Baozun Releases 2025 Chairman Letter

Dear Shareholders: First of all, this is a letter I write to you by myself, and it’s a pure human writing without any involvement of AI (though yes I use AI everyday for a lot of things). As a company, we are ambitious to deploy AI into a lot aspects of our business to make it more efficient and intelligent, but when communicating with our customers, colleagues and investors, the human approach is what we choose. Thanks to all investors for your trust in the past and please keep trusting us going forward! Three years ago, along with our takeover of GAP China, we started to execute our new strategy which is to extend our Brand E-commerce business into Brand Management business. It’s a great and bold leap since our experiences are limited. Coming through all the challenges and even those mistakes we made, we are happy to see that we completed the first phase of our transformation very successfully. To summarize 2025, we see: Solid Completion of the First Stage of Strategic Transformation Take a look at the financial results. Full-year revenue grew by 6% to RMB 9.9 billion, non-GAAP operating income improved significantly to RMB 126 million from RMB 11 million the previous year, and annual operating cash flow more than tripled to RMB 420 million. Of course, a dedicated day-to-day management of the business contributes to these great results but more importantly, the formation, development and refinement of the strategy, start to contribute more and more. This gives the head room for the company to grow in coming years. This is the true potential of our renovated business model. Throughout the year, Baozun e-Commerce (“BEC”) kept stable and strong in sales profitability and cash flow, thanks to its great execution and cost management. Why the existing business can be still this healthy? Because we shifted our priorities from pursuing scale to profitability through margin expansion, cash generation and strengthening alignment with BBM. BBM gained even stronger momentum in 2025. Full-year revenue grew 25% year-over-year to RMB 1.8 billion, showing the long-term potential of our brand management platform. Notably, after three years of repositioning and localization, GAP China achieved its first quarterly breakeven in the fourth quarter of 2025! And it’s still keeping a great momentum entering into 2026. It’s a big win since it tells that the strategy is correct, and our execution is powerful. It give us more courage and confidence in delivering future results looking into the coming new state of 2026 to 2028. 2026-2028: Acceleration Stage of Our Strategic Transformation Based on the established strategic and business model, we are now ready to accelerate. We aim to keep expanding BEC profit margins, building up scale and developing leverage with BBM. We now have a clear goal: to grow the group's non-GAAP operating profit to RMB 550 million by 2028. Here is how. BEC will focus on quality, margin and efficiency, which means customer centricity, better service quality, and better margin. Meanwhile, keep utilizing technology and more-recent development and adoption of AI to make possible a much higher effectiveness and process efficiency. Learning and adopting experiences, practices and skillsets also serve these purposes. BBM will keep focusing on accelerating scale, especially for existing brands. We’ll keep active in looking for new brands, but we will be very selective. So, the growth of BBM will majorly rely on more organic aspects. Now BEC and BBM have been into their positions, then we see a lot of major opportunities in between! By leveraging both BEC and BBM expertise and capabilities, we will be trying to help more of our brand partners turn-around their business or make them more successful. For brands business in China, it now can win big if and only if, they can manage well both online and offline channels, while fully localizing across product design, manufacturing, merchandising and supplying, and utilizing an effective marketing method, among other things. Yes, it’s difficult. And it’s what we have been focused on the past several years with great efforts. Role of Technologies Our vision, “Technology Empowers Future Success”, reflects how important technology is to brands success. The solid software, data and security infrastructure we have been building up in the past two decades is valuable for both BEC and BBM businesses. We are actively adopting AI industrial achievements into our array of technical systems. Several AI-powered tools are now deployed including voice of consumer, demand data analytics, supply chain management, demand forecasting, creative content production, and marketing automation. By combining the classical infrastructure and recent-developed AI models, agents and practices, we are confident to add leading edges to ourselves and making us a true beneficiary of Technology developments, especially when compared to industry peers. Sustainability As our business evolves, we remain committed to responsible and sustainable development. In 2025, we advanced our environmental initiatives by reducing carbon emissions across our operations and strengthening sustainability standards throughout our logistics and supply chain networks. We achieved a 36% reduction in Scope 1 and 2 carbon emissions against our 2021 base year, keeping us on track to meet our commitment of a 50% reduction by 2030. Equally important to what we offer is our people. Our success is built on an ambitious and dedicated team. We will keep striving for quality of our products and services delivered to our target clients and customers, while making every experience of our colleagues worthwhile. We believe these two elements are instrumental to delivering returns for our investors. Finally, on behalf of the Board, I thank our employees, partners, customers, and shareholders for your continued trust and support. The progress achieved over the past three years belongs to you, and us. Please keep supporting us and I am confident in what Baozun will achieve in the years ahead. Sincerely, Vincent Wenbin Qiu Chairman and Chief Executive Officer Baozun Inc.

Baozun Announces Fourth Quarter and Fiscal Year 2025 Unaudited Financial Results

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Baozun Announces Third Quarter 2025 Unaudited Financial Results

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Baozun Releases 2025 Annual Sustainability Report

SHANGHAI, April 23, 2026 Baozun Inc. (Nasdaq: BZUN and HKEX: 9991) ("Baozun", "we" or the " Company"), a leader, pioneer and digital commerce enabler in China's brand e-commerce services industry, today released its 2025 Annual Sustainability Report (the "Sustainability Report"), highlighting the Company's achievements in environmental sustainability, social responsibility, and corporate governance. As a technology-driven service provider advancing commercial ecosystems, Baozun regards sustainable development as a foundational principle of its broader strategic transformation. The Company is committed to becoming a pioneer in sustainable business, creating integrated economic, environmental, and social value for all stakeholders. Mr. Vincent Qiu, Founder, Chairman and CEO of Baozun, remarked, “We embed sustainability into our core business operations, build a green, end-to-end industry ecosystem, and continue to develop a technology-driven digital product and service matrix. Through full-chain integration and omnichannel collaboration, we enhance brand value and partner with our ecosystem to co-create a thriving, inclusive, and greener digital commerce future.” Key ESG achievements in 2025: - In 2025, Baozun's Scope 1 and Scope 2 greenhouse gas (GHG) emissions decreased by 26.96% compared to the 2021 baseline year, excluding Gap China. - Baozun has actively implemented its carbon neutrality strategy. The Company has deployed photovoltaic power generation systems across four industrial parks, officially launched an autonomous vehicle fleet, and advanced green and paperless operations. Three parks have obtained ISO 14064-1 greenhouse gas emissions verification. In addition, the Yishang and Tuopu parks have achieved ISO 14068-1 carbon neutrality certification. - Baozun has launched a pilot IoT-based integrated energy management platform, progressively establishing a data-driven energy management model that reduces both electricity consumption but greenhouse gas emissions. - Baozun continues to advance product technology upgrades and functional innovations. The Company’s DTC digital touchpoint solution, omnichannel product information management system (PIM), and order management system (OMS) have been featured in multiple Gartner 2025 research publications. - Baozun launched an AIGC-powered intelligent customer service coaching system on its S-ANY platform and continuously enhanced S-Whiz, its intelligent customer service assistant. Together, these capabilities delivered more efficient and professional customer service during peak promotional periods. - Baozun has cultivated a vibrant and people-first workplace culture. In 2025, the Company received multiple industry recognitions, including "2025 Model Employer," "51job 2025 Outstanding Employer," and "China Europe International Business School (CEIBS) Best Company Event." - Baozun places information security and privacy protection at the core of its operations. The Company has developed its proprietary "PII Vault" privacy protection solution, enabling centralized management and full lifecycle protection of personally identifiable information (PII). In 2025, the Company participated in the "Panshi Action" cybersecurity live-fire exercise in Shanghai and won the Excellence in Emergency Response Award. For the full 2025 annual sustainability report, please visit: https://ir.baozun.com/ESG-Report.

Baozun Announces Second Quarter 2025 Unaudited Financial Results

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How Can Brands Win in Asia's Dynamic Markets?​​

In the current context where global brands are accelerating their cross-cultural implementation, how to deeply integrate into strategically core markets and establish connections with local consumers has become the decisive key to brand growth. On July 23rd, Baozun and Nomura Research Institute jointly held a seminar titled "2025 Cross-border Consumer Trends in Asia" in Tokyo. Nearly a hundred representatives from leading and emerging Japanese brands, who highly value the Asian market, especially the growth potential of China, gathered together. They had in-depth discussions on the core strategic position of the Asian and Chinese markets in the context of globalization, brand localization approaches, and digital operations, and shared Baozun's insights and practical strategies in helping brands deepen their presence in key markets such as China.

What were you doing when you were 18 years old？Baozun gives the answers in a video！

What were you doing when you were 18 years old？Baozun gives the answers in a video！

Record-breaking GMV! Baozun's 618 Report

Baozun Announces Fourth Quarter and Fiscal Year 2024 Unaudited Financial Results

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Baozun e-Commerce, and leading global consultancy, R3, published the collaborative whitepaper - Maximize Your E-Commerce Media Effectiveness

This whitepaper offers brands in-depth analysis of the latest trends and changes in market demands for the e-commerce sector, helping them optimize marketing efficiency and achieve greater breakthroughs and success in the era of stock competition. Shanghai, December 2024 – Baozun, in collaboration with R3, a leading global consultancy, published the whitepaper “Maximize Your E-Commerce Media Effectiveness,” providing an in-depth analysis of the latest developments and market demand changes in the e-commerce industry, helping brands improve marketing efficiency and find opportunities for breakthrough in the era of stock competition. Compared to traditional marketing, the Chinese e-commerce industry has experienced rapid growth over the past two decades, becoming an indispensable marketing channel for brands. With a wide variety of platforms emerging, competition continues to intensify. While brands are increasing their investment into e-commerce marketing, they face challenges such as how to clarify the correlation between generating trans-platform traffic and business growth as well as how to maximize overall business and marketing ROI efficiency. As platforms continue to evolve, advertising spend has become a key driver for product exposure and sales. Achieving efficient marketing results will depend on close partnership and efficient operations between brands and service providers. In the current e-commerce market, with demands for refined operations under cost-effective settings, the role of e-commerce service providers and advertising tools is becoming increasingly prominent. “In e-commerce, data-driven strategies and technological innovation are key to improving marketing efficiency. The collaboration between Baozun e-Commerce and R3 is based on a shared pursuit of developing data insights and marketing strategies. Through this whitepaper, we not only share Baozun’s battle-tested experience in e-commerce services but also integrate R3’s expertise in evaluating marketing efficiency. We believe that this collaboration can provide brands with a more holistic perspective, which helps to improve marketing ROI and achieve breakthroughs in a competitive market,” said Joyce Chang, CMO, Baozun e-Commerce. To maximize the potential of marketing efficiency, businesses should build and select the tools best suited for their needs around the e-commerce operation chain of “marketing insights, marketing strategies, marketing execution, and marketing review.” This ensures brands have clarity in marketing goal-setting, strategy formulation, execution, and placements review, according to the whitepaper. ::: hljs-center Scan the QR code below to download the full whitepaper. :::

Baozun Announces Third Quarter 2024 Unaudited Financial Results

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Baozun will Make Debut Appearance at CIIE

The 7th China International Import Expo (CIIE) is just one day away! As the exclusive franchising partner for ALDO Group in China in both ecommerce and traditional retail since 2024, Baozun is proud to announce the Canadian apparel label’s debut at the expo under the theme of “New Era, Shared Future”, from November 5–10 at the National Exhibition and Convention Center (Shanghai). As part of the invitation from the Consulate General of Canada in Shanghai, ALDO will showcase its latest autumn/winter collection, some of them tailored for local consumers, at Canada’s National Pavilion in the Consumer Products Hall. Groupe NUXE, a French cosmetic and beauty brand with Baozun as its exclusive distributor for China market, will also showcase its offering during the CIIE. Furthermore, this year, Baozun becomes a member of the “6 Days + 365 Days” One-Stop Trading Service Platform of CIIE and will offer comprehensive digital commerce solutions for exhibitors. Baozun will also be involved in supporting activities of the 7th CIIE like the Silk Road E-commerce Conference on Cooperation, Innovation and Development & Launching Ceremony of 2024 National Silk Road e-Commerce Carnival. Looking forward to seeing you in Shanghai!

Baozun attended the grand opening ceremony of 2024 Global Cross-border E-commerce Annual Conference

The 2024 Global Cross-border E-commerce Annual Meeting has recently attracted over 1,500 guests to dialogue on the latest 话题标签#ecommerce trends and industry development. As one of the first companies to be part of the Cross-border E-commerce Innovation Industrial Park in the Guangdong-Macao In-Depth Cooperation Zone, Baozun will actively promote the development of cross-border e-commerce and contribute to the global economic prosperity, said Jenny Xu, Vice President, Human Resources & Administration, Baozun Inc..

GOING VIRAL IN RED HUNTER FIRST POP-UP STORE OPENS IN CHINA

The century-old fashion brand HUNTER has recently launched its first offline store in Zhangyuan, a cultural and historic landmark in Shanghai, for a limited time, unlocking the trend of innovative offline retail ecology. Paying homage to the culture and history of Zhangyuan, HUNTER designed the space to fit the district’s characteristic style. Inspired by the iconic red classic Wellington rain boots - HUNTER Little Red Boots, the store uses the brand's iconic red extensively to create a playful and fresh visual presentation for its stunning debut as a landmark. The store also employs a thoughtfully curated layout to showcase personalised pairings of footwear, apparel, and accessories, effectively highlighting its line of diversified and innovative products. **During the opening ceremony, Vincent Qiu, Founder, Chairman & CEO, Baozun Inc., shared, “In addition to generating sales, offline stores carry a very important function, that is to communicate closely with consumers and better convey the brand’s culture and philosophy. Baozun is confident in helping HUNTER further expand its online and offline channels to realise omni-channel development.”** Partnering with Baozun since 2019, HUNTER has built its online operations across major social and e-commerce platforms, winning over a large group of brand users and enthusiasts. Post-pandemic, the outdoor sports sector has shown consistent growth in China. To ride on the wave, Baozun Brand Management team is actively planning HUNTER’s expansion in the Chinese market. Currently, HUNTER's main consumers are females aged 25-40, who have a knack for fashion and quality of life. Through its fashionable iconic products, HUNTER partners with local fashion bloggers to showcase the diversified lifestyle. HUNTER aims to lead consumers outdoors to enjoy nature in style. This June, HUNTER successfully launched its first store in Singapore, with much acclaim from the market. Moving forward, the Baozun Brand Management plans to further expand HUNTER's product offerings to strengthen its revenue growth while catering to the seasonal demands of local consumers. ABOUT CLASSIC WELLINGTON BOOTS ——HUNTER LITTLE RED BOOTS The classic Wellington rain boots were first launched in 1956 and have been HUNTER’s core product. Popular worldwide, these rain boots are made from natural rubber and 28 independently hand-assembled parts. HUNTER's little red boots feature original pattern design and craftsmanship in comfortable lining, and are 100% water-repellent. They are the perfect fusion between functionality and fashion. ABOUT HUNTER Founded in Scotland in 1856, HUNTER has always adhered to its mission to create products that help people grasp every moment and live to their fullest. No matter the weather, people can enjoy the vast world and abundant nature around. Today, HUNTER's products not only carry the spirit of exploration, but also integrate the elements of tenacity and freedom into contemporary fashion, aiming to produce products with superior performance, fashionable style, and durability in an environmentally responsible manner. As a classic brand with a century of history, HUNTER is not only the ideal companion for outdoor activities, but also a fashion status in urban life. HUNTER is committed to the dual pursuit of functionality and aesthetic - providing consumers with a diversified range of products.

Baozun Announces Second Quarter 2024 Unaudited Financial Results

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