Baozun, Inc. · NASDAQ:BZUN

Baozun — Q3 2025 Earnings Presentation

16 slides from Baozun's earnings presentation, Nov 25, 2025

  1. Slide 1: 3Q 2025 Earnings Presentation

    3Q 2025 Earnings Presentation November 25, 2025

  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: 3Q25 Financial Highlights

    3Q25 Financial Highlights Group BEC BBM RMB 2.2 bn RMB 1.8 bn RMB 396 mn Revenue YoY +5% YoY +2% YoY +20% Non-GAAP RMB (10.8) mn RMB 28.1mn RMB (38.7) mn Operating Income/(Loss) (1) Narrowed by YoY +194% Narrowed by 87% YoY 30% YoY (1) Non-GAAP income (loss) from operations is a non-GAAP financial m

  4. Slide 4: 3Q25 Net Revenue Breakdown

    3Q25 Net Revenue Breakdown Total Net Revenue RMB 2.2 bn YoY +5% BBMNet BBM NetRevenue Revenue E-Commerce Net Revenue RMB 396 RMB 536 mn mn YoY YoY +20% +17% RMB 1.8 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 40.0% 12.7% 13.1% 34.3% 140 13.0% 450 30.6% 120 10.2% 11.0% 28.1% 30.0% 100 80 9.0% 400 52 54 60 46 7.0% 40 350 20.0% 5.0% 20 0 3.0% 300 3Q2023 3Q2

  6. Slide 6: OPEX Breakdown

    OPEX Breakdown Fulfillment Expense Sales and Marketing Expense RMB mn RMB mn 887 801 513 519 638 496 3Q2023 3Q2024 3Q2025 3Q2023 3Q2024 3Q2025 Technology and Content Expense General and Administrative Expense RMB mn RMB mn 215 177 169 141 120 115 3Q2023 3Q2024 3Q2025 3Q2023 3Q2024 3Q2025 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 28 -11 -30 -40 -39 -50 -55 -85 -90 3Q2023 3Q2024 3Q2025 3Q2023 3Q20

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

    E-Commerce High-Quality Product Strategy Product Sales Revenue (1) YoY Growth Product Sales Gross Margin Expansion 25% 15% 15.0% 10% 140 7% 13.1% 12.7% 13.0% 5% 120 3% 100 10.2% 11.0% -5% -4% -4% 80 9.0% -9% -15% 60 52 54 -13% 46 7.0% -17% -17% 40 -25% -23% 5.0% 20 -30% -35% 0 3.0% 23Q1 23Q2 23Q3 23

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

    E-Commerce Customer-Centered Service 30% 25% Service Revenue (1) YoY Growth Key Drivers of Service Revenue 20% 14% 15% 10% 9% 9% Online Store Operations Digital Marketing & IT Solutions 5% 6% Revenue YoY +16% Revenue YoY +6% 4% -1% 3% 0% -5% -3% -3% Key Categories Performance of Online Store Operati

  10. Slide 10: Brand Management Key Achievements

    Brand Management Key Achievements Net Net Revenues Gross Profit Total Store Revenues YoY Growth Rate Margin Numbers 3Q25 396MM 20% 56.6% 171 Brand Ambassador Engagement Pop-up Experience Stores Integrated Marketing Campaign Chengyi, one of China’s Most Acclaimed Actors Music Connection with Young Au

  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, September 30, in RMB '000 2022 2023 2024 2024 2025 Product sales 3,357,202 3,357,202 3,466,928 783,132 808,333 Services 5,756,417 5,454,811 5,955,301 1,273,888 1,347,901 Total net revenues 8,400,631

  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 September 30, In RMB ’000 2022 2023 2024 2024 2025 Income (loss) operations 33,287 (206,380) (114,825) (114,482) (25,617) Add: Share-based compensation expenses 142,381 103,449 81,601 1

  15. Slide 15: Selected Consolidated Balance Sheet Data

    Selected Consolidated Balance Sheet Data For the year ended For the three months December 31, ended September 30, in RMB '000 2022 2023 2024 2024 2025 ASSETS Cash and cash equivalents 2,144,020 2,149,531 1,289,323 1,066,670 1,125,514 Restricted cash 101,704 202,764 354,991 325,603 131,312 Short-term

  16. Slide 16: Thank You!

    3 > a4 Cc © ‘bs ke r4 2 N ie} < o

Baozun — Q3 2025 Earnings Presentation on 6ix