Slide 1: 2Q 2026 Earnings Presentation
2Q 2026 Earnings Presentation August 27, 2026
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
Slide 3: 2Q26 Financial Highlights
2Q26 Financial Highlights Group BEC BBM RMB 2.7 bn RMB 2.3 bn RMB 486 mn Revenue YoY +7% YoY +5% YoY +22% Non-GAAP RMB 74 mn RMB 107 mn RMB (33) mn Operating YoY +1110% YoY +160% YoY +6% Income / (Loss) (1) (1) Non-GAAP income (loss) from operations is a non-GAAP financial measure, which is defined
Slide 4: 2Q26 Net Revenue Breakdown
2Q26 Net Revenue Breakdown Total Net Revenue RMB 2.7 bn YoY +7% BBM NetBBM Net Revenue Revenue E-Commerce Net Revenue RMB 536 RMBmn486 YoYMn YoY +22% +17% RMB 2.3 bn YoY +5% BBM Revenue Product Sales – Brand Management Product Sales – E-Commerce Services – E-Commerce RMB mn RMB mn RMB mn 1,762 1,602
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 14% 12.8% 13.0% 33.4% 160 13% 450 140 11.7% 28.4% 30% 120 12% 25.4% 100 77 400 80 68 70 11% 60 10% 343 20% 40 350 9% 20 0 8% 300 283 2Q2024
Slide 6: OPEX Breakdown
OPEX Breakdown Fulfillment Expense Sales and Marketing Expense RMB mn RMB mn 1,177 627 606 549 938 845 2Q2024 2Q2025 2Q2026 2Q2024 2Q2025 2Q2026 Technology and Content Expense General and Administrative Expense RMB mn RMB mn 224 172 175 130 115 114 2Q2024 2Q2025 2Q2026 2Q2024 2Q2025 2Q2026 5
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 Loss for Brand Management RMB mn RMB mn RMB mn 107 74 60 Of which, adjusted operating 41 loss for Brand Gap, narrowe
Slide 8: E-Commerce Customer-Centered Service
E-Commerce Customer-Centered Service 50% 4000 Service Revenue (1) YoY Growth Key Contributors of Service Revenue Growth 30% 3500 RMB mn 3,138 6% 7% 3000 15% 2,887 10% 10% 9% 10% 5% 3% 3% 0% Digital Marketing & Online Store 2500 -10% IT Solutions Operations 1,930 1,989 2000 1,762 -30% 1,548 1,602 150
Slide 9: 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 13.0% 14.0% RMB mn 21% 140 12.8% 1200 120 13.0% 11.7% 100 12.0% 1,051 10% 77 70 1,022 80 68 11.0% 1000 10% 60 7% 10.0% 3% -9% 40 0.5% 9.0% -10% 20 -4% -4% 800 -10% 0
Slide 10: Brand Management – Acceleration in Topline
Brand Management – Acceleration in Topline Net Gross Profit Non-GAAP GAP Inventory Revenues Margin Operating Loss Turnover Days 2Q26 486MN 56% (33) MN 128 YoY Growth Rate +22% +383bps Improvement of 6% Ambassador Campaign IP Collabration Product Launch Move Forward in GAP FIFA CLASSICS Collection 9
Slide 11: Q&A
Q&A 10
Slide 12: Appendix
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Slide 13: Selected Consolidated Statements of Income
Selected Consolidated Statements of Income For the year ended For the three months ended December 31, 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,
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 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
Slide 15: Selected Consolidated Balance Sheet Data
Selected Consolidated Balance Sheet Data 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
Slide 16: Thank You!
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