Baozun Inc (BZUN) 2026 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and thank you for standing by for Baozun's first-quarter 2026 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 2026 年第一季度業績電話會議。（接線員指示）提醒您，今天的電話會議將被錄音。

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

現在我想把電話交給今天會議的主持人——寶尊企業發展與投資者關係高級總監孫雯迪女士。雯迪，請開始。

Thank you, operator. Hello, everyone, and thank you for joining us today. Our first-quarter 2026 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. We have also posted a PowerPoint presentation that accompanies our comments to the same IR website, where they are available for download.

謝謝接線員。各位好，感謝大家今天加入我們。我們已在本次電話會議開始前較早時間發布了 2026 年第一季度業績新聞稿，您可於我們的投資者關係網站 ir.baozun.com 以及 PR Newswire 服務上查閱。我們亦已在同一投資者關係網站上傳配合本次發言的 PowerPoint 簡報，供下載。

On the call today from Baozun, we have Mr. Vincent Qiu, Chairman and Chief Executive Officer; Ms. Catherine Zhu, Chief Financial Officer; Mr. Junhua Wu, Director and Chief Strategy Officer of Baozun Group; and Mr. Ken Huang, Chief Financial Officer of Baozun Brand Management. Ms. Qiu will share first stage about 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 brand management segment, respectively. They will all be available to answer your questions during the Q&A session that follows.

今天出席電話會議的寶尊管理層包括：董事長兼首席執行官邱文博先生；首席財務官朱凱瑟琳女士；寶尊集團董事兼首席戰略官吳俊華先生；以及寶尊品牌管理首席財務官黃肯先生。邱先生將首先分享我們的業務策略與公司亮點；隨後朱女士將介紹財務表現；接著吳先生與黃先生將分別就電商與品牌管理分部作進一步分享。問答環節中，他們都將回答各位的提問。

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 US Private Securities Litigation Reform Act of 1995. These forward-looking statements are based upon management current expectations and current market and operating conditions, and relates to events that involve known or unknown risk, uncertainties, and other factors, all 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. Further information regarding these and other risks, uncertainties, or factors is included in the company's filings with the US Securities and Exchange Commission, and its announcement, notice, or other documents published on the website of the Stock Exchange of Hong Kong Limited

在開始之前，我想提醒各位，本次電話會議包含《1933 年美國證券法》（經修訂）、《1934 年美國證券交易法》（經修訂）以及《1995 年美國私人證券訴訟改革法》所界定的前瞻性陳述。此等前瞻性陳述基於管理層目前的預期以及當前市場與經營狀況，並涉及已知或未知的風險、不確定性及其他因素；上述因素均難以預測，且其中許多超出公司控制範圍，可能導致公司實際結果與前瞻性陳述所述存在重大差異。關於上述及其他風險、不確定性或因素的進一步資料，載於公司向美國證券交易委員會提交的文件，以及公司在香港聯合交易所有限公司網站發布的公告、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. The company does not undertake any obligation to update any forward-looking statements except as required under applicable law. Finally, please note that unless otherwise stated, all figures mentioned during this conference call are in RMB. You may now turn to slide 2 for the executive highlights for the quarter.

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。最後請注意，除非另有說明，本次電話會議中提及的所有數據均以人民幣計。現在請翻到第 2 頁，查看本季度的管理層要點。

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

現在很高興介紹我們的董事長兼首席執行官邱文博先生。文博，請開始。

Thank you, Wendy. Hello, everyone, and thank you for joining us. Q1 2026 was solid throughout. We achieved growth across every key metric, revenue, profitability, and working capital tenure efficiency. For the quarter, group revenue grew 15% year over year to RMB2.4 billion. Non-GAAP operating income turned profitable at RMB8 million, a significant improvement compared to a loss of RMB67 million a year ago.

謝謝你，雯迪。各位好，感謝大家加入我們。2026 年第一季度整體表現穩健。我們在各項關鍵指標上均實現增長，包括收入、盈利能力以及營運資金周轉效率。本季度，集團收入同比增長 15% 至人民幣 24 億元。非 GAAP 經營利潤轉為盈利，達人民幣 800 萬元，較去年同期人民幣 6,700 萬元的虧損顯著改善。

Both business lines delivered solid growth in top line and bottom line. Importantly, these are not just financial improvements; they reflect notable progress in sales quality, profitability, and cash generation across both engines.

兩條業務線在收入端與利潤端均實現穩健增長。更重要的是，這些不僅是財務層面的改善；它們反映了我們在兩大引擎的銷售品質、盈利能力與現金創造方面取得的顯著進展。

BEC resumed the sustainable top line growth this quarter with a 10% year-over-year revenue increase. Compared with scale, what is even more critical is actually the quality of this growth. We will continue to prioritize our revenue streams towards enhancing business quality, refining service satisfaction, and ultimately improving overall profitability.

BEC 本季度恢復可持續的收入增長，同比增長 10%。相較於規模，更關鍵的是增長的品質。我們將持續優先調整收入結構，聚焦提升業務品質、優化服務滿意度，並最終提升整體盈利能力。

With growing synergies with BBM and integration of this brand management mindset, we aim to engage more deeply with our clients, understand their businesses at a gradual level, and collaborate closely to drive sustainable growth. BBM delivered acceleration this quarter with revenue up 39% year over year and continued improvement in profitability.

隨著與 BBM 的協同效應增強，以及品牌管理思維的融合，我們旨在更深入地與客戶互動，逐步更細緻地理解其業務，並緊密合作以推動可持續增長。BBM 本季度增速加快，收入同比增長 39%，盈利能力亦持續改善。

GAAP reached operating breakeven for the second consecutive quarter. This is especially impressive given the relatively smaller seasonal cycle in the first quarter. We believe this performance is a testament to our methodologies in MMC, merchandising, marketing and channel. We will continue to leverage this proven approach to nurture smaller niche brands within our portfolio to expand our addressable market.

GAAP 口徑下經營層面連續第二個季度實現盈虧平衡。考慮到第一季度相對較弱的季節性週期，這一表現尤為亮眼。我們認為，這證明了我們在 MMC、商品企劃（merchandising）、行銷與渠道方面的方法論行之有效。我們將持續運用這一經驗，培育組合內較小的利基品牌，擴大我們的可服務市場。

The strong Q1 results bolster our confidence in the full-year outlook, and more importantly, in our ability to excel during the acceleration phase of our business transformation over the next three years. Our two engines are each playing distinct yet reinforcing roles. BEC is not simply resuming growth, it is becoming a higher quality and a value-driven business. Meanwhile, BBM is accelerating with GAAP on a clear path towards 2026 annual operating breakeven. Both engines are performing in sync and operating synergy is beginning to emerge, opening up broader development opportunities and unlocking new growth potential for our company.

第一季度的強勁表現增強了我們對全年展望的信心，更重要的是，增強了我們對未來三年業務轉型加速階段中持續勝出的能力信心。我們的兩大引擎各自扮演不同但相互強化的角色。BEC 不僅是在恢復增長，更是在成為更高品質、以價值驅動的業務。同時，BBM 正在加速，且 GAAP 口徑下正沿著清晰路徑邁向 2026 年全年經營盈虧平衡。兩大引擎同頻運轉，經營協同開始顯現，為公司打開更廣闊的發展機會並釋放新的增長潛力。

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

接下來，我把電話交給團隊，對我們的財務與業務表現作更深入的解讀。

Thanks, Vincent, and hello, everyone. Let me provide a more detailed overview of financial results for the first quarter of 2026.

謝謝你，Vincent。各位好。下面我將對 2026 年第一季度的財務業績作更詳細的概述。

Please turn to slide number 3. Baozun Group's total net revenues for the first quarter of 2026 increased by 15% year over year to RMB2.4 billion. Of this total, e-commerce revenue grew by 10% to RMB1.9 billion, while brand management revenue grew by 39% to RMB538 million. Breaking down e-commerce revenue by business model. Services revenue increased 7% year over year to RMB1.4 billion, while BEC product sales revenue increased by 21% year over year to RMB510 million.

請翻到第 3 頁。寶尊集團 2026 年第一季度總淨收入同比增長 15% 至人民幣 24 億元。其中，電商收入同比增長 10% 至人民幣 19 億元；品牌管理收入同比增長 39% 至人民幣 5.38 億元。按業務模式拆分電商收入：服務收入同比增長 7% 至人民幣 14 億元；BEC 產品銷售收入同比增長 21% 至人民幣 5.10 億元。

Please turn to slide number 4. From a profitability perspective, gross profits for product sales increased by 33.6% year over year to RMB350 million for the quarter. Our group level blended gross margin for product sales was 33.5%, representing an expansion of 110 basis points year over year. Within this, gross margin for e-commerce product sales expanded to 15.9%, reflecting a 98 basis point improvement from 15% a year ago. Gross margin for BBM was 50% for the quarter, compared with 51.6% in the same period of last year.

請翻到第 4 頁。從盈利能力角度看，本季度產品銷售毛利同比增長 33.6% 至人民幣 3.50 億元。集團層面產品銷售綜合毛利率為 33.5%，同比提升 110 個基點。其中，電商產品銷售毛利率擴大至 15.9%，較去年同期 15% 提升 98 個基點。BBM 本季度毛利率為 50%，而去年同期為 51.6%。

Now, please turn to slide number 5 for a walkthrough of our OPEX. Sales and marketing expenses increased by RMB93 million to RMB893 million. This included an increase of RMB43 million for BEC, which was mainly due to higher spending on creative content and market initiatives on Douyin and VANOAD, consistent with growth in digital marketing revenue. BBM sales and marketing expenses increased by RMB56 million, mainly driven by the expansion of offline stores and marketing activities in the quarter. Fulfillment costs for the quarter decreased slightly by 1% to RMB590 million, reflecting our ongoing efforts in cost optimization. Technology and content expenses increased by 7% to RMB125 million, primarily due to more revenue contribution from technology monetization. G&A expenses decreased by 4% to RMB164 million, reflecting our continued focus on cost control and operational efficiency.

現在請翻到第 5 頁，我們將講解營運費用（OPEX）。銷售及行銷費用增加人民幣 9,300 萬元至人民幣 8.93 億元。其中，BEC 增加人民幣 4,300 萬元，主要由於在抖音及 VANOAD 的創意內容與市場活動投入增加，與數位行銷收入增長一致。BBM 銷售及行銷費用增加人民幣 5,600 萬元，主要由於本季度線下門店擴張及行銷活動增加所致。本季度履約成本小幅下降 1% 至人民幣 5.90 億元，反映我們持續推進成本優化。技術及內容費用同比增長 7% 至人民幣 1.25 億元，主要由於技術變現帶來更多收入貢獻。一般及行政費用同比下降 4% 至人民幣 1.64 億元，反映我們持續聚焦成本管控與營運效率提升。

Turning to bottom-line items, please refer to slide number 6. During the quarter, our non-GAAP income from operations was RMB8 million, compared to a non-GAAP loss from operations of RMB67 million in the same period of last year. BEC's adjusted non-GAAP income from operations was RMB13 million, significantly improved from loss of RMB46 million a year ago. BBM reported a non-GAAP operating loss of RMB4.9 million, compared with a loss of RMB21.1 million a year ago.

轉向損益表底線項目，請參閱第6頁投影片。本季度，我們的非GAAP營運收入為人民幣800萬元，而去年同期非GAAP營運虧損為人民幣6,700萬元。BEC經調整後的非GAAP營運收入為人民幣1,300萬元，較一年前人民幣4,600萬元的虧損顯著改善。BBM錄得非GAAP營運虧損人民幣490萬元，較一年前人民幣2,110萬元的虧損有所收窄。

Lastly, with the growing significance of our distribution business across both operating segments, we would like to share key metrics related to capital turnover efficiency and inventory turnover days, first enhancing our transparency and accountability. For the first quarter of 2026, our working capital turnover improved to 109 days, compared with 193 days a year ago.

最後，隨著我們的分銷業務在兩個營運分部中的重要性日益提升，我們希望分享與資本周轉效率及存貨周轉天數相關的關鍵指標，以進一步提升透明度與問責性。2026年第一季度，我們的營運資金周轉改善至109天，而一年前為193天。

Within this, inventory turnover shortened to 113 days from 185 days a year ago. This improvement was driven by both BEC and the BBM segments. As of March 31, 2026, our cash equivalents, restricted cash and short-term investments totaled RMB2.9 billion.

其中，存貨周轉天數由一年前的185天縮短至113天。此改善由BEC與BBM兩個分部共同推動。截至2026年3月31日，我們的現金等價物、受限制現金及短期投資合計為人民幣29億元。

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

接下來我把電話交給俊華，向各位更新BEC（我們的電商業務）的情況。

Thanks, Catherine, and hello, everyone. BEC delivered a solid first quarter, with revenue growing 10% year over year and non-GAAP operating income of RMB13 million, a meaningful turnaround from a non-GAAP operating loss of RMB46 million in the same period last year. This performance reflects both a return to sustainable growth and a meaningful progress on a broader priority of improving revenue quality and expanding margins.

謝謝Catherine，大家好。BEC在第一季度交出穩健表現，營收年增10%，非GAAP營運收入為人民幣1,300萬元，較去年同期非GAAP營運虧損人民幣4,600萬元實現顯著扭轉。這一表現反映出我們重回可持續成長軌道，同時在提升營收品質與擴大利潤率這一更廣泛的優先事項上取得實質進展。

Please turn to slide number 7. Our product sales revenue grew 21% year over year, with broad-based growth across all key categories, benefiting from both deeper and relationships that improves execution on major platforms. It is encouraging to see apparel product sales deliver high double-digit growth as our efforts expanding to non-standard categories begin to scale.

請翻到第7頁投影片。我們的產品銷售收入年增21%，所有主要品類均實現廣泛成長，受益於更深度的合作關係，並提升了在主要平台上的執行力。令人鼓舞的是，隨著我們拓展至非標準品類的努力開始規模化，服飾產品銷售實現了高雙位數成長。

We continue to deepen our engagement with brand partners in refining go-to-market strategies through channel diversification and merchandising segmentation. We are pleased to have achieved not only healthy top line growth and product sales, but also improvements in gross margin and inventory efficiency.

我們持續深化與品牌合作夥伴的合作，透過渠道多元化與商品分層，完善上市（go-to-market）策略。我們很高興不僅實現了健康的營收與產品銷售成長，也在毛利率與存貨效率方面取得改善。

Please turn to slide number 8. Services revenue from the quarter grew 7% year over year, led by digital marketing and IT solutions, as well as online store operations. We continue to gain market share in key categories like luxury, sports, and outdoor, reflecting the depth and trust of brand partnerships in these high-value segments.

請翻到第8頁投影片。本季度服務收入年增7%，主要由數位行銷與IT解決方案，以及線上店鋪營運所帶動。我們在奢侈品、運動與戶外等關鍵品類持續提升市佔率，反映出在這些高價值細分領域中品牌合作關係的深度與信任。

In the recently disclosed 2025 annual rating rewards, we were recognized across major marketplaces as top-tier service provider, achieving a grand slam of awards across all platforms. These recognitions including Tmall 6-star service provider, JD.com Excellence Partner, Douyin Diamond Service Provider, Tencent Qianyu certified excellent partner and Weimob e-commerce operation partner, reflecting our expanding ability to activate brands across an increasingly complex multi-channel landscape.

在近期公布的2025年度評級獎勵中，我們在各大電商平台被評為頂級服務商，並在全平台斬獲「大滿貫」獎項。這些認可包括天貓6星服務商、京東卓越合作夥伴、抖音鑽石服務商、騰訊千域認證優秀合作夥伴以及微盟電商營運合作夥伴，體現了我們在日益複雜的多渠道環境中為品牌賦能與激活的能力持續提升。

Returning to growth is only part of the story. We are equally focused on the quality of that growth. We have begun conducting comprehensive profitability and productivity analysis across service layers, business models, and margin continuous by revenue stream. With the explicit goal of concentrating on higher value work while reducing exposure to lower ROI services, gross margin improvement is an active priority across both our product sales and service business.

重回成長只是故事的一部分。我們同樣重視成長的品質。我們已開始在不同服務層級、商業模式，以及按收入來源劃分的利潤貢獻上，進行全面的獲利能力與生產力分析。以聚焦更高價值工作、同時降低對低投資回報（ROI）服務的曝險為明確目標，提升毛利率是我們產品銷售與服務業務的共同重點。

We continue to focus on strengthening our bottom line. To support this, we are rolling out enterprise-wide lean initiatives to drive operational agility and cost optimization while scaling the adoption of AI tools across functions to unlock higher productivity. The improvement in quality non-GAAP operating income from a loss of RMB46 million to a profit of RMB13 million is an early and tangible signal of this progress.

我們持續聚焦強化底線表現。為此，我們正在推動全公司精益（lean）計畫，以提升營運敏捷性並優化成本，同時在各職能擴大AI工具的採用，以釋放更高生產力。非GAAP營運收入由虧損人民幣4,600萬元改善至獲利人民幣1,300萬元，是這一進展早期且具體的訊號。

Multiple AI power tools have already been deployed across daily operations. We are expected to drive meaningful and efficiency gains. We also have several initiatives aimed at restructuring and re-engineering our end-to-end operational process, creating even greater opportunities to capitalize on fast-moving AI advancements. We are encouraged by BEC's first quarter results. Looking ahead, our focus remaining on deepening client relationships, driving service innovation, and continuously improving operational excellence and the margin quality within this business.

多項AI賦能工具已在日常營運中部署，預期將帶來顯著的效率提升。我們也在推進若干計畫，旨在重組並再造端到端的營運流程，從而創造更大的機會把握快速演進的AI進展。我們對BEC第一季度的結果感到鼓舞。展望未來，我們將持續聚焦深化客戶關係、推動服務創新，並不斷提升本業務的營運卓越與利潤率品質。

I'll pass to Ken for an update on Baozun Brand Management.

我把時間交給Ken，請他更新寶尊品牌管理（BBM）的情況。

Thank you, Junhua, and hello, everyone. Please turn to slide number 9 for BBM's performance in the first quarter of 2026. BBM carried its strong momentum into the first quarter, with revenue growing 39% year over year. We also achieved a significant improvement in the bottom line, with GAAP delivering its second consecutive breakeven quarter in non-GAAP operating profits.

謝謝俊華，大家好。請翻到第9頁投影片，了解BBM在2026年第一季度的表現。BBM將強勁動能延續至第一季度，營收年增39%。我們在底線方面也取得顯著改善，GAAP口徑下實現連續第二個季度損益兩平，且非GAAP營運利潤為正。

More encouragingly, the solid growth was driven by gains across key operating metrics, including traffic, conversion, and the average transaction value. Leveraging our omni-channel capabilities and the agile integration, Gap achieved record same-store sales growth in the 20s in first quarter. Gross margin remained healthy at 50% with optimized commercial strategy during the Spring Festival to maximize traffic and conversion during the peak window. Inventory management also improved significantly with BBM inventory turnover reduced to 114 days from 157 days a year ago.

更令人振奮的是，穩健成長由多項關鍵營運指標的提升所驅動，包括流量、轉化率與平均客單價。憑藉我們的全渠道能力與敏捷整合，Gap在第一季度實現了20%+的同店銷售成長新高。透過在春節期間優化商業策略以在高峰窗口最大化流量與轉化，毛利率維持在健康的50%。存貨管理亦顯著改善，BBM存貨周轉天數由一年前的157天降至114天。

Now, let me share our key initiatives around merchandising, marketing and the channel for Gap during the quarter. Merchandising, our ability to blend the Gap's American casual aesthetic with locally appealing features is connecting strongly with our target consumers. Our online segmentation strategy also moved beyond price-driven initiatives toward a more fashion-forward and tailored assortment, an increasingly important driver of our online growth.

接下來我分享本季度我們圍繞Gap在商品、行銷與渠道方面的關鍵舉措。商品方面：我們將Gap的美式休閒美學與更符合本地偏好的元素相融合的能力，正與目標消費者產生強烈共鳴。我們的線上分層策略也從以價格驅動的舉措，進一步轉向更具時尚導向與更貼合需求的商品組合，這正成為推動線上成長日益重要的動力。

Underpinning both is improved internal alignment. Our merchandising design and product development teams have operated in close coordination for several quarters, translating to tighter supply chain execution, stronger vendor relationships, and more consistent cost management. Marketing. Our Q1 campaign strategy reflected a display in the seasonal sequencing.

支撐上述兩點的是內部協同的提升。我們的商品設計與產品開發團隊已連續數個季度緊密協作，帶來更緊密的供應鏈執行、更強的供應商關係，以及更一致的成本管理。行銷方面：我們第一季度的活動策略體現了對季節節奏編排的呈現。

During Chinese New Year, we activated our Peking Opera collaboration, a new tradition of classical opera, reinterpreting traditional aesthetics through modern design. This marked our second consecutive CNY anchored by a major culture IP following the Forbidden City collaboration in first quarter of 2025.

在農曆新年期間，我們啟動了與京劇的聯名合作，以現代設計重新詮釋傳統美學，打造一項新的經典戲曲傳統。這是我們連續第二個以重要文化IP為核心的春節活動，延續了2025年第一季度與故宮的合作。

In mid-March, we launched our spring women's campaign, Flow in the GAP, in collaboration with dance artist Xie Xin. Through expressive movement and storytelling, the campaign explores themes of self-expression and personal growth among modern women. In fact, the women's division was the standout performer during the quarter. Channels.

3月中旬，我們與舞蹈藝術家謝欣合作推出春季女裝主題活動「Flow in the GAP」。透過富有表現力的肢體動作與敘事，該活動探討現代女性的自我表達與個人成長主題。事實上，女裝部門是本季度表現最突出的業務。渠道方面：

Following the successful launch of new stores featuring enhanced visual merchandising and upgraded store image in the fourth quarter, we remodeled and upgraded two additional stores in Beijing Florentia Village and the Shine Hills in Q1. We also combined the charm of traditional Chinese aesthetics with contemporary culture in our newly launched flagship store at the Taikoo Li Sanlitun, creating a unique and engaging shopping experience. The grand opening not only drove strong foot traffic, but also generated a significant social buzz.

在第四季度成功開設採用更強視覺陳列並升級店鋪形象的新店之後，我們在第一季度於北京佛羅倫薩小鎮與Shine Hills另外改造升級了兩家門店。我們也在新開業的三里屯太古里旗艦店中，將傳統中式美學的魅力與當代文化相結合，打造獨特且具吸引力的購物體驗。盛大開幕不僅帶來強勁客流，也引發了顯著的社群熱度。

We remain on track to deliver our full-year target of 50 new Gap stores openings, including about 10 new stores planned in Q2. Looking beyond the quarter, our April brand ambassador campaign with Cheng Yi, Moving Forward in Gap, continued to outperform. This gives us strong confidence in the momentum and reaffirms the power of well-executed China for China storytelling.

我們仍按計畫推進全年目標：新開50家Gap門店，其中第二季度計畫新開約10家。放眼季度之外，我們在4月與品牌代言人程毅合作的活動「Moving Forward in Gap」持續超預期表現。這讓我們對動能充滿信心，也再次印證了「China for China」敘事在良好落地執行下的力量。

Our partnership with Gap Inc. continues to strengthen, including the Victoria Beckham collaboration launched recently and additional IP collaborations planned for the second half of this year. With double-digit top-line growth on track, a second consecutive breakeven quarter delivered, we are well-positioned to achieve our full-year target. That concludes our prepared remarks. Thank you.

我們與 Gap Inc. 的合作夥伴關係持續深化，包括近期推出的 Victoria Beckham 聯名合作，以及計劃於今年下半年推出的更多 IP 聯名合作。在營收端維持雙位數成長的軌道上、並連續第二季達成損益兩平的情況下，我們已具備良好條件以達成全年目標。以上為我們事先準備的發言內容。謝謝。

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

接線員，我們現在準備開始問答環節。

(Operator Instructions) Frank Tao, CMBI.

（接線員指示）Frank Tao，CMBI。

Yeah, thank you. Hi, management. Congrats on the solid set of results. Actually help us unpack the drivers behind the strong revenue growth of your BBM business, and how should we think about growth trajectory in the coming quarters? Thank you.

好的，謝謝。管理層您好。恭喜取得一組穩健的業績。想請協助我們拆解一下 BBM 業務營收強勁成長背後的驅動因素，以及我們應如何看待未來幾季的成長軌跡？謝謝。

The major driver for BBM growth in first quarter is from Gap. Also I think from the consumption's environment in Q1 because of the effect of winter sale of the Spring Festival and also the climate change, it helps drive more traffic as we expected. The overall increase objective for us in 2026 is over 20%. In the first quarter, we achieved 39%. In the coming quarters, we are confident to deliver the twenties increase continuously.

第一季 BBM 成長的主要驅動來自 Gap。另外我認為第一季的消費環境也有幫助，因為春節期間的冬季促銷影響，以及氣候變化，帶動了比我們預期更多的客流。我們在 2026 年的整體成長目標是超過 20%。第一季我們達成了 39%。接下來幾季，我們有信心持續交付 20% 多的成長。

Thank you.

謝謝。

Vicky Wei, Citi.

Vicky Wei，花旗。

Thanks management for taking my question. My question is mostly related to consumption sentiment and the 618. Would management share your observation on the current consumption sentiment and the 618 preparation of brands? What is your expectations for that? Lastly, would you please share some latest update about Gap performance and margin trend? Thank you.

謝謝管理層回答我的問題。我的問題主要與消費情緒以及 618 有關。管理層能否分享你們對目前消費情緒以及品牌 618 備戰情況的觀察？你們對此有何預期？最後，能否分享一下 Gap 表現與毛利率走勢的最新更新？謝謝。

Okay, this is Junhua. Let me answer your first two questions. First one is regarding the consumer sentiment. We had a strong Q1 that was due to we had a late CNY, and we had a longer period of the Queen's Day. For the Q1, we had a very strong finish on the first quarter, and we foreseen the consumer sentiment is growing faster. For the 618 preparation, actually we are in the progress of the 618 right now. Tonight is the night for the second big wave of second campaign. We are looking forward to also foreseeing a strong finish of 618 this time. Thank you.

好的，我是 Junhua。我先回答前兩個問題。第一個關於消費者情緒。我們第一季表現強勁，原因在於農曆新年較晚，以及女王節的周期更長。第一季我們收官非常強勁，我們也預見消費者情緒正在更快回升。至於 618 的準備，其實我們現在正處於 618 進行中。今晚是第二波第二輪活動的大日子。我們也期待這次 618 能夠強勁收官。謝謝。

For Gap's margin, for Gap it's our objective is still to keep a relatively stable gross margin during the year. Try to increase the scale effect through both online and offline channels, as well as the BBM headquarters. By this scale effect, the result is trying to keep improving the store level contribution margin and also in the end of the overall operating margin. Our current performance is on track and also our current expansion plan is also on track. Thank you.

關於 Gap 的毛利率，我們的目標仍是在全年維持相對穩定的毛利率。透過線上與線下渠道，以及 BBM 總部，努力提升規模效應。藉由規模效應，目標是持續改善門店層面的貢獻毛利率，並最終提升整體營業利潤率。我們目前的經營表現符合進度，擴張計畫也符合進度。謝謝。

This is Vincent. Some more words on this on the margin trend. Actually, in general, the business is contributed by two parts, BEC and BBM. You can see that BBM with a higher margin right now is contributing more growth to the total business. We can expect the whole business, the margin trend will be improved in the coming quarters. That is what we are expected. Along with the synergy in between BEC and BBM, this give us more opportunities working with our existing brands in BEC portfolio, which can give us more potentials to generate more margin. That is also a good thing for general margin trend. Thank you.

我是 Vincent。再補充一些關於毛利率走勢的看法。整體而言，業務由兩部分貢獻：BEC 與 BBM。你們可以看到，目前毛利率較高的 BBM 正在為整體業務貢獻更多成長。我們預期未來幾季整體業務的毛利率走勢將會改善。再加上 BEC 與 BBM 之間的協同效應，讓我們有更多機會與 BEC 組合內既有品牌合作，進一步帶來更高的毛利潛力，這對整體毛利率趨勢也是好事。謝謝。

Jiawei Yin, CITIC.

Jiawei Yin，中信。

Good evening, management. Thank you for taking my questions. Congratulations on this quarter's strong performance. I have two questions. The first is regarding BEC. As growth rates across different e-commerce platforms converge, what new trends are emerging in brands marketing budget allocation across different channels? What impact does this have on the company's service pricing and the bargaining power? My second question is regarding BBM. In the chairman's letter to shareholders, the company mentioned that it will be very cautious about new brand acquisitions. Could you elaborate on the specific screening criteria such as category positioning, business scale, profitability level, and/or deal structure? Thank you.

管理層晚上好，謝謝回答我的問題。恭喜本季表現強勁。我有兩個問題。第一個關於 BEC。隨著不同電商平台的增速趨於收斂，品牌在不同渠道的行銷預算分配出現了哪些新趨勢？這對公司的服務定價與議價能力有何影響？第二個問題關於 BBM。董事長致股東信中提到，公司對新的品牌收購會非常謹慎。能否進一步說明具體的篩選標準，例如品類定位、業務規模、獲利水準和／或交易結構？謝謝。

Okay, this is Junhua. Let me answer your first question. In terms of the platform allocation between different platform in terms of the marketing budget. Both platforms and the brands are maintain a relatively the same CMRTR rate. We don't have see any significant kind of shipment or movement about the budget allocation. In terms of the spending, the most of brand are switching a little bit from the traditional performance marketing to the content-driven platform, like RedNote, like seeding platform, like creating a lot of creative content facilitated by the AI and powered by Baozun. We realized that this kind of new allocation tends to moving from a traditional performance traffic driving to transaction, to setting up an emotion linkage before making transactions based on the content-driven.

好的，我是 Junhua。我先回答第一個問題。關於行銷預算在不同平台之間的分配，無論平台端或品牌端，都維持相對相同的 CMRTR 比率。我們沒有看到預算分配出現明顯的轉移或變動。就投放而言，多數品牌正從傳統的效果型行銷，略微轉向內容驅動的平台，例如小紅書（RedNote）、種草平台，以及在 AI 的輔助下、由寶尊賦能所產生的大量創意內容。我們觀察到，這種新的分配趨勢，正從傳統以效果流量帶動交易，轉向在交易前先透過內容建立情感連結，再促成交易。

This is the overall kind of the trend we're foreseeing for leading brands in different categories. For those kind of the impacts does our company, as a service provider, which has the bargaining power, is we can provide an end-to-end solutions for all those brands in terms of content creating and the performance marketing. If the brands are dedicated everything to Baozun, we are able to help them to allocate from the oversight to see how do you allocate the overall budget from performance marketing, to content-driven, to RedNote, to RedNote, and then to back to the CPS, et cetera. We can leverage from the omni-channel perspective to use their money wisely. Thank you.

這是我們對各品類頭部品牌所預見的整體趨勢。對我們公司作為服務供應商的影響，以及我們的議價能力在於：我們能為品牌提供從內容創作到效果行銷的端到端解決方案。如果品牌把所有事情都交給寶尊，我們就能從更高層面協助其配置整體預算：從效果行銷到內容驅動、到小紅書（RedNote）、再回到 CPS 等等。我們可以從全渠道視角出發，幫助他們更有效率地使用預算。謝謝。

Vincent here. Let me talking about the brand acquisition sub-processes. I -- the letter is written by me, not AI, so I can clearly remember this sentence. In the past three years, I think we have already forged a model, a new model of the development of Baozun. Right now, the model, we are going to next phase, which is the acceleration phase.

我是 Vincent。我來談談品牌收購的子流程。那封信是我寫的，不是 AI，所以我很清楚記得那句話。過去三年，我認為我們已經打造出一個寶尊發展的新模式。現在這個模式將進入下一個階段，也就是加速階段。

Talking about the standards when we talk about the new brands to work with, I think the scale is quite important because we want to accelerate. We want to harvest what they have, what we have built in the past. Talking about the scale, we want the bigger scale opportunities.

談到我們與新品牌合作的標準，我認為規模非常重要，因為我們希望加速，希望收穫他們所擁有的，以及我們過去所建立的能力。就規模而言，我們希望尋找更大規模的機會。

Category-wise, we of course, we focus on fashion apparel, which we can utilize the experiences we get from the Gap operation process. That is a category. Also, we want the new opportunities to bring us profit immediately because we think we right now a lot of opportunities emerges in the market.

在品類方面，我們當然聚焦於時尚服飾，因為我們可以運用從 Gap 營運流程中累積的經驗，這是一個方向。同時，我們也希望新的機會能夠立即帶來利潤，因為我們認為目前市場上出現了很多機會。

We are in a very good position in talking with this kind of potential opportunities. because Baozun's model today is very unique and very valuable. No one today, or maybe just very, very few ones who can do MMC from our industry. because in the past, talking about the e-commerce service sector, we only operate the online channel for brands.

我們在與這類潛在機會洽談時處於非常有利的位置，因為寶尊今天的模式非常獨特且很有價值。如今在我們的行業中，沒有人——或可能只有極少數——能做到 MMC。因為過去談到電商服務行業，我們只為品牌經營線上渠道。

Right now, channel, we can do both online and offline, and the channel is only one factor in the MMC methodology. Right now, we know how to do merchandising, how to do marketing, how to do the channel business together. In this position, where we will be very unique and valuable to all the potential brands within the BEC portfolio and outside brands. Our position is so good, so we can have good opportunities. Our standard will be very high. Yeah. At least what we say, we will be very cautious. Thank you.

現在在渠道方面，我們可以同時做線上與線下，而渠道只是 MMC 方法論中的一個因素。現在我們知道如何把商品企劃（merchandising）、行銷（marketing）以及渠道業務一起做。在這樣的位置上，我們對 BEC 組合內的潛在品牌，以及組合外的品牌，都會非常獨特且有價值。我們的位置很好，因此能獲得很好的機會。我們的標準會非常高。是的，至少如我們所說，我們會非常謹慎。謝謝。

Thank you.

謝謝。

(Operator Instructions) [Chris Cao, The Tai Securities.]

（接線員指示）[Chris Cao，The Tai Securities。]

Hi, management. Thank you for taking my question. I have two questions. The first one is regarding the AI technology. With the advancement of AI technology, are there any ongoing changes to our service systems and mechanisms for merchants during major promotion events or in our daily operations? In the long run, how do we view the impact of AI on the key competitive factors in the e-commerce industry? How will the company seize the opportunities and tackle the challenges presented by this shift?

管理層您好，感謝您回答我的提問。我有兩個問題。第一個是關於 AI 技術。隨著 AI 技術的進步，在大型促銷活動期間或我們日常營運中，針對商家的服務系統與機制是否有任何持續的變化？從長期來看，我們如何看待 AI 對電商產業關鍵競爭要素的影響？公司將如何把握這一轉變帶來的機會並應對其挑戰？

The second question is about the trend in the recent sale. We see that the growth rate of overall online retail sales saw a month-on-month decline in April, with the growth of social retail sales data for apparel also narrowing sequentially. How will our e-commerce business and the brand management business respectively leverage our strength to sustain our far growth momentum that outperforms the whole market? Thank you.

第二個問題是關於近期銷售的趨勢。我們看到 4 月整體線上零售銷售增速環比下降，服飾類社會零售銷售數據的增長也較前期收窄。我們的電商業務與品牌管理業務將如何分別發揮自身優勢，以維持超越整體市場的高速增長動能？謝謝。

Okay. Let me ask your first question and first half of the second question. In terms of the AI, we're leveraging AI mostly focused on our bottom line efficiency. We know that we have a lot of AI agent which can do automatically a lot of job in terms of saving human powers. Right now we have a dedicated team in Baozun E-Commerce services segment to really just leverage a lot of AI technology like large scale mode and AI agent to increasing our efficiency like digital asset management, like customer service, and like a lot of kind of the automation work we used to use a lot of intense labor.

好的。我先回答您的第一個問題，以及第二個問題的前半部分。就 AI 而言，我們主要利用 AI 來提升底線效率。我們知道我們有很多 AI 代理（AI agent），可以在節省人力方面自動完成大量工作。目前在寶尊電商服務板塊，我們有一支專門團隊，真正去運用大量 AI 技術，例如大模型與 AI 代理，來提升我們在數位資產管理、客服，以及各類自動化工作上的效率——這些工作過去需要大量密集勞動。

In terms of the top line, we haven't realized that the current public service of AI can really help us to do a creative job because they are learning business mode. We leveraging those large scale mode on a top line, more focused on to facilitate our operation team to make decisions like collecting a lot of competitors' data, digital analytics, and forming a lot of data formats and giving us a lot of kind of the suggestions based on their learning and their data. That's more focused on the facilitate our top line growing.

就營收端（top line）而言，我們尚未看到目前公開可用的 AI 服務能真正幫助我們完成創意類工作，因為它們仍在學習商業模式。我們在營收端運用這些大模型，更多是用來協助營運團隊做決策，例如收集大量競品數據、進行數位分析、形成各種數據格式，並基於其學習與數據給出各類建議。這更偏向於促進我們營收端的成長。

In the long run that we will closely work with the large platform like Tmall and the other platform, Alibaba, and the other platform, to leveraging their public services, even if they can provide a closed loop like a GEO kind of services within their ecosystem. We also will keep maintenance about our in-house system, upgrading our backbone systems based on our AI. Hopefully we can share you more the end of next year. Thank you.

長期來看，我們將與天貓等大型平台，以及阿里巴巴等其他平台緊密合作，利用其公共服務，即便它們能在其生態系內提供類似 GEO 的閉環服務。我們也會持續維護我們的自研系統，並基於 AI 升級我們的核心骨幹系統。希望在明年年底前能與各位分享更多。謝謝。

The second half of the second question is, in terms of the full overall business, for online business we haven't seen a big drop of our online business. The April business are still maintained the same within our budget. Because this is also the beginning of a pre-warm stage before the 618 period. We can realize that a lot of our brands, they are saving their budgeting, and they are saving their assortment allocation for the 618. The 618 kind of campaign has a longer period than last year.

第二個問題的後半部分是，就整體業務而言，線上業務方面我們尚未看到明顯下滑。4 月的業務仍在我們預算範圍內維持同樣水平。因為這也是 618 期間前的預熱階段開始。我們看到很多品牌在為 618 保留預算，也在為 618 保留貨品組合配置。今年 618 活動週期也比去年更長。

We can realize that within that kind of saving until right now, I mean, the beginning of May, we really just see a big growth compared to the last year in this, in the beginning of the 618 campaign. Today is also the first wave of the 618 campaign. We're forward to see the strong finish will be happening this year for 618. That's from the online perspective.

我們也看到，在這種「保留」的情況下，截至目前（也就是 5 月初），我們在 618 活動初期相較去年出現了很大的增長。今天也是 618 活動的第一波。我們期待今年 618 會有強勁收官。以上是從線上的角度。

For BBM, I think we have proved in Q1 that our alpha grow momentum with a very high growth rates. Even in April, we still continue to keep the growing trend. Not only from online, but also from offline, through our well-planned marketing activities and our merchandise plan. For BBM, because we first we have Gap target mass market with attractive price range. We also have Hunter, Sweaty Betty, which target different market segments. I think the BBM, our strength is not to use up any brand value, but try to increase the brand value in the same time of increasing the scale.

至於 BBM，我認為我們在第一季度已經證明了我們的超額（alpha）增長動能，增速非常高。即使在 4 月，我們仍持續保持增長趨勢。不僅來自線上，也來自線下，透過我們精心規劃的行銷活動與商品企劃。對 BBM 而言，首先我們有 Gap，定位大眾市場且價格帶具吸引力；我們也有 Hunter、Sweaty Betty，面向不同的細分市場。我認為 BBM 的優勢不在於消耗品牌價值，而是在擴大規模的同時努力提升品牌價值。

We have, after three years, we have already deep understanding of online/offline channels. Our faster reaction to the market changes. We also build up strong supply chain of anywhere woven and denim. We also have approved ability in MMC model. All of these will help us try to meet the consumers needs. I think in the end it's better understand brands, better understand the consumers, and then you gain your alpha growth momentum. Thank you.

經過三年，我們已對線上/線下渠道有了深入理解，對市場變化的反應更快。我們也建立了強大的梭織與牛仔供應鏈。我們在 MMC 模式上也具備經驗並已驗證能力。所有這些都將幫助我們更好地滿足消費者需求。我認為最終是更懂品牌、更懂消費者，然後你就能獲得超額（alpha）增長動能。謝謝。

Thomas Chong, Jefferies.

Thomas Chong，Jefferies。

Hello, can you hear me? Thanks Management for taking my question. I have two questions. The first one is, can Management share some color about the recent amount sales performance? My second question is for different categories, can Management share some outlook for different categories like luxury apparel, FMCG, consumer electronics, and appliance? Thanks.

你好，你能聽到我說話嗎？感謝管理層回答我的問題。我有兩個問題。第一個是，管理層能否分享一下近期 GMV/銷售額表現的更多細節？第二個問題是，針對不同品類，管理層能否分享一些展望，例如奢侈品服飾、快消品（FMCG）、消費電子與家電？謝謝。

Okay. Let me give you the outlook of the category segmentation. The premium and luxury is follow up with sports outdoor. FMCG maintain the similar kind of the growth rate compared to last year. Consider about the, we just after the Queen's Day. FMCG, especially the cosmetic category, they already just digested too much of the campaign, so they need to just wait a little bit for several months, maybe one or two quarters until the Double Eleven coming this year. The consumer electronics, especially for home appliance and electronic devices.

好的。我來給您按品類拆分的展望。高端與奢侈品之後是運動戶外。快消品（FMCG）維持與去年相近的增速。考慮到我們剛過完女王節，快消品，尤其是美妝品類，已經消化了太多活動，因此需要再等一段時間，可能幾個月，或一到兩個季度，直到今年的雙十一到來。消費電子方面，尤其是家電與電子設備。

We have a strong growth rate for the first part of this 618 campaign. We're looking forward to see a strong finish for consumer electronics category also. Overall, the apparel, fashion apparel category is still taking the lead follow up with FMCG and consumer electronics. Thank you. For recently the month's sales performance, Catherine, do you wanna share some kind of --?

在本次 618 活動的前半段，我們看到消費電子有很強的增長。我們也期待消費電子品類能有強勁收官。整體來看，服飾、時尚服飾品類仍然領先，其後是快消品與消費電子。謝謝。至於近期月份的銷售表現，Catherine，你要不要分享一下——？

Okay. Thank you for your question. I think, as you see that we have done quite good for the first quarter of 2026. We are now quite optimistic with the several this month's sales performance regarding our top line and also bottom line. The management still hold very high confidence for our whole group's performance, including both e-commerce part and also our BBM part. That's all for the question.

好的。謝謝你的問題。我想，正如你所看到的，我們在 2026 年第一季度表現相當不錯。就近期幾個月的銷售表現而言，無論是營收端還是利潤端，我們目前都相當樂觀。管理層對整個集團的表現仍然保持很高信心，包括電商業務以及我們的 BBM 業務。以上就是對問題的回答。

Thank you. As there are no questions at the present time, I would like to return the floor to management for any closing comments.

謝謝。目前沒有提問，我想把時間交還給管理層，請問是否有任何結語。

Thank you, operator. On behalf of Baozun management team, we'd 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，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。感謝各位今天加入。本次電話會議到此結束。

Thank you. As mentioned, that concludes today's presentation. Thank you for attending today's event. You may now disconnect your lines.

謝謝。如前所述，今天的簡報到此結束。感謝各位出席今天的活動。您現在可以掛線。

Thank you.

謝謝。