从一季度财报来看，宝尊电商在营收增长4.3%的同时仍未摆脱亏损，且近年来公司股东不断退场，也 部分反映了市场对于公司的悲观态度。 公开资料显示，2024年5月阿里出售宝尊电商14.4%股权，退出公司股东行列，而在此之前，公司曾经 的股东中JPMorgan Chase & Co.(摩根大通)、Morgan Stanley(摩根士丹利)、软银的Tsubasa Corporation等 知名机构也均已陆续退场。 股价、业绩双双承压，宝尊电商-W(09991)最近的情势不太乐观。5月26日，公司股价收于7.88港元，较 两周前的阶段性高点9.8港元已下滑约20%。 业绩展现颓势，又无资本加持，困境中的宝尊电商将如何重拾投资者的信心? 亏损小幅收窄 销售费用增长较快 财务数据显示，2025年第一季度宝尊电商取得总净营收20.64亿元(人民币，下同)，同比增长4.27%;归属 于该公司普通股股东的净损失6308万元，同比收窄5.34%。这是自2021年第三季度以来，宝尊电商连续 第15个季度处于亏损之中。 电商板块仍然为公司的核心业务，一季度净收入达到17亿元，收入占比为83%。其中，产品销售收入 4.2亿元，同比增长7 ...

"总之，2025年首季为集团战略转型攻坚奠定了坚实基础。值得关注的是，今年恰逢宝尊成立18周年— 这是具有战略意义的里程碑。在传统文化中，弱冠之年象征着蓬勃朝气与凌云壮志，我们将以'成年 礼'为新起点，加速构建更具创新活力与专注长期价值创造的数位化商业平台。"仇先生总结到。 宝尊集团首席财务官祝燕洁女士表示："2025年第一季度，宝尊总收入同比增长4%，电商业务收入企稳 回升，品牌管理业务收入同比增速达23%。值得关注的是，品牌管理业务经营亏损同比收窄28%，全年 盈利改善趋势明确。精细化运营管理，结合我们对科技驱动、AI赋能的持续投入，为集团长期盈利增 长奠定坚实基础。" 智通财经APP讯，宝尊电商-W(09991)发布2025年第一季度业绩，总净营收20.64亿元(人民币，下同)， 同比增加4.27%;归属于该公司普通股股东的净损失6308万元，同比收窄5.34%;每股基本净损失0.36元。 宝尊电商创始人、宝尊集团董事长兼首席执行官仇文彬先生表示："本季度集团战略转型扎实推进，阶 段性成果持续落地。在营收结构不断多元化的同时，各业务板块持续推进卓越运营。电商板块在高品质 发展及为品牌伙伴创造价值方面取得 ...

格隆汇5月21日丨宝尊电商-W(09991.HK)发布公告，2025年第一季度，公司总净营收为人民币2,064.4百 万元（284.5百万美元），较去年同期人民币1,979.8百万元增长4.3%。公司总净营收的增长得益于品牌 管理业务的收入增长。产品销售收入为人民币809.3百万元（111.5百万美元），较去年同期人民707.5百 万元增长14.4%。 宝尊集团首席财务官祝燕洁女士表示："2025年第一季度，宝尊总收入同比增长4%，电商业务收入企稳 回升，品牌管理业务收入同比增速达23%。值得关注的是，品牌管理业务经营亏损同比收窄28%，全年 盈利改善趋势明确。精细化运营管理，结合我们对科技驱动、AI赋能的持续投入，为集团长期盈利增 长奠定坚实基础"。 其中电商业务的产品销售收入为人民币423.2百万元（58.3百万美元），较去年同期人民币394.6百万元 增长7.3%。增加主要是因为公司引入高质量经销业务，尤其是在家装、酒类以及大健康领域。 品牌管理的产品销售收入为人民币386.7百万元（53.3百万美元），较去年同期人民币312.9百万元增长 23.6%。销售收入增长主要得益于Gap品牌销售提升，因为公司 ...

Financial Performance - Total net revenue for Q1 2025 was RMB 2,064.4 million (USD 284.5 million), an increase of 4.3% year-over-year from RMB 1,979.8 million[6] - Operating loss for Q1 2025 was RMB 84.0 million (USD 11.6 million), with an operating loss margin of 4.1%[6] - Basic and diluted net loss per American Depositary Share (ADS) was RMB 1.09 (USD 0.15), compared to RMB 1.10 in the same period last year[10] - Non-GAAP net loss attributable to ordinary shareholders was RMB 57.2 million (USD 7.9 million), compared to RMB 15.4 million in the same period last year[10] - The company reported a net loss of RMB 72.27 million for the three months ended March 31, 2025, compared to a net loss of RMB 65.29 million for the same period in 2024, indicating a deterioration in performance[47] - The company's total equity as of March 31, 2025, was RMB 4,026.64 million, down from RMB 4,110.20 million as of December 31, 2024, a decline of approximately 2.0%[44] - The diluted net loss per American Depositary Share (ADS) was $0.25 for Q1 2024, which increased to $0.99 for Q1 2025, highlighting a deteriorating earnings outlook[53] E-commerce Business - E-commerce business revenue stabilized with a year-over-year growth of 1.4%, driven by sales growth in distribution business[12] - Significant growth was noted in the home decoration, liquor, and health product categories within the e-commerce segment[12] - E-commerce product sales revenue reached RMB 423.2 million (USD 58.3 million), a 7.3% increase from RMB 394.6 million in the previous year, primarily due to the introduction of high-quality distribution businesses[14] - The product sales revenue from e-commerce business was RMB 809.3 million (USD 111.5 million), a 14.4% increase from RMB 707.5 million year-over-year[14] - The net revenue for the e-commerce business was RMB 1,708.7 million for the three months ended March 31, 2025, compared to RMB 1,684.3 million for the same period in 2024, representing a growth of 1.4%[26] Brand Management - Brand management business revenue grew by 23% year-over-year, with operating losses narrowing by 28% compared to the previous year[6] - The brand management segment generated revenue of RMB 386.7 million (USD 53.3 million), a year-over-year increase of 23.6%, driven by strong sales performance of the Gap brand[15] - The brand management segment reported a net revenue of RMB 387.4 million for the three months ended March 31, 2025, compared to RMB 314.0 million in the same period last year, reflecting an increase of 23.2%[26] Operating Expenses and Losses - Operating expenses totaled RMB 2,148.4 million (USD 296.0 million), up from RMB 2,034.6 million in the previous year[20] - The adjusted operating loss for the e-commerce business was RMB 45.8 million (USD 6.3 million), compared to RMB 11.8 million in the same period last year[10] - The adjusted operating loss for the brand management segment improved by 28.1% to RMB 21.1 million (USD 2.9 million) from RMB 29.3 million in the same period last year[25] - For the three months ended March 31, 2024, the operating loss was RMB 54,780,000, while for the same period in 2025, it increased to RMB 83,990,000, representing a significant decline in performance[52] Strategic Focus and Future Plans - The company emphasized a strategic transformation and innovation focus as it celebrates its 18th anniversary[5] - The company plans to continue optimizing product planning, channels, and marketing initiatives to drive sales growth for the Gap brand[15] - The company plans to continue investing in new product development and market expansion strategies to drive future growth[49] - The company will hold an earnings conference call on May 21, 2025, at 7:30 AM Eastern Time[29] Financial Position and Assets - The company reported a total asset of RMB 10,207,001 thousand as of December 31, 2024, showing a decrease from RMB 9,719,159 thousand as of March 31, 2025[41] - Cash and cash equivalents amounted to RMB 1,289,323 thousand as of December 31, 2024, compared to RMB 1,115,967 thousand as of March 31, 2025[41] - The total liabilities decreased to RMB 4,019.23 million as of March 31, 2025, from RMB 4,426.42 million as of December 31, 2024, a reduction of about 9.2%[44] Non-GAAP Financial Measures - The company utilizes non-GAAP financial measures to assess its business performance, including adjusted operating profit and net loss attributable to ordinary shareholders[31] - The company emphasizes the use of non-GAAP financial measures to provide a clearer view of its operational performance and future prospects[33] - The company acknowledges the limitations of non-GAAP financial measures and advises caution when comparing its performance with that of other companies[34]

宝尊电商(09991.HK)2025年Q1营收20.644亿元，上年同期19.798亿元。 ...

Baozun Inc. 寶尊電商有限公司* ( 於開曼群島註冊成立以不同投票權控制的有限責任公司 ) 股份代號 : 9991 2024 * 僅供識別 *For identification purposes only 年度報告 ANNUAL REPORT Baozun Inc. 寶尊電商有限公司* 202 4 ANNUAL REPORT 年度報告 Baozun Inc. 寶尊電商有限公司 * (A company controlled through weighted voting rights and incorporated in the Cayman Islands with limited liability) Stock Code : 9991 2024 Baozun_HAR2024_Cover(HM).indd 所有頁面 22/4/2025 11:30:22 目錄 | 主席報告 | 2 | | --- | --- | | 釋義 | 5 | | 公司資料 | 10 | | 有關不同投票權的資料 | 12 | | 管理層討論及分析 | 14 | | 董事及高級管理層履歷 | 33 | | 企業管治報告 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 根據不同投票權架構，我們的股本包括A類普通股及B類普通股。對於提呈我們股東大會的任 何決議案，A類普通股持有人每股可投一票，而B類普通股持有人則每股可投十票，惟法律或 《香港聯合交易所有限公司證券上市規則》或我們的組織章程大綱及細則另行規定者除外。股東 及有意投資者務請留意投資不同投票權架構公司的潛在風險。我們的美國存託股（每股美國存 託股代表三股A類普通股）於美國納斯達克全球精選市場上市，股份代號為BZUN。 Baozun Inc. 寶尊電商有限公司* （於開曼群島註冊成立以不同投票權控制的有限責任公司） （股份代號：9991） 截至2024年12月31日止年度之年度業績公告 年度業績 寶尊電商有限公司（「寶尊」或「本公司」）董事（「董事」）會（「董事會」）謹此宣佈本 公司及其附屬公司（「本集團」或「我們」）截至2024年12月31日止年度（「該年度」） 之年度未經審核綜合業績，連同截至2023年12月 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 根據不同投票權架構，我們的股本包括A類普通股及B類普通股。對於提呈我們股東大會的任 何決議案，A類普通股持有人每股可投一票，而B類普通股持有人則每股可投十票，惟法律或 《香港聯合交易所有限公司證券上市規則》或我們的組織章程大綱及細則另行規定者除外。股東 及有意投資者務請留意投資不同投票權架構公司的潛在風險。我們的美國存託股（每股美國存 託股代表三股A類普通股）於美國納斯達克全球精選市場上市，股份代號為BZUN。 Baozun Inc. 寶尊電商有限公司* （於開曼群島註冊成立以不同投票權控制的有限責任公司） （股份代號：9991） 2024年第四季度及2024年財政年度業績公告 我們謹此宣佈截至2024年12月31日止第四季度及財政年度的未經審核財務業績 （「業績」）。業績於香港聯合交易所有限公司網站www.hkexnews.hk及我們的網 站www.baozun.com可供查閱。 承董事會命 寶尊電商有 ...

Financial Performance - For Q3 2024, Baozun Inc. reported total net revenue of RMB 2,057.0 million (USD 293.1 million), representing a year-over-year increase of 12.8% compared to RMB 1,823.6 million in Q3 2023[6]. - The e-commerce segment achieved a revenue growth of 13.9% year-over-year, while the brand management segment saw a 10.3% increase[5]. - The net loss attributable to ordinary shareholders was RMB 88.1 million (USD 12.6 million), a reduction from RMB 126.4 million in the same quarter last year[9]. - Total net revenue for Q3 2024 reached RMB 2,057.0 million (USD 293.1 million), an increase of 12.8% compared to RMB 1,823.6 million in the same period last year[20]. - Service revenue increased by 14.2% year-over-year to RMB 1,273.9 million (USD 181.5 million), with digital marketing and technology services revenue growing by 40.0%[22]. - Product sales revenue from e-commerce was RMB 454.0 million (USD 64.7 million), up 10.3% from RMB 411.6 million in the previous year[20]. - Brand management product sales revenue was RMB 329.8 million (USD 47.0 million), reflecting an 11.3% increase from RMB 296.3 million year-over-year[20]. - The operating loss narrowed to RMB 114.5 million (USD 16.3 million) from RMB 135.7 million in the same period last year, with an operating loss margin of 5.6% compared to 7.4% in Q3 2023[6]. - Operating expenses totaled RMB 2,171.5 million (USD 309.4 million), up from RMB 1,959.4 million in the same quarter last year[27]. - The company reported a basic net loss per share of RMB 0.49 for the three months ended September 30, 2024, compared to RMB 0.71 for the same period in 2023[67]. Cash and Investments - Cash and cash equivalents, restricted cash, and short-term investments totaled RMB 2,655.2 million (USD 378.4 million) as of September 30, 2024, down from RMB 3,072.8 million at the end of 2023[13]. - The company experienced a foreign exchange gain of RMB 11.9 million (USD 1.7 million), compared to a foreign exchange loss of RMB 1.3 million in the same period last year[30]. - Unrealized investment income was RMB 3.9 million (USD 0.5 million), compared to an unrealized investment loss of RMB 7.8 million in the same period last year[28]. Strategic Initiatives - The company expressed confidence in future growth prospects, emphasizing strategic resilience and adaptability in its operations[5]. - The GAP China business achieved comparable revenue growth for the first time in recent years, highlighting the effectiveness of the brand management strategy[5]. - The company is actively expanding its presence in the creative content e-commerce sector, with significant revenue growth in the Douyin channel[5]. - Approximately 48.2% of brand partners collaborated with the company across at least two channels in store operations[15]. - The company continues to focus on multi-channel expansion as a key strategy for brand partners[15]. Non-GAAP Measures - The company defines non-GAAP operating profit (loss) as profit (loss) excluding share-based compensation, amortization of intangible assets from business acquisitions, acquisition-related professional fees, goodwill impairment, and other specified costs[44]. - Non-GAAP net profit (loss) is defined as profit (loss) excluding similar costs and losses, reflecting the company's ongoing business operations[45]. - The company emphasizes that non-GAAP financial measures provide useful information for investors to understand and evaluate current operating performance and future prospects[45]. - The company reported a non-GAAP operating loss of RMB 85.2 million for the three months ended September 30, 2024, compared to RMB 90.4 million for the same period in 2023, indicating an improvement[8]. - The company incurred share-based compensation expenses of RMB 19.6 million for the three months ended September 30, 2024, down from RMB 29.4 million in the same period of 2023[9]. Company Overview - The company operates in multiple regions including East Asia, Southeast Asia, Europe, and North America, serving over 450 brands globally[51]. - Baozun Group consists of three main business lines: Baozun e-Commerce (BEC), Baozun Brand Management (BBM), and Baozun International (BZI), all aimed at sustainable business development[51]. - The company has established a leadership position in the Chinese brand e-commerce services industry since its founding in 2007[51]. - The company aims to empower brand partners and achieve high-quality sustainable business development[51]. Forward-Looking Statements - Forward-looking statements are subject to inherent risks and uncertainties, which may cause actual results to differ significantly from those projected[49].

Baozun Inc. 寶尊電商有限公司* ( 於開曼群島註冊成立以不同投票權控制的有限責任公司 ) 股份代號 : 9991 2024 中期報告 * 僅供識別 | --- | --- | |--------------------------------|-------| | | | | 目錄 | | | | | | 釋義 | | | 公司資料 | | | 有關不同投票權的資料 | | | 管理層討論及分析 | | | 其他資料 | | | 簡明綜合財務報表審閱報告 | | | 未經審核簡明綜合資產負債表 | | | 未經審核簡明綜合經營報表 | | | 未經審核簡明綜合全面收益表 | | | 未經審核簡明綜合股東權益變動表 | | | 未經審核簡明綜合現金流量表 | | | 簡明綜合財務報表附註 | | 2 5 7 9 22 36 37 40 42 43 44 47 1 寶尊電商有限公司 1 釋義 | --- | --- | --- | |----------------------|-------|------------------------------------------------------ ...