Investor Presentation

October 2020
Disclaimer
This presentation does not constitute an offer to sell or issue or solicitation of an offer to buy or acquire securities of Baozun Inc. (the “Company”) in any jurisdiction or an
inducement to enter into investment activity, nor may it or any part of it form the basis of or be relied on in connection with any contract or commitment whatsoever. This
presentation does not contain all relevant information relating to the Company or its securities, particularly with respect to the risks and special considerations involved with
an investment in the securities of the Company. This presentation does not constitute legal, regulatory, accounting or tax advice to you. We recommend that you seek
independent third party legal, regulatory, accounting and tax advice regarding the contents of this presentation. This presentation does not constitute and should not be
considered as any form of financial opinion or recommendation by the Company or any other party.

This presentation contains forward-looking statements, including statements about the intent, belief or current expectations of the Company or its officers, the Company’s
business and financial outlook, strategy and market opportunity, and statements about the Company’s historical results that may suggest trends for its business. These
statements are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended. These statements can be recognized by the use of words such as “expects,” “plans,” “will,” “estimates,” “projects,” “intends,” “anticipates,” “believes,”
“confident” or words of similar meaning. These forward-looking statements are made only, and are based on estimates and information available to the Company, as of the
date of this presentation, and are not guarantees of future performance. These forward-looking statements are based on a number of assumptions which are subject to
known and unknown risks, uncertainties and other factors that are beyond the Company’s control, such as the political, social, legal and economic environment in which the
Company will operate in the future. Accordingly, actual results, performance or achievements may differ materially from those expressed or implied by these forward-
looking statements and future results could materially differ from historical performance. Nothing contained in this presentation shall be relied upon as a promise or
representation as to the past or future performance of the Company. The Company, its officers, advisors, or representatives undertake no obligation to update or revise
these forward-looking statements for events or circumstances that occur subsequent to the date of this presentation, except as required under law. By viewing the
information contained in this presentation, the recipient hereby acknowledges and agrees that neither the Company nor any of the representatives of the Company accepts
any responsibility for or makes any representation or warranty, express or implied, with respect to the truth, accuracy, fairness, completeness or reasonableness of the
information contained in, and omissions from, these materials and that neither the Company nor any of its affiliates, advisers or representatives accepts any liability
whatsoever for any loss howsoever arising from any information presented or contained in these materials. You should conduct your own due diligence of the Company in
order to judge the comprehensiveness, fairness, accuracy, completeness or correctness of the information or opinions contained herein.

The Company uses certain financial measures that are not recognized under generally accepted accounting principles in the United States (“GAAP”) in evaluating its business.
These non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using non-GAAP financial measures is that they do not reflect all items
of income and expense that affect the Company’s operations. Share-based compensation expenses and amortization of intangible assets resulting from business acquisition
have been and may continue to be incurred in the Company’s business and is not reflected in the use of non-GAAP financial measures. Further, the non-GAAP measures may
differ from the non-GAAP measures used by other companies, including peer companies, and therefore their comparability may be limited. The use of such non-GAAP
financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. For a
reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures, see Reconciliations of GAAP and non-GAAP Financial Measures. 1
Company Snapshot
Baozun – Technology-Empowered Leader in China’s Brand E-Commerce Service Industry

Technology Empowers the Future Success

Leading brand e-commerce service Enable brand partners with unique

partner omni-channel capabilities

Offer full services with premium Leverage on scalable and powerful

infrastructure of fulfillment and proprietary technology to
warehouse empower e-commerce operations

• Tmall “six-star” e-commerce service partner since 2016 (1)

• Total of 231 brand partners as of 31 Dec 2019 and 250 brand partners as of 30 June
2020, covering 8 categories. Net add of 46 in 2019 and 19 in 1H 2020

• 2017~2019 GMV (2) 2-yr CAGR 52.4%

Note:
(1) Since Tmall introduced the grading system, Baozun has consistently been recognized by Tmall as a “six-star” e-commerce service partner, which is the highest ranking awarded to Tmall e-commerce service partners.
(2) Gross merchandise volume includes value added tax and excludes (i) shipping charges, (ii) surcharges and other taxes, (iii) value of the goods that are returned and (iv) deposits for purchases that have not been settled.
3
Massive Opportunities in Brand E-commerce

Rapid Growth of China Online Shopping Market with Increasing Tremendous Growth Prospect of Brand E-commerce Service Industry
Contribution from B2C E-commerce RMB bn, %
RMB bn, %
2019 Market Share (1)
2019 – 2025E 2019 – 2025E
CAGR 7.9% 13.7% CAGR
Top 5 Combined 14.1%
Online 11.4% Brand
26,832 Shopping 10.5% E-Commerce
18.1% Service
23.9%
11,940 7.6%

B2C 2,042
10,936 E-Commerce
9,904
4,899 18.5%
4,535 14,892
3,804
564 688
1,826 5,370 6,037
1,978 150
2015 2019 2020E 2025E 2015 2019 2020E 2025E

Brand E-Commerce Service Market Size

B2C E-Commerce Market Size C2C E-Commerce Market Size
Brand E-Commerce Service Penetration within B2C E-Commerce
Source: iResearch.
Note:
(1) As measured by GMV in 2019, according to iResearch. 4
We
We are
are at
at the
the Forefront New era
forefront of a new Era in
in brand
Brande-commerce
E-Commerce

Phase 2.0
Phase 1.0

Store operations-oriented Digital operating platform oriented

Omni-channel coverage

Big data analysis and insights

Technology
Empowers Technology integration
Focus on online
store management Success
Evolving digital marketing

Cost efficiency to capture

industry trend

5
Baozun’s Value Propositions to Enable Brand Partners’ Future Success
We bridge brands to consumers and empower our brand partners’ e-commerce strategies with following key value propositions:

Business Service Channel

Nature Scope Capability

 Meet a variety of demands of
brands of different scale,
different origin and at
different stages of
development
 Provide in-depth domain
knowledge for the full value
chain in vertical that the brand
operates in
 Provide integrated one-stop
solutions to address
uncertainties around resource
coordination on different
services (e.g. online store
operations, digital marketing,
customer service)
 Develop and innovate on
efficient and reliable tech
infrastructure and leverage
on automated tools for
efficiency improvement
 Help brands adapt to complex
and ever-evolving e-commerce
channel landscape
 Empower brands with capabilities
to integrate online and offline
operations
 Implement unified e-commerce
strategy / execution plan, which
requires holistic performance
analysis across channels and
balanced tactics for different
platforms

6
2020 Positioning and Alignment of Our Value Propositions
Set up Business Operation
Center to Promote Efficiency
Provide shared services to
brands including:
- Tech infrastructure
- Automated tools
- Resource coordination
 Lead the revolutionary innovation from
unified store-oriented service model to
classified front-end support-
oriented model
 Leverage on shared resource
allocations to enhance operating
efficiency and expand addressable
market
Establish Growth Brands Operating
Center for Emerging Opportunities
In-depth domain knowledge
Integrated O2O operations
Joint business planning and marketing
Facilitate brand partners’ upgrade and
segmentation strategies
 Deep integration along the full e-
commerce value chain to empower
the domestic brands and emerging
brands
 Dedicated GBO center to provide
focused support for brand partners
Channel Expansion
beyond Tmall
Compatible SaaS offerings and
customized functions across e-
commerce channels
AI and big data-enabled
 Adapt to the complex and ever-
evolving e-commerce landscape
 Leverage on technology to further
promote growth
7
Investment Highlights
Investment Highlights

1 4
Continuous innovation to
Established industry leader
promote future growth

2 5
Entrenched and long-term
Proprietary and robust
relationship with brands of
technology stack
broad categories

3 6
Full service scope with Achieving quality through
omni-channel capabilities developing people

9
1 Established Industry Leader in China’s Brand E-Commerce Service Industry

Lead with End-to-end capabilities across Other brand e-commerce

e-commerce value chain for 8 categories service providers (4)

Limited capability

Narrow scope of services

8 categories Limited aspects of brands’ e-commerce strategies
addressed
Pioneer since 2007 • Apparel & Accessories
• Appliances
Serving 250 brand • Electronics
partners (1) • Home & Furnishings
• Food & Health
Full service, vertical play
• Beauty & Cosmetics
• FMCG, Mother & Baby
Leading player with 7.9% • Automobiles Full scope of e-commerce
market share (2) Capabilities limited to serving certain verticals
Trusted partner with Strong presence across
Full suite of services multiple channels
leading global partners,
12 certificates on Alibaba
covering 15 out of top 50
most valuable global brands (3) Online Store Digital Warehousing &
platform; 4 on JD.com platform Full service, single channel
Operations Marketing Fulfillment

Full scope of e-commerce

Dedicated to single e-commerce channels
Customer
IT Solutions
Services

Note:
(1) As of 30 June 2020.
(2) As measured by GMV in 2019, according to iResearch.
(3) BrandZ Top 100 Most Valuable Global Brands in 2019, excluding public service categories (banks, payment services, transportation and telecom). 10
(4) According to iResearch.
2 Entrenched and Long-term Relationship with Brands of Broad Categories

Brands starting to partner Brands + Brands + Established Brands +

with Baozun E-commerce presence e-commerce strategies Omni-channel solutions

We empower brand partners to succeed in China’s e-commerce

market through efficient technology integration and effective
strategic co-planning based on their specific needs
Provide data-driven digital
marketing solutions

Customize technology
solutions

Exploit new online-offline Integrate online-offline

integration opportunities operations

Help local brands to

Advise on new Maximize operational
execute e-commerce
channel strategies efficiency
strategies

Help global brands to gain

Formulate e-commerce Enable existing operations Align data management
local insights and expand
strategies to improve performance across channels
online presence

11
3 Full Service Scope with Omni-channel Capabilities to Enable One-Stop Services

Online store set-

We serve brand partners as a one-stop,
Efficiency tools
up and operations
turn-key service provider
Digital
operation – Coordinated and holistic approach with
Store IT
platform
Infrastructure
streamlined process
operations solutions
Brand
development
– Enable brand partners to focus on their
core expertise
Brand-
oriented
We provide unified business view and
Digital
IT solutions
customer profile across channels.
marketing
and omni-
Digital Platform Customer We empower online-offline integration to
channel marketing services
synchronization enable operations and boost sales
As we grow with our brand partners, our
Warehousing After-sale
service offering to many of them expand
& fulfillment support
Delivery (1) from limited services to full services
Pre-sale Through successful and in-depth
Fulfillment
and warehousing
inquiry
integration, brand partners have ramped
up with more services gradually

Note:
(1) By third party

12
4 Continuous Innovation to Promote Future Growth

Business Model
Cross-Channel Innovation
Sales Solutions Unwavering R&D Investment
Updated logistics
offerings from B2C- Increasing Investment in Technology
focused to a B2C/B2B
• Continuous focus on R&D and devoted resources on tech
combined model
infrastructure
Helped brand partners
to participate in the
Technology & Content Expense
very first Singles Day
promotion in 2009 RMBmm
Led the market trend
by offering customized
warehousing, +179% 393
operation automation
and digital marketing 141
solutions

2017 2019
Pioneered the transition
from unified store- Initiated operations + Well-recognized Innovation Endeavors within Industry
oriented service to SaaS + high
• Awarded the “Tmall Super One” – Brand with Best Digital Innovation
classified front-end customization models Capabilities in 2019
support-oriented model in brand stores and
mini-programs

Continuously innovate through full-service, omni-channel business

model to keep abreast of the ever-changing e-commerce market

13
5 Proprietary and Robust Technology Stack

Omni-channel Solutions Efficiency Improvement Solutions

Cloud-based System ROSS (Retail Operation Support System)

 Established on cloud infrastructure  Store operation processes automation system
 Synchronizes multiple systems across omni-channels for  Product management
transactions
Front-end  Enables efficient set-up of official brand stores and official
 Store content management
brand WeChat Mini Programs  Store event management
O2O Solutions  Customer analysis
 Integrates inventories across omni-channels Yunzhuan and Yunbian

CRM OMS IOSP WMS LMIS

Middle-end Customer Order Management Inventory & Order Warehouse Logistics Management
Relationship System Service Platform Management System Information System
Management

Back-end
Big Data & Technology Platform Baozun Hybrid Cloud
Infrastructure

14
5 Robust and Scalable Infrastructure

Our Proprietary Cloud & Integrated Middle-end

Big Data Platform System
ShopCat
• CRM system with customer service, data analysis and
membership management systems
• Formulate unified user profile to enhance customer
lifecycle management

OMS
• Inventory management system for processing
sales orders by online stores
• Supply chain optimization

Baozun Hybrid Cloud
• Flexible and elastic platform that can be readily
expanded internally or through public clouds
• Successfully supported 2019 Double Eleven sales festival and
RMB10bn GMV in a single day
Big Data Platform
• Foundation of data intelligence that supports stream
and batch processing, distributed data processing securely
• Great cost saving and enhanced scalability
IOSP
• O2O management tool that interlinks and
synchronizes with omni-channels inventories
WMS
• Warehouse management system
• Labor productivity improvement and warehouse
workflow enhancement
ShopDog
• Specialized O2O solutions that helps stores to tackle
inventory shortage issues by offering integrated
inventory management
LMIS
• Coordinate flow of goods between warehouses and
final address; Integrated with third-party couriers to
provide same-day delivery and real-time tracking

15
6 Achieving Quality through Developing People
Stable and committed core management Young and passionate Open and vibrant corporate
that has been working for 13+ years mid-level management team culture that inspires innovation

Aaron
Vincent Junhua Robin
Yuen Lung
Wenbin Qiu Wu Bin Lu
Kwok
Chairman of the Board, Director, CGO, Co-founder CFO CHO, Home Appliances and Digital
CEO, Co-founder Products Business General Manager

• 20+ years experience in
consumer brands service
industry
• Bachelor’s degree in
electronic engineering from
Tsinghua University in 1992
• 19+ years experience in
consumer brands service
industry
• 10+ years experience in
financial management
• Bachelor's degree in
Automotive Engineering from
Tsinghua University in 1992
and MBA degree in
Operations and Finance from
the Ohio State University in
2000
• Extensive experience across
human resources
management, sales and
marketing and IT
• Bachelor’s degree in
computer science from Fudan
University in 1989

Shanghai Erry
Shanghai Erry

16
Our Growth Strategies
01
Continue to focus on
high quality growth
• Collaborate and grow with
more brand partners
• Incubate more emerging
brands and local brands
• Deepen relationship with
existing brands by providing
more leading edge services
• Empower operating efficiency
and use technology to
achieve continuous financial
progress
02
Enhance capabilities along
the full e-commerce value
chain
• Enhance logistics and
fulfillment capabilities through
warehouse expansion and
IOSP, LMIS, WMS system
upgrades
• Building digital marketing
capabilities using
comprehensive marketing
strategies and extensive data
analysis
• Explore omni-channel
opportunities and continuous
business model innovation
03
Selectively pursue
strategic alliances and
acquisition opportunities
• Improve service offerings and
acquire more portfolio and
complementary expertise
through strategic alliances and
acquisitions
• Grow through partnerships
with regional platforms /
channels and emerging e-
commerce platforms
04
Investment in technology
and innovation
• Develop IT systems compatible
across channels and verticals
• Improve automation and
standardization of key service
processes leveraging data
analytics and AI technology
• Position Digital Operating
Platform (DOP) as core digital
assets, and explore brand
partner and platform partner
opportunities through
strengthening DOP
17
Financial Highlights
High Quality Growth in 1H2020 Despite of COVID-19

Brand Portfolio Innovative

Optimization 01 02 Business Structure

Achieve high quality growth

despite COVID and other
Cost Efficiency macro uncertainties Fulfillment
03 04
Improvement Supported Growth
1H 2020 Financial Highlights
GMV: +25% YoY
Revenue: +23% YoY
Non-GAAP Operating Income:
+33% YoY
05 06 Technology-enabled
New Category
Omni-channel and
Expansion
O2O Initiatives

19
2Q 2020 Financial Highlights

GMV(1) Revenue

RMB 12.8 bn RMB 2.2 bn

+31% YoY +26% YoY

Non-GAAP Income from

Brand Partners(2)
Operations(3)
250 RMB 187.1 mn
Net add of 11 QoQ +38 YoY
+81% YoY

Data Source: Prospectus, 20-F and 6-K

Note:
(1) Gross merchandise volume for the quarter of 2020 Q2, includes value added tax and excludes (i) shipping charges, (ii) surcharges and other taxes, (iii) value of the goods that are returned and (iv) deposits for purchases that have not been settled
(2) As of June 30, 2020
(3) Non-GAAP income from operations is a non-GAAP financial measure, which is defined as income from operations excluding share-based compensation expenses and amortization of intangible assets resulting from business acquisition. 20
Revenue Model Overview

Services Product Sales

91% of GMV (1) 9% of GMV(1)

53% of revenue (2) 47% of revenue (2)

1 Service Fee Model 2 Consignment Model 3 Distribution Model

Products pre-purchased by company

Brand partners enjoy one or more of the In addition to the services delivered under the  Products pre-purchased by company (take
(take inventory risks)
following services under this model: service fee model, brand partners stock goods inventory risks)
in Baozun’s warehouses for future sales:
 IT Solutions  Baozun selects and purchases goods from
 Warehousing and fulfillment services brand partners and/or their authorized
 Online Store Operations
distributors and sell goods directly to
Description  Digital Marketing
 Managing storage and delivering goods to
consumers through official brand stores or
consumers on behalf of brand partners
 Customer Service official marketplace stores operated by Baozun
on behalf of Baozun’s brand partners
 Providing other services, such as digital
marketing and IT solutions, which are classified
as services revenue

Revenue  Fixed fees and/or variable fees primarily based on GMV  Selling products on behalf of brand partners to
Model  Other variable factors such as number of orders fulfilled
consumers

Data Source: Prospectus, 20-F and 6-K

Note:
(1) Based on FY2019 financials in 20-F filing. GMV under services is officially named Non-distribution GMV according to 20-F, which refers to the GMV under the service fee model and the consignment business model. GMV under product sales is officially named Distribution GMV according to
20-F, which refers to the GMV under the distribution business model. 21
(2) Based on FY2019 financials in 20-F filing.
Turbo-Charged GMV Growth Driven by Both New and Existing Brand Partners

Number of brand partners Total GMV (1)

RMB mn

44,410
250
239
231

185
29,426

152
133 40,561 21,968
113 19,112
17,557
26,524
12,758
11,265
20,147 9,726
16,492
6,735 15,896
8,731 11,720
4,472 8,774

2,263 2,534 2,620 2,902 3,849

1,661 1,821 952 1,038
(2) (2) (2) (2) (2) (2) (2)
2015 2016 2017 2018 2019 1Q 2020 2Q 2020 2015 2016 2017 2018 2019 1H 2019 1H 2020 2Q 2019 2Q 2020

Distribution GMV Non-Distribution GMV

Data Source: Prospectus, 20-F and 6-K

Note:
(1) Gross merchandise volume includes value added tax and excludes (i) shipping charges, (ii) surcharges and other taxes, (iii) value of the goods that are returned and (iv) deposits for purchases that have not been settled.
(2) The numbers of brand partners represents are as of the end of each year/period indicated.
22
Robust Revenue Growth with Balanced Business Model

Total net revenue Gross profit (1)

RMB mn RMB mn

7,278 62.8% 64.0%

62.3% 61.9% 60.3% 60.1%
53.8%

43.3% 4,504 50.0%

5,393
3,856 33.2%

3,358 30.0%
4,149
2,876 3,676
3,390
2,991 2,310 10.0%
1,891 2,231
2,598 1,214 2,047 1,803
2,152
658 1,524 1,468
1,704 1,376 -10.0%
3,422 1,025
1,224 863
2,258 2,517 855
1,940 2,176
1,467 1,629 -30.0%
849 928

2015 2016 2017 2018 2019 1H 2019 1H 2020 2Q 2019 2Q 2020 2015 2016 2017 2018 2019 1H 2019 1H 2020 2Q 2019 2Q 2020
-50.0%
Product sales revenues Services revenues Gross profit Gross margin

Data Source: Prospectus, 20-F and 6-K

Note:
(1) Gross profit equals total net revenues minus cost of products. Gross margin equals gross profit divided by total net revenues
23
Optimized Cost Structure and Investments in Technology Driving Long-Term Growth

Operating expenses breakdown (as % of total GMV) Technology and content expenses
RMB mn

12.8%
12.2% 393
1.1%
0.8%
0.9%
0.8% 10.4% 10.3%
9.7% 9.9% 9.8% 9.8%
0.6% 0.5%
9.3% 0.5% 0.4%
0.7% 0.9% 0.6% 0.5%
0.5% 0.9% 0.8%
1.1% 269
0.9% 1.1%
6.0% 5.8%

4.8% 4.6% 4.0% 4.1% 198

4.2% 190
4.1% 4.1%

141

96 102 102

4.8% 4.8% 4.5% 4.5% 60

4.3% 4.3% 3.9% 4.0%
3.8%

2015 2016 2017 2018 2019 1H 2019 1H 2020 2Q 2019 2Q 2020 2015 2016 2017 2018 2019 1H 2019 1H 2020 2Q 2019 2Q 2020

Fulfillment Sale & marketing Techonology & content General & adminstrative

Data Source: Prospectus, 20-F and 6-K

24
Healthy and Sustainable Profitability

Non-GAAP income from operations (1) Non-GAAP net income (2)

RMB mn RMB mn

8.0% 8.7%
7.6% 10.0% 10.0%
6.3% 5.6% 6.1% 6.1% 6.5% 6.4% 6.9%
3.7% 4.9% 4.6% 4.7% 4.9%
3.5%
1.3% 1.8%

0.0% 0.0%

460
433 -10.0% -10.0%

347 358
315 -20.0% -20.0%
268
224
-30.0% -30.0%
187
168 173
137 147
124 120
103
-40.0% 84 -40.0%

34 48

-50.0% -50.0%
2015 2016 2017 2018 2019 1H 2019 1H 2020 2Q 2019 2Q 2020 2015 2016 2017 2018 2019 1H 2019 1H 2020 2Q 2019 2Q 2020

Non-GAAP Income from operations Non-GAAP Operating margin Non-GAAP Net Income Non-GAAP Net margin

Data Source: Prospectus, 20-F and 6-K

Note:
(1) Non-GAAP income from operations is a non-GAAP financial measure, which is defined as income from operations excluding share-based compensation expenses and amortization of intangible assets resulting from business acquisition. Non-GAAP operating margin is non-GAAP income from
operations as a percentage of total net revenues.
(2) Non-GAAP net income is net income excluding the impact of share-based compensation expenses and amortization of intangible assets resulting from business acquisition. Non-GAAP net margin is non-GAAP net income as a percentage of total net revenues. 25
Healthy and Sustainable Profitability (Cont’d)

Non-GAAP net income Basic and Diluted non-GAAP net income

attributable to Ordinary Shareholders of Baozun (1) attributable to Ordinary Shareholders of Baozun Inc. per ADS (2)
RMB mn RMB
7
6.4% 6.4% 6.8%
4.9% 4.6% 4.7% 4.9% 6.11 6.16
3.6% 5.99
0.9% 6 5.79

357 4.95
346 5
4.55

267 4

2.93 2.87
3
172 2.42 2.37 2.48 2.43
2.21 2.30
137 146
121 2
1.45
84 1.41

1 0.65 0.59
22

0
2015 2016 2017 2018 2019 1H 2019 1H 2020 2Q 2019 2Q 2020 2015 2016 2017 2018 2019 1H 2019 1H 2020 2Q 2019 2Q 2020

Net income Net margin Basic earnings per ADS Diluted earnings per ADS

Data Source: Prospectus, 20-F and 6-K

Note:
(1) Non-GAAP net income attributable to ordinary shareholders of Baozun Inc. is net income attributable to ordinary shareholders of Baozun Inc. excluding the impact of share-based compensation expenses and amortization of intangible assets resulting from business acquisition. Non-GAAP
net margin is non-GAAP net income attributable to ordinary shareholders of Baozun Inc. as a percentage of total net revenues
(2) Basic and diluted non-GAAP net income attributable to ordinary shareholders of Baozun Inc. per ADS are non-GAAP financial measures, which are defined as non-GAAP net income attributable to ordinary shareholders of Baozun Inc. divided by weighted average number of shares used in
calculating basic and diluted net income per ordinary share multiplied by three, respectively 26
Appendix
Our
We Business Model
are at the Evolvesof
forefront with Brands’
a new eraNeeds and Market
in brand Changes
e-commerce
Phase 1.0 Phase 2.0
2007—2009 2013—2014 2017
 Started to provide e-commerce solutions in China in  Expanded beyond mainland China, such as Hong  Established the technology and innovation center and digital marketing
August 2007 Kong and Taiwan team
 Entered into series-A strategic partnership with Alibaba  Ramped up IT capabilities in cloud-based operating platforms, big data
 First Singles Day(1) promotion partnership with Tmall analysis tools and AI technologies

2016 2018
 Expanded comprehensive functions
 Expanded omni-channel coverage to include
necessary for official brand stores
emerging e-commerce channels such as
 Established e-logistics operations WeChat Mini Programs

2019
2010—2012 2015  Generated over RMB10bn of total order value on Singles Day(1) in 2019
 Started relationship with key e-commerce partners  Listed on NASDAQ  Upgraded to a hybrid cloud infrastructure
including Alibaba and JD.com  Obtained ISO27001 certification on  Obtained Level 3 of Classified Protection of Cybersecurity
 Expanded partnership with leading brand merchants information security management  Launched the ROSS system to enable digitized and automated operations
across-category

Source: Company filings.

Note:
(1) An online sales promotion event that falls on November 11 each year. 28
Consolidated Statements of Income
For the year ended For the six months ended For the three months ended
December 31, June 30, June 30,
in RMB '000 2017 2018 2019 2019 2020 2019 2020
Product sales 2,257,632 2,516,862 3,422,151 1,466,738 1,628,931 849,153 927,799
Services 1,891,176 2,876,175 3,856,041 1,524,233 2,046,775 855,057 1,224,267
Total net revenues 4,148,808 5,393,037 7,278,192 2,990,971 3,675,706 1,704,210 2,152,066
Operating expenses:
Cost of products (1,917,467) (2,034,852) (2,774,342) (1,188,056) (1,365,889) (679,232) (775,783)
Fulfilment (818,173) (1,262,302) (1,678,191) (679,519) (988,339) (391,943) (575,323)
Sales and marketing (910,843) (1,338,970) (1,815,642) (724,573) (888,136) (413,153) (521,969)
Technology and content (140,689) (268,973) (392,951) (190,163) (198,140) (102,297) (102,258)
General and administrative (116,554) (154,845) (215,660) (97,126) (103,827) (51,657) (53,892)
Other operating income (expense), net 11,250 22,678 (17,753) 20,102 42,067 19,868 37,802
Total operating expenses (3,892,476) (5,037,264) (6,894,539) (2,859,335) (3,502,264) (1,618,414) (1,991,423)
Income from operations 256,332 355,773 383,653 131,636 173,442 85,796 160,643
Other income (expenses):
Interest income 13,350 8,017 42,614 15,023 19,670 13,049 9,090
Interest expense (4,252) (13,058) (61,316) (24,457) (36,019) (16,415) (18,112)
Gain on disposal of investment 5,464 — — — — — —
Impairment loss of investments (6,227) (9,021) (9,021) — — — —
Exchange gain (loss) (21) (5,991) (7,663) (2,954) (4,589) (3,922) 274
Income before income tax and share of income (loss) in equity method
investment 264,646 335,720 348,267 119,248 152,504 78,508 151,895
Income tax expense (54,251) (64,953) (71,144) (19,622) (32,517) (12,317) (29,107)
Share of income (loss) in equity method investment (1,265) (996) 4,768 998 2,741 483 (1,719)
Net Income 209,130 269,771 281,891 100,624 122,728 66,674 121,069

Data Source: Prospectus, 20-F and 6-K

29
Selected Consolidated Balance Sheet and Consolidated Cash Flow Statement
Selected Consolidated Balance Sheet Data
As of December 31, As of June 30,
in RMB '000 2017 2018 2019 2020
ASSETS
Cash and cash equivalents 244,809 457,340 1,144,451 1,606,390
Restricted cash 48,848 125,515 382,359 159,910
Accounts receivable, net(1) 1,085,669 1,547,631 1,800,896 1,548,649
Inventories, net(1) 382,028 650,348 896,818 912,175
TOTAL ASSETS (1) 2,978,969 4,015,824 7,096,600 6,898,357
LIABILITIES AND SHAREHOLDERS’ EQUITY
Accounts payable 583,532 886,340 877,093 413,151
Short-term loan 172,000 436,200 428,490 183,480
TOTAL LIABILITIES (1) 1,152,532 1,820,808 4,496,829 4,127,397
Baozun Inc. shareholders’ equity 1,809,023 2,177,543 2,568,731 2,739,202
TOTAL LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS AND EQUITY (1) 2,978,969 4,015,824 7,096,600 6,898,357

Consolidated Cash Flow Statement

For the year ended December 31, For the six months ended June 30,
in RMB '000 2017 2018 2019 2019 2020
Net cash provided by (used in) operating activities (169,074) (98,502) 301,396 483,286 428,668
Net cash provided by (used in) investing activities (639,163) 37,564 (1,133,451) (1,077,017) 52,615
Net cash provided by financing activities 167,705 331,225 1,776,891 1,648,330 (245,639)
Net increase (decrease) in cash, cash equivalents and restricted cash (640,532) 270,287 944,836 1,054,599 235,644
Cash, cash equivalents and restricted cash, beginning of year 968,151 293,657 582,855 582,855 1,526,810
Effect of exchange rate changes on cash, cash equivalents and restricted cash (33,962) 18,911 (881) (36,387) 3,846
Cash, cash equivalents and restricted cash, end of year 293,657 582,855 1,526,810 1,601,067 1,766,300

(1) Certain reclassifications in accounts receivable, inventories, prepayments and other current assets and accrued expenses and other current liabilities were retrospectively adjusted as a result of the adoption of a new revenue accounting standard effective on January 1, 2018 30
Reconciliations of GAAP and non-GAAP Financial Measures
For the six months For the three months
For the year ended December 31, ended June 30, ended June 30,
In RMB ’000 2015 2016 2017 2018 2019 2019 2020 2019 2020
Income from operations 8,451 90,066 256,332 355,773 383,653 131,636 173,442 85,796 160,643

Add: Share-based compensation expenses 25,195 34,185 58,231 75,862 75,183 35,436 49,657 16,960 26,060

Amortization of intangible assets resulting from business acquisition — — 782 1,564 1,564 782 782 391 391

Non-GAAP income from operations 33,646 124,251 315,345 433,199 460,400 167,854 223,881 103,147 187,094

Net income 22,621 85,424 209,130 269,771 281,891 100,624 122,728 66,674 121,069

Add: Share-based compensation expenses 25,195 34,185 58,231 75,862 75,183 35,436 49,657 16,960 26,060

Amortization of intangible assets resulting from business acquisition — — 782 1,564 1,564 782 782 391 391

Less: Tax effect of amortization of intangible assets resulting from business

acquisition — — (196) (392) (392) (196) (196) (98) (98)

Non-GAAP net income 47,816 119,609 267,947 346,805 358,246 136,646 172,971 83,927 147,422

Net income (loss) attributable to ordinary shareholders of Baozun Inc. (2,711) 86,633 208,866 269,712 281,297 101,071 122,010 67,062 119,771

Add: Share-based compensation expenses 25,195 34,185 58,231 75,862 75,183 35,436 49,657 16,960 26,060

Amortization of intangible assets resulting from business acquisition — — 398 796 796 398 398 199 199

Less: Tax effect of amortization of intangible assets resulting from business

acquisition — — (100) (200) (200) (100) (100) (50) (50)

Non-GAAP net income attributable to ordinary shareholders of Baozun Inc. 22,484 120,818 267,395 346,170 357,076 136,805 171,965 84,171 145,980

Data Source: Prospectus, 20-F and 6-K

31
Thank You!