XIAMEN, China, Nov. 25, 2025 /PRNewswire/ — “Through EPWK International, I have not only gained substantial income but more importantly, accessed innovative design projects from Silicon Valley and Singapore. The platform makes international collaboration as simple and smooth as local cooperation.” Antoine Leroy, a UI designer from Lyon, France, shared his experience. After joining the platform, he successfully completed five cross-border projects, with cumulative earnings exceeding $100,000.

From the cross-border collaboration of French designer, to the connection of employers from the US, Italy, and Japan with global service providers; From domestic platform to the continuously upgraded International site; From the simultaneously advancing R&D and product selection of “EPWK Curated Goods”, to the AI tool ecosystem gathering experienced technical teams – EPWK (Nasdaq code: EPWK), a US Nasdaq-listed company, is currently building an efficient global creative resource “router” through the synergistic efforts of its three strategic sectors: EPWK International (intl.epwk.com)”, “EPWK Curated Goods”, and “Enterprise AI Application Development”. This strategic layout marks the company’s entry into a new phase of evolution from a creative service platform to a comprehensive digital creative ecosystem. The closed-loop ecosystem built through “Resources + Technology + Products” is continuously injecting new momentum into the global creative economy.

EPWK International: Building New Infrastructure for Global Creative Services

 Global service capability of EPWK has undergone a complete development path from validation on the domestic platform to specialized operation of the International site, forming a unique “dual-track drive” model.

Through long-term operation, EPWK domestic platform has demonstrated mature cross-border service capabilities. David Cooper, an employer from Japan, who had a successful cooperation experience on EPWK platform in August 2024, released a development requirement for an offline store-based B2B SaaS project on the platform again this year. Through intelligent recommendation and multiple rounds of screening, the project was ultimately undertaken by “Hongjun Network” for an amount of 18,720 RMB. “From requirement matching to project acceptance, the entire process was very smooth,” David Cooper stated, “This consistently stable service quality has allowed me to build full trust in the platform.”

The platform’s ability to integrate international resources is also reflected in multicultural project collaboration. Sanzhijuxin, a Sino-Korean team that joined in January 2025, collaborated with an Italian employer through the platform, finalizing a B2B platform APP development project with a contract value of 120,000 RMB. Cui Xiayun, the head of Sanzhijuxin, said, “The platform provided us with a stage to showcase our technical strength, effectively enhanced our company’s brand awareness, and helped us expand international business channels.”

Similarly, there is the successful cooperation case of employer Mr. Chen from the US. In October this year, Mr. Chen from the U.S. was looking for a professional video production team for a commercial project, and the platform accurately matched him with “Yingchuang Information Technology”. From initial contact to deepened cooperation, the project amount gradually increased from the initial 3,000 RMB to a cumulative 9,000 RMB. “The team’s professional capability and responsible attitude exceeded my expectations,” Mr. Chen commented, “This cross-Pacific cooperation experience was satisfactory.”

Based on the cross-border service experience accumulated on the domestic platform, EPWK International (intl.epwk.com) was officially launched in June 2025, marking the platform’s entry into a systematic and professional new stage of globalized services. Within just a few months, EPWK International has undergone multiple rounds of upgrades, successively launching core functional modules such as Talent Center, Service Mall, Project Showcase, and Message Center, building a service system covering the entire project lifecycle.

In November 2025, EPWK International further launched a three-tier membership system – Basic, VIP, and SVIP – creating a more structured and sustainable international online work community through differentiated rights and benefits. EPWK International focuses on deep localization operations and full-chain guarantees, strengthening data privacy compliance for European and American markets, while optimizing task categorization to fit cultural preferences in Southeast Asian markets.

Global freelancers are continuously benefiting from the platform’s ecosystem. Graphic designer Sarah Jenkins believes, “The transaction process and fund escrow function are reassuring. After completing a project, I don’t have to worry about payment collection, which is crucial for freelancers.” Freelance illustrator Chloe Smith said the platform has brought her stable side income, “While I can’t rely on it completely as my sole income source, it is indeed a great supplement.”

“Globalization is not simply about language translation, but about deep localization operations,” Feng Mei, Chief Product Officer of EPWK, explained the platform’s core value. “We are committed to building a global creative collaboration ecosystem that deeply understands and precisely meets the needs of different markets. The vision is to enable any enterprise, regardless of its size or location, to seamlessly access global creative talent through the platform, truly realizing the globalization and digital configuration of human resources.”

EPWK Curated Goods: Substantial Progress from Concept to Implementation

In the creative physical goods sector, the “EPWK Curated Goods” project has entered the stage of substantial advancement. It is understood that platform development is progressing orderly, with the technical team having completed the basic architecture and currently refining front-end and back-end functional modules. Simultaneously, product selection work has begun, with the platform having assembled a professional selection team and initiated supplier negotiations and sample screening processes.

“We are building a product selection system that combines efficiency with taste,” Feng Mei revealed, “We have currently completed preliminary product category planning, covering core categories such as home living, office supplies & cultural creatives, and smart hardware.” The selection team strictly follows the “Three Goods” standard – “Good-looking,Good use, Good Surprise” – and has established a three-tier review mechanism to ensure every listed product undergoes professional screening.

Different from the “traffic distribution” logic of traditional e-commerce, “EPWK Curated Goods” innovatively proposes a “trust screening” model. Based on the professional capabilities accumulated by EPWK over more than a decade in the creative design field, “EPWK Curated Goods” strictly selects products that combine design sensibility, practicality, and emotional value, committed to providing users with the “optimal solution” rather than “infinite choices”.

“We pursue the perfect balance between function and emotion,” explained Feng Mei, Chief Product Officer of EPWK. “For example, a cup should not only be ergonomic but could also provide emotional comfort through a starry sky projection on the base. This ultimate pursuit of product details is precisely our selection criterion.”

The Chinese and English malls for “EPWK Curated Goods” are proceeding at full speed with launch preparations, including key aspects such as platform development, supply chain system construction, and user experience optimization. This progress signifies that the company’s strategic layout of “from service to product” is being implemented as planned, and the path for the physical monetization of creative resources is about to be fully opened.

Enterprise AI Tools: Technology Empowerment Builds Competitive Barriers

In the application of AI technology, EPWK is upgrading its strategy from “platform empowerment” to “technology-driven”. The company is developing a series of SaaS-based AI tools for small and medium-sized enterprises, focusing on high-frequency scenarios such as creative generation, marketing copywriting, and design assistance, providing a one-stop creative productivity solution.

This layout forms deep synergies with the company’s existing businesses. AI tools can serve both to enhance project matching and execution efficiency on EPWK International and be applied in the product design phase of “EPWK Curated Goods”, accelerating the transformation of creativity from concept to physical product. More importantly, the behavioral data generated during tool usage will continuously feed back into the platform, optimizing intelligent matching and recommendation algorithms, forming a data-driven virtuous cycle.

Furthermore, the AI service provider ecosystem continues to expand, with technical capabilities significantly enhanced. Shenzhen Yunqian Technology Co., Ltd., which officially joined on September 30, 2025, successfully signed a 60,000 RMB-level enterprise knowledge base system development project through the platform in less than a month, achieving a “successful start”. As a professional software development and AI solution provider, Yunqian Tech’s core team members hail from leading internet companies like Tencent and ByteDance, possessing experience in architecting products with hundreds of millions of users and the ability to incubate innovative projects from scratch.

The company’s leader, Wen Zhanbo, stated, “The most valuable asset of our team is having experienced the architectural challenges of products serving hundreds of millions of users, while also participating in the incubation of numerous innovative projects from zero to one.” Currently, Yunqian Tech is communicating with several potential clients through the platform, actively promoting follow-up cooperation, demonstrating positive development momentum.

The platform has also attracted innovative technology companies like Guangzhou Leishen Information Technology Co., Ltd. to join its ecosystem. Since its establishment in April 2016, the company has consistently focused on three main areas: high-quality game development, virtual digital human technology, and AI application innovation. In AI application development, Guangzhou Leishen has deeply cultivated cutting-edge directions such as AI game , intelligent communication, and emotional companionship, empowering industrial upgrading with innovative technologies.

Synergistic Effects: Building a New Paradigm for Global Creative Resource Allocation

The synergistic development of the three sectors is forming a value loop of “Resources + Technology + Products” within EPWK ecosystem, building an efficiently operating global creative resource “router”. EPWK International serves as the global resource entry, continuously introducing creative talent and business opportunities; Enterprise AI tools act as the technology engine, enhancing overall platform operation and service efficiency; EPWK Curated Goods serve as the value outlet, realizing the physical monetization of creative resources. This complete chain of “Allocation – Empowerment – Monetization” makes the platform a core hub connecting global creative supply and demand.

With the deep integration of the three sectors, EPWK is completing the strategic leap from a “creative transaction platform” to a “global creative ecosystem builder”. “We will continue to deepen the synergistic development of the three sectors, building an intelligent ‘router’ that efficiently connects global creative resources, and constructing a ‘new engine for serving the development of tens of millions of Chinese SMEs and leveraging global creative talent for online employment’,” said Huang Guohua, Founder and CEO of EPWK.

With the combined power of technology drive, ecological synergy, and global layout, EPWK, through its unique positioning as a “global creative resource allocation hub”, is opening a new chapter of high-quality development with a more stable posture.

SHANGHAI, Nov. 25, 2025 /PRNewswire/ — Baozun Inc. (Nasdaq: BZUN and HKEX: 9991) (“Baozun”, the “Company” or the “Group”), a leading brand e-commerce solution provider and digital commerce enabler in China, today announced its unaudited financial results for the third quarter of 2025.

Mr. Vincent Qiu, Chairman and Chief Executive Officer of Baozun, commented, “In the third quarter, we advanced our strategic transformation with steady momentum, delivering a strong quarter marked by 5% total revenue growth and a significant narrowing of operating loss. BEC demonstrated solid performance, improving its profitability by enhancing the quality of its revenue stream, underscoring its growing agility and efficiency. BBM upgraded its brand image through impactful integrated marketing, agile merchandising, and focused channel expansion. This steady momentum reflects the strength and resilience of our transformed business model, firmly validating our continued progress toward sustainable profitability.”

Ms. Catherine Zhu, Chief Financial Officer of Baozun Inc., commented, “In the third quarter, both BEC and BBM delivered meaningful operational and financial improvements. E-Commerce achieved stable revenue and returned to adjusted operating income of RMB28 million in a traditionally low-seasonality quarter. BBM maintained strong momentum with 20% year-over-year revenue growth while further narrowing its adjusted operating losses by 30%. Together, these results confirmed a more balanced business portfolio, positioning us well for the next phase of growth.”

Third Quarter 2025 Financial Highlights

• Total net revenues were RMB2,156.2 million (US$^[1]302.9 million), representing an increase of 4.8% compared with RMB2,057.0 million in the same quarter of last year.
• Loss from operations was RMB25.6 million (US$3.6 million), compared with RMB114.5 million in the same quarter of last year. Operating margin was negative 1.2%, compared with negative 5.6% for the same period of 2024.
• Non-GAAP loss from operations^[2] was RMB10.8 million (US$1.5 million), compared with RMB85.2 million in the same quarter of last year. Non-GAAP operating margin was negative 0.5%, compared with negative 4.1% for the same period of 2024.
• Adjusted operating income of E-commerce was RMB28.1 million (US$3.9 million), compared with adjusted operating loss of RMB29.8 million for the same period of 2024.
• Adjusted operating loss of Brand Management narrowed to RMB38.7 million (US$5.4 million), an improvement of 30.0% from RMB55.3 million for the same period of 2024.
• Net loss attributable to ordinary shareholders of Baozun was RMB107.1 million (US$15.0 million), compared with RMB88.1 million for the same period of 2024.
• Non-GAAP net loss attributable to ordinary shareholders of Baozun^[3] was RMB40.2 million (US$5.7 million), compared with RMB66.8 million for the same period of 2024.
• Basic and diluted net loss attributable to ordinary shareholders of Baozun per American Depositary Share (“ADS^[4]“) were both RMB1.85 (US$0.26), compared with RMB1.48 for the same period of 2024.
• Diluted non-GAAP net loss attributable to ordinary shareholders of Baozun per ADS^[5] was RMB0.70 (US$0.10), compared with RMB1.12 for the same period of 2024.

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

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

Business Highlights

Baozun e-Commerce, or “BEC”

BEC encompasses our China e-commerce businesses, including brand store operations, customer services, and value-added services covering warehousing and fulfillment, IT and digital marketing. During the third quarter of 2025, total revenue from BEC increased by 2.4% year-over-year, driven by sustainable growth in the service model. BEC’s product sales decreased by 8.9% to RMB413.4 million, mainly due to lower sales in Appliances, and Health and Nutrition categories. BEC’s services revenue grew by 6.3% to RMB1,385.2 million, driven by a 15.5% revenue growth in online store operations and 5.5% revenue growth in Digital Marketing and IT solutions.

Baozun Brand Management, or “BBM”

The company launched the BBM business line in 2023, to leverage its leading portfolio of technologies in service of brands, fostering deeper and longer relationships to drive sustainable business growth in China.

BBM provides holistic brand management, encompassing strategic and tactical positioning, branding and marketing, retail and e-commerce operations, supply chain and logistics, and technology enablement. We aim to leverage our portfolio of technologies to build longer and deeper relationships with brands. During the third quarter of 2025, total revenue from BBM increased by 19.8% year-over-year to RMB396.0 million. We have 171 offline stores under our management at the end of the third quarter of 2025.

Third Quarter 2025 Financial Results

Total net revenues were RMB2,156.2 million (US$302.9 million), an increase of 4.8% from RMB2,057.0 million in the same quarter of last year. The increase in total net revenues was driven by both of the Group’s two business lines.

Total product sales revenue was RMB808.3 million (US$113.5 million), an increase of 3.2% compared with RMB783.1 million in the same quarter of last year, of which,

• Product sales revenue of E-Commerce was RMB413.4 million (US$58.1 million), a decrease of 8.9% from RMB454.0 million in the same quarter of last year. The decrease was primarily attributable to the categories of Appliances, and Health and Nutrition sectors.

The following table sets forth a breakdown of product sales revenues of E-Commerce by key categories ^[6] for the periods indicated:

• Product sales revenue of Brand Management was RMB395.2 million (US$55.5 million), an increase of 19.8% from RMB329.8 million in the same quarter of last year. The increase was primarily driven by higher sales from the Gap brand, as the Company continued to optimize merchandising plans, channel and marketing initiatives to boost sales.

Services revenue was RMB1,347.9 million (US$189.3 million), an increase of 5.8% from RMB 1,273.9 million in the same quarter of last year. The increase was primarily attributable to a 15.5% year-over-year growth in online store operations and a 5.5% year-over-year growth in digital marketing and IT solutions, driven by content creation and technology monetization.

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

Breakdown of total net revenues of online store operations of services revenue by key categories ^[8] for the periods indicated:

Total operating expenses were RMB2,181.9 million (US$306.5 million), compared with RMB2,171.5 million in the same quarter of last year.

• Cost of products was RMB531.0 million (US$74.6 million), compared with RMB563.1 million in the same quarter of last year. The decrease was primarily due to decrease in product sales volume of E-Commerce.
• Fulfillment expenses were RMB495.9 million (US$69.7 million), compared with RMB519.4 million in the same quarter of last year. The decrease was primarily due to a decline in E-commerce warehouse and logistics revenue, along with savings in logistics expenses.
• Sales and marketing expenses were RMB886.6 million (US$124.5 million), compared with RMB800.6 million in the same quarter of last year. The increase was mainly due to higher revenue contributions from digital marketing services for BEC, as well as increased marketing activities and expenses associated with the expansion of offline stores for BBM during the quarter.
• Technology and content expenses were RMB115.2 million (US$16.2 million), compared with RMB140.7 million in the same quarter of last year. The decrease was mainly due to the company’s continued efforts to implement cost control and efficiency improvement initiatives.
• General and administrative expenses were RMB168.9 million (US$23.7 million), compared with RMB176.6 million in the same quarter of last year. The decrease was primarily due to the Company’s cost control initiatives and efficiency improvements.

Loss from operations was RMB25.6 million (US$3.6 million), compared with RMB114.5 million in the same quarter of last year. The operating margin was negative 1.2%, compared with negative 5.6% in the same quarter of last year.

Non-GAAP loss from operations was RMB10.8 million (US$1.5 million), compared with RMB85.2 million in the same quarter of last year. Non-GAAP operating margin was negative 0.5%, compared with negative 4.1% in the same quarter of last year.

• Adjusted operating profit of E-Commerce was RMB28.1 million (US$3.9 million), compared with adjusted operating loss of RMB29.8 million in the same quarter of last year.
• Adjusted operating loss of Brand Management was RMB38.7 million (US$5.4 million), an improvement of 30.0% compared with RMB55.3 million in the same quarter of last year.

Unrealized investment loss was RMB20.5 million (US$2.9 million), compared with unrealized investment gain of RMB3.9 million in the same quarter of last year. The unrealized investment loss of this quarter was primarily due to the decrease in the trading price of publicly listed companies we invested in.

Loss on disposal of subsidiaries was RMB36.3 million (US$5.1 million), compared with nil in the same quarter of last year. The loss was primarily due to the Company’s disposal of subsidiaries following a strategic adjustment in the third quarter of 2025.

Fair value change on financial instruments was a gain of RMB2.4 million (US$0.3 million), compared with a loss of RMB17.0 million in the same quarter of last year. The fair value change on financial instruments was mainly composed of the loss recognized from the financial instruments the Company invested in.

Exchange loss was RMB7.8 million (US$1.1 million), due to exchange rate fluctuation in the quarter ended September 30, 2025, compared to exchange gain RMB11.9 million in the same quarter last year.

Net loss attributable to ordinary shareholders of Baozun was RMB107.1 million (US$15.0 million), compared with RMB88.1 million in the same quarter of last year.

Basic and diluted net loss attributable to ordinary shareholders of Baozun per ADS were both RMB1.85 (US$0.26), compared with both RMB1.48 for the same period of 2024.

Non-GAAP net loss attributable to ordinary shareholders of Baozun Inc. was RMB40.2 million (US$5.7 million), compared with RMB66.8 million in the same quarter of last year.

Diluted non-GAAP net loss attributable to ordinary shareholders of Baozun per ADS was RMB0.70 (US$0.10), compared with RMB1.12 for the same period of 2024.

Segment Information

(a)   Description of segments

The Group has two operating segments, which are (i) E-Commerce and (ii) Brand Management.

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

1. E-Commerce focuses on Baozun traditional e-commerce service business and comprises two business lines, BEC (Baozun E-Commerce) and BZI (Baozun International).
   1. BEC includes our mainland China e-commerce businesses, such as brands’ store operations, customer services and value-added services in logistics and supply chain management, IT and digital marketing.
   2. BZI includes our e-commerce businesses outside of mainland China, including locations such as Hong Kong, Macau, Taiwan, South East Asia and Europe.
2. Brand Management engages in holistic brand management, encompassing strategic and tactical positioning, branding and marketing, retail and e-commerce operations, supply chain and logistics and technology enablement to leverage our portfolio of technologies to build into longer and deeper relationships with brands. Currently, the primary brand under the Company’s brand management is Gap in Greater China.

(b)   Segments data

The table below provides a summary of the Group’s reportable segment results for the three months ended September 30, 2024 and 2025:

Conference Call

The Company will host a conference call to discuss the earnings at 6:30 a.m. Eastern Time on Tuesday, November 25, 2025 (7:30 p.m. Beijing time on the same day).

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

A replay of the conference call may be accessible through December 2, 2025 by dialing the following numbers:

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

Use of Non-GAAP Financial Measures

The Company also uses certain non-GAAP financial measures in evaluating its business. For example, the Company uses non-GAAP income (loss) from operations, non-GAAP net income (loss), non-GAAP net margin, non-GAAP net income (loss) attributable to ordinary shareholders of Baozun and diluted non-GAAP net income (loss) attributable to ordinary shareholders of Baozun per ADS, as supplemental measures to review and assess its financial and operating performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation, or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP.

The Company defines non-GAAP income (loss) from operations as income (loss) from operations excluding the impact of share-based compensation expenses, amortization of intangible assets resulting from business acquisition, acquisition-related expenses, impairment of goodwill and cancelation fees of repurchased. The Company defines non-GAAP net income (loss) as net (loss) income excluding the impact of share-based compensation expenses, amortization of intangible assets resulting from business acquisition, acquisition-related expenses, impairment of goodwill and investments, other-than-temporary impairment of equity method investments, cancellation fees of repurchased ADSs, fair value loss on financial instruments, loss on disposal of investments and subsidiaries, and unrealized investment loss (gain). The Company defines non-GAAP net income (loss) attributable to ordinary shareholders of Baozun as net income (loss) attributable to ordinary shareholders of Baozun excluding the impact of share-based compensation expenses, amortization of intangible assets resulting from business acquisition, acquisition-related expenses, impairment of goodwill and investments, other-than-temporary impairment of equity method investments, cancellation fees of repurchased ADSs, fair value loss on financial instruments, loss on disposal of investments and subsidiaries, and unrealized investment loss (gain). The Company defines diluted non-GAAP net income (loss) attributable to ordinary shareholders of Baozun per ADS as non-GAAP net income (loss) attributable to ordinary shareholders of Baozun divided by weighted average number of shares used in calculating net income (loss) per ordinary share multiplied by three.

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

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

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

Safe Harbor Statements

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

About Baozun Inc.

Founded in 2007, Baozun Inc. is a leader in brand e-commerce service, brand management, and digital commerce service.  It serves approximately 490 brands from various industries and sectors around the world, including East and Southeast Asia, Europe and North America as of December 31, 2024.

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

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

For investor and media inquiries, please contact:

Baozun Inc.
Ms. Wendy Sun
Email: ir@baozun.com

RESIGNATION OF DIRECTOR
The Board announces that Mr. Satoshi Okada (“Mr. Okada”) has resigned as a Director due to other personal developments with effect from December 31, 2025. 

Mr. Okada has confirmed that he has no disagreements with the Board and there are no matters relating to his resignation that need to be brought to the attention of the shareholders of the Company and The Stock Exchange of Hong Kong Limited.

The Board would like to take this opportunity to express its gratitude to Mr. Okada for his invaluable contributions to the Company during his tenure of office.

SHANGHAI, Nov. 25, 2025 /PRNewswire/ — Gamehaus Holdings Inc. (“Gamehaus” or the “Company”) (Nasdaq: GMHS), a technology-driven mobile game publisher, today announced its unaudited financial results for the first quarter of fiscal year 2026 ended September 30, 2025.

First Quarter of Fiscal Year 2026 Financial Highlights

• Total revenue was US$27.7 million, representing a 7.5% decrease from US$30.0 million in the first quarter of fiscal year 2025. In-app purchases contributed US$25.3 million, while advertising revenue reached US$2.4 million.
• Total operating costs and expenses were US$26.7 million, representing a 6.2% reduction from US$28.5 million in the first quarter of fiscal year 2025.
• Net income was US$1.8 million, representing a 17.6% increase from US$1.6 million in the first quarter of fiscal year 2025.

First Quarter of Fiscal Year 2026 Operating Highlights

Mr. Feng Xie, founder and chairman of Gamehaus, commented: “This quarter reflects the steady progress we are making as we transition Gamehaus toward a more disciplined, efficient, and scalable operating model. Our profitability and underlying efficiency continued to improve, demonstrating the resilience of our portfolio and the early impact of our strategic upgrade. As we advance the key pillars of our Gamehaus 2.0 strategy and deepen the integration of AI across our publishing stack, we are further enhancing operational predictability and the long-term economics of our business. Looking ahead, the combination of our AI-powered publishing platform and our disciplined approach to new content positions us well to drive sustainable growth. We will remain focused on execution and confident in our ability to create long-term value for our players, partners, and shareholders.”

First Quarter of Fiscal Year 2026 Unaudited Financial Results

Revenue

Total revenue was US$27.7 million in the first quarter of fiscal year 2026, decreasing 7.5% from US$30.0 million in the first quarter of fiscal year 2025. The decline primarily resulted from the Company’s reduction in user acquisition spending, which was a strategic move to optimize resource allocation and redirect investment toward the development of new game categories and upcoming projects, as well as their subsequent launch and promotion, aiming to strengthen the Company’s game portfolio and support sustainable long-term growth.

Advertising costs decreased by 13.5% in the first quarter of fiscal year 2026 compared to the first quarter of fiscal year 2025, resulted in reduced traffic and user acquisition, which in turn affected revenue performance. In-app purchase revenue decreased 6.1% to US$25.3 million in the first quarter of fiscal year 2026 from US$26.9 million in the first quarter of fiscal year 2025, while advertising revenue was US$2.4 million in the first quarter of fiscal year 2026, compared to US$3.0 million in the first quarter of fiscal year 2025. These headwinds were partially offset by enhanced in-game content and live-ops features, which continued to drive engagement and monetization among the Company’s existing player base.

Additionally, the Company is actively expanding its pipeline of games, with new titles in the Puzzle and RPG genres currently in the development and testing phase. The Company allocated meaningful marketing budgets to support these products and intends to launch extensive promotional campaigns upon their commercial release.

Operating Costs and Expenses

Total operating costs and expenses were US$26.7 million in the first quarter of fiscal year 2026, representing a 6.2% reduction from US$28.5 million in the first quarter of fiscal year 2025.

• Cost of revenue decreased by 5.4% to US$13.3 million in the first quarter of fiscal year 2026, from US$14.0 million in the first quarter of fiscal year 2025. The decrease was primarily due to lower platform fees and reduced profit-sharing payments to game developers.
• Research and development expenses increased 18.3% to US$1.2 million in the first quarter of fiscal year 2026, from US$1.0 million in the first quarter of fiscal year 2025. The increase was mainly attributable to the Company’s strategic collaborations with multiple developers throughout the development and testing phases.
• Selling and marketing expenses decreased by 13.6% to US$10.8 million in the first quarter of fiscal year 2026, from US$12.5 million in the first quarter of fiscal year 2025. The reduction was primarily driven by a US$1.6 million decline in advertising costs related to player acquisition and retention, consistent with the Company’s strategy to scale back promotional spending amid volatile ad performance across major platforms and to optimize efficiency for mature titles.
• General and administrative expenses were US$1.4 million in the first quarter of fiscal year 2026, representing an increase of 56.9% from US$0.9 million in the first quarter of fiscal year 2025. The increase was mainly attributable to higher salary expenses and professional service fees, largely associated with activities related to the Company’s enhancements to corporate governance, financial reporting, and investor relations functions in relation to its status as a publicly-listed company.

Operating Income

Operating income was US$1.0 million in the first quarter of fiscal year 2026, compared to US$1.5 million in the first quarter of fiscal year 2025. Operating margin was 3.6% in the first quarter of fiscal year 2026, compared to 5.0% in the first quarter of fiscal year 2025.

Other Income, Net

Other income, net, which mainly included the Company’s non-operating income and expenses, interest income and expenses, investment income (loss), and other income and expenses, was US$0.9 million in the first quarter of fiscal year 2026, compared to US$0.1 million in the first quarter of fiscal year 2025.

Net Income

Net income was US$1.8 million for the first quarter of fiscal year 2026, compared to US$1.6 million in the first quarter of fiscal year 2025. Net income attributable to Gamehaus Holdings Inc.’s shareholders per ordinary share was US$0.04 for the first quarter of fiscal year 2026, compared to US$0.03 in the first quarter of fiscal year 2025.

Cash and Cash Equivalents

Cash and cash equivalents were US$15.3 million as of September 30, 2025, compared to US$15.2 million as of June 30, 2025, which the Company believes is sufficient to meet its current liquidity and working capital needs for the next 12 months.

Business Outlook

For the second quarter of fiscal year 2026 ending December 31, 2025, the Company expects its total revenue to be in the range of approximately US$24 million to US$27 million. This forecast reflects the Company’s current and preliminary view of its expected financial performance, business situation and market condition, which is subject to change.

Recent Development

Share Repurchase Plan Update

In August 2025, the board of directors of the Company approved a share repurchase plan, pursuant to which the aggregate value of Class A ordinary shares authorized for repurchase under the plan through August 28, 2026 shall not exceed US$5 million. Repurchases may be made from time to time through open market transactions at prevailing market prices, in privately negotiated transactions, in block trades, and/or through other legally permissible means, including through the use of trading plans, intended to qualify under Rule 10b-18 under the Securities Exchange Act of 1934, as amended, in accordance with applicable securities laws and other restrictions and subject to market conditions and in accordance with applicable federal securities laws. The timing and actual amount of repurchases will be determined at the discretion of the Company’s management, based on factors including share price, trading volume, market conditions, business outlook, and capital allocation priorities. 

As of October 31, 2025, the Company had repurchased approximately 200,000 of its Class A ordinary shares for approximately US$285,000.

Conference Call Information

The management team of Gamehaus will host a conference call at 07:00 A.M. Eastern Time on Tuesday, November 25, 2025 (08:00 P.M. Beijing/Hong Kong time on the same day) to discuss the financial results. In advance of the conference call, all participants must use the following link to complete the online registration process. Upon registering, each participant will receive access details for this conference including a conference passcode, a unique PIN number (personal access code), dial-in numbers, and an e-mail with detailed instructions to join the conference call.

Participant Online Registration: https://dpregister.com/sreg/10204494/10054ace2d2

A live and archived webcast of the conference call will be available on the Company’s Investor Relations website at https://ir.gamehaus.com/.

About Gamehaus

Gamehaus Holdings Inc. is a technology-driven global mobile game publisher dedicated to bridging creative studios and players worldwide. With a portfolio spanning mid-core and casual games, Gamehaus delivers full-stack publishing support across market insights, user growth, live-ops, data analytics and monetization optimization. With a vision to be the go-to partner for creative teams, the company specializes in combining global publishing reach with AI- and data-powered solutions to help partners build lasting success. For more information, please visit https://ir.gamehaus.com.

Forward-Looking Statements

Certain statements in this announcement are forward-looking statements, including, but not limited to, the Company’s business plan and outlook. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that may affect its financial condition, results of operations, business strategy and financial needs. Investors can find many (but not all) of these statements by the use of words such as “approximates,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may”, or other similar expressions in this press release. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results due to various risks and uncertainties, including but not limited to those described under the “Risk Factors” section in the Company’s annual report on Form 20-F filed with the U.S. Securities and Exchange Commission.

Investor Relations Contact

Gamehaus Holdings Inc.
Investor Relations Team
Email: IR@Gamehaus.com 

The Blueshirt Group
Mr. Jack Wang
Email: Gamehaus@TheBlueshirtGroup.co