In June 2026, Baozun maintained solid momentum in executing its "E-commerce + Brand Management" dual-driver strategy, achieving steady progress across AI development, brand operations, and retail execution. With AI deeply integrated into brand marketing, content operations, and omni-channel retail scenarios, we are effectively translating technological strengths into tangible business outcomes, creating greater certainty and long-term value for our brand partners.

During the month, Gap and Hunter advanced their local-market strategies, while Baozun Technology showcased its innovative practices in Agentic Commerce at industry forums. These initiatives underscore our sustained commitment to digital retail leadership and capability building. We look forward to sharing further updates as we continue to drive long-term value creation for our investors.

Sincerely,

Baozun Group Investor Relations

During this year's Tmall 618 shopping festival, Baozun Insight partnered with PUMA to leverage Alimama's WanX AI intelligent commerce engine, delivering over RMB10 million in GMV for a single product alongside more than 1XX% growth in AIPL consumer assets.

Following the campaign, Baozun Insight received Alimama's "WanX AI Business Operations Practitioner" certification, recognizing the team's ability to translate AI-enabled full-funnel operations into measurable business outcomes. The achievement further demonstrates the growing commercial value of AI-powered brand operations and Baozun's continued investment in intelligent commerce capabilities.

Nike's global women's running series, After Dark Tour, recently made its Shanghai debut. Working alongside Nike, Baozun Location helped create an immersive livestream experience that transformed traditional event broadcasting into a richer consumer engagement platform.

By combining creative content planning, livestream production, and interactive experience design, Baozun Location continues to expand its capabilities in branded content, consumer engagement, and experience-driven commerce, supporting brands in building deeper connections with their audiences.

GAP recently introduced two exclusive FIFA CLASSICS collections celebrating the spirit and cultural influence of football. The collection was created in collaboration with longtime GAP partner Ouigi Theodore, founder of The Brooklyn Circus, who led both the product design and campaign creative direction. Inspired by football's universal ability to unite communities across cultures, the collection celebrates identity, heritage, and self-expression. The launch further enriches GAP's cultural storytelling while strengthening the brand's emotional connection with younger consumers worldwide.

HUNTER continued to strengthen its presence across fashion and lifestyle communities through growing celebrity adoption. Song Zuer, Ouyang Nana, Ren Min, Joey Yung, Ao Ziyi, and Liu Yaowen were recently seen wearing HUNTER's signature footwear, showcasing the brand's blend of British heritage, functional design, and contemporary urban style.

These appearances continue to broaden HUNTER's relevance across lifestyle occasions while reinforcing the brand's positioning within China's premium light outdoor market.

GAP continued its steady retail expansion during June with three new stores opening in Shanghai, Chongqing, and Shaoxing.

Leveraging Baozun's dual-engine operating model, GAP continues to integrate e-commerce-derived consumer trends and demand insights with local market dynamics to support store planning, merchandise allocation, and retail operations. This data-driven approach further demonstrates how Baozun's BEC capabilities continue to strengthen BBM brand management, enabling more disciplined and efficient retail expansion across China.

On June 19, HUNTER officially opened its newest store at Suzhou Paradise Walk. Designed around the concept of harmony between urban living and nature, the store blends contemporary British aesthetics with Suzhou's distinctive cultural identity through carefully selected architectural materials and spatial design. The opening further extends HUNTER's retail presence across the Yangtze River Delta while introducing its signature combination of functionality and style to a broader consumer base.

HUNTER was recently honored with the "Performance Innovation Brand of the Year" award at the sixth FNAA China Footwear Achievement Awards. The award recognizes HUNTER's continued innovation across functional footwear, product development, and lifestyle positioning, further strengthening the brand's reputation within the premium outdoor and functional fashion categories.

Baozun Insight has been officially recognized as a Lingxi Certified Service Provider for the apparel and accessories category under Xiaohongshu's second certification program. The certification recognizes Baozun Insight's capabilities in consumer trend analysis, lifestyle scenario insights, and content-driven marketing. Supported by Xiaohongshu's Lingxi platform, Baozun Insight is well positioned to help brands deliver more precise, data-informed marketing strategies and drive sustainable full-funnel growth.

Baozun Technology recently participated in the 12th WRE Retail Digitalization Summit, where it shared its latest perspectives on the evolution of retail in the era of Agentic Commerce. Drawing on Baozun's operational experience, the presentation explored how brands can effectively convert AI capabilities into practical business capabilities. The event further reflects Baozun's continued investment in intelligent retail infrastructure and AI-enabled commerce.

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.