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, 2017.
Fourth Quarter 2017 Financial
Highlights
- Total net revenues were RMB1,565.4 million (US$1240.6 million),
an increase of 23.0% year-over-year. Services revenue was
RMB782.6 million (US$120.3 million), an increase of 56.0%
year-over-year.
- Income from operations was RMB175.7 million (US$27.0 million),
an increase of 179.1% year-over-year.
- Non-GAAP income from operations2 was RMB189.9 million (US$29.2
million), an increase of 163.6% year-over-year.
- Net income attributable to Baozun ordinary shareholders was
RMB146.6 million (US$22.5 million), an increase of 139.0%
year-over-year.
- Non-GAAP net income attributable to Baozun ordinary
shareholders3 was RMB160.6 million (US$24.7 million), an increase
of 128.0% year-over-year.
- Basic and diluted net income attributable to Baozun ordinary
shareholders per American Depository Share (“ADS4”) were RMB2.67
(US$0.41) and RMB2.48 (US$0.38), respectively, compared with basic
and diluted net income attributable to Baozun ordinary shareholders
per ADS of RMB1.20 and RMB1.11, respectively, for the same period
of 2016.
- Basic and diluted non-GAAP net income attributable to Baozun
ordinary shareholders per ADS5 were RMB2.93 (US$0.45) and RMB2.72
(US$0.42), respectively, compared with basic and diluted non-GAAP
net income attributable to Baozun ordinary shareholders per ADS of
RMB1.38 and RMB1.26, respectively, for the same period of
2016.
Fourth quarter 2017 Operational
Highlights
- Total Gross Merchandise Volume (“GMV”)6 was RMB8,428.9 million,
an increase of 75.5 % year-over-year.
- Distribution GMV7 was RMB907.7 million, an increase of 1.0%
year-over-year.
- Non-distribution GMV8 was RMB7,521.2 million, an increase of
92.6% year-over-year.
- Number of brand partners increased to 152 as of December 31,
2017, from 133 as of December 31, 2016.
- Number of GMV brand partners increased to 146 as of December
31, 2017, from 122 as of December 31, 2016.
Fiscal Year 2017 Financial
Highlights
- Total net revenues were RMB4,148.8 million (US$637.7 million),
an increase of 22.4% year-over-year. Services revenue was
RMB1,891.2 million (US$290.7 million), an increase of 55.8%
year-over-year.
- Income from operations was RMB256.3 million (US$39.4 million),
an increase of 184.6% year-over-year.
- Non-GAAP income from operations was RMB315.3 million (US$48.5
million), an increase of 153.8% year-over-year.
- Net income attributable to Baozun ordinary shareholders was
RMB208.9 million (US$32.1 million), an increase of 141.1%
year-over-year.
- Non-GAAP net income attributable to Baozun ordinary
shareholders was RMB267.4 million (US$41.1 million), an increase of
121.3% year-over-year.
- Basic and diluted net income attributable to Baozun ordinary
shareholders per ADS were RMB3.87 (US$0.59) and RMB3.56 (US$0.55),
respectively, compared with basic and diluted net income
attributable to Baozun ordinary shareholders per ADS of RMB1.74 and
RMB1.59, respectively, for fiscal year 2016.
- Basic and diluted non-GAAP net income attributable to Baozun
ordinary shareholders per ADS were RMB4.95 (US$0.76) and RMB4.55
(US$0.70), respectively, compared with basic and diluted non-GAAP
net income attributable to Baozun ordinary shareholders per ADS of
RMB2.42 and RMB2.21, respectively, for fiscal year 2016.
Fiscal Year 2017 Operational
Highlights
- Total GMV was RMB19,112.2 million, an increase of 69.7%
year-over-year.
- Distribution GMV was RMB2,620.2 million, an increase of 3.4%
year-over-year.
- Non-distribution GMV was RMB16,492.0 million, an increase of
88.9% year-over-year.
“We closed out the year with another quarter of
outstanding financial and operational results which were primarily
driven by growth from our existing online stores, the expansion of
our portfolio of brand partners, and the expanding array of
innovative technologies we offer our brand partners.” commented Mr.
Vincent Qiu, Chairman and Chief Executive Officer of Baozun. “We
continue to gain growth momentum and are increasingly benefiting
from our competitive strengths and ability to rapidly develop and
adapt our technology as the market environment changes. We plan to
continue investing in technology to further strengthen our
leadership position and expand the array of services we are able to
offer in order to create greater value for our shareholders.”
Mr. Beck Chen, Chief Financial Officer of Baozun
commented, “We delivered another strong quarter of growth with GMV
increasing by 75.5% year-over-year. During the fourth quarter,
services revenue increased significantly, growing by 56.0%
year-over-year, while net income attributable to Baozun ordinary
shareholders increased by 139.0% year-over-year, driven primarily
by our continuous focus on improving our business model mix and
increasing operational efficiency. We remain confident in our
strategy and the effectiveness of our operations and services, and
expect GMV to grow to over RMB30 billion and total net revenues to
increase to over RMB5.1 billion during fiscal year 2018.”
Fourth Quarter 2017 Financial
Results
Total net revenues were
RMB1,565.4 million (US$240.6 million), an increase of 23.0% from
RMB1,272.5 million in the same quarter of last year.
Product sales revenue was
RMB782.8 million (US$120.3 million), an increase of 1.5% from
RMB771.0 million in the same quarter of last year. The increase was
primarily attributable to the increased popularity of brand
partners’ products and Baozun’s increasingly effective marketing
and promotional campaigns, which were partially offset by a
decrease in product sales revenue resulting from the transition of
a leading electronics brand partner’s business from the
distribution model to the consignment model.
Services revenue was RMB782.6
million (US$120.3 million), an increase of 56.0% from RMB501.5
million in the same quarter of last year. The increase was
primarily attributable to the rapid growth of the Company’s
consignment model and service fee model, and in particular, growth
in sales of existing brand partners and the addition of new brand
partners in the apparel category.
Total operating expenses were
RMB1,389.7 million (US$213.6 million), compared with RMB1,209.6
million in the same quarter of last year.
- Cost of products was RMB630.3
million (US$96.9 million), compared with RMB679.1 million in the
same quarter of last year. The decrease was primarily due to the
transition of a leading electronics brand partner’s business from
the distribution model to the consignment model and an improvement
in margin of product sales, which were partially offset by higher
costs associated with increased product sales revenue in the home
appliances category.
- Fulfillment expenses were RMB339.5 million
(US$52.2 million), compared with RMB227.7 million in the same
quarter of last year. The increase was primarily due to increase in
GMV contribution from the Company’s consignment model and warehouse
rental expenses.
- Sales and marketing expenses were RMB343.0
million (US$52.7 million), compared with RMB246.9 million in the
same quarter of last year. The increase was primarily due to the
recruitment of additional online store operational staff and an
increase in promotional and marketing expenses associated with
Company-operated online stores.
- Technology and content expenses were RMB44.9
million (US$6.9 million), compared with RMB29.3 million in the same
quarter of last year. The increase was primarily due to increased
investment in the Company’s Innovation Center and the development
of innovative technologies, including recruitment of additional
technology-focused staff.
- General and administrative expenses were
RMB33.0 million (US$5.1 million), compared with RMB26.2 million in
the same quarter of last year. The increase was primarily due to an
increase in administrative, corporate strategy, and business
planning staff.
Income from operations was
RMB175.7 million (US$27.0 million), compared with RMB62.9 million
in the same quarter of last year. Operating margin was 11.2%,
compared with 4.9% in the same quarter of last year.
Non-GAAP income from operations
was RMB189.9 million (US$29.2 million), compared with RMB72.0
million in the same quarter of last year. Non-GAAP operating margin
was 12.1%, compared with 5.7% in the same quarter of last year.
Net income attributable to
Baozun ordinary shareholders was RMB146.6 million (US$22.5
million), an increase of 139.0% from the same quarter of last year.
Basic and diluted net income attributable to Baozun ordinary
shareholders per ADS were RMB2.67 (US$0.41) and RMB2.48 (US$0.38),
respectively, compared with basic and diluted net income
attributable to Baozun ordinary shareholders per ADS of RMB1.20 and
RMB1.11, respectively, in the same period of 2016.
Non-GAAP net income
attributable to Baozun ordinary shareholders was RMB160.6 million
(US$24.7 million), an increase of 128.0% from the same quarter last
year. Basic and diluted non-GAAP net income attributable to Baozun
ordinary shareholders per ADS were RMB2.93 (US$0.45) and RMB2.72
(US$0.42), respectively, compared with basic and diluted non-GAAP
net income attributable to Baozun ordinary shareholders per ADS of
RMB1.38 and RMB1.26, respectively, in the same period of 2016.
Fiscal Year 2017 Financial
Results
Total net revenues were RMB4,148.8
million (US$637.7 million), an increase of 22.4%
from RMB3,390.3 million in fiscal year 2016.
Product sales revenue was RMB2,257.6
million (US$347.0 million), an increase of 3.7%
from RMB2,176.4 million in fiscal year 2016. The increase
was primarily attributable to the increased popularity of brand
partners’ products and Baozun’s increasingly effective marketing
and promotional campaigns, which were partially offset by a
decrease in product sales revenue resulting from the transition of
a leading electronics brand partner’s business from the
distribution model to the consignment model.
Services revenue was RMB1,891.2
million (US$290.7 million), an increase of 55.8%
from RMB1,213.8 million in fiscal year 2016. The increase
was primarily attributable to growth in sales of existing brand
partners as they expand their online presence and the addition of
new brand partners in the apparel category.
Total operating
expenses were RMB3,892.5 million (US$598.3
million), compared with RMB 3,300.2 million in fiscal
year 2016.
- Cost of products was RMB1,917.5
million (US$294.7 million), compared with RMB 1,921.9
million in fiscal year 2016, primarily due to the transition
of a leading electronics brand partner’s business from the
distribution model to the consignment model and an improvement in
margin of product sales, which were partially offset by higher
costs associated with increased product sales revenue in the home
appliances category.
- Fulfillment expenses were RMB 818.2
million (US$125.8 million), compared with RMB 540.9
million in fiscal year 2016. The increase was primarily due to
increases in GMV contribution from the Company’s consignment model,
the percentage of total orders fulfilled by a premium delivery
service provider, and warehouse rental expenses.
- Sales and marketing
expenses were RMB910.8 million (US$140.0
million), compared with RMB658.8 million in fiscal year 2016.
The increase was primarily due to the recruitment of additional
online store operational staff for both existing and new brand
partner’s stores and promotional and an increase in marketing
expenses associated with Company-operated online stores.
- Technology and content
expenses were RMB140.7 million (US$21.6
million), compared with RMB95.6 million in fiscal year 2016.
The increase was primarily due to increased investment in the
Company’s Innovation Center and the development of innovative
technologies, including recruitment of additional
technology-focused staff.
- General and administrative
expenses were RMB116.6 million (US$17.9
million), compared with RMB88.3 million in fiscal year 2016.
The increase was primarily due to an increase in administrative,
corporate strategy, and business planning staff.
Income from operations was
RMB256.3 million (US$39.4 million), compared with RMB90.1 million
in fiscal year 2016. Operating margin was 6.2%, compared with 2.7%
last year.
Non-GAAP income from operations was RMB315.3
million (US$48.5 million), compared with RMB124.3 million in fiscal
year 2016. Non-GAAP operating margin was 7.6%, compared with 3.7%
last year.
Net income attributable to Baozun ordinary
shareholders was RMB208.9 million (US$32.1 million),
an increase of 141.1% from RMB86.6 million in fiscal year
2016. Basic and diluted net income attributable to Baozun ordinary
shareholders per ADS were RMB3.87 (US$0.59) and RMB3.56
(US$0.55), compared with basic and diluted net income Baozun
attributable to ordinary shareholders per ADS of RMB1.74 and
RMB1.59, for fiscal year 2016.
Non-GAAP net income attributable to Baozun
ordinary shareholders was RMB267.4 million (US$41.1
million), an increase of 121.3% from RMB120.8 million in
fiscal year 2016. Basic and diluted non-GAAP net income
attributable to Baozun ordinary shareholders per ADS
were RMB4.95 (US$0.76) and RMB4.55 (US$0.70), respectively,
compared with basic and diluted non-GAAP net income attributable to
Baozun ordinary shareholders per ADS of RMB2.42 and RMB2.21,
respectively, for fiscal year 2016.
As of December 31, 2017, the Company had RMB557.4 million
(US$85.7 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
and competitive technology development and higher accounts
receivable.
Business Outlook
The Company expects total net revenues to be
between RMB860 million and RMB890 million for the first quarter of
2018.
While the Company is transitioning more of its
business from the distribution model towards the non-distribution
model, Baozun is providing quarterly guidance on services revenues.
The Company expects services revenue to increase by over 50% on a
year-over-year basis for the first quarter of 2018.
Conference Call
The Company will host a conference call to
discuss the earnings at 7:30 a.m. Eastern Time on Tuesday, March 6,
2018 (8:30 p.m. Beijing time on the same day).
Dial-in numbers for the live conference call are
as follows:
International |
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+852
3027 6500 |
U.S.
Toll Free |
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+1
855-824-5644 |
Mainland
China Toll Free |
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4008-210637 |
Hong
Kong |
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3027
6500 |
Passcode: 37425698# |
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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, March 13,
2018.
Dial-in numbers for the replay are as
follows:
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International Dial-in |
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+852
3027-6520 |
U.S.
Toll Free |
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+1
646-982-0473 |
Passcode: 319284839 |
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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 and amortization of intangible assets resulting from
business acquisition. 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 and amortization of intangible assets
resulting from business acquisition. 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 and
amortization of intangible assets resulting from business
acquisition. 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 and amortization of intangible
assets resulting from business acquisition. 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 and amortization of
intangible assets resulting from business acquisition 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. For reconciliations of
these non-GAAP financial measures to the most directly comparable
GAAP financial measures, please see the section of the accompanying
tables titled, “Reconciliations of GAAP and Non-GAAP Results.”
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
For investor and media inquiries, please
contact:
Baozun Inc.Ms. Caroline
Dongir@baozun.com
ChristensenIn ChinaMr.
Christian ArnellPhone: +86-10-5900-1548E-mail:
carnell@christensenir.com
In U.S.Ms. Linda BergkampPhone:
+1-480-614-3004Email: lbergkamp@ChristensenIR.com
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Baozun
Inc. |
UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS |
(In
thousands) |
|
|
|
|
|
|
|
|
|
|
As of |
|
|
December 31,
2016 |
|
December 31,
2017 |
|
December 31,
2017 |
|
|
RMB |
|
RMB |
|
US$ |
ASSETS |
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
Cash and cash equivalents |
|
917,319 |
|
244,809 |
|
37,626 |
Restricted cash |
|
50,832 |
|
48,848 |
|
7,508 |
Short-term investment |
|
40,000 |
|
312,614 |
|
48,048 |
Accounts receivable, net |
|
624,817 |
|
1,082,735 |
|
166,414 |
Inventories |
|
312,071 |
|
384,672 |
|
59,123 |
Advances to suppliers |
|
75,727 |
|
88,881 |
|
13,661 |
Prepayments and other current assets |
|
108,495 |
|
211,992 |
|
32,583 |
Amounts due from related parties |
|
38,772 |
|
88,795 |
|
13,648 |
Total current assets |
|
2,168,033 |
|
2,463,346 |
|
378,611 |
|
|
|
|
|
|
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Non-current assets |
|
|
|
|
|
|
Investments in equity investees |
|
33,443 |
|
24,268 |
|
3,730 |
Property and equipment, net |
|
100,892 |
|
330,924 |
|
50,862 |
Intangible assets, net |
|
26,984 |
|
66,150 |
|
10,167 |
Land use right, net |
|
- |
|
44,618 |
|
6,858 |
Goodwill |
|
- |
|
13,158 |
|
2,022 |
Other non-current assets |
|
26,581 |
|
18,043 |
|
2,773 |
Deferred tax assets |
|
12,332 |
|
15,528 |
|
2,387 |
Total
non-current assets |
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200,232 |
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512,689 |
|
78,799 |
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Total assets |
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2,368,265 |
|
2,976,035 |
|
457,410 |
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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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December 31,2017 |
|
December 31,2017 |
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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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Short-term loan |
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- |
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172,000 |
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26,436 |
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Accounts payable |
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526,461 |
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|
583,532 |
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|
89,688 |
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Notes payable |
|
115,140 |
|
|
48,000 |
|
|
7,378 |
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Income tax payables |
|
15,811 |
|
|
30,420 |
|
|
4,675 |
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Accrued expenses and other current liabilities |
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138,841 |
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|
311,936 |
|
|
47,944 |
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Total current liabilities |
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796,253 |
|
|
1,145,888 |
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|
176,121 |
|
|
|
|
|
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Deferred tax liability |
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- |
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3,710 |
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|
570 |
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Total Non-current liabilities |
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- |
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3,710 |
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|
570 |
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|
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|
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Total liabilities |
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796,253 |
|
|
1,149,598 |
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|
176,691 |
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|
|
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|
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Baozun Inc. shareholders’ equity: |
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|
Class A ordinary shares (US$0.0001 par value;
470,000,000 shares authorized, 146,111,244 and 152,824,659
shares issued and outstanding as of December 31, 2016 and 2017,
respectively) |
|
92 |
|
|
95 |
|
|
15 |
|
Class B ordinary shares (US$0.0001 par value;
30,000,000 shares authorized, 13,300,738 shares issued and
outstanding as of December 31, 2016 and 2017, respectively) |
|
8 |
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|
8 |
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|
1 |
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Additional paid-in capital |
|
1,761,430 |
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|
1,823,925 |
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|
280,332 |
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Accumulated deficit |
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(233,866 |
) |
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(25,000 |
) |
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(3,841 |
) |
Accumulated other comprehensive income |
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44,348 |
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|
9,995 |
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|
1,536 |
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|
|
|
|
|
|
Total Baozun Inc. shareholders'
equity |
|
1,572,012 |
|
|
1,809,023 |
|
|
278,043 |
|
|
|
|
|
|
|
|
Noncontrolling interests |
|
- |
|
|
17,414 |
|
|
2,676 |
|
Total equity |
|
1,572,012 |
|
|
1,826,437 |
|
|
280,719 |
|
|
|
|
|
|
|
Total
liabilities and shareholders'
equity |
2,368,265 |
|
|
2,976,035 |
|
|
457,410 |
|
|
|
|
|
|
|
|
|
|
|
Baozun Inc.UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
INCOME(In thousands, except for share and per
share data and per ADS data) |
|
|
For the three months ended
December
31, |
|
For the year ended December 31, |
|
|
2016 |
|
|
2017 |
|
2016 |
|
2017 |
|
|
RMB |
|
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
Net
revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
Product sales |
|
770,962 |
|
|
782,798 |
|
120,314 |
|
2,176,447 |
|
2,257,632 |
|
346,992 |
Services |
|
501,538 |
|
|
782,560 |
|
120,277 |
|
1,213,828 |
|
1,891,176 |
|
290,668 |
Total net revenues |
|
1,272,500 |
|
|
1,565,358 |
|
240,591 |
|
3,390,275 |
|
4,148,808 |
|
637,660 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of products |
|
(679,146) |
|
|
(630,276) |
|
(96,872) |
|
(1,921,856) |
|
(1,917,467) |
|
(294,709) |
Fulfillment |
|
(227,701) |
|
|
(339,530) |
|
(52,185) |
|
(540,857) |
|
(818,173) |
|
(125,751) |
Sales and marketing (2) |
|
(246,860) |
|
|
(343,007) |
|
(52,719) |
|
(658,819) |
|
(910,843) |
|
(139,994) |
Technology and content |
|
(29,306) |
|
|
(44,929) |
|
(6,905) |
|
(95,638) |
|
(140,689) |
|
(21,624) |
General and administrative |
|
(26,150) |
|
|
(33,033) |
|
(5,077) |
|
(88,274) |
|
(116,554) |
|
(17,914) |
Other
operating income (loss), net |
|
(402 ) |
|
|
1,067 |
|
164 |
|
5,235 |
|
11,250 |
|
1,729 |
Total operating expenses |
|
(1,209,565) |
|
|
(1,389,708) |
|
(213,594) |
|
(3,300,209) |
|
(3,892,476) |
|
(598,263) |
Income from operations |
|
62,935 |
|
|
175,650 |
|
26,997 |
|
90,066 |
|
256,332 |
|
39,397 |
Other income (expenses) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
3,845 |
|
|
3,545 |
|
545 |
|
11,869 |
13,350 |
|
2,052 |
Interest expense |
|
- |
|
|
(3,497) |
|
(537) |
|
- |
(4,252) |
|
(654) |
Gain on disposal of investment |
|
- |
|
|
4,664 |
|
717 |
|
- |
5,464 |
|
840 |
Impairment loss of investments |
|
- |
|
|
(6,227) |
|
(957) |
|
- |
(6,227) |
|
(957) |
Exchange gain (loss) |
|
640 |
|
|
928 |
|
143 |
|
|
320 |
|
|
|
(21) |
|
(3) |
Income before
income tax |
|
67,420 |
|
175,063 |
|
|
26,908 |
|
102,255 |
|
264,646 |
|
40,675 |
Income tax expense (3) |
|
(6,784) |
|
(28,586) |
|
|
(4,394) |
|
(16,831) |
|
(54,251) |
|
(8,338) |
Share of loss in equity method investment, net of tax of
nil |
|
- |
|
17 |
|
|
3 |
|
- |
|
(1,265) |
|
(194) |
Net income |
|
60,636 |
|
146,494 |
|
|
22,517 |
|
85,424 |
|
209,130 |
|
32,143 |
Net (income) loss attributable to noncontrolling
interests |
|
687 |
|
66 |
|
|
10 |
|
1,209 |
|
(264) |
|
(41) |
Net income
(loss) attributable to ordinary shareholders of Baozun
Inc. |
|
61,323 |
|
146,560 |
|
|
22,527 |
|
86,633 |
|
208,866 |
|
|
32,102 |
Net income per
share attributable to ordinary shareholders of Baozun
Inc.: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
0.40 |
|
0.89 |
0.14 |
|
0.58 |
|
1.29 |
|
0.20 |
Diluted |
|
0.37 |
|
0.83 |
0.13 |
|
0.53 |
|
1.19 |
|
0.18 |
Net income per ADS attributable to ordinary shareholders of
Baozun Inc.: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
1.20 |
|
2.67 |
0.41 |
|
1.74 |
|
3.87 |
|
0.59 |
Diluted |
|
1.11 |
|
2.48 |
|
0.38 |
|
1.59 |
|
3.56 |
|
0.55 |
Weighted average shares used in calculating net income per
ordinary share |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
152,670,367 |
|
164,471,581 |
|
164,471,581 |
|
149,935,100 |
|
162,113,815 |
|
162,113,815 |
Diluted |
|
167,379,536 |
|
177,081,330 |
|
177,081,330 |
|
163,926,674 |
|
176,115,049 |
|
176,115,049 |
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
60,636 |
|
146,494 |
|
22,517 |
|
85,424 |
|
209,130 |
|
32,143 |
Other
comprehensive income, net of tax of nil: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign
currency translation adjustment |
|
15,344 |
|
(10,317) |
|
(1,586) |
|
25,136 |
|
(34,353) |
|
(5,280) |
Comprehensive income |
|
75,980 |
|
136,177 |
|
20,931 |
|
110,560 |
|
174,777 |
|
26,863 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, |
|
|
2016 |
|
2017 |
|
2016 |
|
2017 |
|
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Fulfillment |
|
514 |
|
720 |
|
111 |
|
1,755 |
|
2,904 |
|
446 |
Sales and marketing |
|
3,374 |
|
5,120 |
|
787 |
|
13,370 |
|
20,363 |
|
3,130 |
Technology and content |
|
2,069 |
|
2,818 |
|
433 |
|
7,875 |
|
13,822 |
|
2,125 |
General and administrative |
|
3,156 |
|
5,212 |
|
801 |
|
11,185 |
|
21,142 |
|
3,249 |
|
|
9,113 |
|
13,870 |
|
2,132 |
|
34,185 |
|
58,231 |
|
8,950 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Including amortization of intangible assets
resulting from business acquisition, which amounted to RMB nil and
RMB0.4 million for the three months period ended December 31, 2016
and 2017, respectively. Including amortization of intangible assets
resulting from business acquisition, which amounted to RMB nil and
RMB0.8 million for the year ended December 31, 2016 and 2017,
respectively.
(3) Including income tax benefits of RMB nil and
RMB0.1 million related to the reversal of deferred tax liabilities,
which was recognized on business acquisition for the three months
period ended December 31, 2016 and 2017, respectively. Including
income tax benefits of RMB nil and RMB0.2 million related to the
reversal of deferred tax liabilities, which was recognized on
business acquisition for the year ended December 31, 2016 and 2017,
respectively.
|
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, |
|
|
2016 |
|
2017 |
|
|
2016 |
|
2017 |
|
|
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations |
|
62,935 |
|
175,650 |
|
|
26,997 |
|
|
90,066 |
|
256,332 |
|
|
39,397 |
|
Add:
Share-based compensation expenses |
|
9,113 |
|
13,870 |
|
|
2,132 |
|
|
34,185 |
|
58,231 |
|
|
8,950 |
|
Amortization of intangible assets resulting from business
acquisition |
|
- |
|
391 |
|
|
60 |
|
|
- |
|
782 |
|
|
120 |
|
Non-GAAP income
from operations |
|
72,048 |
|
189,911 |
|
|
29,189 |
|
|
124,251 |
|
315,345 |
|
|
48,467 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
60,636 |
|
146,494 |
|
|
22,517 |
|
|
85,424 |
|
209,130 |
|
|
32,143 |
|
Add:
Share-based compensation expenses |
|
9,113 |
|
13,870 |
|
|
2,132 |
|
|
34,185 |
|
58,231 |
|
|
8,950 |
|
Amortization of intangible assets resulting from business
acquisition |
|
- |
|
391 |
|
|
60 |
|
|
- |
|
782 |
|
|
120 |
|
Less:
Tax effect of amortization of intangible assets resulting from
business acquisition |
|
- |
|
(98 |
) |
|
(15 |
) |
|
- |
|
(196 |
) |
|
(30 |
) |
Non-GAAP net
income |
|
69,749 |
|
160,657 |
|
|
24,694 |
|
|
119,609 |
|
267,947 |
|
|
41,183 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable
to ordinary shareholders of Baozun Inc. |
|
61,323 |
|
146,560 |
|
|
22,527 |
|
|
86,633 |
|
208,866 |
|
|
32,102 |
|
Add:
Share-based compensation expenses |
|
9,113 |
|
13,870 |
|
|
2,132 |
|
|
34,185 |
|
58,231 |
|
|
8,950 |
|
Amortization of intangible assets resulting from business
acquisition |
|
- |
|
199 |
|
|
31 |
|
|
- |
|
398 |
|
|
61 |
|
Less:
Tax effect of amortization of intangible assets resulting from
business acquisition |
|
- |
|
(50 |
) |
|
(8 |
) |
|
- |
|
(100 |
) |
|
(15 |
) |
Non-GAAP net income
attributable to ordinary shareholders of Baozun Inc. |
|
70,436 |
|
160,579 |
|
|
24,682 |
|
|
120,818 |
|
267,395 |
|
|
41,098 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
net income attributable to
ordinary shareholders of Baozun Inc. per ADS: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
1.38 |
|
2.93 |
|
|
0.45 |
|
|
2.42 |
|
4.95 |
|
|
0.76 |
|
Diluted |
|
1.26 |
|
2.72 |
|
|
0.42 |
|
|
2.21 |
|
4.55 |
|
|
0.70 |
|
Weighted
average shares used in calculating net income per ordinary
share |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
152,670,367 |
|
164,471,581 |
|
|
164,471,581 |
|
|
149,935,100 |
|
162,113,815 |
|
|
162,113,815 |
|
Diluted |
|
167,379,536 |
|
177,081,330 |
|
|
177,081,330 |
|
|
163,926,674 |
|
176,115,049 |
|
|
176,115,049 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
______________
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 RMB6.5063 to US$1.00,
the noon buying rate in effect on December 29, 2017 as set forth in
the H.10 Statistical Release of the Federal Reserve Board.
2 Non-GAAP income from operations is a non-GAAP financial
measure, which is defined as income from operations excluding
share-based compensation expenses and amortization of intangible
assets resulting from business acquisition.
3 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 and amortization of intangible
assets resulting from business acquisition.
4 Each ADS represents three Class A ordinary shares.
5 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.
6 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.
7 Distribution GMV refers to the GMV under the distribution
business model.
8 Non-distribution GMV refers to the GMV under the service fee
business model and the consignment business model.
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