Ruhnn : Q2 FY2021 Ruhnn Holding Limited Earnings Presentation

Q2 FY2021 Investor Presentation

Ended September 30, 2020

November 2020

This presentation has been prepared by Ruhnn Holding Limited ("ruhnn" or the "Company") solely for informational purposes. The information included herein was obtained from various sources, including certain third parties, and has not been independently verified. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein. None of the Company, any of its affiliates, shareholders, directors, employees, agents, advisors or representatives will be liable (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with the presentation.

This presentation does not contain all relevant information relating to the Company or its securities, particularly with respect to the risks and special considerations involved with an investment in the securities of the Company. Nothing herein constitutes an offer to sell or issue or the solicitation of an offer to buy or acquire securities of the Company in any jurisdiction or any inducement to enter into investment activity, or may form the basis of or be relied on in connection with any contract or commitment whatsoever.

This presentation contains forward-looking statements, including statements about the Company's business and financial outlook, strategy and market opportunity, and statements about the Company's historical results that may suggest trends for its business. These statements may be recognized by the use of words such as "expects," "plans," "will," "estimates," "projects," "intends," or words of similar meaning.

Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties. Actual results may differ from those in the forward- looking statements as a result of various factors, many of which are beyond the Company's control. The Company, its affiliates, advisors and representatives assume no obligation to and do not undertake to update such forward-looking statements to reflect future events or circumstances.

This presentation speaks as of the unaudited financial results for the second quarter of fiscal year 2021 ended September 30, 2020. The information presented or contained in this presentation is subject to change without notice. Neither the delivery of this presentation nor any further discussions of the Company, any of its affiliates, shareholders, directors, employees, agents, advisors or representatives with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since that date.

By attending this presentation and viewing and accepting these materials, you agree to be bound by the limitations described herein. These materials are being given solely for your use at this presentation. Unless otherwise specifically permitted by the Company, no part of these materials may be retained following this presentation or be copied, reproduced, redistributed or otherwise disclosed, directly or indirectly to any other person in any manner, or published, in whole or in part, for any purpose.

PAGE 2

Company Overview

&

Investment Highlight

Q2 FY2021(4)

RMB248.5 MM Net Revenue

RMB119.3 MM Services Revenue

(84% YOY growth)

180 signed KOLs(1)

(23% YoY growth)

53 top-tier, established and emerging KOLs(1)(2)

(71% YoY growth)

295.3 MM fans(1)(3)

(56% YoY growth)

Leading Internet KOL facilitator in China

Access to 800+ suppliers(1)

17 self-owned online stores(1)

Notes

1. As of September 30, 2020.
2. Top-tier,established and emerging KOLs generated services revenue of RMB1.2 mm or more in the past twelve months.
3. Aggregate number of followers across major social media platforms in China (without removal of duplicates) .
4. For the fiscal quarter ended September 30, 2020.

1,423 brands(1)

(68% YoY growth)

PAGE 4

Leading Market Position: 01

• Leading Internet KOL facilitator in China

• 4.9% market share(1)

One of the first to	02
systematically facilitate the

KOL economy in China

Strong brand recognition: 03 Ruhnn is a trusted brand and business partner in new retail

Robust supply chain	04
management capabilities

Notes:

1. As measured by GMV of signed Internet KOLs online stores divided by total Internet KOLs E-commerce GMV in 2018 according to Frost and Sullivan..

08	Well-structured and
sustainable talent pool

with low risk of losing KOLs

07	A platform of KOL
commercialization, new

retail integration, sales and marketing

A platform model driven

06 business model well suited for long-term and sustainable growth

05	Established partnership with
	major social media platforms

PAGE 5

PLATFORM MODEL

• Greater scale in a more asset-light manner
• Various monetization channels: advertising, e-commercelive-streaming, joint stores, and online sharing stores, etc.
• Serves more types of businesses and work with more diversified KOLs

GOODS	Fans	GOODS
Live-streaming	(customers)	3rd party	Sharing stores
Brands		online
(customer)		retailers

(customers)

KOLs

Sales services

Advertisements

REVENUE RECOGNITION	KOL SERVICE FEE
Services revenue based on performance	Average 40%-45% of services
or fixed and pre-determined advertising	revenue

BASIC DATA:

• As of September 30, 2020: 180 KOLs, accumulated 1,423 brands served.

Successfully completed business model transition

2Q21 - 1Q20

Service revenue through the platform model Product sales revenue through the full-service model

FULL-SERVICEMODEL

ONE	• Captures the entire e-commerce value chain
STOP	• Wide range of product offering
	Fans	GOODS
Supply	(customers)
	Self-operating
chain		stores

KOLs

REVENUE	KOL SERVICE FEE
RECOGNITION
Product sales	Average 10% of product sales revenue

BASIC DATA:

• As of September 30, 2020: 3 KOLs, 17 online stores.

PAGE 6

ENGAGEMENT

Primarily cooperation agreement

SELECTION

Tests and data-based analysis & evaluation

• # of fans
• interaction with fans
• personal charisma
• attitude
• market tactics
• distinctive character

Industry insight

Big data analytics

	TRAINING		• Comprehensive training on
				social media and e-commerce
				• Increase exposure and develop
				distinctive characters
					AI-BASEDMARKETING
						SUPPORT
					• KOL Platform
					• KOC Community
							PROVEN TRACK RECORD
					Example: growth in number of fans of a
					KOL identified in June 2018
					mm	3.0
					0.6
					June 2018 After 6 months
			Long-term social
			Mobilization of internal /
			media partner	external resources

PAGE 7

Number of KOLs, based on services revenue generated

		2QFY20	2QFY21	# Fans (M) (5)(6)	Service Revenue (6)(7)
					(RMB in millions)
	Top-tier KOLs (1)	5	8	74.2	33.2
	Established KOLs (2)	14	24	66.1	39.8
	Emerging KOLs (3)	12	21	67.7	16.6
	Micro KOLs (4)	115	127	87.3	15.4
	Total (6)	146	180	295.3	119.3
Notes:
1. Top-tier KOLs generated services revenue of RMB10.0 million or more in the past twelve months under the platform model.
2.	Established KOLs generated services revenue of RMB3.0 million to RMB10.0 million in the past twelve months under the platform model.
3.	Emerging KOLs generated services revenue of RMB1.2 million to RMB3.0 million in the past twelve months under the platform model.
4. Micro KOLs generated services revenue of less than RMB1.2 million in the past twelve months under the platform model.
5.	The number of fans presented may include a single fan who was included multiple times if the fan follows more than one KOL, follows the same KOL across multiple platforms, or both.
6.	As of September 30, 2020.
7. Total Service Revenue includes RMB14.3 million services revenue generated through cooperation with third-party KOLs.			PAGE	8

KOL PLATFORM

• Place orders for KOL	• Submit product	• Arrange KOL live	• Sign cooperation	• Billing and settlement
online sales services	samples and pictures	streaming schedule	agreements

Brands
AI technology intelligently matches brands and merchants with suitable KOLs
Merchants

KOC Community

Brands	• Provide brands and merchant
with value-added service
Merchants

• Test and review products and	Key Opinion
share opinions on KOC community
	Consumers

• Further deepen the partnership and	•	Reward KOC with credits and awards
increase revenues	•	Provide free trainings and cultivate KOCs
		with great potential to be successful KOLs

PAGE 9

Rise of Internet KOL Economy Market (1)

(Revenue in RMBbn)

Others (Inc. Virtual Gifts, Knowledge	525.3
Sharing and Others)	62.7

(Revenue in RMBbn)

KOL Advertising and

Marketing Services

91.6 Internet KOL E-commerce

283.0

Internet KOL economy
17-22E CAGR: 41.8%	324.4

91.6 Internet KOL facilitator 17-22E CAGR: 38.9%

200.9

52.8

38.8

2017		2022E
China's Internet KOL facilitator market		Others

10.9		179.6			The market segments
47.9
32.9					Ruhnn operates in
2017		2022E (2)			The market segments
					Ruhnn could expand into

KOL Economy Transforms Online Retail Industry and Digital Marketing

Women's wear	Beauty	Maternity	Household	Food &	Electronics
		& Child	Goods	Supplement
Beauty	Jewelry	Entertainment	Travel
Healthcare

Source: Frost & Sullivan.
1.	Excludes, for the purposes of this presentation only, Taiwan, the Hong Kong Special Administrative Region and the Macao Special Administrative Region	PAGE	10
2.	Estimated by Frost & Sullivan

Management Team

FENG Min

Founder & Chairman

~20 years of entrepreneurial experience in China's fashion, consumer retail and e-commerce sectors

SUN Lei (Ray)

Founder, Director & CEO

~20 years of entrepreneurial experience in China's fashion, consumer retail and e-commerce sectors

SHEN Chao (Eric)

Founder & Director

Specialized in investor relations and capital operation

WANG Jinbo (Jacky)

CFO

>18 years of experience in finance sector

Zhang Dayi (1)

Strategic Shareholders (1)

13.2%

7.5%

8.5% (2)

7.5%

1%

1%

Notes: 1. Represents shareholding % immediately after the IPO. 2. Including investments from Beijing Junlian and Tianjin Junlian.

PAGE 11

Financial Overview

Net Revenue

(RMB in millions)

17% 2YrCAGR:

1,093

948

Services Revenue

(RMB in millions)

1,296

		194%
		CAGR:
273		2Yr
249	303
		151
		35

% 84 YoY:

119

65

FY2018 FY2019 FY2020 2QFY20 2QFY21 FY2018 FY2019 FY2020

Total net revenue		Platform model

2QFY20 2QFY21

PAGE 13

Number of KOLs(1) (2)

Accumulated Number of Brand Partners (2)

42% CAGR: 2Yr

168

128

83

FY2018		FY2019	FY2020
		Number of KOLs

% 23 YoY:

180

146

2QFY20 2QFY21

						8%
					YoY:	6
			150%
		CAGR:
	2Yr					1,423
				1,035	845
			632
166
FY2018			FY2019	FY2020	2QFY20	2QFY21

Accumulated Number of brands that the Company cooperated with

Notes:

1. Certain KOLs under the Company's full-service model overlap with those under the platform model. On the other hand, the Company's KOLs that were undergoing training and had not started generating GMV under either of the business

models as of the relevant date, were not included in these numbers.	PAGE 14
2. As of the end of respective fiscal year or fiscal quarter.

Gross Profit

(RMB in millions)

Gross Margin

32%

31%38%44%

41%

Non-GAAP Net income/loss Attributable to ruhnn(1)

(RMB in millions)

-2

-14-20

304

17

287

FY2018

490

342173

82

260317

FY2019 FY2020

Full-service model

119

39

80

2QFY20

Platform model

101

55

46

2QFY21

-73

-104

FY2018	FY2019	FY2020		2QFY20	2QFY21
		Non-GAAP net loss to ruhnn			Non-GAAP net income to ruhnn

1. Adjusted net income/loss attributable to ruhnn is a non-GAAP measure, which excludes noncash amortization expenses of intangible assets in relation to exclusive cooperation rights and share-based compensation expense

PAGE 15

Cash Flow from Operating Activities

(RMB in millions)

51

7

-9

-28

-46

FY2018	FY2019	FY2020		2QFY20	2QFY21
			Net cash used in operating activates		Net cash provided by operating activates

PAGE 16

	March 31, 2020	September 30, 2020
	(In thousands, RMB)	(In thousands, RMB)
Cash and cash equivalents	718,478	663,358
Restricted cash	5,673	2,756
Short-term Investment	76,450	48,352
Accounts receivable, net	60,370	93,731
Inventories	145,553	118,687
Advances to suppliers	32,628	46,443
Prepaid expenses and other current assets	37,312	31,895
Total current assets	1,076,464	1,005,222
Total assets	1,434,051	1,371,746
Accounts payable	104,822	110,542
Amounts due to related parties	18,097	15,640
Total liabilities	256,289	297,946
Total shareholders' (deficit) equity	1,177,762	1,073,800
Total liabilities and shareholders' (deficit) equity	1,434,051	1,371,746

PAGE 17

Growth Strategies

01

Continue expanding KOL ecosystem through organic growth & potential acquisitions

• Recruit more KOLs and attract more participants to KOL ecosystem
• Pursue strategic investments

02

Expand and diversify KOL pool, enlarge fan base and improve fan engagement

• Upgrade and optimize KOL grooming systems
• Help KOLs expand into additional social media platforms
• Provide more diversified content and foster stronger emotional attachments of fans

03		04
Continue diversifying	Optimize cost structure to
monetization channels &	enhance profitability
enhance monetization
capability
•	Further develop online	•	Continue leveraging
	stores under the		long-term relationships
	platform model, diversify		with suppliers and scale
	product portfolio and		of business to negotiate
	expand into additional		preferential terms
	verticals	•	Improve supply chain
	Diversify service
•		management
	offerings		capabilities and invest in
			data-based technologies
		•	Optimize KOL grooming
			systems to benefit from
			scalability

05

Continue investing in technology, AI solutions and big data analytics

• Improve content- generating efficiency and predict fashion trends
• Keep investing in big data analytics
• Develop and upgrade KOL Platform and KOC Community, proprietary technology platforms.

PAGE 19

Appendix

Cosmetics

Personal

Care

Apparel

Food &

Beverage

Healthcare

Electric

Appliance

APP

Others

PAGE 21

W e n W a n

温 婉

Number of fans(1)

3.8 mm

2.4 mm

7 mm

KOLs under Platform Model

• Fashion KOL and creator of famous "garage dance" video on Tik Tok, which increased her fans by 5+mm in one week
• After receiving our professional training, she is extremely good at promoting merchandises and brands via producing high quality content on Weibo and Kuaishou.
• Gained 5.9 mm new fans since joining Ruhnn in June 2018(1)

Dancing videos

Mix & match show

Promotion for Singles Day

Notes: 1. As of June 30, 2020

PAGE 22

KOLs under Platform Model

Number of fans(2)

1.45 mm

300 K

KOL Incubation

• Fan base has grown from 5K to 1.9 million within 10 months
• Successfully incubated her from a company receptionist to a KOL
• Monthly compensation increased from 5k RMB to 200k RMB within 10 months

憨娜 Hannah

740 K

340 K

KOL Monetization

• Monthly sales of Hannah's sharing store (1) has grown from 0 to 7 million RMB in 10 months
• Company's monthly revenue from Hannah's business has grown from 0 to 2 million RMB in 10 months

Chubby and sweet style KOL

Notes:

1. Sharing Store is a new format of Taobao KOL store
2. As of June 30, 2020

PAGE 23

小婉 Xiao Wan

Number of fans(1)

3.5 mm

1.2 mm

430k

KOLs under BK plan, and live-streaming on Kuaishou platform

Live Streaming + Advertising + Joint Content Production

• Based on KOL's unique personal positioning, our content production and KOL incubation teams provide personalized support to KOLs, helping them to produce more diversified content, and realize long-term value.
• Xiao Wan has overall 5 million followers. After joining ruhnn, the number of Xiao Wan's followers on social platforms has increased by over 1 million in a 3-month period.
• The average viewership of Xiao Wan's vlogs is more than 5 million, and she has on average 3 to 4 live-streaming per month.

Notes: 1. As of June 30, 2020

PAGE 24

Jointly-Operated Store under Platform Model

Quarterly GMV growth of Yoki's Taobao Store

(RMB in mm)

41.6

24.2

20.521.4

11.5

						Q1 FY2020	Q2 FY2020	Q3 FY2020	Q4 FY2020	Q1 FY2021
	王少女 Yoki				•	Yoki is one of the fashion KOLs incubated by Ruhnn under its platform model.
					•	Ruhnn collaborates with third party to co-operate KOL's Taobao store.
					•	Yoki's Taobao store achieved a GMV of RMB77.6 million in FY2020 and reached record
Number of fans(1)	1.9 mm	49K	218K	high quarterly GMV of RMB41.6 million in 1QFY21, representing her core business value
and strong sales abilities.
					•	Yoki is a rising star in 2020, total GMV in FY2021 is expected to exceed RMB100 million.

Notes: 1. As of October 23, 2020

PAGE 25

Advertisement under Platform Model

•	Promotion item: apparel	•	Promotion item: Dior lip gloss--cosmetics	• Promotion item: Mars Starburst-food
•	Engagement：20K+	•	：	•	Engagement：20K+
	Impression：6M+	Engagement 14K+		Impression：8M+
•	•	Impression：7.31M+	•

PAGE 26

KOLs under Full-service Model

2016 Singles Day	2017 Singles Day
No.13 in woman apparel	No.10 in woman apparel
No.2 in woman apparel	No.2 in woman apparel
(excluding name brands)	(excluding name brands)

Brand Partners in Woman Apparel

Z H A N G D a y i

张 大 奕 My Favorite Wardrobe

(吾欢喜的衣橱)

Note: As measured by total GMV on Singles Day in the respective year according to data available to all online store operators on Taobao

2018 Singles Day

No.10 in woman apparel No.2 in woman apparel (excluding name brands)

2019 Singles Day

No.4 in woman apparel No.2 in woman apparel (excluding name brands)

PAGE 27

Ruhnn Holding Limited	The Piacente Group
Sterling Song	Emilie Wu
E-mail: [e-mail]	E-mail: [e-mail]