Baozun (BZUN.O) Key Takeaways from Annual Analyst Meeting 2026

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Baozun (BZUN.O) Key Takeaways from Annual Analyst Meeting 2026

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17 Jun 2026 09:37:05 ET │ 11 pages

Baozun (BZUN.O)

Key Takeaways from Annual Analyst Meeting 2026

CITI’S TAKE

Today (Jun 17), we attended Baozun’s annual analyst meeting held in HK.

Buy Following an early transitional period for Baozun between 2023-25,

Price (16 Jun 26 16:00) US$2.73 management expects the company to enter into a phase of high quality

growth between 2026-28E, given the stable growth for BEC with cost Target price US$4.50

optimization opportunities, faster momentum for BBM and synergies Expected share price return 64.8%

between both segments. Near-term, growth momentum in 1Q was likely Expected dividend yield 0.0%

sustained into 2Q with healthy growth during 618 campaign so far thanks Expected total return 64.8%

to its brand focus especially in fashion, outdoor, premium luxury and Market Cap US$159M

electronics categories. With resilient brand customer demand and

increasing presence in new channels especially Douyin, management

expects similar momentum to likely extend into Double 11 this year as well.

Coming away from the meeting, we remain positive on Baozun’s long- Alicia Yap, CFAAC

term outlook and margin improvement trajectory through 2028E backed +852-2501-2773

by greater BEC/BBM synergies, focus on quality growth and potential AI alicia.yap@citi.com

disruption. Maintain Buy with TP US$4.5. Nelson Cheung

nelson.cheung@citi.com

Growth acceleration after strategic transitioning – Since 2019, Baozun has been

Vicky Wei, CFAgradually deepening upstream collaboration especially brand acquisition like GAP

and Hunter to explore new growth opportunities. Management expects to see greater vicky.wei@citi.com

synergies between two key segment BEC and BBM leveraging Baozun’s profound