Investor Presentation

May 2021

Disclaimer

1

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 aninducement 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. Thispresentation does not contain all relevant information relating to the Company or its securities, particularly with respect to the risks and special considerations involved with aninvestment in the securities of the Company. This presentation does not constitute legal, regulatory, accounting or tax advice to you. We recommend that you seekindependent third party legal, regulatory, accounting and tax advice regarding the contents of this presentation. This presentation does not constitute and should not beconsidered 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’sbusiness and financial outlook, strategy and market opportunity, and statements about the Company’s historical results that may suggest trends for its business. Thesestatements 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 of1934, 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 thedate 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 knownand 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 Companywill operate in the future. Accordingly, actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statementsand 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 pastor future performance of the Company. The Company, its officers, advisors, or representatives undertake no obligation to update or revise these forward-looking statements forevents or circumstances that occur subsequent to the date of this presentation, except as required under law. By viewing the information contained in this presentation, therecipient hereby acknowledges and agrees that neither the Company nor any of the representatives of the Company accepts any responsibility for or makes any representationor warranty, express or implied, with respect to the truth, accuracy, fairness, completeness or reasonableness of the information contained in, and omissions from, thesematerials and that neither the Company nor any of its affiliates, advisers or representatives accepts any liability whatsoever for any loss howsoever arising from any informationpresented 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 ofincome and expense that affect the Company’s operations. Share-based compensation expenses, amortization of intangible assets resulting from business acquisition, andunrealized investment loss 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, thenon-GAAP measures may differ from the non-GAAP measures used by other companies, including peer companies, and therefore their comparability may be limited. The useof 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 withGAAP. For a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures, see Reconciliations of GAAP and non-GAAP FinancialMeasures.

1

Company Snapshot

Baozun – Technology-Empowered Leadership in China’s Brand E-Commerce Service Industry

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.

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

• Net add of 15 brand partners in 1Q2021; total of 281 as of Mar 31, 2021,

covering 8 categories

• 2016~2020 GMV (2) 4-yr CAGR of 49%

Leading brand e-commerce service partner

Full service solutions with premium infrastructure for fulfillment and warehousing

Unique omni-channel capabilities

Scalable and powerful proprietary technology that empowers e-commerce operations

Technology Empowers Future Success

3

1,978 5,370 6,037

14,892

1,826

4,535 4,899

11,940

3,804

9,904 10,936

26,832

2015 2019 2020E 2025E

B2C E-Commerce Market Size C2C E-Commerce Market Size

Massive Opportunities in Brand E-commerce

Tremendous Growth Prospects of Brand E-commerce Service IndustryRMB bn, %

Note: (1) As measured by GMV, according to iResearch.

Rapid Growth of China’s Online Shopping Market; Increasing Contribution from B2C E-commerce

RMB bn, %

4

Online Shopping

18.1%

150

564 688

2,042

7.6%

10.5%

11.4%

13.7%

2015 2019 2020E 2025E

Brand E-Commerce Service Market Size

Brand E-Commerce Service Penetration within B2C E-Commerce

Brand E-Commerce

Service

23.9%

2019 – 2025ECAGR

B2C E-Commerce

18.5%

2019 – 2025E CAGR (1)

2019 Market Share (1)

7.9%

14.1% Top 5 Combined

Digital operating platform oriented

We are at the forefront of a new era in brand e-commerce

Phase 1.0Phase 2.0

Focused on online store management

Technology

Success

Empowers

Managing store operations

Omni-channel coverage

Cost efficiency to capture industry trends

Evolving digital marketing

Technology integration

5

Big data analysis and insights

We are leading a New Era in Brand E-Commerce

Our Business Model Evolves with Brand Needs and Changes in the Market

6

▪ Started to provide e-commerce solutions in China in August 2007

▪ Entered into series-A strategic partnership with Alibaba

▪ First Singles Day(1) promotion partnership with Tmall

2007—2009

▪ Started relationship with key e-commerce partners including Alibaba and JD.com

▪ Expanded partnership with leading brand merchants across-category

2010-2012

▪ Expanded beyond mainland China, such as Hong Kong and Taiwan

2013—2014

2015

▪ Listed on NASDAQ

▪ Obtained ISO27001 certification on information security management

2016

▪ Expanded comprehensive functions necessary for official brand stores

▪ Established e-logistics operations

2017▪ Established the technology and

innovation center and digital marketing team

▪ Ramped up IT capabilities in cloud-based operating platforms, big data analysis tools and AI technologies

2018▪ Expanded omni-

channel coverageto include emerging e-commerce channels such as WeChat Mini Programs

2019

▪ Generated over RMB10bn of total order value on Singles Day(1) in 2019

▪ Upgraded to a hybrid cloud infrastructure

▪ Obtained Level 3 of Classified Protection of Cybersecurity

▪ Launched the ROSS system to enable digitized and automated operations

2020

▪ Generated over RMB16.5bn of total order value on 2020 extended Singles Day Shopping Festival (2)

▪ HK Secondary listing on HKEX

▪ Significant progress in ROSS automation applications

▪ Non-Tmall channels accounted for over 25% of total GMV

▪ Shanghai Best Employer Top 30 of the Year

Phase 1.0 Phase 2.0

Note: (1) An online sales promotion event that falls on November 11 each year.(2) 2020 Singles Day Shopping Festival extended through November 1 to November 11, 2020.

Business Highlights

8

Business Highlights

Established industry leader in China’s brand e-commerce

service industry

Deep and long-term relationships with brands across

broad range of categories

Full-service scope with omni-channel capabilities to enable

one-stop services

1

2

3

4

5

6

Proprietary and robust technology stack

Continuous innovation driving future growth

Entrepreneurial and experiencedManagement team

Narrow scope of services

Limited aspects of brands’ e-commerce strategies addressed

Limited capability

9

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

Note:(1) As of March 31, 2021. (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).(4) According to iResearch.

Pioneer since 2007 Serving 281 brand

partners (1)

Leading player with 7.9% market share (2)

Trusted partner with

leading global partners,

covering 15 out of top 50most valuable global brands (3)

Full suite of servicesStrong presence across

multiple channels

13 certificates on Alibaba

platform; 4 on JD.com platform

8 categories

Lead with End-to-end capabilities across e-commerce value chain for 8 categories

Other brand e-commerce service providers (4)

Full scope of e-commerce

Capabilities limited to serving certain verticals

Full scope of e-commerce

Dedicated to single e-commerce channels

Full service, vertical play

Full service, single channelOnline Store Operations

DigitalMarketing

Warehousing & Fulfillment

CustomerServices

• Apparel & Accessories• Appliances • Electronics• Home & Furnishings• Food & Health • Beauty & Cosmetics • FMCG, Mother & Baby• Automobiles

IT Solutions

1

10

Deep and Long-term Relationships with Brands Across Broad Range of Categories

Brands + Omni-channel solutions

Brands +E-commerce presence

Brands starting to partner with Baozun

Formulate e-commerce strategies

Enable existing operations to improve performance

Brands + Establishede-commerce strategies

Align data management across channels

Help global brands gain local insights and expand

online presence

Advise on new channel strategies

Maximize operational efficiency

Exploit new online-offline integration opportunities

Help local brands to execute e-commerce

strategies

Integrate online-offline operations

Customize technology solutions

Provide data-driven digital marketing solutions

We empower brand partners to succeed in China’s e-commerce market through efficient technology integration and effective

strategic planning based on specific needs

2

11

We serve brand partners as a one-stop,turn-key service provider – Provide coordinated and holistic

approach with streamlined processes

– Enable brand partners to focus on their core expertise

We provide integrated business and customer profiles across channels.

We empower online-offline integration to support operations and boost sales

As we grow with our brand partners, our

service offering to many of them expands

from limited services to full servicesThrough successful and in-depth

integration, brand partners have gradually

ramped up with more servicesNote:(1) By third party

Customer services

IT solutions

Store operations

Warehousing & fulfillment

Digital marketing

Digital operation platform

Infrastructure

Online store set-up and operations

Brand-oriented

IT solutions

Efficiency tools

Fulfillment and warehousing

Delivery (1)

Digital marketing and omni-channel

synchronization

Brand development

Pre-saleinquiry

After-salesupport

Platform

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

Continuous Innovation Driving Future Growth

Cross-Channel Sales Solutions

Industry Recognition• Awarded the “Tmall Super One” – Brand with Best Digital Innovation

Capabilities in 2019

Increasing Investment in Technology

• Consistent focus on R&D and investment in tech infrastructure

12

Business Model Innovations Increasing investment in R&D

Initiated operations + SaaS + high

customization models in brand stores and

mini-programs

Helped brand partners participate in the very

first Singles Day promotion in 2009

Updated logistics offerings from B2C to a combined B2C/B2B

model

Continuous innovation of our business model to keep abreast of the fast changing e-commerce market

Pioneered customized warehousing,

operation automation and digital marketing

solutions 141

410

RMBmm

2017 2020

+191%

Technology & Content Expenses

4

Pioneered the transition from unified store-oriented service to classified front-end

support-oriented model

Efficiency Improvement SolutionsOmni-channel Solutions

Front-end

Cloud-based System / O2O Solutions▪ Solutions based on cloud infrastructure

▪ Synchronizes multiple systems to support omni-channeltransactions

▪ Enables efficient set-up of official brand stores and official branded WeChat Mini Programs

▪ Integrates inventories to support omni-channel sales

ROSS (Retail Operation Support System)▪ Automated system for store operations

✓ Product management

✓ Content management

✓ Event management

✓ Customer analysis

Yunzhuan and Yunbian

Back-endInfrastructure

Big Data & Technology Platform Baozun Hybrid Cloud

Middle-endOMSOrder Management System

WMSWarehouse Management System

CRMCustomer Relationship Management

LMISLogistics Management Information System

IOSPInventory & Order Service Platform

Proprietary Robust Technology Stack

13

5

Robust and Scalable Infrastructure

Baozun Hybrid Cloud • Flexible and elastic platform that can be readily

expanded internally or through public clouds

• Successfully supported 2020 Double Eleven Shopping Festival that generated RMB16.5bn GMV in

order value

Big Data Platform • Foundation of data intelligence that supports stream

and batch processing, distributed data processing securely

• Great cost savings and enhanced scalability

14

OMS• Inventory management system for processing

sales orders by online stores• Supply chain optimization

WMS• Warehouse management system• Labor productivity improvement and warehouse

workflow enhancement

Our Proprietary Cloud & Big Data Platform

Integrated Middle-end System

ShopCat• CRM system with customer service, data analysis and

membership management systems• Formulate unified user profile to enhance customer

lifecycle 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

5

ShopDog• Specialized O2O solutions that help stores tackle

inventory shortage issues by offering integrated inventory management

IOSP • O2O management tool that interlinks and

synchronizes with omni-channel inventories

• 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

• 15 years experience in financial management

• BSc degree in Management Sciences from Warwick University in 2003, MSc degree in management information systems from the London School of Economics in 2004 and an EMBA from University of Cambridge in 2016

Shanghai ErryShanghai Erry

• Extensive experience across human resources management, sales and marketing and IT

• Bachelor’s degree in computer science from FudanUniversity in 1989

15

Aaron Yuen Lung

Kwok

ArthurJunrui Yu FCMA

JunhuaWu

Vincent Wenbin Qiu

CHOCFODirector, CGO, Co-founderChairman of the Board, CEO, Co-founder

Stable and committed core management that has been working for 13+ years

Young and passionate mid-level management team

Open and vibrant corporate culture that inspires innovation

6 Entrepreneurial and Experienced Management Team

Strategy Priorities

16

“Customer First” to drive growth

Cost Structure Optimization

New Business Expansion

Technology Innovation Digital Marketing Logistics

Aspiration, Mission and Objectives

Aspiration: From brands to consumers, we strive to become the leading global brand e-commerce business partnerMission: Technology empowers future successObjective: Sustainable & profitable growth

Culture

Deliver quality through developing people

• Customer segmentation and service differentiation to attract new business

• Become #1 in more sub-categories to drive up market share

• Explore new channels such as mini-programs, Douyin, JD etc.

• Explore new business models

• Drive technology driven business process re-engineering

• Implement service-quality-oriented location strategy

Baozun 3-5 Year Medium-Term Strategic Plan

Strategic Enablers

17

Omni-Channel & New Business Model Exploration

“Customer First” to Drive Growth through Service Differentiation

Cost Structure Optimization

Progress on Key Initiatives

• Continuous progress on Luxury Sector with more value-added services

• Healthy profit margin and growing at 50% year-over-year

• Benefit from Full Jet acquisition and FosunFashion Group Strategic Alliance

• GMV contribution from Non-Tmall channels increased to 35%

• Integrated additional SAAS functions in Tencent mini-program solution utilizing iClickpartnership

• Successful Douyin livestreaming operation for several brands

• Progress made in working with JD

• Significant cost savings delivered by Business Operation Centre (BOC) through technology driven business process re-engineering and ROSS integration

• Nantong & Hefei Remote Service Centers on track and expect to deliver savings from 2H 2021

18

✓ Upgraded technology system and capacity to facilitate omni-channel

✓ Enhanced ROSS one-stop online design platform

✓ Launched Selling Machine (“SEMA”) to increase efficiency in customer acquisition

Technology

Digital Marketing

✓ Continued improvement in content marketing, live-streaming and data services

✓ Expanded live-streaming studio to 2,000 square meter in Shanghai

✓ Several equity investment in digital marketing to enhance capability

Warehouse & Logistics

✓ Raised infrastructure capacity to 640,000 m2

✓ Expanded capacity for specialized warehouses dedicated to luxury sector

✓ Enhanced service customization

Continuous Infrastructure Enablers Enhancements

Solid

Effective

Efficient

Infrastructure

19

Environmental, Social and Governance (ESG) Highlights

CybersecurityGovernance

• Establish a Sustainability Committee to recommend ESG strategies, approve & review ESG related policies

• 100% of suppliers signed anti- corruption documents

• Establish a Risk Assurance Committee and enhance three defense lines of internal control

• Certified by ISO 27001 Information Security Management System

• Certified by Level 3 of Classified Protection of Cybersecurity

• Zero information security accident or data leak was reported in 2020

• 2,744 employees trained in total, total training hours reached 62,192 in 2020

• Launch “Baozun Care” EAP (employee assistance program) to support the mental wellbeing of our employees

• 2020 employee satisfaction rate: 85%, YoY 3% increase

Employee Care Green Operation & Ecology

• Achieve energy decreasing target set of 6.3% for 2020, recycle 2,291 tons of packaging material and use 7,867 tons of environment-friendly packaging material

• 100% ratio of electric forklift trucks in 2020

• Greenhouse gas emissions are 9,731 tons of CO2 equivalent in 2020

Financial Highlights

21

(1) As of March 31, 2021(2) Gross merchandise volume for the quarter of 2021 Q1, 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) 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

GAAP income from operations was RMB52.9 million, an increase of 313.4% YoY

GMV(2) RevenueNon-GAAP Income from Operations(3)

RMB 13.2 bn+44% YoY

RMB 2.0 bn+33% YoY

RMB 75.8 mm+106% YoY

281 Brand Partners(1)

+ 15Net Add QoQ

2021 1Q Financial Highlights

Revenue Model Overview

Source: 20-F and 6-KNotes: (1) As of March 31, 2021. GMV under services is officially named Non-distribution GMV, which refers to the GMV under the service fee model and the consignment business model. GMV under product sales is officially named Distribution GMV, which refers to the GMV under the distribution business model. (2) As of March 31, 2021.

22

Service Fee Model Consignment Model Distribution Model

Services Product Sales

31 2

48% of total net revenues (2)52% of total net revenues (2)

Description

Products pre-purchased by company(take inventory risks)

Brand partners enjoy one or more of the following services :

▪ IT Solutions

▪ Online Store Operations

▪ Digital Marketing

▪ Customer Service

Brand partners stock goods in Baozun’swarehouses for future sales:

▪ Warehousing and fulfillment services

▪ Managing storage and delivering goods to consumers on behalf of brand partners

▪ Baozun selects and pre-purchases products (taking inventory risk) from brand partners and/or their authorized distributors and sells goods directly to consumers through official brand stores or official marketplace stores operated by Baozun

▪ Baozun provides other services, such as digital marketing and IT solutions, which are classified as services revenue

RevenueModel

▪ Fixed fees and/or variable fees primarily based on GMV

▪ Other variable factors such as number of orders fulfilled

▪ Selling products on behalf of brand partners to consumers

8% of GMV(1)92% of GMV (1)

GMV by CategoryTotal GMV (1)

Solid GMV Growth

23

2,534 2,620 2,902 3,849 4,335783 1,074

8,731

16,492

26,524

40,561

51,353

8,42712,167

11,265

19,112

29,426

44,410

55,688

9,210

2016 2017 2018 2019 2020 1Q 2020 1Q 2021

Distribution GMV Non-Distribution GMV

RMB mn

13,241

(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

20%+

Electronics~ 40% YoY

growth

~15%

FMCGOver 100%YoY growth

50%+Apparel &

Accessories ~ 30% YoY

growth

Sports

Luxury

Women’s Clothing

Men’s Clothing

Robust Revenue Growth

24

Gross profit (1)Total net revenues

2,176 2,258 2,517

3,422 3,907

701 972

1,214

1,891

2,876

3,856

4,945

823

1,049

3,390

4,149

5,393

7,278

1,524

2,021

2016 2017 2018 2019 2020 1Q 2020 1Q 2021

Product sales revenues Services revenues

RMB mn

1,468

2,231

3,358

4,504

5,525

9341,198

43%

54%

62% 62% 62%61%

59%

-50.0%

-30.0%

-10.0%

10.0%

30.0%

50.0%

2016 2017 2018 2019 2020 1Q 2020 1Q 2021

Gross profit Gross margin

RMB mn

(1) Gross profit equals total net revenues minus cost of products. Gross margin equals gross profit divided by total net revenues

8,852

4.8%4.3% 4.3%

3.8% 4.1% 4.5%3.8%

5.8%

4.8% 4.6%

4.1% 3.8%4.0%

3.6%

0.8%

0.7% 0.9%

0.9% 0.7%

1.0%

0.7%

0.8%

0.6% 0.5%

0.5%0.4%

0.5%

0.6%

12.2%

10.4% 10.3%

9.3%9.0%

10.0%

8.7%

2016 2017 2018 2019 2020 1Q 2020 1Q 2021

Fulfillment Sales & marketing Techonology & content General & adminstrative

Optimized Cost Structure and Drove Operational Efficiency

25

Operating expenses breakdown (as % of total GMV) Operating expense analysis

Fulfillment 508MMYoY GMV% 4.5%→3.8%

• Newly established remote service centers

• Efficiency gain

• Greater deployment of cost-efficient last mile delivery carriers

• Effective digital marketing services

• Deployment of latest technology in daily operationsSales & Marketing 471MM

YoY GMV% 4.0%→3.6%

• Effective cost control and productivity improvements

• Better prioritization of development pipeline

• Investment in talent recruitment

• Professional fees for M&A

• Accrual of rental for new headquarters

Technology & Content 93MMYoY GMV 1.0%→0.7%

G&A 80MMYoY GMV 0.5%→0.6%

Non-GAAP income from operations (1)

124

315

433460

669

37

76

3.7%

7.6% 8.0%6.3%

7.6%

2.4%3.7%

-50.0%

-40.0%

-30.0%

-20.0%

-10.0%

0.0%

10.0%

2016 2017 2018 2019 2020 1Q 2020 1Q 2021

Non-GAAP Income from operations Non-GAAP Operating margin

RMB mn

Non-GAAP net income (2)

26

Healthy and Sustainable Profitability

(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, amortization of intangible assets resulting from business acquisition and unrealized investment loss. Non-GAAP net margin is non-GAAP net income as a percentage of total net revenues

120

268

347 358

536

26

62

3.5%

6.5% 6.4%4.9%

6.1%

1.7%3.1%

-50.0%

-40.0%

-30.0%

-20.0%

-10.0%

0.0%

10.0%

2016 2017 2018 2019 2020 1Q 2020 1Q 2021

Non-GAAP Net Income Non-GAAP Net margin

RMB mn

Healthy and Sustainable Profitability (Cont’d)

Non-GAAP net income attributable to Ordinary Shareholders of Baozun (1)

121

267

346 357

535

26

61

3.6%6.4% 6.4%

4.9% 6.0%

1.7%3.0%

2016 2017 2018 2019 2020 1Q 2020 1Q 2021

Net income Net margin

RMB mn

Basic and Diluted non-GAAP net income attributable to Ordinary Shareholders of Baozun Inc. per ADS (2)

RMB

2.42

4.95

6.11 6.16

8.57

0.440.83

2.21

4.55

5.79 5.99

8.40

0.44

0.82

0

1

2

3

4

5

6

7

8

9

2016 2017 2018 2019 2020 1Q 2020 1Q 2021

Basic earnings per ADS Diluted earnings per ADS

(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, amortization of intangible assets resulting from business acquisition and unrealized investment loss. 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 27

Appendix

Consolidated Statements of Income

29

For the year ended December 31,

For the three months endedMarch 31,

in RMB '000 2018 2019 2020 2020 2021

Product sales 2,516,862 3,422,151 3,906,611 701,132 971,842

Services 2,876,175 3,856,041 4,944,952 822,508 1,048,654

Total net revenues 5,393,037 7,278,192 8,851,563 1,523,640 2,020,496

Operating expenses:

Cost of products (2,034,852) (2,774,342) (3,326,243) (590,106) (822,301)

Fulfilment (1,262,302) (1,678,191) (2,259,176) (413,016) (507,997)

Sales and marketing (1,338,970) (1,815,642) (2,130,667) (366,167) (470,642)

Technology and content (268,973) (392,951) (409,870) (95,882) (92,983)

General and administrative (154,845) (215,660) (224,045) (49,935) (79,625)

Other operating income (expense), net 22,678 (17,753) 57,115 4,265 5,963

Total operating expenses (5,037,264) (6,894,539) (8,292,886) (1,510,841) (1,967,585)

Income from operations 355,773 383,653 558,677 12,799 52,911

Other income (expenses):

Interest income 8,017 42,614 41,373 10,580 17,721

Interest expense (13,058) (61,316) (66,124) (17,907) (13,222)

Impairment loss of investments (9,021) (9,021) (10,800) — (37,351)

Exchange gain (loss) (5,991) (7,663) 25,725 (4,863) (6,755)

Income before income tax and share of income (loss) in equity method investment 335,720 348,267 548,851 609 13,304

Income tax expense (64,953) (71,144) (127,787) (3,410) (11,622)

Share of income (loss) in equity method investment (996) 4,768 5,470 4,460 450

Net Income 269,771 281,891 426,534 1,659 2,132

Data Source: 20-F and 6-K

Selected Consolidated Statements of Income

Consolidated Balance Sheet

30

For the year ended December 31,

For the three months endedMarch 31,

in RMB '000 2018 2019 2020 2021

ASSETS

Cash and cash equivalents 457,340 1,144,451 3,579,665 2,986,413

Restricted cash 125,515 382,359 151,354 8,812

Accounts receivable, net(1) 1,547,631 1,800,896 2,188,977 1,827,955

Inventories, net(1) 650,348 896,818 1,026,038 886,991

TOTAL ASSETS (1) 4,015,824 7,096,600 10,474,691 9,742,227

LIABILITIES AND SHAREHOLDERS’ EQUITY

Accounts payable 886,340 877,093 421,562 324,006

Short-term loan 436,200 428,490 — —

Long-term loan 68,753 1,859,896 1,762,847 1,775,247

TOTAL LIABILITIES (1) 1,820,808 4,496,829 4,332,088 3,569,196

Baozun Inc. shareholders’ equity 2,177,543 2,568,731 6,111,021 6,140,572

TOTAL LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS AND EQUITY (1) 4,015,824 7,096,600 10,474,691 9,742,227

Selected Consolidated Balance Sheet Data

(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

Reconciliations of GAAP and non-GAAP Financial Measures

For the year ended December 31,For the three months

ended March 31,

In RMB ’000 2016 2017 2018 2019 2020 2020 2021

Income from operations 90,066 256,332 355,773 383,653 558,677 12,799 52,911

Add: Share-based compensation expenses 34,185 58,231 75,862 75,183 108,440 23,597 22,452

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

Non-GAAP income from operations 124,251 315,345 433,199 460,400 668,681 36,787 75,754

Net income 85,424 209,130 269,771 281,891 426,534 1,659 2,132

Add: Share-based compensation expenses 34,185 58,231 75,862 75,183 108,440 23,597 22,452

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

Investment loss — — — — — — 37,351

Less: Tax effect of amortization of intangible assets resulting from business acquisition — (196) (392) (392) (392) (98) (98)

Non-GAAP net income 119,609 267,947 346,805 358,246 536,146 25,549 62,228

Net income (loss) attributable to ordinary shareholders of Baozun Inc. 86,633 208,866 269,712 281,297 425,992 2,239 1,255

Add: Share-based compensation expenses 34,185 58,231 75,862 75,183 108,440 23,597 22,452

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

Investment loss — — — — — — 37,351

Less: Tax effect of amortization of intangible assets resulting from business acquisition — (100) (200) (200) (200) (50) (50)

Non-GAAP net income attributable to ordinary shareholders of Baozun Inc. 120,818 267,395 346,170 357,076 535,028 25,985 61,207

31Data Source: 20-F and 6-K

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