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    Jie Hou • Huatai Securities

    Jie Hou's questions to Baozun Inc (BZUN) leadership

    Jie Hou's questions to Baozun Inc (BZUN) leadership • Q3 2024

    Question

    Jie Hou of Huatai Securities asked for management's expectations on consumption trends and opportunities in the upcoming year, considering the slight warming during Double 11. He also requested some color on the company's top-line and margin outlook for next year.

    Answer

    Arthur Yu, President of Baozun E-Commerce, anticipates consumption will further stabilize next year. He sees an opportunity as brands, while cautious, are looking to invest in their internal capabilities. Chairman and CEO Wenbin Qiu expressed cautious optimism for the broader economy due to supportive government policies. He stressed that Baozun's primary focus for 2025 will be on internal operational optimization to unlock further potential.

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    Jie Hou's questions to Baozun Inc (BZUN) leadership • Q2 2024

    Question

    Jie Hou asked for management's view on Baozun's core competitiveness and barriers to entry, especially as e-commerce platforms continuously improve merchant support and launch advanced tools.

    Answer

    Arthur Yu, President of Baozun E-commerce, outlined three pillars of competitive advantage: 1) A strong client focus enhanced by technology and data, leading to high renewal rates. 2) Internal operational efficiency driven by Lean and Six Sigma programs, providing a cost advantage. 3) The strategic push into the exclusive distribution business model, which allows Baozun to leverage its digital strengths more fully.

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