Core Insights - Baozun E-commerce reported net revenue of RMB 2.156 billion for the third quarter, representing a year-on-year growth of 4.8% [1][2] - The operating loss narrowed significantly to RMB 25.6 million from RMB 114.5 million in the same period last year [2][5] - The net loss attributable to ordinary shareholders was RMB 88.1 million, compared to RMB 107.1 million in the previous year [2][5] Revenue Breakdown - The e-commerce segment generated revenue of RMB 1.8 billion, a 2% increase year-on-year, while product sales decreased by 8.9% to RMB 413 million [5][7] - Beauty and cosmetics sales surged by 20% to RMB 108 million, marking it as the only growing category, while home appliances and health products saw declines of 21% and 24%, respectively [5][7] - Service revenue in the e-commerce segment grew by 6.3% to RMB 1.385 billion, driven by a 15.5% increase in online store operations and a 5.5% rise in digital marketing and IT solutions [5][7] Brand Management Performance - The brand management segment, launched in 2021, achieved a revenue increase of 19.8% to RMB 396 million in the third quarter [7] - The number of offline stores managed by the company reached 171 by the end of the third quarter of 2025 [7] - The gross profit for the brand management segment rose by 28% to RMB 223 million, with adjusted operating loss narrowing by 30% to RMB 38.7 million [7] Strategic Focus - The company emphasizes sustainable profitability and growth, with a strategic plan for 2025 that includes adjustments in Q1, stability in Q2, and accelerated development in the second half of the year [3][7] - The CFO highlighted significant improvements in operational efficiency and financial performance across both e-commerce and brand management segments, laying a solid foundation for future growth [7]