External broker reports(aggregated public sources), CMB International

CMB International

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>Baozun delivered better-than-feared 2Q24 results: total revenue was RMB2.4bn, up 3% YoY, driven by a 9% YoY increase in services revenue, and was 2% better than consensus; non-GAAP net loss attributable to ordinary shareholders of Baozun came in at RMB3.9mn, narrowed from RMB4.4mn in 2Q23, and was better than consensus of RMB16.6mn in loss.</li><li>Baozun E-commerce’s (BEC) top line growth has turned around to YoY positive growth after 10 consecutive quarters of YoY contraction, and management believes this is sustainable trending into 2H24 aided by strong growth of Douyin related business (which has accounted for c.5% of BEC revenue but with triple-digit YoY growth), and the introduction of exclusive distribution services.</li><li>Although the overall softened offline traffic is likely to weigh on loss reduction trajectory of Baozun Brand Management (BBM), management has noted signs of improvement as YoY revenue growth of GAP business has turned positive in Aug 2024, and the likely better-than-expected OP generated from BEC should buffer a potentially widerthan-expected loss from BBM. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Baozun delivered better-than-feared 2Q24 results: total revenue was RMB2.4bn, up 3% YoY, driven by a 9% YoY increase in services revenue, and was 2% better than consensus; non-GAAP net loss attributable to ordinary shareholders of Baozun came in at RMB3.9mn, narrowed from RMB4.4mn in 2Q23, and was better than consensus of RMB16.6mn in loss.Baozun E-commerce’s (BEC) top line growth has turned around to YoY positive growth after 10 consecutive quarters of YoY contraction, and management believes this is sustainable trending into 2H24 aided by strong growth of Douyin related business (which has accounted for c.5% of BEC revenue but with triple-digit YoY growth), and the introduction of exclusive distribution services.Although the overall softened offline traffic is likely to weigh on loss reduction trajectory of Baozun Brand Management (BBM), management has noted signs of improvement as YoY revenue growth of GAP business has turned positive in Aug 2024, and the likely better-than-expected OP generated from BEC should buffer a potentially widerthan-expected loss from BBM. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Baozun (BZUN US) - 2Q Loss Reduction Trend Better than Expectation

Baozun Inc.

Baozun (BZUN US) - 2Q Loss Reduction Trend Better than Expectation