On May 20, Baozun-W (09991) released its first-quarter financial results for 2026. The report indicates that the company achieved a high-quality start to the year, with net operating revenue for the quarter increasing by 15% year-on-year to RMB 2.4 billion, marking a comprehensive recovery and growth across its core businesses. The e-commerce segment performed notably, turning a profit with total revenue reaching RMB 1.9 billion, a 10% year-on-year increase. Specifically, distribution revenue surged by 21% year-on-year, and Non-GAAP operating profit shifted from negative to positive. The brand management business exhibited strong growth momentum, with net revenue reaching RMB 540 million, a 39% year-on-year increase, and GAP achieved profitability for the second consecutive quarter. Furthermore, the company demonstrated significant improvement in operational efficiency. The group's distribution gross profit increased by 34% year-on-year, days sales of inventory improved by 44% year-on-year, and Non-GAAP operating profit surged by 112% year-on-year.