Lulu Xia's questions to Baozun Inc (BZUN) leadership • Q4 2024
Question
Lulu Xia from Huatai Securities asked about the competitive landscape, specifically the potential impact on Baozun from e-commerce platforms like Douyin cutting commission rates. She also inquired about the consumption recovery trend in 2025, given recent stimulus policies, and requested more detail on the growth outlook for Baozun's key categories.
Answer
Junhua Wu, Chief Strategy Officer, explained that while platforms like Tmall and JD remain the largest by GMV, Baozun is benefiting from Douyin's commission rate adjustments in key categories like fashion and apparel. He stated the company is actively expanding services on Douyin and integrating its traffic into a broader omnichannel strategy. Regarding the 2025 outlook, he noted that with over 400 brand partners having varied strategies, a single consumption trend is difficult to define, but Baozun maintains a positive outlook for its own GMV, revenue, and operating profit growth.