Baozun Inc. (Nasdaq:BZUN) ("Baozun" or the "Company"), the leading
brand e-commerce service partner that helps brands execute their
e-commerce strategies in China, today announced its unaudited
financial results for the fourth quarter and fiscal year ended
December 31, 2016.
Fourth Quarter 2016 Financial
Highlights
- Total net revenues were RMB1,272.5 million (US$1183.3 million),
an increase of 25.2% year-over-year.
- Net income attributable to Baozun ordinary shareholders was
RMB61.3 million (US$8.8 million), an increase of 358.8%
year-over-year.
- Non-GAAP net income attributable to Baozun ordinary
shareholders2 was RMB70.4 million (US$10.1 million), an
increase of 237.6% year-over-year.
- Basic and diluted net income attributable to Baozun ordinary
shareholders per American Depository Share (“ADS3”) were RMB1.20
(US$0.17) and RMB1.11 (US$0.16), respectively, compared with basic
and diluted net income attributable to Baozun ordinary shareholders
per ADS of RMB0.27 and RMB0.25, respectively, for the same period
of 2015.
- Basic and diluted non-GAAP net income attributable to Baozun
ordinary shareholders per ADS were RMB1.38 (US$0.20) and RMB1.26
(US$0.18), respectively, compared with basic and diluted non-GAAP
net income attributable to Baozun ordinary shareholders per ADS of
RMB0.41 and RMB0.39, respectively, for the same period of
2015.
Fourth quarter 2016 Operational
Highlights
- Total Gross Merchandise Volume (“GMV”)4 was RMB4,803.6
million, an increase of 62.4% year-over-year.
- Distribution GMV5 was RMB898.9 million, an increase of
1.8% year-over-year.
- Non-distribution GMV6 was RMB3,904.7 million, an increase
of 88.1% year-over-year.
- Number of brand partners increased to 133 as of December 31,
2016, from 113 as of December 31, 2015.
- Number of GMV brand partners increased to 122 as of December
31, 2016, from 95 as of December 31, 2015.
Fiscal Year 2016 Financial
Highlights
- Total net revenues were RMB3,390.3 million (US$488.3 million),
an increase of 30.5% year-over-year.
- Net income attributable to Baozun ordinary shareholders was
RMB86.6 million (US$12.5 million), compared with net loss of RMB2.7
million in fiscal year 2015.
- Non-GAAP net income attributable to Baozun ordinary
shareholders was RMB120.8 million (US$17.4 million), an increase of
437.4% year-over-year.
- Basic and diluted net income attributable to Baozun ordinary
shareholders per ADS were RMB1.74 (US$0.25) and RMB1.59 (US$0.23),
respectively, compared with basic and diluted net loss attributable
to Baozun ordinary shareholders per ADS of RMB0.08 and RMB0.08,
respectively, for fiscal year 2015.
- Basic and diluted non-GAAP net income attributable to Baozun
ordinary shareholders per ADS were RMB2.42 (US$0.35) and RMB2.21
(US$0.32), respectively, compared with basic and diluted non-GAAP
net income attributable to Baozun ordinary shareholders per ADS of
RMB0.65 and RMB0.59, respectively, for fiscal year 2015.
Fiscal Year 2016 Operational
Highlights
- Total GMV was RMB11,264.8 million, an increase of 67.3%
year-over-year.
- Distribution GMV was RMB2,534.1 million, an increase of 12.0%
year-over-year.
- Non-distribution GMV was RMB8,730.7 million, an increase of
95.2% year-over-year.
“We are excited to finish off the year by
reporting another quarter of solid financial and operational
results,” commented Mr. Vincent Qiu, Chairman and Chief Executive
Officer of Baozun. “Our strong performance continues to be driven
by solid growth from our existing online stores and the expansion
and further optimization of our portfolio of brand partners. This
quarter marks three straight years of profitability on a non-GAAP
basis, which I believe is a direct result of our improving
operational capabilities, the sustainability and quality of our top
line growth, the improvement in margin and our increasing economies
of scale. Looking ahead, we will continue to strengthen our market
leading position by focusing on enhancing our capabilities to
provide best-in-class e-commerce solutions to our brand
partners.”
Mr. Beck Chen, Chief Financial Officer of Baozun
added, “We delivered another strong quarter of growth with GMV
increasing by 62%. We are extremely confident in our strategy and
the effectiveness of our operations, and expect GMV during fiscal
year 2017 to grow by over 50% from fiscal year 2016. During the
quarter, services revenue increased significantly, growing by 94%
year-over-year, while net income attributable to Baozun ordinary
shareholders increased 359% when compared with the same period last
year, driven primarily by our continuous focus on improving our
business model mix and operational efficiency.”
Fourth Quarter 2016 Financial
Results
Total net revenues were
RMB1,272.5 million (US$183.3 million), an increase of 25.2% from
RMB1,016.0 million in the same quarter of last year. Maikefeng
contributed RMB3.2 million (US$0.5 million) to total net revenues,
a decrease of 66.7% from RMB9.6 million in the same quarter of last
year.
Product sales revenue was
RMB771.0 million (US$111.0 million), an increase of 1.8% from
RMB757.4 million in the same quarter of last year. Maikefeng
contributed RMB1.0 million (US$0.1 million) to product sales
revenues, a decrease of 89.1% from RMB8.7 million in the same
quarter of last year, primarily due to Maikefeng’s transition from
a direct sales model to a marketplace-focused model.
Services revenue was RMB501.5
million (US$72.2 million), an increase of 93.9% from RMB258.6
million in the same quarter of last year. The increase was
primarily attributable to the rapid growth of the Company’s
consignment and service fee model businesses, and in particular,
growth in sales of apparel products sold by existing brand partners
as they expand their online presence. Maikefeng contributed RMB2.2
million (US$0.3 million) to services revenue, an increase from
RMB0.9 million in the same quarter of last year, mainly due to its
transition to a marketplace-focused model.
Total operating expenses were
RMB1,209.6 million (US$174.2 million), compared with RMB1,014.1
million in the same quarter of last year.
- Cost of products was RMB679.1
million (US$97.8 million), compared with RMB670.6 million in the
same quarter of last year. The increase was primarily due to an
increase in the volume of product sales from the Company’s core
brand e-commerce business. Maikefeng accounted for RMB1.2 million
(US$0.2 million) in cost of products, compared with RMB12.0 million
in the same quarter of last year. The decrease was mainly due to
Maikefeng’s transition from a direct sales model to a
marketplace-focused model.
- Fulfillment expenses were RMB227.7 million
(US$32.8 million), compared with RMB138.3 million in the same
quarter of last year. The increase was primarily due to increases
in GMV contribution from the Company’s consignment business,
percentage of total orders fulfilled by a premium delivery service
provider, and warehouse rental expenses. Maikefeng accounted for
RMB0.9 million (US$0.1 million) in fulfillment expenses, compared
with RMB2.9 million in the same quarter of last year.
- Sales and marketing expenses were RMB246.9
million (US$35.6 million), compared with RMB162.4 million in the
same quarter of last year. The increase was primarily due to an
increase in promotional and marketing expenses associated with
Company-operated online stores. Maikefeng accounted for RMB5.2
million (US$0.8 million) in sales and marketing expenses, compared
with RMB16.3 million in the same quarter of last year.
- Technology and content expenses were RMB29.3
million (US$4.2 million), compared with RMB19.2 million in the same
quarter of last year. The increase was primarily due to increases
in technology-focused staff and project-based variable
technological expenses from brand stores. Maikefeng accounted for
RMB1.9 million (US$0.3 million) in technology and content expenses,
compared with RMB1.5 million in the same quarter of last year.
- General and administrative expenses were
RMB26.2 million (US$3.8 million), compared with RMB24.8 million in
the same quarter of last year. Maikefeng accounted for RMB0.2
million (US$21.6 thousand) in general and administrative expenses,
compared with RMB0.4 million during the same quarter of last
year.
Income from operations was
RMB62.9 million (US$9.1 million), compared with RMB2.0 million in
the same quarter of last year. Operating margin was 4.9%, compared
with 0.2% in the same quarter of last year.
Non-GAAP income from
operations7 was RMB72.0 million (US$10.4 million),
compared with RMB9.5 million in the same quarter of last year.
Non-GAAP operating margin was 5.7%, compared with 0.9% in the same
quarter of last year.
Net income attributable to
Baozun ordinary shareholders was RMB61.3 million (US$8.8 million),
an increase of 358.8% from the same quarter of last year. Basic and
diluted net income attributable to Baozun ordinary shareholders per
ADS were RMB1.20 (US$0.17) and RMB1.11 (US$0.16), respectively,
compared with basic and diluted net income attributable to Baozun
ordinary shareholders per ADS of RMB0.27 and RMB0.25, in the same
period of 2015.
Non-GAAP net income
attributable to Baozun ordinary shareholders was RMB70.4 million
(US$10.1 million), an increase of 237.6% from the same quarter last
year. Basic and diluted non-GAAP net income attributable to Baozun
ordinary shareholders per ADS8 were RMB1.38 (US$0.20) and
RMB1.26 (US$0.18), respectively, compared with basic and diluted
non-GAAP net income attributable to Baozun ordinary shareholders
per ADS of RMB0.41 and RMB0.39, respectively, in the same period of
2015.
1 This announcement contains translations of certain
Renminbi (RMB) amounts into U.S. dollars (US$) at a specified rate
solely for the convenience of the reader. Unless otherwise noted,
the translation of RMB into US$ has been made at RMB6.9430 to
US$1.00, the noon buying rate in effect on December 30, 2016 as set
forth in the H.10 Statistical Release of the Federal Reserve
Board.
2 Non-GAAP net income attributable to Baozun ordinary
shareholders is a non-GAAP financial measure, which is defined as
net income attributable to Baozun ordinary shareholders excluding
share-based compensation expenses.
3 Each ADS represents three Class A ordinary shares.
4 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.
5 Distribution GMV refers to the GMV under the distribution
business model.
6 Non-distribution GMV refers to the GMV under the service
fee business model and the consignment business model.
7 Non-GAAP income from operations is a non-GAAP financial
measure, which is defined as income from operations excluding
share-based compensation expenses.
8 Basic and diluted non-GAAP net income attributable to
Baozun ordinary shareholders per ADS are non-GAAP financial
measures, which are defined as non-GAAP net income (loss)
attributable to Baozun ordinary shareholders divided by weighted
average number of shares used in calculating basic and diluted net
income per ordinary share multiplied by three, respectively.
Fiscal Year 2016 Financial
Results
Total net
revenues were RMB3,390.3 million (US$488.3
million), an increase of 30.5% from RMB2,598.4 million in
fiscal year 2015. Maikefeng contributed RMB24.7
million (US$3.6 million) to total net revenues, a decrease of
64.5% from RMB69.5 million last year.
Product sales
revenue was RMB2,176.4 million (US$313.5
million), an increase of 12.2% from RMB1,940.6 million in
fiscal year 2015. The increase was primarily due to the increased
popularity of brand partners’ products, increasingly effective
marketing and promotional campaigns and competitive pricing offered
to consumers. Maikefeng contributed RMB16.0
million (US$2.3 million) to product sales revenues, a decrease
of 76.4% from RMB67.9 million last year.
Services
revenue was RMB1,213.8 million (US$174.8
million), an increase of 84.5% from RMB657.8 million in
fiscal year 2015. The increase was primarily attributable to growth
in sales of apparel products sold by existing brand partners as
they expand their online presence and the addition of new brand
partners in the same category. Maikefeng contributed RMB8.7 million
(US$1.3 million) to services revenues, compared with RMB1.6 million
last year.
Total operating
expenses were RMB3,300.2 million (US$475.3
million), compared with RMB2,590.0 million in fiscal year
2015.
- Cost of products was RMB1,921.9
million (US$276.8 million), compared with RMB1,735.8
million in fiscal year 2015, primarily due to an increase in
the volume of product sales. Maikefeng accounted for RMB45.0
million (US$6.5 million) in cost of products, a decrease of
26.5% from RMB61.2 million last year.
- Fulfillment expenses were RMB540.9
million (US$77.9 million), compared with RMB325.2
million in fiscal year 2015. The increase was primarily due to
increases in GMV contribution from the Company’s consignment
business and rental expenses for the Company’s warehouses.
Maikefeng accounted for RMB5.2 million (US$0.7 million)
in fulfillment expenses, a decrease of 62.6% from RMB13.9
million last year.
- Sales and marketing
expenses were RMB658.8 million (US$94.9
million), compared with RMB403.5 million in fiscal year 2015.
The increase was primarily due to an increase in promotional and
marketing expenses associated with the Company’s online stores.
Maikefeng accounted for RMB20.2 million (US$2.9 million)
in sales and marketing expenses, a decrease of 53.2%
from RMB43.2 million last year.
- Technology and content
expenses were RMB95.6 million (US$13.8
million), compared with RMB59.9 million in fiscal year 2015.
The increase was primarily due to increases in technology-focused
staff and project-based variable technology expenses from brand
stores. Maikefeng accounted for RMB6.7 million (US$1.0
million) in technology and content expenses, an increase of 15.5%
from RMB5.8 million last year.
- General and administrative
expenses were RMB88.3 million (US$12.7
million), compared with RMB73.7 million year-over-year. The
increase was primarily due to increases in administrative staff and
professional service fees as a listed company. Maikefeng accounted
for RMB1.4 million (US$0.2 million) in general and
administrative expenses, an increase of 285.7% from RMB0.4 million
last year.
Income from operations was
RMB90.1 million (US$13.0 million), compared with RMB8.5 million in
2015. Operating margin was 2.7%, compared with 0.3% last year.
Non-GAAP income from operations
was RMB124.3 million (US$17.9 million), compared with RMB33.6
million in 2015. Non-GAAP operating margin was 3.7%, compared with
1.3% last year.
Net income attributable to
Baozun ordinary shareholders was RMB86.6
million (US$12.5 million), compared with net loss
of RMB2.7 million in fiscal year 2015. Basic and diluted
net income attributable to ordinary shareholders per ADS
were RMB1.74 and RMB1.59, compared with basic and
diluted net income attributable to ordinary shareholders per ADS
of RMB0.08 and RMB0.08, for fiscal year 2015.
Non-GAAP net
income attributable to Baozun ordinary shareholders
was RMB120.8 million (US$17.4 million), an increase of
437.4% from RMB22.5 million in fiscal year 2015. Basic
and diluted non-GAAP net income attributable to ordinary
shareholders per ADS were RMB2.42 and RMB2.21,
respectively, compared with basic and diluted non-GAAP net income
attributable to ordinary shareholders per ADS
of RMB0.65 and RMB0.59, respectively, for fiscal
year 2015.
In December 2016, the Company completed a
follow-on public offering for an aggregate of 6,000,000 ADSs by the
Company and several selling shareholders (the “Selling
Shareholders”), which was priced at US$12.25 per ADS. The Company
issued and sold 3,000,000 ADSs and the Selling Shareholders sold an
aggregate of 3,000,000 ADSs. The proceeds to the Company, after
deducting underwriting discounts and commissions, were
approximately US$35.0 million, which strengthened its balance
sheet.
As of December 31, 2016, the Company had
RMB957.3 million (US$137.9 million) in cash, cash
equivalents and short-term investment, an increase from
RMB837.3 million as of December 31, 2015 due to the Company’s
follow-on offering, which was partially offset by cash used in the
Company’s share repurchase program and investment in logistics and
office space.
For the full year of 2016, net cash provided by
operating activities was RMB13.4 million compared with
net cash provided in operating activities of RMB2.3
million in 2015.
Business Outlook
For the first quarter of 2017, the Company
expects total net revenues to be between RMB800 million and RMB810
million, representing year-over-year growth of approximately 20% to
21%.
Conference Call
The Company will host a conference call to
discuss the earnings at 8:00 p.m. Eastern Time on Tuesday, February
21, 2017 (9:00 a.m. Beijing time on Wednesday, February 22,
2017).
Dial-in numbers for the live conference call are
as follows:
| International: |
+852 5808 3202 |
| U.S. Toll
Free |
+1 631-514-2526 |
| Mainland China Toll
Free |
4001-200-539 |
| Hong Kong Toll
Free |
800-905-927 |
| Passcode: BZUN |
|
A telephone replay of the call will be available
after the conclusion of the conference call through 11:59 p.m. Hong
Kong Time, February 28, 2017.
Dial-in numbers for the replay are as
follows:
| International
Dial-in |
+61-2-9641-7900 |
| U.S. Toll Free |
1-866-846-0868 |
| Passcode: 1520305 |
|
A live and archived webcast of the conference
call will be available on the Investor Relations section of
Baozun’s website at http://ir.baozun.com/.
Use of Non-GAAP Financial
MeasuresIn evaluating the Company’s business, the Company
considers and uses non-GAAP net income/(loss) from operations,
non-GAAP operating margin, non-GAAP net income/(loss), non-GAAP net
margin, non-GAAP net income (loss) attributable to Baozun ordinary
shareholders and non-GAAP net income (loss) attributable to Baozun
ordinary shareholders per ADS, as supplemental measures to review
and assess the Company’s operating performance. The presentation of
these non-GAAP financial measures is not intended to be considered
in isolation or as a substitute for the financial information
prepared and presented in accordance with U.S. GAAP. Non-GAAP net
income/(loss) from operations is net income/(loss) from operations
excluding share-based compensation expenses. Non-GAAP operating
margin is non-GAAP income from operations as a percentage of total
net revenues. Non-GAAP net income/(loss) is net income/(loss)
excluding share-based compensation expenses. Non-GAAP net margin is
non-GAAP net income as a percentage of total net revenues.
Non-GAAP net income (loss) attributable to Baozun ordinary
shareholders is net income (loss) attributable to Baozun ordinary
shareholders excluding share-based compensation expenses. Non-GAAP
net income (loss) attributable to Baozun ordinary shareholders per
ADS is non-GAAP net income (loss) attributable to Baozun ordinary
shareholders divided by weighted average number of shares used in
calculating net income per ordinary share multiplied by three.
The Company presents the non-GAAP financial
measures because they are used by the Company’s management to
evaluate the Company’s operating performance and formulate business
plans. Non-GAAP income/(loss) from operations and non-GAAP net
income/(loss) enable the Company’s management to assess the
Company’s operating results without considering the impact of
share-based compensation expenses. The Company also believes that
the use of the non-GAAP measures facilitate investors’ assessment
of the Company’s operating performance.
The non-GAAP financial measures are not defined
under U.S. GAAP and are not presented in accordance with U.S. GAAP.
The non-GAAP financial measures have limitations as analytical
tools. One of the key limitations of using non-GAAP income/(loss)
from operations and non-GAAP net income/(loss) is that they do not
reflect all items of income and expense that affect the Company’s
operations. Share-based compensation expenses have been and may
continue to be incurred in the Company’s business and is not
reflected in the presentation of non-GAAP income/(loss) from
operations and non-GAAP net income/(loss). Further, the non-GAAP
measures may differ from the non-GAAP measures used by other
companies, including peer companies, and therefore their
comparability may be limited. In light of the foregoing
limitations, the non-GAAP net income/(loss) from operations,
non-GAAP operating margin, non-GAAP net income/(loss), non-GAAP net
margin, non-GAAP net income (loss) attributable to Baozun ordinary
shareholders and non-GAAP net income (loss) attributable to Baozun
ordinary shareholders per ADS for the period should not be
considered in isolation from or as an alternative to net
income/(loss) from operations, operating margin, net income/(loss),
net margin, net income (loss) attributable to Baozun ordinary
shareholders and net income (loss) attributable to Baozun ordinary
shareholders per ADS, or other financial measures prepared in
accordance with U.S. GAAP.
The Company compensates for these limitations by
reconciling the non-GAAP financial measures to the nearest U.S.
GAAP performance measures, which should be considered when
evaluating the Company’s performance.
Safe Harbor Statements
This news release contains forward-looking
statements within the meaning of Section 21E of the Securities
Exchange Act of 1934, as amended, and as defined in the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates," "target," "going forward," "outlook" and
similar statements. Such statements are based upon management's
current expectations and current market and operating conditions,
and relate to events that involve known or unknown risks,
uncertainties and other factors, all of which are difficult to
predict and many of which are beyond the Company's control, which
may cause the Company's actual results, performance or achievements
to differ materially from those in the forward-looking statements.
Further information regarding these and other risks, uncertainties
or factors is included in the Company's filings with the U.S.
Securities and Exchange Commission. The Company does not undertake
any obligation to update any forward-looking statement as a result
of new information, future events or otherwise, except as required
under law.
About Baozun Inc.
Baozun is the leading brand e-commerce service
partner that helps brands execute their e-commerce strategies in
China by selling their goods directly to customers online or by
providing services to assist with their e-commerce operations. The
Company's integrated end-to-end brand e-commerce capabilities
encompass all aspects of the e-commerce value chain, covering IT
solutions, store operations, digital marketing, customer services,
warehousing and fulfillment.
For more information, please visit
http://ir.baozun.com
| Baozun
Inc. |
| UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS |
| (In
thousands) |
| |
| |
|
|
As of |
| |
|
December
31,2015 |
|
December
31,2016 |
|
December
31,2016 |
| |
|
RMB |
|
RMB |
|
US$ |
| ASSETS |
|
|
|
|
|
|
| Current assets |
|
|
|
|
|
|
| Cash and cash equivalents |
|
787,257 |
|
917,319 |
|
132,121 |
| Restricted cash |
|
48,144 |
|
50,832 |
|
7,321 |
| Short-term investment |
|
50,000 |
|
40,000 |
|
5,761 |
| Accounts receivable, net |
|
364,782 |
|
624,817 |
|
89,993 |
| Inventories |
|
334,347 |
|
312,071 |
|
44,948 |
| Advances to suppliers |
|
34,668 |
|
75,727 |
|
10,907 |
| Prepayments and other current assets |
|
112,122 |
|
108,495 |
|
15,627 |
| Amounts due from related parties |
|
37,565 |
|
38,772 |
|
5,584 |
| Total current assets |
|
1,782,700 |
|
2,168,033 |
|
312,262 |
| |
|
|
|
|
|
|
| Non-current assets |
|
|
|
|
|
|
| Investments in cost method investees |
|
13,307 |
|
33,443 |
|
4,817 |
| Property and equipment, net |
|
59,208 |
|
100,892 |
|
14,531 |
| Intangible assets, net |
|
20,128 |
|
26,984 |
|
3,887 |
| Other non-current assets |
|
13,830 |
|
26,581 |
|
3,828 |
| Deferred tax assets |
|
13,815 |
|
12,332 |
|
1,776 |
| Total
non-current assets |
|
106,473 |
|
200,232 |
|
28,839 |
| |
|
|
|
|
|
|
| Total assets |
|
1,889,173 |
|
2,368,265 |
|
341,101 |
| |
|
|
|
|
|
|
| Baozun
Inc. |
| UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS |
| (In thousands, except
for share and per share data) |
|
|
| |
|
|
As of |
| |
|
December 31,
2015 |
|
December
31,
2016 |
|
December
31,
2016 |
| |
|
RMB |
|
RMB |
|
US$ |
| |
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
| Current liabilities |
|
|
|
|
|
|
| Accounts payable |
|
457,493 |
|
|
526,461 |
|
|
75,826 |
|
| Note payable |
|
31,088 |
|
|
115,140 |
|
|
16,584 |
|
| Income tax payable |
|
7,793 |
|
|
15,811 |
|
|
2,277 |
|
| Accrued expenses and other current liabilities |
|
150,859 |
|
|
138,841 |
|
|
19,998 |
|
| Amounts due to related parties |
|
7,469 |
|
|
- |
|
|
- |
|
| Total current liabilities |
|
654,702 |
|
|
796,253 |
|
|
114,685 |
|
| Total liabilities |
|
654,702 |
|
|
796,253 |
|
|
114,685 |
|
| |
|
|
|
|
|
|
| Baozun Inc. Shareholders’ equity: |
|
|
|
|
|
|
| Class A ordinary shares (US$0.0001 par value;
470,000,000 shares authorized, 138,170,631 and 146,111,244 shares
issued and outstanding as of December 31, 2015 and December 31,
2016, respectively) |
|
85 |
|
|
92 |
|
|
13 |
|
| Class B ordinary shares (US$0.0001 par value;
30,000,000 shares authorized, 13,300,738 shares issued and
outstanding as of December 31, 2015 and December 31, 2016,
respectively) |
|
8 |
|
|
8 |
|
|
1 |
|
| Additional paid-in capital |
|
1,535,665 |
|
|
1,761,430 |
|
|
253,699 |
|
| Accumulated deficit |
|
(320,499 |
) |
|
(233,866 |
) |
|
(33,684 |
) |
| Accumulated other comprehensive income |
|
19,212 |
|
|
44,348 |
|
|
6,387 |
|
| Total Baozun Inc. shareholders'
equity |
|
1,234,471 |
|
|
1,572,012 |
|
|
226,416 |
|
| |
|
|
|
|
|
| Noncontrolling interests |
- |
|
|
- |
|
|
- |
|
| Total equity |
1,234,471 |
|
|
1,572,012 |
|
|
226,416 |
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| Total
liabilities and equity |
1,889,173 |
|
|
2,368,265 |
|
|
314,101 |
|
| |
|
|
|
|
|
|
|
|
| Baozun Inc. |
| UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME |
| (In thousands, except for share and per share
data and per ADS data) |
| |
| |
|
For the three months ended December
31, |
|
For the year ended December 31, |
| |
|
2015 |
|
2016 |
|
2015 |
|
2016 |
| |
|
RMB |
|
RMB |
|
|
US$ |
|
RMB |
|
RMB |
|
US$ |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product sales |
|
757,433 |
|
|
770,962 |
|
|
|
111,042 |
|
|
1,940,649 |
|
|
2,176,447 |
|
|
313,474 |
|
|
Services |
|
258,616 |
|
|
501,538 |
|
|
|
72,236 |
|
|
657,794 |
|
|
1,213,828 |
|
|
174,828 |
|
|
Total net revenues |
|
1,016,049 |
|
|
1,272,500 |
|
|
|
183,278 |
|
|
2,598,443 |
|
|
3,390,275 |
|
|
488,302 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of products |
|
(670,559 |
) |
|
(679,146 |
) |
|
|
(97,817 |
) |
|
(1,735,820 |
) |
|
(1,921,856 |
) |
|
(276,805 |
) |
|
Fulfillment |
|
(138,261 |
) |
|
(227,701 |
) |
|
|
(32,796 |
) |
|
(325,159 |
) |
|
(540,857 |
) |
|
(77,900 |
) |
|
Sales and marketing |
|
(162,411 |
) |
|
(246,860 |
) |
|
|
(35,555 |
) |
|
(403,519 |
) |
|
(658,819 |
) |
|
(94,890 |
) |
|
Technology and content |
|
(19,211 |
) |
|
(29,306 |
) |
|
|
(4,221 |
) |
|
(59,946 |
) |
|
(95,638 |
) |
|
(13,775 |
) |
|
General and administrative |
|
(24,812 |
) |
|
(26,150 |
) |
|
|
(3,767 |
) |
|
(73,678 |
) |
|
(88,274 |
) |
|
(12,714 |
) |
| Other
operating income (loss), net |
|
1,173 |
|
|
(402 |
) |
|
|
(58 |
) |
|
8,130 |
|
|
5,235 |
|
|
754 |
|
|
Total operating
expenses |
|
(1,014,081 |
) |
|
(1,209,565 |
) |
|
|
(174,214 |
) |
|
(2,589,992 |
) |
|
(3,300,209 |
) |
|
(475,330 |
) |
|
Income from operations |
|
1,968 |
|
|
62,935 |
|
|
|
9,064 |
|
|
8,451 |
|
|
90,066 |
|
|
12,972 |
|
|
Other income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
3,733 |
|
|
3,845 |
|
|
|
554 |
|
|
8,834 |
|
|
11,869 |
|
|
1,709 |
|
|
Gain on disposal of investment |
|
5,000 |
|
|
- |
|
|
|
- |
|
|
9,674 |
|
|
- |
|
|
- |
|
| Share of
loss in equity method investment |
|
- |
|
|
- |
|
|
|
- |
|
|
(10,236 |
) |
|
- |
|
|
- |
|
|
Exchange (loss) gain |
|
(181 |
) |
|
640 |
|
|
|
92 |
|
|
(124 |
) |
|
320 |
|
|
46 |
|
|
Income before income tax |
|
10,520 |
|
|
67,420 |
|
|
|
9,710 |
|
|
16,599 |
|
|
102,255 |
|
|
14,727 |
|
|
Income tax benefit (expense) |
|
2,845 |
|
|
(6,784 |
) |
|
|
(977 |
) |
|
6,022 |
|
|
(16,831 |
) |
|
(2,424 |
) |
|
Net income |
|
13,365 |
|
|
60,636 |
|
|
|
8,733 |
|
|
22,621 |
|
|
85,424 |
|
|
12,303 |
|
| Preferred shares
redemption value accretion |
|
- |
|
|
- |
|
|
|
- |
|
|
(25,332 |
) |
|
- |
|
|
- |
|
| Net loss attributable
to noncontrolling interests |
|
- |
|
|
687 |
|
|
|
99 |
|
|
- |
|
|
1,209 |
|
|
174 |
|
| Net income
(loss) attributable to ordinary shareholders of Baozun
Inc. |
|
13,365 |
|
|
61,323 |
|
|
|
8,832 |
|
|
(2,711 |
) |
|
86,633 |
|
|
12,477 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per both Class A and Class B share
attributable to ordinary shareholders of Baozun Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
0.09 |
|
|
0.40 |
|
|
|
0.06 |
|
|
(0.03 |
) |
|
0.58 |
|
|
0.08 |
|
|
Diluted |
|
0.08 |
|
|
0.37 |
|
|
|
0.05 |
|
|
(0.03 |
) |
|
0.53 |
|
|
0.08 |
|
|
Net income (loss) per ADS attributable to ordinary
shareholders of Baozun Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
0.27 |
|
|
1.20 |
|
|
|
0.17 |
|
|
(0.08 |
) |
|
1.74 |
|
|
0.25 |
|
|
Diluted |
|
0.25 |
|
|
1.11 |
|
|
|
0.16 |
|
|
(0.08 |
) |
|
1.59 |
|
|
0.23 |
|
|
Weighted average shares used in calculating net income per
ordinary share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
150,958,354 |
|
|
152,670,367 |
|
|
|
152,670,367 |
|
|
102,987,119 |
|
|
149,935,100 |
|
|
149,935,100 |
|
|
Diluted |
|
162,508,752 |
|
|
167,379,536 |
|
|
|
167,379,536 |
|
|
102,987,119 |
|
|
163,926,674 |
|
|
163,926,674 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
13,365 |
|
|
60,636 |
|
|
|
8,733 |
|
|
22,621 |
|
|
85,424 |
|
|
12,303 |
|
| Other
comprehensive income, net of tax: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Foreign
currency translation adjustment |
|
6,719 |
|
|
3,417 |
|
|
|
492 |
|
|
18,008 |
|
|
13,209 |
|
|
1,902 |
|
|
Comprehensive income |
|
20,084 |
|
|
64,053 |
|
|
|
9,225 |
|
|
40,629 |
|
|
98,633 |
|
|
14,205 |
|
(1) Share-based compensation expenses are allocated in operating
expenses items as follows:
|
|
|
For the three months ended December
31, |
|
For the year ended December 31, |
|
|
|
2015 |
|
2016 |
|
2015 |
|
2016 |
|
|
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fulfillment |
|
401 |
|
514 |
|
74 |
|
1,440 |
|
1,755 |
|
253 |
| Sales
and marketing |
|
2,983 |
|
3,374 |
|
486 |
|
9,793 |
|
13,370 |
|
1,926 |
|
Technology and content |
|
1,452 |
|
2,069 |
|
298 |
|
5,047 |
|
7,875 |
|
1,134 |
| General
and administrative |
|
2,661 |
|
3,156 |
|
455 |
|
8,915 |
|
11,185 |
|
1,611 |
|
|
|
7,497 |
|
9,113 |
|
1,313 |
|
25,195 |
|
34,185 |
|
4,924 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Baozun Inc. |
| Reconciliations of GAAP and Non-GAAP
Results |
| (in thousands, except for share and per ADS
data) |
|
|
| |
|
For the three months
ended December
31, |
|
For the year ended December 31, |
| |
|
2015 |
|
2016 |
|
2015 |
|
2016 |
| |
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Income from
operations |
|
1,968 |
|
62,935 |
|
9,064 |
|
8,451 |
|
|
90,066 |
|
12,972 |
| Add:
Share-based compensation expenses |
|
7,497 |
|
9,113 |
|
1,313 |
|
25,195 |
|
|
34,185 |
|
4,924 |
| Non-GAAP income
from operations |
|
9,465 |
|
72,048 |
|
10,377 |
|
33,646 |
|
|
124,251 |
|
17,896 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Net income |
|
13,365 |
|
60,636 |
|
8,733 |
|
22,621 |
|
|
85,424 |
|
12,303 |
| Add:
Share-based compensation expenses |
|
7,497 |
|
9,113 |
|
1,313 |
|
25,195 |
|
|
34,185 |
|
4,924 |
| Non-GAAP net
income |
|
20,862 |
|
69,749 |
|
10,046 |
|
47,816 |
|
|
119,609 |
|
17,227 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Net income (loss)
attributable to ordinary shareholders of Baozun Inc. |
|
13,365 |
|
61,323 |
|
8,832 |
|
(2,711 |
) |
|
86,633 |
|
12,477 |
| Add:
Share-based compensation expenses |
|
7,497 |
|
9,113 |
|
1,313 |
|
25,195 |
|
|
34,185 |
|
4,924 |
|
Non-GAAP net income
attributable to ordinary shareholders of Baozun Inc. |
|
20,862 |
|
70,436 |
|
10,145 |
|
22,484 |
|
|
120,818 |
|
17,401 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Non-GAAP
net income attributable to
ordinary shareholders of Baozun Inc. per ADS: |
|
|
|
|
|
|
|
|
|
|
|
|
| Basic |
|
0.41 |
|
1.38 |
|
0.20 |
|
0.65 |
|
|
2.42 |
|
0.35 |
| Diluted |
|
0.39 |
|
1.26 |
|
0.18 |
|
0.59 |
|
|
2.21 |
|
0.32 |
| Weighted
average shares used in calculating net income per ordinary
share |
|
|
|
|
|
|
|
|
|
|
|
|
| Basic |
|
150,958,354 |
|
152,670,367 |
|
152,670,367 |
|
102,987,119 |
|
|
149,935,100 |
|
149,935,100 |
| Diluted |
|
162,508,752 |
|
167,379,536 |
|
167,379,536 |
|
114,636,131 |
|
|
163,926,674 |
|
163,926,674 |
For investor and media inquiries, please contact:
Baozun Inc.
Ms. Caroline Dong
ir@baozun.com
Christensen
In China
Mr. Christian Arnell
Phone: +86-10-5900-1548
E-mail: carnell@christensenir.com
In U.S.
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@ChristensenIR.com
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