【招银国际】Quality revenue growth on track-250523（5页）.pdf

1、 PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE MORE REPORTS FROM BLOOMBERG:RESP CMBR OR http:/.hk 1 MN 23 May 2025 CMB International Global Markets|Equity Research|Company Update Baozun(BZUN US)Quality revenue growth on track Baozun released 1Q25 results:total revenue

2、was RMB2.1bn,up 4%YoY,2%better than Bloomberg consensus,mainly driven by the beat in Baozun Brand Management(BBM)revenue;non-GAAP net loss attributable to ordinary shareholders of Baozun came in at RMB57mn,better than consensus of loss of RMB65mn.Baozun E-commerce(BEC)inked revenue growth of 1.4%YoY

3、,and BBM booked 23%YoY growth(4Q24:17%YoY),driven by strong performance of both Gap and Hunter brands.Baozun is prioritizing operating efficiency gains over business expansion for BEC business,and is on track to deliver non-GAAP OP growth of over 20%YoY in 2025E,in our view.Meanwhile,the company con

4、tinues to drive solid revenue growth and loss reduction of BBM business,which should achieve non-GAAP OP breakeven in 4Q25 on our estimates.Our 2025E non-GAAP OP forecast for Baozun remains unchanged at RMB119mn.Our SOTP based TP was fine tuned to US$3.55(was US$3.53).Maintain BUY.Solid BEC revenue

5、growth in 1Q25.By segment,product sales revenue was up 14.4%YoY(4Q24:5.0%YoY)to RMB809mn,and services revenue was down 1.4%YoY(4Q24:9.3%YoY)to RMB1.3bn.In 1Q25,revenue generated from BEC grew by 1.4%YoY to RMB1.7bn,primarily driven by stronger sales in its distribution business model,and revenue gen

6、erated from BBM increased by 23%YoY due to strong performance of both Gap and Hunter brands.Within services revenue,online store operations/warehousing and fulfilment/digital marketing and IT solutions achieved 12/-4/-6%YoY growth.Group-level non-GAAP operating loss came in at RMB66.9mn(1Q24:RMB17.5