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August 27, 2026 2Q 2026 Earnings Presentation
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Disclaimer 1 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, particularly with respect to the risks and special considerations involved with an investment in the securities of the Company. This presentation does not constitute legal, regulatory, accounting or tax advice to you. We recommend that you seek independent third party legal, regulatory, accounting and tax advice regarding the contents of this presentation. This presentation does not constitute and should not be considered as any form of financial opinion or recommendation by the Company or any other party. This presentation contains forward-looking statements, including statements about timing and results of any current or proposed acquisition activity of the Company, the Company’s ability to execute on its strategic plan and statements about the Company’s historical results that may suggest trends for its business. These statements are forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, Section 21E of the U.S. Securities Exchange Act of 1934, as amended and the U.S Private Securities Litigation Reform Act of 1995. These statements can be recognized by the use of words such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident,” “potential,” “continues,” “ongoing,” “targets,” “guidance,” “going forward,” “looking forward,” “outlook” or words of similar meaning. These forward-looking statements are based on estimates and information available to the Company, as of the date of this presentation, and are not guarantees of future performance. These forward-looking statements are based on a number of assumptions which are subject to known and unknown risks, uncertainties and other factors that are beyond the Company’s control, such as the political, social, legal and economic environment in which the Company will operate in the future. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the Company’s filings with the United States Securities and Exchange Commission and its announcements, notices or other documents published on the website of The Stock Exchange of Hong Kong Limited. Nothing contained in this presentation shall be relied upon as a promise or representation as to the past or future performance of the Company. The Company, its officers, advisors, or representatives undertake no obligation to update or revise these forward-looking statements for events or circumstances that occur subsequent to the date of this presentation, except as required under law. Please see the Company’s various other public disclosure documents for a detailed discussion of those risks and uncertainties. The Company uses certain financial measures that are not recognized under generally accepted accounting principles in the United States (“GAAP”) in evaluating its business. These non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using non-GAAP financial measures is that they do not reflect all items of income and expense that affect the Company’s operations. Further, the non-GAAP measures may differ from the non-GAAP measures used by other companies, including peer companies, and therefore their comparability may be limited. The use of such non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. For a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures, see “Reconciliations of GAAP and non-GAAP Financial Measures”.
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2 (1) Non-GAAP income (loss) from operations is a non-GAAP financial measure, which is defined as income from operations excluding the impact of share-based compensation expenses, amortization of intangible assets resulting from business acquisition, acquisition -related expenses, impairment of goodwill, and cancellation fees of share repurchased. 2Q26 Financial Highlights Group RMB 2.7 bn RMB 74 mn YoY +7% YoY +1110% BEC RMB 2.3 bn RMB 107 mn YoY +5% YoY +160% BBM RMB 486 mn RMB (33) mn YoY +22% YoY +6% Revenue Non-GAAP Operating Income / (Loss) (1)
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3 2Q26 Net Revenue Breakdown BBM Net Revenue RMB 536 mn YoY +17% (2) All revenue figures presented on this page are prior to inter -segment eliminations. Product Sales Services Total Net Revenue RMB 2.7 bn YoY +7% 396 485 2Q2025 2Q2026 599 541 2Q2025 2Q2026 Product Sales – E-Commerce RMB mn Services – E-CommerceBBM Revenue 1,602 1,762 2Q2025 2Q2026 Product Sales – Brand Management RMB mn RMB mn E-Commerce Net Revenue RMB 2.3 bn YoY +5%RMB 486 Mn YoY +22% BBM Net Revenue RMB 1.0 bn YoY +3% RMB 1.7 bn YoY +10%
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153 206 272 52.3% 52.0% 56.1% 30% 35% 40% 45% 50% 55% 60% 0 100 200 300 400 500 2Q2024 2Q2025 2Q2026 Brand Management Product Sales - Gross Profit Brand Management Product Sales - GPM 4 Gross Profit Margin of Product Sales Gross Profit Margin of E-Commerce Product SalesGross Profit Margin of Baozun Group Product Sales Gross Profit Margin of Brand Management Product Sales 221 283 343 25.4% 28.4% 33.4% -30% -20% -10% 0% 10% 20% 30% 40% 0 50 100 150 200 250 300 350 400 450 500 2Q2024 2Q2025 2Q2026 Group Product Sales - Gross Profit Group Product Sales - GPM RMB Mn 68 77 70 11.7% 12.8% 13.0% 8% 9% 10% 11% 12% 13% 14% 0 20 40 60 80 100 120 140 160 180 2Q2024 2Q2025 2Q2026 E-Commerce Product Sales - Gross Profit E-Commerce Product Sales - GPM RMB Mn RMB Mn
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172 224 175 2Q2024 2Q2025 2Q2026 5 OPEX Breakdown 627 606 549 2Q2024 2Q2025 2Q2026 Fulfillment Expense RMB mn Sales and Marketing Expense RMB mn 845 938 1,177 2Q2024 2Q2025 2Q2026 130 115 114 2Q2024 2Q2025 2Q2026 Technology and Content Expense RMB mn General and Administrative Expense RMB mn
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10 6 74 2Q2024 2Q2025 2Q2026 60 41 107 2Q2024 2Q2025 2Q2026 6 Non-GAAP Operating Profit Breakdown Non-GAAP Operating Profit for Baozun Group (1) RMB mn Adjusted Operating Profit for E-Commerce RMB mn -50 -35 -33 2Q2024 2Q2025 2Q2026 Adjusted Operating Loss for Brand Management RMB mn Baozun Group E-Commerce Brand Management Of which, adjusted operating loss for Brand Gap, narrowed by over 40% year-over-year
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E-Commerce Customer-Centered Service Key Categories Contributors of Online Store Operations Luxury Other ApparelSportswear & Outdoor Key Contributors of Service Revenue Growth Online Store Operations Digital Marketing & IT Solutions 7 (1) Prior to inter-segment eliminations. 1,290 1,548 1,303 1,930 1,285 1,602 1,385 1,989 1,376 1,762 2,887 3,138 5% 10% 15% 9% 0% 3% 6% 3% 7% 10% -90% -70% -50% -30% -10% 10% 30% 50% 0 500 1000 1500 2000 2500 3000 3500 4000 24Q1 24Q2 24Q3 24Q4 25Q1 25Q2 25Q3 25Q4 26Q1 26Q2 1H25 1H26 Service Revenue (1) YoY Growth RMB mn
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8 (1) Prior to inter-segment eliminations. E-Commerce High-Quality Product Strategy 395 579 454 572 423 599 413 575 510 541 1,022 1,051 -17% -4% 10% -4% 7% 3% -9% 0.5% 21% -10% -90% -70% -50% -30% -10% 10% 30% 50% 0 200 400 600 800 1000 1200 1400 24Q1 24Q2 24Q3 24Q4 25Q1 25Q2 25Q3 25Q4 26Q1 26Q2 1H25 1H26 Product Sales Revenue (1) YoY Growth Product Sales Gross Margin Expansion 68 77 70 11.7% 12.8% 13.0% 8.0% 9.0% 10.0% 11.0% 12.0% 13.0% 14.0% 0 20 40 60 80 100 120 140 2Q2024 2Q2025 2Q2026 E-Commerce Product Sales - Gross Profit E-Commerce Product Sales - GPM RMB mn Product Sales Performance by Category in 2Q26 Appliances Beauty & Cosmetics Home & Furnishing RMB mn Health & Nutrition
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9 Brand Management – Acceleration in Topline 56% Gross Profit Margin 486MN Net Revenues (33) MN Non-GAAP Operating Loss 2Q26 GAP Inventory Turnover Days 128 Ambassador Campaign IP Collabration YoY Growth Rate +22% Improvement of 6% FIFA CLASSICS Collection Product Launch +383bps Move Forward in GAP
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10 Q&A
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Appendix 11
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12Data Source: 20-F and 6-K Selected Consolidated Statements of Income For the year ended December 31, For the three months ended June 30, in RMB '000 2023 2024 2025 2025 2026 Product sales 3,357,202 3,466,928 3,849,559 994,094 1,025,564 Services 5,454,811 5,955,301 6,095,924 1,558,567 1,717,409 Total net revenues 8,812,013 9,422,229 9,945,483 2,552,661 2,742,973 Operating expenses: Cost of products (2,409,110) (2,473,804) (2,576,012) (711,500) (682,815) Fulfilment (2,507,306) (2,461,591) (2,309,755) (605,957) (549,462) Sales and marketing (2,829,016) (3,380,724) (3,847,237) (937,846) (1,177,192) Technology and content (505,203) (550,289) (463,206) (114,655) (114,166) General and administrative (855,914) (719,157) (751,627) (224,377) (175,060) Other operating income (expense), net 123,368 55,445 77,304 32,296 19,138 Impairment of goodwill (35,212) (6,934) (18,395) - - Total operating expenses (9,018,393) (9,537,054) (9,888,928) (2,562,039) (2,679,557) Income (loss) from operations (206,380) (114,825) 56,555 (9,378) 63,416 Other income (expenses): Interest income 82,113 68,752 58,556 10,895 13,192 Interest expense (41,344) (38,987) (44,572) (11,781) (8,955) Unrealized investment loss (68,031) 4,851 (16,574) (4,036) (188) Gain (loss) on disposal of subsidiaries and investment in equity investee 631 - (35,700) - - Impairment loss of investments - (14,403) (213,406) - - Exchange loss (8,530) (10,213) (3,718) (454) 110 Fair value change on financial instruments 24,515 11,838 (1,904) 4,447 882 Income (loss) before income tax and share of income (loss) in equity method investment (217,026) (92,987) (200,763) (10,307) 68,457 Income tax expense (12,003) (20,739) (9,907) (13,359) (25,697) Share of income (loss) in equity method investment 6,253 (24,658) 11,090 3,212 1,031 Net (loss) Income (222,776) (138,384) (199,580) (20,454) 43,791
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13 Data Source: 20-F and 6-K 1. Loss related to investments refer to Loss on variance from expected contingent acquisition payment, Fair value loss on derivative liabilities, Loss on disposal of investments and subsidiary, Other-than-temporary impairment of equity method investments and Unrealized investment loss For the year ended December 31, For the three months ended June 30, In RMB ’000 2023 2024 2025 2025 2026 (Loss) income from operations (206,380) (114,825) 56,555 (9,378) 63,416 Add: Share-based compensation expenses 103,449 81,601 19,931 7,612 3,988 Amortization of intangible assets resulting from business acquisition 31,875 36,257 31,128 7,901 6,856 Acquisition-related expenses 12,171 - - - - Impairment of goodwill 35,212 6,934 18,395 - - Cancellation fees of repurchased shares - 678 150 - - Non-GAAP (loss) income from operations (23,673) 10,645 126,159 6,135 74,260 Net (loss) income (222,776) (138,384) (199,580) (20,454) 43,791 Add: Share-based compensation expenses 103,449 81,601 19,931 7,612 3,988 Amortization of intangible assets resulting from business acquisition 31,875 36,257 31,128 7,901 6,856 Acquisition-related expenses 12,171 - - - - Impairment of goodwill and investments 35,212 21,337 231,801 - - Loss related to investments (1) 42,885 21,264 59,928 4,036 188 Cancellation fees of repurchased shares - 678 150 - - Less: Tax effect of amortization of intangible assets resulting from business acquisition, loss on disposal of subsidiaries and impairment of investments (6,086) (7,611) (44,227) (1,802) (1,541) Non-GAAP net (loss) income (3,270) 15,142 99,131 (2,707) 53,282 Net (loss) income attributable to ordinary shareholders of Baozun Inc. (278,422) (185,198) (242,100) (33,958) 17,020 Add: Share-based compensation expenses 103,449 81,601 19,931 7,612 3,988 Amortization of intangible assets resulting from business acquisition 24,206 25,776 21,651 5,528 4,534 Acquisition-related expenses 12,171 - - - - Impairment of goodwill and investments 35,212 20,742 229,359 - - Loss related to investments (1) 42,864 21,264 57,096 4,036 188 Cancellation fees of repurchased shares - 678 150 - - Less: Tax effect of amortization of intangible assets resulting from business acquisition, loss on disposal of subsidiaries and impairment of investments (4,569) (5,234) (41,858) (1,209) (961) Non-GAAP net (loss) income attributable to ordinary shareholders of Baozun Inc. (65,089) (40,371) 44,229 (17,991) 24,769 Reconciliations of GAAP and non - GAAP Financial Measures
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14 Selected Consolidated Balance Sheet Data Data Source: 20-F and 6-K 1. Certain reclassifications in accounts receivable, inventories, prepayments and other current assets and accrued expenses a nd other current liabilities were retrospectively adjusted as a result of the adoption of a new revenue accounting standard effective on January 1, 2018 As of December 31, As of June 30, in RMB '000 2023 2024 2025 2025 2026 ASSETS Cash and cash equivalents 2,149,531 1,289,323 907,335 1,189,429 1,193,587 Restricted cash 202,764 354,991 140,959 138,178 90,831 Short-term investments 720,522 1,271,618 1,747,032 1,374,219 1,615,332 Accounts receivable, net(1) 2,184,729 2,033,778 2,173,163 2,043,408 2,114,172 Inventories, net(1) 1,045,116 1,117,439 879,421 955,961 816,620 Property and equipment, net 851,151 822,229 758,703 778,566 735,606 Right-of-use assets 1,070,120 767,376 651,660 688,876 579,384 Other assets 2,250,543 2,550,247 2,432,843 2,452,727 2,425,505 TOTAL ASSETS (1) 10,474,476 10,207,001 9,691,116 9,621,364 9,571,037 LIABILITIES AND SHAREHOLDERS’ EQUITY Accounts payable 563,562 620,679 466,081 348,438 453,427 Short-term loan 1,115,721 1,220,957 1,207,773 1,385,268 1,238,975 Accrued expenses and other current liabilities 1,188,179 1,169,796 1,359,389 1,151,295 1,363,441 Operating lease liabilities 1,132,079 840,942 729,310 777,212 647,440 Other liabilities 623,199 574,048 436,971 292,553 352,692 TOTAL LIABILITIES (1) 4,622,740 4,426,422 4,199,524 3,954,766 4,055,975 Baozun Inc. shareholders’ equity 4,097,204 3,914,022 3,642,619 3,788,247 3,638,051 Noncontrolling interests 1,754,532 1,866,557 1,848,973 1,878,351 1,877,011 TOTAL LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS AND EQUITY (1) 10,474,476 10,207,001 9,691,116 9,621,364 9,571,037
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Thank You! Thank You!