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 second quarter ended June 30, 2017.
Second Quarter 2017 Financial Highlights
- Total net revenues were RMB888.3 million (US$1 131.0 million),
an increase of 26.9% year-over-year.
- Net income attributable to Baozun ordinary shareholders was
RMB29.8 million (US$4.4 million), a significant increase from
RMB1.5 million in the same quarter of last year.
- Non-GAAP net income attributable to Baozun ordinary
shareholders2 was RMB42.9 million (US$6.3 million), an increase of
421.9% year-over-year.
- Basic and diluted net income attributable to Baozun ordinary
shareholders per American Depository Share (“ADS3”) were RMB0.55
(US$0.08) and RMB0.51 (US$0.08), respectively, compared with basic
and diluted net income attributable to Baozun ordinary shareholders
per ADS of RMB0.03 for the same period of 2016.
- Basic and diluted non-GAAP net income attributable to Baozun
ordinary shareholders per ADS were RMB0.80 (US$0.12) and RMB0.73
(US$0.11), respectively, compared with basic and diluted non-GAAP
net income attributable to Baozun ordinary shareholders per ADS of
RMB0.17 and RMB0.15, respectively, for the same period of
2016.
Second Quarter 2017 Operational Highlights
- Total Gross Merchandise Volume (“GMV”)4 was RMB3,604.9 million,
an increase of 63.5% year-over-year.
- Distribution GMV5 was RMB586.4 million, an increase of 9.5%
year-over-year.
- Non-distribution GMV6 was RMB3,018.5 million, an increase of
80.9% year-over-year.
- Number of brand partners increased to 140 as of June 30, 2017,
from 120 as of June 30, 2016.
- Number of GMV brand partners increased to 129 as of June 30,
2017, from 108 as of June 30, 2016.
“We are pleased to report another quarter of
strong financial and operational results driven primarily by robust
growth from our existing online stores and the further optimization
of our business model,” commented Mr. Vincent Qiu, Chairman and
Chief Executive Officer of Baozun. “Technology is the key to our
success and the rapid expansion of our business and service
offerings. To further increase our competitive advantage, we
established an innovation center during the quarter to focus on
enhancing our IT capabilities and expanding the scale of our
technology services. We will continue to invest in building our
long-term technological competitive advantage to further reinforce
our market leading position in China’s brand e-commerce
market.”
Mr. Beck Chen, Chief Financial Officer of Baozun
commented, “We are very proud to deliver another solid quarter of
growth with GMV increasing by 63.5% year-over-year. Brands under
our non-distribution model performed particularly well, with
non-distribution GMV continuing to grow at an even faster rate of
80.9%. We are further optimizing our business model mix towards the
non-distribution model by transitioning one of our largest brand
partners. As more business is transitioned to the non-distribution
model, we expect product sales revenue will be impacted over the
next few quarters while services revenue is expected to continue
growing rapidly alongside an improving gross margin. We also
witnessed a significant increase in non-GAAP net income
attributable to ordinary shareholders of Baozun Inc., which grew by
more than four times when compared to the same period last
year.”
Second Quarter 2017 Financial Results
Total net revenues were RMB888.3 million
(US$131.0 million), an increase of 26.9% from RMB700.3 million in
the same quarter of last year.
Product sales revenue was RMB504.4 million
(US$74.4 million), an increase of 9.6% from RMB460.0 million in the
same quarter of last year.
Services revenue was RMB384.0 million (US$56.6
million), an increase of 59.8% from RMB240.3 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
business model, and in particular, growth in sales of apparel
products sold by existing brand partners as they expand their
online presence.
Total operating expenses were RMB850.8 million
(US$125.5 million), compared with RMB699.9 million in the same
quarter of last year.
- Cost of products was RMB440.6 million (US$65.0
million), compared with RMB412.0 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.
- Fulfillment expenses were RMB172.9 million
(US$25.5 million), compared with RMB110.1 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.
- Sales and marketing expenses were RMB183.3
million (US$27.0 million), compared with RMB141.0 million in the
same quarter of last year. The increase was primarily due to
increases in store operation staff and promotional and marketing
expenses associated with Company-operated online stores.
- Technology and content expenses were RMB31.4
million (US$4.6 million), compared with RMB21.6 million in the same
quarter of last year. The increase was primarily due to increases
in technology-focused staff, share-based compensation expenses and
project-based variable technological expenses for brand
stores.
- General and administrative expenses were
RMB26.6 million (US$3.9 million), compared with RMB19.5 million in
the same quarter of last year. The increase was primarily due to
increases in administrative staff cost and share-based compensation
expenses.
Income from operations was RMB37.5 million
(US$5.5 million), compared with RMB0.4 million in the same quarter
of last year. Operating margin was 4.2%, compared with 0.1% in the
same quarter of last year.
Non-GAAP income from operations7 was
RMB50.7 million (US$7.5 million), compared with RMB7.1 million in
the same quarter of last year. Non-GAAP operating margin was 5.7%,
compared with 1.0% in the same quarter of last year.
Net income attributable to Baozun ordinary
shareholders was RMB29.8 million (US$4.4 million), compared with
RMB1.5 million in the same quarter of last year. Basic and diluted
net income attributable to Baozun ordinary shareholders per ADS
were RMB0.55 (US$0.08) and RMB0.51 (US$0.08), respectively,
compared with basic and diluted net income attributable to Baozun
ordinary shareholders per ADS of RMB0.03 in the same period of
2016.
Non-GAAP net income attributable to Baozun
ordinary shareholders was RMB42.9 million (US$6.3 million), an
increase of 421.9% from the same quarter last year. Basic and
diluted non-GAAP net income attributable to Baozun ordinary
shareholders per ADS8 were RMB0.80 (US$0.12) and RMB0.73 (US$0.11),
respectively, compared with basic and diluted non-GAAP net income
attributable to Baozun ordinary shareholders per ADS of RMB0.17 and
RMB0.15, respectively, in the same period of 2016.
As of June 30, 2017, the Company had RMB887.1 million (US$130.9
million) in cash, cash equivalents and short-term
investment, a decrease from RMB957.3 million as of
December 31, 2016 primarily due to investment in logistics
space.
Business Outlook
For the third quarter of 2017, the Company
expects total net revenues to be between RMB870 million and RMB910
million.
The Company will begin providing growth guidance
for services revenue as it transitions more business under the
distribution model to the non-distribution model. Under the
non-distribution model, Baozun only recognizes revenue on a net
basis as services revenue. For the third quarter of 2017, the
Company expects services revenue to increase by over 50% on a
year-over-year basis.
Conference Call
The Company will host a conference call to
discuss the earnings at 9:00 p.m. Eastern Time on Monday, August
21, 2017 (9:00 a.m. Beijing time on Tuesday, August 22, 2017).
Dial-in numbers for the live conference call are
as follows:
International: |
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+852 3008 1527 |
U.S. Toll Free |
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+1 866-548-4713 |
Mainland China Toll
Free |
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4001-209101 |
Hong Kong Toll
Free |
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8009-61105 |
Passcode: BZUN |
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A telephone replay of the call will be available
after the conclusion of the conference call through 11:59 p.m. Hong
Kong Time, August 29, 2017.
Dial-in numbers for the replay are as
follows:
International
Dial-in |
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+852 3008-0334 |
U.S. Toll Free |
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+1 888-203-1112 |
Passcode: 8094417 |
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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
Measures
In 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
____________________
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 RMB6.7793 to US$1.00,
the noon buying rate in effect on June 30, 2017 as set forth in the
H.10 Statistical Release of the Federal Reserve Board.
2 Non-GAAP net income attributable to Baozun ordinary
shareholders is a non-GAAP financial measure, which is defined as
net income attributable to Baozun ordinary shareholders excluding
share-based compensation expenses.
3 Each ADS represents three Class A ordinary shares.
4 GMV includes value added tax and excludes (i) shipping
charges, (ii) surcharges and other taxes, (iii) value of the goods
that are returned and (iv) deposits for purchases that have not
been settled.
5 Distribution GMV refers to the GMV under the distribution
business model.
6 Non-distribution GMV refers to the GMV under the service fee
business model and the consignment business model.
7 Non-GAAP income from operations is a non-GAAP financial
measure, which is defined as income from operations excluding
share-based compensation expenses.
8 Basic and diluted non-GAAP net income attributable to Baozun
ordinary shareholders per ADS are non-GAAP financial measures,
which are defined as non-GAAP net income (loss) attributable to
Baozun ordinary shareholders divided by weighted average number of
shares used in calculating basic and diluted net income per
ordinary share multiplied by three, respectively.
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Baozun
Inc. |
UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS |
(In
thousands) |
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As of |
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December
31,2016 |
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June
30,
2017 |
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June
30,
2017 |
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RMB |
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RMB |
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US$ |
ASSETS |
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Current assets |
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Cash and cash equivalents |
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917,319 |
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589,183 |
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86,909 |
Restricted cash |
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50,832 |
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38,181 |
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5,632 |
Short-term investment |
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40,000 |
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297,916 |
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43,945 |
Accounts receivable, net |
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624,817 |
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612,070 |
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90,285 |
Inventories |
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312,071 |
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344,496 |
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50,816 |
Advances to suppliers |
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75,727 |
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75,675 |
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11,163 |
Prepayments and other current assets |
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108,495 |
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96,277 |
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14,202 |
Amounts due from related parties |
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38,772 |
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30,689 |
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4,527 |
Total current assets |
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2,168,033 |
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2,084,487 |
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307,479 |
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Non-current assets |
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Investments in equity investees |
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33,443 |
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32,413 |
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4,781 |
Property and equipment, net |
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100,892 |
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117,419 |
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17,320 |
Intangible assets, net |
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26,984 |
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32,399 |
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4,779 |
Other non-current assets |
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26,581 |
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95,158 |
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14,037 |
Deferred tax assets |
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12,332 |
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12,626 |
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1,862 |
Total
non-current assets |
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200,232 |
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290,015 |
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42,779 |
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Total assets |
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2,368,265 |
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2,374,502 |
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350,258 |
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Baozun
Inc. |
UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS |
(In thousands, except
for share and per share data) |
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As
of |
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December 31, 2016 |
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June 30, 2017 |
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June 30, 2017 |
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RMB |
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RMB |
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US$ |
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LIABILITIES AND SHAREHOLDERS' EQUITY |
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Current liabilities |
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Accounts payable |
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526,461 |
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474,949 |
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70,059 |
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Notes payable |
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115,140 |
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75,970 |
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11,206 |
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Income tax payables |
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15,811 |
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20,249 |
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2,987 |
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Accrued expenses and other current liabilities |
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138,841 |
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169,790 |
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25,046 |
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Total current liabilities |
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796,253 |
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740,958 |
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109,298 |
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Total liabilities |
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796,253 |
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740,958 |
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109,298 |
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Shareholders’ equity: |
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Class A ordinary shares (US$0.0001 par value;
470,000,000 shares authorized, 146,111,244 and 149,642,772 shares
issued and outstanding as of December 31, 2016 and June 30, 2017,
respectively) |
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92 |
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94 |
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14 |
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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, 2016 and June 30, 2017,
respectively) |
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8 |
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8 |
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1 |
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Additional paid-in capital |
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1,761,430 |
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1,795,910 |
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264,911 |
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Accumulated deficit |
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(233,866 |
) |
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(193,499 |
) |
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(28,543 |
) |
Accumulated other comprehensive income |
|
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44,348 |
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31,031 |
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4,577 |
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Total shareholders' equity |
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1,572,012 |
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1,633,544 |
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240,960 |
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Total
liabilities and shareholders'
equity |
2,368,265 |
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2,374,502 |
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350,258 |
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Baozun
Inc. |
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
INCOME |
(In thousands, except
for share and per share data and per ADS data) |
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For the three months ended
June 30, |
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2016 |
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2017 |
|
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RMB |
|
|
RMB |
|
|
US$ |
|
|
|
|
|
|
|
|
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Net revenues |
|
|
|
|
|
|
|
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Product sales |
|
|
460,034 |
|
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|
504,379 |
|
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|
74,400 |
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Services |
|
|
240,267 |
|
|
|
383,956 |
|
|
56,637 |
|
Total net revenues |
|
|
700,301 |
|
|
|
888,335 |
|
|
131,037 |
|
|
|
|
|
|
|
|
|
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Operating expenses
(1) |
|
|
|
|
|
|
|
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Cost of products |
|
|
(412,015 |
) |
|
|
(440,571 |
) |
|
(64,988 |
) |
Fulfillment |
|
|
(110,084 |
) |
|
|
(172,903 |
) |
|
(25,505 |
) |
Sales and marketing |
|
|
(141,049 |
) |
|
|
(183,340 |
) |
|
(27,044 |
) |
Technology and content |
|
|
(21,554 |
) |
|
|
(31,429 |
) |
|
(4,636 |
) |
General and administrative |
|
|
(19,500 |
) |
|
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(26,642 |
) |
|
(3,930 |
) |
Other operating income, net |
|
|
4,349 |
|
|
|
4,092 |
|
|
604 |
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Total operating expenses |
|
|
(699,853 |
) |
|
|
(850,793 |
) |
|
(125,499 |
) |
Income from
operations |
|
|
448 |
|
|
|
37,542 |
|
|
5,538 |
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Other income (expenses) |
|
|
|
|
|
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Interest income |
|
|
3,017 |
|
|
|
3,417 |
|
|
504 |
|
Exchange loss |
|
|
(277 |
) |
|
|
(435 |
) |
|
(64 |
) |
Income before income tax |
|
|
3,188 |
|
|
|
40,524 |
|
|
5,978 |
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Income tax expense |
|
|
(1,643 |
) |
|
|
(10,262 |
) |
|
(1,514 |
) |
Share of loss in equity method investment, net of tax
of nil |
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|
- |
|
|
|
(500 |
) |
|
(74 |
) |
Net income attributable to
ordinary shareholders of Baozun Inc. |
|
|
1,545 |
|
|
|
29,762 |
|
|
4,390 |
|
|
|
|
|
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Net income per share
attributable to ordinary shareholders of Baozun Inc.: |
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Basic |
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|
0.01 |
|
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|
0.18 |
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|
0.03 |
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Diluted |
|
|
0.01 |
|
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|
0.17 |
|
|
0.03 |
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Net income per ADS
attributable to ordinary shareholders of Baozun Inc.: |
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Basic |
|
|
0.03 |
|
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|
0.55 |
|
|
0.08 |
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Diluted |
|
|
0.03 |
|
|
|
0.51 |
|
|
0.08 |
|
Weighted average shares used in calculating net
income per ordinary share |
|
|
|
|
|
|
|
|
Basic |
|
|
148,681,254 |
|
|
|
161,186,979 |
|
|
161,186,979 |
|
Diluted |
|
|
159,177,347 |
|
|
|
176,053,767 |
|
|
176,053,767 |
|
|
|
|
|
|
|
|
|
|
Net income attributable to ordinary
shareholders of Baozun Inc. |
|
|
1,545 |
|
|
|
29,762 |
|
|
4,390 |
|
Other comprehensive income, net of tax of nil: |
|
|
|
|
|
|
|
|
Foreign currency translation adjustment |
|
|
9,916 |
|
|
|
(7,824 |
) |
|
(1,154 |
) |
Comprehensive income |
|
|
11,461 |
|
|
|
21,938 |
|
|
3,236 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Share-based compensation expenses are allocated in operating
expenses items as follows:
|
|
|
For the three months ended
June 30, |
|
|
|
2016 |
|
|
2017 |
|
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
|
|
|
|
|
|
|
|
|
Fulfillment |
|
|
279 |
|
|
730 |
|
|
108 |
Sales and marketing |
|
|
2,935 |
|
|
5,151 |
|
|
760 |
Technology and content |
|
|
1,821 |
|
|
2,827 |
|
|
417 |
General and administrative |
|
|
1,638 |
|
|
4,418 |
|
|
652 |
|
|
|
6,673 |
|
|
13,126 |
|
|
1,937 |
|
Baozun
Inc. |
Reconciliations of GAAP
and Non-GAAP Results |
(in thousands,
except for share and per ADS
data) |
|
|
|
|
|
|
|
For the three months ended
June 30, |
|
|
2016 |
|
|
2017 |
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations |
|
448 |
|
|
37,542 |
|
|
5,538 |
Add: Share-based compensation expenses |
|
6,673 |
|
|
13,126 |
|
|
1,937 |
Non-GAAP income from operations |
|
7,121 |
|
|
50,668 |
|
|
7,475 |
|
|
|
|
|
|
|
|
|
Net income
attributable to ordinary shareholders of Baozun Inc. |
|
1,545 |
|
|
29,762 |
|
|
4,390 |
Add: Share-based compensation expenses |
|
6,673 |
|
|
13,126 |
|
|
1,937 |
Non-GAAP net income attributable to ordinary shareholders
of Baozun Inc. |
|
8,218 |
|
|
42,888 |
|
|
6,327 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income
attributable to ordinary shareholders of Baozun
Inc. per ADS: |
|
|
|
|
|
|
|
|
Basic |
|
0.17 |
|
|
0.80 |
|
|
0.12 |
Diluted |
|
0.15 |
|
|
0.73 |
|
|
0.11 |
Weighted average shares used in calculating net income per
ordinary share |
|
|
|
|
|
|
|
|
Basic |
|
148,681,254 |
|
|
161,186,979 |
|
|
161,186,979 |
Diluted |
|
159,177,347 |
|
|
176,053,767 |
|
|
176,053,767 |
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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