5月29日，宝尊电商(BZUN)盘中上涨2.03%，截至21:36，报3.01美元/股，成交9642.0美元，总市值1.76 亿美元。 财务数据显示，截至2025年03月31日，宝尊电商收入总额20.64亿人民币，同比增长4.27%；归母净利 润-6308.0万人民币，同比增长5.34%。 大事提醒： 5月23日，宝尊电商获招银国际维持评级至买入，目标价上调至3.55美元。 资料显示，宝尊电商有限公司创立于2007年,宝尊集团是中国品牌电商服务行业的领导者、先行者及数 字商业赋能者。目前宝尊集团约有8000员工,业务遍及东亚、东南亚、欧洲、北美等多个国家和地区,服 务全球各行各业超过450家品牌。宝尊集团旗下三大业务线,分别是宝尊电商(BAOZUN E-COMMERCE, 简称BEC),宝尊品牌管理(BAOZUN BRAND MANAGEMENT,简称BBM),以及宝尊国际(BAOZUN INTERNATIONAL,简称BZI)。三大业务线齐头并进,践行集团高质量可持续业务发展的目标,秉承"科技 成就商业未来",不断赋能品牌合作伙伴,助力宝尊迈向又一个发展新阶段。立足为品牌提供面向全球、面 向未来的服务和产品 ...

静安寺市场监管所通过政企对话、案例分享和策略研讨，为静安寺商圈精品消费"扩容提质"注入新活力；静安寺街道营商办、区商务委相关科室分别围绕 优化辖区外资营商环境以及"离境退税"进行政策解读，共同探索"体验经济"时代下的精品消费升级路径。 精准滴灌，法治赋能 静安寺市场监管所结合长期积累的精品消费行政监管经验，推出《精品消费市场监管领域行政执法实践报告》，为品牌企业提炼出涵盖广告宣传、知识产 权保护、进口商品标准应用等领域30余项典型场景，采用"案例警示+风险提示"的结构，形成"风险化解场景库"。通过"嵌入式"讲解的方式，实现了政企 之间的深度交流，形成了"问题发现—合规整改—制度完善"的法治服务闭环。 系统集成，全链治理 为呼应上海"春华之约"精品消费季，以优质行政执法实践促进市场主体在法治化轨道上守正创新和高质量发展，日前，静安寺市场监管所联合静安寺街道 营商办、区商务委相关科室等，邀请静安寺商圈古驰、圣罗兰、博柏利、托德斯、罗杰维维亚、汤丽柏琦、阿玛尼、菲拉格慕等12家国际知名箱包、鞋 履、服装配饰类品牌，共同开展赋能交流。 "快闪店成为'流量密码'，宣传中要注意啥？"针对企业关注的宣传与品牌运行问题，静安 ...

23 May 2025 CMB International Global Markets | Equity Research | Company Update Baozun (BZUN US) Quality revenue growth on track Baozun released 1Q25 results: total revenue was RMB2.1bn, up 4% YoY, 2% better than Bloomberg consensus, mainly driven by the beat in Baozun Brand Management (BBM) revenue; non-GAAP net loss attributable to ordinary shareholders of Baozun came in at RMB57mn, better than consensus of loss of RMB65mn. Baozun E-commerce (BEC) inked revenue growth of 1.4% YoY, and BBM booked 23% YoY g ...

Financial Data and Key Metrics Changes - Baozun Group achieved a total net revenue of RMB2.1 billion for Q1 2025, representing a 4.3% year-over-year increase [13] - E-commerce revenue grew slightly by 1.4% to RMB1.7 billion, while brand management revenue rose by 23% to RMB387 million [13] - The blended gross margin for product sales at the group level was 32.4%, with gross profit increasing by 18.9% year-over-year [15] Business Line Data and Key Metrics Changes - E-commerce product sales revenue increased by 7.3% year-over-year to RMB423 million, driven by strong performance in new categories [14] - Gross margin for e-commerce product sales expanded to 15%, a 130 basis point improvement compared to 13.7% a year ago [15] - Brand management (BBM) achieved 23% year-on-year sales growth, with a gross margin of 51.6% [25][31] Market Data and Key Metrics Changes - The home appliance and consumer electronics categories are performing well, supported by government subsidies [38] - Luxury and fashion apparel categories are also gaining traction, with strong performance noted during promotional campaigns [60] Company Strategy and Development Direction - The company is focused on enhancing its omni-channel capabilities and leveraging technology and AI applications for operational efficiency [9][19] - Baozun plans to open three new stores in major cities to capitalize on growth momentum [11] - The company aims to balance scale expansion with profitability, targeting the opening of 50 new stores in 2025 [46] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing transformation and strategic initiatives, emphasizing a focus on long-term value creation [11] - The company is cautiously optimistic about onboarding new brands due to the current macroeconomic situation [55] Other Important Information - Baozun published its 2024 sustainability report, achieving a 36% reduction in Scope 1-2 carbon emissions compared to the base year 2021 [17] - The company received multiple awards for its content creation efforts at the Alibaba Ecosystem Conference [22] Q&A Session Summary Question: Expectations for the 6.18 campaign and platform performance - Management noted that the 6.18 campaign is the longest yet, with strong early results and improved conversion rates compared to last year [35][37] Question: Updates on BBM strategy and potential acquisitions - The strategy for Gap includes enhancing product marketing and balancing local assortments with global products, with plans to open new stores [43][46] - The company is cautious about acquiring new brands but sees potential synergies between existing brands [55] Question: Key drivers behind strong performance in apparel and sports categories - The apparel and sportswear categories are benefiting from targeted marketing and consumer segmentation strategies [60][62] Question: Integration opportunities between BBM and BEC during the 6.18 campaign - The integration allows for better resource management and responsiveness to platform needs, enhancing overall performance [63]

Financial Data and Key Metrics Changes - Baozun Group's total net revenues for Q1 2025 increased by 4.3% year over year to RMB 2.1 billion [15] - E-commerce revenue grew slightly by 1.4% to RMB 1.7 billion, while brand management revenue rose by 23% to RMB 387 million [15] - Blended gross margin for product sales at the group level was 32.4%, with gross profit increasing by 18.9% year over year [17] - Adjusted loss from operations was RMB 46 million for the e-commerce segment, a decline of RMB 58 million from the same period last year [18] Business Line Data and Key Metrics Changes - E-commerce product sales revenue increased by 7.3% year over year to RMB 423 million, driven by strong performance in new categories [16] - Gross margin for e-commerce product sales expanded to 15%, a 130 basis point improvement compared to 13.7% a year ago [17] - Brand management (BBM) achieved 23% year on year sales growth, with same store sales growth improving to 5% for the quarter [28] Market Data and Key Metrics Changes - The home appliance and consumer electronics categories are ramping up well due to government subsidies, while luxury and fashion categories are also catching up [42] - E-commerce platforms like JD and Tmall are heavily investing in apparel and sportswear categories, leading to increased competition [66] Company Strategy and Development Direction - The company is focused on a strategic transformation towards an innovation-led platform, emphasizing long-term value creation [13] - Plans to open three new stores in Beijing, Shanghai, and Guangzhou to capitalize on current momentum [12] - The company aims to balance scale expansion with profitability, targeting to open 50 new stores this year [50] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing transformation and operational excellence, with a focus on technology and AI applications to enhance efficiency [11] - The company is cautiously optimistic about onboarding new brands due to the current macroeconomic situation, while still seeing synergies between existing brands [61] Other Important Information - The company published its 2024 sustainability report, achieving a 36% reduction in Scope 1-2 carbon emissions compared to the base year 2021 [19] - The company received multiple awards for its content creation efforts at the Alibaba Ecosystem Conference [26] Q&A Session Summary Question: Expectations for the 6.18 campaign and platform performance - Management noted that the 6.18 campaign is the longest yet, with positive early results and strong performance in home appliance and luxury categories [39][42] Question: Updates on BBM strategy and potential acquisitions - Management clarified that the strategy for Gap includes enhancing product marketing and balancing local assortments with global products, while being cautious about acquiring new brands due to the macroeconomic situation [48][61] Question: Key drivers behind the strong performance in apparel and sports categories - Management highlighted that significant investments in marketing and product differentiation are driving growth in these categories, with expectations for continued momentum [66]

1Q 2025 Earnings Presentation May 21, 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, particular ...

Market Overview - US stock index futures are all down, with Dow futures down 0.75%, S&P 500 futures down 0.50%, and Nasdaq futures down 0.51% [1] - European indices also show declines, with Germany's DAX down 0.10%, UK's FTSE 100 down 0.01%, France's CAC40 down 0.54%, and the Euro Stoxx 50 down 0.37% [2] - WTI crude oil is up 0.74% at $62.49 per barrel, while Brent crude is up 0.67% at $65.82 per barrel [2] Currency and Economic Sentiment - There is a rising expectation of US dollar depreciation, with the Bloomberg dollar index's one-year risk reversal indicator showing a negative 27 basis points, indicating the lowest level on record [3] - Morgan Stanley suggests buying US assets excluding the dollar, predicting a series of interest rate cuts by the Federal Reserve that could support the bond market and boost corporate earnings [3] Inflation and Tariff Impact - Federal Reserve officials warn that the impact of tariffs will soon be fully realized, potentially leading to a new wave of price increases in the US economy [4] - Atlanta Fed President Bostic indicates that many companies' buffer strategies against high tariffs are running out, which could weaken overall economic activity [4] Investor Sentiment and Market Dynamics - JPMorgan's CEO warns of "extreme complacency" among investors, suggesting that the market may soon face turbulence [5] - Goldman Sachs reports that clients are increasingly seeking to withdraw funds from the US market, questioning whether the US stock market's rally has reached its peak [6] Company Performance Highlights - Lowe's reported same-store sales down 1.7% but expects this key sales metric to remain flat or grow up to 1% for the year [7] - ZTO Express achieved a 19.1% year-on-year increase in package volume, with net profit up 40.9% [7] - Baidu's Q1 net profit increased by 41.65% year-on-year, reaching 77.17 billion yuan [8] - XPeng Motors reported a net loss of 660 million yuan, a 51.5% decrease year-on-year, with total revenue up 141.5% [8] - Weibo's Q1 net profit grew by 116.36% year-on-year, reaching $107 million [9] - Target's Q1 performance fell short of expectations, leading to a downward revision of sales forecasts [10] - Full Truck Alliance reported a 19% year-on-year increase in revenue, with significant growth in operational metrics [11] - iQIYI's Q1 revenue reached 71.9 billion yuan, with a 9% quarter-on-quarter increase [12] - Xinyi Technology reported a Q1 revenue of 34.81 billion yuan, with a net profit of 7.38 billion yuan [12] - Tuya Smart's Q1 revenue grew by approximately 21.1%, exceeding expectations [12]

Core Viewpoint - The company reported a total net revenue of 2.064 billion RMB for Q1 2025, reflecting a year-on-year increase of 4.27%, while the net loss attributable to ordinary shareholders narrowed by 5.34% to 63.08 million RMB, indicating progress in its strategic transformation and operational excellence [1][2] Group 1: Financial Performance - Total net revenue for Q1 2025 was 2.064 billion RMB, up 4.27% year-on-year [1] - Net loss attributable to ordinary shareholders was 63.08 million RMB, a reduction of 5.34% compared to the previous year [1] - Basic net loss per share was 0.36 RMB [1] Group 2: Business Segments - E-commerce segment showed signs of stabilization and recovery [2] - Brand management business revenue grew by 23% year-on-year, with operating losses narrowing by 28% [2] - The company emphasized the importance of refined operational management and ongoing investments in technology and AI for long-term profitability [2] Group 3: Strategic Direction - The company is focused on diversifying its revenue structure and enhancing operational excellence across its business segments [1] - The performance of brands like GAP and Hunter exceeded expectations, reinforcing confidence in the strategic direction and future growth [1] - The year 2025 marks the 18th anniversary of the company, which is seen as a strategic milestone for further innovation and long-term value creation [1]

Core Viewpoint - The company reported a 4.3% year-on-year increase in total net revenue for Q1 2025, driven by growth in brand management business and product sales [1][2] Revenue Summary - Total net revenue for Q1 2025 was RMB 2,064.4 million (USD 284.5 million), compared to RMB 1,979.8 million in the same period last year [1] - Product sales revenue reached RMB 809.3 million (USD 111.5 million), a 14.4% increase from RMB 707.5 million year-on-year [1] - E-commerce product sales revenue was RMB 423.2 million (USD 58.3 million), up 7.3% from RMB 394.6 million in the previous year [1] - Brand management product sales revenue was RMB 386.7 million (USD 53.3 million), reflecting a 23.6% increase from RMB 312.9 million year-on-year [1] Strategic Insights - The company is undergoing a strategic transformation, with significant progress in diversifying revenue streams and enhancing operational excellence across business segments [2] - The performance of the GAP and Hunter brands exceeded expectations, reinforcing confidence in the company's strategic direction and future growth [2] - The CFO noted a 28% reduction in operating losses for the brand management business year-on-year, indicating a clear trend towards profitability improvement [2]

1. 5月20日(周二)美股盘前，美股三大股指期货涨跌不一。截至发稿，道指期货微涨，标普500指数期货跌0.16%，纳指期货跌0.66%。 | ■ US 30 | 42,792.30 | 42,877.80 | 42,682.30 | +0.40 | 0.00% | | --- | --- | --- | --- | --- | --- | | ■ US 500 | 5,953.80 | 5,973.70 | 5,937.90 | -9.80 | -0.16% | | ■ US Tech 100 | 21,394.80 | 21,486.80 | 21,318.70 | -52.30 | -0.24% | 2. 截至发稿，德国DAX指数涨0.61%，英国富时100指数涨0.60%，法国CAC40指数涨0.56%，欧洲斯托克50指数涨0.50%。 | 德國DAX30 | 24,050.71 | 24,069.96 | 23,899.99 | +144.66 | +0.61% | | --- | --- | --- | --- | --- | --- | | 英國富時100 | 8,751.43 | 8,756. ...