Baozun (BZUN.O) Q2 total net revenue rose 7% YoY to 2.7 bln yuan; non‑GAAP
operating profit was 74 mln yuan. E-commerce revenue rose 5% to 2.3 bln yuan
with non‑GAAP operating profit of 107 mln yuan — the strongest Q2 e‑commerce
profit since 2022 — while brand‑management revenue rose 22% to 486 mln yuan and
operating losses narrowed. Management raised its 2028 non‑GAAP operating profit
target to 700 mln yuan from 550 mln yuan. After the results, CITIGROUP kept a
Buy, raised its PT to $5.30 from $4.50 and lifted 2026–28 non‑GAAP net‑profit
forecasts by 36%, 40% and 30%; CITIC Lyon upgraded to outperform, raised its PT
to $3.80 from $3.20 and increased adjusted net‑profit forecasts for this year
and next by ~20%; CMBI kept Buy, raised its PT to $4.23 from $3.98 and raised
operating‑profit forecasts for the next three years. Brokers cite stronger
e‑commerce margins, narrower brand‑management losses and AI/automation
efficiency gains as key profit drivers; whether AI can scale from pilots to
sustainable, quantifiable profit uplift is the main medium‑term value trigger.
