<SEC-DOCUMENT>0001104659-24-093789.txt : 20240828
<SEC-HEADER>0001104659-24-093789.hdr.sgml : 20240828
<ACCEPTANCE-DATETIME>20240828090812
ACCESSION NUMBER:		0001104659-24-093789
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20240828
FILED AS OF DATE:		20240828
DATE AS OF CHANGE:		20240828

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Baozun Inc.
		CENTRAL INDEX KEY:			0001625414
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-CATALOG & MAIL-ORDER HOUSES [5961]
		ORGANIZATION NAME:           	07 Trade & Services
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-37385
		FILM NUMBER:		241251353

	BUSINESS ADDRESS:	
		STREET 1:		NO. 1-9, LANE 510, WEST JIANGCHANG ROAD
		STREET 2:		JING'AN DISTRICT
		CITY:			SHANGHAI
		STATE:			F4
		ZIP:			200436
		BUSINESS PHONE:		(86-21) 60809991

	MAIL ADDRESS:	
		STREET 1:		NO. 1-9, LANE 510, WEST JIANGCHANG ROAD
		STREET 2:		JING'AN DISTRICT
		CITY:			SHANGHAI
		STATE:			F4
		ZIP:			200436

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Baozun Cayman Inc.
		DATE OF NAME CHANGE:	20141114
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>tm2422894d1_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 12pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="border-top: Black 2pt solid; font-size: 1pt; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WASHINGTON, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM&nbsp;6-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REPORT OF FOREIGN PRIVATE ISSUER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PURSUANT TO RULE 13a-16 OR 15d-16</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNDER THE SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 100%"><DIV STYLE="border-top: Black 1pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>For
the month of </B></FONT><B>August&nbsp;2024</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 100%"><DIV STYLE="border-top: Black 1pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Commission File Number: 001-37385</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Baozun Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>No.&nbsp;1-9, Lane 510, West Jiangchang Road</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Shanghai 200436</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>The People&rsquo;s Republic of China</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive office)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant files or will file annual
reports under cover of Form&nbsp;20-F or Form&nbsp;40-F.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;20-F&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#120;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form&nbsp;40-F&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 12pt; width: 100%"><DIV STYLE="border-top: Black 1pt solid; font-size: 1pt; border-bottom: Black 2pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Baozun Inc.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Catherine Zhu</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Catherine Zhu</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:
</FONT>August&nbsp;28, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Exhibit&nbsp;Index</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD><A HREF="tm2422894d1_ex99-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit&nbsp;99.1 &ndash; Press Release &ndash; Baozun Announces Second Quarter 2024 Unaudited Financial Results</FONT></A></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><A HREF="tm2422894d1_ex99-2.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit&nbsp;99.2 &ndash; Announcement with The Stock Exchange of Hong Kong Limited &ndash; Interim Results Announcement for the Six Months Ended June&nbsp;30, 2024</FONT></A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 3; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Safe Harbor Statement</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This announcement contains forward-looking statements.
These statements are made under the &ldquo;safe harbor&rdquo; provisions of the U.S. Private Securities Litigation Reform Act of 1995.
These forward-looking statements can be identified by terminology such as &ldquo;will,&rdquo; &ldquo;expects,&rdquo; &ldquo;anticipates,&rdquo;
&ldquo;aims,&rdquo; &ldquo;future,&rdquo; &ldquo;intends,&rdquo; &ldquo;plans,&rdquo; &ldquo;believes,&rdquo; &ldquo;estimates,&rdquo;
&ldquo;confident,&rdquo; &ldquo;potential,&rdquo; &ldquo;continues,&rdquo; &ldquo;ongoing,&rdquo; &ldquo;targets,&rdquo; &ldquo;guidance,&rdquo;
&ldquo;going forward,&rdquo; &ldquo;outlook&rdquo; or other similar expressions. Statements that are not historical facts, including but
not limited to statements about Baozun&rsquo;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&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 4; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>tm2422894d1_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><I>Hong
Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement,
make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising
from or in reliance upon the whole or any part of the contents of this announcement.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><I>Under
our weighted voting rights structure, our share capital comprises Class&nbsp;A ordinary shares and Class&nbsp;B ordinary shares. Each
Class&nbsp;A ordinary share entitles the holder to exercise one vote, and each Class&nbsp;B ordinary share entitles the holder to exercise
ten votes, respectively, on any resolution tabled at our general meetings, except as may otherwise be required by law or by the Rules&nbsp;Governing
the Listing of Securities on the Stock Exchange of Hong Kong Limited or provided for in our memorandum and articles of association. Shareholders
and prospective investors should be aware of the potential risks of investing in a company with a weighted voting rights structure. Our
American depositary shares, each representing three of our Class&nbsp;A ordinary shares, are listed on the Nasdaq Global Select Market
in the United States under the symbol BZUN.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2422894d1_ex99-1img001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231f20"><B>Baozun Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231f20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>&#23542;&#23562;&#38651;&#21830;&#26377;&#38480;&#20844;&#21496;</B></FONT><B><FONT STYLE="font-size: 10pt">*</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>(A company controlled through weighted voting
rights and incorporated in the Cayman Islands with limited liability)</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231f20"><B>(Stock Code: 9991)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>ANNOUNCEMENT OF THE SECOND QUARTER
2024 RESULTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
hereby announce our unaudited financial results for the three months ended June&nbsp;30, 2024 (&ldquo;<B>Second Quarter 2024 Results</B>&rdquo;).
The Second Quarter 2024 Results are available for viewing on the website of The Stock Exchange of Hong Kong Limited at </FONT>www.hkexnews.hk
and our website at www.baozun.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 75%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; width: 25%; font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 10pt">By
    order of the Board</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 10pt">Baozun
    Inc.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 10pt">Vincent
    Wenbin Qiu</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: italic 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 10pt">Chairman</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">Hong Kong, Aug 28, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><I>As
at the date of this announcement, our board of directors comprises Mr.&nbsp;Vincent Wenbin Qiu as the chairman, Mr.&nbsp;Junhua Wu, Mr.&nbsp;Satoshi
Okada, Dr.&nbsp;Jun Wang and Ms.&nbsp;Bin Yu as directors, and Mr.&nbsp;Yiu Pong Chan, Mr.&nbsp;Steve Hsien-Chieng Hsia and Mr.&nbsp;Benjamin
Changqing Ye as independent directors.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231f20">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>for
identification purposes only</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>Baozun Announces Second Quarter 2024 Unaudited
Financial Results</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">SHANGHAI, China, August&nbsp;28,
2024 &ndash; Baozun Inc. (Nasdaq: BZUN and HKEX: 9991) (&ldquo;<B>Baozun</B>&rdquo;, the &ldquo;<B>Company</B>&rdquo; or the &ldquo;<B>Group</B>&rdquo;),
a leading brand e-commerce solution provider and digital commerce enabler in China, today announced its unaudited financial results for
the second quarter ended June&nbsp;30, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">Mr.&nbsp;Vincent Qiu, Chairman
and Chief Executive Officer of Baozun, commented, &ldquo;I&rsquo;m pleased that in the second quarter, E-Commerce revenue returned to
growth after ten quarters of contraction, highlighting our effective revitalization efforts in both services and product sales. Additionally,
we smoothly integrated Location, a top Douyin partner, into Baozun&rsquo;s livestreaming business unit. This integration strengthened
our value proposition in the Douyin ecosystem. Brand Management continued to reduce its operating losses and accelerated its store expansion
plans. We have also been working more closely with Gap Inc to maximize its global assets in the Chinese market. With improved momentum
in E-commerce and ongoing progress in building Brand Management, we remain committed to our strategic transformation to drive further
growth.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">Ms.&nbsp;Catherine Zhu, Chief
Financial Officer of Baozun Inc., commented, &ldquo;I&rsquo;m delighted to report that Baozun achieved 3% year-over-year revenue growth,
and significant annual improvement in non-GAAP operating profits. We anticipate this revenue growth momentum will persist for the remainder
of 2024. In addition, we are advancing our sustainability initiatives and are well on track to fulfill our commitment to creating long-term
value for our shareholders. Year to date, Baozun has repurchased approximately 2.0 million ADSs for $4.9 million, reflecting our confidence
in the company&rsquo;s future.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; color: rgb(35,31,32)"><B>Second Quarter 2024 Financial
Highlights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
                                            net revenues were RMB2,391.0 million (US$</FONT><SUP>1</SUP>329.0 million), representing
                                            an increase of 3.1% compared with RMB2,320.2 million for the same period of 2023.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Loss from operations was RMB18.8 million (US$2.6 million), an improvement from RMB36.4 million in the
same quarter of last year which was mainly due to a reduction in losses from Brand Management. Operating margin was negative 0.8%, an
improvement from negative 1.6% for the same period of 2023.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Non-GAAP
                                            income from operation</FONT><SUP>2</SUP> was RMB10.0 million (US$1.4 million), an improvement
                                            from RMB0.7 million in the same quarter of last year which was mainly due to a reduction
                                            in losses from Brand Management. Non-GAAP operating margin was 0.4%, improved from 0.03%
                                            for the same period of 2023.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1</SUP></FONT></TD><TD STYLE="text-align: justify">This announcement contains translations of certain Renminbi (RMB) amounts into U.S. dollars (US$) at a
specified rate solely for the convenience of the reader. Unless otherwise noted, the translation of RMB into US$ has been made at RMB7.2672
to US$1.00, the noon buying rate in effect on June&nbsp;28, 2024 as set forth in the H.10 Statistical Release
of the Federal Reserve Board.</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                                       </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>2</SUP></FONT></TD><TD STYLE="text-align: justify">Non-GAAP income (loss) from operations is a non-GAAP financial measure, which is defined as income (loss)
from operations excluding the impact of share-based compensation expenses, amortization of intangible assets resulting from business acquisition,
acquisition-related expenses, impairment of goodwill, loss on variance from expected contingent acquisition payment, and cancellation
fees of repurchased ADSs and returned ADSs.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 2; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 28.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Adjusted operating profit of E-Commerce</FONT>3 was RMB60.2 million (US$8.3
million), largely in line with RMB60.8 million for the same period of 2023.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 28.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Adjusted
                                            operating loss of Brand Management</FONT><SUP>3</SUP> was RMB50.0 million (US$6.9 million),
                                            an improvement from RMB60.1 million for the same period of 2023.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Net loss attributable to ordinary shareholders of Baozun Inc. was RMB30.6 million (US$4.2 million), compared
with RMB20.0 million for the same period of 2023.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Non-GAAP
                                            net loss attributable to ordinary shareholders of Baozun Inc.</FONT><SUP>4</SUP> was RMB3.9
                                            million (US$0.5 million), compared with RMB4.4 million for the same period of 2023.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Basic
                                            and diluted net loss attributable to ordinary shareholders of Baozun Inc. per American Depositary
                                            Share (&ldquo;<B>ADS</B></FONT><B><SUP>5</SUP></B>&rdquo;) were both RMB0.51 (US$0.07), compared
                                            with both RMB0.34 for the same period of 2023.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Diluted
                                            non-GAAP net loss attributable to ordinary shareholders of Baozun Inc. per ADS</FONT><SUP>6
                                            </SUP>was RMB0.06 (US$0.01), compared with RMB0.07 for the same period of 2023.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Cash and cash equivalents, restricted cash, and short-term investments totaled RMB2,853.3 million (US$392.6
million), as of June&nbsp;30, 2024, compared with RMB3,072.8 million as of December&nbsp;31, 2023.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231f20">Reconciliations of GAAP measures to non-GAAP measures
presented above are included at the end of this results announcement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231f20">Adjusted operating profits/losses by segment are included
in the Segments data of Segment Information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>3</SUP></FONT></TD><TD STYLE="text-align: justify">Following the acquisition of Gap Shanghai, the Group updated its operating segment structure resulting
in two segments, which were (i)&nbsp;E-Commerce; (ii)&nbsp;Brand Management, for more information, please refer to Supplemental Information.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>4</SUP></FONT></TD><TD STYLE="text-align: justify">Non-GAAP net income (loss) attributable to ordinary shareholders of Baozun Inc. is a non-GAAP financial
measure, which is defined as net income (loss) attributable to ordinary shareholders of Baozun Inc. 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 on derivative liabilities, loss on disposal of subsidiaries and investment in equity investee, and unrealized
investment loss.</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
                          <TR STYLE="vertical-align: top">
<TD><SUP>5</SUP></TD><TD STYLE="text-align: justify">Each
ADS represents three Class&nbsp;A ordinary shares.</TD></TR>
                          </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>6</SUP></FONT></TD><TD STYLE="text-align: justify">Diluted non-GAAP net income (loss) attributable to ordinary shareholders of Baozun Inc. per ADS are non-
GAAP financial measures, which are respectively defined as non-GAAP net income (loss) attributable to ordinary shareholders of Baozun
Inc. divided by weighted average number of shares used in calculating diluted net income (loss) per ordinary share multiplied by three,
respectively.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 3; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231f20"><B>Business Highlights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231f20"><B><U>Baozun e-Commerce, or &ldquo;BEC&rdquo;</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">BEC includes our China e-commerce
businesses, such as brands&rsquo; store operations, customer services and value-added services in logistics and supply chain management,&nbsp;IT
and digital marketing. During the quarter, the total service revenue achieved a 10.4% year-over-year growth, with double digit growth
in sportswear store operation revenues and strong performance in digital marketing and IT services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">Omni-channel expansion remains
a key theme for our brand partners. By the end of the second quarter, approximately 45.8% of our brand partners engaged with us for store
operations of at least two channels.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231f20"><B><U>Baozun Brand Management, or &ldquo;BBM&rdquo;</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">Currently, our Brand Management
business line includes the Gap and Hunter brands. During the quarter, product sales revenue for Brand Management totaled RMB292.3 million,
with a gross profit margin of 52.3%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20"><B>Second Quarter 2024 Financial
Results</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">T<B>otal net revenues </B>were
RMB2,391.0 million (US$329.0 million), an increase of 3.1% from RMB2,320.2 million in the same quarter of last year. The increase in total
net revenues was mainly driven by a 9.4% increase in service revenue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Total
product sales revenue </B></FONT>was RMB870.3 million (US$119.8 million), compared with RMB930.3 million in the same quarter of last year,
of which:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B>Product sales revenue of E-Commerce </B>was RMB579.2 million (US$79.7 million), a decrease of 4.4%
from RMB606.1 million in the same quarter of last year. The decrease was primarily attributable to the Company&rsquo;s optimization of
its product portfolio in distribution model, especially in the electronics and fast-moving consumer goods sectors.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 4; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231f20"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
following table sets forth a breakdown of product sales revenues of E-Commerce by key categories</FONT><SUP>7</SUP> for the periods indicated:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.125in; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
                                                                                                              <TD COLSPAN="22" STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>For
                                            the three months ended June 30,</B></FONT></TD>
                                                                                                              <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.125in; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231F20; text-align: center"><FONT STYLE="font-size: 10pt"><B>2023</B></FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD COLSPAN="15" STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>2024</B></FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.125in; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: italic 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: italic 10pt Times New Roman, Times, Serif; color: #231F20; text-align: center"><FONT STYLE="font-size: 10pt">RMB</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: italic 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: italic 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font: italic 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 10pt">%
    of Net<BR>
    Revenues</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: italic 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: italic 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font: italic 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 10pt">RMB</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: italic 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: italic 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font: italic 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 10pt">US$</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: italic 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: italic 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font: italic 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 10pt">%
    of Net<BR>
    Revenues</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: italic 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: italic 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font: italic 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 10pt">YoY
    <BR>
Change</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: italic 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.125in; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: italic 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; font: italic 10pt Times New Roman, Times, Serif; color: #231F20; text-align: center"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: italic 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: italic 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; font: italic 10pt Times New Roman, Times, Serif; text-align: center; color: #231F20"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: italic 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: italic 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; font: italic 10pt Times New Roman, Times, Serif; text-align: center; color: #231F20"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: italic 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: italic 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; font: italic 10pt Times New Roman, Times, Serif; text-align: center; color: #231F20"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: italic 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: italic 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; font: italic 10pt Times New Roman, Times, Serif; text-align: center; color: #231F20"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: italic 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: italic 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; font: italic 10pt Times New Roman, Times, Serif; text-align: center; color: #231F20"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: italic 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="21" STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><I>(In millions, except for percentage)</I></FONT></TD><TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">Product
    Sales of E-Commerce</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; width: 28%; color: #231F20"><FONT STYLE="font-size: 10pt">Appliances</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231F20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 9%; color: #231F20; text-align: right"><FONT STYLE="font-size: 10pt">276.0</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231F20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 9%; color: #231F20; text-align: right"><FONT STYLE="font-size: 10pt">12</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231F20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 9%; color: #231F20; text-align: right"><FONT STYLE="font-size: 10pt">264.2</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231F20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 9%; color: #231F20; text-align: right"><FONT STYLE="font-size: 10pt">36.4</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231F20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 9%; color: #231F20; text-align: right"><FONT STYLE="font-size: 10pt">11</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231F20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 9%; color: #231F20; text-align: right"><FONT STYLE="font-size: 10pt">-4</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">Beauty
    and cosmetics</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: right"><FONT STYLE="font-size: 10pt">104.4</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: right"><FONT STYLE="font-size: 10pt">4</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: right"><FONT STYLE="font-size: 10pt">107.9</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: right"><FONT STYLE="font-size: 10pt">14.8</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: right"><FONT STYLE="font-size: 10pt">5</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: right"><FONT STYLE="font-size: 10pt">3</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; color: #231F20"><FONT STYLE="font-size: 10pt">Others</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: right"><FONT STYLE="font-size: 10pt">225.7</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: right"><FONT STYLE="font-size: 10pt">10</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">%</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: right"><FONT STYLE="font-size: 10pt">207.1</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: right"><FONT STYLE="font-size: 10pt">28.5</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: right"><FONT STYLE="font-size: 10pt">8</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">%</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: right"><FONT STYLE="font-size: 10pt">-8</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font-size: 10pt; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt"><B>Total
    net revenues from product sales of E-Commerce</B></FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt">606.1</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231F20; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: #231F20; text-align: right"><FONT STYLE="font-size: 10pt">26</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">%</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231F20; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: #231F20; text-align: right"><FONT STYLE="font-size: 10pt">579.2</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231F20; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: #231F20; text-align: right"><FONT STYLE="font-size: 10pt">79.7</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231F20; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: #231F20; text-align: right"><FONT STYLE="font-size: 10pt">24</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">%</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231F20; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: #231F20; text-align: right"><FONT STYLE="font-size: 10pt">-4</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">%</FONT></TD></TR>
  </TABLE>


<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B>Product sales revenue of Brand Management </B>was RMB292.3 million (US$40.2 million), a decrease of
9.8% from RMB324.2 million in the same quarter of last year. The decrease was primarily due to weak offline traffic during the quarter,
partially offset by an improved visitor conversion rate.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Services
revenue </B></FONT>was RMB1,520.7 million (US$209.3 million), an increase of 9.4% from RMB1,389.9 million in the same quarter of last
year. The increase was primarily due to the double- digit growth in digital marketing and IT solutions and online store operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">The following table sets forth
a breakdown of services revenues by service type for the periods indicated:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="22" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the three months ended June 30,</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231F20; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231F20; text-align: center; border-bottom: Black 1pt solid">2023</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #231F20">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif; color: #231F20; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: italic 10pt Times New Roman, Times, Serif; color: #231F20; text-align: center; border-bottom: Black 1pt solid">RMB</TD><TD STYLE="padding-bottom: 1pt; font: italic 10pt Times New Roman, Times, Serif; color: #231F20">&nbsp;</TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif; color: #231F20; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: italic 10pt Times New Roman, Times, Serif; color: #231F20; text-align: center; border-bottom: Black 1pt solid">% of Net<BR> Revenues</TD><TD STYLE="padding-bottom: 1pt; font: italic 10pt Times New Roman, Times, Serif; color: #231F20">&nbsp;</TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif; color: #231F20; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: italic 10pt Times New Roman, Times, Serif; color: #231F20; text-align: center; border-bottom: Black 1pt solid">RMB</TD><TD STYLE="padding-bottom: 1pt; font: italic 10pt Times New Roman, Times, Serif; color: #231F20">&nbsp;</TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif; color: #231F20; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: italic 10pt Times New Roman, Times, Serif; color: #231F20; text-align: center; border-bottom: Black 1pt solid">US$</TD><TD STYLE="padding-bottom: 1pt; font: italic 10pt Times New Roman, Times, Serif; color: #231F20">&nbsp;</TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif; color: #231F20; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: italic 10pt Times New Roman, Times, Serif; color: #231F20; text-align: center; border-bottom: Black 1pt solid">% of Net<BR> Revenues</TD><TD STYLE="padding-bottom: 1pt; font: italic 10pt Times New Roman, Times, Serif; color: #231F20">&nbsp;</TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif; color: #231F20; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: italic 10pt Times New Roman, Times, Serif; color: #231F20; text-align: center; border-bottom: Black 1pt solid">YoY <BR> Change</TD><TD STYLE="padding-bottom: 1pt; font: italic 10pt Times New Roman, Times, Serif; color: #231F20">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif; color: #231F20; padding-bottom: 1pt"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; font: italic 10pt Times New Roman, Times, Serif; color: #231F20; text-align: center"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: italic 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif; color: #231F20; padding-bottom: 1pt"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; font: italic 10pt Times New Roman, Times, Serif; color: #231F20; text-align: center"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: italic 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif; color: #231F20; padding-bottom: 1pt"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; font: italic 10pt Times New Roman, Times, Serif; color: #231F20; text-align: center"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: italic 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif; color: #231F20; padding-bottom: 1pt"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; font: italic 10pt Times New Roman, Times, Serif; color: #231F20; text-align: center"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: italic 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif; color: #231F20; padding-bottom: 1pt"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; font: italic 10pt Times New Roman, Times, Serif; color: #231F20; text-align: center"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: italic 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif; color: #231F20; padding-bottom: 1pt"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; font: italic 10pt Times New Roman, Times, Serif; color: #231F20; text-align: center"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: italic 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="18" STYLE="font-size: 10pt; font-style: italic; text-align: center">(In millions, except for percentage)</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Services revenue</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 28%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; text-indent: -0.125in; padding-left: 0.25in">Online store operations</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">388.3</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">17</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">441.4</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">60.8</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">18</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">14</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; text-indent: -0.125in; padding-left: 0.25in">Warehousing and fulfillment</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">570.5</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">25</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">587.8</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">80.9</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">25</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">3</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; text-indent: -0.125in; padding-left: 0.25in">Digital marketing and IT solutions</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">446.2</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">19</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">520.5</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">71.6</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">22</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">17</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">Inter-segment eliminations</FONT><FONT STYLE="font-size: 10pt; color: #231f20"><SUP>8</SUP></FONT></TD><TD STYLE="font-size: 10pt; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; text-align: right">(15.1</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #231f20; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">-1</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</TD><TD STYLE="font-size: 10pt; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; text-align: right">(29.0</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #231f20; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; text-align: right">(4.0</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #231f20; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">-1</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">92</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; padding-bottom: 2.5pt; text-indent: -0.125in; padding-left: 0.125in">Total net revenues from services</TD><TD STYLE="font-size: 10pt; color: #231f20; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #231f20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #231f20; font-weight: bold; text-align: right">1,389.9</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; color: #231f20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">60</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</TD><TD STYLE="font-size: 10pt; color: #231f20; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #231f20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #231f20; font-weight: bold; text-align: right">1,520.7</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; color: #231f20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #231f20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #231f20; font-weight: bold; text-align: right">209.3</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; color: #231f20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">64</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">9</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>7</SUP></FONT></TD><TD STYLE="text-align: justify">Key categories refer to the categories that accounted for no less than 10% of product sales of E-Commerce
revenues during the periods indicated.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>8</SUP></FONT></TD><TD STYLE="text-align: justify">The inter-segment eliminations mainly consist of revenues from online store operations, warehousing and
fulfillment, and digital marketing and IT services provided by E-Commerce to Gap, a brand under Brand Management.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 5; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in; color: #231f20"><FONT STYLE="font-family: Times New Roman, Times, Serif">Breakdown
of total net revenues of online store operations of services by key categories</FONT><SUP>9</SUP> of services for the periods indicated:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; text-indent: -0.25in; padding-left: 0.25in; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
                                                                                                              <TD COLSPAN="22" STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>For
                                            the three months ended June 30,</B></FONT></TD>
                                                                                                              <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; text-indent: -0.25in; padding-left: 0.25in; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231F20; text-align: center"><FONT STYLE="font-size: 10pt"><B>2023</B></FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD COLSPAN="15" STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>2024</B></FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; text-indent: -0.25in; padding-left: 0.25in; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: italic 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: italic 10pt Times New Roman, Times, Serif; color: #231F20; text-align: center"><FONT STYLE="font-size: 10pt">RMB</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: italic 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: italic 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font: italic 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 10pt">%
    of Net<BR>
    Revenues</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: italic 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: italic 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font: italic 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 10pt">RMB</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: italic 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: italic 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font: italic 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 10pt">US$</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: italic 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: italic 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font: italic 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 10pt">%
    of Net<BR>
    Revenues</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: italic 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: italic 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font: italic 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 10pt">YoY<BR>

    Change</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: italic 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; text-indent: -0.25in; padding-left: 0.25in; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: italic 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; font: italic 10pt Times New Roman, Times, Serif; color: #231F20; text-align: center"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: italic 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: italic 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; font: italic 10pt Times New Roman, Times, Serif; text-align: center; color: #231F20"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: italic 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: italic 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; font: italic 10pt Times New Roman, Times, Serif; text-align: center; color: #231F20"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: italic 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: italic 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; font: italic 10pt Times New Roman, Times, Serif; text-align: center; color: #231F20"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: italic 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: italic 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; font: italic 10pt Times New Roman, Times, Serif; text-align: center; color: #231F20"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: italic 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: italic 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; font: italic 10pt Times New Roman, Times, Serif; text-align: center; color: #231F20"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: italic 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.25in; padding-left: 0.25in; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="21" STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><I>(In millions, except for percentage)</I></FONT></TD><TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">Online store operations in Services revenue</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; width: 28%; color: #231f20; text-align: left">Apparel and accessories</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">258.3</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">11</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">317.8</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">43.7</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">13</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">23</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; color: #231f20">&ndash; Luxury</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">97.9</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">4</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">96.9</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">13.3</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">4</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">-1</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; color: #231f20">&ndash; Sportswear</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">95.0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">4</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">117.1</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">16.1</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">5</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">23</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; color: #231f20; text-align: left">&ndash; Other apparel</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">65.4</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">3</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">103.8</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">14.3</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">4</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">59</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; color: #231f20">Others</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">130.0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">6</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">123.6</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">17.1</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">6</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">-5</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.25in; color: #231f20; padding-bottom: 1pt">Inter-segment
    eliminations<SUP>10</SUP></TD><TD STYLE="font-size: 10pt; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; text-align: right">(9.3</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #231f20; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; text-align: right">-1</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #231f20; text-align: left">%</TD><TD STYLE="font-size: 10pt; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; text-align: right">(12.0</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #231f20; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; text-align: right">(1.7</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #231f20; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; text-align: right">-1</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #231f20; text-align: left">%</TD><TD STYLE="font-size: 10pt; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; text-align: right">29</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #231f20; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; padding-bottom: 2.5pt">Total net revenues from online store operations in services</TD><TD STYLE="font-size: 10pt; color: #231f20; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #231f20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #231f20; font-weight: bold; text-align: right">379.0</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; color: #231f20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">16</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</TD><TD STYLE="font-size: 10pt; color: #231f20; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #231f20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #231f20; font-weight: bold; text-align: right">429.4</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; color: #231f20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #231f20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #231f20; font-weight: bold; text-align: right">59.1</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; color: #231f20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">18</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">13</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">%</TD></TR>
  </TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231f20"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Total
operating expenses </B></FONT>were RMB2,409.8 million (US$331.6 million), compared with RMB2,356.6 million in the same quarter of last
year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B>Cost of products </B>was RMB649.7 million (US$89.4 million), compared with RMB675.1 million in the
same quarter of last year. The decrease was primarily due to a decline in product sales volume.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B>Fulfillment expenses </B>were RMB627.0 million (US$86.3 million), compared with RMB658.7 million in
the same quarter of last year. The decrease was primarily attributable to the Company&rsquo;s cost control initiatives and efficiency
improvements.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B>Sales and marketing expenses </B>were RMB844.7 million (US$116.2 million), compared with RMB706.4 million
in the same quarter of last year. The increase was mainly due to more active performance-driven digital marketing activities during the
quarter.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B>Technology and content expenses </B>were RMB129.8 million (US$17.9 million), compared with RMB129.1
million in the same quarter of last year. The expenses were largely in line with same period last year.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B>General and administrative expenses </B>were RMB171.6 million (US$23.6 million), compared with RMB249.5
million in the same quarter of last year. The decrease was primarily due to higher G&amp;A expenses in the same period of last year, which
included higher severance expenses following the acquisition of Gap Shanghai. Additionally, decrease reflects the Company&rsquo;s cost
control initiatives and efficiency improvements.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>9</SUP></FONT></TD><TD>Key categories refer to the categories that accounted for no less than 10% of services revenue of E-Commerce during the periods indicated.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 35.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>10</SUP></FONT></TD><TD>The inter-segment eliminations mainly consist of revenues from store operation services provided by E-Commerce to Gap, a brand under
Brand Management.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 6; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #231f20"><B>Loss
from operations </B></FONT><FONT STYLE="color: #231f20">was RMB18.8 million (US$2.6 million), an improvement from RMB36.4 million in the
same quarter of last year. Operating margin was </FONT>negative <FONT STYLE="color: #231f20">0.8%, an improvement from </FONT>negative
<FONT STYLE="color: #231f20">1.6% in the same quarter of last year.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #231f20"><B>Non-GAAP
income from operations </B></FONT><FONT STYLE="color: #231f20">was RMB10.0 million (US$1.4 million), an improvement from RMB0.7 million
in the same quarter of last year. The increase was mainly due to the narrowed loss in the Brand Management business. Non-GAAP operating
margin was </FONT>0.4<FONT STYLE="color: #231f20">%, up from </FONT>0.03<FONT STYLE="color: #231f20">% in the same quarter of last year.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Adjusted
operating profit of E-Commerce </B></FONT>was RMB60.2 million (US$8.3 million), largely in line with RMB60.8 million in the same quarter
of last year. <B>Adjusted operating loss of Brand Management </B>was RMB50.0 million (US$6.9 million), an improvement from RMB60.1 million
in the same quarter of last year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Unrealized
investment loss </B></FONT>was RMB2.8 million (US$0.4 million), compared with RMB9.3 million unrealized investment loss 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 iClick Interactive
Asia Group Limited, or iClick Interactive, a public company listed on the Nasdaq Global Market that the Company invested in January&nbsp;2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Share
of loss in equity method investment </B></FONT>was RMB3.6 million (US$0.5 million), compared with a share of gain in equity method investment
of RMB4.4 million in the same quarter of last year. The change to a share of loss in equity method investment in this quarter was primarily
due to the allocation of losses related to the equity method investment during the current period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Net
loss attributable to ordinary shareholders of Baozun Inc. </B></FONT>was RMB30.6 million (US$4.2 million), compared with RMB20.0 million
in the same quarter of last year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Basic
and diluted net loss attributable to ordinary shareholders of Baozun Inc. per ADS </B></FONT>were both RMB0.51 (US$0.07), compared with
both RMB0.34 for the same period of 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Non-GAAP
net loss attributable to ordinary shareholders of Baozun Inc. </B></FONT>was RMB3.8 million (US$0.5 million), compared with RMB4.4 million
in the same quarter of last year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20"><B>Diluted non-GAAP net loss
attributable to ordinary shareholders of Baozun Inc. per ADS </B>were RMB0.06 (US$0.01), compared with RMB0.07 for the same period of
2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<!-- Field: Page; Sequence: 7; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231f20"><B>Segment Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><B><I>(a)</I></B></TD><TD><B><I>Description of segments</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #231f20">Following the acquisition
of Gap Shanghai in February&nbsp;2023, the Group updated its operating segments structure resulting in two segments, which were (i)&nbsp;E-Commerce
and (ii)&nbsp;Brand Management;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #231f20">The following summary
describes the operations in each of the Group&rsquo;s operating segment:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 28.2pt">(i)</TD><TD STYLE="text-align: justify"><B>E-Commerce </B>focuses on Baozun traditional e-commerce service business and comprises two business
lines, BEC (Baozun E-Commerce) and BZI (Baozun International).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 36pt">&nbsp;</TD>
    <TD STYLE="width: 28.2pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; color: #231f20; vertical-align: top; width: 28.2pt">a&gt;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; padding-left: 0in; color: #231f20"> BEC includes our mainland China e-commerce businesses, such as brands&rsquo; store operations, customer services and value-added services
in logistics and supply chain management,&nbsp;IT and digital marketing.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; color: #231f20; vertical-align: top">b&gt;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; color: #231f20">BZI includes our e-commerce businesses outside of mainland China, including locations such as Hong Kong, Macau, Taiwan, South East Asia
and Europe.</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 28.2pt">(ii)</TD><TD STYLE="text-align: justify"><B>Brand Management </B>engages in holistic brand management, encompassing strategy and tactic positioning,
branding and marketing, retail and e-commerce operations, supply chain and logistics and technology empowerment to leverage our portfolio
of technologies to forge into longer and deeper relationships with brands. Currently, the Company runs brand management operations for
the Gap and Hunter brands in Greater China.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 8; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Split-Segment; Name: 1 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 34.6pt"><B><I>(b)</I></B></TD><TD><B><I>Segments data</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #231f20">The table below provides
a summary of the Group&rsquo;s reportable segment results for the three months ended June&nbsp;30, 2023 and 2024, with prior periods&rsquo;
segment information retrospectively recast to conform to current period presentation:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 94%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">For the three months<BR>
 ended June&nbsp;30,</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2023</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold">2024</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="font: italic 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif; text-align: center"><I>&nbsp;</I></TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif; text-align: center"><I>&nbsp;</I></TD>
    <TD COLSPAN="2" STYLE="font: italic 10pt Times New Roman, Times, Serif; text-align: center"><I>RMB</I></TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif; text-align: center"><I>&nbsp;</I></TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif; text-align: center"><I>&nbsp;</I></TD>
    <TD COLSPAN="2" STYLE="font: italic 10pt Times New Roman, Times, Serif; text-align: center"><I>RMB</I></TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif; text-align: center"><I>&nbsp;</I></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Net revenues:</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: right">&#8239;</TD><TD STYLE="font-size: 10pt; font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&#8239;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 70%; font: 10pt Times New Roman, Times, Serif; color: #231f20">E-Commerce</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">2,010,976</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">2,130,881</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Brand Management</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">324,297</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">294,283</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Inter-segment eliminations*</TD><TD STYLE="font-size: 10pt; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; text-align: right">(15,112</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #231f20; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; text-align: right">(34,170</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #231f20; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Total consolidated net revenues</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">2,320,161</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">2,390,994</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Adjusted Operating Profits (Losses)**:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">E-Commerce</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">60,828</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">60,212</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Brand Management</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(60,090</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; text-align: right">(49,976</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #231f20; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; padding-bottom: 2.5pt">Total Adjusted Operating Losses</TD><TD STYLE="font-size: 10pt; color: #231f20; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #231f20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #231f20; font-weight: bold; text-align: right">738</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; color: #231f20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #231f20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #231f20; font-weight: bold; text-align: right">10,236</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; color: #231f20; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #231f20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #231f20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">Inter-segment eliminations*</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(200</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Unallocated expenses:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left">Share-based compensation expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(29,264</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(17,478</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">Amortization of intangible assets resulting from</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; color: #231f20; text-align: left">business acquisition</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(7,911</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(10,916</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">Cancellation fees of repurchased ADSs</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(415</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; padding-bottom: 1pt">Total other expenses</TD><TD STYLE="font-size: 10pt; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; text-align: right">22,337</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; text-align: right">4,163</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#8239;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; padding-bottom: 2.5pt">Loss before income tax and share of income in equity&#8239;method investment</TD><TD STYLE="font-size: 10pt; color: #231f20; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #231f20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #231f20; font-weight: bold; text-align: right">(14,100</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #231f20; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #231f20; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #231f20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #231f20; font-weight: bold; text-align: right">(14,610</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #231f20; font-weight: bold; text-align: left">)</TD></TR>
  </TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The inter-segment eliminations
mainly consist of revenues from services provided by E-Commerce to Brand Management</FONT>.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">**</FONT></TD><TD STYLE="text-align: justify">Adjusted Operating Profits (Losses) represent segment
profits (losses), which is income (loss) from operations from each segment without allocating share-based compensation expenses, acquisition-related
expenses and amortization of intangible assets resulting from business acquisition, and cancellation fees of repurchased ADSs.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 9; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231f20"><B>Update in Share Repurchase Programs</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">On January&nbsp;24, 2024, the
Company&rsquo;s board of directors (the &ldquo;<B>Board</B>&rdquo;) authorized the management to set up and implement a new share repurchase
program under which the Company may repurchase up to US$20 million worth of its outstanding (i)&nbsp;American depositary shares (&ldquo;<B>ADSs</B>&rdquo;),
each representing three Class&nbsp;A ordinary shares, and/or (ii)&nbsp;Class&nbsp;A ordinary shares over the next 12 months starting from
January&nbsp;24, 2024. As of August&nbsp;28, 2024, the Company repurchased approximately 2.0 million of ADSs for approximately US$4.9
million under its share repurchase program through the open market. The remaining amount of Board authorization for our share repurchase
program, which is effective through January&nbsp;2025, was US$15.1 million as of August&nbsp;28, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231f20"><B>Conference Call</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">The Company will host a conference
call to discuss the earnings at 7:30 a.m.&nbsp;Eastern Time on Wednesday, August&nbsp;28, 2024 (7:30 p.m.&nbsp;Beijing time on the same
day).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231f20">Dial-in details for the earnings conference call are
as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">United States:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">1-888-317-6003</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">Hong Kong:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">800-963-976</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">Singapore:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">800-120-5863</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">Mainland China:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">4001-206-115</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">International:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">1-412-317-6061</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">Passcode:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">9965929</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231f20">A replay of the conference call may be accessible through
September&nbsp;4, 2024 by dialing the&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">following numbers:</Font></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">United States:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">1-877-344-7529</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">International:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">1-412-317-0088</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">Canada:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">855-669-9658</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">Replay Access Code:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">6727395</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20"><FONT STYLE="font-family: Times New Roman, Times, Serif">A
live webcast of the conference call will be available on the Investor Relations section of Baozun&rsquo;s website at </FONT><B><U>http://ir.baozun.com</U></B>.
An archived webcast will be available through the same link following the call.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 10; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20"><B>Use of Non-GAAP Financial Measures</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">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 Inc. and diluted non-GAAP net income (loss) attributable to ordinary shareholders of Baozun Inc. 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">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, acquisition-related expenses, impairment of goodwill, loss on variance from expected contingent
acquisition payment, and cancellation fees of repurchased ADSs and returned ADSs. 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 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 Inc. as net income (loss)
attributable to ordinary shareholders of Baozun Inc. 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 on derivative liabilities,
loss on disposal of subsidiaries and investment in equity investee, and unrealized investment loss. The Company defines diluted non-GAAP
net income (loss) attributable to ordinary shareholders of Baozun Inc. per ADS as non-GAAP net income (loss) attributable to ordinary
shareholders of Baozun Inc. divided by weighted average number of shares used in calculating net income (loss) per ordinary share multiplied
by three.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">The Company presents the non-GAAP
financial measures because they are used by the Company&rsquo;s management to evaluate the Company&rsquo;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 Inc. and diluted non-GAAP net income (loss) attributable to ordinary shareholders of Baozun Inc. per
ADS reflect the Company&rsquo;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&rsquo;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&rsquo;s core operating results and business outlook.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 11; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">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 Inc., and diluted non-GAAP net income (loss) attributable to ordinary shareholders
of Baozun Inc. per ADS is that they do not reflect all items of income and expense that affect the Company&rsquo;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&rsquo;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 Inc. and diluted non-GAAP net income (loss) attributable to ordinary shareholders of Baozun Inc. 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 Inc. and net income (loss) attributable to ordinary
shareholders of Baozun Inc. per ADS, or other financial measures prepared in accordance with U.S. GAAP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">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&rsquo;s performance. The company encourages you to review the company&rsquo;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, &ldquo;Reconciliations of GAAP and Non-GAAP Results.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20"><B>Safe Harbor Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">This announcement contains forward-looking
statements. These statements are made under the &ldquo;safe harbor&rdquo; provisions of the U.S. Private Securities Litigation Reform
Act of 1995. These forward-looking statements can be identified by terminology such as &ldquo;will,&rdquo; &ldquo;expects,&rdquo; &ldquo;anticipates,&rdquo;
&ldquo;future,&rdquo; &ldquo;intends,&rdquo; &ldquo;plans,&rdquo; &ldquo;believes,&rdquo; &ldquo;estimates,&rdquo; &ldquo;confident,&rdquo;
&ldquo;potential,&rdquo; &ldquo;continues,&rdquo; &ldquo;ongoing,&rdquo; &ldquo;targets,&rdquo; &ldquo;guidance,&rdquo; &ldquo;going forward,&rdquo;
&ldquo;looking forward,&rdquo; &ldquo;outlook&rdquo; or other similar expressions. Statements that are not historical facts, including
but not limited to statements about Baozun&rsquo;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&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 12; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231f20"><B>About Baozun Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">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 &ldquo;Technology Empowers the Future Success&rdquo;, Baozun&rsquo;s
business lines are devoted to empowering their clients&rsquo; business and navigating their new phase of development.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231f20"><FONT STYLE="font-family: Times New Roman, Times, Serif">For
more information, please visit </FONT><B><U>http://ir.baozun.com</U></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231f20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231f20">For investor and media inquiries, please contact:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231f20"><B>Baozun Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231f20">Ms.&nbsp;Wendy Sun</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231f20"><FONT STYLE="font-family: Times New Roman, Times, Serif">Email:
</FONT>ir@baozun.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 13; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231f20"><B>Baozun Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231f20"><B>UNAUDITED CONDENSED CONSOLIDATED
BALANCE SHEETS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231f20"><B>(In thousands)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="font-size: 10pt; vertical-align: bottom; font-weight: bold">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">As of</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-weight: bold; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">December&nbsp;31,</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">June&nbsp;30,</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">June&nbsp;30,</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-weight: bold; vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2023</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2024</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2024</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: italic 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: italic 10pt Times New Roman, Times, Serif; text-align: center">RMB</TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: italic 10pt Times New Roman, Times, Serif; text-align: center">RMB</TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: italic 10pt Times New Roman, Times, Serif; text-align: center">US$</TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold">ASSETS</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Current assets</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 61%; text-align: left; padding-left: 0.125in">Cash and cash equivalents</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">2,149,531</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">1,454,517</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">200,148</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">Restricted cash</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">202,764</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">242,679</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">33,394</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">Short-term investments</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">720,522</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,156,066</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">159,080</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">Accounts receivable, net</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2,184,729</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,842,127</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">253,485</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in">Inventories</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,045,116</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,130,958</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">155,625</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">Advances to suppliers</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">311,111</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">309,996</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">42,657</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">Derivative financial assets</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">11,179</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,538</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">Prepayments and other current assets</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">590,350</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">678,240</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">93,329</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 0.125in">Amounts due from related parties</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">86,661</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">55,874</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">7,689</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Total current assets</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">7,290,784</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">6,881,636</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">946,945</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Non-current assets</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">Long term investments</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">359,129</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">364,524</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">50,160</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">Property and equipment, net</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">851,151</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">816,127</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">112,303</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">Intangible assets, net</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">306,420</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">350,330</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">48,207</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">Land use right, net</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">38,464</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">37,951</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">5,222</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">Operating lease right-of-use assets</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,070,120</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">857,192</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">117,954</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in">Goodwill</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">312,464</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">369,333</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">50,822</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">Other non-current assets</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">45,316</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">67,943</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">9,349</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 0.125in">Deferred tax assets</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">200,628</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">198,700</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">27,342</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Total non-current assets</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">3,183,692</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">3,062,100</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">421,359</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Total assets</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">10,474,476</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">9,943,736</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">1,368,304</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 14; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Split-Segment; Name: 2 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><B>As of</B></TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center">December&nbsp;31,</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center">June&nbsp;30,</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center">June&nbsp;30,</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2023</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2024</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2024</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: center; font: italic 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: italic 10pt Times New Roman, Times, Serif; text-align: center">RMB</TD><TD STYLE="text-align: center; font: italic 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: center; font: italic 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: italic 10pt Times New Roman, Times, Serif; text-align: center">RMB</TD><TD STYLE="text-align: center; font: italic 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: center; font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-style: italic; text-align: center">US$</TD><TD STYLE="text-align: center; font-size: 10pt; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">LIABILITIES AND SHAREHOLDERS&rsquo; EQUITY</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Current liabilities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; width: 58%; color: #231f20; text-align: left">Short-term loan</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">1,115,721</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">1,162,824</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">160,010</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">Accounts payable</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">563,562</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">439,635</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">60,497</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">Notes payable</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">506,629</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">418,386</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">57,572</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">Income tax payables</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">18,768</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">10,255</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">1,411</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.25in; font-size: 10pt; text-align: left">Accrued expenses and other current liabilities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,188,179</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,020,799</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">140,466</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">Amounts due to related parties</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">32,118</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">22,553</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">3,103</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">Current operating lease liabilities</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">332,983</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">277,004</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">38,117</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">Total current liabilities</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">3,757,960</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">3,351,456</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">461,176</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">Non-current liabilities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">Deferred tax liabilities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">24,966</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">36,628</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">5,040</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">Long-term operating lease liabilities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">799,096</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">647,321</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">89,074</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; padding-bottom: 1pt">Other non-current liabilities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">40,718</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">40,030</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">5,508</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; padding-bottom: 1pt">Total non-current liabilities</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">864,780</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">723,979</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">99,622</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; padding-bottom: 1pt">Total liabilities</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">4,622,740</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">4,075,435</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">560,798</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 15; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231f20"><B>Baozun Inc.</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231f20"><B>UNAUDITED CONDENSED CONSOLIDATED
BALANCE SHEETS</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231f20"><B>(In thousands, except for share
and per share data)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As of</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center">December&nbsp;31,</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center">June&nbsp;30,</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center">June&nbsp;30,</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2023</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: italic 10pt Times New Roman, Times, Serif; text-align: center">RMB</TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: italic 10pt Times New Roman, Times, Serif; text-align: center">RMB</TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-style: italic; text-align: center">US$</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">Redeemable non-controlling interests</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">1,584,858</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">1,645,177</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">226,384</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231f20"><B>Baozun Inc. shareholders&rsquo; equity:</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.15pt; color: #231f20"></P></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-indent: -0.125in; padding-left: 0.25in">Class&nbsp;A ordinary shares (US$0.0001 par value; <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">470,000,000 shares authorized, 167,901,880<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20"> and 170,820,931 shares issued, 167,901,880 <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">and 167,277,325 shares outstanding, as of <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">December&nbsp;31, 2023, and June&nbsp;30, 2024, respectively)</FONT></FONT></FONT></FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">93</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">95</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">13</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-indent: -0.125in; padding-left: 0.25in">Class&nbsp;B ordinary shares (US$0.0001 par value; 30,000,000 shares authorized, 13,300,738 shares issued and outstanding as of December&nbsp;31, 2023, and June&nbsp;30, 2024)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">8</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">8</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">1</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -0.125in; padding-left: 0.25in">Additional paid-in capital</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">4,571,439</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">4,609,277</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">634,258</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-indent: -0.125in; padding-left: 0.25in">Treasury shares (nil and 3,543,606 shares as of <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">December&nbsp;31,2023 and June&nbsp;30,2024, <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">respectively)</FONT></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&ndash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(21,630</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(2,976</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; padding-left: 0.125in">Accumulated deficit</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(506,587</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(603,844</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(83,092</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; padding-bottom: 1pt; padding-left: 0.125in">Accumulated other comprehensive income</TD><TD STYLE="font-size: 10pt; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; text-align: right">32,251</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; text-align: right">50,215</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; text-align: right">6,910</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; padding-bottom: 1pt">Total Baozun Inc. shareholders&rsquo; equity</TD><TD STYLE="font-size: 10pt; color: #231f20; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; font-weight: bold; text-align: right">4,097,204</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #231f20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; font-weight: bold; text-align: right">4,034,121</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #231f20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; font-weight: bold; text-align: right">555,114</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #231f20; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; padding-bottom: 1pt">Non-controlling interests</TD><TD STYLE="font-size: 10pt; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; text-align: right">169,674</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; text-align: right">189,003</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; text-align: right">26,008</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; padding-bottom: 1pt">Total equity</TD><TD STYLE="font-size: 10pt; color: #231f20; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; font-weight: bold; text-align: right">4,266,878</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #231f20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; font-weight: bold; text-align: right">4,223,124</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #231f20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; font-weight: bold; text-align: right">581,122</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #231f20; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -0.125in; padding-left: 0.125in">Total liabilities, redeemable non-controlling interests and equity</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right">10,474,476</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right">9,943,736</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right">1,368,304</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 16; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231f20"><B>Baozun Inc.</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231f20"><B>UNAUDITED CONDENSED CONSOLIDATED
STATEMENTS OF COMPREHENSIVE INCOME</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231f20"><B>(In thousands, except for share
and per share data and per ADS data)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><B>For the three months ended June 30,</B></TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2023</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2024 </TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: center; font: italic 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: italic 10pt Times New Roman, Times, Serif; text-align: center">RMB</TD><TD STYLE="text-align: center; font: italic 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: center; font: italic 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: italic 10pt Times New Roman, Times, Serif; text-align: center">RMB</TD><TD STYLE="text-align: center; font: italic 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="text-align: center; font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-style: italic; text-align: center">US$</TD><TD STYLE="text-align: center; font-size: 10pt; font-style: italic">&nbsp;</TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">Net revenues</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; width: 58%; color: #231f20">Product sales<SUP>(1)</SUP></TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">930,256</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">870,301</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">119,757</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">Services</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">1,389,905</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">1,520,693</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">209,255</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; padding-bottom: 1pt">Total net revenues</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">2,320,161</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">2,390,994</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">329,012</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: rgb(35,31,32)"><B>Operating expenses</B><SUP>(2)</SUP></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: #231f20">Cost of products</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(675,050</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(649,696</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(89,401</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: #231f20">Fulfillment<SUP>(3)</SUP></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(658,652</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(626,958</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(86,272</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">Sales and marketing<SUP>(3)</SUP></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(706,440</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(844,698</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(116,234</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">Technology and content<SUP>(3)</SUP></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(129,142</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(129,788</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(17,859</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">General and administrative<SUP>(3)</SUP></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(249,503</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(171,637</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(23,618</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">Other operating income, net</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">62,189</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">13,010</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">1,789</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">Total operating expenses</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(2,356,598</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(2,409,767</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(331,595</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">Loss from operations</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(36,437</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(18,773</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(2,583</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">Other income (expenses)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">Interest income</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">20,286</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">16,695</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">2,297</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">Interest expense</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(9,763</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(10,436</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(1,436</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">Unrealized investment loss</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(9,305</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(2,830</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(389</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">Gain on acquisition of subsidiaries</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">3,251</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&ndash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&ndash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">Exchange loss</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(6,647</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(10,418</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(1,434</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">Fair value change on financial instruments</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">24,515</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">11,152</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">1,535</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">Loss before income tax and share of income inequity method investment</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(14,100</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(14,610</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(2,010</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">Income tax expense<SUP>(4)</SUP></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(2,350</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(3,763</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(518</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; color: #231f20; text-align: left">Share of income (loss) in equity method
    investment, net of tax of nil</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">4,432</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(3,616</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(498</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">Net loss</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(12,018</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(21,989</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(3,026</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">Net (income) loss attributable to
    noncontrolling interests</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">4,268</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">5,862</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">807</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">Net loss (income) attributable to redeemable
    noncontrolling interests</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(12,278</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(14,493</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(1,994</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 2.5pt">Net loss attributable to ordinary
    shareholders of Baozun Inc.</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(20,028</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: #231f20; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(30,620</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: #231f20; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(4,213</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: #231f20; text-align: left">)</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 17; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Split-Segment; Name: 3 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the three months ended June&nbsp;30,</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2023</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: center">&nbsp;</TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: italic 10pt Times New Roman, Times, Serif; text-align: center">RMB</TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-style: italic; text-align: center">RMB</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-style: italic; text-align: center">US$</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Net loss per share attributable to ordinary shareholders of Baozun Inc.:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 61%; font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in">Basic</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">(0.11</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">(0.17</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">(0.02</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in">Diluted</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(0.11</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(0.17</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(0.02</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0in">Net loss per ADS attributable to ordinary shareholders of Baozun Inc.:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-left: 0.125in">Basic</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(0.34</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(0.51</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(0.07</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-left: 0.125in">Diluted</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(0.34</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(0.51</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(0.07</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold">Weighted average shares used in calculating net&#8239;loss per ordinary share</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-left: 0.125in">Basic</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">177,967,788</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">181,899,568</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">181,899,568</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-left: 0.125in">Diluted</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">177,967,788</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">181,899,568</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">181,899,568</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">Net loss</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(12,018</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(21,989</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(3,026</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; padding-left: 0.125in">Other comprehensive income, net of tax of nil:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; padding-bottom: 1pt; padding-left: 0.125in">Foreign currency translation adjustment</TD><TD STYLE="font-size: 10pt; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; text-align: right">39,523</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; text-align: right">6,328</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; text-align: right">871</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; padding-left: 0.125in">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; padding-bottom: 2.5pt">Comprehensive income (loss)</TD><TD STYLE="font-size: 10pt; color: #231f20; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #231f20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #231f20; font-weight: bold; text-align: right">27,505</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; color: #231f20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #231f20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #231f20; font-weight: bold; text-align: right">(15,661</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; color: #231f20; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #231f20; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #231f20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; color: #231f20; font-weight: bold; text-align: right">(2,155</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; color: #231f20; font-weight: bold; text-align: left">)</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.85pt">(1)</TD><TD STYLE="text-align: justify">Including product sales from E-Commerce and Brand Management of RMB579.2 million and RMB292.3 million
for the three months period ended June&nbsp;30, 2024, respectively, compared with product sales E-Commerce and Brand Management of RMB606.1
million and RMB324.2 million for the three months period ended June&nbsp;30, 2023.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(2)</TD><TD>Share-based compensation expenses are allocated in operating expenses items as follows:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the three months ended June&nbsp;30,</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2023</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: center">&nbsp;</TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: italic 10pt Times New Roman, Times, Serif; text-align: center">RMB</TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-style: italic; text-align: center">RMB</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-style: italic; text-align: center">US$</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; font: 10pt Times New Roman, Times, Serif; color: #231f20">Fulfillment</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">1,713</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">1,358</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">187</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">Sales and marketing</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">10,456</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">2,242</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">308</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">Technology and content</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">3,512</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">2,446</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">337</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; padding-bottom: 1pt">General and administrative</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">13,583</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">11,432</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">1,573</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">29,264</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">17,478</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">2,405</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.85pt">(3)</TD><TD STYLE="text-align: justify">Including amortization of intangible assets resulting from business acquisition, which amounted to RMB7.9
million and RMB10.9 million for the three months period ended June&nbsp;30, 2023 and 2024, respectively.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(4)</TD><TD STYLE="text-align: justify">Including income tax benefits of RMB1.5 million and RMB2.3 million related to the reversal of deferred
tax liabilities for the three months period ended June&nbsp;30, 2023 and 2024, respectively, which was recognized on business acquisition.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 18; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #231f20"><B>Baozun
Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #231f20"><B>Reconciliations
of GAAP and Non-GAAP Results (in thousands, except for share and per ADS data)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the three months ended June&nbsp;30,</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2023</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; font-style: italic; text-align: center">&nbsp;</TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: italic 10pt Times New Roman, Times, Serif; text-align: center">RMB</TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-style: italic; text-align: center">RMB</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-style: italic; text-align: center">US$</TD><TD STYLE="font-size: 10pt; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Loss from operations</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(36,437</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(18,773</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(2,583</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Add: Share-based compensation expenses&#8239;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">29,264</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">17,478</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">2,405</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; text-indent: -0.125in; padding-left: 0.375in">Amortization of intangible assets resulting&#8239;from business acquisition</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">7,911</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">10,916</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">1,502</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.375in">Cancellation fees of repurchased ADSs</TD><TD STYLE="font-size: 10pt; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; text-align: right">415</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; text-align: right">57</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.125in">Non-GAAP income from operations</TD><TD STYLE="font-size: 10pt; color: #231f20; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; font-weight: bold; text-align: right">738</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #231f20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; font-weight: bold; text-align: right">10,036</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #231f20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; font-weight: bold; text-align: right">1,381</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #231f20; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #231f20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #231f20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #231f20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Net loss</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(12,018</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(21,989</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(3,026</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Add: Share-based compensation expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">29,264</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">17,478</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">2,405</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; text-indent: -0.125in; padding-left: 0.375in">Amortization of intangible assets resulting&#8239;from business acquisition</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">7,911</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">10,916</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">1,502</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; text-indent: -0.125in; padding-left: 0.375in">Cancellation fees of repurchased ADSs</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">415</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">57</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; text-indent: -0.125in; padding-left: 0.375in">Unrealized investment loss</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">9,305</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">2,830</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">389</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Less: Gain on acquisition of subsidiaries</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(3,251</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; text-indent: -0.125in; padding-left: 0.375in">Fair value gain on derivative liabilities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(24,515</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: justify; padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.375in">Tax
    effect of amortization of intangible&#8239;assets resulting from business acquisition<SUP>(1)</SUP></TD><TD STYLE="font-size: 10pt; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; text-align: right">(1,507</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #231f20; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; text-align: right">(2,259</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #231f20; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; text-align: right">(311</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #231f20; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: justify; text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.125in">Non-GAAP net income</TD><TD STYLE="font-size: 10pt; color: #231f20; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; font-weight: bold; text-align: right">5,189</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #231f20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; font-weight: bold; text-align: right">7,391</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #231f20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; font-weight: bold; text-align: right">1,016</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #231f20; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #231f20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #231f20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #231f20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Net loss attributable to ordinary shareholders of&#8239;Baozun Inc.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(20,028</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(30,620</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(4,213</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Add: Share-based compensation expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">29,264</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">17,478</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">2,405</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; text-indent: -0.125in; padding-left: 0.375in">Amortization
    of intangible assets resulting&#8239;from business acquisition<SUP>(1)</SUP></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">5,991</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">7,523</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">1,035</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; text-indent: -0.125in; padding-left: 0.375in">Cancellation fees of repurchased ADSs</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&ndash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">415</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">57</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; text-indent: -0.125in; padding-left: 0.375in">Unrealized investment loss</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">9,305</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">2,830</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">389</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Less: Gain on acquisition of subsidiaries</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(3,272</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&ndash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&ndash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; text-indent: -0.125in; padding-left: 0.375in">Fair value gain on derivative liabilities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(24,515</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&ndash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&ndash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.375in">Tax
    effect of amortization of intangible assets&#8239;resulting from business acquisition<SUP>(1)</SUP></TD><TD STYLE="font-size: 10pt; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; text-align: right">(1,127</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #231f20; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; text-align: right">(1,510</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #231f20; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; text-align: right">(208</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #231f20; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.125in">Non-GAAP net loss attributable to ordinary&#8239;shareholders of Baozun Inc.</TD><TD STYLE="font-size: 10pt; color: #231f20; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; font-weight: bold; text-align: right">(4,382</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #231f20; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #231f20; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; font-weight: bold; text-align: right">(3,884</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #231f20; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; color: #231f20; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; color: #231f20; font-weight: bold; text-align: right">(535</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #231f20; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; padding-bottom: 1pt; text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #231f20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #231f20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #231f20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #231f20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #231f20; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; color: #231f20; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; color: #231f20; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Diluted
    non-GAAP net loss attributable to&#8239;ordinary shareholders of Baozun Inc. per ADS:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(0.07</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(0.06</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(0.01</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Weighted average shares used in calculating&#8239;diluted net loss per ordinary share</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">177,967,788</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">181,899,568</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">181,899,568</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.85pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company evaluated the non-GAAP adjustments items and
concluded that these items have immaterial income tax effects except for amortization of intangible assets resulting from business </FONT>acquisition.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 19; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>tm2422894d1_ex99-2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: right; margin: 0"><FONT STYLE="font-size: 10pt"><B>Exhibit 99.2</B></FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; color: #231f20"><FONT STYLE="font-size: 10pt"><I>Hong
Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement,
make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising
from or in reliance upon the whole or any part of the contents of this announcement.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><I>Under our weighted
voting rights structure, our share capital comprises Class&nbsp;A ordinary shares and Class&nbsp;B ordinary shares. Each Class&nbsp;A
ordinary share entitles the holder to exercise one vote, and each Class&nbsp;B ordinary share entitles the holder to exercise ten votes,
respectively, on any resolution tabled at our general meetings, except as may otherwise be required by law or by the Rules&nbsp;Governing
the Listing of Securities on The Stock Exchange of Hong Kong Limited or provided for in our memorandum and articles of association. Shareholders
and prospective investors should be aware of the potential risks of investing in a company with a weighted voting rights structure. Our
American depositary shares, each representing three of our Class&nbsp;A ordinary shares, are listed on the Nasdaq Global Select Market
in the United States under the symbol BZUN.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;<IMG SRC="tm2422894d1_ex99-2img001.jpg" ALT=""></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231f20"><FONT STYLE="font-size: 10pt"><B>Baozun
Inc.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231f20"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&#23542;&#23562;&#38651;&#21830;&#26377;&#38480;&#20844;&#21496;</B></FONT><B><FONT STYLE="font-size: 10pt">*</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231f20"><FONT STYLE="font-size: 10pt"><I>(A
company controlled through weighted voting rights and incorporated in the Cayman Islands with limited liability)</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231f20"><FONT STYLE="font-size: 10pt"><B>(Stock
Code: 9991)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231f20"><FONT STYLE="font-size: 10pt"><B>INTERIM
RESULTS ANNOUNCEMENT</B></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231f20"><FONT STYLE="font-size: 10pt"><B>FOR
THE SIX MONTHS ENDED JUNE 30, 2024</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20"><FONT STYLE="font-size: 10pt"><B>INTERIM
RESULTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The board (the &ldquo;<B>Board</B>&rdquo;)
of directors (the &ldquo;<B>Directors</B>&rdquo;) of Baozun Inc. (&ldquo;<B>Baozun</B>&rdquo; or the &ldquo;<B>Company</B>&rdquo;) hereby
announces the unaudited condensed consolidated results of the Company and its subsidiaries (the &ldquo;<B>Group</B>&rdquo;, &ldquo;<B>we</B>&rdquo;
or &ldquo;<B>our</B>&rdquo;) for the six months ended June&nbsp;30, 2024 (the &ldquo;<B>Reporting Period</B>&rdquo;), together with the
comparative figures for the corresponding period in 2023. These unaudited condensed consolidated results have been prepared under generally
accepted accounting principles in the United States (the &ldquo;<B>U.S. GAAP</B>&rdquo;) and have been reviewed by the audit committee
of the Company (the &ldquo;<B>Audit Committee</B>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<DIV STYLE="padding-right: 10pt; padding-left: 10pt; border: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231f20"><FONT STYLE="font-size: 10pt"><B>FINANCIAL
                                            SUMMARY</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24.75pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Total net revenues were RMB4,370.8 million (US$601.4 million) for the
    Reporting Period, an increase of 3.9% year-over-year.</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.75pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.9pt 0pt 0; text-align: justify; color: #231F20"><FONT STYLE="font-size: 10pt">Loss
                                            from operations was RMB73.6 million (US$10.1 million) for the Reporting Period, compared
                                            with RMB77.1 million in the same period of last year. Operating margin was negative 1.7%,
                                            compared with negative 1.8% in the same period of last year.</FONT></P></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.7pt"></TD><TD STYLE="width: 35.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">This
                                            announcement contains translations of certain Renminbi (RMB) amounts into U.S. dollars (US$)
                                            at a specified rate solely for the convenience of the reader. Unless otherwise noted, the
                                            translation of RMB into US$ has been made at RMB7.2672 to US$1.00 for the financial figures
                                            in relation to the Reporting Period, RMB7.0999 to US$1.00 for the financial figures in relation
                                            to the year ended December&nbsp;31, 2023, and RMB7.2513 to US$1.00 for the financial figures
                                            in relation to the six months ended June&nbsp;30, 2023, being the noon buying rate in effect
                                            on June&nbsp;28, 2024, December&nbsp;29, 2023 and June&nbsp;30, 2023, respectively, as set
                                            forth in the H.10 Statistical Release of the Federal Reserve Board.</FONT></TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1; Options: NewSection -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<DIV STYLE="padding-right: 10pt; padding-left: 10pt; border: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.75pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 10pt">Non-GAAP
                                            loss from operations<SUP>2</SUP> was RMB7.5 million (US$1.0 million) for the Reporting Period,
                                            compared with non-GAAP loss from operations<SUP>2</SUP> of RMB8.9 million in the same period
                                            of last year. Non-GAAP operating margin was negative 0.2% for both the Reporting Period and
                                            the same period of last year.</FONT></P></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.75pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 10pt">Adjusted
                                            operating profits of E-Commerce<SUP>3</SUP> was RMB72.0 million (US$9.9 million), compared
                                            with RMB86.1 million in the same period of last year.</FONT></P></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.75pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Adjusted
                                            operating losses of Brand Management<SUP>3</SUP> was RMB79.3 million (US$10.9 million), compared
                                            with RMB95.0 million in the same period of last year.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.75pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Net
                                            loss attributable to ordinary shareholders of Baozun was RMB97.3 million (US$13.4 million)
                                            for the Reporting Period, compared with RMB103.6 million in the same period of last year.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.75pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Non-GAAP
                                            net loss attributable to ordinary shareholders of Baozun<SUP>4</SUP> was RMB19.3 million
                                            (US$2.7 million) for the Reporting Period, compared with non-GAAP net loss attributable to
                                            ordinary shareholders of Baozun4 of RMB17.5 million in the same period of last year.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.65pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Basic
                                            and diluted net loss attributable to ordinary shareholders of Baozun per American Depositary
                                            Share (&ldquo;<B>ADS</B><SUP>5</SUP>&rdquo;) were both RMB1.61 (US$0.22) for the Reporting
                                            Period, compared with both RMB1.75 for the same period of 2023.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.75pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Diluted
                                            non-GAAP net loss attributable to ordinary shareholders of Baozun per ADS<SUP>6</SUP> was
                                            RMB0.31 (US$0.04) for the Reporting Period, compared with RMB0.30 for the same period of
                                            2023.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24.75pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Cash, cash equivalents, restricted cash and short-term investments
    totaled RMB2,853.3 million (US$392.6 million), as of June 30, 2024, compared with RMB3,072.8 million as of December 31, 2023.</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.7pt"></TD><TD STYLE="vertical-align: super; width: 35.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>2</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Non-GAAP
                                            income (loss) from operations is a non-GAAP financial measure, which is defined as income
                                            (loss) from operations excluding the impact of share-based compensation expenses, amortization
                                            of intangible assets resulting from business acquisition, acquisition-related expenses, impairment
                                            of goodwill, loss on variance from expected contingent acquisition payment, and cancellation
                                            fees of repurchased ADSs and returned ADSs.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.7pt"></TD><TD STYLE="vertical-align: super; width: 35.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>3</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Following
                                            the acquisition of Gaipu (Shanghai) Commercial Co.,&nbsp;Ltd. (&ldquo;<B>Gap Shanghai</B>&rdquo;),
                                            the Group updated its operating segments structure resulting in two segments, which were
                                            (i)&nbsp;E-Commerce; (ii)&nbsp;Brand Management. Adjusted operating profits (losses) represent
                                            segment profits (losses), which is income (loss) from operations from each segment without
                                            allocating share-based compensation expenses, acquisition-related expenses and amortization
                                            of intangible assets resulting from business acquisition.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.7pt"></TD><TD STYLE="width: 35.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>4</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Non-GAAP
                                            net income (loss) attributable to ordinary shareholders of Baozun Inc. is a non-GAAP financial
                                            measure, which is defined as net income (loss) attributable to ordinary shareholders of Baozun
                                            Inc. excluding share-based compensation expenses, amortization of intangible assets resulting
                                            from business acquisition, gain on acquisition of subsidiaries, fair value gain on derivative
                                            liabilities and unrealized investment loss.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1.7pt"></TD><TD STYLE="width: 35.15pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>5</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Each
                                            ADS represents three Class&nbsp;A ordinary shares.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.7pt"></TD><TD STYLE="width: 35.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>6</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Diluted
                                            non-GAAP net income (loss) attributable to ordinary shareholders of Baozun Inc. per ADS is
                                            non-GAAP financial measures, which is defined as non-GAAP net income (loss) attributable
                                            to ordinary shareholders of Baozun Inc. divided by weighted average number of shares used
                                            in calculating diluted net income per ordinary share multiplied by three.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231f20"><FONT STYLE="font-size: 10pt"><B>BAOZUN
INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231f20"><FONT STYLE="font-size: 10pt"><B>UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEET</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231f20"><FONT STYLE="font-size: 10pt"><B>(All
amounts in thousands, except share and per share data)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: right; color: #231f20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>As of</B></FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; color: #231f20"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>December&nbsp;31,</B></FONT></TD><TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;June&nbsp;30,</B></FONT></TD><TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;June&nbsp;30,</B></FONT></TD><TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; color: #231f20"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>2023&nbsp;</B></FONT></TD><TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>2024</B></FONT></TD><TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>2024&nbsp;</B></FONT></TD><TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: right; color: #231f20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20"><I>RMB</I></FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20"><I>RMB</I></FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>US$<FONT STYLE="color: #231f20"><SUP>1</SUP></FONT></I></FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: right; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 10pt"><B>ASSETS</B></FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5pt; color: #231f20"></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; color: #231f20"><FONT STYLE="font-size: 10pt"><B>Current
                                            assets:</B></FONT></P></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 61%; color: #231f20; text-align: left; padding-left: 14.8pt"><FONT STYLE="font-size: 10pt">Cash
    and cash equivalents</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231f20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; color: #231f20; text-align: right"><FONT STYLE="font-size: 10pt">2,149,531</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231f20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; color: #231f20; text-align: right"><FONT STYLE="font-size: 10pt">1,454,517</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231f20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; color: #231f20; text-align: right"><FONT STYLE="font-size: 10pt">200,148</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; padding-left: 14.8pt"><FONT STYLE="font-size: 10pt">Restricted
    cash</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 10pt">202,764</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 10pt">242,679</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 10pt">33,394</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; padding-left: 14.8pt"><FONT STYLE="font-size: 10pt">Short-term
    investments</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 10pt">720,522</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 10pt">1,156,066</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 10pt">159,080</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; padding-left: 14.8pt">Accounts
    receivable, net of allowance for credit
    losses of RMB124,737 and RMB126,744
    as of December&nbsp;31, 2023 and <FONT STYLE="font-size: 10pt">June&nbsp;30,
    2024, respectively</FONT><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 10pt">2,184,729</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 10pt">1,842,127</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 10pt">253,485</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-left: 14.8pt"><FONT STYLE="font-size: 10pt">Inventories</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 10pt">1,045,116</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 10pt">1,130,958</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 10pt">155,625</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; padding-left: 14.8pt"><FONT STYLE="font-size: 10pt">Advances
    to suppliers</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 10pt">311,111</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 10pt">309,996</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 10pt">42,657</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; padding-left: 14.8pt"><FONT STYLE="font-size: 10pt">Derivative
    financial assets</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 10pt">&ndash;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 10pt">11,179</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 10pt">1,538</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; padding-left: 14.8pt"><FONT STYLE="font-size: 10pt">Prepayments
    and other current assets</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 10pt">590,350</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 10pt">678,240</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 10pt">93,329</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; padding-bottom: 1pt; padding-left: 14.8pt"><FONT STYLE="font-size: 10pt">Amounts
    due from related parties</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 10pt">86,661</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 10pt">55,874</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 10pt">7,689</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;Total
                                            current assets</B></FONT></P></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt"><B>7,290,784</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt"><B>6,881,636</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt"><B>946,945</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;Non-current
                                            assets:</B></FONT></P></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; padding-left: 14.8pt"><FONT STYLE="font-size: 10pt">Investments
    in equity investees</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 10pt">359,129</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 10pt">364,524</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 10pt">50,160</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; padding-left: 14.8pt"><FONT STYLE="font-size: 10pt">Property
    and equipment, net</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 10pt">851,151</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 10pt">816,127</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 10pt">112,303</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; padding-left: 14.8pt"><FONT STYLE="font-size: 10pt">Intangible
    assets, net</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 10pt">306,420</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 10pt">350,330</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 10pt">48,207</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; padding-left: 14.8pt"><FONT STYLE="font-size: 10pt">Land
    use right, net</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 10pt">38,464</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 10pt">37,951</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 10pt">5,222</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; padding-left: 14.8pt"><FONT STYLE="font-size: 10pt">Operating
    lease right-of-use assets</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 10pt">1,070,120</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 10pt">857,192</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 10pt">117,954</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-left: 14.8pt"><FONT STYLE="font-size: 10pt">Goodwill</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 10pt">312,464</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 10pt">369,333</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 10pt">50,822</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; padding-left: 14.8pt"><FONT STYLE="font-size: 10pt">Other
    non-current assets</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 10pt">45,316</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 10pt">67,943</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 10pt">9,349</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; padding-bottom: 1pt; padding-left: 14.8pt"><FONT STYLE="font-size: 10pt">Deferred
    tax assets</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 10pt">200,628</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 10pt">198,700</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 10pt">27,342</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Total
                                            non-current assets</B></FONT></P></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt"><B>3,183,692</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt"><B>3,062,100</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt"><B>421,359</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>TOTAL
                                            ASSETS</B></FONT></P></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt"><B>10,474,476</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt"><B>9,943,736</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt"><B>1,368,304</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.125in; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">As of</FONT></TD>
<TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.125in; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">December&nbsp;31,</FONT></TD>
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">June&nbsp;30,</FONT></TD>
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">June&nbsp;30,</FONT></TD>
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.125in; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">2023</FONT></TD>
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">2024</FONT></TD>
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">2024</FONT></TD>
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="padding-bottom: 1pt; font: italic 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: italic 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">RMB</FONT></TD>
<TD STYLE="padding-bottom: 1pt; font: italic 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="padding-bottom: 1pt; font: italic 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: italic 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">RMB</FONT></TD>
<TD STYLE="padding-bottom: 1pt; font: italic 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="padding-bottom: 1pt; font: italic 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: italic 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">US$<SUP>1</SUP></FONT></TD>
<TD STYLE="padding-bottom: 1pt; font: italic 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">LIABILITIES AND SHAREHOLDERS&rsquo;</FONT> <FONT STYLE="font-size: 10pt">EQUITY</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">Current liabilities:</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; width: 61%; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">Short-term loan</FONT></TD>
<TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">1,115,721</FONT></TD>
<TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">1,162,824</FONT></TD>
<TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">160,010</FONT></TD>
<TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">Accounts payable</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 10pt">563,562</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 10pt">439,635</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 10pt">60,497</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">Notes payable</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 10pt">506,629</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 10pt">418,386</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 10pt">57,572</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">Income tax payables</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 10pt">18,768</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 10pt">10,255</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 10pt">1,411</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">Accrued expenses and other current liabilities</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 10pt">1,188,179</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 10pt">1,020,799</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 10pt">140,466</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">Amounts due to related parties</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 10pt">32,118</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 10pt">22,553</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 10pt">3,103</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Current operating lease liabilities</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 10pt">332,983</FONT></TD>
<TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 10pt">277,004</FONT></TD>
<TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 10pt">38,117</FONT></TD>
<TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Total current liabilities</FONT></TD>
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">3,757,960</FONT></TD>
<TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">3,351,456</FONT></TD>
<TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">461,176</FONT></TD>
<TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Non-current liabilities:</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">Deferred tax liabilities</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">24,966</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">36,628</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">5,040</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">Long-term operating lease liabilities</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 10pt">799,096</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 10pt">647,321</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 10pt">89,074</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Other non-current liabilities</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 10pt">40,718</FONT></TD>
<TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 10pt">40,030</FONT></TD>
<TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 10pt">5,508</FONT></TD>
<TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Total non-current liabilities</FONT></TD>
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">864,780</FONT></TD>
<TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">723,979</FONT></TD>
<TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">99,622</FONT></TD>
<TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">TOTAL LIABILITIES</FONT></TD>
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">4,622,740</FONT></TD>
<TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">4,075,435</FONT></TD>
<TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">560,798</FONT></TD>
<TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231f20"><FONT STYLE="font-size: 10pt"><B>BAOZUN
INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231f20"><FONT STYLE="font-size: 10pt"><B>UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEET</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231f20"><FONT STYLE="font-size: 10pt"><B>(All
amounts in thousands, except for share and per share data)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231f20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">As of</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>

<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;<FONT STYLE="color: #231F20"><B>December&nbsp;31,</B></FONT></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;<FONT STYLE="color: #231F20"><B>June&nbsp;30,</B></FONT></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231F20; text-align: center"><FONT STYLE="font-size: 10pt">June&nbsp;30,</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;<FONT STYLE="color: #231F20"><B>2023</B></FONT></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;<FONT STYLE="color: #231F20"><B>2024</B></FONT></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231F20; text-align: center"><FONT STYLE="font-size: 10pt">2024</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif; color: #231F20; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: italic 10pt Times New Roman, Times, Serif; color: #231F20; text-align: center"><FONT STYLE="font-size: 10pt">RMB</FONT></TD><TD STYLE="padding-bottom: 1pt; font: italic 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif; color: #231F20; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: italic 10pt Times New Roman, Times, Serif; color: #231F20; text-align: center"><FONT STYLE="font-size: 10pt">RMB</FONT></TD><TD STYLE="padding-bottom: 1pt; font: italic 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif; color: #231F20; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: italic 10pt Times New Roman, Times, Serif; color: #231F20; text-align: center"><FONT STYLE="font-size: 10pt">US$<SUP>1</SUP></FONT></TD><TD STYLE="padding-bottom: 1pt; font: italic 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; width: 61%; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">Redeemable
    non-controlling interests</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: right"><FONT STYLE="font-size: 10pt">1,584,858</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: right"><FONT STYLE="font-size: 10pt">1,645,177</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: right"><FONT STYLE="font-size: 10pt">226,384</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: bold 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">Baozun
    Inc. shareholders&rsquo; equity:</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; color: #231F20"><FONT STYLE="font-size: 10pt">Class&nbsp;A
    ordinary shares (US$0.0001 par value; 470,000,000 shares authorized,</FONT> <FONT STYLE="font-size: 10pt">167,901,880
    and 170,820,931 shares issued,</FONT> <FONT STYLE="font-size: 10pt">167,901,880
    and 167,277,325 shares</FONT> <FONT STYLE="font-size: 10pt">outstanding,
    as of December&nbsp;31, 2023, and</FONT> <FONT STYLE="font-size: 10pt">June&nbsp;30,
    2024, respectively)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: right"><FONT STYLE="font-size: 10pt">93</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: right"><FONT STYLE="font-size: 10pt">95</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: right"><FONT STYLE="font-size: 10pt">13</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; color: #231F20"><FONT STYLE="font-size: 10pt">Class&nbsp;B
    ordinary shares (US$0.0001 par value; 30,000,000 shares authorized,</FONT> <FONT STYLE="font-size: 10pt">13,300,738
    shares issued and outstanding</FONT> <FONT STYLE="font-size: 10pt">as of
    December&nbsp;31, 2023, and June&nbsp;30, 2024,</FONT> <FONT STYLE="font-size: 10pt">respectively)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: right"><FONT STYLE="font-size: 10pt">8</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: right"><FONT STYLE="font-size: 10pt">8</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: right"><FONT STYLE="font-size: 10pt">1</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">Additional paid-in
    capital</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: right"><FONT STYLE="font-size: 10pt">4,571,439</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: right"><FONT STYLE="font-size: 10pt">4,609,277</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: right"><FONT STYLE="font-size: 10pt">634,258</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; color: #231F20"><FONT STYLE="font-size: 10pt">Treasury shares (nil and 3,543,606
    shares as of</FONT> <FONT STYLE="font-size: 10pt">December&nbsp;31,
    2023 and June&nbsp;30, 2024,</FONT> <FONT STYLE="font-size: 10pt">respectively)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: right"><FONT STYLE="font-size: 10pt">&ndash;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: right"><FONT STYLE="font-size: 10pt">(21,630</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: right"><FONT STYLE="font-size: 10pt">(2,976</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">Accumulated
    deficit</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: right"><FONT STYLE="font-size: 10pt">(506,587</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: right"><FONT STYLE="font-size: 10pt">(603,844</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: right"><FONT STYLE="font-size: 10pt">(83,092</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Accumulated
    other comprehensive income</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: right"><FONT STYLE="font-size: 10pt">32,251</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: right"><FONT STYLE="font-size: 10pt">50,215</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: right"><FONT STYLE="font-size: 10pt">6,910</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Total
    Baozun Inc. shareholders&rsquo; equity</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">4,097,204</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">4,034,121</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">555,114</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Non-controlling
    interests</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: right"><FONT STYLE="font-size: 10pt">169,674</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: right"><FONT STYLE="font-size: 10pt">189,003</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: right"><FONT STYLE="font-size: 10pt">26,008</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: bold 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Total
    Shareholders&rsquo; equity</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231F20; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231F20; text-align: right"><FONT STYLE="font-size: 10pt">4,266,878</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231F20; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231F20; text-align: right"><FONT STYLE="font-size: 10pt">4,223,124</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231F20; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231F20; text-align: right"><FONT STYLE="font-size: 10pt">581,122</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; color: #231F20; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">TOTAL
    LIABILITIES, REDEEMABLE</FONT> <FONT STYLE="font-size: 10pt">NON-CONTROLLING
    INTERESTS AND</FONT> <FONT STYLE="font-size: 10pt">SHAREHOLDERS&rsquo;
    EQUITY</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231F20; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: #231F20; text-align: right"><FONT STYLE="font-size: 10pt">10,474,476</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231F20; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: #231F20; text-align: right"><FONT STYLE="font-size: 10pt">9,943,736</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231F20; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; color: #231F20; text-align: right"><FONT STYLE="font-size: 10pt">1,368,304</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Split-Segment; Name: 2 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231f20"><B>BAOZUN INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #231f20"><B>UNAUDITED CONDENSED CONSOLIDATED
STATEMENT OF OPERATIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #231f20"><B>(All amounts in thousands, except
for share and per share data)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><B>For the six months ended June&nbsp;30,</B></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><B>2023</B></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><B>2024</B></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><B>&nbsp;</B></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><I>&nbsp;</I></TD><TD STYLE="font-size: 10pt"><I>&nbsp;</I></TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-size: 10pt"><I>RMB</I></TD><TD STYLE="font-size: 10pt"><I>&nbsp;</I></TD><TD STYLE="font-size: 10pt"><I>&nbsp;</I></TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-size: 10pt"><I>RMB</I></TD><TD STYLE="font-size: 10pt"><I>&nbsp;</I></TD><TD STYLE="font-size: 10pt"><I>&nbsp;</I></TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-size: 10pt"><I>US$<SUP>1</SUP></I></TD><TD STYLE="font-size: 10pt"><I>&nbsp;</I></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left"><B>Net revenues</B></TD><TD STYLE="font-size: 10pt"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt; text-align: right"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt; text-align: right"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt; text-align: right"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt; text-align: left"><B>&nbsp;</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; width: 61%; font-size: 10pt; text-align: left">Product sales</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">1,596,325</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">1,577,825</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">217,116</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.125in"><P STYLE="text-indent: -0.25in; margin-left: 0.25in; margin-top: 0; margin-bottom: 0">Services (including related party revenues of RMB57,371 and RMB76,187 for the six months
                                                                         ended June&nbsp;30, 2023 and 2024, respectively)</P></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,611,632</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,792,939</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">384,321</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left"><B>Total net revenues</B></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><B>4,207,957</B></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><B>4,370,764</B></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><B>601,437</B></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><B>&nbsp;</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left"><B>Operating expenses:</B></TD><TD STYLE="font-size: 10pt"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt; text-align: right"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt; text-align: right"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt; text-align: right"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt; text-align: left"><B>&nbsp;</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 0.125in">Cost of products</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1,180,137</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1,136,807</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(156,430</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-left: 0.125in">Fulfillment</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1,226,281</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1,173,349</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(161,458</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.125in">Sales and marketing</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1,299,127</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1,538,741</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(211,738</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.125in">Technology and content</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(244,033</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(262,975</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(36,187</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.125in">General and administrative</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(412,730</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(350,724</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(48,261</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.125in">Other operating income, net</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">77,285</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">18,279</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,515</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left"><B>Total operating expenses</B></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><B>(4,285,023</B></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><B>)</B></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><B>(4,444,317</B></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><B>)</B></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><B>(611,559</B></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><B>)</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left"><B>Loss from operations</B></TD><TD STYLE="font-size: 10pt"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt; text-align: right"><B>(77,066</B></TD><TD STYLE="font-size: 10pt; text-align: left"><B>)</B></TD><TD STYLE="font-size: 10pt"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt; text-align: right"><B>(73,553</B></TD><TD STYLE="font-size: 10pt; text-align: left"><B>)</B></TD><TD STYLE="font-size: 10pt"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt; text-align: right"><B>(10,122</B></TD><TD STYLE="font-size: 10pt; text-align: left"><B>)</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left"><B>Other income (expenses):</B></TD><TD STYLE="font-size: 10pt"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt; text-align: right"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt; text-align: right"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt; text-align: right"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt; text-align: left"><B>&nbsp;</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.125in">Interest income</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">38,139</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">35,869</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">4,936</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.125in">Interest expense</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(20,718</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(20,641</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(2,840</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.125in">Unrealized investment loss</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(51,874</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(19,855</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(2,732</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.125in">Gain on acquisition of subsidiaries</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3,251</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.125in">Exchange loss</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(7,992</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(10,598</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1,458</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.125in">Fair value change on financial instruments</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">24,515</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">11,152</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,535</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left"><B>Loss before income tax and share of income in equity method investment</B></TD><TD STYLE="font-size: 10pt"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt; text-align: right"><B>(91,745</B></TD><TD STYLE="font-size: 10pt; text-align: left"><B>)</B></TD><TD STYLE="font-size: 10pt"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt; text-align: right"><B>(77,626</B></TD><TD STYLE="font-size: 10pt; text-align: left"><B>)</B></TD><TD STYLE="font-size: 10pt"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt; text-align: right"><B>(10,681</B></TD><TD STYLE="font-size: 10pt; text-align: left"><B>)</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.125in">Income tax expense</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(4,105</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(10,865</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1,495</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.125in">Share of income in equity method investment</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">4,656</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,210</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">167</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"><B>Net loss</B></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black medium double; padding-bottom: 2.5pt; font-size: 10pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black medium double; font-size: 10pt; text-align: right"><B>(91,194</B></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"><B>)</B></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black medium double; padding-bottom: 2.5pt; font-size: 10pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black medium double; font-size: 10pt; text-align: right"><B>(87,281</B></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"><B>)</B></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black medium double; padding-bottom: 2.5pt; font-size: 10pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black medium double; font-size: 10pt; text-align: right"><B>(12,009</B></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"><B>)</B></TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; font-size: 10pt; text-align: left; padding-left: 0in">Net loss attributable to non-controlling interests</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">4,791</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">10,050</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">1,383</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0in">Net income attributable to redeemable non-controlling
    interests</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(17,172</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(20,026</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(2,756</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: -0.125in; font-size: 10pt; text-align: left"><B>Net loss attributable to ordinary
    shareholders of Baozun Inc.</B></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black medium double; padding-bottom: 2.5pt; font-size: 10pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black medium double; font-size: 10pt; text-align: right"><B>(103,575</B></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"><B>)</B></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black medium double; padding-bottom: 2.5pt; font-size: 10pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black medium double; font-size: 10pt; text-align: right"><B>(97,257</B></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"><B>)</B></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black medium double; padding-bottom: 2.5pt; font-size: 10pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black medium double; font-size: 10pt; text-align: right"><B>(13,382</B></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"><B>)</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: -0.125in; font-size: 10pt; text-align: left">Net loss per share attributable to ordinary shareholders of Baozun Inc.:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-left: 0.125in">Basic</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(0.58</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(0.54</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(0.07</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 0.125in">Diluted</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(0.58</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(0.54</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(0.07</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left"><P STYLE="margin-left: 0.25in; text-indent: -0.25in; text-align: left; margin-top: 0; margin-bottom: 0">Net loss per American depositary shares (&ldquo;ADS&rdquo;)
                                                  attributable to ordinary shareholders of Baozun Inc.:</P></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-left: 0.125in">Basic</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1.75</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1.61</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(0.22</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-left: 0.125in">Diluted</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1.75</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1.61</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(0.22</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1; Options: NewSection; Value: 6 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231f20"><B>BAOZUN INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231f20"><B>UNAUDITED CONDENSED CONSOLIDATED
STATEMENT OF COMPREHENSIVE INCOME</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: #231f20"><B>(All amounts in thousands, except
for share and per share data)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>For
    the six months ended June&nbsp;30,</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2023</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2024</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><I>&nbsp;</I></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><I>&nbsp;</I></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>RMB</I></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><I>&nbsp;</I></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><I>&nbsp;</I></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>RMB </I></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><I>&nbsp;</I></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><I>&nbsp;</I></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><I>&nbsp;</I></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>US$<SUP>1</SUP></I></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><I>&nbsp;</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 62%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net loss</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(91,194</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(87,281</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(12,009</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other comprehensive
    income, net of tax of nil:</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foreign currency translation adjustment</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31,726</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17,964</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,472</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Comprehensive loss</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(59,468</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(69,317</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(9,537</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total comprehensive loss attributable to non-controlling
    interests</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,791</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,050</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,383</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total comprehensive income attributable to redeemable
    non-controlling interests</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(17,172</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(20,026</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2,756</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total comprehensive loss
    attributable to ordinary shareholders of Baozun Inc.</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black medium double; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black medium double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(71,849</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black medium double; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black medium double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(79,293</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black medium double; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black medium double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(10,910</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 2; Value: 6 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231f20"><B>BAOZUN INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231f20"><B>NOTES TO CONDENSED CONSOLIDATED
FINANCIAL INFORMATION<BR>
FOR THE SIX MONTHS ENDED JUNE 30, 2023 and 2024</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><B>(Unless otherwise stated, all amounts
in thousands, except for share and per share data)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.7pt"></TD><TD STYLE="width: 35.15pt"><B>1.</B></TD><TD><B>ORGANIZATION AND PRINCIPAL ACTIVITIES</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #231f20">Baozun Inc. (the &ldquo;<B>Company</B>&rdquo;)
was incorporated under the laws of Cayman Islands on December&nbsp;17, 2013. The Company, its subsidiaries, and its variable interest
entities (VIEs) (collectively referred to as the &ldquo;<B>Group</B>&rdquo;) are principally engaged to provide its customers with end-to-end
E-commerce solutions including the sales of apparel, home and electronic products, online store design and setup, visual merchandising
and marketing, online store operations, customer services, warehousing and order fulfillment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #231f20">As of June&nbsp;30,
2024, the Company&rsquo;s major subsidiaries and VIE are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding-bottom: 1pt; padding-left: -0.125in; font-size: 10pt"><B>&nbsp;</B></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font-size: 10pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><B>Date of<BR>
    Incorporation/<BR>
    Acquisition</B></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font-size: 10pt"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><B>Place of<BR>
    incorporation</B></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font-size: 10pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><B>Legal<BR>
    ownership</B></TD><TD STYLE="text-align: center; padding-bottom: 1pt; font-size: 10pt"><B>&nbsp;</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-left: 0in"><B>Subsidiaries:</B></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 40%; font-size: 10pt; text-align: left; padding-left: 0in">Baozun Hong Kong Holding Limited</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 19%; font-size: 10pt; text-align: right">10-Jan-14</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 19%; font-size: 10pt; text-align: right">Hong Kong</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="width: 17%; font-size: 10pt; text-align: right">100</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left"><P STYLE="text-indent: -0.25in; margin-left: 0.25in; margin-top: 0; margin-bottom: 0">Shanghai
Baozun E-commerce Limited</P>
                                                                                               <P STYLE="text-indent: 0.25in; margin-left: 0in; margin-top: 0; margin-bottom: 0"><B>(&ldquo;Shanghai
                                            Baozun&rdquo;)</B></P></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">11-Nov-03</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">People&rsquo;s Republic of China (&ldquo;<B>PRC</B>&rdquo;)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">100</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0in">Shanghai Bodao E-commerce Limited</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">30-Mar-10</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">PRC</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">100</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0in">Shanghai Yingsai Advertisement Limited</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">30-Mar-10</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">PRC</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">100</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0in">Baozun Hongkong Limited</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">11-Sep-13</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">Hong Kong</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">100</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0in">Shanghai Fengbo E-commerce Limited</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">29-Dec-11</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">PRC</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">100</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0in">Baozun Hongkong Investment Limited</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">21-July-15</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">Hong Kong</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">100</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0in">Baotong Inc.</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">19-Jun-19</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">Cayman Islands</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">63</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0in">Baotong Hong Kong Holding Limited</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">5-May-16</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">Hong Kong</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">63</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0in">Baotong E-logistics Technology (Suzhou) Limited </TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">27-Mar-17</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">PRC</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">63</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: -0.125in; font-size: 10pt; text-align: left">Baozun Brand Management Limited</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;07-Oct-22</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;Hong Kong</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">100</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0in">White Horse Hongkong Holding Limited</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">08-Nov-22</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">Hong Kong</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">100</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0in">Gaipu (Shanghai) Commercial Co.,&nbsp;Ltd.</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">31-Jan-23</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">PRC</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">100</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-left: 0in"><B>VIE:</B></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0in">Shanghai Zunyi Business Consulting Ltd.</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">31-Dec-10</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">PRC</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">N/A</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Page; Sequence: 3; Value: 6 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<!-- Field: Split-Segment; Name: 3 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><B>2.</B></TD><TD><B>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(a)</B></FONT></TD><TD><B>Basis
                                            of presentation</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; color: #231f20">The unaudited condensed
consolidated financial statements of the Company are prepared and presented in accordance with accounting principles generally accepted
in the United States of America (&ldquo;<B>U.S. GAAP</B>&rdquo;). Certain information and note disclosures normally included in the consolidated
financial statements prepared in accordance with</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; color: #231f20">U.S. GAAP have been condensed
or omitted pursuant to such rules&nbsp;and regulations. As such, the accompanying unaudited condensed consolidated financial statements
should be read in conjunction with the financial statements, accounting policies and notes thereto included in the Company&rsquo;s audited
consolidated financial statements for the year ended December&nbsp;31, 2023. The results of operations for the six months ended June&nbsp;30,
2024 are not necessarily indicative of the results for the full year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; color: #231f20">In the opinion of the
management, the unaudited condensed consolidated financial statements reflect all normal recurring adjustments, which are necessary for
a fair presentation of financial results for the interim periods presented. The Company believes that the disclosures are adequate to
make the information presented not misleading. The accompanying unaudited condensed consolidated financial statements have been prepared
using the same accounting policies as used in the preparation of the Company&rsquo;s consolidated financial statements for the year ended
December&nbsp;31, 2023. The financial statements as of December&nbsp;31, 2023 presented in the unaudited condensed consolidated financial
statements is derived from the audited consolidated financial statements for the year ended December&nbsp;31, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(b)</B></FONT></TD><TD><B>Basis
                                            of consolidation</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; color: #231f20">The condensed consolidated
financial statements include the financial statements of the Company, its subsidiaries and the VIE. All transactions and balances among
the Company, its subsidiaries and the VIE have been eliminated upon consolidation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; color: #231f20">A consolidated subsidiary
is an entity in which the Company, directly or indirectly, controls more than one half of the voting power or has the power to: appoint
or remove the majority of the members of the board of directors; cast a majority of votes at the meeting of the board of directors; or
govern the financial and operating policies of the investee under a statute or agreement among the shareholders or equity holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; color: #231f20">U.S. GAAP provides guidance
on the identification of VIE and financial reporting for entities over which control is achieved through means other than voting interests.
The Group evaluates each of its interests in an entity to determine whether or not the investee is a VIE and, if so, whether the Group
is the primary beneficiary of such VIE. In determining whether the Group is the primary beneficiary, the Group considers if the Group
(1)&nbsp;has power to direct the activities that most significantly affects the economic performance of the VIE, and (2)&nbsp;receives
the economic benefits of the VIE that could be significant to the VIE. If deemed the primary beneficiary, the Group consolidates the
VIE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1; Options: NewSection; Value: 10 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><B>3.</B></TD><TD><B>REVENUE</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #231f20">For the six months
ended June&nbsp;30, 2023 and 2024, substantially all of the Group&rsquo;s revenues were generated in the PRC. The disaggregated revenues
by types and the timing of transfer of goods or services were as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(i)</B></FONT></TD><TD><B>Disaggregation
                                            of revenues</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 89%; font: 10pt Times New Roman, Times, Serif; margin-left: 1in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">For the six months
    <BR> ended June&nbsp;30,</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2023</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2024</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: italic 10pt Times New Roman, Times, Serif; color: #231f20; text-align: center">RMB</TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: italic 10pt Times New Roman, Times, Serif; color: #231f20; text-align: center">RMB</TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 70%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">Product sales recognized at point
    of time</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">1,596,325</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">1,577,825</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Service</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0.125in">&ndash; revenues recognized over time</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,552,541</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,717,099</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; padding-bottom: 1pt; padding-left: 0.125in">&ndash;
    revenues recognized at point of time</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">59,091</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">75,840</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Total revenues</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right">4,207,957</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right">4,370,764</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(ii)</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Contract
                                            liabilities</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0in; margin: 0pt 0 0pt 1in; color: #231f20">The movement of the contract liabilities,
which primarily consist of advances from customers for the six months ended June&nbsp;30, 2024 were as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 89%; font: 10pt Times New Roman, Times, Serif; margin-left: 1in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Contract<BR> liabilities</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 84%; font-size: 10pt">Opening Balance as of January 1, 2024</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; font-size: 10pt; text-align: right">163,237</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Net decrease</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(164</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">Ending Balance as of June 30, 2024</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">163,073</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify; text-indent: -0.25in; color: #231f20">Contract
liabilities are presented in &lsquo;Accrued expenses and other current liabilities&rsquo; in the consolidated balance sheet.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; color: #231f20">Revenues amounted to
RMB120,858 and RMB163,237 were recognized in the six months ended June&nbsp;30, 2023 and 2024 respectively, that were included in the
balance of contract liabilities at the beginning of the respective year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 2; Value: 10 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><B>4.</B></TD><TD><B>NET LOSS PER SHARE</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: #231f20">Basic and diluted net loss per share for
each of the periods presented are calculated as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 94%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the six months
    <BR> ended June&nbsp;30,</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2023</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: italic 10pt Times New Roman, Times, Serif; color: #231f20; text-align: center">RMB</TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: italic 10pt Times New Roman, Times, Serif; color: #231f20; text-align: center">RMB</TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold">Numerator:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; width: 74%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">Net loss</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(91,194</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(87,281</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">Net loss attributable
    to non-controlling interests</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">4,791</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">10,050</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">Net income attributable
    to redeemable non-controlling interests</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(17,172</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(20,026</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0in; font-size: 10pt; text-align: left; padding-bottom: 1pt">Net loss attributable to ordinary shareholders
    of Baozun Inc.</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(103,575</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(97,257</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Net loss per share attributable to ordinary shareholders of Baozun Inc.</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt">Basic</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(0.58</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(0.54</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt">Diluted</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(0.58</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(0.54</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Net loss per ADS (1 ADS represents 3 Class&nbsp;A ordinary shares) attributable to
    ordinary shareholders of Baozun Inc.</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: #231f20">Basic</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(1.75</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(1.61</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; color: #231f20">Diluted</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(1.75</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(1.61</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold">Shares (Denominator):</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt">Weighted average number of ordinary shares</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt">Basic</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">177,380,516</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">181,767,160</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">Diluted</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">177,380,516</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">181,767,160</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #231f20">During the six months
ended June&nbsp;30, 2023 and 2024, the Group had 1,848,490 and 8,252,247 outstanding restricted share units and options respectively,
which were excluded from the computation of diluted loss per share as their effects would have been anti-dilutive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 3; Value: 10 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><B>5.</B></TD><TD><B>INCOME TAX</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #231f20">Under the current laws
of the Cayman Islands, the Company incorporated in the Cayman Islands is not subject to tax on income or capital gain. Additionally,
the Cayman Islands does not impose a withholding tax on payments of dividends to shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #231f20">Under the Hong Kong
Inland Revenue Ordinance, for the Company&rsquo;s subsidiaries incorporated in Hong Kong, the profits tax rate is calculated at 16.5%
of the estimated assessable profits for the year, except for one subsidiary of the Group which is a qualifying corporation under the
two-tiered Profits Tax rate regime. For this subsidiary, the first HK$2 million of assessable profits are taxed at 8.25% and the remaining
assessable profits are taxed at 16.5%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #231f20">Under the Law of the
People&rsquo;s Republic of China on Enterprise Income Tax (&ldquo;<B>EIT Law</B>&rdquo;), the Group&rsquo;s subsidiaries and VIE domiciled
in the PRC are subject to 25% statutory rate. According to National Tax Letter 2009 No.&nbsp;203, if an entity is certified as a &ldquo;High
and New Technology Enterprise&rdquo; (&ldquo;<B>HNTE</B>&rdquo;), it is entitled to a preferential income tax rate of 15%. Five subsidiaries
of the Group obtained the HNTE certificate starting from 2018 and renewed the certification subsequently, thus applied 15% tax rate with
a valid term of three years from the year of entitlement or renewal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #231f20">The current and deferred
portion of income tax expenses included in the condensed consolidated statements of operations, which were substantially attributable
to the Group&rsquo;s PRC subsidiaries are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 94%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: center; border-bottom: Black 1pt solid">For
    the six months <BR>
ended June&nbsp;30,</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: center; border-bottom: Black 1pt solid">2023</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: center; border-bottom: Black 1pt solid">2024</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: italic 10pt Times New Roman, Times, Serif; color: #231f20; text-align: center">RMB</TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: italic 10pt Times New Roman, Times, Serif; color: #231f20; text-align: center">RMB</TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">Current tax</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">48,152</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">12,101</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; padding-bottom: 1pt">Deferred tax</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(44,047</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(1,236</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Income tax expense</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">4,105</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">10,865</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 4; Value: 10 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20"><B>6.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20"><B>ACCOUNT
                                            RECEIVABLE, NET</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">Accounts
receivable, net, consists of the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 94%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">As
    of</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: center"><FONT STYLE="font-size: 10pt">December&nbsp;31,</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: center"><FONT STYLE="font-size: 10pt">June&nbsp;30,</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2023</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2024</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-style: italic"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-style: italic; text-align: center"><FONT STYLE="font-size: 10pt">RMB</FONT></TD><TD STYLE="font-size: 10pt; font-style: italic"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-style: italic"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-style: italic; text-align: center"><FONT STYLE="font-size: 10pt">RMB</FONT></TD><TD STYLE="font-size: 10pt; font-style: italic"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Accounts receivable</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 11%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 10pt">2,309,466</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 10pt">1,968,871</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt">Allowance for credit losses:</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Balance
    at beginning of the period</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 10pt">(120,495</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 10pt">(124,737</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">(Additions)
    reverse</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 10pt">(2,187</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 10pt">480</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Exchange
    loss</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 10pt">(3,017</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 10pt">(2,487</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt; padding-left: 0.125in"><FONT STYLE="font-size: 10pt">Write-offs</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 10pt">962</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right"><FONT STYLE="font-size: 10pt">&ndash;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Balance at end of the period</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">(124,737</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">(126,744</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">Accounts receivable, net</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">2,184,729</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">1,842,127</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>


<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: #231f20">An aging analysis based of accounts receivable
on the relevant invoice dates is as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 94%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">As
    of</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">December&nbsp;31,
    <BR> 2023</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">June&nbsp;30,<BR>
    2024</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: italic 10pt Times New Roman, Times, Serif; color: #231F20; text-align: center"><FONT STYLE="font-size: 10pt">RMB</FONT></TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: italic 10pt Times New Roman, Times, Serif; color: #231F20; text-align: center"><FONT STYLE="font-size: 10pt">RMB</FONT></TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; font: 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 10pt">0-3 months</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 11%; font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: right"><FONT STYLE="font-size: 10pt">1,988,582</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: right"><FONT STYLE="font-size: 10pt">1,705,094</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 10pt">3-6 months</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: right"><FONT STYLE="font-size: 10pt">89,732</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: right"><FONT STYLE="font-size: 10pt">41,979</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 10pt">6-12 months</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: right"><FONT STYLE="font-size: 10pt">37,908</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: right"><FONT STYLE="font-size: 10pt">31,565</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Over
    1 year</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: right"><FONT STYLE="font-size: 10pt">193,244</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231F20; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: right"><FONT STYLE="font-size: 10pt">190,233</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231F20; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">Accounts
    receivable, gross</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">2,309,466</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">1,968,871</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><B>7.</B></TD>
<TD><B>ACCOUNTS AND NOTES PAYABLE</B></TD>
</TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0 0 0 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">Accounts and
notes payable consist of the following:</FONT></P>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 94%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As of</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: center">December&nbsp;31,</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: center">June&nbsp;30,</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2023</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">RMB</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">RMB</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">Accounts payable</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">563,562</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">439,635</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left; padding-bottom: 2.5pt">Notes payable</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">506,629</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">418,386</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Page; Sequence: 5; Value: 10 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<!-- Field: Split-Segment; Name: 4 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: #231f20">An aging analysis of accounts payable based
on the relevant invoice dates is as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 94%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">As of</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">December&nbsp;31,<BR>
    2023</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">June&nbsp;30,
    <BR>
    2024</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif; color: #231F20">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: italic 10pt Times New Roman, Times, Serif; text-align: center; color: #231F20">RMB</TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif; color: #231F20">&nbsp;</TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: italic 10pt Times New Roman, Times, Serif; text-align: center">RMB</TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 70%">0-12 months</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right">563,562</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right">439,635</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Over 1 year</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Accounts payable, gross</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">563,562</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">439,635</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: #231f20">An aging analysis of notes payable based
on the relevant issuance dates is as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 94%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">As of</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">December&nbsp;31,<BR>
    2023</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">June&nbsp;30,
    <BR>
    2024</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif; color: #231F20">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: italic 10pt Times New Roman, Times, Serif; text-align: center; color: #231F20">RMB</TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif; color: #231F20">&nbsp;</TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: italic 10pt Times New Roman, Times, Serif; text-align: center">RMB</TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 70%">0-12 months</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right">506,629</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right">418,386</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Over 1 year</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Accounts payable, gross</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">506,629</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">418,386</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>8.</B></TD><TD STYLE="text-align: justify"><B>SHORT-TERM LOAN</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: #231f20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: #231f20">The short-term loans as of December&nbsp;31,
2023 and June&nbsp;30, 2024 were as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 94%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">As of</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">December&nbsp;31,<BR>
    2023</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">June&nbsp;30,
    <BR>
    2024</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif; color: #231F20">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: italic 10pt Times New Roman, Times, Serif; text-align: center; color: #231F20">RMB</TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif; color: #231F20">&nbsp;</TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: italic 10pt Times New Roman, Times, Serif; text-align: center">RMB</TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 70%"><I>Short-term loan</I></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right">&#8239;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right">&#8239;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Short-term
    bank borrowings</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1,115,721</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1,162,824</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1; Options: NewSection; Value: 15 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #231f20"><B>Short-term bank
borrowings</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #231f20">The Group entered into
one-year credit facilities with several Chinese commercial banks that provide revolving line of credit for the Group. Under such credit
facilities, the Group can borrow up to RMB3,715,846 as of December&nbsp;31, 2023 and RMB3,430,000 as of June&nbsp;30, 2024, which can
only be used to maintain daily operation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #231f20">As of June&nbsp;30,
2024, the Group had drawn short-term bank borrowings from the credit facilities in the amount of RMB1,162,824. Credit facilities in the
amounts of RMB59,974 and RMB91,751 were used to issue the letters of guarantee and notes payable, respectively. As such, RMB2,115,451
of the credit facilities was available for future borrowing as of June&nbsp;30, 2024. The credit facilities will expire during the period
from July&nbsp;2024 to May&nbsp;2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.7pt"></TD><TD STYLE="width: 35.15pt"><B>9.</B></TD><TD><B>DIVIDEND</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #231f20">The Board did not recommend
the distribution of any interim dividend for the six months ended June&nbsp;30, 2023 and 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.7pt"></TD><TD STYLE="width: 35.15pt"><B>10.</B></TD><TD><B>ORDINARY SHARES AND TREASURY STOCK</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #231f20">On October&nbsp;5,
2022, the Company announced a share repurchase plan with a maximum amount of US$80 million over the next 12 months. For the year ended
December&nbsp;31, 2022, the Company repurchased 24,203,643 shares with a total amount of US$68.0 million from its shareholders. The 32,353,269
outstanding treasury shares were all cancelled during the year 2023. In January&nbsp;2024, the Company announced a share repurchase plan
with a maximum amount of US$20 million over the next 12 months. For the six months ended June&nbsp;30, 2024, the Company repurchased
3,543,606 shares of treasury stock for a total amount of US$2.9 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #231f20">For the six months
ended June&nbsp;30, 2023 and 2024, 1,581,519 and 2,919,051 share options and restricted share units were exercised and vested to Class&nbsp;A
ordinary shares, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 2; Value: 15 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231f20"><B>MANAGEMENT DISCUSSION AND ANALYSIS BUSINESS OVERVIEW</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">We are a leader and pioneer in
the brand e-commerce service industry and a digital commerce enabler in China. We empower a broad and diverse range of brands to grow
and succeed by leveraging our end-to-end e-commerce service capabilities, omni-channel expertise, and technology-driven solutions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">Recognizing the growing convergence
of online and offline commerce, we view this trend as a significant opportunity. Adhering to our vision of &ldquo;Technology Empowers
Future Success&rdquo;, our advanced technology and operating platforms provide a unified and robust foundation that supports our expanded
range of services and markets. In 2023, we expanded our businesses into three business lines &ndash; Baozun E-commerce (BEC), Baozun
Brand Management (BBM) and Baozun International (BZI). Beginning from the first quarter of 2023, we have two operating segments: E-Commerce
(encompassing BEC and BZI) and Brand Management (BBM).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">Baozun e-Commerce includes our
China e-commerce businesses, such as brands&rsquo; store operations, customer services and value-added services in logistics and supply
chain management,&nbsp;IT, and digital marketing. Baozun Brand Management 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 establish longer and deeper relationships with brands. Baozun International is a
long-term opportunity that we will patiently invest in and explore. We have a distinct advantage to replicate our China e-commerce success.
Baozun International will empower brands with local market insights and critical e-commerce infrastructure, serving local consumers through
a wide product selection and differentiated customer experience.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">The expansion of Baozun group
into three business lines &ndash; BEC, BBM and BZI, is aimed at creating a virtuous ecosystem in which each division brings value to
the others. Our 16 years of expertise and technological advancements in the e-commerce industry have allowed us to rapidly increase our
scale and establish deeper relationships with brand partners. Our strategy capitalizes on virtuous cycles and synergies across our business
lines.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">Our revenue increased by 4% from
RMB4,208.0 million for the six months end June&nbsp;30, 2023 to RMB4,370.8 million for the same period in 2024, primarily due to increase
in value-added services especially digital marketing service. Our non-GAAP operating loss further narrowed by 16% from RMB8.9 million
for the six months ended June&nbsp;30, 2023 to RMB7.5 million for the same period in 2024, primarily due to the narrowed loss in the
Brand Management business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 3; Value: 15 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20"><B>Baozun E-Commerce (BEC)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">Baozun E-Commerce includes our
China e-commerce businesses, such as brands&rsquo; store operations, customer services and value-added services in logistics and supply
chain management,&nbsp;IT, and digital marketing. We empower a broad and diverse range of brands to grow and succeed by leveraging our
end-to-end e-commerce service capabilities, omni-channel expertise, and technology-driven solutions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">Our competitive advantages have
enabled us to achieve rapid growth in our brand partnerships. We collaborate with global leaders in their respective verticals, including
brands like Philips, Nike, and Microsoft. Our ability to help brand partners navigate the challenges arising from the macroeconomy, by
leveraging our efficient e-commerce operational capabilities and effective omni-channel solutions, demonstrates the value of our services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">With our deep understanding of
the needs of various brands, we are able to offer value propositions that set us apart from other market players.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.7pt"></TD><TD STYLE="width: 35.15pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">Multi-category,
                                            multi-brand capabilities: Our capabilities extend across multiple categories and brands of
                                            different types, scales, and stages of development. We possess in-depth industry-specific
                                            domain knowledge that spans the entire e-commerce value chain.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.7pt"></TD><TD STYLE="width: 35.15pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">Full-scope
                                            services: We provide integrated one-stop solutions to address all core aspects of e-commerce
                                            operations, including IT solutions, online store operations, digital marketing, customer
                                            service, and warehousing and fulfilment. Our ability to provide one-stop e-commerce solutions
                                            is backed by our proprietary and robust technology stack, including our Cloud-based System
                                            that enables efficient setup of official brand stores and official marketplace stores, ROSS
                                            that facilitates smooth and efficient online store operations; big data analytics and AI
                                            capabilities that drive our efficient and effective digital marketing solutions; customer
                                            relationship management, or CRM, that supports attentive real-time pre-sale and post-sale
                                            customer services and engagement; and order management system, or OMS, and warehouse management
                                            system, or WMS, that enable integrated and reliable multi-category warehousing and fulfillment
                                            services. We remain committed to invest in new technologies and infrastructure to provide
                                            innovative and reliable solutions to our brand partners.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.7pt"></TD><TD STYLE="width: 35.15pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify">Omni-channel
                                            coverage: We help brand partners adapt to and thrive in China&rsquo;s complex e-commerce
                                            ecosystem and evolving e-commerce landscape. We enable brands to integrate online and offline
                                            operations. We help brand partners formulate and implement coherent e-commerce strategies,
                                            which require holistic performance analysis across channels and balanced tactics for different
                                            platforms.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">Based on the different needs
of our brand partners, we operate under three business models: the distribution model, the service fee model, and the consignment model.
We generate product sales revenues primarily through selling the products that we purchase from our brand partners and/ or their authorized
distributors to consumers under the distribution model, and derive services revenues primarily through charging brand partners and other
customers fees under the service fee model and the consignment model.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 4; Value: 15 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231f20"><B><I>Our Business Models and Solutions</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">Through our integrated brand
e-commerce capabilities, we provide end-to-end brand e-commerce solutions that cater to our brand partners&rsquo; unique needs. We leverage
our brand partners&rsquo; resources and seamlessly integrate with their back-end systems to enable data analytics for the entire transaction
value chain, making our services a crucial part of our brand partners&rsquo; e-commerce functions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">Our e-commerce capabilities encompass
every aspect of the e-commerce value chain, including online store operations, customer service,&nbsp;IT solutions, digital marketing,
warehousing, and fulfillment. Depending on each brand partner&rsquo;s specific needs and the characteristics of its product category,
our brand partners utilize one or a blend of our solutions under one or a combination of our business models: the distribution model,
the service fee model, and the consignment model.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231f20"><B><I>Operational Highlights of BEC For the Six Months
Ended June&nbsp;30, 2024</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">During the first six months ended
June&nbsp;30, 2024, service revenue grew by 7%, primally driven by strong digital marketing demand from brand partners and strong performance
of sportswear and apparel category.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">Omni-channel expansion remains
a key theme for our brand partners. We continued to further enhance our omni-channel capabilities. As of June&nbsp;30, 2024, approximately
45.8% of our brand partners engaged with us for store operations of at least two channels.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231f20"><B>Baozun Brand Management (BBM)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">Baozun Brand Management engages
in holistic brand management and serves as an all-rounded partner for global brands to further unlock their business potential in China,
BBM offers expertise in 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 establish longer and deeper relationships with brands.
BBM targets the mid-end and premium consumer lifestyle brands segment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">Our first key acquisition was
the Gap Greater China business. In November&nbsp;2022, we entered into a share purchase agreement with The Gap,&nbsp;Inc. and Gap (UK
Holdings) Limited. Concurrently, BBM and The Gap,&nbsp;Inc. established a series of business arrangements, through which The Gap,&nbsp;Inc.
grants us the right to manufacture, market, distribute, and sell Gap products in Greater China, including the localization ability, on
an exclusive basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">Our technologies and insights
enable us to forge a sustainable, symbiotic relationship between physical retail and online commerce. We aim to deliver the best-in-class,
seamless omni-channel experience by integrating the digital and the physical at scale, and to excel where few have done so in retail.
We are evolving into a leading brand management company of iconic brands through a combination of transformative acquisitions and the
consistent growth of our brands in China across all channels.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 5; Value: 15 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231f20"><B>GAP overview</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">GAP is one of the world&rsquo;s
most recognized lifestyle brands, uplifting and inspiring consumers since 1969. The brand creates iconic style, which builds on its heritage
grounded in denim and khakis and comes alive at the intersection of the classic and the new. GAP is an authority on modern American style.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">GAP represents a good example
for BBM to build its business model and achieve the target of integrating digital technology, retail, and brands. Our current priorities
include ensuring a smooth post-acquisition transition, refining products and merchandizing strategies, building supply chain infrastructures,
and upgrading back-end systems, including talents and technologies, to pursue our technology-empowered, China-for-China, and digitalized
modern new retail model.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">During the first six months of
2024, Gap Shanghai achieved revenue of RMB584.5 million. As of June&nbsp;30, 2024, we operated 126 offline stores for GAP in mainland
China. While GAP stores are mainly located in first- and second-tier cities in China, the brand continues to expand into cities with
potential across China and the region. We plan to open more than 50 new stores this year and continue to optimize our store structure
and locations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231f20"><B><I>Product Management</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">China-for-China product is our
core priority. It is essential for us to interpret the GAP&rsquo;s brand DNA in a way that&rsquo;s relevant to the Chinese market. Our
designs are driven by data insights and executed with a much shorter supply chain cycle. In the second quarter 2024, we introduced functional
features in our core T-shirt category, including Quick Dry, Cooling, Sweat Absorption. These features not only expanded our product offerings
but also began to shift customer perceptions, showing that GAP provides more than just comfort.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231f20"><B><I>Retail Management</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">With a consumer-centric and retail-oriented
strategy, we have successfully improved our competitiveness, store efficiency, and responsiveness to the ever-changing market. During
the Reporting Period, we continued to optimize our retail management capabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">We aimed to open more &ldquo;quality&rdquo;
neighborhood stores, such as those in Shanghai Hongyi, Shenyang Joy city, Guizhou Sky Square. These strategically located stores not
only drive business but also enhance profitability. Additionally, we co-opened stores in Shenyang and Guiyang with our local strategic
partners, creating mutual benefits. Strong partnerships facilitate faster store openings, particularly in second- and third-tier cities,
and enhance investment efficiency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231f20"><B><I>Supply Chain Management</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">Effective supply chain management
is crucial for achieving sustainable growth. We focus on product innovation, quality control, and ensuring the responsiveness and cost-effectiveness
of our supply chain. During the Reporting Period, we enhanced our supply chain capabilities to better meet consumer demands. For example,
our proactive fabric planning resulted in a significant cost saving for production for the second quarter of 2024. We will continue to
develop strategies to enhance the operational efficiency of our supply chain and unlock gross margin opportunities. We believe improving
our supply chain efficiencies and managing working capital through the effective use of our infrastructure will enable us to control
costs better and provide superior service to our customers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 6; Value: 15 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231f20"><B><I>Talent</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">We believe that the talent, commitment,
and passion of our teams will always be key to our competitive edge. We offer a unique fashion proposition, defined by creativity, innovation,
design, and quality. We successfully filled critical positions in a short timeframe. Our new hires are local industry experts with vast
experience in both well-known leading multinational corporations and local apparel companies. We believe this will accelerate our business
transformation and enhance organizational efficiency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231f20"><B>Baozun International (BZI)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">Baozun International (BZI) is
a long-term opportunity that we will patiently invest in and explore. We have a distinct advantage to replicate our China e-commerce
success. BZI will empower brands with local market insights and critical e-commerce infrastructure, in turn serving local consumers through
wide product selection and differentiated customer experience.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">Despite the uncertainties and
complexities in the global macro environment, we remain firmly committed to our globalization strategy. We work with brand partners to
co-develop &ldquo;Glocalization&rdquo;. Glocalization is a term combining &ldquo;global&rdquo; and &ldquo;local&rdquo; and refers to
our philosophy that while we pursue global opportunities, we will rely on local expertise and resources.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">We plan to build an ecosystem
around our technology and businesses, consisting of consumers, brands, retailers, third-party service providers, strategic alliance partners,
and other businesses. BZI offers brands across several countries and regions a localized experience within the country in which they
operate. In addition, BZI manages localized storefronts in different countries, making cross-border commerce easier for brands. These
tailored experiences are designed to increase brand partners&rsquo; confidence in new markets and enhance consumer conversion, enabling
brand partners to enter these new geographies with ease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">Starting with Southeast Asia,
we aim to serve brands and consumers around the world through both a localized and an e-commerce experience. As of June&nbsp;30, 2024,
we have set up operation offices in 8 markets, including Hong Kong, Taiwan, Singapore, Malaysia, the Philippines, Thailand, France and
South Korea. At the same time, we recruit top and experienced talents locally. We aim to empower brand partners with our strong e-commerce
operational capabilities, customized vertical-specific solutions, and localized services to better serve the digitalization needs overseas.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 7; Value: 15 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231f20"><B>PROSPECTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20"><FONT STYLE="font-family: Times New Roman, Times, Serif">Looking
forward, we remain cautious about the macro uncertainties. Yet, we are confident that our on-going transformation has strengthened our
business fundamentals and our value proposition to brand owners. Our main focus in 2024 is to diligently and patiently execute our plans
in a sustainable manner. Our ongoing strategic expansion into three business lines &#65293; </FONT>Baozun e-Commerce, Baozun Brand Management
and Baozun International <FONT STYLE="font-family: Times New Roman, Times, Serif">&#65293; </FONT>is paving the way for our second growth
curve.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">For e-Commerce, we are fully
committed to our roadmap for strengthening both top and bottom lines while continuing to generate healthy cash flows. We will persist
in our efforts to achieve the strategic objective of &ldquo;customer-centric, high-quality, and sustainable business growth&rdquo;. In
2023, we made progress in e-Commerce&rsquo;s business transition in four key areas: improving customer centric service, growing quality
revenue, boosting profitability through efficiency improvements, and promoting a sustainable corporate culture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">Looking ahead, our primary focus
for 2024 remains on executing our business transition. We also aim to expand into high-potential categories such as wine, health&nbsp;&amp;
beauty, and automotive. We will continue to further enhance our omni-channel capabilities, with a particular emphasis on Douyin and other
content-based channels. We believe leveraging this established network will extend our success across major e-commerce platforms and
position us for sustained growth. Additionally, we aim to grow our product sales business by introducing a high-quality digitalized distribution
model. Our goal is to seamlessly integrate online and offline channels using our digital capabilities to empower brands across all fronts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">For Brand Management, our primary
focus is to build on current momentum and continue strengthening the foundation while revitalizing growth for the Gap brand in China.
Additionally, we also purchased 51% of equity interest to form a Joint Venture with Authentic Brands Group for the relevant intellectual
property of Hunter in Greater China and Southeast Asia. We have ambitious plans for Hunter&rsquo;s growth, including expanding into new
categories and diversifying our distribution channels to unlock the brand&rsquo;s full potential in China, as well as in Singapore and
Malaysia. Leveraging our Baozun International, we aim to further support and accelerate Hunter&rsquo;s business expansion across the
Southeast Asian region.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">We believe that our expertise
in technology, applied to brand operations, is at the core of Baozun&rsquo;s identity. Regardless of the specific business models we
deploy, our technology and expertise form a cohesive and robust foundation for our strategic endeavors. In our view, our business fundamentals
have been significantly fortified, and we will continue to focus on further executing our plans. With a healthy cash flow and balance
sheet, we will be ready to seize new opportunities and provide lasting value to our stakeholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20"></P>

<!-- Field: Page; Sequence: 8; Value: 15 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231f20"><B>FINANCIAL REVIEW</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231f20"><B>Revenue</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">The Group&rsquo;s revenue principally
derives from product sales and services. The following table sets out the breakdown of revenue during the indicated periods:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: #231f20">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: italic 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: #231f20; text-align: left">&nbsp;</TD><TD COLSPAN="13" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: rgb(35,31,32); text-align: center"><B>Six
                                            months ended June&nbsp;30,</B></TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: #231f20; text-align: right">&nbsp;</TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: #231f20">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: italic 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: #231f20; text-align: left">&nbsp;</TD><TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: rgb(35,31,32); text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20"><B>2024</B></FONT></TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: #231f20">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: italic 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: #231f20; text-align: left">&nbsp;</TD><TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: rgb(35,31,32); text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20"><B>2023</B></FONT></TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif; color: #231f20; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20"><I>Growth</I></FONT></TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&#8239;</TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: #231f20">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: italic 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: italic 10pt Times New Roman, Times, Serif; color: #231f20; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20"><I>RMB&rsquo;000</I></FONT></TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: #231f20">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: italic 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: italic 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: #231f20; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20"><I>%</I></FONT></TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: #231f20">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: italic 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: italic 10pt Times New Roman, Times, Serif; color: #231f20; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20"><I>RMB&rsquo;000</I></FONT></TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: #231f20">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: italic 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: italic 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: #231f20; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20"><I>%</I></FONT></TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: #231f20">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: italic 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: italic 10pt Times New Roman, Times, Serif; color: #231f20; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20"><I>Rate
                                            %</I></FONT></TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">Net Revenues</TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif; color: #231f20; text-align: center">&nbsp;</TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif; color: #231f20; text-align: center">&nbsp;</TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif; color: #231f20; text-align: center">&nbsp;</TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif; color: #231f20; text-align: center">&nbsp;</TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif; color: #231f20; text-align: center">&nbsp;</TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 35%; color: #231f20; text-align: left">Product sales</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; color: #231f20; text-align: right">1,577,825</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; color: #231f20; text-align: right">36.1</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231f20; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; color: #231f20; text-align: right">1,596,325</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; color: #231f20; text-align: right">37.9</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231f20; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; color: #231f20; text-align: right">-1.2</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231f20; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">Services</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">2,792,939</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">63.9</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: #231f20; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">2,611,632</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">62.1</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: #231f20; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">6.9</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: #231f20; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt">Total</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right">4,370,764</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right">100.0</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold; text-align: left">%</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right">4,207,957</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right">100.0</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold; text-align: left">%</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right">3.9</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold; text-align: left">%</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">For the Reporting Period, the
total net revenues of the Group were approximately RMB4,370.8 million (US$601.4 million) (June&nbsp;30, 2023: RMB4,208.0 million), representing
an increase of approximately 3.9% as compared with the same period in 2023, mainly due to the double-digit growth in digital marketing
and IT solutions and online store operations services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231f20"><B><I>Revenue from product sales</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">The decrease in the revenue from
product sales during the Reporting Period as compared with the same period last year was mainly due to the Company&rsquo;s optimization
of its product portfolio in distribution model, especially in the fast-moving consumer goods sector. Product sales including product
sales from E-Commerce and Brand Management of RMB973.8 million and RMB605.2 million for the six months period ended June&nbsp;30, 2024,
respectively, compared with product sales from E-Commerce and Brand Management of RMB1,083.1 million and RMB513.2 million for the six
months period ended June&nbsp;30, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231f20"><B><I>Revenue from services</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">The revenue from services increased
by RMB181.3 million compared with the same period last year, which was mainly due to an increase of RMB159.2 million from digital marketing
and IT solutions. Excluding the impact of digital marketing and IT solutions, service revenue increased 1.2% year over year, basically
remaining stable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231f20"><B>Cost of Products</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">Cost of products is incurred
under the distribution model. Cost of products consists of the purchase price of products and inbound shipping charges, as well as inventory
write-downs. Our cost of products was RMB1,136.8 million (US$156.4 million) for the Reporting Period (June&nbsp;30, 2023: RMB1,180.1
million). The decrease in cost of products during the Reporting Period as compared to the same period last year was mainly attributable
to the decline in product sales of BEC, partially offset by the increasing cost of products from BBM.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 9; Value: 15 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Split-Segment; Name: 5 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Fulfillment Expenses</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">Our fulfillment expenses primarily
consist of (i)&nbsp;expenses charged by third-party couriers for dispatching and delivering products to consumers, (ii)&nbsp;expenses
incurred in operating our fulfillment and customer service center, including personnel cost and expenses attributable to buying, receiving,
inspecting and warehousing inventories, retrieval, packaging and preparing customer orders for shipment, and store operations, (iii)&nbsp;rental
expenses of leased warehouses, and (iv)&nbsp;packaging material costs. The fulfilment expenses decreased by 4.3% from RMB1,226.3 million
(US$169.1 million) for the six months ended June&nbsp;30, 2023 to RMB1,173.3 million (US$161.5 million) for the Reporting Period. The
decrease was primarily attributable to the Company&rsquo;s cost control initiatives and efficiency improvements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231f20"><B>Sales and Marketing Expenses</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">Our sales and marketing expenses
primarily consist of payroll, bonus and benefits of sales and marketing staff, advertising costs, service fees paid to marketplaces,
agency fees and costs for promotional materials. The sales and marketing expenses increased by 18.4% from RMB1,299.1 million (US$179.2
million) for the six months ended June&nbsp;30, 2023 to RMB1,538.7 million (US$211.7 million) for the Reporting Period, primarily attributable
to more active performance- driven digital marketing activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231f20"><B>Technology and Content Expenses</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">Our technology and content expenses
consist primarily of payroll and related expenses for employees in our technology and system department, technology infrastructure expenses,
costs associated with the computers, storage and telecommunications infrastructure for internal use and other costs, such as editorial
content costs. The technology and content expenses increased by 7.8% from RMB244.0 million (US$33.7 million) for the six months ended
June&nbsp;30, 2023 to RMB263.0 million (US$36.2 million) for the Reporting Period, primarily due to the Company&rsquo;s ongoing investment
in technological innovation and productization, partially offset by the Company&rsquo;s cost control initiatives and efficiency improvements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231f20"><B>General and Administrative Expenses</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">Our general and administrative
expenses consist primarily of payroll and related expenses for our management and other employees involved in general corporate functions,
office rentals, depreciation and amortization expenses relating to property and equipment used in general and administrative functions,
provision for allowance for doubtful accounts, professional service and consulting fees and other expenses incurred in connection with
general corporate purposes. The general and administrative expenses decreased by 15.0% from RMB412.7 million (US$56.9 million) for the
six months ended June&nbsp;30, 2023 to RMB350.7 million (US$48.3 million) for the Reporting Period. The decrease was primarily due to
higher G&amp;A expenses in the same period of last year, which included higher severance expenses following the acquisition of Gap Shanghai.
Additionally, the decrease reflects the Company&rsquo;s cost control initiatives and efficiency improvements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1; Options: NewSection; Value: 24 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231f20"><B>Other Operating Income (Expenses), Net</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">Our other operating income mainly
consists of cash subsidies received by the subsidiaries of the Group in the PRC from local governments as incentives for conducting business
in certain local districts. The other operating income decreased by 76.3% from RMB77.3 million for the six months ended June&nbsp;30,
2023 to RMB18.3 million (US$2.5 million) for the Reporting Period, primarily attributable to a decrease in government grants received
of RMB33.8 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231f20"><B>Other Expenses (Income)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">The other income (expenses),
net, consist of net interest expenses or income, unrealized investment losses, gain on acquisition of subsidiaries, fair value gain on
derivative liabilities and exchange losses. For the Reporting Period, other expenses (net) were approximately RMB4.1 million (US$0.6
million), representing a decrease of approximately 72.3% from approximately RMB14.7 million for the six months ended June&nbsp;30, 2023.
This decrease was primarily driven by a lower unrealized investment loss in both iClick Interactive Asia Group Limited and Lanvin Group,
a public company listed on the Nasdaq Global Market that the Company invested in January&nbsp;2021 and a company listed on the New York
Stock Exchange in December&nbsp;2022, which the Company invested in June&nbsp;2021, respectively, and partially offset by the less gain
in the fair value change on financial instruments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231f20"><B>Income Tax Expense</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">For the Reporting Period, our
income tax expense was RMB10.9 million (US$1.5 million) as compared to RMB4.1 million for the six months ended June&nbsp;30, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231f20"><B>Net Loss</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">As a result of the above factors,
net loss of approximately RMB87.3 million (US$12.0 million) for the Reporting Period was recorded, compared to a net loss of RMB91.2
million for the six months ended June&nbsp;30, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231f20"><B>Current Assets</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">As of June&nbsp;30, 2024, the
current assets of the Group were approximately RMB6,881.6 million (US$946.9 million), representing a decrease of 5.6% as compared with
approximately RMB7,290.8 million as of December&nbsp;31, 2023. As of June&nbsp;30, 2024, the current ratio (current assets divided by
current liabilities) of the Group was approximately 2.1 times (December&nbsp;31, 2023: approximately 1.9 times).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231f20"><B>Accounts Receivables, net of Allowance for Credit
Losses</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">Our accounts receivables represent
receivables from customers. The accounts receivables (net of allowance of credit loss) decreased 15.7% from RMB2,184.7 million as of
December&nbsp;31, 2023 to RMB1,842.1 million (US$253.5 million) as of June&nbsp;30, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 2; Value: 24 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231f20"><B>Accounts Payables</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">Our accounts payables represent
payables to suppliers. As of June&nbsp;30, 2024, accounts payables amounted to approximately RMB439.6 million (US$60.5 million), representing
a decrease of approximately 22.0% as compared with approximately RMB563.6 million as of December&nbsp;31, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231f20"><B>Accrued Expenses and Other Current Liabilities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">Other current liabilities primarily
consist of logistics expenses accruals, salary and welfare payable as well as marketing expenses accruals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">As of June&nbsp;30, 2024, accrued
expenses and other current liabilities amounted to approximately RMB1,020.8 million (US$140.5 million), representing a decrease of approximately
14.1% as compared with approximately RMB1,188.2 million as of December&nbsp;31, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20"><B>LIQUIDITY AND CAPITAL RESOURCES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">We have financed our operations
primarily through cash generated from operating activities, proceeds from our public offerings, private placements and short-term bank
borrowings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231f20"><B>Cash and Cash Equivalents</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">Our cash and cash equivalents
generally consist of bank deposits denominated in RMB, USD and HKD. Bank deposits carry interest at market rates which range from 0.7%
to 5.01% per annum. Our cash and cash equivalents, restricted cash and short-term investment amounted to approximately RMB1,454.5 million
(US$200.1 million), RMB242.7 million (US$33.4 million), and RMB1,156.1 million (US$159.1 million) as of June&nbsp;30, 2024 (December&nbsp;31,
2023: RMB2,149.5 million, RMB202.8 million, and RMB720.5 million. The cash position remains stable for the Reporting Period and the same
period last year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231f20"><B>Short-term Loan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">As of June&nbsp;30, 2024, we
had short-term loan of approximately RMB1,162.8 million (US$160.0 million) (December&nbsp;31, 2023: RMB1,115.7 million).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">For the Reporting Period, the
effective interest rates of the Group&rsquo;s short-term bank borrowings ranged from 2.8% to 3.3% (December&nbsp;31, 2023: 2.8% to 3.3%).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231f20"><B>Pledge of Assets</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">As of June&nbsp;30, 2024, we
had RMB307 million bank deposits pledged to secure the RMB244 million outstanding bank borrowing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 3; Value: 24 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231f20"><B>Gearing Ratio</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">The calculation of gearing ratio
is based on total liabilities at the end of the period divided by total equity for the period and multiplied by 100.0%. The gearing ratio
as of December&nbsp;31, 2023 and June&nbsp;30, 2024 were 1.1 and 1.0, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231f20"><B>Contingent Liabilities and Commitments</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231f20">As of June&nbsp;30, 2024, the Group did not have any
material contingent liabilities or commitments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231f20"><B>Concentration of Credit Risks</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">Financial instruments that potentially
subject the Group to significant concentrations of credit risk primarily consist of cash and cash equivalents, restricted cash, accounts
receivable, short-term investments, and amounts due from related parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">We had cash and cash equivalents
of RMB1,454.5 million (US$200.1 million) and RMB2,149.5 million (US$302.8 million), restricted cash of RMB242.7 million (US$33.4 million)
and RMB202.8 million (US$28.6 million), short-term investments of RMB1,156.1 million (US$159.1 million) and RMB720.5 million (US$101.5
million) as of June&nbsp;30, 2024 and December&nbsp;31, 2023, respectively. All of the Group&rsquo;s cash and cash equivalents, restricted
cash, and short-term investments were held by major financial institutions located in the PRC, Hong Kong, Japan and Taiwan which management
believes are of high credit quality.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">We had accounts receivables,
net of allowance for credit losses, of RMB1,842.1 million (US$253.5 million) and RMB2,184.7 million and amounts due from related parties
of RMB55.9 million (US$7.7 million) and RMB86.7 million as of June&nbsp;30, 2024 and December&nbsp;31, 2023, respectively. Accounts receivable
are typically unsecured and are derived from revenues earned from customers in the PRC. The risk with respect to accounts receivable
is mitigated by credit evaluations the Group performs on its customers and its ongoing monitoring process of outstanding balances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231f20"><B>Foreign Exchange Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">The Group&rsquo;s business
is primarily conducted in the PRC and almost all of its revenues are denominated in Renminbi. The conversion of Renminbi into
foreign currencies, including U.S. dollars, is based on rates set by The People&rsquo;s Bank of China. Renminbi has fluctuated
against the U.S. dollars, at times significantly and unpredictably. During the Reporting Period, the Group had not deployed any
financial instrument for hedging its exposures towards foreign currency risk. The Group will continue to keep track of the foreign
exchange risk and take prudent measures to mitigate exchange risk, and take appropriate action where necessary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 4; Value: 24 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231f20"><B>SIGNIFICANT INVESTMENT HELD, MATERIAL ACQUISITIONS
AND DISPOSALS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">The Group had no significant
investments, acquisitions or disposals of subsidiaries, associates or joint ventures during the Reporting Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231f20"><B>FUTURE PLANS FOR MATERIAL INVESTMENTS AND CAPITAL
ASSETS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">The Group had no future plan
for material investments or capital assets during the Reporting Period. However, the Group will continue to identify new opportunities
for business development.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231f20"><B>EMPLOYEES AND REMUNERATION POLICY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">As of June&nbsp;30, 2024, the
Group had 7,786 full-time employees, compared with 7,827 as of December&nbsp;31, 2023. The decrease in full-time employees was mainly
due to the Company&rsquo;s efficiency enhancement and cost control initiatives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">Our success depends on our ability
to attract, retain and motivate qualified personnel. Most of our senior management team members possess overseas or top-tier educational
backgrounds, strong IT capabilities, deep industry knowledge and working experience with brand partners. In addition, our brand management
team comprises personnel who connect well culturally with brands. We have developed a corporate culture that encourages teamwork, effectiveness,
self-development and commitment to providing our brand partners with superior services. We typically remunerate our employees with cash
compensation and benefits, we may also grant our employees with share options and RSUs according to our share incentive plans. We usually
enter into standard labor contracts with our employees. We also enter into standard confidentiality and non-compete agreements with our
senior management. The non-compete restricted period typically expires two years after the termination of employment, and we agree to
compensate the employee with a certain percentage of his or her pre-departure salary during the restricted period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">We have established comprehensive
training programs, including orientation programs and on- the-job training, to enhance performance and service quality. Our orientation
programs cover such topics as our corporate culture, business ethics, E-Commerce workflows and services. Our on-the- job training includes
training of business English and business presentation, management training camp for junior managers and customer service agent career
development programs. In 2014, we set up a special dedicated training facility, Baozun College, to further strengthen our internal training
programs. In the first half of 2024, we further upgraded Baozun College by incorporating comprehensive practical training programs, each
meticulously tailored to suit the varying skill levels of our employees. Furthermore, we further upgraded the Baozun Young Talent Program,
an initiative aimed at nurturing emerging talent for the third consecutive year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231f20"><B>SUBSEQUENT EVENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">No event has taken place subsequent
to June&nbsp;30, 2024 and up to the date of this announcement that may have a material impact on the Group&rsquo;s operating and financial
performance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 5; Value: 24 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20"><B>COMPLIANCE WITH THE CORPORATE
GOVERNANCE CODE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">We aim to achieve high standards
of corporate governance which are crucial to our development and safeguard the interests of our shareholders. The Group has adopted the
code provisions in Part&nbsp;2 of the Corporate Governance Code (the &ldquo;<B>CG Code</B>&rdquo;) as set out in Appendix C1 to the Rules&nbsp;Governing
the Listing of Securities (the &ldquo;<B>Listing Rules</B>&rdquo;) on The Stock Exchange of Hong Kong Limited (the &ldquo;<B>Hong Kong
Stock Exchange</B>&rdquo;) as its own code of corporate governance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">Save for the deviation for reasons
set out below, during the Reporting Period, the Group has complied with the CG Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">Pursuant to code provision C.2.1
of the CG Code, the responsibilities between the chairman and the chief executive officer should be segregated and should not be performed
by the same individual. However, we do not have a separate chairman and chief executive officer and Mr.&nbsp;Qiu is performing these
two roles. Mr.&nbsp;Qiu is responsible for the overall management, operation and strategic development of the Group and has been instrumental
to our growth and business operation as the founder of the Group. Taking into account the continuation of management and the implementation
of our business strategies, the Directors (including the independent Directors) consider that vesting the roles of the chairman and the
chief executive officer in the same person would allow the Company to be more effective and efficient in developing business strategies
and executing business plans. The existing arrangements are beneficial to the business prospect and management of the Group and are in
the interests of the Company and the Shareholders as a whole. The balance of power and authority is ensured by the operation of the senior
management and the Board, both of which comprises experienced and high-calibre individuals. The Board will regularly review the effectiveness
of this structure to ensure that it is appropriate to the Group&rsquo;s circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20"><B>COMPLIANCE WITH MODEL CODE
FOR SECURITIES TRANSACTIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">The Company has adopted the Model
Code for Securities Transactions by Directors of Listed Issuers (the &ldquo;<B>Model Code</B>&rdquo;) as set out in Appendix C3 to the
Listing Rules&nbsp;as a code of conduct for securities transactions by the Directors during the Reporting Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">Having made specific enquiry
to all the Directors, all the Directors confirmed that they have strictly complied with the required standards set out in the Model Code
during the Reporting Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 6; Value: 24 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20"><B>PURCHASE, SALE OR REDEMPTION
OF LISTED SECURITIES OF THE COMPANY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">During the Reporting Period,
the Company repurchased from the market a total of 1,181,202 ADSs of the Company listed on Nasdaq Global Select Market in the United
States, of which, (i)&nbsp;844,601 ADSs were repurchased for cancellation; and (ii)&nbsp;336,601 ADSs were repurchased and held as treasury
shares. Details of the repurchases of the ADSs are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-size: 10pt; font-weight: bold">Number</TD><TD STYLE="text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-size: 10pt; font-weight: bold">of ADSs</TD><TD STYLE="text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-size: 10pt; font-weight: bold">Highest price</TD><TD STYLE="text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-size: 10pt; font-weight: bold">Lowest price</TD><TD STYLE="text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-size: 10pt; font-weight: bold">Aggregate</TD><TD STYLE="text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 10pt; font-weight: bold">Month of repurchases</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold">repurchased</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold">per ADSs</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold">per ADSs</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold">consideration</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: center; font: italic 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font: italic 10pt Times New Roman, Times, Serif; color: #231f20">(US$)</TD><TD STYLE="text-align: center; font: italic 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD><TD STYLE="text-align: center; font: italic 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font: italic 10pt Times New Roman, Times, Serif; color: #231f20">(US$)</TD><TD STYLE="text-align: center; font: italic 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD><TD STYLE="text-align: center; font: italic 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font: italic 10pt Times New Roman, Times, Serif; color: #231f20">(US$)</TD><TD STYLE="text-align: center; font: italic 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 47%; color: #231f20; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">April,
    2024</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">844,601</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">2.83</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">2.24</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">2,079,987</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20">June,
    2024</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">336,601</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">2.46</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">2.25</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">798,964</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20"><B>Total</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2pt double; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">1,181,202</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2pt double; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&ndash;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2pt double; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&ndash;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2pt double; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">2,878,951</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">The repurchases were made by
the Directors with a view to give back shareholder return to the Company&rsquo;s shareholders. As of June&nbsp;30, 2024, (i)&nbsp;2,533,803
Class&nbsp;A ordinary shares represented by the 844,601 ADSs being repurchased were pending cancellation; and (ii)&nbsp;1,009,803 treasury
shares represented by the 336,601 ADSs being repurchased were held by the Company, which may be resold on the open market at prevailing
market price to raise funds for the Company, or transferred or used for other purposes such as implementing plans under Rule&nbsp;10b5-1
and/or Rule&nbsp;10b-18 under the U.S. Securities Exchange Act of 1934, as amended, depending on market conditions and in accordance
with applicable laws, rules&nbsp;and regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">Save as disclosed above, neither
the Company nor any of its subsidiaries had purchased, sold or redeemed any of the Company&rsquo;s listed securities (including sale
of treasury shares) during the Reporting Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20"><B>REVIEW OF INTERIM RESULTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">The Company has established an
audit committee (the &ldquo;<B>Audit Committee</B>&rdquo;) in compliance with the Listing Rules. The Audit Committee has reviewed the
unaudited interim financial results for the Reporting Period and considers that the unaudited interim financial results are in compliance
with the relevant accounting standards, rules&nbsp;and regulations and appropriate disclosures have been duly made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">In addition, the Company&rsquo;s
independent auditor, KPMG, has reviewed our unaudited condensed consolidated financial statements for the Reporting Period in accordance
with Hong Kong Standard on Review Engagements 2410 &ldquo;Review of Interim Financial Information Performed by the Independent Auditor
of the Entity&rdquo; issued by the Hong Kong Institute of Certified Public Accountants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20"><B>INTERIM DIVIDEND</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">The Board has resolved not to
recommend the distribution of an interim dividend for the Reporting Period (2023: Nil).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 7; Value: 24 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20"><B>NON-GAAP FINANCIAL MEASURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">In evaluating our business, we
consider and use non-GAAP income (loss) from operations, non- GAAP net income (loss), non-GAAP net income (loss) attributable to ordinary
shareholders of Baozun Inc., and non-GAAP net income (loss) attributable to ordinary shareholders of Baozun Inc. per ADS, as supplemental
measures to review and assess our 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. Non-GAAP
income (loss) from operations is income (loss) from operations excluding the impact of share-based compensation expenses, amortization
of intangible assets resulting from business acquisition, acquisition-related expenses. Non-GAAP net income (loss) is net income (loss)
excluding the impact of share-based compensation expenses, amortization of intangible assets resulting from business acquisition, acquisition-related
expenses, fair value gain on derivative liabilities, gain on acquisition of subsidiaries, and unrealized investment loss. Non-GAAP net
income (loss) attributable to ordinary shareholders of Baozun Inc. is net income (loss) attributable to ordinary shareholders of Baozun
Inc. excluding the impact of share-based compensation expenses, amortization of intangible assets resulting from business acquisition,
acquisition- related expenses, fair value gain on derivative liabilities, gain on acquisition of subsidiaries, and unrealized investment
loss. Non-GAAP net income (loss) attributable to ordinary shareholders of Baozun Inc. per ADS is non-GAAP net income (loss) attributable
to ordinary shareholders of Baozun Inc. divided by weighted average number of shares used in calculating net income (loss) per ordinary
share multiplied by three, as each ADS represents three of our Class&nbsp;A ordinary shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">We present the non-GAAP financial
measures because they are also used by our management to evaluate our 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 Inc. and
non-GAAP net income (loss) attributable to ordinary shareholders of Baozun Inc. per ADS enable our management to assess our operating
results without considering the impact of share-based compensation expenses and amortization of intangible assets resulting from business
acquisition. Such items are non-cash expenses that are not directly related to our business operations. Share-based compensation expenses
represent non-cash expenses associated with share options and restricted share units we grant under share incentive plans. Amortization
of intangible assets resulting from business acquisition represents non-cash expenses associated with intangible assets acquired through
one-off business acquisition. Unrealized investment loss represents non-cash expenses associated with the change in fair value of the
equity investment. We believe that, by excluding such non-cash items, the non-GAAP financial measures help identify the trends underlying
our core operating results that could otherwise be distorted. As such, we believe that the non-GAAP financial measures facilitate investors&rsquo;
assessment of our operating performance, enhance the overall understanding of our past performance and future prospects and allow for
greater visibility with respect to key metrics used by our management in their financial and operational decision-making.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 8; Value: 24 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">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 Inc. and non-GAAP net income (loss) attributable to ordinary shareholders
of Baozun Inc. per ADS is that they do not reflect all items of income (loss) and expense that affect our operations. Share-based compensation
expenses and amortization of intangible assets resulting from business acquisition and unrealized investment loss have been and may continue
to be incurred in our business and are not reflected in the presentation of non-GAAP income (loss) from operations, non-GAAP net income
(loss), non-GAAP net income (loss) attributable to ordinary shareholders of Baozun Inc. and non-GAAP net income (loss) attributable to
ordinary shareholders of Baozun Inc. per ADS. Further, the non-GAAP measures may differ from the non-GAAP measures used by other companies,
including peer companies, and therefore their comparability may be limited. In light of the foregoing limitations, the non-GAAP income
(loss) from operations, non-GAAP net income (loss), non-GAAP net income (loss) attributable to ordinary shareholders of Baozun Inc. and
non-GAAP net income (loss) attributable to ordinary shareholders of Baozun Inc. per ADS for the period should not be considered in isolation
from or as an alternative to income (loss) from operations, net income (loss), net income (loss) attributable to ordinary shareholders
of Baozun Inc., net income (loss) attributable to ordinary shareholders of Baozun Inc. per ADS, or other financial measures prepared
in accordance with U.S. GAAP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">We compensate for these limitations
by reconciling the non-GAAP financial measure to the nearest&#8239;U.S. GAAP performance measure, which should be considered when evaluating
our performance. We encourage you to review our financial information in its entirety and not rely on a single financial measure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 9; Value: 24 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">A reconciliation of these non-GAAP
financial measures to the nearest U.S. GAAP performance measures is provided below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231f20"><B>Baozun Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231f20"><B>Reconciliations of GAAP and
Non-GAAP Results<BR>
(in thousands, except for share and per ADS data)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD COLSPAN="9" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: center"><B>For
                                            the six months ended June&nbsp;30,</B></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: center"><B>2023</B></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: center">&nbsp;</TD><TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: center"><B>2024</B></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: center"><I>RMB</I></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: center"><I>RMB</I></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #231f20"><I>US$</I></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 61%; color: #231f20; text-align: left">Loss from operations</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; color: #231f20; text-align: right">(77,066</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231f20; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; color: #231f20; text-align: right">(73,553</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231f20; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; color: #231f20; text-align: right">(10,121</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #231f20; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: rgb(35,31,32); text-align: left"><B>Add:</B> Share-based compensation
    expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">49,367</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">46,802</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">6,440</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.375in; color: #231f20; text-align: left">Amortization of intangible
    assets resulting from&#8239;business acquisition</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">16,053</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">18,827</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">2,591</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.375in; color: #231f20; text-align: left">Acquisition-related
    expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">2,709</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&ndash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&ndash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.375in; color: #231f20; text-align: left">Cancellation fees of
    repurchased ADSs</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&ndash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">415</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">57</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Non-GAAP loss from operations</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(8,937</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(7,509</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(1,033</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Net loss</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(91,194</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(87,281</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(12,010</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><B>Add:</B> Share-based compensation expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">49,367</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">46,802</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">6,440</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; color: #231f20; text-align: left">Amortization of intangible assets resulting from business acquisition</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">16,053</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">18,827</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">2,591</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; color: #231f20; text-align: left">Unrealized investment
    loss</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">51,874</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">19,855</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">2,732</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; color: #231f20; text-align: left">Acquisition-related
    expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">2,709</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&ndash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&ndash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; color: #231f20; text-align: left">Cancellation fees of
    repurchased ADSs</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&ndash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">415</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">57</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left"><B>Less: </B>Gain on acquisition of
    subsidiaries</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(3,251</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&ndash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&ndash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; color: #231f20; text-align: left">Fair value gain on derivative
    liabilities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(24,515</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&ndash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&ndash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; color: #231f20; text-align: left">Tax effect of amortization
    of intangible assets&#8239;resulting from business acquisition<SUP>(1)</SUP></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(3,072</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(3,766</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(518</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Non-GAAP net loss</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(2,029</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(5,148</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">(708</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">Net loss attributable to ordinary shareholders
    of&#8239;Baozun Inc.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(103,575</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(97,257</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(13,383</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: rgb(35,31,32); text-align: left"><B>Add:</B> Share-based compensation
    expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">49,367</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">46,802</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">6,440</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; color: #231f20; text-align: left">Amortization of intangible
    assets resulting from&#8239;business acquisition</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">12,224</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">13,514</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">1,860</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; color: #231f20; text-align: left">Unrealized investment
    loss</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">51,874</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">19,855</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">2,732</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; color: #231f20; text-align: left">Acquisition-related
    expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">2,709</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&ndash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&ndash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; color: #231f20; text-align: left">Cancellation fees of
    repurchased ADSs</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&ndash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">415</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">57</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: rgb(35,31,32); text-align: left"><B>Less: </B>Gain on acquisition of
    subsidiaries</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(3,272</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&ndash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&ndash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; color: #231f20; text-align: left">Fair value gain on derivative
    liabilities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(24,515</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&ndash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&ndash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; color: #231f20; text-align: left">Tax effect of amortization
    of intangible assets&#8239;resulting from business acquisition<SUP>(1)</SUP></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(2,315</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(2,637</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(363</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">Non-GAAP net loss attributable to ordinary&#8239;shareholders
    of Baozun Inc.</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(17,503</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(19,308</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(2,657</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">Diluted non-GAAP net loss attributable
    to&#8239;ordinary shareholders of Baozun Inc. per ADS:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(0.30</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(0.32</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">(0.04</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">Weighted average shares used in calculating&#8239;diluted
    net loss per ordinary share</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">177,380,516</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">181,767,160</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: right">181,767,160</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #231f20; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #231f20"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.15pt">(1)</TD><TD STYLE="text-align: justify">The Company evaluated the non-GAAP adjustments items and concluded that these items have immaterial
                                   income tax effects except for amortization of intangible assets resulting from business acquisition.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 10; Value: 24 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20"><B>PUBLICATION OF INTERIM RESULTS
AND 2024 INTERIM REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">This announcement is published
on the websites of the Company <B><U>(http://ir.baozun.com)</U></B> and the Hong Kong Stock Exchange <B><U>(http://www.hkexnews.hk)</U></B>.
The 2024 interim report will be made available on the websites of the Company and the Hong Kong Stock Exchange as and when appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; width: 30%; font: 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 10pt">By
    order of the Board</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 10pt">Baozun
    Inc.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 10pt">Mr.&nbsp;Vincent
    Wenbin Qiu</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: italic 10pt Times New Roman, Times, Serif; color: #231f20"><FONT STYLE="font-size: 10pt">Chairman</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20">Hong Kong, August&nbsp;28, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #231f20"><I>As of the date of this announcement,
our Board of Directors comprises Mr.&nbsp;Vincent Wenbin Qiu as the chairman, Mr.&nbsp;Junhua Wu, Mr.&nbsp;Satoshi Okada, Dr.&nbsp;Jun
Wang and Ms.&nbsp;Bin Yu as Directors, and Mr.&nbsp;Yiu Pong Chan, Mr.&nbsp;Steve Hsien-Chieng Hsia and Mr.&nbsp;Benjamin Changqing Ye
as independent Directors.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231f20">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>for
identification purposes only</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231f20"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231f20"></P>

<!-- Field: Page; Sequence: 11; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #231f20"><I>&nbsp;</I></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>tm2422894d1_ex99-1img001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2422894d1_ex99-1img001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !8 0P# 2(  A$! Q$!_\0
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M5IK/_/S8?]_'_P#B:/\ A6FL_P#/S8?]_'_^)HHI_P!IXCNON#^PL'V?W_\
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5HQDT45G4K5*BM-W-*=&G3=X*Q__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>tm2422894d1_ex99-2img001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2422894d1_ex99-2img001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !: 10# 2(  A$! Q$!_\0
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MBGQ1M-,D2#+.P4?4UVW_  J3Q;_SZV__ ($+1.I"'Q.QZ$*4Y_"KG#45W/\
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M3"76GW<MO+'GG"N0K?0@?GFN%.4*CG'H_P!6=S494U"75?HCYT\*J5\::(K
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4D'!I:FM+!0IS4TWH%%%%<)VG_]D!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
