Baozun Inc (BZUN) 2025 Q4 法說會逐字稿

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

各位女士、先生，早安，感謝您撥冗參加寶尊2025年第四季業績電話會議。（接線員指示）。提醒各位，今天的電話會議將被錄音。

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

現在我將把會議交給今天的主持人，孫雯迪女士。寶尊企業發展與投資者關係高級總監。雯迪，請開始。

Thank you, operator. Hello, everyone, and thank you for joining us today. Our fourth 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.

謝謝接線員。各位好，感謝大家今天加入我們。我們2025年第四季業績新聞稿已於本次電話會議前稍早發布，並已上傳至我們的投資者關係網站 ir.baozun.com，同時亦可透過 PR Newswire 服務取得。

We have also posted a PowerPoint presentation that accompanies our comments to the same IR website, where they are available for your download. On the call today from Baozun, we have Mr. Vincent Qiu, Chairman and Chief Executive Officer; Ms. Catherine Zhu, Chief Financial Officer; Mr. Junhua Hao, Director and Chief Strategy Officer of Baozun Group, and Ms. Ken Huang, Chief Executive Officer of Baozun Brand Management.

我們也已在同一投資者關係網站上發布配合本次發言的 PowerPoint 簡報，供各位下載。今天出席電話會議的寶尊管理團隊包括：邱文彬先生（董事長兼首席執行官）、朱凱瑟琳女士（首席財務官）、郝俊華先生（寶尊集團董事兼首席策略官），以及黃琨女士（寶尊品牌管理首席執行官）。

Ms. Qiu will first share our business strategy and company highlights. Ms. Zhu then will discuss our financial outlook, followed by Ms. Wu and Ms. Huang -- Mr. Wu and Mr. Huang, who will share more about our e-commerce and brand management segment, respectively. They will all be available to answer your questions during the Q&A session that follows.

邱先生將首先分享我們的業務策略與公司重點。接著朱女士將討論我們的財務展望，之後吳先生與黃先生——吳先生與黃先生將分別就我們的電商與品牌管理分部作更深入的分享。他們也將在隨後的問答環節回答各位的提問。

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 U.S. Private Securities Litigation Reform Act of 1995.

在開始之前，我想提醒各位，本次電話會議包含前瞻性陳述，其定義見經修訂的《1933年美國證券法》、《1934年美國證券交易法》以及《1995年美國私人證券訴訟改革法》。

These forward-looking statements are based upon management's current expectations and current market and operating conditions and relate to events that involve 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.

這些前瞻性陳述係基於管理層目前的預期以及當前市場與營運狀況，並涉及包含未知風險、不確定性及其他因素在內的事件；其中許多因素難以預測，且多數超出公司控制範圍，可能導致公司實際結果與前瞻性陳述所述存在重大差異。

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

有關上述及其他風險、不確定性或因素的進一步資訊，已載於公司向美國證券交易委員會提交的文件，以及公司於香港聯合交易所有限公司網站刊發的公告、通告或其他文件中。

All information provided in this call is as of the date hereof and is based upon 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.

本次電話會議所提供的所有資訊均截至本日，並基於公司截至本日認為合理的假設；除適用法律要求外，公司不承擔更新任何前瞻性陳述的義務。

Finally, please note that unless otherwise stated, all figures mentioned during this conference call are in RMB. In addition, we may elect to use adjusted in place of nongeneral accepted accounting principle on non-GAAP in order to reduce overall confusion that may arise from our discussion of our financials related to the GAAP brand. You may now turn to Slide 2 for the executive highlights for the quarter.

最後，請注意，除非另有說明，本次電話會議中提及的所有數字均以人民幣計。此外，為降低在討論與 GAAP 口徑相關財務資訊時可能產生的整體混淆，我們可能選擇使用經調整數據以替代非公認會計原則（non-GAAP）口徑。現在請翻到投影片第2頁，查看本季度的執行摘要重點。

It is now my pleasure to introduce our Chairman and Chief Executive Officer, Mr. Vincent Qiu. Vincent, please go ahead.

現在我很高興介紹我們的董事長兼首席執行官邱文彬先生。文彬，請開始。

Thank you, Wendy. Hello, everyone, and thank you for joining us. I'm pleased that Baozun delivered a strong fourth quarter closing 2025 on a high note and successfully completing our three-year strategic transformation. Over the past three years, we have rebuilt our company with focus and intention driving consistent sequential momentum throughout 2025.

謝謝你，雯迪。各位好，感謝大家加入我們。我很高興寶尊在2025年第四季交出強勁表現，為2025年畫下亮眼句點，並成功完成我們為期三年的策略轉型。過去三年，我們以更聚焦且有目的性的方式重塑公司，並在2025年持續推動逐季改善的動能。

In the fourth quarter, our revenue increased 6% to RMB3.2 billion while non-GAAP operating profit grew 91% to RMB198 million. This was not just about short-term recovery. It was about fundamentally improving the quality and the potential of our business.

第四季，我們營收成長6%至人民幣32億元，而非GAAP營業利潤大增91%至人民幣1.98億元。這不僅是短期復甦。更重要的是，我們從根本上提升了業務的品質與成長潛力。

BEC has become a sustainable cash engine. Through sharper execution and continued cost rigor, BECs are more agile and consistently profitable.

BEC 已成為可持續的現金引擎。透過更精準的執行與持續嚴格的成本管控，BEC 更加敏捷，並能持續保持獲利。

We have moved from pursuing scale to focusing on value, prioritizing margin expansion and reliable cash generation. and most importantly, build alignment with BBM. BBM, meanwhile, has reached a defining inflection point.

我們已從追求規模轉向聚焦價值，優先推動毛利率擴張與穩健的現金創造；更重要的是，建立與 BBM 的一致性與協同。同時，BBM 也已到達一個關鍵的拐點。

After three years of repositioning and localization, our brand management platform achieved its first quarterly breakeven in fourth quarter '25. This milestone validates the sustainability of our model.

經過三年的重新定位與在地化，我們的品牌管理平台在2025年第四季首次實現單季損益兩平。這一里程碑驗證了我們模式的可持續性。

Importantly, scale is beginning to translate into tangible operating leverage, marking the transition from a turnaround to profitable growth.

更重要的是，規模開始轉化為可見的營運槓桿，標誌著我們正從扭轉局面邁向獲利性成長。

Our financial profile has strengthened alongside operational progress. Margins have expanded, profitability has improved meaningfully and our balance sheet remains solid. In addition, our operating cash flow more than tripled to RMB420 million in 2025.

在營運進展的同時，我們的財務體質也持續強化。利潤率擴張、獲利能力顯著改善，資產負債表依然穩健。此外，2025年我們的經營活動現金流量增加逾三倍，達人民幣4.20億元。

These results validate that our business is not only growing. It is growing with better structure and healthier economics. In summary, 2025 marks the successful completion of the initial phase of our transformation. As we enter into 2026, our focus shifts decisively from rebuilding to scaling.

這些結果證明，我們的業務不僅在成長。而且是在更佳的結構與更健康的經濟效益下成長。總結而言，2025年標誌著我們轉型初期階段的成功完成。進入2026年，我們的重點將果斷地從重建轉向擴張。

Our priority now is to amplify the progress to accelerate in the next three years. We will do this by expanding BEC's margin, building scale and operating leverage in BBM and deepening the strategic synergies between BEC and BBM.

我們當前的優先事項，是放大既有進展，並在未來三年加速推進。我們將透過擴大 BEC 的利潤率、在 BBM 建立規模與營運槓桿，以及深化 BEC 與 BBM 之間的策略協同來實現。

Our ambition is clear, to drive the group's non-GAAP operating profit growth to RMB550 million by 2028. With a stronger organization, a proven strategy and a highly focused execution culture, we are entering this next phase with confidence and the momentum.

我們的目標很明確：到2028年推動集團非GAAP營業利潤成長至人民幣5.50億元。憑藉更強的組織能力、經驗證的策略，以及高度聚焦的執行文化，我們將以信心與動能邁入下一階段。

Now I will hand over the call to our team for a deeper dive in our financials and the business performance.

現在我把電話交給我們的團隊，進一步深入說明財務與業務表現。

Thanks, Vincent, and hello, everyone. Now let me provide a more detailed overview of financial results for the fourth quarter and full year of 2025.

謝謝你，文彬，各位好。接下來我將更詳細地回顧2025年第四季及全年財務結果。

Please turn to Slide number 3. While Group's total net revenues for the fourth quarter of 2025 increased by 6% year-over-year to RMB3.2 billion. Of this total, e-commerce revenue grew by 2.5% into RMB2.6 billion, while Brand Management revenue rose by 24% to RMB664 million.

請翻到投影片第3頁。2025年第四季，集團總淨營收年增6%至人民幣32億元。其中，電商營收成長2.5%至人民幣26億元，而品牌管理營收上升24%至人民幣6.64億元。

Breaking down e-commerce revenue by business model. Services revenue increased 3.1% year-over-year to RMB2 billion.

按業務模式拆分電商營收。服務營收年增3.1%至人民幣20億元。

This increase was driven by revenue growth in digital marketing and IT solutions as well as strong performance in the luxury category within our online store operation services. BEC product sales revenue increased modestly by 0.5% year-over-year to RMB574.5 million mainly driven by growth in Health and Nutrition category, which was partially offset by lower sales in appliance category as we continue to optimize category mix to prioritize profitability.

此增長主要由數位行銷與 IT 解決方案的營收成長所帶動，同時我們線上店舖營運服務中奢侈品品類表現強勁。BEC 產品銷售營收年增0.5%至人民幣5.745億元，主要由健康與營養品類的成長所驅動；但由於我們持續優化品類組合以優先提升獲利能力，家電品類銷售下滑對此形成部分抵銷。

BBM product sales totalled RMB663.7 million, representing a 24% year-over-year growth. This growth was mainly driven by the strong performance of the GAAP.

BBM 產品銷售總額達人民幣 6.637 億元，年增 24%。此成長主要由 GAAP 的強勁表現所帶動。

Please turn to Slide number 4. From a profitability perspective, our blended gross margin for product sales at the group level was 36.5%, an expansion of 640 basis points year-over-year. Gross profit increased by 35.9% year-over-year to RMB451.5 million for the quarter.

請翻到第 4 頁投影片。從獲利能力角度來看，集團層面產品銷售的綜合毛利率為 36.5%，較去年同期擴張 640 個基點。本季毛利年增 35.9% 至人民幣 4.515 億元。

Breaking this down by our key business lines. Gross margin for e-commerce product sales expanded to 18.4%, reflecting a 760 basis points improvement compared to 10.8% a year ago.

接下來按我們的主要業務線拆分說明。電商產品銷售毛利率擴張至 18.4%，較一年前的 10.8% 提升 760 個基點。

This margin expansion was primarily driven by product mix optimization. Gross margin for BBM improved to 52.1% from 50.4% a year ago, reflecting the adaptiveness of its merchandising and marketing initiatives.

此毛利率擴張主要由產品組合優化所驅動。BBM 毛利率由一年前的 50.4% 提升至 52.1%，反映其商品企劃與行銷舉措的適應性。

Now please turn to Slide number 5 for a walk-through of our OpEx. Sales and marketing expenses increased by RMB181 million to RMB1.2 billion. This included an increase of RMB136.9 million for BEC which was mainly due to higher spending on creative content and market initiatives onto, in line with the growth in digital marketing revenue.

現在請翻到第 5 頁投影片，我們將說明營運費用（OpEx）。銷售及行銷費用增加人民幣 1.81 億元至人民幣 12 億元。其中 BEC 增加人民幣 1.369 億元，主要由於在創意內容與市場推廣舉措上的投入提高，與數位行銷收入成長相一致。

BBM sales and marketing expenses increased by RMB49.6 million, which was mainly driven by the expansion of offline stores and marketing activities during the quarter. Fulfilment costs for the quarter was reduced by 11.1% to RMB683.4 million, reflecting ongoing efforts in cost optimization.

BBM 銷售及行銷費用增加人民幣 4,960 萬元，主要由於本季線下門店擴張及行銷活動增加所致。本季履約成本下降 11.1% 至人民幣 6.834 億元，反映我們持續推動成本優化的努力。

Technology and content expenses decreased by 20.2% to RMB116.9 million as we continue to enhance tech monetization efficiency. G&A expenses decreased slightly by 2% to RMB187.9 million due to the company's continued efforts to implement cost control and efficiency improvement initiatives.

技術與內容費用下降 20.2% 至人民幣 1.169 億元，因我們持續提升技術變現效率。一般及行政費用（G&A）小幅下降 2% 至人民幣 1.879 億元，主要由於公司持續推行成本管控與效率提升措施。

Turning to bottom line items, please refer to Slide number 6.

接下來看損益表底部項目，請參閱第 6 頁投影片。

During the quarter, our non-GAAP income from operations was RMB197.7 million, an increase of 91.4% from RMB103.3 million in the same period of last year. BEC's adjusted non-GAAP income from operations was RMB195.9 million, representing 43% year-over-year increase compared with a year ago.

本季我們的非 GAAP 營業利潤為人民幣 1.977 億元，較去年同期的人民幣 1.033 億元成長 91.4%。BEC 經調整的非 GAAP 營業利潤為人民幣 1.959 億元，較一年前年增 43%。

BBM reported a non-GAAP operating income of RMB1.8 million, a solid milestone as we achieved a very first breakeven quarter for the segment. Let us turn to a quick full year summary.

BBM 錄得非 GAAP 營業利潤人民幣 180 萬元，這是一個重要里程碑，因為我們在該分部首次實現單季損益兩平。接下來我們快速回顧全年摘要。

The group's total revenue was RMB9.9 billion, an increase of 6% year-over-year, of which e-commerce net revenues were RMB8.3 billion, an increase of 2% year-over-year. BBM net revenues were RMB1.8 billion, an increase of 25% year-over-year.

集團總營收為人民幣 99 億元，年增 6%；其中電商淨營收為人民幣 83 億元，年增 2%。BBM 淨營收為人民幣 18 億元，年增 25%。

Our adjusted operating income totalled RMB126 million, a significant improvement compared with RMB11 million in fiscal year 2024. As of December 31, 2025, our cash, cash equivalents, restricted cash and short-term investments totalled RMB2.8 billion.

我們的經調整營業利潤合計人民幣 1.26 億元，較 2024 財年的人民幣 1,100 萬元顯著改善。截至 2025 年 12 月 31 日，我們的現金、現金等價物、受限制現金及短期投資合計人民幣 28 億元。

We continue to improve working capital efficiency through back-end process optimization across inventory management, billing and cash collection. As a result, our adding operating cash flow reached RMB420 million, representing a 315% year-over-year increase.

我們持續透過後端流程優化提升營運資金效率，涵蓋庫存管理、開票與現金回收。因此，我們的經調整營運現金流達人民幣 4.2 億元，年增 315%。

Let me also briefly address our GAAP item recorded during the quarter. We recognized an investment impairment loss of RMB230 million primarily related to preinvestments in the e-commerce sector as well as impairment provisions for certain equity investments.

我也簡要說明本季記錄的 GAAP 項目。我們確認投資減值損失人民幣 2.3 億元，主要與電商領域的前期投資，以及對部分股權投資提列的減值準備有關。

While these investments have at the time, today's macroeconomic environment, combined with our sharpened focus on developing our brand management business, make it prudent to recognize this impairment.

儘管這些投資在當時具備合理性，但在當前宏觀經濟環境下，加上我們更聚焦於發展品牌管理業務，確認該減值屬於審慎之舉。

These adjustments reflect our commitment to maintaining a focus and resilience business portfolio. Importantly, our remaining investment will be healthy, and we are confident in their long-term potential.

這些調整反映我們致力於維持更聚焦且更具韌性的業務組合。更重要的是，我們剩餘的投資將保持健康，我們對其長期潛力充滿信心。

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

接下來我把電話交給 Junhua，請他向各位更新 BEC（我們的電商業務）的最新進展。

Thank you, Catherine, and hello, everyone. I'm pleased to share we've closed 2025 with significant momentum.

謝謝你，Catherine，各位大家好。我很高興與各位分享，我們在 2025 年以強勁動能收官。

In the fourth quarter, we delivered 2% revenue growth and a 43% increase in non-GAAP operating profit, capping a year of progression from stabilization to accelerate performance. Throughout the year, we focus on driving sustainable, profitable growth while making strategic investments in high opportunity areas.

第四季我們實現營收年增 2%，非 GAAP 營業利潤年增 43%，為從穩定走向加速提升表現的一年畫下句點。全年我們專注於推動可持續且具獲利性的成長，同時在高機會領域進行策略性投資。

Now let me quickly walk through some of our operational highlights in the e-commerce segment for the first quarter of 2025. Please turn to Slide number 7, highlighting the continued quality improvement of our distribution model.

接下來我快速帶各位回顧 2025 年第一季電商分部的一些營運亮點。請翻到第 7 頁投影片，重點呈現我們分銷模式的持續品質提升。

During the quarter, BEC product sales gross profit increased 70.9% despite a largely flat top line. Notably, BEC's gross margin rose to 18.4%, setting a new record since our inception. This improvement was mainly driven by ongoing optimization of our category mix with strong growth from health and nutrition and beauty and cosmetics categories.

本季 BEC 產品銷售毛利在營收基本持平的情況下仍年增 70.9%。值得注意的是，BEC 毛利率升至 18.4%，創下我們成立以來新高。此改善主要由品類組合持續優化所帶動，其中健康與營養、美妝與化妝品品類成長強勁。

In addition, our efforts to expand into nonstandard categories and are beginning to show results. Apparel delivered a strong contribution across sales, gross margin and profitability during the quarter.

此外，我們拓展至非標準品類的努力也開始顯現成果。服飾品類在本季於銷售、毛利率與獲利能力方面均作出強勁貢獻。

Turning to Slide number 8.

請看第 8 頁投影片。

Our services revenue grew 3% year-over-year in the fourth quarter, led primarily by strong performance of BBM and IT solutions, which includes 19%.

第四季我們的服務收入年增 3%，主要由 BBM 與 IT 解決方案的強勁表現帶動，其中包括 19%。

We gained market share in key categories such as luxury, sports and outdoor. Our omnichannel capability remains one of the Baozun's core advantages and a focus of developing on going forward.

我們在奢侈品、運動及戶外等關鍵品類取得市占提升。我們的全通路能力仍是寶尊的核心優勢之一，也是未來持續發展的重點。

During the quarter, we received 41 awards in Tmall ecosystem, including the Prestigious 2025 Tmall Ecosystem in Service Award. Douyin we were once again certified as a Douyin e-commerce diamond service partner, the platform's highest tier of accredition.

本季我們在天貓生態體系中獲得 41 項獎項，其中包括備受矚目的「2025 天貓生態服務獎」。在抖音方面，我們再次獲認證為抖音電商鑽石服務夥伴，這是平台最高等級的認證。

Together, these recognitions affirm our sustained leadership and execution strength across major platforms. We also continue to focus on strengthening our bottom line.

這些肯定共同印證我們在各大平台的持續領先地位與強勁執行力。我們也持續專注於強化獲利表現。

Across the organization, we are implementing a series of lean initiatives designed to streamline processes, reduce costs and enhance efficiency.

在整個組織內，我們正在推行一系列精益舉措，以精簡流程、降低成本並提升效率。

Furthermore, we are expanding the use of artificial intelligence tools across a wide range of employees and business scenarios to enhance productivity. These efforts have significantly improved our profitability. With BEC's non-GAAP operating income increased 43% year-over-year to RMB196 million in the fourth quarter of 2025.

此外，我們正擴大人工智慧工具在更廣泛員工與業務情境中的應用，以提升生產力。這些努力已顯著改善我們的獲利能力。因此，BEC 的非 GAAP 營業利潤在 2025 年第四季年增 43% 至人民幣 1.96 億元。

Overall, we are pleased with our performance in the final quarter of the strategic transformation, a period that certified our shift towards the sustainable and profitable operations. Moving forward, we will continue to deepen client engagement and stickiness, innovate our service models and enhance operational efficiency.

整體而言，我們對策略轉型最後一季的表現感到滿意；這一期間也印證了我們已轉向可持續且具獲利能力的營運。展望未來，我們將持續深化客戶互動與黏著度，創新服務模式並提升營運效率。

For 2026, our priorities are clear. Deliver the numbers, deliver the strategy and deliver the talent. Delivering the numbers means maintaining our focus on profitable growth and ensuring that our operational progress continues to translate into strong financial performance.

對於2026年，我們的優先事項很明確。交出數字、落實策略、打造人才。交出數字意味著持續聚焦獲利性成長，並確保我們的營運進展能持續轉化為強勁的財務表現。

On strategy, we are advancing three key initiatives.

在策略方面，我們正推進三項關鍵舉措。

First, we will expand our apparel distribution business leveraging the synergy between BEC and BBM to unlock the new growth opportunities and strengthen our brand ecosystem.

第一，我們將藉由BEC與BBM之間的協同效應擴大服飾分銷業務，釋放新的成長機會並強化我們的品牌生態系。

Second, we will further enhance our digital marketing and the traffic acquisition capabilities. helping brands partners capture demand more efficiently across an increasingly complex omnichannel landscape.

第二，我們將進一步提升數位行銷與流量獲取能力，協助品牌合作夥伴在日益複雜的全通路環境中更有效率地捕捉需求。

Third, we will deepen technology empowerment, accelerating the deployment of AI and digital tools to improve operational efficiency and elevate our service capabilities.

第三，我們將深化科技賦能，加速部署AI與數位工具，以提升營運效率並強化我們的服務能力。

Finally, delivering the talent remains essential. We will continue strengthening our leadership bench and reinforcing a strong execution culture with the right people and the capabilities in place. we are well positioned to scale the business and deliver sustainable growth in the years ahead.

最後，打造人才仍然至關重要。我們將持續強化領導梯隊，並以合適的人才與能力配置，鞏固強執行力文化。我們已具備擴大業務規模的良好條件，並將在未來數年實現可持續成長。

Now I'll pass to Ken for an update on BBM.

接下來我把時間交給Ken，請他更新BBM的進展。

Thank you, team, and hello, everyone. Please turn to Slide number 9 for BBM's performance in the fourth quarter of 2025. The fourth quarter marks a defining milestone for BBM as we delivered our first breakeven quarter. This result reflects our structural improvements across merchandising, marketing, store productivity and networking expansion.

謝謝各位團隊成員，大家好。請翻到第9頁，查看BBM在2025年第四季的表現。第四季對BBM而言是一個里程碑，我們實現了首個損益兩平的季度。這一成果反映了我們在商品企劃、行銷、門店生產力以及網路拓展方面的結構性改善。

In Q4, BBM revenue grew by 24% year-over-year to RMB664 million, supported by a double digit same-store sales growth and the continued contributions from new store openings. Gross margin improved by 170 basis points from a year ago to 52.1%, leading to a 28% increase in gross profit.

第四季，BBM營收年增24%至人民幣6.64億元，主要受惠於同店銷售雙位數成長，以及新開門店的持續貢獻。毛利率較去年同期提升170個基點至52.1%，帶動毛利成長28%。

Moreover, inventory turnover efficiency improved, reducing our inventory turnover days by 16% to 114 days. Merchandising was the core growth driver for the quarter.

此外，庫存周轉效率提升，庫存周轉天數下降16%至114天。商品企劃是本季成長的核心驅動力。

We entered the winter season with a balanced assortment architecture, reinforcing Gap's iconic categories, sweatshirts, denim and denim wear while sharpening segmentation across channels and consumer groups.

我們以均衡的商品組合架構迎接冬季，強化Gap的經典品類——衛衣、丹寧及丹寧服飾，同時在不同通路與消費族群之間更精準地做出區隔。

Our partnership with the Forbidden City has maintained a strong sell-through in Q4. More recently, we launched a new IP collaboration with packing Oprah, showing case our ability to blend the Chinese culture storytelling with Gap's global DNA in a commercially effective manner.

我們與故宮的合作在第四季維持了強勁的售罄率。近期，我們也推出與packing Oprah的全新IP聯名，展現我們能以商業上有效的方式，將中國文化敘事與Gap的全球DNA融合。

Since introduced our brand ambassador on September 15, we have collaborated closely to create authentic, engaging content that connects with our audience.

自9月15日推出品牌代言人以來，我們緊密合作，打造真實且具吸引力的內容，與受眾建立連結。

We also launched the seasonal products and the limited styling collections aligned with the key moments in the retail calendar. This ambassador-driven initiatives have boosted social buzz leading to higher consumer engagement, increased brand visibility and a strong brand voice.

我們也推出季節性產品與限量穿搭系列，對齊零售日曆中的關鍵節點。這些由代言人帶動的舉措提升了社群聲量，進而帶來更高的消費者互動、提升品牌能見度，並建立更強的品牌聲量。

Offline expansion continues to be a strategic priority for us.

線下拓展仍是我們的策略重點。

In the fourth quarter, we opened seven new stores for a total of 29 new Gap stores in 2025, bringing our total store count to 164 by the year-end. Our new stores continue to outperform older locations, driven by better site selection and enhanced visual merchandising.

第四季我們新開7家門店，使2025年全年新開Gap門店總數達29家，年末門店總數增至164家。在更佳選址與更強視覺陳列的帶動下，新店持續優於較早期門店。

For instance, our new image stores at Dongguan Min International Trade City and Shanghai Century Link Mall have delivered strong results.

例如，我們在東莞民盈國際貿易城與上海世紀匯廣場的新形象店均取得亮眼成績。

The improving in-store experience and the outfit-based presentation have driven a double-digit gain in sales productivity. This early performance indicators are highly encouraging and reinforce our confidence in our store expansion strategy.

門店體驗的改善以及以穿搭為導向的陳列方式，推動銷售生產力實現雙位數提升。這些早期表現指標令人備受鼓舞，也進一步強化我們對門店擴張策略的信心。

As a result, we are accelerating our store opening efforts to build on this momentum, and currently plan to open 50 stores in 2026 through a hybrid model that combines direct and partnership stores in line with our asset light approach.

因此，我們正加速開店以延續這股動能；目前計畫於2026年透過結合直營與合作門店的混合模式新開50家門店，並與我們的輕資產策略保持一致。

With these initiatives in place, we are confident in sustaining double-digit year-over-year revenue growth and achieving operating breakeven for GAAP on an annual basis in 2026.

在上述舉措到位後，我們有信心維持營收年增雙位數成長，並於2026年在GAAP口徑下實現年度經營損益兩平。

Turning to Hunter.

接下來交給Hunter。

The brand continued to strengthen its premium positioning in Q4, elevated store plantation created lifestyle storytelling are resonating with urban consumers seeking both function and fashion. In the fourth quarter, we launched five new Hunter locations and entered our national footprint into high potential Tier 2 cities, including Nanjing, Qingdao, Shenyang and Taiwan.

該品牌在第四季持續強化其高端定位；升級的門店呈現、打造生活方式敘事，正與追求功能與時尚兼具的城市消費者產生共鳴。第四季我們新開5家Hunter門店，並將全國版圖拓展至具高潛力的二線城市，包括南京、青島、瀋陽以及台灣。

We concluded 2025 with a portfolio of 177 stores under the BBM umbrella. This expanded physical network sets a solid foundation to enhance supply chain efficiency in the future.

我們在2025年以BBM旗下共177家門店的組合收官。這一擴大的實體網路為未來提升供應鏈效率奠定了堅實基礎。

In summary, Q4 2025 represents a structure inflection point for BBM. We achieved our first breakeven quarter.

總結而言，2025年第四季是BBM的結構性拐點。我們實現了首個損益兩平的季度。

This validates our strategy, strengthens partner trust and sets the stage for long-term double-digit growth. The direction is clear, BBM is well positioned to become an increasingly meaningful growth engine for Baozun Group. That concludes our prepared remarks.

這驗證了我們的策略、強化了合作夥伴的信任，並為長期的雙位數成長奠定基礎。方向已十分清晰：BBM已具備條件，將成為寶尊集團愈發重要的成長引擎。以上為我們的準備發言。

Thank you. Operator, we are now ready to begin the Q&A session.

謝謝。接線員，我們現在準備開始問答環節。

(Operator Instructions) [Chris Cao], Huatai Securities.

(接線員指示) [Chris Cao]，華泰證券。

Hi, thank you. I have three questions. The first one is about the AI, and with the rapid evolution of AI technology, would the management share that -- what is the current status of our workflow transformation using AI agents? And have we observed any measurable gains in efficiency?

您好，謝謝。我有三個問題。第一個關於AI：隨著AI技術快速演進，管理層能否分享——我們使用AI代理（AI agents）推動工作流程轉型的目前進展如何？以及我們是否觀察到任何可量化的效率提升？

The second question is about the AI to our mid- to long-term impact. This is -- what is our perspective on the mid- to long-term impact and opportunities that AI agents present for our e-commerce business and the brand management business?

第二個問題是關於AI對我們中長期的影響。也就是——管理層如何看待AI代理為我們的電商業務與品牌管理業務帶來的中長期影響與機會？

And my third question is about our business outlook to the mid- to long term. And I have noticed that in our report, we stated that in 2028, we will reach RMB550 million on operating profit. So with the management share, what is the key driver behind this business outlook? Thank you.

第三個問題是關於我們業務在中長期的展望。我注意到在報告中我們提到，2028年將達到人民幣5.5億元的經營利潤。想請管理層分享，支撐這一業務展望的關鍵驅動因素是什麼？謝謝。

Okay, thank you. This is Junhua. So let me address your first two questions regarding AI implementation in Baozun. So the first one is about the AI agent. So we have already leveraged a lot of AI agent technology from the beginning of last year.

好的，謝謝。我是Junhua。我先回答您前兩個關於寶尊AI落地的問題。第一個是關於AI代理。我們從去年年初開始就已經大量運用AI代理技術。

So most focused on our bottom line. In terms of like the digital assets creating and uploading product digital assets onto different platforms, saving a lot of operating people in terms of doing repeatable kind of works, we have already leveraged a lot of AI agents. So AI agent technology is more focused on driving our efficiency internally, more focused on the bottom line.

我們主要聚焦在利潤端。例如在數位素材製作，以及將商品數位素材上傳到不同平台等方面，AI代理已經幫助我們節省了大量從事重複性工作的營運人力。因此，AI代理技術更著重於提升我們內部效率，更著重於利潤端。

In terms of the topline, we haven't had any very clear definition about the scenario in business case about how we leveraging AI technology, increasing our topline. About the AI agent, there is agentic platform and technology is very new in this industry.

就營收端（topline）而言，我們在商業案例情境中，對於如何運用 AI 技術來提升營收，尚未有非常明確的定義。至於 AI 代理（AI agent），代理式平台與技術在這個產業仍非常新。

So we realized that in terms of the agentic kind of the technology, right now it's more focused on the GEO, Generitics Search Engine Optimization. So there is amount your DAU among the shopper APPs is close to approximately about $850 million.

因此我們意識到，就代理式這類技術而言，目前更聚焦在 GEO（生成式搜尋引擎最佳化，Generative Search Engine Optimization）。目前各類購物 App 的日活躍用戶（DAU）總量接近約 8.5 億。

And among them, the DAU of $300 million is on AI and all those apps in terms of the large-scale mode and AI agent APPs. So this is transforming the consumer behaviour and reallocate the traffic structure. So we are closely focused on the trend of different big platforms and attracting all those changes of the traffic. And we can share you more in the future quarters.

其中約 3 億 DAU 來自 AI 相關的 App，包括大模型與 AI 代理類 App。這正在改變消費者行為，並重新分配流量結構。因此我們正密切關注不同大型平台的趨勢，以及流量變化所帶來的影響。未來幾個季度我們可以分享更多。

Thank you.

謝謝。

Yes. The -- we just talked about the 2028 operating profit goal. That will go to RMB550 million is our planned target. The main driver for this is that we are -- firstly, is our strategy. We're turning the e-commerce business into a BEC plus BBM plus synergy model.

是的。我們剛才談到 2028 年的營業利潤目標。我們規劃的目標是達到人民幣 5.5 億元。其主要驅動因素首先是我們的策略。我們正把電商業務轉型為「BEC + BBM + 協同（synergy）」的模式。

And you can see, firstly, BBM is improving its profitability, especially GAAP, is getting more and more profitable in the coming years. And in the meantime, because we leverage the experience in this kind of apparel industry from BBM, we then add more brands into BEC with a franchise model. So this also expand our margin greatly.

你可以看到，首先 BBM 的獲利能力正在提升，尤其在 GAAP 口徑下，未來幾年會愈來愈獲利。同時，因為我們運用 BBM 在服飾產業的相關經驗，我們以加盟（franchise）模式把更多品牌導入 BEC。這也將大幅擴大我們的利潤率。

So combined by both BBM's growth and also margin expansion of BEC, we can see this result in 2028, but it's not the end of our acceleration. I think in the coming years, even beyond 2028, we can see a more clear sign of this improvement of our profitability.

因此，結合 BBM 的成長以及 BEC 的利潤率擴張，我們可以在 2028 年看到這個成果，但這並不是我們加速的終點。我認為在未來幾年，甚至 2028 年之後，我們都能更清楚看到獲利能力改善的跡象。

Alicia Yap, Citi.

花旗（Citi）的 Alicia Yap。

Thanks, management, for taking my question. My first question is about the latest macro sentiment and would management share some color about latest macro Chinese New Year demand and the March promotional performance. And what is your expectation for 2026?

謝謝管理層回答我的問題。我的第一個問題是關於最新的宏觀情緒，管理層能否分享一下最新的宏觀情況，包括春節需求以及 3 月促銷表現。以及你們對 2026 年的預期是什麼？

And my second question is about AI. How do you see generative AI and other advanced AI technology, changing consumer behaviour and the ecommerce landscape?

我的第二個問題是關於 AI。你們如何看待生成式 AI 與其他先進 AI 技術，對消費者行為以及電商格局帶來的改變？

Would you elaborate on Baozun's strategy for integrating AI into your operations and service offerings? Are you developing -- are you developing your AI tools or partnering with leading AI firms?

能否請你們進一步說明寶尊將 AI 整合進營運與服務方案的策略？你們是在開發自有 AI 工具，還是與領先的 AI 公司合作？

My last question is about Gap China. What is the growth expectation for Gap China this year? What is your long-term vision for the Gap business in China? And what do you see as the key growth drivers for the brand over the next three to five years?

我最後一個問題是關於 Gap 中國。今年 Gap 中國的成長預期如何？你們對 Gap 在中國業務的長期願景是什麼？未來三到五年，你們認為品牌的關鍵成長驅動因素是什麼？

Thanks, okay. This is Junhua. Let me address the first two questions. And the first one, I will elaborate from the BEC perspective and Ken can just feedback some new sentiment kind of the forecast, aligned with the third question from the BBM perspective.

好的，謝謝。我是 Junhua。我先回答前兩個問題。第一個問題我會從 BEC 的角度展開說明；Ken 也可以從 BBM 的角度補充一些最新的情緒與展望，並對應第三個問題。

So yes, we did have a very strong finish on the Chinese New Year campaign and the Queens day campaign on the March 3.

是的，我們在春節活動以及 3 月 3 日的女王節活動上都有非常強勁的收官表現。

So this is definitely very strong. And we had a late Chinese New Year this year. So from the online digital e-commerce growing, that was very promising. And we see the momentum of each category growing a lot, and the platforms are still compensating a lot of kind of coupons to the end consumers to increase the overall GMV growth.

這確實非常強勁。而且今年春節較晚。因此從線上數位電商的成長來看，表現非常令人鼓舞。我們看到各品類的成長動能都很強，同時平台仍向終端消費者提供大量補貼券，以帶動整體 GMV 成長。

And the efficiency of the traffic quality is increasing. So yes, we believe that we had a very good, strong start. And the future quarters will be very promising from the BEC perspective.

而且流量品質的效率正在提升。所以我們認為我們有一個非常好的、強勁的開局。從 BEC 的角度來看，未來幾個季度也會非常值得期待。

And the second one is also related to the AI in terms of the GEO and how does GEO really changing the consumer behaviours. Just like I mentioned that GEO is changing the consumer behaviour, is changing from the DAU of 850 DAU shoppers from different APPs to 300 million from different kind of apps like, and Changan, those kind of the generating kind of AI large-scale mode.

第二個問題也與 AI 有關，主要是 GEO 以及 GEO 如何真正改變消費者行為。正如我提到的，GEO 正在改變消費者行為：從不同 App 的 8.5 億購物 DAU，轉向約 3 億 DAU 來自不同類型的 App，例如（以及）Changan 這類生成式 AI 大模型相關的 App。

So consumers started to asking questions for their daily lives -- during their daily life and those kind of GEO can smoothly push a lot of information along with some kind of the reference with the brand-oriented right information such as a shopping link or such as a very emotion linkage from the brand's perspective, with the content, with short video clips or with a very comprehensive information.

因此消費者開始在日常生活中提出問題，而這類 GEO 能夠順暢地推送大量資訊，並附帶一些參考與品牌導向的正確資訊，例如購物連結，或從品牌角度出發、帶有情感連結的內容，包括短影音片段或更全面的資訊。

So, we can foresee that the change of consumer behaviour is slightly changed from the instant shopping category to different categories. So, in terms of the instant shopping category, so the AI agent is becoming very promising. You can easily order a bubble tea from, for example, from the AI GEO systems. And -- but from different categories, it's still not in the business scenario.

因此，我們可以預見消費者行為的改變，會從即時購物品類逐步延伸到不同品類。就即時購物品類而言，AI 代理變得非常有前景。例如，你可以很容易透過 AI GEO 系統下單買一杯珍珠奶茶。但在其他品類上，仍尚未形成成熟的商業情境。

So we are closely tracking all those technology operation and make sure that we can share more in the future quarters. And in terms of the bottom line, so we definitely input a lot of efforts in the AI agent to increase our efficiency, especially those repeatable kind of systems.

因此我們正密切追蹤這些技術的運作與落地，並確保未來幾個季度能分享更多。而在獲利端（bottom line）方面，我們也確實在 AI 代理上投入大量努力以提升效率，尤其是那些可重複的系統。

So those proprietary AI tools, so we're not a partner with any other leading AI firms for now. We still use some kind of the public services with our in-house engineering team to do a lot of Baozun customization for our leading brand partners.

至於這些自研（proprietary）的 AI 工具，目前我們沒有與其他領先 AI 公司合作。我們仍會使用一些公共服務，並由內部工程團隊為我們的頭部品牌合作夥伴進行大量寶尊化（定制化）開發。

This is Ken. For the first question about the C&I consumer segment. For GAAP, we also see high increase in February and January in both months. The increased rate year-to-year is over 30% for Gap. So we can forgive actually, we continued our 20 to 30 increased rate in the last quarter and this quarter.

我是 Ken。關於第一個問題，針對 C&I 消費者細分市場。在 GAAP 口徑下，我們也看到 2 月與 1 月兩個月份都出現大幅成長。Gap 的年增率超過 30%。所以我們可以說，實際上我們延續了上一季度與本季度 20% 到 30% 的成長速度。

For the third question, the gross expectation for Gap, First, I think for 2026, we will still continue to keep the growth rates. In 2025 our growth rate is more than 20%.

關於第三個問題，Gap 的成長預期：首先，我認為在 2026 年，我們仍會持續維持這樣的成長率。在 2025 年，我們的成長率超過 20%。

So we will keep this around 20% increase in 2026 by both same store increase and new openings. We plan to open more than 50 stores, and we will also expand our e-commerce sales scale.

因此在 2026 年，我們將透過同店成長與新店開設，維持約 20% 的增長。我們計畫開設超過 50 家門店，同時也會擴大電商銷售規模。

For the long-term vision of Gap business, in 2027 and 2028, we plan to accelerate our growth rate from 20% to 30% so we'll be 25% to 30% in the next two years in the top line. And we were also trying to improve our operating profit from breakeven to 150 basis points increase per year.

至於 Gap 業務的長期願景，在 2027 年與 2028 年，我們計畫把營收端（top line）的成長率從 20% 加速到 30%，也就是未來兩年達到 25% 到 30%。同時我們也在努力把營業利潤從損益兩平提升，每年提高 150 個基點。

And the main growth driver for Gap in the next three years, I think we're coming from three areas. One is the same-store sales increase. driven by our product improvements, our vision merchandising, our store new images, which will, in the end, to improve our in-store traffic and commercial rates.

我認為 Gap 未來三年的主要成長驅動力，將來自三個方面。第一是同店銷售成長，這將由我們的產品改善、視覺陳列、門店新形象所帶動，最終提升店內客流與成交率。

And the second is the scale expansion, both offline and online. For example, offline also plan to open reenter some markets such as Hong Kong and Macau.

第二是規模擴張，包含線下與線上。例如，線下也計畫重新進入一些市場，如香港與澳門。

And the third one is the supply chain efficiency. With the scale increase, we expect to gain our efficiency in our cost management and also in the expenses. That's all

第三是供應鏈效率提升。隨著規模增加，我們預期在成本管理以及費用端都能提升效率。以上。

Thank you.

謝謝。

Here is Vincent. We have some more things to say about the AI because AI application right now is one of the core strategy of the Baozun Corporate. So our goal is quite clear. We want to make the AI utilization and also application as the best practices for both e-commerce and also apparent industry. So we will be the best practiced AI for these two areas.

我是 Vincent。我們還想就 AI 多補充一些，因為 AI 應用目前是寶尊集團的核心策略之一。因此我們的目標非常清晰。我們希望把 AI 的使用與應用打造為電商以及服飾產業的最佳實踐。所以我們會成為這兩個領域 AI 最佳實踐的標竿。

So not only for the sales side, but also the supply side for BBM and also, of course, for the efficiency improvement. So it's quite important for us. And we are confident we'll be in a leading position in utilizing AI capabilities.

不僅是在銷售端，也包括 BBM 的供應端，當然也包括效率提升。這對我們非常重要。我們也有信心在運用 AI 能力方面保持領先地位。

Yes, thank you.

好的，謝謝。

Jiawei Yin, CITIC Securities.

中信證券，殷嘉偉。

Good evening, management. Thanks for taking my questions. I have two questions. The first is that we have seen many industry changes such as the compliance of e-commerce tax, the levy of traffic tax and the restriction of competition in the industry, which are generally beneficial to the sales of branded goods and are also accommodated by a narrowing growth gap between platforms.

各位管理層晚上好。感謝回答我的問題。我有兩個問題。第一個問題是，我們看到行業出現了許多變化，例如電商稅務合規、流量稅徵收以及行業競爭限制等，這些變化整體上有利於品牌商品銷售，也伴隨著平台之間成長差距的縮小。

How does Baozun impact of such evolution on operational preference and strategies? And what's the brand's response to this change?

寶尊如何看待這些演進對營運偏好與策略的影響？品牌方對這些變化的回應是什麼？

And my second question is, has there been any change to Baozun's development strategy for the BBM business in 2026?

第二個問題是，寶尊在 2026 年對 BBM 業務的發展策略是否有任何調整？

And how view Baozun balance scale and profit what are your expectation for the growth pace and the long-term vision of each brand? Thank you.

以及寶尊如何看待規模與利潤之間的平衡？各品牌的成長節奏與長期願景，你們的預期是什麼？謝謝。

Okay. So this is Junhua. Let me address the first question.

好的。我是 Junhua。我先回答第一個問題。

So those policies really don't really affect our detailed operations and day-to-day because the government has signed up the direction about setting up a different sliding scale in terms of different kind of policies, and none of the term has really changed the allocation of the marketing fee of our existing brand partner, because after the pandemic.

這些政策其實並不會對我們的細部營運與日常工作造成太大影響，因為政府已經明確了方向，會針對不同類型政策設定不同的分級（滑動）標準；而且這些條款並沒有真正改變我們現有品牌合作夥伴的行銷費用配置，因為在疫情之後——

So all our brand partners are being very careful and very cautious about spending money, especially into the marketing spending, allocation and the others.

我們所有品牌合作夥伴在花錢上都非常謹慎、非常保守，特別是在行銷投入、預算分配等方面。

So we want to help the brand partner to leverage all those money wisely and to drive a higher ROI as before.

因此我們希望協助品牌合作夥伴更有效率地運用這些資金，並推動比以往更高的 ROI（投資報酬率）。

So in terms of that, so we are really within the range of all those policies. And in terms of the cutthroat competition in the industry, so Baozun is taking the lead of providing logistics and courier services.

所以在這方面，我們的作法完全在這些政策的範圍之內。至於行業內的激烈競爭，寶尊在提供物流與快遞服務方面是走在前面的。

So we have already leveraged a lot of kind of the pricing efficiency and the cost efficiency for so many years. So that doesn't really just affect our day-to-day operations.

我們多年來已經充分利用了定價效率與成本效率等優勢。因此這也不會真正影響我們的日常營運。

So in terms of the brand repositioning between different platforms, so indeed, the brands are either diversifying view different kind of the strategy for different brands because for some kind of the leading live stream brand, to focus on GMV growth or treat those platform as a content creation platform and let those traffic exceeded to all those traditional transaction platforms is different strategies from different kind of categories.

至於品牌在不同平台之間的重新定位，確實如此。品牌會依不同品類、不同品牌採取差異化策略：例如對於一些頭部直播平台品牌，可能更聚焦 GMV 成長，或把這些平台視為內容創作平台，將流量外溢導向傳統交易平台；不同品類會有不同策略。

So most -- some kind of the categories of the brands, they choose to drive GMV from both categories, both Baozun platforms and some of the brands that treat the livestream platform as a content creation centre and let them exceed all those contents building the leakage to the traditional kind of via transactional platforms.

因此，大多數——某些品類的品牌會選擇在兩類平台上共同拉動 GMV，包括寶尊所服務的平台；也有一些品牌把直播平台當作內容創作中心，讓內容外溢，把這些內容所帶來的導流「漏斗」導向傳統的交易型平台。

So we are helping all those different brands in different categories to diversify their strategy across in different platforms. So there is no unified strategy in general in terms of that question.

我們正在協助不同品類的各品牌，在不同平台之間做策略多元化配置。因此就這個問題而言，整體上並不存在一套統一的策略。

Here's Vincent. I will talk about the BBM strategy. I think the strategy is quite consistent with the past years. The only change is about the level of our confidence. We think we are much more confident right now than before that the transformation is already there, we can see the results.

我是 Vincent。我來談 BBM 策略。我認為這個策略與過去幾年基本一致。唯一的變化在於我們的信心程度。我們現在比以前更有信心，因為轉型已經發生，我們也看到了成果。

So we build a three-year model. And we believe in the coming three years, BBM will grow -- we'll enter into acceleration phase. So we were quite excited about that. . And talking about -- especially for Gap, the biggest brands, we will see a very good trend and also the improvements or the capabilities also promising.

因此我們建立了一個三年模型。我們相信在未來三年，BBM 將成長——並進入加速期。我們對此非常期待。。另外——特別是對於 Gap 這個最大的品牌，我們會看到非常好的趨勢，同時改善與能力提升也很有前景。

For the premium brand like Hunter and others, I think we -- the most important thing for us is to build capability on merchandising and also marketing.

對於像 Hunter 等高端品牌，我認為——對我們而言最重要的是建立商品企劃（merchandising）以及行銷方面的能力。

So they will be also growing quite fast, but building capability is more important. And talking about the BD of the new brands, yes, I think we are -- now a lot of more brands come to us trying to work with us.

它們也會成長得相當快，但能力建設更為重要。至於新品牌的 BD（商務拓展），是的，我認為我們——現在有更多品牌來找我們，希望與我們合作。

It's a good sign. And right now, not only BBM can work with the brands in a very deep relationship and also BEC also have the capability to do more franchise business with brands, so in this case, we -- that's why we think the coming three years will be an acceleration phase.

這是一個好跡象。而且目前不僅 BBM 能與品牌建立非常深度的合作關係，BEC 也具備與品牌開展更多特許經營（franchise）業務的能力；因此在這種情況下——這也是為什麼我們認為未來三年將是加速期。

Thank you for that.

謝謝。

Peishan Wang, HSBC.

匯豐，王佩珊。

Hello, good evening, management. I have two questions. The first one is on the growth outlook for 2026. And what are the key upside and downside risks you see based on your expectations? And the second question is how should we think about the capital allocation plan given the AI investment and other investment priorities this year? And can management share our stores how you think about shareholder return going forward?

各位管理層晚上好。我有兩個問題。第一個是關於 2026 年的成長展望。基於你們的預期，你們看到的主要上行與下行風險是什麼？第二個問題是，考量今年 AI 投資及其他投資優先事項，我們應如何看待資本配置計畫？管理層是否能分享一下，未來將如何看待股東回報？

Sorry, the first one is about the overlook of the business growth in the future three years or 2026?

不好意思，第一個問題是關於未來三年的業務成長展望，還是 2026 年？

2026 for the group outlook.

是 2026 年的集團展望。

The group outlook, okay.

集團展望，好的。

Yeah, maybe I try to say something, maybe Catherine, you can say more about that because it's expectation. Yes. I'd say, firstly, we are trying to make a positive year in terms of net income to ordinary shareholders, and -- so yes, it is quite exciting goal to achieve because that means we have more to contribute to our shareholders and Investors.

是的，也許我先說幾點，Catherine 你可以再補充一些，因為這是預期層面的問題。是。我想首先，我們正努力在歸屬於普通股股東的淨利方面實現正向的一年——所以，是的，這是一個相當令人振奮的目標，因為這意味著我們能為股東與投資人帶來更多回報。

To achieve that, of course, we need to make all the aspects of our operation better than before. Our margin expansion needs to be improved as well. So in this case, we're not only to treat our customer or employee better and also give more return to our investment -- investors. Yes. In terms of numbers, can we share anything or?

為了達成這一點，當然，我們需要讓營運的各個面向都比以前更好。我們的毛利率擴張也需要進一步改善。因此在這種情況下，我們不僅要更好地對待客戶或員工，也要為我們的投資人——投資者——帶來更多回報。是的。就數字而言，我們可以分享一些內容嗎？或是？

Yeah, okay. Thank you for your question. I think the management are quite confident and -- for the coming 2026. We think it's quite promising. Of course, we are doing a lot of initiatives, including like the easy part and also brand management segment.

好的，可以。謝謝你的提問。我認為管理層對即將到來的2026年相當有信心。我們認為前景相當可期。當然，我們正在推動許多舉措，包括相對容易的部分以及品牌管理板塊。

So regarding the revenue, we are expecting a certain number of increase and like BEC segment. If we split into two segments, BEC, we expect a single-digit increase. And for BBM part, we are expecting like a very good number to come.

關於營收方面，我們預期會有一定幅度的成長，例如在BEC板塊。如果拆分為兩個板塊，BEC我們預期為個位數成長。而BBM部分，我們預期會有非常不錯的數字。

And regarding the non-GAP operating profit, we are also expecting like double the number compared with the 2025. And so we are expecting this -- we are doing all kinds of initiatives like I mentioned in the call, so I think the management are quite confident about that.

至於非GAAP營業利潤，我們也預期相較於2025年將達到約兩倍。因此我們預期——我們正在推動各種舉措，正如我在電話會議中提到的，所以我認為管理層對此相當有信心。

And also Vincent here again. Talking about the AI right now, although it is still an initial phase for the industry to adopt the results, the development of the AI, but we are seeing this change very fast. So first we need to keep us very active and agile to keep our pace up to this development.

另外，我是Vincent，再補充一下。談到目前的AI，雖然整個產業在採用AI發展成果方面仍處於初期階段，但我們看到這個變化非常快。因此首先，我們需要保持非常積極且敏捷，以跟上這項發展的步伐。

So for us, along with the investment into IT and the internal process improvement every year, we put resources there. And this year, starting from this year, we have more initiatives from the corporate level.

對我們而言，除了每年對IT的投入以及內部流程改善之外，我們也會配置資源在這些方面。而今年，從今年開始，我們在公司層面推出了更多舉措。

We have several very interesting and important initiatives. But doesn't require a lot of investments. So I think talent will be more important than investments. So that's why we are so confident that we will be the best practice for not only e-commerce but also apparel industry in China will be the -- we're quite committed to be the most advanced utilization of AI capabilities.

我們有幾項非常有趣且重要的舉措。但不需要大量投資。因此我認為人才會比投資更重要。這也是為什麼我們非常有信心，我們將成為不僅是電商、也包括中國服飾產業的最佳實踐——我們非常致力於成為AI能力運用最先進的企業。

Thank you.

謝謝。

[Shuwen Gul, CMBI].

[Shuwen Gul，CMBI]。

Thank you for taking my question. My question is regarding your development strategy for overseas business. And can management share with us the update regarding your overseas strategies? And can management share with that your development plan regarding both International business? Thank you.

謝謝讓我提問。我的問題是關於你們海外業務的發展策略。管理層能否與我們分享你們海外策略的最新進展？以及管理層能否分享你們在國際業務方面的發展規劃？謝謝。

Yeah, let me first address some about the international business. Right now, for the priority, of course, BBM and BEC are contributing the major share of our business and also growth. So these two are very important. So that's why we talked more about these two sections.

好的，我先回應一些關於國際業務的部分。目前就優先順序而言，當然，BBM和BEC貢獻了我們業務以及成長的主要份額。所以這兩個非常重要。因此我們也更多談到這兩個部分。

For BZI, I think recently we have a very solid progress, but still it's a minor contribution to the whole company and the growth. We are consolidating outside the business outside of China.

至於BZI，我認為近期我們取得了非常扎實的進展，但對整個公司及成長而言仍屬於較小的貢獻。我們正在整合中國以外的海外業務。

Hunter is already in Southeast Asia making progress. We have several major e-commerce projects improving and to be profitable in the region as well. We have opportunities in career and also South career and also. Several very big projects is going on in Hong Kong and Taiwan.

Hunter已經在東南亞取得進展。我們在該地區也有幾個主要的電商專案正在改善並朝向獲利。我們在韓國以及南韓也有機會。另外，香港與台灣也有幾個非常大型的專案正在進行。

We are seeing this improving with a promising future and we are confident that the growth of the international business will be solid, but we are not expecting a big contribution from international business yet in the coming two years.

我們看到這些正在改善，且未來前景可期；我們也有信心國際業務的成長將會穩健，但在未來兩年內，我們尚不預期國際業務會有很大的貢獻。

Yeah, I think you just talked about the new brands of BBM as well. Right now, I think we are in a very good situation because we are having a quite big base of our brands from DEC. So when there's opportunity emerges in the market, we'll be the first one to have the opportunity to work with them, recently we see a lot.

是的，我想你也提到了BBM的新品牌。目前我認為我們處於非常好的狀態，因為我們在DEC方面擁有相當大的品牌基礎。因此當市場出現機會時，我們會是第一批有機會與他們合作的公司，最近我們也看到很多這樣的情況。

They trust us and we have such a solid track record for BBM in the coming in the past two years. So people just want to work with us. But for us, I think we know what we need to have. So at least we will not have a lot more brands in the future. But definitely in the coming three years, I think we will have new brands, carefully selected. Better profitable brands to add to our portfolio.

他們信任我們，而我們在過去兩年BBM方面也有非常扎實的實績。所以大家都想與我們合作。但對我們而言，我想我們清楚自己需要什麼。因此至少未來我們不會增加太多品牌。但可以確定的是，在未來三年內，我認為我們會有新品牌，且會謹慎挑選。把更具獲利能力的品牌納入我們的品牌組合。

Thank you.

謝謝。

Thank you. This concludes our question-and-answer session. I would like to turn the conference back over to Wendy Soon for closing comments. Over to you.

謝謝。問答環節到此結束。我想把電話會議交回給Wendy Soon作結語。交給你。

Thank you, operator. On behalf of the Baozun management team, I 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 again. This concludes the call. Thank you.

謝謝，接線員。我謹代表寶尊管理團隊，再次感謝各位參與今天的電話會議。如需任何進一步資訊，歡迎隨時與我們聯繫。感謝各位再次加入。本次電話會議到此結束。謝謝。

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

謝謝。本次電話會議現已結束。感謝各位出席今天的簡報。您現在可以掛線