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 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><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 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

Baozun Inc.

Baozun (BZUN US) – BBM on Good Progress