As the Spring Festival approaches, we are pleased to share Baozun’s key milestones for January 2026. During the month, we continued to leverage cultural relevance to strengthen brand equity, while harnessing digital intelligence to drive growth and advance our omnichannel strategy.

Looking ahead, our focus remains firmly on building sustainable growth and long-term value. We look forward to continuing this journey together and working toward a stable and successful 2026.

As we enter the Year of the Horse, we wish you good fortune, good health, and joyful moments with your loved ones in the year ahead.

Sincerely,

Baozun Group Investor Relations

Baozun Insight recently partnered with Coca-Cola to launch a dual-pronged omnichannel marketing campaign. Leveraging the 10th anniversary of the iconic national IP Honor of Kings and its Wireless King Group, the campaign activated younger consumer segments through culturally-driven, viral cultural engagement.

In parallel, Baozun Insight applied scenario-based precision marketing focused on late-night dining and after-hours work occasions, enabling targeted reach across diverse consumer groups. This combined strategy of youth-oriented IP activation and segmented scenario penetration delivered simultaneous gains in brand exposure and sales conversion, offering actionable insights for FMCG brands seeking sustainable growth among Generation Z consumers.

At the 8th Jingqi Digital Intelligence Case Competition hosted by JD.com, Baozun Insight and its partner brands received two Pioneer Awards in the categories of Business Growth and New Product Innovation.

This recognition further validates Baozun Insight’s comprehensive service capabilities and professional strengths in omnichannel digital intelligence marketing, highlighting its ability to deliver measurable business outcomes across platforms.

Gap partnered with Peking Opera to launch a Chinese New Year limited collection titled A New Rendition of Classic Opera, translating traditional opera aesthetics into contemporary apparel design. Drawing inspiration from classic works such as Blessing from the Gods and Prosperity Brought by Dragons and Phoenixes, the collection reinterprets auspicious cultural symbolism through refined design details, including shoulder capes and flowing water sleeves.

Launched alongside this collaboration, the Year of the Horse themed series adopts the concept “Good Fortune Gallops In,” continuing Gap’s strategy of integrating cultural depth with modern, trend-driven design. Together, the collections strengthen Gap’s emotional connection with Chinese consumers during the festive season.

HUNTER emerged as a preferred choice for celebrity winter styling, supported by a diverse product portfolio spanning Wellington Tall Boots, snow boots, and cold-weather accessories. Artists such as Cheng Xiang and Huang Jingyu showcased the brand’s classic British aesthetic, while Ma Sichun, Ye Shuhua, and others highlighted the styling versatility of HUNTER’s snow boots.

Spanning rainwear and winter protection, the collection reflects HUNTER’s ability to balance functional performance with refined aesthetic expression across multiple lifestyle scenarios.

Gap’s new concept store, Blues New Wave, officially opened at Shanghai Century Link, introducing a refreshed retail experience inspired by vinyl records and musical storytelling. The store adopts an A/B-side spatial narrative, integrating classic and innovative elements across four core product zones: denim, khaki, logo merchandise, and children’s wear.

As a key localization initiative following Baozun’s acquisition of Gap’s Greater China business, the store blends music, fashion, and local cultural elements, demonstrating Gap’s evolving response to the preferences of Chinese consumers.

HUNTER continued its offline expansion with the opening of new stores at Jinan MixC and Chengdu MixC. Designed around the concept of “British Urbanity, Symbiosis with Nature,” the stores combine urban design language with natural elements through signature brand colors, glass façades, and greenery.

Scene-based displays present HUNTER’s full product range, including rain boots, snow boots, apparel, and accessories, catering to diverse urban and outdoor lifestyle needs while reinforcing the brand’s experiential retail strategy.

Within Tencent’s 2025 Thousand Domains Program for Smart Retail, Baozun KIX was recognized as an Excellent Certified Partner and received the Omnichannel Operation Award. These honors reflect Baozun’s deep expertise within the Tencent ecosystem and its proven capabilities in omnichannel business operations.

Baotong E-Logistics’ Yishang Park and Dafuhao Park both received LEED Operations and Maintenance (O+M) Platinum Certification. This achievement signifies internationally leading standards in green operations, energy management, and environmental sustainability, setting a benchmark for the logistics industry’s sustainable development.

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.