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 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><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 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

Baozun Inc.

Baozun (BZUN US) - Profitability Improvement on Track