External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>Baozun released 3Q25 results: total revenue reached RMB2.2bn, up 5% YoY, 2%/1% better than our estimates/BBG consensus; non-GAAP net loss attributable to ordinary shareholders was RMB40.2mn, narrowed from RMB66.8mn in 3Q24, mainly driven by gross margin expansion and cost optimization.</li><li>Among segments, Baozun E-commerce (BEC) recorded revenue of RMB1.8bn, up 2.4% YoY, with non-GAAP operating profit of RMB28.1mn (turning around from loss of RMB29.8mn in 3Q24); Baozun Brand Management (BBM) achieved revenue of RMB396mn, up 20% YoY, primarily driven by the strong performance of GAP and Hunter's store expansion.</li><li>We expect 2025E non-GAAP operating profit for BEC to grow at 22% YoY driven by operating efficiency improvement. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Baozun released 3Q25 results: total revenue reached RMB2.2bn, up 5% YoY, 2%/1% better than our estimates/BBG consensus; non-GAAP net loss attributable to ordinary shareholders was RMB40.2mn, narrowed from RMB66.8mn in 3Q24, mainly driven by gross margin expansion and cost optimization.Among segments, Baozun E-commerce (BEC) recorded revenue of RMB1.8bn, up 2.4% YoY, with non-GAAP operating profit of RMB28.1mn (turning around from loss of RMB29.8mn in 3Q24); Baozun Brand Management (BBM) achieved revenue of RMB396mn, up 20% YoY, primarily driven by the strong performance of GAP and Hunter's store expansion.We expect 2025E non-GAAP operating profit for BEC to grow at 22% YoY driven by operating efficiency improvement. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Baozun (BZUN US) - Profitability Improvement Trend Sustained

<ul><li>Baozun released 2Q25 results: total revenue was RMB2.6bn, up 6.8% YoY, 3/4% better than our estimates/Bloomberg consensus; non-GAAP net loss attributable to ordinary shareholders of Baozun came in at RMB18mn.</li><li>Adding back the one-off write-down of account receivable totaled RMB53.3mn, the nonGAAP NP was RMB35mn, inline with consensus.</li><li>Baozun E-commerce (BEC) inked revenue growth of 3% YoY (1Q25: +1.4%), and Baozun Brand Management (BBM) booked 35% YoY growth (1Q25: 23% YoY), driven by strong performance of both Gap and Hunter brands. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Baozun released 2Q25 results: total revenue was RMB2.6bn, up 6.8% YoY, 3/4% better than our estimates/Bloomberg consensus; non-GAAP net loss attributable to ordinary shareholders of Baozun came in at RMB18mn.Adding back the one-off write-down of account receivable totaled RMB53.3mn, the nonGAAP NP was RMB35mn, inline with consensus.Baozun E-commerce (BEC) inked revenue growth of 3% YoY (1Q25: +1.4%), and Baozun Brand Management (BBM) booked 35% YoY growth (1Q25: 23% YoY), driven by strong performance of both Gap and Hunter brands. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Baozun (BZUN US) - Profitability Improvement on Track

<ul><li>Baozun released 1Q25 results: total revenue was RMB2.1bn, up 4% YoY, 2% better than Bloomberg consensus, mainly driven by the beat in Baozun Brand Management (BBM) revenue; non-GAAP net loss attributable to ordinary shareholders of Baozun came in at RMB57mn, better than consensus of loss of RMB65mn.</li><li>Baozun E-commerce (BEC) inked revenue growth of 1.4% YoY, and BBM booked 23% YoY growth (4Q24: 17% YoY), driven by strong performance of both Gap and Hunter brands.</li><li>Baozun is prioritizing operating efficiency gains over business expansion for BEC business, and is on track to deliver non-GAAP OP growth of over 20% YoY in 2025E, in our view. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Baozun released 1Q25 results: total revenue was RMB2.1bn, up 4% YoY, 2% better than Bloomberg consensus, mainly driven by the beat in Baozun Brand Management (BBM) revenue; non-GAAP net loss attributable to ordinary shareholders of Baozun came in at RMB57mn, better than consensus of loss of RMB65mn.Baozun E-commerce (BEC) inked revenue growth of 1.4% YoY, and BBM booked 23% YoY growth (4Q24: 17% YoY), driven by strong performance of both Gap and Hunter brands.Baozun is prioritizing operating efficiency gains over business expansion for BEC business, and is on track to deliver non-GAAP OP growth of over 20% YoY in 2025E, in our view. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Baozun (BZUN US) - Quality Revenue Growth on Track

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Event-Driven

<ul>
<li>PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US listed China companies.</li>
<li>The Hong Kong visit was on the back of the 26th Aug 2022 announcement by PCAOB and CSRC that they had entered into an agreement with US authorities for access.</li>
<li>In this note, we'll talk about the latest developments, possible outcomes and implications.</li>
</ul>


PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US listed China companies.
The Hong Kong visit was on the back of the 26th Aug 2022 announcement by PCAOB and CSRC that they had entered into an agreement with US authorities for access.
In this note, we'll talk about the latest developments, possible outcomes and implications.


China ADRs Delisting - Friday Could Be Judgment Day for over US$800bn Mcap of Stocks

<ul><li>Baozun delivered better-than-feared 2Q24 results: total revenue was RMB2.4bn, up 3% YoY, driven by a 9% YoY increase in services revenue, and was 2% better than consensus; non-GAAP net loss attributable to ordinary shareholders of Baozun came in at RMB3.9mn, narrowed from RMB4.4mn in 2Q23, and was better than consensus of RMB16.6mn in loss.</li><li>Baozun E-commerce’s (BEC) top line growth has turned around to YoY positive growth after 10 consecutive quarters of YoY contraction, and management believes this is sustainable trending into 2H24 aided by strong growth of Douyin related business (which has accounted for c.5% of BEC revenue but with triple-digit YoY growth), and the introduction of exclusive distribution services.</li><li>Although the overall softened offline traffic is likely to weigh on loss reduction trajectory of Baozun Brand Management (BBM), management has noted signs of improvement as YoY revenue growth of GAP business has turned positive in Aug 2024, and the likely better-than-expected OP generated from BEC should buffer a potentially widerthan-expected loss from BBM. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Baozun delivered better-than-feared 2Q24 results: total revenue was RMB2.4bn, up 3% YoY, driven by a 9% YoY increase in services revenue, and was 2% better than consensus; non-GAAP net loss attributable to ordinary shareholders of Baozun came in at RMB3.9mn, narrowed from RMB4.4mn in 2Q23, and was better than consensus of RMB16.6mn in loss.Baozun E-commerce’s (BEC) top line growth has turned around to YoY positive growth after 10 consecutive quarters of YoY contraction, and management believes this is sustainable trending into 2H24 aided by strong growth of Douyin related business (which has accounted for c.5% of BEC revenue but with triple-digit YoY growth), and the introduction of exclusive distribution services.Although the overall softened offline traffic is likely to weigh on loss reduction trajectory of Baozun Brand Management (BBM), management has noted signs of improvement as YoY revenue growth of GAP business has turned positive in Aug 2024, and the likely better-than-expected OP generated from BEC should buffer a potentially widerthan-expected loss from BBM. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Baozun (BZUN US) - 2Q Loss Reduction Trend Better than Expectation

United States

Baozun Inc. provides e-commerce solutions. The Company's services include website design, development and hosting, information technology infrastructure, customer service, warehousing, and logistics services, as well as digital marketing. Baozun serves customers in China.

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Baozun Inc. (BZUN US)

Baozun (BZUN US) - Profitability Improvement Trend Sustained

Among segments, Baozun E-commerce (BEC) recorded revenue of RMB1.8bn, up 2.4% YoY, with non-GAAP operating profit of RMB28.1mn (turning around from...

CMB International

Baozun (BZUN US) - Profitability Improvement on Track

Baozun released 2Q25 results: total revenue was RMB2.6bn, up 6.8% YoY, 3/4% better than our estimates/Bloomberg consensus...

CMB International

Baozun (BZUN US) - Quality Revenue Growth on Track

Our 2025E non-GAAP OP forecast for Baozun remains unchanged at RMB119mn. Our SOTP based TP was fine tuned to US$3.55 (was US$3.53). Maintain BUY.

CMB International

China ADRs Delisting - Friday Could Be Judgment Day for over US$800bn Mcap of Stocks

PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US...

Sumeet Singh

Baozun (BZUN US) - 2Q Loss Reduction Trend Better than Expectation

Baozun is still on track to achieve full-year operating loss reduction for 2024. We are transferring coverage with a BUY rating and a new SOTP...

CMB International

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