We are proud to introduce The Baozun Compass,
a monthly newsletter designed to foster transparent, value-driven communication with our stakeholders. Each edition will highlight our core business strategies, brand empowerment initiatives, and milestones in e-commerce innovation— offering insights into how we create long-term value for our partners and investors.

Spotlighting in “Business in Focus,” this newsletter will share operational highlights, key project updates, and data-driven insights to keep you informed and aligned with our vision. We appreciate your continued trust as we pursue new growth opportunities and work together to shape the future of commerce.

Sincerely,

Baozun Group Investor Relations

The 2025 GAP Distributor Conference, themed “At the Right Time,” brought together more than 60 top-tier distributors from major provinces and cities at Baozun’s Shanghai headquarters. Attendees explored GAP’s strategic roadmap, encompassing brand enhancements, marketing initiatives, and store optimization plans, along with an exclusive preview of the 2026 Spring Collection. The event also highlighted Baozun’s comprehensive end-to-end capabilities in supply chain management, digital marketing, and localized operations—key enablers driving GAP’s continued growth in China.

Nike and Baozun celebrated the grand opening of their joint Central Distribution Center (CDC) in Wujiang, marking a significant milestone in their strategic partnership. As Baozun’s first smart, zero-carbon logistics park, the facility integrates both forward and reverse logistics while demonstrating ESG leadership through autonomous delivery fleets, solar energy systems, and the “Renewed Footwear” sustainability program. This initiative not only enhances operational efficiency but also reinforces our shared commitment to green innovation and sustainable growth.

GAP unveiled its 2025 Fall collaboration with Japanese IP mofusand, featuring whimsical “Versatile Cat” motifs that fuse emotional storytelling with playful aesthetics. Available on GAP’s Tmall flagship store and official website, the collection targets Gen Z consumers and young families with relaxed, expressive designs—broadening the brand’s appeal and enriching its product portfolio.

HUNTER and French fashion label Maison Kitsuné launched a limited-edition capsule collection in October, blending HUNTER’s iconic weather-ready craftsmanship with Maison Kitsuné’s signature Parisian–Tokyo flair. The result is a collection that is creative, practical, and distinctly fashion-forward. Featuring exclusive prints and co-branded logos across adult and children’s lines, the range enhances product differentiation and reinforces HUNTER’s position at the intersection of fashion and functionality.

GAP recently opened six new stores across Wuhan, Guangzhou, Hangzhou, Yinchuan, and Changsha, comprising three full-price locations and three premium outlet stores. The Yinchuan store, GAP’s first in Northwest China, ranked second in regional sales during its debut month, underscoring the success of the brand’s localized expansion strategy. These new openings further strengthen GAP’s national offline footprint, expand consumer reach, and are expected to drive sustained brick-and-mortar growth.

In October 2025, HUNTER opened new stores in Shanghai’s upscale iapm Mall and Qingdao MixC. The Shanghai location is styled as a “natural exploration hub in the city,” while the Qingdao store features an immersive military-red design that merges industrial and natural elements—creating spaces that are both functional and visually engaging. The Shanghai store enhances HUNTER’s fashion positioning in a premium retail environment, while the Qingdao opening strengthens regional presence—together elevating customer experience and driving footfall and conversion.

SWEATY BETTY launched an immersive pop-up at Shanghai iapm Mall, designed in vibrant orange tones to embody its “Don’t Sweat It” philosophy. The space offers product trials and community-focused activities, fostering deeper emotional connections with female consumers.

GAP delivered over 25% year-over-year sales growth across all channels during the opening four hours of Tmall’s Singles’ Day, rising to 6th place in men’s apparel and 60th in women’s apparel—highlighting operational improvements and strong market momentum.

HUNTER moved from 9th to 5th place in the outdoor footwear category during the first four hours of Singles’ Day, driven by robust consumer demand and reinforcing its competitive edge.

HUNTER was recognized as an “Influential Brand” in the 2025 Forbes China Sports-Fashion 50 rankings, celebrating its design innovation and leadership in the sport-lifestyle segment.

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.