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Baozun Announces Third Quarter 2023 Unaudited Financial Results
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PR Newswire
SHANGHAI, Nov. 22, 2023
SHANGHAI, Nov. 22, 2023 /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 third quarter ended September 30, 2023.
Mr. Vincent Qiu, Chairman and Chief Executive Officer of Baozun, stated, "I am pleased that Baozun Group is collectively demonstrating significant progress in our transformation efforts. Despite macro headwinds, we grew revenue 5% year-over-year, and achieved significant year-over-year improvement in operating cash flow. BBM is executing well on its transformation of GAP Shanghai, accomplishing a wide array of successes, including new products, new store openings, and increased brand marketing and visibility. These "premium-ization of GAP" efforts ensure the success of shifting from a discount-driven approach to one that focuses on building consumer love for our brand and products. During the quarter, we successfully launched our new Retail Operating Platform for Gap Shanghai, establishing a solid foundation for Gap's continuous digital transformation."
"We are also excited to announce a contemplated 51% equity acquisition of Hangzhou Location Information Technology Co., Ltd. ("Location"), a top-tier Douyin partner specializing in Apparel and Accessories. Location was one of the first movers in the Douyin ecosystem, and a pioneer in the livestreaming space. We're thrilled about the synergistic blend of our market leadership in creative content, compelling portfolio of brand partners and profound e-commerce operating experiences with Location's exceptional skills and insights in daily livestreaming. This synergy solidifies our leadership in the Douyin ecosystem and expands on our success in other major brand e-commerce platforms, representing another important milestone in our strategic transformation." Mr. Qiu concluded.
Mr. Arthur Yu, Chief Financial Officer of Baozun and President of BEC, commented, "Despite a weaker economic environment and stronger seasonality, we are making notable progress in our business transformation. This marks the first third quarter since our IPO that Baozun achieved positive operating cash flow, largely driven by business optimization, cost reduction, and improved working capital efficiency. Additionally, we continue to make progress in developing our omni-channel network, achieving double-digit GMV growth from both the Tencent mini-program and Douyin ecosystems during the quarter. Now, with the strategic alliance with Location, we believe we are even stronger in the dynamic e-commerce environment, further enhancing our value proposition to our brand partners."
Third Quarter 2023 Financial Highlights
- Total net revenues were RMB1,823.6 million (US$[1]250.0 million), representing an increase of 4.7% compared with RMB1,741.3 million in the same quarter of last year.
- Loss from operations was RMB135.7 million (US$18.6 million), compared with RMB26.3 million in the same quarter of last year. Operating margin was negative 7.4%, compared with negative 1.5% for the same period of 2022.
- Non-GAAP loss from operations[2] was RMB90.4 million (US$12.4 million), compared with non-GAAP income from operations RMB16.9 million in the same quarter of last year. Non-GAAP operating margin was negative 5.0%, compared with positive 1.0% for the same period of 2022.
- Adjusted operating loss of E-Commerce[3] was RMB40.3 million (US$5.5 million).
- Adjusted operating loss of Brand Management[3] was RMB50.1 million (US$6.9 million).
- Net loss attributable to ordinary shareholders of Baozun was RMB126.4 million (US$17.3 million), compared with RMB168.9 million for the same period of 2022.
- Non-GAAP net loss attributable to ordinary shareholders of Baozun[4] was RMB76.4 million (US$10.5 million), compared withRMB13.1 million for the same period of 2022.
- Basic and diluted net loss attributable to ordinary shareholders of Baozun per American Depositary Share ("ADS[5]") were both RMB2.12 (US$0.29), compared with both RMB2.88 for the same period of 2022.
- Basic and diluted non-GAAP net loss attributable to ordinary shareholders of Baozun per ADS[6] were both RMB1.28 (US$0.18), compared with both RMB0.22 for the same period of 2022.
- Cash and cash equivalents, restricted cash, and short-term investments totaled RMB2,930.7 million (US$401.7 million), as of September 30, 2023, compared with RMB3,141.1 million as of December 31, 2022.
Reconciliations of GAAP measures to non-GAAP measures presented above are included at the end of this results announcement.
Adjusted operating profits/losses are included in the Segments data of Segment Information.
| [1] This announcement contains translations of certain Renminbi (RMB) amounts into U.S. dollars (US$) at a specified rate solely for the convenience of the reader. Unless otherwise noted, the translation of RMB into US$ has been made at RMB7.2960 to US$1.00, the noon buying rate in effect on September 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 and acquisition-related expenses. |
| [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 on derivative liabilities, loss on disposal of subsidiaries and investment in equity investee, and unrealized investment 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. |
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. During the quarter, revenue from store operations of Apparel and Accessories delivered year-over-year growth driven by solid industry momentum and incremental value-added services penetration.
Omni-channel expansion remains a key theme for our brand partners. Gross Merchandise Volume (GMV)[7] generated from non-TMALL marketplaces and channels accounted for approximately 40.2% of total GMV during the quarter, compared with 31.1% for the same period of 2022. By the end of the third quarter, approximately 45.0% of our brand partners engaged with us for store operations of at least two channels, compared with 42.4% a year ago.
| [7] GMV includes value added tax and excludes (i) shipping charges, (ii) surcharges and other taxes, (iii) value of the goods that are returned and (iv) deposits for purchases that have not been settled. |
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 third 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 RMB296.3 million. Gross profit margin of product sales for BBM in the third quarter of 2023 was 55.5%, further improved from previous quarters.
Third Quarter 2023 Financial Results
Total net revenues were RMB1,823.6 million (US$250.0 million), an increase of 4.7% from RMB1,741.3 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 RMB707.9 million (US$97.0 million), compared with RMB497.1 million in the same quarter of last year, of which,
- Product sales revenue of E-Commerce was RMB411.6 million (US$56.4 million), a decrease of 17.2 % from RMB497.1 million in the same quarter of last year. The decrease was primarily attributable to the macro-economic weakness, along with stronger seasonality in e-commerce industry this year, as well as the Company's optimization of its product distribution model.
The following table sets forth a breakdown of product sales revenues of E-Commerce by key categories [8] for the periods indicated:
| | For the three months ended September 30, | ||||||||||
| | 2022 | | 2023 | ||||||||
| | RMB | | % of | | RMB | | US$ | | % of | | YoY |
| | (In millions, except for percentage) | ||||||||||
| Product Sales of E-Commerce | | | | | | | | | | | |
| Appliances | 212.2 | | 13 % | | 179.5 | | 24.6 | | 11 % | | -15 % |
| Beauty and cosmetics | 76.2 | | 4 % | | 76.3 | | 10.5 | | 4 % | | 0 % |
| Fast moving consumer goods | 66.1 | | 4 % | | 31.7 | | 4.3 | | 2 % | | -52 % |
| Electronics | 50.5 | | 3 % | | 25.8 | | 3.5 | | 1 % | | -49 % |
| Others | 92.1 | | 5 % | | 98.3 | | 13.5 | | 5 % | | 7 % |
| Total net revenues from product | 497.1 | | 29 % | | 411.6 | | 56.4 | | 23 % | | -17 % |
- Product sales revenue of Brand Management was RMB296.3 million (US$40.6 million), which mainly comprised retail revenue from Gap Shanghai business, including both offline store sales and online sales.
Services revenue was RMB1,115.8 million (US$152.9 million), a decrease of 10.3% from RMB1,244.2 million in the same quarter of last year. The decrease was primarily due to revenue reduction of RMB65.7 million from warehousing and fulfillment due to lower volume of warehousing business and the disposal of a loss-making subsidiary during the third quarter of 2022, and a reduction of RMB44.3 million from Digital marketing and IT solutions, due to fewer performance-marketing initiatives during the quarter, partially offset by increasing revenue from value-added content driven marketing and revenue streams from IT monetization.
The following table sets forth a breakdown of services revenue by business models for the periods indicated:
| | For the three months ended September 30, | ||||||||||
| | 2022 | | 2023 | ||||||||
| | RMB | | % of | | RMB | | US$ | | % of | | YoY |
| | (In millions, except for percentage) | ||||||||||
| Services revenue | | | | | | | | | | | |
| Online store operations | 347.9 | | 20 % | | 340.7 | | 46.7 | | 19 % | | -2 % Werbung Mehr Nachrichten zur Baozun Inc. ADR Aktie kostenlos abonnieren
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