| Schedule of major subsidiaries and VIE |
As of December 31, 2025, the Company’s major subsidiaries and VIE which, in the opinion of the directors of the company, principally affected the results, assets or liabilities of the Group are as follows: | | | | | | | | | | | | Date of | | Place of | | Issued share | | Legal | | | | Incorporation/ | | Incorporation/Operation and legal | | capital/Paid | | Share in | | | | Acquisition | | status | | in capital | | ownership | | Subsidiaries: | | | | | | | | | | Baozun Hong Kong Holding Limited | | January 10, 2014 | | HK | | HKD10,000 | | 100 | % | Shanghai Baozun E-commerce Limited (“Shanghai Baozun”) | | November 11, 2003 | | PRC/wholly foreign
owned enterprise | | RMB1,800,000,000 | | 100 | % | Shanghai Bodao E-commerce Limited | | March 30, 2010 | | PRC/limited liability
Company | | RMB10,000,000 | | 100 | % | Shanghai Yingsai Advertisement Limited | | March 30, 2010 | | PRC/limited liability
Company | | RMB8,648,649 | | 100 | % | Baozun Hongkong Limited | | September 11, 2013 | | HK | | HKD10,000,000 | | 100 | % | Shanghai Fengbo E-commerce Limited | | December 29, 2011 | | PRC/limited liability
Company | | RMB10,000,000 | | 100 | % | Baozun Hongkong Investment Limited | | July 21, 2015 | | HK | | HKD100,000 | | 100 | % | Baotong Inc. | | June 19, 2019 | | Cayman | | USD10,681.32 | | 63 | % | Baotong Hong Kong Holding Limited | | May 5, 2016 | | HK | | HKD10,000 | | 63 | % | Baotong E-logistics Technology (Suzhou) Limited | | March 27, 2017 | | PRC/wholly foreign
owned enterprise | | RMB260,252,000 | | 63 | % | Baozun Brand Management Limited | | October 7, 2022 | | Hong Kong | | RMB100,000,000 | | 100 | % | White Horse Hongkong Holding Limited | | November 8, 2022 | | Hong Kong | | RMB10,000,000 | | 100 | % | Gaipu (Shanghai) Commercial Co., Ltd. (“Gap Shanghai”) | | January 31, 2023 | | PRC | | USD257,551,995 | | 100 | % | | | | | | | | | | | VIE: | | | | | | | | | | Shanghai Zunyi Business Consulting Ltd. (“Shanghai Zunyi”) | | December 31, 2010 | | PRC/variable
interest entity | | RMB50,000,000 | | N/A | |
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