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） 授出限制性股份單位獎勵 寶尊電商有限公司（「本公司」，連同其綜合入賬附屬公司及其關聯併表實體，統 稱「本集團」）謹此宣佈，本公司於2025年9月2日（香港時間）根據本公司2022年股 權激勵計劃（「2022年計劃」）向九名承授人（「承授人」）授出限制性股份單位獎勵 （「限制性股份單位」），詳情載列如下。 單位數目： 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 ...

Core Insights - The latest financial report from Baozun E-commerce reveals significant operational improvements and strong growth momentum in both its e-commerce and brand management segments, indicating a successful dual-driven strategy [1][2][5] Financial Performance - In Q2 2025, Baozun's total revenue increased by 7% year-on-year to 2.6 billion yuan, with adjusted operating profit soaring by 489% to 59 million yuan, showcasing enhanced profitability [1][2] - E-commerce revenue reached 2.2 billion yuan, a 3% increase year-on-year, while brand management revenue grew by 35% to 400 million yuan, reflecting effective collaboration between business segments [2][4] E-commerce Segment - The e-commerce distribution and service businesses both experienced notable growth, with distribution revenue at 600 million yuan (up 3%) and service revenue at 1.6 billion yuan (up 3%) [2] - Key product categories such as beauty and alcoholic beverages significantly contributed to revenue growth, with online store operations, digital marketing, and IT solutions also showing increases of 8%, 12%, and 3% respectively [2][3] Brand Management Segment - The brand management business continued to thrive, driven by strong performances from Gap and Hunter brands, with Gap opening 11 new stores, bringing the total to 156 [4] - Hunter brand expanded its product offerings and achieved profitability in its new stores during the first quarter of operation, indicating successful market penetration [4] Strategic Developments - Baozun's multi-channel strategy has led to an increase in brand partners operating across various platforms, reaching a record high of 48.5% [3] - The company has actively pursued new growth opportunities in emerging channels, achieving double-digit growth in JD.com and triple-digit growth in Xiaohongshu [3][6] Future Outlook - The company is expected to maintain its growth momentum, with plans to open approximately 40 new Gap stores in key urban areas and continue enhancing brand influence through marketing investments [6][7] - Baozun's internal growth logic is strengthening, suggesting that the current revenue growth and profitability improvements are likely to persist [5][7]

Group 1: Semiconductor Industry - AI infrastructure investment continues to rise, with Nvidia's outlook indicating strong demand [2] - Nvidia reported Q2 FY2026 revenue of $46.7 billion, a year-on-year increase of 56% and a quarter-on-quarter increase of 6%, exceeding Bloomberg consensus estimates [2] - The company's Q2 net profit reached $25.8 billion, reflecting a year-on-year growth of 52% and a quarter-on-quarter growth of 30% [2] Group 2: Ctrip (携程) - Ctrip's Q2 FY2025 revenue was RMB 14.9 billion, a year-on-year increase of 16%, surpassing both internal and market expectations [9] - The non-GAAP operating profit was RMB 4.7 billion, exceeding expectations by 7% and 9% due to better-than-expected operational leverage [9] - The company is expected to maintain resilient growth in travel demand, supported by strong supply chain capabilities and customer service [9] Group 3: SenseTime (商汤科技) - SenseTime reported H1 FY2025 revenue of RMB 2.36 billion, a year-on-year increase of 36%, exceeding expectations by 6% [10] - The adjusted net loss narrowed by 50% to RMB 1.16 billion, driven by operational leverage and organizational adjustments [10] - The company anticipates a 25% year-on-year revenue growth in H2 FY2025, supported by strong demand for AI computing and applications [10] Group 4: Anta Sports (安踏) - Anta's retail sales trends showed a mixed performance, with the main brand experiencing weaker growth while other brands like Descente and Kolon continued to perform strongly [24][25] - The company adjusted its retail growth targets for FY2025, lowering Anta's from high single digits to mid single digits, while maintaining FILA's at mid single digits [25] - Despite challenges, Anta's operational profit margin is expected to remain between 20%-25% due to strict control over operating expenses [25]

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]

8月28日，宝尊电商（NASDAQ:BZUN、09991.HK）公布了截至2025年6月30日的第二季度财报。财报 显示，宝尊2025年第二季度总净收入同比增长7%至26亿元。其中，电商业务收入增长3%至22亿元，品 牌管理业务收入同比增长35%至4亿元。 在盈利层面，非公认会计准则下，剔除一次性调整后，经营利润达5900万元，较去年同期的1000万元实 现增长。 宝尊电商创始人、宝尊集团董事长兼首席执行官仇文彬表示，本季度，宝尊电商展现出强劲的盈利增长 动能。其中电商业务板块，专注于精益运营、价值创造及组织效能提升等维度的战略深耕，成效持续显 现。品牌管理业务则延续高增长势能，营收增速不断加快，商品规划、渠道拓展与营销推广三大抓手的 持续突破为业务增长提供了坚实支撑。 在第二季度，宝尊电商经销和服务业务均实现增长，总电商收入达22亿元，同比提升3.4%；调整后营 业利润同比大幅增长56%，达9400万元，创下疫情后同期最高水平。财报显示，这一增长态势主要得益 于宝尊电商在核心能力上的持续深化，通过优化经销模式质量、拓展优势品类、深化全渠道运营体系， 以及提升技术驱动的运营效率，共同构建起业务增长的坚实支撑。 ...

北京商报讯（记者 张君花）8月28日，宝尊电商发布截至2025年6月30日止六个月的中期业绩报告称， 报告期内，公司实现净营收46.17亿元，同比增加5.63%；亏损9704万元。 ...

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 ...

来源：智通财经网 公告称，截至2025年6月30日止首六个月期间，服务营收增长1.8%，主要受品牌合作伙伴强劲的数字营 销需求以及运动服装及服饰品类表现强劲所推动。 全渠道扩张仍是集团品牌合作伙伴的一大主题。集团继续进一步提升集团的全渠道能力。截至2025年6 月30日，约48.5%的品牌合作伙伴就至少两条渠道的店铺运营与集团合作，而去年同期末为45.8%。 宝尊电商-W(09991)发布截至2025年6月30日止六个月的中期业绩，总净营收46.17亿元(人民币，下同)， 同比增加5.63%。 ...