【招银国际】Profitability improvement on track-250829（6页）.pdf

1、 PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE MORE REPORTS FROM BLOOMBERG:RESP CMBR OR http:/.hk 1 MN 29 Aug 2025 CMB International Global Markets|Equity Research|Company Update Baozun(BZUN US)Baozun(BZUN US)-Profitability improvement on track Profitability improvemen

2、t on track 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 non-GAAP

3、 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.Following the results,we are more positive on the profitability improveme

4、nt of BEC,and lifted non-GAAP OP growth forecast for the segment to 25%(was 22%)in 2025E,and we lifted group level OP forecast to RMB125mn(from RMB119mn)driven by better-than-expected operating efficiency improvement.For BBM business,we are now forecasting 21%YoY revenue growth for 2025E(was 15%)dri

5、ven by better-than-expected performance of Gap brand,while maintained full-year OP loss forecast of RMB100mn unchanged.Our SOTP based TP was fine-tuned to US$3.52(was US$3.55)on the change of cash assumptions.Maintain BUY.BEC revenue growth saw reacceleration in 2Q25.By segment,product sales revenue

6、 was up 14.2%YoY(1Q25:14.4%YoY)to RMB994mn,and services revenue was up 2.5%YoY(1Q25:-1.4%YoY)to RMB1.6bn.In 2Q25,revenue generated from BEC grew by 3.3%YoY(1Q25:1.4%)to RMB2.2bn,driven by both sustainable growth in the product sales and service model,and revenue generated from BBM increased by 35.4%