Baozun, Inc. · NASDAQ:BZUN

Baozun — Q4 2025 Earnings Presentation

16 slides from Baozun's earnings presentation, Mar 25, 2026

  1. Slide 1: 4Q 2025 Earnings Presentation

    4Q 2025 Earnings Presentation March 25, 2026

  2. Slide 2: Disclaimer

    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

  3. Slide 3: 4Q25 Financial Highlights

    4Q25 Financial Highlights Group BEC BBM RMB 3.2 bn RMB 2.6 bn RMB 664 mn Revenue YoY +6% YoY +2% YoY +24% Non-GAAP RMB 198 mn RMB 196 mn RMB 1.8mn Operating Income (1) YoY +91% YoY +43% YoY +105% (1) Non-GAAP income (loss) from operations is a non-GAAP financial measure, which is defined as income f

  4. Slide 4: Total Net Revenue

    4Q25 Net Revenue Breakdown Total Net Revenue RMB 3.2 bn YoY +6% BBM BBMNet NetRevenue Revenue E-Commerce Net Revenue RMB 664 RMB 536 Mn mn YoY YoY +24% +17% RMB 2.6 bn YoY +2% Product Sales – Product Sales – Services – Services – Services - Digital Marketing & BBM Revenue Brand Management E-Commerce

  5. Slide 5: Gross Profit Margin of Product Sales

    Gross Profit Margin of Product Sales Gross Profit Margin of Baozun Group Product Sales Gross Profit Margin of E-Commerce Product Sales RMB mn RMB mn 500 36.5% 40% 180 30% 160 18.4% 451 12.4% 20% 140 10.8% 450 29.9% 30.0% 120 106 10% 30% 100 74 0% 400 80 62 60 -10% 20% 40 350 332 -20% 20 315 0 -30% 3

  6. Slide 6: OPEX Breakdown

    OPEX Breakdown Fulfillment Expense Sales and Marketing Expense RMB mn RMB mn 768 769 1,222 683 1,041 892 4Q2023 4Q2024 4Q2025 4Q2023 4Q2024 4Q2025 Technology and Content Expense General and Administrative Expense RMB mn RMB mn 229 192 188 141 147 117 4Q2023 4Q2024 4Q2025 4Q2023 4Q2024 4Q2025 5

  7. Slide 7: Non-GAAP Operating Profit Breakdown

    Non-GAAP Operating Profit Breakdown Baozun Group E-Commerce Brand Management Non-GAAP Operating Profit for Baozun Group (1) Adjusted Operating Profit for E-Commerce Adjusted Operating Profit for Brand Management RMB mn RMB mn RMB mn 198 196 137 118 103 2 76 -34 -43 4Q2023 4Q2024 4Q2025 4Q2023 4Q2024

  8. Slide 8: E-Commerce High-Quality Product Strategy

    E-Commerce High-Quality Product Strategy 30% Product Sales Revenue (1) YoY Growth 1400 Product Sales Gross Margin Expansion RMB mn 18.4% 10% 140 RMB mn 7% 1200 10% 120 12.4% 106 15.0% 10.8% 100 10.0% 80 74 3% 62 1000 0.5% 60 5.0% -4% -4% -10% 40 -9% 0.0% -13% 20 800 -17% -17% 0 -5.0% -23% -30% 4Q202

  9. Slide 9: E-Commerce Customer-Centered Service

    E-Commerce Customer-Centered Service 4000 50% Service Revenue (1) YoY Growth Service Revenue By Type 3500 30% RMB mn 15% 3000 10% 10% 0% 9% 5% 6% 2500 3% 3% -2% -1% Online Store Warehousing & Digital Marketing & -10% -6% Operations Fulfillment IT Solutions -9% 1,989 2000 1,930 Revenue Revenue Revenu

  10. Slide 10: Brand Management – First Breakeven Quarter

    Brand Management – First Breakeven Quarter Net Gross Profit Non-GAAP Total Store Revenues Margin Operating Profit Numbers 4Q25 664MM 52% 1.8MM 177 YoY +24% +163bps +105% +21 Winter Marketing Initiatives Local IP Collaboration HUNTER Offline Expansion Brand Ambassador “Love” Series GAP x Forbidden Ci

  11. Slide 11: Q&A

    Q&A 10

  12. Slide 12: Appendix

    2s Te) c co) a. Q. <x

  13. Slide 13: Selected Consolidated Statements of Income

    Selected Consolidated Statements of Income For the year ended For the three months ended December 31, December 31, in RMB '000 2023 2024 2025 2024 2025 Product sales 3,357,202 3,466,928 3,849,559 1,105,971 1,237,837 Services 5,454,811 5,955,301 6,095,924 1,888,474 1,934,391 Total net revenues 8,812,

  14. Slide 14: Reconciliations of GAAP and non-GAAP Financial Measures

    Reconciliations of GAAP and non-GAAP Financial Measures For the year ended For the three months December 31, ended December 31, In RMB ’000 2023 2024 2025 2024 2025 Income (loss) from operations (206,380) (114,825) 56,555 73,210 175,540 Add: Share-based compensation expenses 103,449 81,601 19,931 15

  15. Slide 15: Selected Consolidated Balance Sheet Data

    Selected Consolidated Balance Sheet Data As of December 31, in RMB '000 2023 2024 2025 ASSETS Cash and cash equivalents 2,149,531 1,289,323 907,335 Restricted cash 202,764 354,991 140,959 Short-term investments 720,522 1,271,618 1,747,032 Accounts receivable, net(1) 2,184,729 2,033,778 2,173,163 Inv

  16. Slide 16: Thank You

    3 > a4 Cc © ‘bs ke r4 2 N ie} < o

Baozun — Q4 2025 Earnings Presentation on 6ix