PR Newswire
SHANGHAI, March 21, 2024
SHANGHAI, March 21, 2024 /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 fourth quarter and fiscal year ended December 31, 2023.
Mr. Vincent Qiu, Chairman and Chief Executive Officer of Baozun, stated, "In 2023, we started our transformation journey, expanding into three business divisions. Throughout the year, we solidified our leadership in the digital commerce industry, and further enhanced operational efficiency. I am grateful for the resilience and adaptability demonstrated by the Baozun team amid the ever-changing market environment. Additionally, we are honored to be recognized as the sole Asian supplier in Gartner's 2024 Market Guide for Distributed Order Management Systems. Looking ahead to 2024, despite macro uncertainties, we remain committed to sustainably executing our plans with diligence and patience. The improved health of our business fundamentals gives us confidence to enhance value proposition to our brand partners."
Mr. Arthur Yu, Chief Financial Officer of Baozun and President of BEC, commented, "We closed 2023 with a 5% year-over-year revenue growth to RMB8.8 billion, marking new records for both annual operating cash flow and free cash flow. For Baozun eCommerce, we're delighted to highlight tangible advancements in improving customer satisfaction, strengthening our position as an all-encompassing omni-channel enabler, and improving our efficiency and cost management. Positioned to seize emerging opportunities, we're confident in our solid foundation for growth and success, driving forward Baozun Group's second wave of expansion."
Fourth Quarter 2023 Financial Highlights
[1] This announcement contains translations of certain Renminbi (RMB) amounts into U.S. dollars (US$) at a specified rate solely for the convenience of the reader. Unless otherwise noted, the translation of RMB into US$ has been made at RMB7.0999 to US$1.00, the noon buying rate in effect on December 29, 2023 as set forth in the H.10 Statistical Release of the Federal Reserve Board. |
[2] Non-GAAP income (loss) from operations is a non-GAAP financial measure, which is defined as income (loss) from operations excluding the impact of share-based compensation expenses, amortization of intangible assets resulting from business acquisition, acquisition-related expenses, and impairment of goodwill. |
[3] Following the acquisition of Gap Shanghai, the Group updated its operating segment structure resulting in two segments, which were (i) E-Commerce; (ii) Brand Management, for more information, please refer to Supplemental Information. |
[4] Non-GAAP net income (loss) attributable to ordinary shareholders of Baozun is a non-GAAP financial measure, which is defined 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, loss on variance from expected contingent acquisition payment, cancellation fees of repurchased ADSs and returned ADSs, fair value loss (gain) on derivative liabilities, loss on disposal of subsidiaries and investment in equity investee, and Unrealized investment (gain) loss. |
[5] Each ADS represents three Class A ordinary shares. |
[6] Basic and diluted non-GAAP net income (loss) attributable to ordinary shareholders of Baozun per ADS are non-GAAP financial measures, which are respectively defined as non-GAAP net income (loss) attributable to ordinary shareholders of Baozun divided by weighted average number of shares used in calculating basic and diluted net income (loss) per ordinary share multiplied by three, respectively. |
Fiscal Year 2023 Financial Highlights
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 includes our 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. As of December 31, 2023, we served more than 450 brand partners.
Omni-channel expansion remains a key theme for our brand partners. By the end of the fourth quarter, approximately 44.7% of our brand partners engaged with us for store operations of at least two channels, compared with 41.8% for the end of same quarter of last year.
With excellent technical expertise, Baozun was recognized as the only Asian supplier shortlisted for the prestigious Gartner 2024 Market Guide for Distributed Order Management System. This professional recognition from Gartner further cements our professional technological capability and leadership position in the industry.
Baozun Brand Management, or "BBM"
BBM engages in holistic brand management, including strategy and tactic positioning, branding and marketing, retail and e-commerce operations, supply chain and logistics and technology empowerment. We aim to leverage our portfolio of technologies to forge longer and deeper relationships with brands.
In the fourth quarter of 2023, BBM continued to focus on transforming Gap Shanghai – from a discount-driven approach to one that focuses on building consumer love for our brand and products. During the quarter, product sales for BBM totaled RMB455.5 million. Gross profit margin of product sales for BBM in the fourth quarter of 2023 was 52.9%.
Fourth Quarter 2023 Financial Results
Total net revenues were RMB2,780.4 million (US$391.6 million), an increase of 8.9% from RMB2,553.2 million in the same quarter of last year. The increase in total net revenues was mainly due to the incremental revenue contribution from BBM, a new line of business the Company launched in the first quarter of 2023.
Total product sales revenue was RMB1,053.0 million (US$148.3 million), compared with RMB772.4 million in the same quarter of last year, of which,
The following table sets forth a breakdown of product sales revenues of E-Commerce by key categories [7] for the periods indicated:
| For the three months ended December 31, | ||||||||||
| 2022 | | 2023 | ||||||||
| RMB | | % of | | RMB | | US$ | | % of | | YoY |
| (In millions, except for percentage) | ||||||||||
Product Sales of E-Commerce | | | | | | | | | | | |
Appliances | 387.0 | | 15 % | | 255.6 | | 36.0 | | 8 % | | -34 % |
Beauty and cosmetics | 92.8 | | 4 % | | 131.1 | | 18.5 | | 5 % | | 41 % |
Home and furnishing | 83.8 | | 3 % | | 46.1 | | 6.5 | | 2 % | | -45 % |
Fast moving consumer goods | 81.0 | | 3 % | | 46.3 | | 6.5 | | 2 % | | -43 % |
Others | 127.8 | | 5 % | | 118.4 | | 16.7 | | 4 % | | -8 % |
Total net revenues from | 772.4 | | 30 % | | 597.5 | | 84.2 | | 21 % | | -23 % |
[7] Key categories refer to the categories that accounted for no less than 10% of product sales of BEC during the periods indicated. |
Services revenue was RMB1,727.4 million (US$243.3 million), a decrease of 3.0% from RMB 1,780.8 million in the same quarter of last year. The decrease was primarily due to revenue reduction of RMB56.2 million from warehousing and fulfillment due to lower volume of warehousing business, partially offset by the increase of value-added services revenue in digital marketing and IT solutions.
The following table sets forth a breakdown of services revenue by business models for the periods indicated:
| For the three months ended December 31, | ||||||||||
| 2022 | | 2023 | ||||||||
| RMB | | % of | | RMB | | US$ | | % of | | YoY |
| (In millions, except for percentage) | ||||||||||
Services revenue | | | | | | | | | | | |
Online store operations | 514.4 | | 20 % | | 511.8 | | 72.0 Werbung Mehr Nachrichten zur Baozun Inc. ADR Aktie kostenlos abonnieren
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