Share Repurchase Activity - On September 27, 2024, the company repurchased 149,700 shares at a price of USD 1.11 per share, representing a 0.08% decrease in the number of issued shares[2] - The total number of treasury shares increased to 6,035,991 after the repurchase on September 27, 2024[2] - The company has repurchased shares for cancellation but not yet cancelled, totaling 150,000 shares at prices ranging from USD 0.77 to USD 0.88 per share during April 2024[4] - The aggregate price paid for the repurchased shares on September 27, 2024, was USD 165,951.87[23] - The company has consistently repurchased shares, with multiple transactions recorded in April 2024, each involving 150,000 shares[4] - The repurchase activity reflects the company's strategy to manage its capital structure and return value to shareholders[9] - A total of 6,035,991 shares have been repurchased on the Exchange, representing 3.28% of the number of issued shares (excluding treasury shares) as of the resolution date[25] Compliance and Regulations - The company confirms compliance with all applicable listing rules and regulatory requirements regarding share repurchases[9] - The company is authorized to repurchase a total of 18,408,996 shares under the repurchase mandate[25] - The moratorium period for any new issue of shares or sale of treasury shares after the repurchase is up to 27 October 2024[25] - The repurchases were made in accordance with the Main Board Listing Rules / GEM Listing Rules, with no material changes to the particulars in the Explanatory Statement dated 10 May 2024[30] - The company confirms compliance with domestic rules for any purchases made on another stock exchange[30] Issued Shares Overview - As of September 26, 2024, the total number of issued shares (excluding treasury shares) was 165,499,165[2] - The closing balance of issued shares (excluding treasury shares) as of September 27, 2024, was 165,349,465[2] - The total number of issued shares as of September 27, 2024, remains at 171,385,456, including treasury shares[2]

Financial Performance - Baozun's Q2 2024 revenue increased by +3.1% YoY to RMB 2,391.0 million, marking the fifth consecutive quarter of YoY revenue growth [3] - The company's operating loss improved from -RMB 36.4 million in Q2 2023 and -RMB 54.8 million in Q1 2024 to -RMB 18.8 million in Q2 2024 [3] - Baozun achieved a +2.5% top line beat for Q2 2024, with the operating loss being -27.8% narrower than the consensus estimate of -RMB 26.0 million [3] - Service revenue grew by +9.4% to RMB 1,520.7 million, offsetting a -6.4% decline in product sales revenue to RMB 870.3 million in Q2 2024 [3] Revenue Growth Prospects - Baozun's BEC product sales revenue contraction narrowed from -39.6% YoY in Q1 2024 to -4.5% YoY in Q2 2024, indicating a potential turnaround [3] - The company expects BEC and BBM product sales to return to growth in 2H 2024 [3] - Sell-side analysts anticipate a +5% revenue growth in RMB terms for FY 2024, consistent with FY 2023 performance [4] Operating Profitability - Baozun's BBM segment operating loss narrowed by -RMB 10.1 million YoY to -RMB 50.0 million in Q2 2024 [3] - The company has implemented cost optimization initiatives and is fine-tuning the unit economics of new stores to improve future profitability [4] - Analysts expect Baozun's operating loss to improve from -RMB 206 million in FY 2023 to -RMB 122 million in FY 2024 [4] Share Buyback Program - Baozun has a $20 million one-year share buyback plan in place, expiring in late-January 2025 [5] - Between January 24, 2024, and August 28, 2024, the company allocated $4.9 million to share repurchases, averaging $0.7 million per month [6] - The potential buyback yield is 5.6% in the base case scenario, with a best-case scenario yield of 14.7% if the full $20 million is utilized by end-2024 [6] Valuation Metrics - Baozun is trading at a forward one-year normalized P/E multiple of 6.3 times, which is considered attractive [1][4] - The company's potential buyback yield of 5.6% further supports its valuation appeal [8]

Investment Rating - The report assigns a BUY rating to Baozun with a new SOTP-based target price of US$3.20, reflecting a potential upside of 44.1% from the current price of US$2.22 [2][3]. Core Insights - Baozun's 2Q24 results exceeded expectations, with total revenue of RMB2.4 billion, a 3% year-over-year increase, driven by a 9% increase in services revenue. The non-GAAP net loss narrowed to RMB3.9 million from RMB4.4 million in 2Q23, significantly better than the consensus estimate of RMB16.6 million [2]. - The company has seen a turnaround in its E-commerce segment, with positive year-over-year growth after ten consecutive quarters of contraction, supported by strong growth in Douyin-related business and exclusive distribution services [2]. - The management anticipates continued improvement in the second half of 2024, despite challenges in offline traffic affecting the Baozun Brand Management segment [2]. Financial Summary - For FY24E, total revenue is expected to grow by 10% for Baozun Brand Management (BBM) and 4.5% for Baozun E-commerce (BEC). The non-GAAP operating loss for BBM is projected to narrow to RMB170 million, while the overall non-GAAP operating loss for Baozun is expected to reduce to RMB2.8 million [2][6]. - The report outlines a financial outlook with revenue projections of RMB9.35 billion for FY24E, reflecting a 6.1% year-over-year growth, and an adjusted net profit forecast of a loss of RMB68.3 million [6][10]. Valuation Metrics - The SOTP valuation includes RMB501 million for BEC based on a 3.0x 2024E EV/EBIT multiple and RMB139 million for BBM based on a 0.1x 2024E EV/sales multiple, along with RMB2.9 billion in net cash [2][7]. - The report applies a 60% holding discount to the group-level valuation, indicating expectations for enhanced shareholder returns to unlock net cash value [2][7].

D > 2Q 2024 Earnings Presentation August 28, 2024 l 177 101 BAO ZUN yof 0 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 connection with any contract or commitment whatsoever. This presentation does not contain all relevant information relating to the Compan ...

Baozun Inc. (NASDAQ:BZUN) Q2 2024 Earnings Conference Call August 28, 2024 7:30 AM ET Company Participants Wendy Sun - Senior Director of Corporate Development and Investor Relations Vincent Qiu - Founder, Chairman and Chief Executive Officer Catherine Yanjie Zhu - Chief Financial Officer Arthur Yu - President of Baozun E-Commerce Conference Call Participants Thomas Chong - Jefferies Wang Zhao - CICC Alicia Yap - Citigroup Jack Hou - Huatai Securities Operator Good morning, ladies and gentlemen, and thank y ...

SHANGHAI, June 12, 2024 /PRNewswire/ -- Baozun Inc. (NASDAQ: BZUN and HKEX: 9991) ("Baozun" or the "Company"), a leading brand e-commerce solution provider and digital commerce enabler in China, announced today that its annual general meeting of shareholders (the "AGM") was held in Hong Kong on Wednesday, June 12, 2024 at 2:00 p.m., Hong Kong time (or 2:00 a.m. on Wednesday, June 12, 2024, New York time), and all the proposed resolutions set out in the notice and circular of AGM were duly passed at the AGM. ...

M N 29 May 2024 CMB International Global Markets | Equity Research | Company Update Baozun (BZUN US) A solid start with steady transition year Target Price US$4.93 Baozun’s 1Q24 results were better-than-feared, in which revenue +5% YoY Up/Downside 85.3% (4% above consensus) and bottom line came in at -RMB15mn (vs. Current Price US$2.66 consensus of -RMB45mn). Ecommerce segment achieved positive OCF for the first time since 2019. Despite macro uncertainty, we expect BEC to China Entertainment bottom out in 2 ...

Baozun Inc. (NASDAQ:BZUN) Q1 2024 Earnings Conference Call May 28, 2024 7:30 AM ET Company Participants Wendy Sun - Senior Director of Corporate Development and Investor Relations Vincent Qiu - Founder, Chairman and Chief Executive Officer Catherine Yanjie Zhu - Chief Financial Officer Arthur Yu - President of Baozun E-Commerce Sandrine Zerbib - President of Baozun Brand Management Conference Call Participants Alicia Yap - Citigroup Colin Shan - CITIC Securities Weijia Wu - CICC Sophie Huang - CMBI Thomas C ...

Exhibit 99.1 Baozun Announces First Quarter 2024 Unaudited Financial Results SHANGHAI, China, May 28, 2024 - Baozun Inc. (Nasdaq: BZUN and HKEX: 9991) ("Baozun", the "Company" or the "Group"), a leading brand e-commerce solution provider and digital commerce enabler in China, today announced its unaudited financial results for the first quarter ended March 31, 2024. Mr. Vincent Qiu, Chairman and Chief Executive Officer of Baozun, commented, "I'm pleased with our solid execution of transformation in the firs ...

SHANGHAI, May 28, 2024 /PRNewswire/ -- Baozun Inc. (Nasdaq: BZUN and HKEX: 9991) ("Baozun", the "Company" or the "Group"), a leading brand e-commerce solution provider and digital commerce enabler in China, today announced its unaudited financial results for the first quarter ended March 31, 2024. Mr. Vincent Qiu, Chairman and Chief Executive Officer of Baozun, commented, "I'm pleased with our solid execution of transformation in the first quarter of 2024. E-Commerce has made progress in growing service rev ...