Following our inaugural edition, we are pleased to present the latest updates from Baozun Group. This month was defined by record-breaking performances during the Double 11 (Singles' Day) festival and significant strides in our brand management and logistics sectors.

From achieving historic highs in omni-channel sales to pioneering new methodologies with global partners like Victoria's Secret, our teams have demonstrated exceptional execution. This edition highlights how our "Pop-up to Permanent" retail strategy and content-commerce innovations are delivering tangible value, driving both brand equity and commercial success.

Sincerely,

Baozun Group Investor Relations

Baozun’s Location and Victoria's Secret recently co-created the VS x Baozun Location Methodology, a strategy built on comprehensive KOL/KOC planning and integrated customer engagement. During the Douyin Super Brand Day, this innovative approach propelled the brand to No. 1 in the lingerie category, achieving a single-day GMV of over RMB 20 million and generating over 60 million impressions.

Partnering with HOKA for its Tmall Super Brand Day, Baozun leveraged precise product strategies to drive a 130% year-over-year increase in full-campaign GMV. This execution secured HOKA the top position in the Outdoor Casual Shoes category and boosted its ranking in the Running Shoes category to No. 6.

Baotong E-Logistics made an impressive appearance at the CeMAT ASIA 2025 exhibition in Shanghai under the theme "Technology-Driven Innovation." As a comprehensive solutions provider, Baotong showcased its latest advancements in warehouse network planning, automation integration, and data intelligence, drawing significant attention from industry experts.

GAP recently introduced the " Bao Bao Nuan Yang" series, championed by brand ambassador Cheng Yi. Featuring CASHSOFT knit yarn, the collection offers skin-friendly, easy-care garments designed for autumn and winter warmth. The line utilizes classic stand-up collars and versatile silhouettes suitable for outerwear, blending comfort with vertical textured aesthetics.

HUNTER recently launched its “Star Styling” campaign, featuring a lineup of celebrities who showcased versatile ways to style its iconic boots. Actor Kim Min-kyu was seen in the handcrafted Original Wellington rain boots—a timeless design that reflects the brand’s British heritage dating back to 1856, celebrated for its classic silhouette and clean aesthetic. Liu Jun styled the ORIGINAL TALL BOOT, interpreting a modern gentleman’s aesthetic through its minimalist design. The campaign also included appearances by artists such as Li Xueqin, Ouyang Nana, Huang Cancan, and Zhao Penghao, who demonstrated the adaptability of HUNTER footwear across diverse settings, from variety shows to public events.

HUNTER partnered with Chinese designer label XU ZHI for a runway collaboration that reinterpreted the classic Wellington boot across eight unique looks. Founded in London, XU ZHI infused the collection with a "British Charm x Urban Light Outdoor" aesthetic. This partnership marks an important step in deepening HUNTER's localized expression within the Chinese market.

GAP continues to deepen its offline retail network with the official opening of its new store at Guangzhou Wanguo Outlets on November 28. As one of China’s top five outlet destinations, Wanguo Outlets offers strategic location advantages and access to a high-quality customer base, aligning with GAP’s strategy to enhance its channel presence and refresh its brand image.

The opening coincides with the peak season for winter apparel, enabling GAP to capitalize on seasonal demand through integrated online-to-offline initiatives. By extending the momentum from the Singles' Day shopping festival, the brand aims to deepen market penetration and reinforce its influence in key commercial areas. This move underscores GAP’s commitment to refined retail execution and elevated consumer experiences.

HUNTER has expanded its retail footprint into key regional markets with the inauguration of its first stores in Northeast China at MixC Shenyang and in Shanxi province at MixC Taiyuan. These new outlets are designed to provide consumers with an immersive shopping environment that seamlessly blends the brand's signature functional heritage with contemporary style. Notably, the Shenyang location debuted the "Puffer Snow Boot," a regional exclusive design for the northern winter climate.

Baozun achieved a record-high GMV across all platforms during the 2025 Singles' Day promotion. Content commerce was a standout driver, with Douyin GMV surging more than 380% year-over-year to surpass RMB 2.6 billion. Among our partners, 30 brands exceeded RMB 100 million in GMV, demonstrating the scale of our operational excellence.

GAP: Achieved double-digit year-over-year growth in omni-channel GMV. The brand’s consumer asset base surged by 75%, marking a major breakthrough in market momentum.

HUNTER: Delivered double-digit omni-channel GMV growth, with its Snow Boot topping category sales. New product GMV rose by triple digits, showcasing strong portfolio vitality.

This newsletter contains general business updates for informational purposes only. It does not include or imply any financial performance data, earnings guidance, or material non-public information. Certain statements herein may be forward-looking and are subject to risks and uncertainties described in Baozun’s filings with the U.S. Securities and Exchange Commission.