Baozun, Inc. · NASDAQ:BZUN

Baozun — Q1 2026 Earnings Presentation

16 slides from Baozun's earnings presentation, May 20, 2026

  1. Slide 1: 1Q 2026 Earnings Presentation

    1Q 2026 Earnings Presentation May 20, 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: 1Q26 Financial Highlights

    1Q26 Financial Highlights Group BEC BBM RMB 2.4 bn RMB 1.9 bn RMB 538 mn Revenue YoY +15% YoY +10% YoY +39% Non-GAAP RMB 8 mn RMB 13 mn RMB (5) mn Operating YoY +112% YoY +128% YoY +77% Income / (Loss) (1) (1) Non-GAAP income (loss) from operations is a non-GAAP financial measure, which is defined a

  4. Slide 4: 1Q26 Net Revenue Breakdown

    1Q26 Net Revenue Breakdown Total Net Revenue RMB 2.4 bn YoY +15% BBM NetBBM Net Revenue Revenue E-Commerce Net Revenue RMB 536 RMBmn538 YoYMn YoY +39% +17% RMB 1.9 bn YoY +10% BBM Revenue Product Sales – Brand Management Product Sales – E-Commerce Services – E-Commerce RMB mn RMB mn RMB mn 1,376 1,2

  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% 180 13.7% 15.0% 15.9% 20% 32.4% 33.5% 160 450 31.2% 140 10% 30% 120 0% 100 81 400 80 54 63 -10% 60 350 20% 40 -20% 350 20 0 -30% 300 1Q2024 1Q2

  6. Slide 6: OPEX Breakdown

    OPEX Breakdown Fulfillment Expense Sales and Marketing Expense RMB mn RMB mn 893 800 694 546 525 519 1Q2024 1Q2025 1Q2026 1Q2024 1Q2025 1Q2026 Technology and Content Expense General and Administrative Expense RMB mn RMB mn 179 171 164 133 117 125 1Q2024 1Q2025 1Q2026 1Q2024 1Q2025 1Q2026 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 12 13 8 -5 -18 -21 -29 -46 -67 1Q2024 1Q2025 1Q2026 1Q2024 1Q2025 1

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

    E-Commerce High-Quality Product Strategy 50% Product Sales Revenue (1) YoY Growth 1400 Product Sales Gross Margin Expansion 30% RMB mn 18.0% RMB mn 21% 140 15.9% 17.0% 1200 120 15.0% 16.0% 100 13.7% 15.0% 81 14.0% 10% 80 63 13.0% 1000 10% 60 54 12.0% 7% 11.0% 3% -9% 40 0.5% 10.0% -10% 20 9.0% -4% -4

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

    E-Commerce Customer-Centered Service 4000 50% Service Revenue (1) YoY Growth Key Contributors of Service Revenue Growth 3500 30% RMB mn 3000 6% 7% 15% 10% 10% 9% 2500 5% 3% 3% 0% Digital Marketing & -10% Online Store 1,989 Operations IT Solutions 2000 1,930 1,552 1,602 -30% 1500 1,385 1,376 1,290 1,

  10. Slide 10: Brand Management: Acceleration in Topline, GAP Second Operating Breakeven Quarter

    Brand Management – Acceleration in Topline While GAP Achieved 2nd Operating Breakeven Quarter Net Gross Profit Non-GAAP Inventory Turnover Revenues Margin Operating Loss Days 1Q26 538MN 50% (4.9) MN 114 YoY Growth Rate +39% Improvement of 77% Local IP Collaboration Spring Campaign Store Image Upgrad

  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, March 31, in RMB '000 2023 2024 2025 2025 2026 Product sales 3,357,202 3,466,928 3,849,559 809,295 1,045,016 Services 5,454,811 5,955,301 6,095,924 1,255,065 1,336,043 Total net revenues 8,812,013 9

  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 March 31, In RMB ’000 2023 2024 2025 2025 2026 (Loss) income from operations (206,380) (114,825) 56,555 (83,990) 250 Add: Share-based compensation expenses 103,449 81,601 19,931 9,178 4

  15. Slide 15: Selected Consolidated Balance Sheet Data

    Selected Consolidated Balance Sheet Data As of December 31, As of March 31, in RMB '000 2023 2024 2025 2025 2026 ASSETS Cash and cash equivalents 2,149,531 1,289,323 907,335 1,115,967 1,149,663 Restricted cash 202,764 354,991 140,959 300,272 94,178 Short-term investments 720,522 1,271,618 1,747,032

  16. Slide 16: Thank You

    3 > a4 Cc © ‘bs ke r4 2 N ie} < o

Baozun — Q1 2026 Earnings Presentation on 6ix