Baozun, Inc. · NASDAQ:BZUN

Baozun — Q2 2025 Earnings Presentation

16 slides from Baozun's earnings presentation, Aug 28, 2025

  1. Slide 1: 2Q 2025 Earnings Presentation

    2Q 2025 Earnings Presentation August 28, 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: 2Q25 Financial Highlights

    2Q25 Financial Highlights Group BEC BBM RMB 2.6 bn RMB 2.2 bn RMB 398 mn Revenue YoY +6.8% YoY +3.3% YoY +35.4% Non-GAAP RMB 6.1mn RMB 41.1mn RMB (35.0) mn Operating Income/(Loss) (1) YoY -38.9% YoY -31.7% YoY +30.0% Adjusted Non-GAAP RMB 59.1mn RMB 94.1mn RMB (35.0) mn Operating Income/(Loss) (2) Y

  4. Slide 4: 2Q25 Net Revenue Breakdown

    2Q25 Net Revenue Breakdown Total Net Revenue RMB 2.6 bn YoY +7% BBMNet BBM NetRevenue Revenue E-Commerce Net Revenue RMB 398 RMB 536 mn mn YoY YoY +35% +17% RMB 2.2 bn YoY +3% 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% 180 14.3% 11.7% 12.8% 20.0% 160 450 140 10.0% 27.4% 28.4% 30.0% 120 25.4% 87 0.0% 100 77 400 80 68 -10.0% 60 20.0% 40 -20.0% 350 20 0 -30.0%

  6. Slide 6: OPEX Breakdown

    OPEX Breakdown Fulfillment Expense Sales and Marketing Expense RMB mn RMB mn 938 845 706 659 627 606 2Q2023 2Q2024 2Q2025 2Q2023 2Q2024 2Q2025 Technology and Content Expense General and Administrative Expense (1) RMB mn RMB mn 250 224 172 129 130 115 Adj. YoY: +0% 171 2Q2023 2Q2024 2Q2025 2Q2023 2Q2

  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) (2) Adjusted Operating Profit for E-Commerce (2) Adjusted Operating Profit for Brand Management RMB mn RMB mn RMB mn 94 61 60 59 41 10 1 6 -35 -50 -60 2Q2023 2Q2024 2Q2025 2Q20

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

    E-Commerce High-Quality Product Strategy Delivers Results 25% Product Sales Revenue (1) YoY Growth Key Categories Performance Highlights 15% 10% 7% 5% Cosmetics Alcohol 3% -5% -4% -4% Product Sales Gross Margin Continues to Expand -15% 16.0% -13% 12.8% 14.0% 11.7% -17% -17% 12.0% 10.0% -25% -23% 8.0

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

    E-Commerce Customer-Centered Service 30% Key Drivers of Service Revenue 25% Service Revenue (1) YoY Growth 20% Store Operation Multi- channel Rate Raised 14% to 48.5%, compared to 15% 45.8% of same quarter last year. Store Operations Digital Marketing IT Solutions 10% 9% 9% Key Categories Performanc

  10. Slide 10: Brand Management Key Achievements

    Brand Management Key Achievements Net Net Revenues Gross Profit Total Store Revenues YoY Growth Rate Margin Numbers 2Q25 398MM 35% 52% 162 Business Expansion GAP × Melting Sadness Hunter Business Expansion Opened 11 Stores this Quarter IP Collaboration Launch Outdoor New Products Localized Marketing

  11. Slide 11: Q&A

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  12. Slide 12: Appendix

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  13. 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 2022 2023 2024 2024 2025 Product sales 3,357,202 3,357,202 3,466,928 870,301 994,094 Services 5,756,417 5,454,811 5,955,301 1,520,693 1,558,567 Total net revenues 8,400,631 8,81

  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 June 30, In RMB ’000 2022 2023 2024 2024 2025 Loss from operations 33,287 (206,380) (114,825) (18,773) (9,378) Add: Share-based compensation expenses 142,381 103,449 81,601 17,478 7,612

  15. Slide 15: Selected Consolidated Balance Sheet Data

    Selected Consolidated Balance Sheet Data For the year ended For the three months December 31, ended June 30, in RMB '000 2022 2023 2024 2024 2025 ASSETS Cash and cash equivalents 2,144,020 2,149,531 1,289,323 1,454,517 1,189,429 Restricted cash 101,704 202,764 354,991 242,679 138,178 Short-term inve

  16. Slide 16: Thank You

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