Core Insights - Baozun E-commerce reported total net revenue of 2.156 billion yuan for Q3 2025, representing a year-on-year increase of 4.8% compared to 2.057 billion yuan in the same period last year [1] - The company experienced an operating loss of 25.6 million yuan, a significant improvement from an operating loss of 115 million yuan in the previous year [1] - The net loss attributable to ordinary shareholders of Baozun E-commerce was 107 million yuan, compared to a net loss of 88.1 million yuan in the same quarter of 2024 [1]

Financial Data and Key Metrics Changes - Total net revenues for Q3 2025 increased by 5% year-over-year to RMB 2.2 billion, with e-commerce revenue growing by 2.4% to RMB 1.8 billion and brand management revenue rising by 20% to RMB 396 million [8][9] - Non-GAAP operating loss narrowed to RMB 11 million from RMB 85 million a year ago, indicating significant improvement in profitability [4][11] - Blended gross margin for product sales expanded to 34.3%, reflecting a 620 basis points year-over-year increase [9] Business Line Data and Key Metrics Changes - BEC achieved a non-GAAP operating profit of RMB 28 million, compared to an operating loss of RMB 30 million a year ago, marking its most profitable third quarter in recent years [5][6] - BBM revenue grew by 20% year-over-year to RMB 396 million, driven by effective merchandising and marketing initiatives [6][20] - Services revenue for BEC increased by 6.3% year-over-year to RMB 1.4 billion, primarily due to growth in online store operations [8][16] Market Data and Key Metrics Changes - The GAP brand engaged a top-tier brand ambassador, leading to a 25% increase in young customers and significant brand awareness [21][56] - BBM's gross profit margin expanded to 56.5%, up 370 basis points from the previous year, highlighting effective marketing strategies [20] Company Strategy and Development Direction - The company is focused on a strategic transformation with an emphasis on sustainable profitability and growth, anticipating 2026 to be a pivotal year for sustained profitable growth [7][19] - The strategy includes expanding the margin for BEC and optimizing cost efficiency, while BBM focuses on making each brand a successful operation [31][34] Management's Comments on Operating Environment and Future Outlook - Management noted an improvement in consumer sentiment, with consumers increasingly focused on value and targeted purchases [28][29] - The company expects to see strong performance in Q4 2025 and anticipates significant improvements in profitability for 2026 across both business segments [45][46] Other Important Information - The company reclassified an investment related to Tanyo, increasing total equity to RMB 5.5 billion, with no impact on warehouse and logistics operations [13] Q&A Session Summary Question: Observations on consumer sentiment and spending behavior - Management observed that consumer sentiment is improving, with a focus on value-driven purchases, particularly in sports and apparel categories [28][29] Question: 2026 outlook and strategic priorities - Management highlighted margin expansion and cost optimization as key priorities for BEC, while BBM aims to ensure successful operations for existing brands and develop synergies between divisions [31][34] Question: Impact of GAP's brand ambassador on awareness and sales - The collaboration has significantly increased brand awareness and customer engagement, particularly among younger demographics, leading to synergies in sales across product lines [56][57]

Financial Data and Key Metrics Changes - Total net revenues for Q3 2025 increased by 5% year-over-year to RMB 2.2 billion, with e-commerce revenue growing by 2.4% to RMB 1.8 billion and brand management revenue rising by 20% to RMB 396 million [8][9] - Non-GAAP operating loss narrowed to RMB 11 million from RMB 85 million a year ago, indicating significant improvement in profitability [4][11] - Blended gross margin for product sales expanded to 34.3%, reflecting a 620 basis point year-over-year increase [9] Business Line Data and Key Metrics Changes - BEC achieved a non-GAAP operating profit of RMB 28 million, compared to an operating loss of RMB 30 million a year ago, marking its most profitable third quarter in recent years [5][11] - BBM revenue grew by 20% year-over-year to RMB 396 million, driven by effective merchandising and marketing initiatives [6][20] - Services revenue for BEC increased by 6.3% year-over-year to RMB 1.4 billion, primarily due to growth in online store operations [8][16] Market Data and Key Metrics Changes - The GAP brand saw a 7% same-store sales growth, contributing to BBM's overall revenue increase [20] - The beauty and cosmetics categories experienced healthy growth, while the appliance category faced challenges due to a shift in consumer preferences [15][16] Company Strategy and Development Direction - The company is focused on a strategic transformation aimed at sustainable profitability and growth, with 2025 seen as a building phase and 2026 anticipated as an inflection point for sustained profitable growth [7][19] - The strategy includes enhancing brand management capabilities and leveraging technology as a catalyst for growth [7][35] Management's Comments on Operating Environment and Future Outlook - Management noted an improvement in consumer sentiment, with consumers becoming more value-conscious and targeted in their purchasing behavior [28][29] - The company expects to see strong performance in Q4 2025 and anticipates significant improvements in profitability for 2026 across both business segments [45][46] Other Important Information - The company reported a cash and cash equivalents total of RMB 2.7 billion as of September 30, 2025 [11] - An accounting update reclassified an investment related to Tanyo, increasing total equity to RMB 5.5 billion [13] Q&A Session Summary Question: Observations on consumer sentiment and spending behavior - Management observed that consumer sentiment is improving, with a focus on value and targeted purchases, particularly in sports and apparel categories [28][29] Question: 2026 outlook and strategic priorities - Management highlighted margin expansion and cost optimization as key priorities for BEC, while BBM focuses on successful brand operations and synergy between divisions [31][33][35] Question: Impact of premium consumption stabilization - Management confirmed that premium categories are performing well, particularly in the luxury segment, with a focus on content-driven sales strategies [38][39] Question: Revenue and profitability outlook for Q4 and 2026 - Management expressed confidence in delivering solid results for both BEC and BBM in the upcoming quarter and expects significant profitability improvements in 2026 [45][46] Question: Impact of Taobao's Qiucommerce on performance - Management indicated that Qiucommerce primarily benefits FMCG categories, which are not the main focus for Baozun's growth strategy [50][51] Question: Effects of new advertising regulations - Management noted that while advertising spending has become more cautious post-pandemic, they have not observed significant impacts from new regulations on their operations [52]

Financial Data and Key Metrics Changes - Total net revenues for Q3 2025 increased by 5% year-over-year to RMB 2.2 billion, with e-commerce revenue growing by 2.4% to RMB 1.8 billion and brand management revenue rising by 20% to RMB 396 million [8][9] - Non-GAAP operating loss narrowed to RMB 11 million from RMB 85 million a year ago, indicating significant improvement in profitability [4][11] - Blended gross margin for product sales expanded by 620 basis points year-over-year to 34.3%, with gross profits increasing by 26.1% to RMB 277.4 million [9][11] Business Line Data and Key Metrics Changes - BEC achieved a non-GAAP operating profit of RMB 28 million, compared to an operating loss of RMB 30 million a year ago, marking its most profitable third quarter in recent years [4][5] - BBM revenue grew by 20% year-over-year to RMB 396 million, driven by merchandising and marketing initiatives, with gross profit margin expanding to 56.5% [20][21] Market Data and Key Metrics Changes - Services revenue for BEC grew by 6.3% year-over-year to RMB 1.4 billion, driven by online store operations and additional marketing and IT solutions [8][16] - BEC product sales revenue decreased by 8.9% year-over-year to RMB 413.4 million, primarily due to declines in the appliance and health and nutrition categories [8][9] Company Strategy and Development Direction - The company is focused on a strategic transformation aimed at sustainable profitability and growth, with 2025 seen as a building phase and 2026 anticipated to mark a shift to sustained profitable growth [6][7] - The company is enhancing its distribution model to improve margins and is investing in technology and AI to drive efficiency and profitability [33][37] Management's Comments on Operating Environment and Future Outlook - Management noted that consumer sentiment is improving, with consumers increasingly focused on value and willing to spend on premium categories [30][31] - The company expects strong performance in Q4 2025 and anticipates significant improvements in profitability for 2026 across both BEC and BBM segments [47][48] Other Important Information - The company reclassified an investment related to Tanyo, increasing total equity to RMB 5.5 billion, with no impact on warehouse and logistics operations [12] - The company is actively looking for new brands to add to its BBM portfolio while ensuring careful selection to maximize success [37] Q&A Session Summary Question: Observations on consumer sentiment and spending behavior - Management observed that consumer sentiment is improving, with a focus on value and targeted spending, particularly in sports and apparel categories [30][31] Question: 2026 outlook and strategic priorities - Management highlighted margin expansion and cost optimization as key priorities for BEC, while BBM focuses on successful brand operations and synergy between divisions [33][34] Question: Impact of GAP's brand ambassador on awareness and sales - The collaboration with a brand ambassador has increased young customer engagement by 25% and strengthened brand awareness across key product categories [55][56]

Group 1 - The article does not provide any specific content or key points related to a company or industry [1]

Financial Performance - Total net revenue reached RMB 22 billion, a 5% year-over-year increase[5, 7] - Non-GAAP operating loss narrowed by 87% year-over-year, reaching RMB (108) million[5] - Brand Management (BBM) revenue increased by 20% year-over-year, reaching RMB 396 million[5] - E-Commerce revenue increased by 2% year-over-year, reaching RMB 18 billion[5, 7] E-Commerce Strategy - Online Store Operations revenue increased by 16% year-over-year[35] - Digital Marketing & IT Solutions revenue increased by 6% year-over-year[35] - Luxury category revenue within Online Store Operations increased by 14% year-over-year[35] - Other Apparel category revenue within Online Store Operations increased by 25% year-over-year[36] - E-Commerce product sales gross margin increased from 102% in 3Q2024 to 131% in 3Q2025[30] Brand Management Achievements - Brand Management (BBM) net revenues reached RMB 396 million, with a 20% year-over-year growth rate[5, 39] - Brand Management (BBM) gross profit margin was 566% in 3Q2025[39]

Core Viewpoint - Baozun E-commerce (09991) reported a total net revenue of 2.156 billion RMB for Q3 2025, representing a year-on-year increase of 4.82%. However, the net loss attributable to ordinary shareholders increased by 21.61% to 107 million RMB, with a loss per share of 0.62 RMB [1] Group 1: Financial Performance - Total net revenue for Q3 2025 reached 2.156 billion RMB, up 4.82% year-on-year [1] - Net loss attributable to ordinary shareholders was 107 million RMB, an increase of 21.61% year-on-year [1] - Loss per share was reported at 0.62 RMB [1] Group 2: Management Insights - The founder and CEO of Baozun Group, Qiu Wenbin, stated that the strategic transformation of the company is deepening and yielding tangible results, with total revenue showing a 5% year-on-year growth and a significant reduction in operating losses [1] - The CFO, Zhu Yanjie, highlighted that both e-commerce and brand management businesses showed significant improvement in operational efficiency and financial performance, with brand management revenue growing by 20% year-on-year and adjusted operating losses narrowing by 30% [1]

Core Insights - The company reported total net revenue of RMB 2.156 billion for Q3 2025, representing a year-on-year increase of 4.8% compared to RMB 2.057 billion in the same period last year [1] - Operating loss was RMB 25.6 million, an improvement from RMB 115 million in the previous year, resulting in an operating loss margin of 1.2%, down from 5.6% in Q3 2024 [1] - The net loss attributable to ordinary shareholders of the company was RMB 107 million, compared to RMB 88.1 million in the same quarter of 2024 [1]

Financial Performance - Total net revenue for Q3 2025 was RMB 2,156.2 million (USD 302.9 million), an increase of 4.8% year-over-year from RMB 2,057.0 million[9]. - Operating loss narrowed significantly to RMB 25.6 million (USD 3.6 million), compared to RMB 114.5 million in the same period last year, with an operating loss margin of 1.2% versus 5.6% in Q3 2024[9]. - Net loss attributable to ordinary shareholders was RMB 107.1 million (USD 15.0 million), compared to RMB 88.1 million in Q3 2024[13]. - Non-GAAP net loss attributable to ordinary shareholders was RMB 40.2 million (USD 5.7 million), improving from RMB 66.8 million in the same quarter last year[13]. - Basic and diluted net loss per American depositary share was RMB 1.85 (USD 0.26), compared to RMB 1.48 in Q3 2024[13]. - The company reported a total operating expense of RMB 2,181,851 for the three months ended September 30, 2025, compared to RMB 2,171,502 for the same period in 2024[52]. - Cumulative losses as of September 30, 2025, totaled RMB 895,928, compared to RMB 691,785 as of December 31, 2024[50]. E-commerce Business - Adjusted operating profit for the e-commerce business was RMB 28.1 million (USD 3.9 million), improving from an adjusted operating loss of RMB 29.8 million in Q3 2024[13]. - E-commerce service revenue increased by 6.3% to RMB 1,390 million, driven by a 15.5% increase in online store operation revenue[15]. - E-commerce product sales revenue was RMB 413.4 million (USD 58.1 million), a decrease of 8.9% from RMB 454.0 million year-over-year, primarily due to declines in small appliances and health products[18]. - E-commerce business net revenue for Q3 2024 was RMB 1,757,320, increasing to RMB 1,798,654 in Q3 2025, representing a growth of approximately 2.2%[32]. - Adjusted operating loss for the e-commerce business improved from RMB 29,781 in Q3 2024 to a profit of RMB 28,090 in Q3 2025[32]. Brand Management Business - Brand management business revenue grew by 20% year-over-year, reaching RMB 396.0 million, with a total of 171 offline stores managed as of Q3 2025[16]. - Adjusted operating loss for the brand management business improved by 30% year-over-year to RMB 38.7 million (USD 5.4 million) from RMB 55.3 million[13]. - Brand management product sales revenue increased by 19.8% to RMB 395.2 million (USD 55.5 million) from RMB 329.8 million in the same period last year, attributed to improved marketing initiatives for the Gap brand[18]. - Brand management segment net revenue rose from RMB 330,605 in Q3 2024 to RMB 395,961 in Q3 2025, reflecting an increase of about 19.8%[32]. Strategic Initiatives - The company reported a strategic transformation that has led to improved operational efficiency and financial performance in both e-commerce and brand management sectors[6]. - The company plans to continue optimizing product offerings and marketing strategies to drive future growth in both e-commerce and brand management segments[18]. - The company has a strong focus on sustainable business development and technology-driven solutions[42]. Assets and Liabilities - As of December 31, 2024, the total assets of Baozun e-Commerce Co., Ltd. amounted to RMB 10,207,001,000, an increase from RMB 9,790,022,000 as of September 30, 2025[47]. - Total liabilities were reported at RMB 4,426,422,000 as of December 31, 2024, a decrease from RMB 4,268,378,000 as of September 30, 2025[48]. - The company's cash and cash equivalents stood at RMB 1,289,323,000 as of December 31, 2024, compared to RMB 1,125,514,000 on September 30, 2025[47]. - The net accounts receivable was RMB 2,033,778,000 as of December 31, 2024, showing a slight increase from RMB 1,970,416,000 on September 30, 2025[47]. Conference and Reporting - The company will hold an earnings conference call on November 25, 2025, at 6:30 AM EST[34]. - The company utilizes non-GAAP financial measures to assess business performance, including adjusted operating profit and net profit[36]. - The adjusted operating profit margin is defined as the adjusted operating profit as a percentage of total net revenue[37]. - The company emphasizes that non-GAAP measures provide useful information for investors to understand and evaluate its current operating performance and future prospects[38].

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） 董事會會議召開日期 寶尊電商有限公司（「本公司」）董事會將於2025年11月25日（香港時間）舉行董事 會會議，藉以（其中包括）批准我們截至2025年9月30日止第三季度的未經審計財 務業績及公告（「業績」，其根據美國公認會計準則及美國證券交易委員會適用規 則編製）及其刊發。倘 ...