Exhibit 99.1

Baozun Announces Fourth Quarter and Fiscal Year 2023 Unaudited Financial Results

SHANGHAI, China, March 21, 2024 – Baozun Inc. (Nasdaq: BZUN and HKEX: 9991) (“Baozun”, the “Company” or the “Group”), a leading brand e-commerce solution provider and digital commerce enabler in China, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2023.

Mr. Vincent Qiu, Chairman and Chief Executive Officer of Baozun, stated, “In 2023, we started our transformation journey, expanding into three business divisions. Throughout the year, we solidified our leadership in the digital commerce industry, and further enhanced operational efficiency. I am grateful for the resilience and adaptability demonstrated by the Baozun team amid the ever-changing market environment. Additionally, we are honored to be recognized as the sole Asian supplier in Gartner’s 2024 Market Guide for Distributed Order Management Systems. Looking ahead to 2024, despite macro uncertainties, we remain committed to sustainably executing our plans with diligence and patience. The improved health of our business fundamentals gives us confidence to enhance value proposition to our brand partners.”

Mr. Arthur Yu, Chief Financial Officer of Baozun and President of BEC, commented, “We closed 2023 with a 5% year-over-year revenue growth to RMB8.8 billion, marking new records for both annual operating cash flow and free cash flow. For Baozun eCommerce, we’re delighted to highlight tangible advancements in improving customer satisfaction, strengthening our position as an all-encompassing omni-channel enabler, and improving our efficiency and cost management. Positioned to seize emerging opportunities, we’re confident in our solid foundation for growth and success, driving forward Baozun Group’s second wave of expansion.”

Fourth Quarter 2023 Financial Highlights

Fiscal Year 2023 Financial Highlights

Reconciliations of GAAP measures to non-GAAP measures presented above are included at the end of this results announcement.

Adjusted operating profits/losses are included in the Segments data of Segment Information.

Business Highlights

Baozun e-Commerce, or “BEC”

BEC includes our China e-commerce businesses, such as brands’ store operations, customer services and value-added services in logistics and supply chain management, IT and digital marketing. As of December 31, 2023, we served more than 450 brand partners.

Omni-channel expansion remains a key theme for our brand partners. By the end of the fourth quarter, approximately 44.7% of our brand partners engaged with us for store operations of at least two channels, compared with 41.8% for the end of same quarter of last year.

With excellent technical expertise, Baozun was recognized as the only Asian supplier shortlisted for the prestigious Gartner 2024 Market Guide for Distributed Order Management System. This professional recognition from Gartner further cements our professional technological capability and leadership position in the industry.

Baozun Brand Management, or “BBM”

BBM engages in holistic brand management, including strategy and tactic positioning, branding and marketing, retail and e-commerce operations, supply chain and logistics and technology empowerment. We aim to leverage our portfolio of technologies to forge longer and deeper relationships with brands.

In the fourth quarter of 2023, BBM continued to focus on transforming Gap Shanghai – from a discount-driven approach to one that focuses on building consumer love for our brand and products. During the quarter, product sales for BBM totaled RMB455.5 million. Gross profit margin of product sales for BBM in the fourth quarter of 2023 was 52.9%.

Fourth Quarter 2023 Financial Results

Total net revenues were RMB2,780.4 million (US$391.6 million), an increase of 8.9% from RMB2,553.2 million in the same quarter of last year. The increase in total net revenues was mainly due to the incremental revenue contribution from BBM, a new line of business the Company launched in the first quarter of 2023.

Total product sales revenue was RMB1,053.0 million (US$148.3 million), compared with RMB772.4 million in the same quarter of last year, of which,

The following table sets forth a breakdown of product sales revenues of E-Commerce by key categories⁷ for the periods indicated:

Services revenue was RMB1,727.4 million (US$243.3 million), a decrease of 3.0% from RMB1,780.8 million in the same quarter of last year. The decrease was primarily due to revenue reduction of RMB56.2 million from warehousing and fulfillment due to lower volume of warehousing business, partially offset by the increase of value-added services revenue in digital marketing and IT solutions.

The following table sets forth a breakdown of services revenue by business models for the periods indicated:

Breakdown of total net revenues of online store operations of services by key categories⁹ of services for the periods indicated:

Total operating expenses were RMB2,774.0 million (US$390.7 million), compared with RMB2,429.1 million in the same quarter of last year. The increase in operating expenses is mainly attributing to the acquisition of Gap Shanghai. Excluding operating expenses from GAP Shanghai, the remaining operating expenses decreased by RMB105.5 million, representing a 4.3% improvement from a year ago.

Income from operations was RMB6.4 million (US$0.9 million), compared with RMB124.1 million in the same quarter of last year. Operating margin was 0.2%, compared with 4.9% in the same quarter of last year. The decrease was mainly due to lower profitability in BEC businesses due to weak macro conditions, along with the loss from Gap Shanghai, a subsidiary the Company acquired in the first quarter of 2023, which has been significantly narrowed on a comparable basis.

Non-GAAP income from operations was RMB75.7 million (US$10.7 million), compared with non-GAAP income from operations RMB182.6 million in the same quarter of last year.

Adjusted operating profit of E-Commerce was RMB118.2 million (US$16.6 million), compared with RMB182.6 million in the same quarter of last year. Adjusted operating loss of Brand Management was RMB42.5 million (US$6.0 million).

Unrealized investment loss was RMB8.4 million (US$1.2 million), compared with unrealized investment gain RMB5.0 million in the same quarter of last year. The unrealized investment loss of this quarter was mainly related to the decrease in the trading price of Lanvin Group, a company successfully listed on the New York Stock Exchange in December 2022 that the Company invested in June 2021 and was partially offset by the unrealized investment gain RMB5.6 million, which was related to the increase in the trading price of iClick Interactive, a public company listed on the Nasdaq Global Market that the Company invested in January 2021.

Net loss attributable to ordinary shareholders of Baozun was RMB48.4 million (US$6.8 million), narrowed from RMB284.3 million in the same quarter of last year, which was primarily due to a fair value loss on derivative liabilities of RMB364.8 million in the same period of last year.

Basic and diluted net loss attributable to ordinary shareholders of Baozun per ADS were both RMB0.80 (US$0.11 million), compared with both RMB4.84 for the same period of 2022.

Non-GAAP net loss attributable to ordinary shareholders of Baozun Inc. was RMB28.8 million (US$4.1 million), compared with RMB138.3 million in the same quarter of last year.

Basic and diluted non-GAAP net loss attributable to ordinary shareholders of Baozun per ADS were both RMB0.48 (US$0.07) and RMB0.47 (US$0.07), compared with RMB2.35 and 2.32 for the same period of 2022.

Fiscal Year 2023 Financial Results

Total net revenues were RMB8,812.0 million (US$1,241.1 million), an increase of 4.9% from RMB8,400.6 million in the fiscal year of 2022. The increase in total net revenues was mainly due to the incremental revenue contribution from BBM, a new line of business the Company launched in the first quarter of 2023.

Total product sales revenue was RMB3,357.2 million (US$472.9 million), compared with RMB2,644.2 million in the fiscal year of 2022, of which,

The following table sets forth a breakdown of product sales revenues of E-Commerce by key categories for the periods indicated:

Product Sales of E-Commerce

Services revenue was RMB5,454.8 million (US$768.3 million), a decrease of 5.2% from RMB5,756.4 million in the fiscal year of 2022. The decrease was primarily due to revenue reduction of RMB202.6 million from warehousing and fulfillment due to lower volume of warehousing business and the disposal of a loss-making subsidiary during the fourth quarter of 2022.

The following table sets forth a breakdown of services revenue by business models for the periods indicated:

Services revenue

Breakdown of total net revenues of online store operations of services by key categories of services for the periods indicated:

Total operating expenses were RMB9,018.4 million (US$1,270.2 million), compared with RMB8,367.3 million in the fiscal year of 2022. The increase in operating expense is mainly attributing to the acquisition of Gap Shanghai in February 2023. Excluding operating expense from GAP Shanghai, the remaining operating expenses decreased by RMB704.4 million, representing a 8.4% decrease compared with the same period of last year.

Loss from operations was RMB206.4 million (US$29.1 million), compared with income from operations RMB33.3 million in the fiscal year of 2022. Operating margin was negative 2.3%, compared with positive 0.4% in the fiscal year of 2022.

Non-GAAP loss from operations was RMB23.7 million (US$3.3 million), compared with non- GAAP income from operations RMB256.1 million in the fiscal year of 2022. The decrease was mainly due to lower profitability in BEC businesses due to weak macro conditions, strategic investment in Creative Content to Commerce, along with the loss from Gap Shanghai, a subsidiary the Company acquired in the first quarter of 2023, which has been significantly narrowed on a comparable basis.

Adjusted operating profit of E-Commerce was RMB164.0 million (US$23.1 million), compared with adjusted operating profit of RMB256.1 million in the fiscal year of 2022. Adjusted operating loss of Brand Management was RMB187.7 million (US$26.4 million).

Net interest income was RMB40.8 million (US$5.7 million), compared with net interest expense of RMB11.1 million in the fiscal year of 2022.

Unrealized investment loss was RMB68.0 million (US$9.6 million), compared with RMB97.8 million in the fiscal year of 2022. The unrealized investment loss of this year was mainly related to the decrease in the trading price of Lanvin Group, a company successfully listed on the New York Stock Exchange in December 2022 that the Company invested in June 2021.

Exchange loss was RMB8.5 million (US$1.2 million), due to exchange rate fluctuation between Renminbi and U.S. dollar in the year ended December 31, 2023, compared to RMB32.4 million last year.

Net loss attributable to ordinary shareholders of Baozun was RMB278.4 million (US$39.2 million), narrowed from RMB653.3 million in the fiscal year of 2022, which was primarily due to a fair value loss on derivative liabilities of RMB364.8 million in the same period of last year.

Basic and diluted net loss attributable to ordinary shareholders of Baozun per ADS were both RMB4.68 (US$0.7), compared with both RMB10.69 in the fiscal year of 2022.

Non-GAAP net loss attributable to ordinary shareholders of Baozun Inc. was both RMB65.1 million (US$9.2 million), compared with non-GAAP net income attributable to ordinary shareholders of Baozun Inc. RMB132.2 million in the fiscal year of 2022.

Basic and diluted non-GAAP net loss attributable to ordinary shareholders of Baozun per ADS were both RMB1.09 (US$0.15), compared with Basic and diluted non-GAAP net income attributable to ordinary shareholders of Baozun per ADS RMB2.16 and RMB2.13 in the fiscal year of 2022.

Segment Information

Following the acquisition of Gap Shanghai, the Group updated its operating segments structure resulting in two segments, which were (i) E-Commerce and (ii) Brand Management;

The following summary describes the operations in each of the Group’s operating segment:

The table below provides a summary of the Group’s reportable segment results for the three months ended December 31, 2022 and 2023, with prior periods’ segment information retrospectively recast to conform to current period presentation:

The table below provides a summary of the Group’s reportable segment results for the fiscal year of 2022 and 2023, with prior periods’ segment information retrospectively recast to conform to current period presentation:

Conference Call

The Company will host a conference call to discuss the earnings at 7:30 a.m. Eastern Time on Thursday, March 21, 2024 (7:30 p.m. Beijing time on the same day).

Dial-in details for the earnings conference call are as follows:

A replay of the conference call may be accessible through March 28, 2024 by dialing the following numbers:

A live webcast of the conference call will be available on the Investor Relations section of Baozun’s website at http://ir.baozun.com. An archived webcast will be available through the same link following the call.

Use of Non-GAAP Financial Measures

The Company also uses certain non-GAAP financial measures in evaluating its business. For example, the Company uses non-GAAP income (loss) from operations, non-GAAP operating margin, non-GAAP net income (loss), non-GAAP net margin, non-GAAP net income (loss) attributable to ordinary shareholders of Baozun and non-GAAP net income (loss) attributable to ordinary shareholders of Baozun per ADS, as supplemental measures to review and assess its financial and operating performance. The presentation of these 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 with U.S. GAAP.

The Company defines non-GAAP income (loss) from operations as income (loss) from operations excluding the impact of share-based compensation expenses, amortization of intangible assets resulting from business acquisition and acquisition-related expenses. The Company defines non- GAAP operating margin as non-GAAP income (loss) from operations as a percentage of total net revenues. The Company defines non-GAAP net income (loss) as net income (loss) excluding the impact of share-based compensation expenses, amortization of intangible assets resulting from business acquisition, acquisition-related expenses, impairment of goodwill and investments, loss on variance from expected contingent acquisition payment, cancellation fees of repurchased ADSs and returned ADSs, fair value loss (gain) on derivative liabilities, loss on disposal of subsidiaries and investment in equity investee, and unrealized investment loss. The Company defines non-GAAP net margin as non-GAAP net income (loss) as a percentage of total net revenues. The Company defines non-GAAP net income (loss) attributable to ordinary shareholders of Baozun as net income (loss) attributable to ordinary shareholders of Baozun excluding the impact of share-based compensation expenses, amortization of intangible assets resulting from business acquisition, acquisition-related expenses, impairment of goodwill and investments, loss on variance from expected contingent acquisition payment, cancellation fees of repurchased ADSs and returned ADSs, fair value loss (gain) on derivative liabilities, loss on disposal of subsidiaries and investment in equity investee, and unrealized investment loss. The Company defines non-GAAP net income (loss) attributable to ordinary shareholders of Baozun per ADS as non-GAAP net income (loss) attributable to ordinary shareholders of Baozun divided by weighted average number of shares used in calculating net income (loss) per ordinary share multiplied by three.

The Company presents the non-GAAP financial measures because they are used by the Company’s management to evaluate the Company’s financial and operating performance and formulate business plans. Non-GAAP income (loss) from operations, non-GAAP net income (loss), non-GAAP net income (loss) attributable to ordinary shareholders of Baozun and Non- GAAP net income (loss) attributable to ordinary shareholders of Baozun per ADS reflect the Company’s ongoing business operations in a manner that allows more meaningful period-to-period comparisons. The Company believes that the use of the non-GAAP financial measures facilitates investors to understand and evaluate the Company’s current operating performance and future prospects in the same manner as management does, if they so choose. The Company also believes that the non-GAAP financial measures provide useful information to both management and investors by excluding certain expenses, gain/loss and other items that are not expected to result in future cash payments or that are non-recurring in nature or may not be indicative of the Company’s core operating results and business outlook.

The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using non-GAAP income (loss) from operations, non-GAAP net income (loss), non-GAAP net income (loss) attributable to ordinary shareholders of Baozun, and non-GAAP net income (loss) attributable to ordinary shareholders of Baozun per ADS is that they do not reflect all items of income and expense that affect the Company’s operations. Further, the non-GAAP measures may differ from the non-GAAP measures used by other companies, including peer companies, potentially limiting the comparability of their financial results to the Company’s. In light of the foregoing limitations, the non-GAAP income (loss) from operations, non-GAAP operating margin, non-GAAP net income (loss), non-GAAP net margin, non-GAAP net income (loss) attributable to ordinary shareholders of Baozun and non-GAAP net income (loss) attributable to ordinary shareholders of Baozun per ADS for the period should not be considered in isolation from or as an alternative to income (loss) from operations, operating margin, net income (loss), net margin, net income (loss) attributable to ordinary shareholders of Baozun and net income (loss) attributable to ordinary shareholders of Baozun per ADS, or other financial measures prepared in accordance with U.S. GAAP.

The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measures, which should be considered when evaluating the Company’s performance. The company encourages you to review the company’s financial information in its entirety and not rely on a single financial measure. For reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures, please see the section of the accompanying tables titled, “Reconciliations of GAAP and Non-GAAP Results.”

Safe Harbor Statements

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident,” “potential,” “continues,” “ongoing,” “targets,” “guidance,” “going forward,” “looking forward,” “outlook” or other similar expressions. Statements that are not historical facts, including but not limited to statements about Baozun’s beliefs and expectations, are forward-looking statements. Forward- looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to Baozun’s filings with the United States Securities and Exchange Commission and its announcements, notices or other documents published on the website of The Stock Exchange of Hong Kong Limited. All information provided in this announcement is as of the date hereof and is based on assumptions that Baozun believes to be reasonable as of this date, and Baozun undertakes no obligation to update such information, except as required under applicable law.

About Baozun Inc.

Founded in 2007, Baozun Inc. is a leader in brand e-commerce service, brand management, and digital commerce service. It serves more than 450 brands from various industries and sectors around the world, including East and Southeast Asia, Europe and North America.

Baozun Inc. comprises three major business lines – Baozun e-Commerce (BEC), Baozun Brand Management (BBM) and Baozun International (BZI) and is committed to accelerating high-quality and sustainable growth. Driven by the principle that “Technology Empowers the Future Success”, Baozun’s business lines are devoted to empowering their clients’ business and navigating their new phase of development.

For more information, please visit http://ir.baozun.com.

For investor and media inquiries, please contact:

Baozun Inc.

Ms. Wendy Sun

Email: ir@baozun.com

Baozun Inc.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

Baozun Inc.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except for share and per share data)

Baozun Inc.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands, except for share and per share data and per ADS data)

Baozun Inc.

Reconciliations of GAAP and Non-GAAP Results

(in thousands, except for share and per ADS data)