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 3Q25 results: total revenue reached RMB2.2bn, up 5% YoY, 2%/1% better than our estimates/BBG consensus; non-GAAP net loss attributable to ordinary shareholders was RMB40.2mn, narrowed from RMB66.8mn in 3Q24, mainly driven by gross margin expansion and cost optimization.</li><li>Among segments, Baozun E-commerce (BEC) recorded revenue of RMB1.8bn, up 2.4% YoY, with non-GAAP operating profit of RMB28.1mn (turning around from loss of RMB29.8mn in 3Q24); Baozun Brand Management (BBM) achieved revenue of RMB396mn, up 20% YoY, primarily driven by the strong performance of GAP and Hunter's store expansion.</li><li>We expect 2025E non-GAAP operating profit for BEC to grow at 22% YoY driven by operating efficiency improvement. </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 3Q25 results: total revenue reached RMB2.2bn, up 5% YoY, 2%/1% better than our estimates/BBG consensus; non-GAAP net loss attributable to ordinary shareholders was RMB40.2mn, narrowed from RMB66.8mn in 3Q24, mainly driven by gross margin expansion and cost optimization.Among segments, Baozun E-commerce (BEC) recorded revenue of RMB1.8bn, up 2.4% YoY, with non-GAAP operating profit of RMB28.1mn (turning around from loss of RMB29.8mn in 3Q24); Baozun Brand Management (BBM) achieved revenue of RMB396mn, up 20% YoY, primarily driven by the strong performance of GAP and Hunter's store expansion.We expect 2025E non-GAAP operating profit for BEC to grow at 22% YoY driven by operating efficiency improvement. 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 Trend Sustained

Baozun Inc.

Baozun (BZUN US) - Profitability Improvement Trend Sustained