As we move further into 2026, Baozun Group has delivered solid progress across key initiatives in April 2026. GAP China built on its historic return to quarterly profitability with new concept store launches and an immersive music pop-up in Beijing, while HUNTER deepened its offline footprint with three new store openings across Nanning, Xi'an, and Shanghai. Premium activewear brand Sweaty Betty made its debut with a concept pop-up in Shanghai, adding a compelling new dimension to our brand portfolio. Across platforms, Baozun earned top-tier recognition from Tmall, Alimama, and JD.com, reflecting the strength of our integrated service capabilities.

Sincerely,

Baozun Group Investor Relations

In a recently released handwritten letter to shareholders, Baozun Group Chairman and CEO Vincent Qiu made a candid remark: while he regularly uses AI in daily work, he chose to keep this letter “human-centric” for heartfelt communication with shareholders, clients, and partners – written entirely without AI assistance. The plain, sincere tone speaks for itself.

In the letter, he systematically reviewed the company’s 2025 operational achievements. Full-year revenue reached RMB 9.9 billion, adjusted operating profit rose to RMB 126 million, and operating cash flow stood at RMB 420 million. Within this, the e-commerce business focused on profitability and synergy, while brand management revenue grew 25% year-on-year to RMB 1.8 billion – with GAP China turning profitable for the first time in Q4.

Looking ahead to 2026–2028, Baozun will accelerate dual-business synergies, targeting RMB 550 million in operating profit by 2028. The company will deepen its application of AI and technology, advance sustainability initiatives, and continue investing in talent development – staying firmly on the path of high-quality growth.

Underpinned by 18 years of sustained collaboration, Baozun received the Philips Distributor Award, recognizing its excellence in e-channel operations, performance marketing, and livestreaming. This recognition affirms the depth and durability of the partnership and underscores Baozun's capacity to deliver consistent value over the long term across complex omnichannel environments.

Baozun's logistics arm Baotong Yijie introduced "Jindouyun," an omnichannel intelligent parcel management solution designed to meet the real operational needs of enterprise clients. By providing a unified, efficient, and controllable shipping management system, Jindouyun injects new momentum into end-to-end brand fulfillment and reinforces Baotong's role as a technology-driven logistics enabler within the Baozun ecosystem.

GAP unveiled its 2026 spring/summer campaign under the theme "Move Forward in GAP," featuring brand ambassador Cheng Yi. Campaign activations have already launched across Shanghai, Hangzhou, and Shenzhen, with a GAP music pop-up space running at Beijing APM from April 15 to May 5, ahead of the grand opening of a new concept store on the third floor of Beijing APM on May 1. The store's immersive spatial design responds to the evolving preferences of Chinese consumers and represents another milestone in GAP's deep localization and brand revitalization under Baozun's operating system.

HUNTER's 2026 spring/summer collection draws inspiration from the mysterious British seas, weaving together modern maritime style and deep-sea motifs through vintage metal buckles and marine life prints. Actress Ren Min, styled in HUNTER's classic ladies' tall rain boots paired with a white dress, embodied the brand's signature blend of functional design and effortless spring aesthetic, reinforcing HUNTER's positioning as the season's footwear of choice.

HUNTER continued its nationwide expansion with the simultaneous opening of new stores at Nanning Mixc, Xi'an Mixc, and Shanghai West Bund. Each location brings a distinct interpretation of the brand's British heritage: the Nanning store integrates the city's lush green ecology with immersive product displays; the Xi'an store features clean architectural lines that balance exploration and comfort; and the Shanghai West Bund store presents an imaginative paper-art storytelling space that vividly captures HUNTER's creative DNA. Together, the three openings deepen HUNTER's experiential retail footprint across China's key urban centers.

Premium women's activewear brand Sweaty Betty launched its concept pop-up at Jing An Kerry Centre in Shanghai under the theme "Born Sweaty." Designed as a dedicated space for active women to connect, move, and embrace individuality, the activation continues the brand's mission of supporting fearless female exploration and self-expression, bringing an energetic new brand experience to Chinese consumers.

A Bloomberg News special report highlighted that GAP China, under Baozun's deep operational stewardship, achieved revenue growth of over 20% in 2025 and returned to quarterly profitability — establishing a benchmark for global brands navigating China's evolving consumption environment. An in-depth interview with Vincent Qiu also ran as a front-page feature on the global site of Fashion Network and across its UK, US, and Japan editions, reaching millions of fashion industry subscribers worldwide and affirming broad international recognition of Baozun's brand management model.

In the 2026 Tmall and Alimama ecosystem awards, Baozun retained its "Six-Star Omni-Service Provider" status on Tmall, while subsidiary E-Fashion was named a "Five-Star Omni-Service Provider." Baozun also earned Alimama's "Omni-Six Star Super Marketing Partner" certification, along with "Super Marketing Partner," "Supernova Marketing Partner," and "Full-Link Star" titles across the brand operation, UD effectiveness, and Taobao-internal effectiveness tracks. Baozun Insight further received Alimama's "Annual Omni-Partner Grand Award" for its omnichannel model and benchmark cases across UGC, Bosch, and PUMA.

Baozun Group's subsidiary Shanghai Runyu E-commerce Co., Ltd. was once again recognized as a "Jing Excellence Partner" in the operations service category on JD.com's Jingmai Service Marketplace — becoming the only premier service provider to earn JD's highest honor for three consecutive years. This achievement reflects 15 years of deep engagement within the JD ecosystem and reinforces Baozun's standing as the industry's most trusted full-service operations partner.

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.