External broker reports(aggregated public sources), CMB International

CMB International

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.

External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>Baozun reported its 1Q26 results, with revenue reaching RMB2.4bn, up 15% YoY (4Q25: +6% YoY), 3.0%/3.5% ahead of our forecast/Bloomberg consensus, driven by beats in both the Baozun E-commerce (BEC) and Baozun Brand Management (BBM) businesses.</li><li>Non-GAAP NP attributable to ordinary shareholders was RMB1mn, compared with a loss of RMB57mn in 1Q25, supported by improved operating profitability across both BEC and BBM.</li><li>This was also better than our forecast/Bloomberg consensus of losses of RMB7mn/ RMB13mn. </li></ul><p><em>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.</em></p>

Baozun reported its 1Q26 results, with revenue reaching RMB2.4bn, up 15% YoY (4Q25: +6% YoY), 3.0%/3.5% ahead of our forecast/Bloomberg consensus, driven by beats in both the Baozun E-commerce (BEC) and Baozun Brand Management (BBM) businesses.Non-GAAP NP attributable to ordinary shareholders was RMB1mn, compared with a loss of RMB57mn in 1Q25, supported by improved operating profitability across both BEC and BBM.This was also better than our forecast/Bloomberg consensus of losses of RMB7mn/ RMB13mn. 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) - 1Q26 Results Beat; Solid Revenue Growth Momentum to Sustain

Baozun Inc.

Baozun (BZUN US) - 1Q26 Results Beat; Solid Revenue Growth Momentum to Sustain