Baozun Inc (BZUN) 2025 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and thank you for standing by for Baozun's second-quarter 2025 earnings conference call. (Operator Instructions) As a reminder, today's conference call is being recorded.

女士們、先生們，早安，感謝大家參加寶尊 2025 年第二季財報電話會議。（操作員指示）提醒一下，今天的電話會議正在被錄音。

I will now turn the meeting over to your host for today, Ms. Wendy Sun, Senior Director of Corporate Development and Investor Relations of Baozun. Please proceed, Wendy.

現在，我將會議交給今天的主持人，寶尊企業發展和投資者關係高級總監孫文迪女士。請繼續，溫迪。

Thank you, operator. Hello, everyone, and thank you for joining us today. Our second-quarter 2025 earnings release was distributed earlier before this call and is available on our IR website at ir.baozun.com, as well as on PR Newswire services. They have also posted a PowerPoint presentation that accompanies our comments to the same IR website where they are available for download.

謝謝您，接線生。大家好，感謝大家今天加入我們。我們的 2025 年第二季財報已在本次電話會議之前發布，可在我們的 IR 網站 ir.baozun.com 以及 PR Newswire 服務上查閱。他們還將附有我們評論的 PowerPoint 簡報發佈到了同一個 IR 網站上，可供下載。

On the call today from Baozun, we have Mr. Vincent Qiu, Chairman and Chief Executive Officer; Ms. Catherine Zhu, our Chief Financial Officer; Mr. Junhua Wu, Director and Chief Strategy Officer; and Mr. Ken Huang, Chief Financial Officer of Baozun Brand Management.

今天參加寶尊電話會議的嘉賓有：董事長兼執行長邱文森先生、財務長朱凱瑟琳女士、董事兼首席策略長吳俊華先生以及寶尊品牌管理公司財務長黃肯先生。

Ms. Chiu will first share our business strategy and company highlights. Ms. Zhu will then discuss our financials, followed by Mr. Wu and Mr. Huang, who will share more regarding our E-Commerce and the Brand Management segments, respectively. They will all be available to answer your questions during the Q&A session that follows.

邱女士首先會分享我們的經營策略及公司亮點。隨後，朱女士將討論我們的財務狀況，隨後吳先生和黃先生將分別分享有關我們的電子商務和品牌管理部門的更多資訊。在接下來的問答環節中，他們都會回答您的問題。

Before we begin, I would like to remind you that this conference call contains forward-looking statements within the meaning of the US Securities Act of 1933 as amended, the US Securities Exchange Act of 1934 as amended, and the US Private Securities Litigation Reform Act of 1995.

在我們開始之前，我想提醒您，本次電話會議包含美國 1933 年證券法修正案、美國 1934 年證券交易法修正案和美國 1995 年私人證券訴訟改革法所定義義的前瞻性陳述。

These forward-looking statements are based upon management's current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties, and other factors, of which are difficult to predict and many of which are beyond the company's control, which may cause the company's actual results to differ materially from those in the forward-looking statements.

這些前瞻性陳述是基於管理層當前的預期以及當前的市場和營運條件，涉及已知或未知的風險、不確定性和其他因素的事件，這些因素難以預測且許多超出公司的控制範圍，可能導致公司的實際結果與前瞻性陳述中的結果存在重大差異。

Further information regarding these and other risks, uncertainties, or factors is included in the company's filings with the United States Securities and Exchange Commission, and its announcement, notice, or other documents published on the website of The Stock Exchange of Hong Kong Limited.

有關這些和其他風險、不確定性或因素的進一步資訊包含在公司向美國證券交易委員會提交的文件以及在香港聯合交易所有限公司網站上發布的公告、通知或其他文件中。

All information provided in this call is as of the date hereof and is based on assumptions that the company believes to be reasonable as of this date. And the company does not undertake any obligation to update any forward-looking statements, except as required under applicable law.

本次電話會議中提供的所有資訊均截至本電話會議之日，並基於本公司認為截至本電話會議之日合理的假設。且本公司不承擔更新任何前瞻性陳述的義務，除非適用法律要求。

Finally, please note that unless otherwise stated, all figures mentioned during this conference call are in RMB. You may now turn to slide number 2 for the executive highlights for the quarter. It is now my pleasure to introduce our Chairman and Chief Executive Officer, Mr. Vincent Qiu. Vincent, please go ahead.

最後，請注意，除非另有說明，本次電話會議中提到的所有數字均以人民幣為單位。現在您可以翻到投影片 2，查看本季的高階主管亮點。現在我很高興介紹我們的董事長兼執行長 Vincent Qiu 先生。文森特，請繼續。

Thank you, Wendy. Hello, everyone, and thank you, all, for your time. I'm pleased to share that Baozun delivered another solid quarter, with both BEC and BBM making commendable progress. Overall, our total revenue grew by 7%.

謝謝你，溫迪。大家好，謝謝大家抽出時間。我很高興地告訴大家，寶尊在另一個季度表現穩健，BEC 和 BBM 都取得了令人稱讚的進步。總體而言，我們的總收入成長了7％。

Excluding one-off expenses, our adjusted operating income expanded to RMB59 million, a significant improvement from RMB10 million in the same period of last year. We believe these results demonstrate the resilience of our underlying business model, highlighting meaningful profitability expansion alongside top-line growth.

扣除一次性費用後，我們的調整後營業收入擴大至人民幣5,900萬元，較去年同期的人民幣1,000萬元有顯著改善。我們相信，這些結果證明了我們基礎商業模式的彈性，凸顯了獲利能力的顯著擴張和營收的成長。

BEC's disciplined execution is starting to yield tangible results. BEC revenue grew by 3%, while adjusted operating profits rose 56% year over year to RMB94 million, the highest second-quarter level in four years since the pandemic.

BEC 的嚴格執行開始產生實際的成果。BEC營收成長3%，調整後營業利潤年增56%至9,400萬元人民幣，創下疫情爆發四年來第二季的最高水準。

Amid ever-changing market dynamics, BEC has shown agility in adapting to the evolving needs of our brand partners. This profitability improvement underscores our progress in reshaping BEC into a stronger and more profitable business. With our scale and the premium client base, we are confident that these efficiency gains can translate into meaningful earnings upside.

在不斷變化的市場動態中，BEC 展現了適應品牌合作夥伴不斷變化的需求的敏捷性。獲利能力的提高凸顯了我們在將 BEC 重塑為更強大、更盈利的業務方面取得的進展。憑藉我們的規模和優質客戶群，我們相信這些效率的提高可以轉化為可觀的獲利成長。

BBM continues to build and accelerate top-line momentum. Revenue grew 35% year over year, up from 23% in the previous quarter. We remain on track with our merchandising, channel expansion, and marketing initiatives for Gap, driving healthy top-line momentum while improving profitability.

BBM 繼續建構並加速營收成長動能。營收年增 35%，高於上一季的 23%。我們繼續按計劃推進 Gap 的商品銷售、通路擴展和行銷計劃，在提高盈利能力的同時推動健康的營收成長勢頭。

Hunter also reached a remarkable milestone in unit economics from its first three offline stores opened in May and is making steady progress in category expansion. Together, we believe these achievements validate our transformation vision, with BBM now established as a growth-driving core division that demonstrates our ability to execute with precision.

Hunter 在 5 月開設了前三家線下門市，單位經濟效益也達到了一個顯著的里程碑，並且在品類擴張方面也取得了穩步進展。我們相信，這些成就驗證了我們的轉型願景，BBM 現已成為推動成長的核心部門，證明了我們精準執行的能力。

Beyond our financial results, we continue to make significant strides in technology empowerment. We remain committed to leveraging technology and data-driven solutions to bridge demand and supply chain in retail. In the first half of this year, our focus on refining the retail operating platform has enabled deeper insights into market and consumer demand trends for BBM.

除了財務表現之外，我們還在技術賦能方面持續取得重大進展。我們始終致力於利用技術和數據驅動的解決方案來彌合零售業的需求和供應鏈。今年上半年，我們專注於完善零售營運平台，讓BBM對市場和消費者需求趨勢有了更深入的洞見。

This enhanced intelligence allows us to optimize decision making and improve target setting and tracking. These initiatives are driving the success of product development, while enhancing inventory efficiency and productivity. The combined strength of BEC's resilience, BBM's accelerating growth, and our technological leadership position us well to deliver sustainable long-term value creation.

這種增強的智慧使我們能夠優化決策並改善目標設定和追蹤。這些措施推動了產品開發的成功，同時提高了庫存效率和生產力。BEC 的韌性、BBM 的加速成長以及我們的技術領導地位的綜合實力使我們能夠實現可持續的長期價值創造。

Now I'll hand the call over to our team for a deep dive into our financials and business performance.

現在我將把電話交給我們的團隊，讓他們深入了解我們的財務和業務表現。

Thanks, Vincent, and hello, everyone. Before we dive into the financial details, I'd like to quickly address the one-off write-off. Back in September 2021, we initiated arbitration against a distributor in healthcare and cosmetic industry (technical difficulty) taking a conservative and prudent approach, we had previously made a provision of RMB93 million in 2021.

謝謝，文森特，大家好。在我們深入討論財務細節之前，我想快速討論一下一次性註銷的問題。早在2021年9月，我們就對一家保健和化妝品行業的經銷商（技術難題）發起了仲裁，採取了保守和審慎的態度，我們此前已在2021年計提了人民幣9,300萬元的撥備。

This quarter, based on the latest progress in arbitration, we assessed the likelihood of recovery as remote. Therefore, we wrote off the remaining RMB53 million in this specific accounts receivable. This was recorded as a one-off -- one-time general and administrative expense in BEC's second-quarter P&L.

本季度，根據仲裁的最新進展，我們評估恢復的可能性很小。因此，我們核銷了該特定應收帳款中剩餘的5,300萬元人民幣。這筆費用在 BEC 第二季損益表中被記錄為一次性一般及行政開支。

Now let me provide a more detailed overview of financial results for the second quarter of 2025. Please turn to slide number 3. Baozun group's total net revenues for the second quarter of 2025 increased by 6.8% year over year to RMB2.6 billion. Of this total, E-Commerce revenue grew by 3.4% to RMB2.2 billion, while Brand Management revenue rose by 35.4% to RMB398 million.

現在，讓我更詳細地概述一下 2025 年第二季的財務表現。請翻到幻燈片 3。寶尊集團2025年第二季總淨營收年增6.8%至人民幣26億元。其中，電商營收成長3.4%至22億元人民幣，品牌管理收入成長35.4%至3.98億元。

Breaking down E-Commerce revenue by business model, services revenue increased 3.5% year over year to RMB1.6 billion. This increase was driven by revenue growth in digital marketing and IT, and online operations.

依業務模式劃分電商收入，服務收入較去年同期成長3.5%至人民幣16億元。這一增長是由數位行銷和 IT 以及線上營運的收入成長所推動的。

BEC product sales revenue increased 3.3% year over year to RMB599 million, supported by strong performance in beauty and cosmetics and alcohol categories. BBM product sales totaled RMB396 million, representing a 35.5% year-over-year growth. This growth was mainly driven by the strong performance of the Gap brand.

BEC產品銷售收入年增3.3%至5.99億元人民幣，這得益於美容化妝品和酒類產品的強勁表現。BBM產品銷售額達3.96億元，較去年成長35.5%。這一成長主要得益於 Gap 品牌的強勁表現。

Please turn to slide number 4. From a profitability perspective, our blended gross margin for product sales at the group level was 28.4%, an expansion of 310 basis points year over year. Gross profit increased by 28.1% year over year to RMB283 million for the quarter.

請翻到第 4 張投影片。從獲利能力角度來看，我們集團層級的產品銷售綜合毛利率為28.4%，較去年同期成長310個基點。本季毛利較去年同期成長28.1%至人民幣2.83億元。

Breaking this down by our key business lines, gross margin for E-Commerce product sales expanded to 12.8%, reflecting a 110-basis-point improvement compared to 11.7% a year ago. This margin expansion was primarily driven by product mix diversification. Gross margin for BBM was 52%, relatively flat compared with 52.3% a year ago.

按主要業務線細分，電子商務產品銷售毛利率擴大至 12.8%，較去年同期的 11.7% 提高了 110 個基點。利潤率的擴大主要得益於產品結構多樣化。BBM 的毛利率為 52%，與去年同期的 52.3% 相比基本持平。

Now please turn to slide number 5 for a walk-through of our OpEx. Fulfillment cost for the quarter was reduced by 3.3% to RMB606 million, reflecting our ongoing efforts in cost optimization. Sales and marketing expenses increased by 11% to RMB938 million, mainly due to higher spending on creative content and performance-driven digital marketing during the 618 E-Commerce campaign, as well as increased front-end expenses from expanding BBM's offline network.

現在請翻到第 5 張投影片來了解我們的營運支出。本季的履行成本減少了 3.3% 至人民幣 6.06 億元，反映了我們在成本優化方面的持續努力。銷售及行銷費用成長11%至9.38億元人民幣，主要由於618電商活動期間創意內容及效果驅動的數位行銷支出增加，以及BBM線下網路擴張導致的前期費用增加。

Technology and content expenses decreased by 11.7% to RMB115 million as we continue to enhance monetization efficiency. G&A expenses rose 30.7% to RMB224 million, primarily due to the one-time write-off of RMB53 million in account receivables. Excluding this write-off, G&A remained flat compared with the same period of last year.

由於我們持續提高貨幣化效率，技術和內容費用下降 11.7% 至 1.15 億元。一般及行政費用上漲 30.7% 至人民幣 2.24 億元，主要由於一次性核銷人民幣 5,300 萬元的應收帳款。除此註銷外，一般及行政開支與去年同期相比持平。

Turning to bottom-line items, please refer to slide number 6. During the quarter, our non-GAAP income from operations was RMB6.1 million. Excluding the above-mentioned RMB53 million nonrecurring provision, our adjusted non-GAAP income from operations was RMB59 million, a sharp improvement from RMB10 million in the same period of last year.

談到底線項目，請參閱幻燈片 6。本季度，我們的非公認會計準則營業收入為 610 萬元人民幣。剔除上述5,300萬元非經常性損益準備，調整後非美國通用會計準則營業利潤為5,900萬元，較去年同期的1,000萬元大幅提升。

BEC's adjusted non-GAAP income from operations was RMB94 million, representing a year-over-year improvement of 56.4% or RMB34 million higher than a year ago. BBM reported a non-GAAP operating loss of RMB35 million, an improvement of 30% compared to the same period of last year. As of June 30, 2025, our cash and cash equivalents, restricted cash, and short-term investments totaled RMB2.7 billion.

BEC調整後非美國通用會計準則營業利潤為9,400萬元人民幣，較上年同期成長56.4%，即增加3,400萬元。BBM報告非美國通用會計準則營業虧損為人民幣3,500萬元，較去年同期改善30%。截至2025年6月30日，我們的現金及現金等價物、受限現金及短期投資總額為人民幣27億元。

Let me now pass the call over to Junhua to update you on BEC, our E-Commerce business.

現在，請容許我將電話轉給俊華，向大家通報我們的電子商務業務 BEC 的最新情況。

Thanks, Catherine, and hello, everyone. In the second quarter, BEC stayed focused on profitability and sustainable growth following our phased approach, realigned in Q1, stabilized in Q2, and accelerate in the second half.

謝謝，凱瑟琳，大家好。第二季度，BEC持續專注於獲利能力和永續成長，採取分階段推進的方式，第一季調整，第二季穩定，下半年加速。

This quarter, we delivered operating profit growth of 56.4% year over year, while sustaining top-line growth of 3.4%. These results were driven by our ongoing efforts to strengthen business fundamentals, enhance the quality of our distribution model, and drive continuous development in our service model.

本季度，我們的營業利潤年增 56.4%，同時維持了 3.4% 的營收成長。這些成果得益於我們不斷努力加強業務基礎、提高分銷模式的品質以及推動服務模式的持續發展。

In our distribution business, quality has always been our top priority, setting us apart from the broader market. We believe an integrated approach, linking channel management, pricing and inventory control and marketing is crucial for building sustainable distribution partnerships in today's dynamic environment.

在我們的分銷業務中，品質始終是我們的首要任務，這使我們在廣闊的市場中脫穎而出。我們相信，在當今動態的環境中，將通路管理、定價和庫存控制以及行銷結合起來的綜合方法對於建立可持續的分銷夥伴關係至關重要。

Our goal is to elevate our role from a distribution partner to a comprehensive trade partner. To support this, we have conducted a thorough review of our partnership scope and terms. This review aligns us with our partners' evolving needs and helps identify opportunities for innovation and mature growth.

我們的目標是將我們的角色從分銷合作夥伴提升為綜合貿易合作夥伴。為了支持這一點，我們對合作範圍和條款進行了徹底的審查。此次審查使我們與合作夥伴不斷變化的需求保持一致，並有助於發現創新和成熟成長的機會。

Please turn to slide number 7. During the quarter, BEC product sales grew 3.3%, driven by strong performance in beauty and cosmetics. We also achieved consistent breakthroughs in alcohol and apparel categories. While these apparel categories experienced a revenue contraction, the unit's bottom line improved significantly. This delightful trade-off highlights our focus on quality growth over volume.

請翻到第 7 張投影片。本季度，受美容和化妝品強勁表現的推動，BEC 產品銷售額成長了 3.3%。酒類、服飾品類也不斷取得突破。雖然這些服裝類別的收入有所萎縮，但該部門的利潤卻大幅改善。這種令人愉快的權衡凸顯了我們對品質成長而非數量成長的關注。

Gross profit margin for BEC product sales expanded 110 basis points year over year to 12.8% for the quarter, demonstrating how our category mix optimization and ongoing initiatives are translating into stronger profitability.

本季 BEC 產品銷售毛利率年增 110 個基點至 12.8%，顯示我們的品類組合優化和持續措施正在轉化為更強的獲利能力。

Turning to slide number 8, our service revenue increased by 3.5% in the second quarter, driven by solid growth in online store operations and DM and IT solutions by integrating advanced technologies and leveraging our data and analytics. We remain committed to evolving with the market and enhancing our service offerings to better service -- better serve our partners.

翻到第 8 張投影片，我們的服務收入在第二季成長了 3.5％，這得益於透過整合先進技術並利用我們的數據和分析，線上商店營運以及 DM 和 IT 解決方案的穩健成長。我們始終致力於隨著市場的發展而發展，並增強我們的服務質量，以提供更好的服務——更好地服務我們的合作夥伴。

Let me use a leading sports brand as a case study to illustrate how we empower our business during the recent 618 promotions. By leveraging our data analytics, we gained deep insights into consumer behavior and shopping trends. This allowed us to refine consumer profiles and adjust marketing priorities.

我以一個領先的運動品牌為例，來說明我們在最近的618促銷活動中是如何賦能業務的。透過利用我們的數據分析，我們深入了解了消費者行為和購物趨勢。這使我們能夠完善消費者資料並調整行銷重點。

We then applied our digital marketing expertise to design highly targeted campaigns across multiple channels, including key marketplaces, social media, and influencer partnerships. This strategy generated significant buzz and drove sustainable traffic into the brand.

然後，我們運用我們的數位行銷專業知識，透過多種管道設計高度針對性的活動，包括主要市場、社群媒體和有影響力的合作夥伴。這項策略引起了巨大的轟動並為品牌帶來了可持續的流量。

The results were remarkable, with the brand achieving exceptional double-digit growth during the 618 promotions, far exceeding expectations. We are proud to report that the service revenue in online store operations grew across major categories, with sports up to 10.8%, luxury 5.5%, and other apparel at 17.6% year over year.

成績斐然，品牌​​在618促銷期間實現了兩位數的出色成長，遠遠超出預期。我們很自豪地報告，線上商店營運服務收入在主要類別中均實現成長，其中體育用品成長 10.8%，奢侈品成長 5.5%，其他服飾成長 17.6%。

Our omnichannel initiatives also gained strong momentum in this quarter, with the multichannel reaching a new record high for 48.5% for the second quarter. We saw growth across many key marketplaces, reflecting the effectiveness of our strategies among emerging channels. Douyin and RedNote stood out at top performance.

我們的全通路計畫在本季也獲得了強勁發展勢頭，第二季多通路達到了 48.5% 的新高。我們在許多主要市場都看到了成長，這反映了我們在新興通路中策略的有效性。抖音和紅筆記表現突出。

To advance best practice in brand E-Commerce, we enhanced our Douyin services to include daily live stream, storytelling, live streaming, and integrated marketing campaigns. This hybrid approach engages consumers across the full consumption circle, driving brand growth, sustainable audience expansion, and omnichannel empowerment.

為了推進品牌電子商務的最佳實踐，我們增強了抖音服務，包括每日直播、說故事、直播和整合行銷活動。這種混合方法可以吸引整個消費圈的消費者，推動品牌成長、永續的受眾擴張和全通路賦能。

With a healthy pipeline of new clients, we expect growth momentum to continue. On RedNote, revenue grew triple digits, driven by rising demand across both marketing and store operations. In the first half of 2025, we partnered with 20-plus brands across outdoor, sports, luxury, and footwear.

隨著新客戶數量的增加，我們預計成長動能將持續下去。在 RedNote 上，由於行銷和店面營運需求的不斷增長，收入增長了三位數。2025 年上半年，我們與戶外、運動、奢侈品和鞋類領域的 20 多個品牌建立了合作夥伴關係。

As one of the first six qualified RedNote partners validated in data, content, and marketing, we've earned benchmark recognition and industry awards. This recognition reinforces our leadership on this emerging platform and serves as a strong testament to our ability to innovate and adapt to new channels.

作為首批六家在數據、內容和行銷方面獲得驗證的合格 RedNote 合作夥伴之一，我們贏得了基準認可和行業獎項。這項認可鞏固了我們在這個新興平台上的領導地位，並有力地證明了我們創新和適應新管道的能力。

In summary, Q2 demonstrates that BEC is stabilizing on a stronger foundation. Our quality and value-driven profit-centric framework positions BEC well to accelerate profit generation in the second half of the year. As we navigate market complexities, we remain committed to our vision and strategic goals towards sustainable growth and long-term success.

綜上所述，第二季度顯示 BEC 正在更堅實的基礎上趨於穩定。我們以品質和價值為導向、以利潤為中心的框架使 BEC 能夠在下半年加速創造利潤。在應對市場複雜性的同時，我們始終致力於實現永續成長和長期成功的願景和策略目標。

Now I'll pass the call to Ken for an update to Baozun Brand Management.

現在我將把電話轉給 Ken，向他報告寶尊品牌管理的最新情況。

Thank you, Jun, and hello, everyone. Please turn to slide number 9 for BBM's performance in the second quarter of 2025. I'm pleased to report that BBM's positive momentum continued in Q2, with top-line growth accelerating further. Revenue grew by 35.4% year over year, driven by positive same-store sales and contributions from new stores, as well as healthy expansion across both online and offline channels.

謝謝你，Jun，大家好。請翻到第 9 張投影片了解 BBM 在 2025 年第二季的業績。我很高興地報告，BBM 的積極勢頭在第二季度得以延續，營收成長進一步加速。營收年增 35.4%，得益於同店銷售額的成長和新店的貢獻，以及線上和線下通路的健康擴張。

Now let me share with you our key initiatives for Gap China in the second quarter. Our merchandising strategy remains sharply attuned to market timing, helping drive consistent improvements in store traffic and the conversion rates.

現在我來跟大家分享Gap中國第二季的重點舉措。我們的行銷策略始終與市場時機緊密結合，有助於推動店鋪客流量和轉換率的持續改善。

Through disciplined product planning and the sharper segmentation, we are strengthening our ability to capture demand across categories, while reinforcing the relevance of Gap's core DNA. Overall, our BBM gross margin for the quarter was 52.3%, roughly flat year over year, while BBM gross profits grew by 34.5% to RMB208 million.

透過嚴謹的產品規劃和更精準的細分，我們正在加強捕捉跨類別需求的能力，同時強化 Gap 核心 DNA 的相關性。整體而言，本季我們的BBM毛利率為52.3%，與去年同期基本持平，而BBM毛利成長34.5%至人民幣2.08億元。

On the channel front, we expanded our footprint with 11 new openings in the quarter for a net increase of 8, bringing our total to 156 locations by the end of June. Several of these openings were in new markets such as Kashgar, broadening Gap's reach into previously untapped regions.

在通路方面，我們在本季擴大了業務範圍，新開了 11 家門市，淨增 8 家，截至 6 月底，我們的門市總數達到 156 家。其中幾家門市位於喀什等新市場，將 Gap 的業務範圍拓展至先前未開發的地區。

We also expanded further into emerging cities, including Ningbo, Foshan, and Nanning, as we view this new Tier 1 and Tier 2 markets' strong opportunities. With encouraging store-level unique economics, we are adjusting our store opening plans to emphasize local partnerships, leveraging our asset-light approach to secure premium locations.

我們也進一步擴展到寧波、佛山和南寧等新興城市，因為我們認為這些新的一線和二線市場蘊藏著巨大的機會。透過鼓勵門市層面的獨特經濟效益，我們正在調整門市開設計劃，強調當地合作夥伴關係，利用輕資產方式確保優質地點。

Our revised plan now targets 40 new stores for full-year 2025, with our direct stores primarily focused on Tier 1 cities. At the same time, our E-Commerce channels delivered strong momentum, fueled by our tailored segmentation approach. This included product and the consumer segmentations, targeted marketing, and optimized operational execution, which led to a strong consumer engagement and higher conversion rates.

我們修改後的計畫現在設定為 2025 年全年開設 40 家新店，直營店主要集中在一線城市。同時，由於我們量身定制的細分方法，我們的電子商務管道表現出強勁的發展勢頭。這包括產品和消費者細分、有針對性的行銷和優化的營運執行，從而帶來了強大的消費者參與度和更高的轉換率。

From a marketing perspective, we launched the successful IP collaboration with Melting Sadness, a renowned Chinese art brand. The collection blended Gap's timeless denim, coupled with Melting Sadness' playful artistic spirit. At the heart of this collaboration is the message, every day needs a Gap moment, aimed at building a stronger emotional connections with consumers.

從行銷角度來看，我們與中國知名藝術品牌「融化的悲傷」進行了成功的IP合作。該系列融合了 Gap 永恆的牛仔布與 Melting Sadness 俏皮的藝術精神。此次合作的核心訊息是“每天都需要 Gap 時刻”，旨在與消費者建立更牢固的情感聯繫。

In celebration of Children's Day, we also rolled out our [Brandon Bear] campaign, featuring our beloved character designed to spark joy and creativity in children. We created a series of kids' activities in the [Brandon] featured booklets, fostering a strong sense of family orientation and the community.

為了慶祝兒童節，我們也推出了 [布蘭登熊] 活動，以我們心愛的角色為特色，旨在激發孩子們的快樂和創造力。我們在《布蘭登》特色小冊子中創建了一系列兒童活動，培養了強烈的家庭意識和社區意識。

Looking ahead, we are preparing an even stronger lineup of marketing activities for the second half of 2025, with the aim of further enhancing Gap's brand resonance and driving continued growth. In the second quarter, we also achieved solid improvements in efficiency.

展望未來，我們正在為2025年下半年準備更強大的行銷活動陣容，旨在進一步增強Gap的品牌共鳴並推動持續成長。第二季度，我們的效率也取得了穩定提升。

Inventory management was a standout, with days of inventory reduced to 126 days, representing more than 20% year-over-year improvement. This progress reflects disciplined demand planning, tighter alignment between merchandising and the supply chain, and a stronger sell-through on core product lines.

庫存管理表現出色，庫存天數縮短至126天，較去年同期改善超過20%。這項進展反映了嚴謹的需求計畫、商品銷售和供應鏈之間更緊密的協調以及核心產品線更強勁的銷售表現。

We also realized additional operating savings through efficiency enhancements and leaner back-office spending. Together, these actions provided a solid boost to operating performance. On a non-GAAP basis, BBM's operating loss narrowed further to RMB35 million, a 30% improvement from the same period of last year.

我們還透過提高效率和精簡後台支出實現了額外的營運節約。這些措施共同為經營績效提供了堅實的提升。以非美國通用會計準則計算，BBM經營虧損進一步收窄至3,500萬元人民幣，較去年同期改善30%。

Lastly, to share some exciting updates on our brand Hunter, this past May, Hunter celebrated its offline expansion with the simultaneous opening of three flagship stores in Shanghai, Zhangyuan; Hangzhou, MixC; and the Beijing, Sanlitun, each achieving profitability in its first quarter, an impressive start.

最後，分享我們品牌 Hunter 的一些令人興奮的最新消息，今年五月，Hunter 慶祝了其線下擴張，在上海張園、杭州萬像城和北京三里屯同時開設了三家旗艦店，並且第一季度均實現盈利，這是一個令人印象深刻的開端。

The brand has gained the market attention with stylish products, well-designed store displays, and the effective marketing that has led to a higher customer traffic and sales. At the same time, Hunter has continued to diversify its product matrix with new lines' introduction. With innovation and customer satisfaction at its core, we are confident that Hunter will continue to thrive.

該品牌憑藉時尚的產品、精心設計的店面展示以及有效的營銷贏得了市場的關注，從而帶來了更高的客流量和銷售額。同時，Hunter 不斷推出新產品線，使其產品矩陣多樣化。以創新和客戶滿意度為核心，我們相信 Hunter 將繼續蓬勃發展。

In summary, Q2 marked another strong quarter of progress for BBM, with accelerated top-line growth and solid execution across merchandising channels and marketing. Gap is strengthening its brand resonance through localization and global collaboration, while Hunter is scaling with a sharper brand identity. With continued operational discipline and stronger seasonal activations in Q3 and Q4, we remain confident in achieving our full-year targets.

總而言之，第二季度標誌著 BBM 又一個強勁成長的季度，營收成長加速，商品銷售通路和行銷執行穩健。Gap 正在透過在地化和全球合作來加強其品牌共鳴，而 Hunter 則透過更鮮明的品牌形象來擴大規模。憑藉第三季和第四季持續的營運紀律和更強勁的季節性活動，我們仍然有信心實現全年目標。

That concludes our prepared remarks. Thank you. Operator, we are now ready to begin the Q&A session.

我們的準備好的演講到此結束。謝謝。接線員，我們現在可以開始問答環節了。

(Operator Instructions) Alicia Yap, Citigroup.

（操作員指示）花旗集團的 Alicia Yap。

Thank you. Good evening, management. Thanks for taking my questions. I have two quick ones. The first one is that if you can share with us the percentage of the contribution from your various platforms, which including -- coming from the Tmall and also the non-Tmall platforms.

謝謝。晚上好，管理層。感謝您回答我的問題。我有兩個簡短的。第一個問題是，您是否可以與我們分享來自各個平台的貢獻百分比，其中包括來自天貓和非天貓平台的貢獻百分比。

And then related to that is also, how do we see the impact from the recent step-up of the instant retail shopping competitive landscape by all these e-commerce platforms? Wondering if Baozun's business and also the store operations or anything that has affected the Baozun business at all. If you can share some colors on that.

與此相關的是，我們如何看待近期所有這些電子商務平台對即時零售購物競爭格局的加強帶來的影響？想知道寶尊的業務以及門市營運是否對寶尊業務產生了任何影響。如果您可以分享一些顏色的話。

And then second question is related to your strong growth of your BBM business. So do you anticipate the strength of that momentum will further continue in the coming quarters? And is there any timeframe for the profitability timeline? Thank you.

第二個問題與 BBM 業務的強勁成長有關。那麼您是否預計這種勢頭在未來幾季還會繼續保持下去？獲利時間表有時間表嗎？謝謝。

Okay. Thank you, Alicia, for the question. So I believe the first question is related to BEC. So let me address that first question.

好的。謝謝艾莉西亞提出的問題。所以我認為第一個問題與BEC有關。那麼就讓我來回答第一個問題。

So for the past 618 promotion, we definitely see a lot of GMV growth on Tmall and on JD, especially those two traditional marketplaces ecosystem. And the Douyin platform and the Tencent Smart Retail business, they don't have the very strong 618 mindset.

因此，在過去的 618 促銷活動中，我們確實看到天貓和京東的 GMV 大幅成長，尤其是這兩個傳統的市場生態系統。而抖音平台和騰訊智慧零售業務，他們沒有很強的618思維。

So let's focus on Tmall and JD. So Tmall growth, I don't have a specific number on Tmall percentage proportions over JD. But I believe that the GMV growth of Tmall is like 2 times or 3 times compared with JD. So we see that Tmall and JD, they maintain a very strong GMV growth in the 618 campaign.

因此，我們重點關注天貓和京東。因此，對於天貓的成長，我沒有天貓相對於京東的具體百分比數字。但我相信天貓的GMV成長是京東的2倍或3倍。因此，我們看到天貓和京東在 618 活動中保持了非常強勁的 GMV 成長。

So back to the question about the instant retail shopping, so we realize that instant retail shopping has been very popular recently, especially between different big ecosystems. So also, we have a lot of different categories.

回到關於即時零售購物的問題，我們意識到即時零售購物最近非常流行，尤其是在不同的大型生態系統之間。因此，我們也有很多不同的類別。

So our FMCG category is doing a lot of test-the-water stage with this kind of the instant retail shopping, like for fast-moving consumer goods and for those cosmetic categories and alcohol kind of categories, and especially in some kind of the home appliance categories.

因此，我們的快速消費品類別正在透過這種即時零售購物進行大量試水階段，例如快速消費品、化妝品類別和酒類類別，尤其是某些家用電器類別。

So we can share you with more information in the future so based on the data collect of our business. And we will just keep tracking the instant retail shopping in the long run. Thank you.

因此，我們可以根據我們業務收集的數據，在未來與您分享更多資訊。我們將長期持續關注即時零售購物。謝謝。

And for BBM in Q3 and Q4, I think first of all, continuing to expand our stores offline, both Gap and Hunter. And the second, we will continue to improve our products in Q3. For Gap, we are going to introduce capsule to the market. And we will also launch a series of activities of offline -- both offline and online, with some celebrities and offline pop-up stores, to enhance our connection with our consumers through music and dance.

對於 BBM 在第三季和第四季的表現，我認為首先要繼續擴大我們的線下門市，包括 Gap 和 Hunter。第二，我們將在第三季繼續改進我們的產品。對於 Gap 來說，我們將向市場推出膠囊系列。我們也會推出一系列線下活動——線上線下結合，與一些名人合作，開設線下快閃店，透過音樂和舞蹈增強與消費者的聯繫。

So these are all the activities we prepared for the next two quarters. So we still remain very confident for -- to achieving our full-year operating business objectives. And our breakeven point, we -- as we committed before, we will make it breakeven in the last quarter, Q4. Thank you.

以上就是我們為接下來兩個季度所準備的所有活動。因此，我們仍然非常有信心實現全年營運業務目標。我們的損益平衡點——正如我們之前承諾的那樣，我們將在最後一個季度，即第四季度實現盈虧平衡。謝謝。

And following by Ken's prediction about the Q3 and Q4, let me add up something about the projection of the -- from the BEC perspective. So as we all know that we had a strong 618, and that has raised a lot of confidence for all of our brand partners. And they've also starting to plan a big second half of this year.

根據 Ken 對第三季和第四季的預測，讓我從 BEC 的角度補充一些預測。眾所周知，我們的 618 表現非常出色，這為我們所有的品牌合作夥伴增強了信心。他們也開始規劃今年下半年的大動作。

So foreseeable, so we will see a -- compared last year, an even stronger Double 11 in this Q4 and especially where we have a deeper dive with a high quality of the traffic. Tmall and JD are engaging with us, and the more back-end tools we can target to a very accurate -- more accurate consumer profile. So we foresee that this is going to be a very promising second half of this year.

因此可以預見，與去年相比，我們將看到今年第四季的雙11更加強勁，尤其是我們對高品質的流量進行了更深入的挖掘。天貓和京東正在與我們合作，我們可以利用更多的後端工具來獲得非常準確的消費者資料。因此，我們預見今年下半年將會非常有希望。

Thank you.

謝謝。

[Jiawei Yin], CITC.

[尹嘉偉]，CITC。

Good evening, management. Thank you for taking my question. Congratulations on this quarter's strong performance. I have two questions. The first is regarding the E-Commerce business. In the past year, major domestic e-commerce platforms have emphasized providing more benefits to the merchants.

晚上好，管理層。感謝您回答我的問題。恭喜本季的強勁表現。我有兩個問題。第一個是關於電子商務業務。近一年來，國內各大電商平台紛紛強調給予商家更多優惠。

Has this reduced the operational cost for brands on these platforms? And has Baozun benefited as a brand partner? Some platforms are also prioritizing traffic allocation over absolute low price. And have you observed increase in traffic for brand products? This is my first question.

這是否降低了這些平台上品牌的營運成本？寶尊作為品牌合作夥伴是否獲益？一些平台也優先考慮流量分配而不是絕對低價。您是否發現品牌產品的流量增加？這是我的第一個問題。

And my second question is about Brand Management. Does Baozun plan to pursue further brand acquisitions or deepen collaborative partnerships? And could you share the criteria for selecting such brands and how the operational experience gained from managing Gap and Hunter in recent years will be leveraged to support new brands in the future? Thank you.

我的第二個問題是關於品牌管理。寶尊是否有計劃進一步進行品牌收購或深化合作關係？您能否分享一下選擇這些品牌的標準，以及如何利用近年來管理 Gap 和 Hunter 所獲得的營運經驗來支持未來的新品牌？謝謝。

Thank you. Let me address your first question related to BEC. Yes. So the platform is offering a rebate program in the joint business plan, JBP in short. So all our brand partners, they are signing up the JBP contract with the platform. Consider if you reach a certain level of your GMV, you can have a specific percentage of your rebate, especially within your platform commissions.

謝謝。讓我來回答您關於 BEC 的第一個問題。是的。因此該平台在聯合商業計劃（簡稱JBP）中提供了返利計劃。因此，我們所有的品牌合作夥伴都與該平台簽署了 JBP 合約。考慮一下，如果您的 GMV 達到一定水平，您可以獲得特定比例的返利，尤其是在平台佣金中。

And from the Baozun perspective, we also sign up different contracts on the JBP with major platform like Tmall and JD regarding the paid media services. And especially, we combine a lot of our brand partners GMV-wise to get rebate from the -- from achieving the target.

從寶尊的角度來看，我們也與天貓、京東等主要平台在JBP上簽署了有關付費媒體服務的不同合約。特別是，我們將許多品牌合作夥伴的 GMV 結合起來，以從實現目標中獲得回饋。

So you can see that the platforms are encouraging Baozun and the brand to just keep driving the top line and maintain a healthy growth rate in the long run. So this is the -- about the rebate program. And the -- about -- the platforms are also prioritizing a traffic allocation over absolute low price. So this is very different from different categories.

所以你可以看到，這些平台正在鼓勵寶尊和品牌繼續推動營收成長，並長期保持健康的成長率。這就是－關於返利計畫。而且—關於—平台也優先考慮流量分配而不是絕對低價。所以這與不同的類別有很大不同。

In the traditional category and heavy categories and very crowded category like sportswear, the pricing strategy is still a competitive element across different brands. In the premium and luxury category, they do maintain a support for a higher-quality kind of traffic. So we cannot say, in general, you are providing high traffic over the low price, not the other way.

在傳統品類、重量級類別以及運動服等非常擁擠的品類中，定價策略仍是不同品牌之間的競爭要素。在高端和豪華類別中，他們確實保持了對更高品質流量的支援。因此，我們不能說，一般來說，您以低價提供高流量，而不是相反。

So I think by differentiating different kind of the attributes in different categories, so things are very different. But one thing for trend is like both Tmall and JD, they are trying to adjust -- reallocate a high-quality kind of traffic to the brand to make sure that we are not keep rat racing on price in the long run. Thank you.

所以我認為透過區分不同類別中的不同類型的屬性，事情就會變得非常不同。但對於趨勢而言，有一件事就像天貓和京東一樣，他們正在嘗試調整——為品牌重新分配高品質的流量，以確保我們不會長期保持價格競爭。謝謝。

Thanks for the question. This is Vincent. I will try to ask (sic - answer) the first part of your question about the [BBM] criteria for the new brands. And then maybe Ken can also add some comments for the collaboration between different brands and how BBM can utilize Gap and Hunter's experience for the future brands, yeah.

謝謝你的提問。這是文森特。我將嘗試詢問（原文如此 - 回答）您關於新品牌的 [BBM] 標準的問題的第一部分。然後，也許 Ken 還可以針對不同品牌之間的合作以及 BBM 如何利用 Gap 和 Hunter 的經驗來為未來的品牌提供一些評論，是的。

So for the first one, yes, we have a strategy of brand portfolio for BBM. That means we will have multiple brands. That's why we have the first one, Gap; second one, Hunter; and also maybe the third and the fourth one in the future, yeah.

首先，是的，我們有一個針對 BBM 的品牌組合策略。這意味著我們將擁有多個品牌。這就是為什麼我們有第一個，Gap；第二個，Hunter；也許將來還會有第三個和第四個，是的。

I think the -- for the -- luckily, all these two brands, Gap and Hunter, was previously Baozun's E-Commerce clients. And after many years of E-Commerce operations, we then start to work with them in a deeper collaboration manner, which is Brand Management, include everything.

我認為幸運的是，Gap 和 Hunter 這兩個品牌以前都是寶尊的電子商務客戶。經過多年的電子商務運營，我們開始以更深層的合作方式與他們合作，即品牌管理，包括一切。

So I think this help us reduce the risk when we start a new business with these kind of brands, save a lot of time and cost and learning curve. So this is a very good methodology. So in the future, if possible, we are still doing the same thing, yeah.

所以我認為這有助於我們降低與此類品牌開展新業務時的風險，節省大量時間、成本和學習曲線。這是一個非常好的方法。所以將來如果可能的話我們還會做同樣的事情，是的。

In BEC, we have a quite large client base, including hundreds of fashion, apparel, accessories brands. So we can also do this again, cultivate some more brands from a kind of generic E-Commerce collaboration into the Brand Management collaboration. So that gives us a huge potential in the future. But of course, we're open to other brands as well from the outer world.

在BEC，我們擁有相當大的客戶群，包括數百個時尚、服裝、配件品牌。因此，我們也可以再次這樣做，從一個通用的電子商務合作中培育更多的品牌，轉變為品牌管理合作。這為我們未來帶來了巨大的潛力。但當然，我們也對外界的其他品牌持開放態度。

So for talking about the criteria, I think, firstly, these kind of brands need to be energetic, have a big potential no matter -- online or offline in China, and also can benefit from the experience we gained from Gap and Hunter, and also (inaudible) market. So basically, we need these kind of brands to give us growth and in the meantime, profitability. Yeah. Ken?

因此，談到標準，我認為，首先，這類品牌需要充滿活力，無論在中國的線上還是線下都具有巨大的潛力，而且還可以從我們從 Gap 和 Hunter 以及（聽不清）市場獲得的經驗中受益。所以基本上，我們需要這類品牌來促進我們的成長，同時帶來獲利。是的。肯？

And for the second part of -- second question, I think, first, Gap and Hunter has begun to build a very strong foundation, infrastructure, including the system and process, the talent, in the full value chain of apparel retail business.

對於第二個問題的第二部分，我認為，首先，Gap 和 Hunter 已經開始在服裝零售業務的整個價值鏈中建立非常強大的基礎、基礎設施，包括系統和流程、人才。

And second, I think for Gap, it helps to provide a foundation for the future brands to easily onboard, including merchandising, channels, and marketing, for example, the merchandise part, the product part. Because Gap covers all categories of products of apparel.

其次，我認為對於 Gap 來說，它有助於為未來的品牌輕鬆加入提供基礎，包括商品銷售、通路和行銷，例如商品部分、產品部分。因為Gap涵蓋了服飾所有類別的產品。

So if we have any new brand in the future, it will help easily onboarding their local design -- local supply chain. And for the channels, if we have any new brands, we can also expand faster than any other brand.

因此，如果我們將來有任何新品牌，它將有助於輕鬆加入他們的本地設計 - 本地供應鏈。而對於通路來說，如果我們有任何新品牌，我們也可以比其他品牌擴張得更快。

And for Hunter, I think it will also help us to establish the successful case to have the controlling IP rights. And we can run it from online to -- both online and offline, and expand its business in a very quick pace. So I think that's all for Gap and Hunter's empowerment to other brands in the future.

對 Hunter 來說，我認為這也將有助於我們成功獲得控制性智慧財產權。我們可以從線上到線下運營，並以非常快的速度擴展業務。所以我認為這就是未來 Gap 和 Hunter 對其他品牌的賦能。

Thank you. Very clear.

謝謝。非常清楚。

(Operator Instructions) Frank Tao, CMBI.

（操作員指示）Frank Tao，CMBI。

Yeah, thank you. Thank you for taking my question. Good evening, management team. My question is on the growth outlook of BEC business. I think you shared on previous calls that we will be focusing on driving operating efficiency improvement this year.

是的，謝謝。感謝您回答我的問題。管理團隊，晚上好。我的問題是關於BEC業務的成長前景。我想您在之前的電話會議上已經提到過，我們今年將專注於提高營運效率。

We have noticed some cheerful results in the first half. Just wondering where are we in the progress now? And we have seen some new acceleration in top-line growth. How should we expect the trend in the second half?

我們注意到上半年取得了一些令人欣喜的成果。只是想知道我們現在進展到哪一步了？我們看到營業收入成長出現了一些新的加速。下半年走勢如何預期？

And a related question is that you've been selected as one of the first batch of service providers in the cooperation between RedNote and Tmall. Just wondering if you could share with us some insights on how are we benefiting from this program currently, as well as your business growth expectations in the second half? Thank you.

還有一個相關的問題是，你們已經被選為紅筆記和天貓合作的首批服務商之一。只是想知道您是否可以與我們分享一些見解，關於我們目前如何從該計劃中受益，以及您對下半年業務成長的預期？謝謝。

Okay, Frank. So let me address your two questions. The first question is related on the operational efficiency improvement. So from the beginning of this year, so we lay the emphasize internally based on our bottom line, optimizing our bottom line, and optimizing our cost and drive a lot of efficiency, building a healthier organization and operational flow.

好的，弗蘭克。那麼就讓我來回答一下你的兩個問題。第一個問題是關於營運效率的提升。因此從今年年初開始，我們就把重點放在了基於底線的內部工作，優化我們的底線，優化我們的成本，提高效率，建立更健康的組織和營運流程。

That doesn't take our full time. So it's more like the company policy and implementation job. So right now, just -- as we shared an example in the previous kind of the script, so we -- in the past 618, so in the leading Germany sports brand, we focus a lot on driving the top-line growth, especially focused on the merchandising, peering, and the quality of the traffic, and all those kind of the traffic structure, and how do we drive a better ROI.

這並不需要花費我們全部的時間。所以它更像是公司政策和實施的工作。所以現在，就像我們在之前的腳本中分享的一個例子一樣，在過去的 618 中，對於領先的德國體育品牌，我們非常注重推動收入增長，特別是關注商品銷售、對等和流量質量，以及所有這些流量結構，以及我們如何實現更好的投資回報率。

So basically, this is our day-to-day job, driving the top line in this year. So in the second half of this year, just like I just said, foreseeing the coming Q3 and Q4, so we drove a lot of confidence along with our brand partners in the past 618.

所以基本上，這是我們的日常工作，推動今年的營收成長。所以在今年下半年，就像我剛才說的，預見了即將到來的第三季度和第四季度，所以我們在過去的618中與我們的品牌合作夥伴一起激發了很大的信心。

And with a higher growth, we are planning with a better merchandising support, a relatively higher support on paid media and et cetera. So the second half, especially in the coming Double 11, is going to be very promising. That's my first question [addressable].

隨著成長的加快，我們計劃提供更好的商品支援、相對更高的付費媒體支援等等。所以下半年，特別是即將到來的雙11，將會非常有希望。這是我的第一個問題[可尋址]。

The second one is -- let me clarify the second one. So you want to know how are we benefiting from the fact we were awarded as a Red partner, or you want to know how are we benefiting from RedNote itself?

第二個是──讓我澄清一下第二個。那麼，您想知道我們從成為 Red 合作夥伴中獲得了什麼好處，或者您想知道我們從 RedNote 本身中獲得了什麼好處？

From the RedNote partner.

來自 RedNote 合作夥伴。

Okay.

好的。

As you have been selected the first batch of Red partners, yeah.

因為你已經被選為第一批紅色夥伴了，是的。

Yes, that's right. That's right. So we were the first -- one of the six Red partner, especially the only one in the fashion sports category. That happened in the first month of the past 618. So this gives us a lot of credentials across different categories.

是的，沒錯。這是正確的。因此，我們是第一個——六個 Red 合作夥伴之一，特別是時尚運動類別中唯一的一個。那是過去618的第一個月發生的事。因此這為我們提供了跨不同類別的大量憑證。

The day before yesterday, RedNote just announced to release -- to open the gate to all those categories, which means that a lot of different categories can be open to RedNote and Red Cat initiatives selecting great partners.

前天，RedNote 剛剛宣布發布——向所有這些類別開放大門，這意味著許多不同的類別可以向 RedNote 和 Red Cat 計劃開放，以選擇優秀的合作夥伴。

So Baozun and our team is always listed on the top of the selection, just like our six-star TP partner in Taobao and a Diamond in Douyin, and also the first-plus service partner on JD. So we will be very exposable to all those potential clients, which means that we are selectable for a lot of high-quality clients.

所以寶尊和我們的團隊始終是首選，就像我們在淘寶的六星TP合作夥伴、抖音的鑽石合作夥伴、以及京東的一級服務合作夥伴一樣。因此，我們將對所有潛在客戶開放，這意味著我們可以被許多高品質客戶選擇。

And especially when everybody is being very confident about the new initiatives and the new consumer experience from RedNote to Tmall, especially driving transactions in [seeding, heating] for new arrivals and for those great content designing.

尤其是當每個人都對從紅筆記到天貓的新舉措和新消費者體驗充滿信心時，尤其是在推動新品的[播種、加熱]交易以及那些出色的內容設計方面。

So we believe that with this early-bird kind of initiative and award, so we can have a higher revenue coming from the RedNote stream. And also meanwhile, we can link to our business directly from the Red Cat initiative. Hope that makes sense to you, Frank.

因此，我們相信，透過這種先發制人的舉措和獎勵，我們可以從 RedNote 流中獲得更高的收入。同時，我們可以直接從 Red Cat 計劃連結到我們的業務。希望這對你有意義，弗蘭克。

Yeah. Got it. Super helpful. So a quick follow-up, if I may. We saw some recent rumors regarding a yoga brand onboarding. Just wondering, can you elaborate more on the collaboration approach between you and this brand? Thank you.

是的。知道了。超有幫助。如果可以的話，我想快速跟進一下。我們最近看到了一些關於瑜珈品牌入職的傳聞。只是想知道，您能否詳細說明一下您與這個品牌的合作方式？謝謝。

Okay. Thanks for the question. Vincent again. Yes, we also noticed that. We have already reached some of the agreement with the brand. And we are quite excited, although the brand right now is not so big. And just as what I just said, this brand is also operated the E-Commerce business first by our team. And then we convert this into a Brand Management brand.

好的。謝謝你的提問。又是文森特。是的，我們也注意到了。我們已經與該品牌達成了一些協議。儘管現在這個品牌還不是很大，但我們還是很興奮。而且就像我剛才說的，這個品牌也是我們團隊首先做的電商業務。然後我們將其轉換為品牌管理品牌。

So it's not a stranger to us. It is a long-time friend already. We know a lot of this brand already, ups and downs in China. I think it is a very good timing because, right now, we have operated the two brands, two brothers, sisters in the past years. So this new brand can benefit from a lot of good things.

所以它對我們來說並不陌生。已經是老朋友了。我們已經對這個品牌有了不少了解，包括它在中國的發展歷程。我認為這是一個非常好的時機，因為在過去幾年裡，我們已經經營了這兩個品牌，它們是兄弟姐妹。因此，這個新品牌可以從許多好事中受益。

For example, the designing power and also the supply chain capability, which we built alongside with the two brands can benefit this new baby. And also, we have all the systems in place, so they don't need any efforts in system building. They can use all the things immediately.

例如，我們與兩個品牌共同打造的設計能力和供應鏈能力可以讓這個新品牌受益。而且，我們已經擁有所有系統，因此他們不需要在系統建設上付出任何努力。他們可以立即使用所有的東西。

And also, they can also learn from Hunter, how we build -- how we strengthen -- build and strengthen, establish a clear core category of products, how we market this through RedNote, Douyin, and other channels, and then how we expand the category into others.

此外，他們還可以向 Hunter 學習我們如何建構、如何加強、建立清晰的核心產品類別，如何透過 RedNote、抖音和其他管道進行行銷，然後如何將產品類別擴展到其他類別。

So we are quite excited to see the potential. Because yoga and other sports apparel industry is huge in China. So the potential is so big, and we are just a baby. So that means a huge potential ahead of us. Yeah, it's true. Thank you.

因此，我們很高興看到這一潛力。因為瑜珈和其他運動服裝產業在中國規模龐大。所以潛力是如此之大，而我們只是一個嬰兒。這意味著我們面前有巨大的潛力。是的，確實如此。謝謝。

Yeah, got it. Very clear. Thank you, Vincent and Junhua.

是的，明白了。非常清楚。謝謝你，Vincent 和 Junhua。

[Chris Zhao], Guotai Securities.

[克里斯趙]，國泰證券。

Hi. Thank you, management, for taking my question. I have two questions. The first question is about the AI application. How do we think about the progress we made in AI this quarter? And is it mainly about increasing our revenue or reducing our cost and like increasing efficiency?

你好。謝謝管理層回答我的問題。我有兩個問題。第一個問題是關於AI的應用。我們如何看待本季在人工智慧領域的進展？這主要是為了增加我們的收入還是降低我們的成本並提高效率？

Are there any further direction we can assume for the AI use in the development in the future? And with some new models emerging recently, have you noticed any better effect when applying this kind of AI new technology and models in the business operation?

我們能否預見未來人工智慧在開發上的應用還有什麼進一步的方向？還有最近出現了一些新的模式，您覺得這種AI新技術、新模式運用到商業營運中有沒有帶來更好的效果？

And my second question is about the Double 11 promotion. So we can see that we experienced strong momentum in 618 Festival. So do we currently have any early indication or plan for this year's Double 11 promotion? Thank you.

我的第二個問題是關於雙11促銷的。由此可見，我們在618節慶期間經歷了強勁勢頭。那麼我們目前對今年的雙11促銷有什麼初步跡像或計劃嗎？謝謝。

Okay. Chris, let me address your two questions. The first one is related to AI. So Baozun, we are centric -- focused on our technology. So we have over 800 in-house software engineers. So we spend a lot of resources in the -- increasing the efficiency, especially leveraging AI, to save our bottom line.

好的。克里斯，讓我來回答你的兩個問題。第一個與人工智慧有關。因此，寶尊以技術為中心。我們有超過 800 位內部軟體工程師。因此，我們投入了大量資源來提高效率，特別是利用人工智慧來節省我們的底線。

So now we are developing more internal tools focused on the digital assets kind of the management, like how can we quickly using AI to just make sure we can drive content like pictures, like scripts, like video, something like that. So basically, our focus on AI is more from the internal driving efficiency, making, creating content, especially for the consumer-facing part and the PDP, and the short video clips, et cetera.

因此，現在我們正在開發更多專注於數位資產管理的內部工具，例如如何快速使用人工智慧來確保我們能夠驅動圖片、腳本、影片等內容。所以基本上，我們對人工智慧的關注更多的是從內部驅動效率、製作、創建內容，特別是面向消費者的部分和 PDP，以及短影片片段等等。

So we are not spending a lot of resources on driving -- leveraging AI to drive revenue. Because we believe that AI -- and not to mention the big scale -- large-scale model and the AI agent. It's not quite mature enough to replace the human kind of expertise, especially in different categories like merchandising, like marketing campaign, like competitor analysis, something like that. So AI for now for BEC is more focused on driving efficiency in our back office. That's question number one.

因此，我們不會花費大量資源來利用人工智慧來增加收入。因為我們相信人工智慧——更不用說大規模的——大規模模型和人工智慧代理。它還不夠成熟，無法取代人類的專業知識，特別是在商品銷售、行銷活動、競爭對手分析等不同類別方面。因此，目前 BEC 的 AI 更著重於提高後台效率。這是第一個問題。

The second question is related to the forecast of Double 11. We do not have a very clear focus on Double 11 because we haven't received any information or clues about how we will start the Double 11 campaign and how that's going to end. So the past 618 was the longest 618 for the history. So we have no idea about the mechanism of the coming Double 11.

第二個問題是關於雙11的預測。我們對「雙11」的關注點並不是很明確，因為我們還沒有收到任何關於如何開始「雙11」活動以及如何結束的訊息或線索。所以過去的618是史上最長的一個618。所以我們對即將到來的雙11的機制一無所知。

The things we can share is, a lot of our brand partners and us are being confident leveraging a lot of expertise and experience we learned from the past 618 to the Double 11. So more and more brands are planning, putting more inventory for the Double 11 and allocating a higher -- relatively higher paid marketing services budget to Double 11. So we can share more information later on, maybe in the next quarter. Thank you.

我們可以分享的是，我們和許多品牌合作夥伴都對利用從過去的 618 到雙 11 學到的大量專業知識和經驗充滿信心。因此，越來越多的品牌正在計劃為雙十一投放更多庫存，並為雙十一分配更高——相對更高的付費行銷服務預算。因此我們可以稍後分享更多信息，也許是在下個季度。謝謝。

Thank you.

謝謝。

This concludes our question-and-answer session. I would like to turn the conference back over to Wendy Sun for any closing remarks.

我們的問答環節到此結束。我想將會議交還給 Wendy Sun 做最後發言。

Thank you, operator. On behalf of the Baozun management team, we would like to thank you again for your participation in today's call. If you require any further information, feel free to reach out to us. Thank you for joining us today. This concludes the call.

謝謝您，接線生。我謹代表寶尊管理團隊再次感謝您參加今天的電話會議。如果您需要任何進一步的信息，請隨時與我們聯繫。感謝您今天加入我們。通話到此結束。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。