Baozun E-commerce (09991) brand management business Q2 revenue increased 22%, and gross margin rose to 56%

The Zhitong Finance App learned that on August 27, Baozun E-Commerce (09991) released financial results for the second quarter of 2026. During the reporting period, the brand management business achieved revenue of 490 million yuan, an increase of 22% over the previous year; the gross margin of the sector rose to 56%, an increase of 383 basis points over the previous year, and revenue growth improved simultaneously with profit quality.

GAP continued to drive sector growth. Non-GAAP operating losses narrowed by more than 40% year on year, and inventory turnover efficiency improved steadily; by the end of the second quarter, the number of GAP offline stores had reached 184. Hunter, on the other hand, continues to deeply cultivate the offline high-end retail market and promote the layout of stores in the core business district. Through various methods such as celebrity endorsements, IP co-branding and theme marketing, Baozun continues to enhance brand influence and market transformation capabilities, and promote the collaborative development of multi-brand management.