%20Organizational%20Structure) Baozun Inc. is a Cayman Islands holding company controlling PRC operations through wholly-owned subsidiaries and a VIE, Shanghai Zunyi, to comply with PRC foreign ownership restrictions, maintaining control through contractual agreements for financial consolidation - The company utilizes a VIE structure to comply with PRC regulations; the VIE, Shanghai Zunyi, is **80% owned by CEO Vincent Wenbin Qiu** and **20% by co-founder Michael Qingyu Zhang**[493](index=493&type=chunk) - Control over the VIE is established through four key contractual arrangements: an Exclusive Call Option Agreement, a Proxy Agreement, Equity Interest Pledge Agreements, and an Exclusive Technology Service Agreement[496](index=496&type=chunk)[497](index=497&type=chunk)[498](index=498&type=chunk)[500](index=500&type=chunk) - The VIE contributed **8.6% of the company's total net revenues** for the year ended December 31, 2021[502](index=502&type=chunk) [ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS](index=116&type=section&id=ITEM%205.%20OPERATING%20AND%20FINANCIAL%20REVIEW%20AND%20PROSPECTS) Analyzes Baozun's financial performance, highlighting 2021 revenue growth, a net loss, strong liquidity, and capital resources Consolidated Financial Highlights (2019-2021) | Metric (RMB in thousands) | 2019 | 2020 | 2021 | | :--- | :--- | :--- | :--- | | **Total Net Revenues** | 7,278,192 | 8,851,563 | 9,396,256 | | Product Sales | 3,422,151 | 3,906,611 | 3,873,589 | | Services | 3,856,041 | 4,944,952 | 5,522,667 | | **Income from Operations** | 383,653 | 558,677 | 7,021 | | **Net Income (Loss)** | 281,891 | 426,534 | (205,963) | | **Net Income (Loss) per ADS (Basic)** | 4.85 | 6.82 | (3.05) | - The net loss in **2021** was primarily driven by a **RMB 210.0 million unrealized investment loss**, mainly from a decrease in iClick Interactive's trading price, and a **134.7% increase in general and administrative expenses** due to accounts receivable write-downs and new headquarters costs[562](index=562&type=chunk)[568](index=568&type=chunk) Non-GAAP Financial Measures Reconciliation (2021) | Metric (RMB in thousands) | 2021 | | :--- | :--- | | Net loss attributable to ordinary shareholders | (219,830) | | Add: Share-based compensation expenses | 196,547 | | Add: Amortization of intangible assets from acquisition | 15,574 | | Add: Unrealized investment loss | 209,956 | | Less: Tax effect of amortization | (2,645) | | **Non-GAAP net income attributable to ordinary shareholders** | **199,602** | - As of December 31, 2021, the company had a strong liquidity position with **RMB 4,606.5 million** in cash and cash equivalents, and available credit facilities of **RMB 991.7 million**[598](index=598&type=chunk) Summary of Cash Flows (2019-2021) | Cash Flow (RMB in thousands) | 2019 | 2020 | 2021 | | :--- | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | 301,396 | 310,014 | (96,107) | | Net cash (used in) provided by investing activities | (1,133,451) | (616,367) | 375,820 | | Net cash provided by financing activities | 1,776,891 | 2,666,837 | 749,953 | [ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES](index=138&type=section&id=ITEM%206.%20DIRECTORS,%20SENIOR%20MANAGEMENT%20AND%20EMPLOYEES) Details Baozun's governance, board, senior management, compensation, employee count, and dual-class share ownership structure - The board of directors consists of **eight members**, including four independent directors, with key executive officers including co-founder Vincent Wenbin Qiu (Chairman & CEO) and co-founder Junhua Wu (Director & Chief Growth Officer)[631](index=631&type=chunk)[666](index=666&type=chunk) - In **2021**, aggregate fees, salaries, and benefits for directors and executive officers amounted to approximately **RMB 19.8 million**, excluding equity-based compensation, with **1,615,416 restricted share units** also granted to this group[645](index=645&type=chunk) - The company utilizes two primary share incentive plans, the **2014 Plan** and the **2015 Plan**, to grant options and restricted share units to employees, directors, and consultants[648](index=648&type=chunk)[649](index=649&type=chunk)[650](index=650&type=chunk) - As of December 31, 2021, the company had **8,821 full-time employees**, a significant increase from **6,076 in 2020**, partly due to acquisitions, with the largest group (**6,075**) in front-end functions like store operations and customer service[683](index=683&type=chunk) Beneficial Ownership and Voting Power of Key Individuals (as of March 31, 2022) | Name | Percentage of total ordinary shares | Percentage of aggregate voting power | | :--- | :--- | :--- | | Vincent Wenbin Qiu (CEO) | 5.3% | 29.5% | | Junhua Wu (CGO) | 3.0% | 12.7% | | Alibaba Investment Limited | 13.1% | 8.2% | [ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS](index=152&type=section&id=ITEM%207.%20MAJOR%20SHAREHOLDERS%20AND%20RELATED%20PARTY%20TRANSACTIONS) Outlines major shareholders and significant related party transactions, including those with Alibaba and Softbank affiliates - The company's relationship with its VIE, Shanghai Zunyi, is governed by a series of contractual arrangements that provide effective control and economic benefits[698](index=698&type=chunk) - Significant transactions with Alibaba Group include service fees paid to Tmall, which amounted to **RMB 752.8 million (US$118.1 million) in 2021**[699](index=699&type=chunk) - In **2021**, Cainiao, a subsidiary of Alibaba, made a **30% equity investment** in Baotong (Baozun's logistics arm) for **US$217.9 million**, with an agreement including a call option for Cainiao to increase its stake to **60%** starting from **July 2023** and a redemption right under certain triggering events[700](index=700&type=chunk) - In **2021**, the company repurchased **19,042,105 Class A ordinary shares** from Tsubasa Corporation (a Softbank subsidiary) for approximately **US$105.0 million** in a privately negotiated transaction[730](index=730&type=chunk) [ITEM 8. FINANCIAL INFORMATION](index=156&type=section&id=ITEM%208.%20FINANCIAL%20INFORMATION) Refers to consolidated financial statements, highlights key legal proceedings, and states the company's dividend policy - A securities class action lawsuit filed in **2019**, alleging false and misleading statements, was voluntarily dismissed without prejudice in **November 2020**[734](index=734&type=chunk) - In **September 2021**, a subsidiary initiated an arbitration proceeding against a distributor for a **US$22.2 million payment default**, leading the company to record an allowance of **RMB 93.3 million (US$14.6 million)** for accounts receivable in **2021**[735](index=735&type=chunk) - The company has no present plan to pay cash dividends and intends to retain available funds and future earnings to operate and expand its business[738](index=738&type=chunk) [ITEM 9. THE OFFER AND LISTING](index=157&type=section&id=ITEM%209.%20THE%20OFFER%20AND%20LISTING) Details the company's dual listing on Nasdaq for ADSs and the Hong Kong Stock Exchange for Class A ordinary shares - The company's ADSs are listed on The Nasdaq Global Select Market under the symbol "**BZUN**" since **May 21, 2015**[740](index=740&type=chunk) - The company's Class A ordinary shares are listed on the Hong Kong Stock Exchange under the stock code "**9991**" since **September 29, 2020**[742](index=742&type=chunk) [ITEM 10. ADDITIONAL INFORMATION](index=158&type=section&id=ITEM%2010.%20ADDITIONAL%20INFORMATION) Covers corporate information, dual-class share structure, PRC exchange control and dividend regulations, and tax implications - The company has a dual-class share structure: Class A ordinary shares are entitled to **one vote per share**, while Class B ordinary shares are entitled to **ten votes per share**, with Class B shares convertible into Class A shares on a one-for-one basis[756](index=756&type=chunk)[760](index=760&type=chunk) - PRC regulations permit dividend payments from PRC subsidiaries only out of accumulated after-tax profits and require setting aside at least **10% of after-tax profit** into a statutory reserve fund until it reaches **50% of registered capital**[808](index=808&type=chunk) - The company believes it was not a Passive Foreign Investment Company (PFIC) for the **2021 tax year** but notes that the significant decline in its ADS market price increases the risk of becoming a PFIC in the future[837](index=837&type=chunk) [ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](index=159&type=section&id=ITEM%2011.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) Outlines the company's exposure to market risks, including foreign exchange, interest rate, and credit risks - The company's primary market risk is foreign exchange risk, as revenues and expenses are mostly in RMB, while some financial assets are in U.S. dollars, meaning a significant revaluation of the RMB could materially affect financial results[854](index=854&type=chunk) - As of December 31, 2021, the company held **RMB 2,990.8 million** in RMB-denominated cash and investments, and **US$247.5 million** in USD-denominated cash and investments[857](index=857&type=chunk) - Credit risk is present in accounts receivable; the company recorded an allowance for doubtful accounts of **RMB 118.7 million (US$18.6 million)** as of December 31, 2021[862](index=862&type=chunk) [ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES](index=177&type=section&id=ITEM%2012.%20DESCRIPTION%20OF%20SECURITIES%20OTHER%20THAN%20EQUITY%20SECURITIES) Focuses on American Depositary Shares (ADSs), detailing depositary fees and conversion procedures for Class A ordinary shares - The depositary, JPMorgan Chase Bank, N.A., charges fees for ADS services, including up to **US$5.00 per 100 ADSs** for issuance or cancellation, and up to **US$0.05 per ADS** for cash distributions[866](index=866&type=chunk)[867](index=867&type=chunk) - The report outlines the procedures for investors to convert Class A ordinary shares trading in Hong Kong into ADSs for trading on Nasdaq, and for converting ADSs back into Class A ordinary shares for trading in Hong Kong[883](index=883&type=chunk)[886](index=886&type=chunk) PART II [ITEM 15. CONTROLS AND PROCEDURES](index=185&type=section&id=ITEM%2015.%20CONTROLS%20AND%20PROCEDURES) Management and auditors concluded disclosure and internal financial reporting controls were effective as of December 31, 2021 - Management concluded that the company's disclosure controls and procedures were effective as of **December 31, 2021**[906](index=906&type=chunk) - Management assessed the company's internal control over financial reporting as effective as of **December 31, 2021**, excluding newly acquired businesses from **2021** which constituted **4.0% of net assets** and **5.8% of revenues**[910](index=910&type=chunk) - The independent registered public accounting firm, Deloitte Touche Tohmatsu Certified Public Accountants LLP, issued an unqualified opinion on the effectiveness of the company's internal control over financial reporting as of **December 31, 2021**[911](index=911&type=chunk)[913](index=913&type=chunk) [Corporate Governance and Other Matters](index=187&type=section&id=Corporate%20Governance%20and%20Other%20Matters) Covers corporate governance, audit committee, code of conduct, accountant fees, share repurchases, and foreign private issuer exemptions Principal Accountant Fees (2020-2021) | Fee Type (in thousands) | 2020 (US$) | 2021 (US$) | | :--- | :--- | :--- | | Audit Fees | 1,713.4 | 1,123.8 | | All Other Fees | 183.9 | 188.3 | | **Total** | **1,897.3** | **1,312.1** | - In **2021**, the board authorized two share repurchase programs totaling **US$175 million**; by year-end, the company had repurchased **9,063,910 ADSs** (or equivalent shares) under these programs[927](index=927&type=chunk)[928](index=928&type=chunk)[931](index=931&type=chunk) - As a foreign private issuer, the company follows home country (Cayman Islands) practices in lieu of certain Nasdaq rules, including not being required to have a majority of independent directors on its board[934](index=934&type=chunk)[936](index=936&type=chunk) PART III [ITEM 18. FINANCIAL STATEMENTS](index=190&type=section&id=ITEM%2018.%20FINANCIAL%20STATEMENTS) Presents audited consolidated financial statements for 2019-2021, including auditor's report and key financial statements Consolidated Balance Sheet Highlights | (RMB in thousands) | As of Dec 31, 2020 | As of Dec 31, 2021 | | :--- | :--- | :--- | | **Total Assets** | **10,474,691** | **12,318,980** | | Cash and cash equivalents | 3,579,665 | 4,606,545 | | Accounts receivable, net | 2,188,977 | 2,260,918 | | Inventories | 1,026,038 | 1,073,567 | | Goodwill | 13,574 | 397,904 | | **Total Liabilities** | **4,332,088** | **5,837,631** | | Short-term loan | — | 2,288,465 | | Long-term loan | 1,762,847 | — | | **Total Equity** | **6,133,603** | **5,059,669** | - The company completed several business acquisitions in **2021** for a total purchase consideration of **RMB 569.6 million**, resulting in the recognition of **RMB 247.9 million** in intangible assets and **RMB 383.5 million** in goodwill[962](index=962&type=chunk) - In **2021**, the company repurchased **27,191,731 shares** for **US$164.9 million**; of these, **19,042,105 shares** were subsequently retired[1142](index=1142&type=chunk) - As of December 31, 2021, the amount of restricted net assets in PRC entities not available for distribution was **RMB 2,345.1 million**[1161](index=1161&type=chunk)

Baozun Inc. (NASDAQ:BZUN) Q4 2021 Earnings Conference Call March 10, 2022 7:00 AM ET Company Participants Wendy Sun - Director, Investor Relations Vincent Wenbin Qiu - Chairman of the Board of Directors and Chief Executive Officer Arthur Junrui Yu - Chief Financial Officer Tracy Chunlu Li - Strategic Business Development VP Conference Call Participants Thomas Chong - Jefferies Charlie Chen - China Renaissance Joyce Ju - Bank of America Securities Robin Leung - Daiwa Operator Good morning, ladies and gentlem ...

Baozun Inc. (NASDAQ:BZUN) Q3 2021 Earnings Conference Call November 30, 2021 7:00 AM ET Company Participants Wendy Sun - IR, Director Vincent Qiu - Chairman and CEO Arthur Yu - CFO Tracy Li - VP, Strategic Business Development Conference Call Participants Alicia Yap - Citigroup Thomas Chong - Jefferies Charlie Chen - China Renaissance Ashley Xu - Credit Suisse Joyce Ju - Bank of America Merrill Lynch Robin Leung - Daiwa Operator Good morning, ladies and gentlemen. Thank you for standing by for Baozun's Thir ...

[Strategic Investment and Business Cooperation](index=1&type=section&id=Strategic%20Investment%20and%20Business%20Cooperation) This section details Cainiao's strategic investment in Baotong and the rationale for their business cooperation [Transaction Details](index=1&type=section&id=Transaction%20Details) Baozun's logistics subsidiary, Baotong, will receive a US$217.9 million strategic investment from Cainiao Network in exchange for a 30% equity stake, formalized through a Share Purchase and Subscription Agreement Investment Details | Party | Role | Investment Amount | Equity Stake | | :--- | :--- | :--- | :--- | | Cainiao Network | Investor | US$217.9 Million | 30% | | Baotong Inc. | Investee (Baozun's subsidiary) | - | - | - The investment is formalized through a Share Purchase and Subscription Agreement between Baozun, its subsidiary Baotong, and Cainiao Network[1](index=1&type=chunk) [Strategic Rationale and Business Cooperation](index=1&type=section&id=Strategic%20Rationale%20and%20Business%20Cooperation) The partnership aims to leverage Cainiao's national logistics network to enhance Baotong's service portfolio, improve its cost structure, and capture growth opportunities, alongside a Business Cooperation Agreement for joint digital logistics development - The investment will enable Baozun to leverage Cainiao Network's national logistics expertise to improve its cost structure and enrich its service portfolio[2](index=2&type=chunk) - A Business Cooperation Agreement (BCA) was also established for the parties to collaborate on developing cutting-edge, customized, and digitalized logistics solutions and expand service scenarios[2](index=2&type=chunk) [Management Commentary](index=1&type=section&id=Management%20Commentary) Management from both Baozun and Cainiao expressed optimism about the partnership, highlighting its potential for end-to-end services, high-end sector expansion, and market penetration - Baozun's management stated the partnership will help develop end-to-end services, particularly for its rapid expansion in the high-end sector[3](index=3&type=chunk) - Cainiao's management views the collaboration as a key step to expand its resources and penetrate the high-end logistics service market in China[3](index=3&type=chunk) [Company Overviews](index=1&type=section&id=Company%20Overviews) This section provides background on Baozun Inc. and Cainiao Network, outlining their core businesses [About Baozun Inc.](index=1&type=section&id=About%20Baozun%20Inc.) Baozun Inc. is a leading brand e-commerce service provider in China, offering end-to-end solutions including IT, store operations, digital marketing, customer service, and warehousing/fulfillment - Baozun provides integrated one-stop solutions for e-commerce operations, covering IT, online store management, digital marketing, customer services, and warehousing and fulfillment[4](index=4&type=chunk) [About Cainiao Network](index=1&type=section&id=About%20Cainiao%20Network) Cainiao Network, founded in 2013, is a global industrial internet company focused on creating customer value through technological innovation in community services, global logistics, and smart supply chains - Cainiao Network, founded in May 2013, is a global industrial internet company specializing in community services, global logistics, and smart supply chains[5](index=5&type=chunk) [Disclosures and Contacts](index=2&type=section&id=Disclosures%20and%20Contacts) This section includes legal disclaimers for forward-looking statements and contact information for inquiries [Safe Harbor Statements](index=2&type=section&id=Safe%20Harbor%20Statements) This section contains standard legal disclaimers regarding forward-looking statements, as required by the U.S. Private Securities Litigation Reform Act of 1995, warning that actual results may differ from projections - The press release includes forward-looking statements made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995, which involve inherent risks and uncertainties[6](index=6&type=chunk) [Investor and Media Inquiries](index=2&type=section&id=Investor%20and%20Media%20Inquiries) This section provides contact details for investor and media inquiries for both Baozun Inc. and its PR firm, Christensen, with contacts in China and the U.S. - Contact information for investor and media inquiries is provided for Baozun and its representatives in China and the U.S[7](index=7&type=chunk)