As we close out 2025, December marked a month of strategic alignment, product innovation, and continued expansion across our business lines. From deepening platform partnerships to advancing lifestyle brand positioning and accelerating nationwide retail growth, our teams continued to execute with discipline and vision.

This edition highlights how Baozun and its partner brands are strengthening long-term growth foundations through category expansion, cultural collaboration, and immersive brand experiences.

2026 has set sail. We sincerely thank you for your trust and companionship throughout this journey. Baozun will continue to work hand in hand with you as we navigate towards broader commercial horizons.

Sincerely,

Baozun Group Investor Relations

HUNTER, the century-old British heritage brand, successfully convened its Autumn/Winter 2026 (AW26) Order Conference in Shanghai, China. The event outlined the brand’s annual strategic priorities and showcased the AW26 collection through a live runway presentation, reinforcing the brand’s evolution toward a lifestyle positioning. Looking ahead, HUNTER will further enhance retail execution through store image upgrades and elevated consumer engagement, strengthening its position as a fashion lifestyle brand.

The Xiaohongshu platform team recently visited Baozun’s Shanghai office for a joint annual business review with Baozun Insight. Discussions focused on reviewing 2025 performance, identifying key growth drivers, and outlining co-creation opportunities for 2026. As a Fully-Certified Premium Partner of Xiaohongshu, Baozun Insight achieved strong business growth in 2025, evolving from content seeding to an integrated brand-performance marketing model encompassing closed-loop e-commerce, lead generation, and conversion optimization.

This winter, HUNTER products continued to feature prominently in celebrity wardrobes. Hu Lianxin, Miao Miao, and Zhang Cheng were seen wearing the Original Tall Wellington Boots, while Zhong Chuxi showcased the Women’s Puffy Lace-Up Snow Boots and Hua Chenyu opted for the Men’s Decorative Duck Boots. These diverse styling interpretations by artists across different profiles underscore HUNTER’s versatility and broad fashion appeal.

GAP has simultaneously launched two distinct winter collections—a renewed collaborative series with “New Forbidden City” and the seasonal LOVE collection—blending cultural storytelling with family-centered warmth to strengthen its connection with consumers in the Chinese market.

Building on last year’s successful partnership, the latest “New Forbidden City” collection reinterprets traditional motifs from the Forbidden City’s heritage, drawing inspiration from the symbolism of Celestial Horses and Auspicious Beasts as well as the festive meaning behind “Magpies on a Plum Branch.” Designed for both adults and children, the range modernizes classical patterns, reflecting GAP’s ongoing strategy to enrich its cultural product offerings and deepen localized engagement.

Alongside this cultural line, GAP presents the winter LOVE collection, themed “Wrap Yourself in Warmth, Frame the Moment with Happiness.” Modeled by endorser Cheng Yi in coordinated family styles, the series features soft fleece and jacquard knits adorned with Fair Isle patterns like snowflakes and reindeer, aiming to deliver comfort and emotional resonance during the holiday season. Market response has been positive, with an e-commerce-exclusive LOVE gift set selling out quickly—a testament to the collection’s appeal to family-oriented consumers.

HHUNTER introduced holiday gift sets across online and offline channels, creatively incorporating its signature rain boot elements. The sets include items such as faux-fur bucket hats, scarves, and rain boot keychains, utilizing check patterns and plush textures. By injecting seasonal freshness into its classic categories, the collection offers practical yet stylish gifting options while reinforcing the brand’s recognizable design language.

In December, GAP opened five new stores in prime commercial locations across Beijing, Chongqing, Nanjing, Dongguan, and Wuhan. Key locations include Wangfujing WellTown in Beijing, Longfor Chongqing Northstar Avenue, and Dongguan Guomao Mall. This concentrated expansion extends GAP’s retail footprint in Tier 1 to Tier 2 cities, strengthening penetration into family-oriented and younger consumer segments. The expansion highlights Baozun’s operational efficiency and commitment to building long-term brand presence in the Chinese market.

On December 23, 2025, HUNTER inaugurated its first store in Jiangsu province at Nanjing Deji Plaza. The store design, themed “Urban Rhythm Meets Natural Ambiance,” blends HUNTER’s British outdoor heritage with Nanjing’s local landscape of mountains, water, city, and woods. Through artistic displays and immersive storytelling, the store presents HUNTER’s full product range and interprets a lifestyle that integrates nature, modern functionality, and urban rhythm. The opening marks another milestone in expanding HUNTER’s offline footprint in China.

Baozun was recently featured on the front page of China Daily, with an interview highlighting insights from Su Quan, COO of Baozun Location, alongside live streamer Nian Nian. The feature explored Baozun’s practices and innovation in live streaming e-commerce, spanning individual expertise, corporate capabilities, and supportive municipal policies. As a key participant in Shanghai’s live streaming economy, Baozun will continue leveraging its strengths to deliver effective, scalable live commerce solutions for brand partners.

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.