Baozun Inc. (Nasdaq: BZUN and HKEX: 9991) (“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, 2022.
Second Quarter 2022 Financial
Highlights
- Total net
revenues were RMB2,122.0 million (US$1316.8 million), a decrease of
7.9% year-over-year, of which, service revenues were RMB1,428.1
million (US$213.2 million), an increase of 7.2%
year-over-year.
- Loss from
operations was RMB23.4 million (US$3.5 million), compared with
income from operations of RMB106.6 million in the same quarter of
last year. Operating margin was negative 1.1%, compared with 4.6%
in the same quarter of last year.
- Non-GAAP income
from operations2 was RMB47.3 million (US$7.1 million), compared
with RMB161.6 million in the same quarter of last year. Non-GAAP
operating margin was 2.2%, compared with 7.0% in the same quarter
of last year.
- Net loss
attributable to ordinary shareholders of Baozun Inc. was RMB77.8
million (US$11.6 million), compared with net income attributable to
ordinary shareholders of Baozun Inc. of RMB79.8 million in the same
quarter of last year.
- Non-GAAP net
income attributable to ordinary shareholders of Baozun Inc.3 was
RMB1.3 million (US$0.2 million), compared with RMB150.8 million in
the same quarter of last year.
- Basic and
diluted net loss attributable to ordinary shareholders of Baozun
Inc. per American Depositary Share (“ADS4”) were both RMB1.26
(US$0.19), compared with basic and diluted net income attributable
to ordinary shareholders of Baozun Inc. per ADS of RMB1.08 and
RMB1.06, respectively, for the same period of 2021.
- Basic and
diluted non-GAAP net income attributable to ordinary shareholders
of Baozun Inc. per ADS5 were both RMB0.02 (US$0.00), compared with
RMB2.04 and RMB2.01, respectively, for the same period of
2021.
- Cash, cash
equivalents, and restricted cash totaled RMB3,136.8 million
(US$468.3 million), as of June 30, 2022.
Second Quarter 2022 Operational
Highlights
- Total Gross
Merchandise Volume (“GMV”)6 was RMB23,086.4 million, an increase of
46.8% year-over-year.
- Distribution
GMV7 was RMB778.5 million, a decrease of 28.8% year-over-year.
- Non-distribution
GMV8 was RMB22,307.9 million, an increase of 52.4% year-over-year,
of which, consignment model GMV was RMB5,121.4 million, a decrease
of 0.2%, and service fee model GMV was RMB17,186.5 million, an
increase of 80.9% year-over-year, driven by strong volume in the
electronics category.
- GMV generated
from non-TMALL marketplaces and channels accounted for
approximately 24.4% of total GMV during the quarter, compared with
31.7% for the same period of 2021.
- Number of brand
partners for store operations increased to 355 as of June 30, 2022,
from 345 as of March 31, 2022.
Mr. Vincent Qiu, Chairman and Chief Executive
Officer of Baozun, commented, “In the face of the most challenging
quarter due to the strict COVID-19 lockdown in April and May 2022
in many key cities in China, our second quarter financial results
remained solid. Our advanced technologies and infrastructures
powered us through the tough conditions, and in particular, our
evolution in digital transformation, strategic business
development, and omni-channel expansion further enhanced our
business adaptability.”
“In light of ongoing macro uncertainties, we
implement our business strategy with discipline, focusing on
utilizing our broad and deep experience in e-commerce to expand
value-added services and long-term brand partnerships, while
strategically investing in business transformation to expand our
total addressable market. We have made meaningful progress in these
new initiatives, and we anticipate fully unlocking their
incremental growth potential in the near future.” Mr. Qiu
concluded.
Mr. Arthur Yu, Chief Financial Officer of
Baozun, commented, “Our ability to conduct prevailing business
during a strict lockdown highlights the sustainability of our
business diversification and resiliency. We continue to prioritize
resource allocation and cost optimization to further drive working
capital efficiency and high-quality growth. Amid the macro
challenges, we sustained a healthy level of operating cash flows
and reduced long-term debt. With our solid balance sheet and
transformative business initiatives, we are confident in our
ability to achieve sustainable growth.”
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
RMB6.6981 to US$1.00, the noon buying rate in effect on June 30,
2022 as set forth in the H.10 Statistical Release of the Federal
Reserve Board.2 Non-GAAP income (loss) from operations is a
non-GAAP financial measure, which is defined as income (loss) from
operations excluding share-based compensation expenses and
amortization of intangible assets resulting from business
acquisition.3 Non-GAAP net income (loss) attributable to ordinary
shareholders of Baozun Inc. is a non-GAAP financial measure, which
is defined as net income (loss) attributable to ordinary
shareholders of Baozun Inc. excluding share-based compensation
expenses, amortization of intangible assets resulting from business
acquisition and unrealized investment loss.4 Each ADS represents
three Class A ordinary shares.5 Basic and diluted non-GAAP net
income (loss) attributable to ordinary shareholders of Baozun Inc.
per ADS are non-GAAP financial measures, which are defined as
non-GAAP net income (loss) attributable to ordinary shareholders of
Baozun Inc. divided by weighted average number of shares used in
calculating basic and diluted net income (loss) 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.9 Key categories refer to the categories
that accounted for more than 5% of the Company’s total net revenues
during the second quarter of 2022.
Second Quarter 2022 Financial
Results
Total net revenues were
RMB2,122.0 million (US$316.8 million), a decrease of 7.9% from
RMB2,304.1 million in the same quarter of last year. The decrease
in total net revenue was mainly due to a reduction in revenue from
online store operations, as a result of the strict lockdown due to
COVID-19 in April and May across certain areas of China, as well
as, a reduction in product sales revenue that was largely offset by
an increase in value-added services revenue.
The following table sets forth a breakdown of our revenues by
segment and key categories9 for the periods indicated:
|
|
For the three months ended June 30, |
|
|
2021 |
|
2022 |
|
|
RMB |
|
% of Revenue |
|
RMB |
|
US$ |
|
% of Revenue |
|
YoY Change |
|
(In millions, except for percentage) |
Online store operations |
|
|
|
|
|
|
|
|
|
|
|
|
Appliances |
|
501.2 |
|
22% |
|
371.9 |
|
55.5 |
|
18% |
|
-26% |
Apparel and accessories |
|
241.6 |
|
10% |
|
244.0 |
|
36.5 |
|
11% |
|
1% |
Luxury |
|
70.7 |
|
3% |
|
92.9 |
|
13.9 |
|
4% |
|
31% |
Sportswear |
|
98.8 |
|
4% |
|
84.2 |
|
12.6 |
|
4% |
|
-15% |
Others |
|
72.1 |
|
3% |
|
66.9 |
|
10.0 |
|
3% |
|
-7% |
Electronics |
|
226.6 |
|
10% |
|
109.3 |
|
16.3 |
|
5% |
|
-52% |
Beauty and cosmetics |
|
127.8 |
|
6% |
|
103.3 |
|
15.4 |
|
5% |
|
-19% |
Others |
|
231.5 |
|
10% |
|
235.0 |
|
35.1 |
|
11% |
|
1% |
Total net revenues from online store
operations |
|
1,328.7 |
|
58% |
|
1,063.5 |
|
158.8 |
|
50% |
|
-20% |
Warehousing and fulfillment |
|
511.1 |
|
22% |
|
611.1 |
|
91.2 |
|
29% |
|
20% |
Digital marketing and IT solutions |
|
464.3 |
|
20% |
|
447.4 |
|
66.8 |
|
21% |
|
-4% |
Total net revenues |
|
2,304.1 |
|
100% |
|
2,122.0 |
|
316.8 |
|
100% |
|
-8% |
Product sales revenue was
RMB693.9 million (US$103.6 million), a decrease of 28.6% from
RMB972.1 million in the same quarter of last year. The decrease was
primarily attributable to the Company’s optimization of its product
portfolio in distribution model, and weaker macro environment and a
decline in consumption sentiment in China during the quarter,
resulting in sales contraction in electronics and appliances
categories under distribution model.
Services revenue was RMB1,428.1
million (US$213.2 million), an increase of 7.2% from RMB1,332.0
million in the same quarter of last year. The increase was
primarily attributable to increasing revenue contribution from
warehousing and fulfillment services.
Total operating expenses were
RMB2,145.4 million (US$320.3 million), compared with RMB2,197.5
million in the same quarter of last year.
- Cost of
products was RMB602.2 million (US$89.9 million), compared
with RMB814.6 million in the same quarter of last year. The
decrease was primarily due to the decline in product sales
revenue.
-
Fulfillment expenses were RMB725.0 million
(US$108.2 million), compared with RMB560.4 million in the same
quarter of last year. The increase was primarily due to the
fulfillment cost of RMB180.5 million (US$27.0 million) correlated
to higher revenue from warehousing and fulfillment services in the
second quarter of 2022, which was partially offset by efficiency
improvements of fulfillment, and savings in customer services as
the Company implementing its regional service centers
initiative.
- Sales
and marketing expenses were RMB668.3 million (US$99.8
million), compared with RMB648.2 million in the same quarter of
last year. The increase was mainly due to increased strategic
business development staff to drive business growth, which was
partially offset by efficiency improvements.
-
Technology and content expenses were RMB112.2
million (US$16.8 million) compared with RMB115.4 million in the
same quarter of last year. The decrease was mainly due to the
Company’s cost control initiatives and efficiency improvements,
which was partially offset by the Company’s ongoing investment in
technological innovation and productization.
- General
and administrative expenses were RMB91.7 million (US$13.7
million), compared with RMB98.0 million in the same quarter of last
year. The decrease was primarily due to the higher expenses in the
same quarter of last year when the Company moved into its new
headquarters but still incurred certain costs for the old
headquarter during the transition period, as well as the Company’s
cost control initiatives and efficiency improvements in this
quarter.
Loss from operations was
RMB23.4 million (US$3.5 million), compared with income from
operations of RMB106.6 million in the same quarter of last year.
Operating margin was negative 1.1%, compared with 4.6% in the same
quarter of last year.
Non-GAAP income from operations
was RMB47.3 million (US$7.1 million), compared with RMB161.6
million in the same quarter of last year. Non-GAAP operating margin
was 2.2%, compared with 7.0% in the same quarter of last year.
Unrealized investment loss was
RMB12.7 million (US$1.9 million), compared with RMB17.3 million in
the same quarter of last year. The unrealized investment loss was
mainly related to a decrease in the trading price of iClick
Interactive Asia Group Limited, or iClick Interactive, a public
company listed on the Nasdaq Global Market that the Company
invested in January 2021.
Exchange loss was RMB29.0
million (US$4.3 million), due to exchange rate fluctuation between
Renminbi and U.S. dollar in the quarter ended June 30, 2022,
compared to net exchange gains of RMB24.7 million in the same
quarter last year.
Net loss attributable to ordinary
shareholders of Baozun Inc. was RMB77.8 million (US$11.6
million), compared with net income attributable to ordinary
shareholders of Baozun Inc. of RMB79.8 million in the same quarter
of last year.
Basic and diluted net loss attributable
to ordinary shareholders of Baozun Inc. per ADS were both
RMB1.26 (US$0.19), compared with basic and diluted net income
attributable to ordinary shareholders of Baozun Inc. of RMB1.08 and
RMB1.06, respectively, for the same period of 2021.
Non-GAAP net income attributable to
ordinary shareholders of Baozun Inc. was RMB1.3 million
(US$0.2 million), compared with RMB150.8 million in the same
quarter of last year.
Basic and diluted non-GAAP net income
attributable to ordinary shareholders of Baozun Inc. per
ADS were both RMB0.02 (US$0.00), compared with RMB2.04 and
RMB2.01, respectively, for the same period of 2021.
As of June 30, 2022, the Company had RMB3,136.8
million (US$468.3 million) in cash, cash equivalents, and
restricted cash, compared with RMB4,699.8 million as of
December 31, 2021. The decrease in cash position was mainly due to
the Company’s repurchase of its 1.625% convertible senior notes due
2024 and share repurchase activities during the first half of
2022.
Update in Share Repurchase Programs
During the second quarter of 2022, the Company
repurchased approximately 5.0 million of ADSs for approximately
US$42.0 million under its share repurchase program.
Conference Call
The Company will host a conference call to discuss the earnings
at 8:00 a.m. Eastern Time on Tuesday, August 23, 2022 (8:00 p.m.
Beijing time on the same day).
Due to the outbreak of COVID-19, operator
assisted conference calls are not available at the moment. All
participants wishing to attend the call must preregister online
before they can receive the dial-in numbers. Preregistration may
require a few minutes to complete. The Company would like to
apologize for any inconvenience caused by not having an operator as
a result of COVID-19.
Participants can register for the conference
call by navigating to
https://register.vevent.com/register/BI325f4755db8e4552af13409282d1aec1.
Once preregistration has been completed, participants will receive
dial-in numbers and a unique access pin.
To join the conference, simply dial the number you received
after preregistering, enter your personal PIN, and you will join
the conference instantly.
A live webcast of the conference call will be available on the
Investor Relations section of Baozun’s website at
http://ir.baozun.com. An archived webcast will be available through
the same link following the call.
Use of Non-GAAP Financial Measures
The Company also uses certain non-GAAP financial
measures in evaluating its business. For example, the Company uses
non-GAAP income (loss) from operations, non-GAAP operating margin,
non-GAAP net income (loss), non-GAAP net margin, non-GAAP net
income (loss) attributable to ordinary shareholders of Baozun Inc.
and non-GAAP net income (loss) attributable to ordinary
shareholders of Baozun Inc. per ADS, as supplemental measures to
review and assess its financial and 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 income (loss) from operations is income (loss) from
operations excluding the impact of share-based compensation
expenses and amortization of intangible assets resulting from
business acquisition. Non-GAAP operating margin is non-GAAP income
(loss) from operations as a percentage of total net revenues.
Non-GAAP net income (loss) is net income (loss) excluding the
impact of share-based compensation expenses and amortization of
intangible assets resulting from business acquisition and
unrealized investment loss. Non-GAAP net margin is non-GAAP net
income (loss) as a percentage of total net revenues. Non-GAAP net
income (loss) attributable to ordinary shareholders of Baozun Inc.
is net income (loss) attributable to ordinary shareholders of
Baozun Inc. excluding the impact of share-based compensation
expenses and amortization of intangible assets resulting from
business acquisition and unrealized investment loss. Non-GAAP net
income (loss) attributable to ordinary shareholders of Baozun Inc.
per ADS is non-GAAP net income (loss) attributable to ordinary
shareholders of Baozun Inc. divided by weighted average number of
shares used in calculating net income (loss) 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 financial and operating performance and
formulate business plans. Non-GAAP income (loss) from operations
enables the Company’s management to assess the Company’s financial
and operating results without considering the impact of share-based
compensation expenses and amortization of intangible assets
resulting from business acquisition. Non-GAAP net income (loss)
enables the Company’s management to assess the Company’s financial
and operating results without considering the impact of share-based
compensation expenses and amortization of intangible assets
resulting from business acquisition and unrealized investment loss.
Such items are non-cash expenses that are not directly related to
the Company’s business operations. Share-based compensation
expenses represent non-cash expenses associated with share options
and restricted share units the Company grants under the share
incentive plans. Amortization of intangible assets resulting from
business acquisition represents non-cash expenses associated with
intangible assets acquired through one-off business acquisition.
Unrealized investment loss represents non-cash expenses associated
with the change in fair value of the equity investment. The Company
also believes that the use of the non-GAAP measures facilitates
investors’ assessment of the Company’s financial and 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, non-GAAP net income (loss), non-GAAP net income
(loss) attributable to ordinary shareholders of Baozun Inc., and
non-GAAP net income (loss) attributable to ordinary shareholders of
Baozun Inc. per ADS 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 and unrealized investment loss
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, potentially limiting the
comparability of their financial results to the Company’s. In light
of the foregoing limitations, the non-GAAP income (loss) from
operations, non-GAAP operating margin, non-GAAP net income (loss),
non-GAAP net margin, non-GAAP net income (loss) attributable to
ordinary shareholders of Baozun Inc. and non-GAAP net income (loss)
attributable to ordinary shareholders of Baozun Inc. per ADS for
the period should not be considered in isolation from or as an
alternative to income (loss) from operations, operating margin, net
income (loss), net margin, net income (loss) attributable to
ordinary shareholders of Baozun Inc. and net income (loss)
attributable to ordinary shareholders of Baozun Inc. 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 press release contains forward-looking
statements. These statements are made under the “safe harbor”
provisions of 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,” “potential,”
“continue,” “ongoing,” “targets,” “guidance,” “going forward,”
“outlook” and similar statements. Statements that are not
historical facts, including quotes from management in this
announcement and statements about the Company’s strategies and
goals, are or contain forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. A number of
factors could cause actual results to differ materially from those
contained in any forward-looking statement, including but not
limited to the following: the Company’s operations and business
prospects; the Company’s business and operating strategies and its
ability to implement such strategies; the Company’s ability to
develop and manage its operations and business; competition for,
among other things, capital, technology and skilled personnel; the
Company’s ability to control costs; the Company’s dividend policy;
changes to regulatory and operating conditions in the industry and
geographical markets in which the Company operates; and other risks
and uncertainties. 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 and the
Company’s announcements, notice or other documents published on the
website of The Stock Exchange of Hong Kong Limited. All information
provided in this press release is as of the date of this press
release and is based on assumptions that the Company believes to be
reasonable as of this date, and the Company does not undertake any
obligation to update any forward-looking statement, except as
required under the applicable law.
About Baozun Inc.
Baozun Inc. is the leader and a pioneer in the
brand e-commerce service industry in China. Baozun empowers a broad
and diverse range of brands to grow and succeed by leveraging its
end-to-end e-commerce service capabilities, omni-channel coverage
and technology-driven solutions. Its integrated one-stop solutions
address all core aspects of the e-commerce operations covering IT
solutions, online store operations, digital marketing, customer
services, and warehousing and fulfillment.
For more information, please visit
http://ir.baozun.com.
For investor and media inquiries, please
contact:
Baozun Inc.Ms. Wendy SunEmail:
ir@baozun.com
Baozun Inc. |
UNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS |
(In thousands) |
|
|
|
|
|
|
|
|
|
|
As of |
|
|
December 31,
2021 |
|
June 30, 2022 |
|
June 30, 2022 |
|
|
|
RMB |
|
RMB |
|
US$ |
|
ASSETS |
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
4,606,545 |
|
3,114,597 |
|
464,997 |
|
Restricted cash |
|
93,219 |
|
22,171 |
|
3,310 |
|
Accounts receivable, net |
|
2,260,918 |
|
2,095,403 |
|
312,836 |
|
Inventories, net |
|
1,073,567 |
|
899,644 |
|
134,313 |
|
Advances to suppliers |
|
527,973 |
|
308,537 |
|
46,063 |
|
Prepayments and other current assets |
|
572,774 |
|
559,692 |
|
83,560 |
|
Amounts due from related parties |
|
68,984 |
|
70,159 |
|
10,474 |
|
Total current assets |
|
9,203,980 |
|
7,070,203 |
|
1,055,553 |
|
|
|
|
|
|
|
|
|
Non-current assets |
|
|
|
|
|
|
|
Investments in equity investees |
|
330,788 |
|
282,281 |
|
42,143 |
|
Property and equipment, net |
|
652,886 |
|
707,747 |
|
105,664 |
|
Intangible assets, net |
|
395,210 |
|
375,694 |
|
56,090 |
|
Land use right, net |
|
40,516 |
|
40,003 |
|
5,972 |
|
Operating lease right-of-use assets |
|
1,095,570 |
|
1,014,894 |
|
151,520 |
|
Goodwill |
|
397,904 |
|
397,904 |
|
59,406 |
|
Other non-current assets |
|
87,926 |
|
74,960 |
|
11,190 |
|
Deferred tax assets |
|
114,200 |
|
114,461 |
|
17,089 |
|
Total non-current assets |
|
3,115,000 |
|
3,007,944 |
|
449,074 |
|
|
|
|
|
|
|
|
|
Total assets |
|
12,318,980 |
|
10,078,147 |
|
1,504,627 |
|
|
|
|
|
|
|
|
|
Baozun Inc. |
UNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS |
(In thousands, except for share and per share
data) |
|
|
As of |
|
|
December 31, 2021 |
|
June 30, 2022 |
|
June 30, 2022 |
|
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
Short-term loan |
|
2,288,465 |
|
|
1,311,387 |
|
|
195,785 |
|
Accounts payable |
|
494,079 |
|
|
400,047 |
|
|
59,725 |
|
Notes payable |
|
529,603 |
|
|
102,071 |
|
|
15,239 |
|
Income tax payables |
|
127,990 |
|
|
- |
|
|
- |
|
Accrued expenses and other current liabilities |
|
984,519 |
|
|
969,434 |
|
|
144,733 |
|
Amounts due to related parties |
|
73,794 |
|
|
20,841 |
|
|
3,111 |
|
Current operating lease liabilities |
|
278,176 |
|
|
286,512 |
|
|
42,775 |
|
Total current liabilities |
|
4,776,626 |
|
|
3,090,292 |
|
|
461,368 |
|
|
|
|
|
|
|
|
Non-current liabilities |
|
|
|
|
|
|
Deferred tax liabilities |
|
51,525 |
|
|
47,123 |
|
|
7,035 |
|
Long-term operating lease liabilities |
|
883,495 |
|
|
792,022 |
|
|
118,246 |
|
Other non-current liabilities |
|
125,985 |
|
|
113,760 |
|
|
16,984 |
|
Total non-current liabilities |
|
1,061,005 |
|
|
952,905 |
|
|
142,265 |
|
|
|
|
|
|
|
|
Total liabilities |
|
5,837,631 |
|
|
4,043,197 |
|
|
603,633 |
|
|
|
|
|
|
|
|
Redeemable non-controlling interests |
|
1,421,680 |
|
|
1,410,314 |
|
|
210,554 |
|
|
|
|
|
|
|
|
Baozun Inc. shareholders’ equity: |
|
|
|
|
|
|
Class A ordinary shares (US$0.0001 par value; 470,000,000 shares
authorized, 195,493,754 and 163,462,631 shares issued and
outstanding as of December 31, 2021 and June 30, 2022,
respectively) |
|
125 |
|
|
116 |
|
|
18 |
|
Class B ordinary shares (US$0.0001 par value; 30,000,000 shares
authorized, 13,300,738 shares issued and outstanding as of December
31, 2021 and June 30, 2022, respectively) |
|
8 |
|
|
8 |
|
|
1 |
|
Additional paid-in capital |
|
4,959,646 |
|
|
5,056,999 |
|
|
754,990 |
|
Treasury shares |
|
(385,942 |
) |
|
(792,312 |
) |
|
(118,289 |
) |
Retained earnings |
|
425,125 |
|
|
224,962 |
|
|
33,586 |
|
Accumulated other comprehensive income |
|
(102,603 |
) |
|
(28,210 |
) |
|
(4,212 |
) |
|
|
|
|
|
|
|
Total Baozun Inc. shareholders' equity |
|
4,896,359 |
|
|
4,461,563 |
|
|
666,094 |
|
|
|
|
|
|
|
|
Non-controlling interests |
|
163,310 |
|
|
163,073 |
|
|
24,346 |
|
|
|
|
|
|
|
|
Total equity |
|
5,059,669 |
|
|
4,624,636 |
|
|
690,440 |
|
|
|
|
|
|
|
|
Total liabilities, redeemable non-controlling interests and
equity |
|
12,318,980 |
|
|
10,078,147 |
|
|
1,504,627 |
|
Baozun Inc. |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME (LOSS) |
(In thousands, except for share and per share data and per
ADS data) |
|
|
|
|
|
|
|
|
|
For the three months ended June 30, |
|
|
2021 |
|
2022 |
|
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
Net revenues |
|
|
|
|
|
|
Product sales |
|
972,077 |
|
|
693,901 |
|
|
103,597 |
|
Services |
|
1,332,040 |
|
|
1,428,136 |
|
|
213,215 |
|
Total net revenues |
|
2,304,117 |
|
|
2,122,037 |
|
|
316,812 |
|
|
|
|
|
|
|
|
Operating expenses (1) |
|
|
|
|
|
|
Cost of products |
|
(814,617 |
) |
|
(602,189 |
) |
|
(89,904 |
) |
Fulfillment (2) |
|
(560,382 |
) |
|
(725,030 |
) |
|
(108,244 |
) |
Sales and marketing (2) |
|
(648,233 |
) |
|
(668,331 |
) |
|
(99,779 |
) |
Technology and content (2) |
|
(115,421 |
) |
|
(112,226 |
) |
|
(16,755 |
) |
General and administrative (2) |
|
(97,960 |
) |
|
(91,704 |
) |
|
(13,691 |
) |
Other operating income, net |
|
39,130 |
|
|
54,088 |
|
|
8,075 |
|
Total operating expenses |
|
(2,197,483 |
) |
|
(2,145,392 |
) |
|
(320,298 |
) |
Income (loss) from operations |
|
106,634 |
|
|
(23,355 |
) |
|
(3,486 |
) |
Other income (expenses) |
|
|
|
|
|
|
Interest income |
|
19,404 |
|
|
7,335 |
|
|
1,095 |
|
Interest expense |
|
(13,285 |
) |
|
(13,806 |
) |
|
(2,061 |
) |
Unrealized investment loss |
|
(17,254 |
) |
|
(12,657 |
) |
|
(1,890 |
) |
Impairment loss of investments |
|
(3,541 |
) |
|
- |
|
|
- |
|
Exchange gain (loss) |
|
24,747 |
|
|
(29,041 |
) |
|
(4,337 |
) |
Income (loss) before income tax and share of income in
equitymethod investment |
|
116,705 |
|
|
(71,524 |
) |
|
(10,679 |
) |
Income tax expense (3) |
|
(35,470 |
) |
|
(3,659 |
) |
|
(546 |
) |
Share of income in equity method investment, net of tax of nil |
|
587 |
|
|
3,795 |
|
|
567 |
|
Net income (loss) |
|
81,822 |
|
|
(71,388 |
) |
|
(10,658 |
) |
|
|
|
|
|
|
|
Net (income) loss attributable to non-controlling interests |
|
(2,056 |
) |
|
3,819 |
|
|
570 |
|
Net income attributable to redeemable non-controlling
interests |
|
- |
|
|
(10,190 |
) |
|
(1,521 |
) |
Net income (loss) attributable to ordinary shareholders of
Baozun Inc. |
|
79,766 |
|
|
(77,759 |
) |
|
(11,609 |
) |
|
|
|
|
|
|
|
Net income (loss) per share attributable to ordinary
shareholders of Baozun Inc.: |
|
|
|
|
|
|
Basic |
|
0.36 |
|
|
(0.42 |
) |
|
(0.06 |
) |
Diluted |
|
0.35 |
|
|
(0.42 |
) |
|
(0.06 |
) |
Net income (loss) per ADS attributable to ordinary
shareholders of Baozun Inc.: |
|
|
|
|
|
|
Basic |
|
1.08 |
|
|
(1.26 |
) |
|
(0.19 |
) |
Diluted |
|
1.06 |
|
|
(1.26 |
) |
|
(0.19 |
) |
Weighted average shares used in calculating net income
(loss) per ordinary share |
|
|
|
|
|
|
Basic |
|
221,946,486 |
|
|
184,746,649 |
|
|
184,746,649 |
|
Diluted |
|
225,009,009 |
|
|
184,746,649 |
|
|
184,746,649 |
|
|
|
|
|
|
|
|
Net income (loss) |
|
81,822 |
|
|
(71,388 |
) |
|
(10,658 |
) |
Other comprehensive income (loss), net of tax of nil: |
|
|
|
|
|
|
Foreign currency translation adjustment |
|
(32,971 |
) |
|
80,396 |
|
|
12,003 |
|
Comprehensive income |
|
48,851 |
|
|
9,008 |
|
|
1,345 |
|
(1) Share-based compensation expenses are allocated in operating
expenses items as follows:
|
|
For the three months ended June 30, |
|
|
2021 |
|
2022 |
|
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
Fulfillment |
|
4,815 |
|
6,979 |
|
1,042 |
Sales and marketing |
|
25,406 |
|
26,204 |
|
3,912 |
Technology and content |
|
11,513 |
|
10,223 |
|
1,526 |
General and administrative |
|
9,975 |
|
16,416 |
|
2,451 |
|
|
51,709 |
|
59,822 |
|
8,931 |
(2) Including amortization of intangible assets resulting from
business acquisition, which amounted to RMB3.3 million and RMB10.8
million for the three months period ended June 30, 2021 and 2022,
respectively.
(3) Including income tax benefits of RMB0.8 million and RMB2.2
million related to the reversal of deferred tax liabilities, which
was recognized on business acquisition for the three months period
ended June 30, 2021 and 2022, respectively.
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, |
|
|
|
2021 |
|
2022 |
|
|
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from operations |
|
106,634 |
|
|
(23,355 |
) |
|
(3,486 |
) |
|
Add: Share-based compensation expenses |
|
51,709 |
|
|
59,822 |
|
|
8,931 |
|
|
Amortization of intangible assets resulting from
business acquisition |
|
3,304 |
|
|
10,790 |
|
|
1,611 |
|
|
Non-GAAP income from operations |
|
161,647 |
|
|
47,257 |
|
|
7,056 |
|
|
|
|
|
|
|
|
|
|
Net
income (loss) |
|
81,822 |
|
|
(71,388 |
) |
|
(10,658 |
) |
|
Add: Share-based compensation expenses |
|
51,709 |
|
|
59,822 |
|
|
8,931 |
|
|
Amortization of intangible assets resulting from
business acquisition |
|
3,304 |
|
|
10,790 |
|
|
1,611 |
|
|
Unrealized investment loss |
|
17,254 |
|
|
12,657 |
|
|
1,890 |
|
|
Less: Tax effect of amortization of intangible
assets resulting from business acquisition |
|
(826 |
) |
|
(2,201 |
) |
|
(329 |
) |
|
Non-GAAP net income |
|
153,263 |
|
|
9,680 |
|
|
1,445 |
|
|
|
|
|
|
|
|
|
|
Net
income (loss) attributable to ordinary shareholders of Baozun
Inc. |
|
79,766 |
|
|
(77,759 |
) |
|
(11,609 |
) |
|
Add: Share-based compensation expenses |
|
51,709 |
|
|
59,822 |
|
|
8,931 |
|
|
Amortization of intangible assets resulting from
business acquisition |
|
2,827 |
|
|
8,200 |
|
|
1,224 |
|
|
Unrealized investment loss |
|
17,254 |
|
|
12,657 |
|
|
1,890 |
|
|
Less: Tax effect of amortization of intangible
assets resulting from business acquisition |
|
(707 |
) |
|
(1,662 |
) |
|
(248 |
) |
|
Non-GAAP net income attributable to ordinary shareholders
of Baozun Inc. |
|
150,849 |
|
|
1,258 |
|
|
188 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income attributable to ordinary shareholders
of Baozun Inc. per ADS: |
|
|
|
|
|
|
|
Basic |
|
2.04 |
|
|
0.02 |
|
|
0.00 |
|
|
Diluted |
|
2.01 |
|
|
0.02 |
|
|
0.00 |
|
|
Weighted average shares used in calculating net income per
ordinary share |
|
|
|
|
|
|
|
Basic |
|
221,946,486 |
|
|
184,746,649 |
|
|
184,746,649 |
|
|
Diluted |
|
225,009,009 |
|
|
187,862,651 |
|
|
187,862,651 |
|
|
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