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 mixed 4Q23 results with in-line revenue (+9% YoY) but soft bottom line.</li><li>For 1Q24E, we expect a low-single-digit YoY decline in revenue, with a net loss position, for slower BEC (Baozun E-commerce) recovery with soft consumption sentiment.</li><li>Despite that, BBM (Baozun Brand Management) was making good progress, and we expect BBM to see 20% YoY revenue growth in FY24E, backed by brand revitalization, new store 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 mixed 4Q23 results with in-line revenue (+9% YoY) but soft bottom line.For 1Q24E, we expect a low-single-digit YoY decline in revenue, with a net loss position, for slower BEC (Baozun E-commerce) recovery with soft consumption sentiment.Despite that, BBM (Baozun Brand Management) was making good progress, and we expect BBM to see 20% YoY revenue growth in FY24E, backed by brand revitalization, new store 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) - GAP Revitalization Making Good Progress

<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

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 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.

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.

Baozun Inc. (BZUN US)

Baozun (BZUN US) - GAP Revitalization Making Good Progress

For 1Q24E, we expect a low-single-digit YoY decline in revenue, with a net loss position, for slower BEC (Baozun E-commerce) recovery with soft...

CMB International

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

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) – 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