Jefferies raised its target price for Baozun (09991) to HK$116 from HK$112 and maintained its "buy" rating.
The research house sees Baozun as a critical e-commerce service provider adding value through three different units, including e-commerce, logistics, and technology,
with the latter empowering brands to improve efficiencies with a complete suite of resources such as Cloud, digital tools, and warehousing systems.
It expects Baozun to continue to shift its business models from a distribution to a non-distribution model, with the latter monetizing brands through service fees and consignment models.
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