February marked another month of strong brand momentum and deepened platform collaboration across Baozun’s ecosystem. Gap further strengthened its localized expression through a collaboration with TVB that blended American casual heritage with Hong Kong cultural storytelling, while HUNTER continued its evolution from functional footwear toward a more personalized lifestyle platform. In partnership with PUMA, Baozun Location delivered a record-setting Year of the Horse livestream campaign, driving 146% year-over-year GMV growth. Across our broader portfolio, Baozun and its brand partners earned 41 platform-level awards, highlighting how deep collaboration and integrated service capabilities are becoming key engines of sustained growth.

We remain focused on leveraging cultural relevance, digital innovation, and omnichannel excellence to create long-term value for our partners and shareholders.

Sincerely,

Baozun Group Investor Relations

Baozun Location partnered with international sportswear brand PUMA to launch the “Five Horses Galore, Meet at the Pavilion” themed livestream event on Douyin. By integrating creative set design, compelling storytelling, and talent resources, the campaign enabled multiple new product launches to surpass RMB 1 million in GMV over their full sales cycles. On the day of the livestream, GMV increased by 146% year-over-year, with peak concurrent viewers reaching nearly 200,000. This performance validates the conversion potential of deeply integrating content-driven e-commerce with brand marketing within the Douyin ecosystem.

Baozun was named a “2025 Tmall Luxury Annual Excellent Service Partner,” based on the platform’s comprehensive evaluation of service providers’ capabilities in luxury e-commerce operations, digital proficiency, and brand stewardship. The recognition reflects Baozun’s continued enhancement of its full-chain service system within the luxury sector and reinforces the trust placed in the company by premium brand partners.

HUNTER unveiled its Spring/Summer 2026 “Sea Breeze Cruise” collection, featuring detachable DIY shoe charms compatible with the Women’s Play Cold.0 Lace Boot and the Classic Wellington Boot. The modular charms enable flexible combinations, encouraging personalized styling and everyday self-expression.

Complementing the launch, HUNTER introduced the offline “HUNTER Charm Inspiration Workshop,” inviting consumers to create customized pairings and boost interactive brand engagement for the spring season.

Gap collaborated with TVB to launch a limited-edition apparel collection featuring iconic lines from classic dramas such as The Greed of Man and The Brothers. Combining minimalist tailoring with the cultural resonance of Hong Kong storytelling, the collection deepens Gap’s localized narrative expression.

This partnership highlights Gap’s continued commitment to connecting with consumers through culturally meaningful collaborations that blend American casual heritage with regional identity.

HUNTER generated strong styling momentum across fashion and sports scenes. Celebrities Cheng Xiao and Zhao Zhaoyi, along with international supermodel Kendall Jenner, were seen wearing the brand’s classic Wellington Boots, highlighting their signature British silhouette.

Olympic champion Sun Yingsha showcased the Play Cold.0 Lace Boot, whose vibrant colors and flexible construction convey athletic dynamism. From runway appearances to sports contexts, HUNTER continues to reinforce its positioning at the intersection of functional design and contemporary fashion.

Gap officially opened its first concept store in Shanxi Province on Taiyuan’s historic Zhonglou Street, a nationally recognized cultural and commercial district blending Ming and Qing architectural heritage with modern retail vibrancy. As a key anchor brand introduced to the area, Gap brings a contemporary retail format that enhances the district’s commercial diversity while reinforcing the brand’s commitment to localized experiential expansion.

At the 2026 Taobao Tmall Merchant Service Conference, Baozun and its subsidiary E-Fashion collectively received 41 platform-level honors, including the “2025 Tmall Ecosystem Excellence in Service Award” and “Certified Dianxiaomi Service Partner.”

In addition, brands serviced by Baozun across apparel, automotive, food, luxury, and home categories earned 38 category-specific distinctions, including the “Annual Industry Service Beacon Award” and “Annual Five-Star Store Award.” These recognitions reflect Baozun’s sustained strength in full-chain services and data-driven operations.

Douyin announced its certified service provider list for Q1 2026, once again recognizing Baozun Location at the highest tier with the “Douyin Diamond Service Provider” designation.

Based on a comprehensive evaluation of operational capabilities, business stability, and innovation performance, the certification reflects Baozun’s deepening collaboration within the Douyin ecosystem and continued industry recognition of its service excellence.

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.