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 delivered better-than-feared 3Q23 results with in-line revenue (+5% YoY) and better bottom line.</li><li>Looking into 4Q23E, we expect revenue +10% YoY in 4Q23E, supported by Gap’s expansion in Shanghai to offset BEC’s slower recovery (on soft consumption sentiment).</li><li>We are positive on the narrowing loss of GAP (forecasting -RMB45mn in 4Q23E), backed by brand revitalization, new stores opening and scaling back of discounts. </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 3Q23 results with in-line revenue (+5% YoY) and better bottom line.Looking into 4Q23E, we expect revenue +10% YoY in 4Q23E, supported by Gap’s expansion in Shanghai to offset BEC’s slower recovery (on soft consumption sentiment).We are positive on the narrowing loss of GAP (forecasting -RMB45mn in 4Q23E), backed by brand revitalization, new stores opening and scaling back of discounts. 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) – Eye on GAP Revitalization & Livestreaming Ecommerce Expansion

<ul><li>Baozun delivered mixed 2Q23 results on soft topline but upbeat margin.</li><li>Looking into 3Q23E, we forecast rev at single-digit YoY growth, on solid BBM offset by declining BEC (forecasting -15% YoY), while the loss of Gap China is narrowing.</li><li>Soft BEC is mainly on slower-than-expected GMV recovery in Jul &amp; Aug, although some verticals (e.g. luxury, jewelry, outdoors) grew at double-digit YoY. </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 mixed 2Q23 results on soft topline but upbeat margin.Looking into 3Q23E, we forecast rev at single-digit YoY growth, on solid BBM offset by declining BEC (forecasting -15% YoY), while the loss of Gap China is narrowing.Soft BEC is mainly on slower-than-expected GMV recovery in Jul &amp; Aug, although some verticals (e.g. luxury, jewelry, outdoors) grew at double-digit YoY. 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) – BBM on Good Progress

<ul><li>Baozun delivered better-than-feared 1Q23 results on in-line topline and upbeat margin.</li><li>Looking into 2Q23E, we forecast rev at double digit YoY growth, with mild EBC recovery (from rev decline trend to stable YoY) and sequential growth for BBM.</li><li>By category, sports, luxury and apparels would deliver solid momentum, to offset soft electronics. </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 1Q23 results on in-line topline and upbeat margin.Looking into 2Q23E, we forecast rev at double digit YoY growth, with mild EBC recovery (from rev decline trend to stable YoY) and sequential growth for BBM.By category, sports, luxury and apparels would deliver solid momentum, to offset soft electronics. 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.

<ul><li>Baozun delivered mixed 4Q22 results on soft electronics.</li><li>It restructured into three biz lines, to capture ecommerce recovery and LT opportunities.</li><li>Looking into 2023, we expect BEC rev to grow 7% YoY, with strong sports &amp; luxury to offset electronics softness.</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 mixed 4Q22 results on soft electronics.It restructured into three biz lines, to capture ecommerce recovery and LT opportunities.Looking into 2023, we expect BEC rev to grow 7% YoY, with strong sports &amp; luxury to offset electronics softness.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) – Reorganizing to capture LT opportunities

<ul><li>Baozun delivered in-line 3Q22 results.</li><li>With priority on cost optimization and working capital efficiency, we expect BZUN to see margin improvement ahead (forecasting Non-GAAP OP at double digit YoY growth in FY23E), despite muted topline.</li><li>Epidemic resurgence would dampen 4Q22E momentum (forecasting GMV/rev +0%/-13% YoY), but the negative impact has been almost priced in.</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 in-line 3Q22 results.With priority on cost optimization and working capital efficiency, we expect BZUN to see margin improvement ahead (forecasting Non-GAAP OP at double digit YoY growth in FY23E), despite muted topline.Epidemic resurgence would dampen 4Q22E momentum (forecasting GMV/rev +0%/-13% YoY), but the negative impact has been almost priced in.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) – Focus on enhancing brand management

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) – Eye on GAP Revitalization & Livestreaming Ecommerce Expansion

Looking into 4Q23E, we expect revenue +10% YoY in 4Q23E, supported by Gap’s expansion in Shanghai to offset BEC’s slower recovery (on soft...

CMB International

Baozun (BZUN US) – BBM on Good Progress

Looking into 3Q23E, we forecast rev at single-digit YoY growth, on solid BBM offset by declining BEC (forecasting -15% YoY), while the loss of Gap...

CMB International

Baozun (BZUN US) – Mild Recovery Ahead

Looking into 2Q23E, we forecast rev at double digit YoY growth, with mild EBC recovery (from rev decline trend to stable YoY) and sequential growth...

CMB International

Baozun (BZUN US) – Reorganizing to capture LT opportunities

Baozun delivered mixed 4Q22 results on soft electronics. It restructured into three biz lines, to capture ecommerce recovery and LT opportunities.

CMB International

Baozun (BZUN US) – Focus on enhancing brand management

Baozun delivered in-line 3Q22 results. With priority on cost optimization and working capital efficiency, we expect BZUN to see margin improvement...

CMB International

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