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’s 1Q24 results were better-than-feared, in which revenue +5% YoY (4% above consensus) and bottom line came in at -RMB15mn (vs. consensus of -RMB45mn).</li><li>Ecommerce segment achieved positive OCF for the first time since 2019. Despite macro uncertainty, we expect BEC to bottom out in 2Q24E (forecasting revenue flat YoY, vs. -17% in 1Q24), supported by cooperation with new clients in beauty &amp; cosmetics and beverage.</li><li>BBM revitalization was on good progress, with continuous narrowing of loss. We are positive on BBM’s double-digit YoY growth in FY24E, and BBM might resume positive growth from 2Q24E &amp; 3Q24E.</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’s 1Q24 results were better-than-feared, in which revenue +5% YoY (4% above consensus) and bottom line came in at -RMB15mn (vs. consensus of -RMB45mn).Ecommerce segment achieved positive OCF for the first time since 2019. Despite macro uncertainty, we expect BEC to bottom out in 2Q24E (forecasting revenue flat YoY, vs. -17% in 1Q24), supported by cooperation with new clients in beauty &amp; cosmetics and beverage.BBM revitalization was on good progress, with continuous narrowing of loss. We are positive on BBM’s double-digit YoY growth in FY24E, and BBM might resume positive growth from 2Q24E &amp; 3Q24E.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) - A Solid Start with Steady Transition Year

Baozun Inc.

Baozun (BZUN US) - A Solid Start with Steady Transition Year