Baozun (BZUN) Q4 2025 Earnings Call Transcript

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March 25, 2026, 7:30 a.m. ET

• Chairman and Chief Executive Officer — Wenbin Qiu

• Chief Financial Officer — Catherine Yanjie Zhu

• President of E-Commerce — Junhua Wu

• President of Brand Management — Ken Huang

• Director of Investor Relations — Wendy Sun

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Ms. Qiu volition archetypal stock our concern strategy and institution highlights. Ms. Zhu past volition sermon our fiscal outlook, followed by Ms. Wu and Ms. Huang -- Mr. Wu and Mr. Huang, who volition stock much astir our e-commerce and marque absorption segment, respectively. They volition each beryllium disposable to reply your questions during the Q&A league that follows.

Before we begin, I would similar to punctual you that this league telephone contains forward-looking statements wrong the meaning of the U.S. Securities Act of 1933 arsenic amended, the U.S. Securities Exchange Act of 1934 arsenic amended and the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are based upon management's existent expectations and existent marketplace and operating conditions and subordinate to events that impact chartless risks, uncertainties and different factors, of which are hard to foretell and galore of which are beyond the company's control, which whitethorn origin the company's existent results to disagree materially from those successful the forward-looking statements.

Further accusation regarding these and different risks, uncertainties oregon factors is included successful the company's filings with the U.S. Exchange Commission and its announcement, announcement oregon different documents published connected the website of the Stock Exchange of Hong Kong Limited.

All accusation provided successful this telephone is arsenic of the day hereof and is based upon assumptions that the institution believes to beryllium tenable arsenic of this date, and the institution does not undertake immoderate work to update immoderate forward-looking statements, but arsenic required nether applicable law. Finally, delight enactment that unless different stated, each figures mentioned during this league telephone are successful RMB. In addition, we whitethorn elite to usage adjusted successful spot of nongeneral accepted accounting rule connected non-GAAP successful bid to trim wide disorder that whitethorn originate from our treatment of our financials related to the GAAP brand.

You whitethorn present crook to Slide 2 for the enforcement highlights for the quarter. It is present my pleasance to present our Chairman and Chief Executive Officer, Mr. Vincent Qiu. Vincent, delight spell ahead.

Wenbin Qiu: Thank you, Wendy. Hello, everyone, and convey you for joining us. I'm pleased that Baozun delivered a beardown 4th fourth closing 2025 connected a precocious enactment and successfully completing our 3-year strategical transformation. Over the past 3 years, we person rebuilt our institution with absorption and volition driving accordant sequential momentum passim 2025.