Core Viewpoint - The company reported a total net revenue of 2.064 billion RMB for Q1 2025, reflecting a year-on-year increase of 4.27%, while the net loss attributable to ordinary shareholders narrowed by 5.34% to 63.08 million RMB, indicating progress in its strategic transformation and operational excellence [1][2] Group 1: Financial Performance - Total net revenue for Q1 2025 was 2.064 billion RMB, up 4.27% year-on-year [1] - Net loss attributable to ordinary shareholders was 63.08 million RMB, a reduction of 5.34% compared to the previous year [1] - Basic net loss per share was 0.36 RMB [1] Group 2: Business Segments - E-commerce segment showed signs of stabilization and recovery [2] - Brand management business revenue grew by 23% year-on-year, with operating losses narrowing by 28% [2] - The company emphasized the importance of refined operational management and ongoing investments in technology and AI for long-term profitability [2] Group 3: Strategic Direction - The company is focused on diversifying its revenue structure and enhancing operational excellence across its business segments [1] - The performance of brands like GAP and Hunter exceeded expectations, reinforcing confidence in the strategic direction and future growth [1] - The year 2025 marks the 18th anniversary of the company, which is seen as a strategic milestone for further innovation and long-term value creation [1]

Core Viewpoint - The company reported a 4.3% year-on-year increase in total net revenue for Q1 2025, driven by growth in brand management business and product sales [1][2] Revenue Summary - Total net revenue for Q1 2025 was RMB 2,064.4 million (USD 284.5 million), compared to RMB 1,979.8 million in the same period last year [1] - Product sales revenue reached RMB 809.3 million (USD 111.5 million), a 14.4% increase from RMB 707.5 million year-on-year [1] - E-commerce product sales revenue was RMB 423.2 million (USD 58.3 million), up 7.3% from RMB 394.6 million in the previous year [1] - Brand management product sales revenue was RMB 386.7 million (USD 53.3 million), reflecting a 23.6% increase from RMB 312.9 million year-on-year [1] Strategic Insights - The company is undergoing a strategic transformation, with significant progress in diversifying revenue streams and enhancing operational excellence across business segments [2] - The performance of the GAP and Hunter brands exceeded expectations, reinforcing confidence in the company's strategic direction and future growth [2] - The CFO noted a 28% reduction in operating losses for the brand management business year-on-year, indicating a clear trend towards profitability improvement [2]

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。 ...

Financial Performance - Baozun achieved a revenue growth of 7% year-over-year in 2024, marking a significant milestone in operational efficiency and management capabilities[8]. - The company achieved a revenue of RMB 1.2 billion, which is a 10% increase compared to the previous year[22]. - Total net revenue for the year 2024 was approximately RMB 9,422.2 million (USD 1,290.8 million), representing a growth of 6.9% compared to RMB 8,812.0 million in 2023, primarily driven by a 9.2% increase in service revenue[61]. - Service revenue reached RMB 5,955.3 million, up 9.2% from RMB 5,454.8 million in 2023, largely due to a 22.2% increase in digital marketing and IT solutions[61][63]. - The company anticipates its core business will enter a high-quality growth phase, generating stable cash flow, while brand management is expected to unlock new growth opportunities[14]. - Future guidance indicates expected revenue growth of 12-15% for the upcoming quarter[22]. - The net loss for the year was approximately RMB 138.4 million (USD 19.0 million), an improvement from a net loss of RMB 222.8 million (USD 31.4 million) for the year ended December 31, 2023[73]. - The non-GAAP operating profit for the fiscal year 2023 was RMB 10.6 million, compared to a non-GAAP operating loss of RMB 23.7 million in the previous fiscal year[34]. Market Expansion - The number of brand partners served by Baozun's e-commerce business increased to over 490, up from approximately 450 in 2023, indicating continued market expansion[10]. - Baozun Inc. plans to expand its market presence in Southeast Asia, targeting a 25% growth in that region over the next fiscal year[22]. - The company plans to introduce its brand Hunter into the Singapore and Malaysia markets, enhancing its market coverage and cross-business collaboration[11]. - The company has expanded its business into three lines: Baozun E-commerce (BEC), Baozun Brand Management (BBM), and Baozun International (BZI) to create a synergistic ecosystem[34]. - The company has established two operating segments: E-commerce business (including BEC and BZI) and Brand Management (BBM) following the acquisition of Gap Shanghai[35]. Brand Management - Baozun's brand management segment reported a revenue increase of 16% in 2024, with operating losses narrowing by 10%[10]. - The company has launched a new product line aimed at small and medium-sized enterprises, projected to contribute an additional RMB 200 million in revenue[22]. - 宝尊品牌管理在2024财年实现营收人民币1,314百万，经营GAP在中国内地的152间线下店铺[52]. - 2024年，宝尊品牌管理计划在中国新开设超过50家Gap门店，并在关键城市设立快闪店以测试市场[50]. - 宝尊品牌管理的线下门店总数截至2024财年为156家，显示出持续的市场扩张[50]. Technological Advancements - Baozun was recognized as a representative service provider in the DOM field by Gartner, highlighting its technological capabilities[12]. - The company is investing RMB 300 million in new technology development, focusing on AI-driven logistics solutions[22]. - The company aims to strengthen its technology and content capabilities to support brand operations and enhance consumer engagement[60]. - The company expanded its regional service centers to help reduce costs while actively utilizing AI-generated content tools like ChatGPT and MidJourney to improve efficiency in various areas[48]. Customer Satisfaction - Baozun's net promoter score (NPS) improved from 8.23 to 8.53, with a core customer renewal rate reaching 95%[10]. - As of December 31, 2024, the company provided services to over 490 brand partners, with a net promoter score rising from 8.06 in FY2023 to 8.23 in FY2024, indicating improved customer satisfaction[47]. Corporate Governance - The company has adopted the corporate governance code as its own governance framework, aiming for high standards in corporate governance to protect shareholder interests[121]. - The board consists of eight members, including five executive directors and three independent directors, ensuring diverse business experience[128]. - The company has established mechanisms to ensure independent viewpoints are provided to the board, with independent directors constituting over one-third of the board[131]. - The board will regularly assess the effectiveness of its structure to ensure it meets the company's needs[128]. - The company has implemented a stock option and restricted share unit plan as part of its employee compensation strategy[101]. Environmental, Social, and Governance (ESG) Initiatives - The company has committed to improving its ESG initiatives, with a target of reducing carbon emissions by 30% by 2025[22]. - Three of Baozun's parks received ISO 14064 carbon verification certification, with two achieving PAS 2060 carbon neutrality certification[13]. Employee Development - The company has established a comprehensive training program, including onboarding and on-the-job training, to enhance performance and service quality[102]. - The company upgraded its training facility to the Baosun Capability Development Center in 2024, offering a comprehensive practical training program tailored to different skill levels[102]. - The company has continuously improved its talent development initiatives, particularly through the Baosun New Youth Program, for three consecutive years[102]. Risks and Challenges - The company's financial performance is highly sensitive to changes in China's economic and political conditions, affecting consumer confidence and spending levels[185]. - The group may face challenges in retaining existing brand partners, as contracts typically range from 12 to 36 months and may not be renewed on favorable terms[181]. - The company faces significant risks related to the complexity and challenges that brand partners encounter when seeking online sales, which could impact the demand for its solutions[178]. - The group identified several key uncertainties, including the growth rates of internet penetration and online retail consumer trust in China, which could affect its business outlook[179].

Baozun (BZUN) Q4 2024 Earnings Call March 20, 2025 07:30 AM ET Company Participants Wendy Sun - Senior Director of Corporate Development & Investor RelationsVincent Qiu - Chairman and CEOJunhua Wu - Director, Chief Strategy OfficerCatherine Yanjie Zhu - Chief Financial OfficerArthur Yu - President of E-commerce BusinessKen Huang - CFOXiaowei Yan - Model Risk Management - Market and CCR Risk & VP Conference Call Participants Alicia Yap - AnalystNone - Analyst Operator Good morning, ladies and gentlemen, and ...

Financial Performance - Total net revenue for the year ended December 31, 2024, was RMB 9,422.2 million (USD 1,290.8 million), an increase of 6.9% year-over-year[4] - Service revenue for the same period was RMB 5,955.3 million (USD 815.9 million), reflecting a year-over-year increase of 9.2%[4] - Operating loss for the year was RMB 114.8 million (USD 15.7 million), improved from an operating loss of RMB 206.4 million in 2023[4] - Net loss attributable to ordinary shareholders was RMB 185.2 million (USD 25.4 million), narrowing from a net loss of RMB 278.4 million in the previous fiscal year[5] - Basic and diluted net loss per American Depositary Share (ADS) was RMB 3.09 (USD 0.42), compared to RMB 4.68 in 2023[5] - Non-GAAP operating profit for the year was RMB 10.6 million (USD 1.5 million), a significant improvement from a non-GAAP operating loss of RMB 23.7 million in 2023[5] - Non-GAAP net loss attributable to ordinary shareholders was RMB 40.4 million (USD 5.5 million), compared to RMB 65.1 million in the previous year[5] - Total net revenue for 2023 was RMB 8,812,013, an increase of 4.9% from RMB 8,400,631 in 2022[11] - The company reported a net loss of RMB 222,776 for 2023, compared to a net loss of RMB 610,374 in 2022, indicating a reduction in losses by 63.5%[12] Revenue Projections - The company expects total net revenue for 2024 to be approximately RMB 9,422,229, reflecting a projected growth of 6.9%[11] - Total revenue for the year ended December 31, 2024, is projected to be RMB 9,422,229, an increase from RMB 8,812,013 in 2023, representing a growth of approximately 6.9%[22] - Revenue from e-commerce sales recognized at a point in time decreased to RMB 1,999,572 in 2024 from RMB 2,092,215 in 2023, a decline of about 4.4%[22] - Revenue from brand management services recognized at a point in time is expected to increase to RMB 1,469,561 in 2024, up from RMB 1,264,987 in 2023, reflecting a growth of approximately 16.2%[22] - Total service revenue for the year ended December 31, 2024, is projected to be RMB 5,955,301, an increase from RMB 5,454,811 in 2023, representing a growth of about 9.2%[22] Assets and Liabilities - Cash, cash equivalents, restricted cash, and short-term investments totaled RMB 2,915.9 million (USD 399.5 million) as of December 31, 2024, down from RMB 3,072.8 million in 2023[5] - Total assets as of December 31, 2024, were RMB 10,207.0 million (USD 1,398.4 million), down from RMB 10,474.5 million in 2023[6] - Total liabilities decreased to RMB 4,426.4 million (USD 606.4 million) from RMB 4,622.7 million in the previous year[7] - The total liabilities and redeemable non-controlling interests and shareholders' equity amounted to RMB 10,474,476 in 2023[10] Operational Highlights - The company expanded its business into three lines: Baozun E-commerce (BEC), Baozun Brand Management (BBM), and Baozun International (BZI) in 2023[34] - The acquisition of Gap's Greater China business was a key strategic move, granting exclusive rights for production, marketing, distribution, and sales of Gap products in the region[41] - Approximately 48.8% of brand partners operated stores across at least two channels as of December 31, 2024, highlighting the focus on omnichannel expansion[40] - The company aims to leverage its technology and operational platform to support brand partners in navigating the evolving e-commerce landscape[34] - The integration of end-to-end e-commerce solutions allows the company to meet the unique needs of brand partners across various business models[39] Cost Management - Operating expenses totaled RMB 9,018,393 in 2023, an increase of 7.8% from RMB 8,367,344 in 2022[11] - Product costs for the year amounted to RMB 2,473.8 million, an increase from RMB 2,409.1 million the previous year, primarily due to higher sales volume in brand management products[55] - Fulfillment expenses decreased by 1.8% to RMB 2,461.6 million, attributed to cost control measures and efficiency improvements[56] - Sales and marketing expenses rose by 19.5% to RMB 3,380.7 million, driven by increased digital marketing services and more active marketing campaigns[57] - Management and administrative expenses decreased by 16.0% to RMB 719.2 million, mainly due to cost control measures[59] Shareholder Information - The company did not recommend any final dividends for the years ended December 31, 2023, and 2024[32] - The company repurchased 4,777,000 American Depositary Shares for a total cash consideration of USD 13.3 million in 2024[33] - The board of directors decided not to recommend a final dividend for the year, maintaining the previous year's dividend at zero[91] Strategic Focus - The company plans to expand its market presence and invest in new product development to drive future growth[11] - The company continues to focus on expanding its e-commerce solutions and brand management services to enhance revenue streams[22] - The company is actively involved in strategic positioning and brand marketing to strengthen its market presence[22] - The company plans to continue monitoring regulatory dynamics and the impact of the OECD's global minimum tax rate initiative[28] Employee and Governance - The total number of full-time employees decreased to 7,650 as of December 31, 2024, from 7,827 as of December 31, 2023, due to process reengineering and efficiency improvements[79] - The group has implemented a comprehensive training program, upgrading its training facility to enhance employee skills and development[82] - The group has adopted corporate governance codes and has complied with them, although the roles of Chairman and CEO are held by the same individual[84][85] Non-GAAP Measures - The company utilizes non-GAAP financial measures to assess operational performance, excluding stock incentive expenses and other non-cash costs[93] - Non-GAAP operating profit (loss) excludes the impact of stock incentive expenses, intangible asset amortization from business acquisitions, and other related costs[94] - The company believes that non-GAAP financial measures help investors better understand operational performance trends and management's financial decisions[95]

Financial Performance - Total net revenue for Q4 2024 was RMB 2,994.4 million (USD 410.2 million), an increase of 7.7% year-over-year from RMB 2,780.4 million[7]. - Operating profit for Q4 2024 reached RMB 73.2 million (USD 10.0 million), significantly improved from RMB 6.4 million in the same period last year, with an operating margin of 2.4% compared to 0.2% in Q4 2023[7]. - Non-GAAP operating profit was RMB 103.3 million (USD 14.2 million), a growth of 36.6% year-over-year from RMB 75.7 million[8]. - Total net revenue reached RMB 9,422.2 million (USD 1,290.8 million), a year-on-year increase of 6.9% compared to RMB 8,812.0 million in the fiscal year 2023[11]. - Operating loss improved to RMB 114.8 million (USD 15.7 million), with an operating loss margin of 1.2%, compared to a loss of RMB 206.4 million and a margin of 2.3% in the fiscal year 2023[11]. - Net loss attributable to ordinary shareholders narrowed to RMB 185.2 million (USD 25.4 million) from RMB 278.4 million in the fiscal year 2023[11]. - The net profit attributable to ordinary shareholders was RMB 0.1 million (USD 0.02 million), a significant recovery from a net loss of RMB 48.4 million in the same period last year[8]. - Non-GAAP net profit attributable to ordinary shareholders was RMB 45.7 million (USD 6.3 million), an increase of 58.9% from RMB 28.8 million in the previous year[8]. Revenue Breakdown - E-commerce business revenue grew by 6% year-over-year, while brand management business revenue increased by 17%[5]. - Adjusted operating profit for the e-commerce segment was RMB 137.4 million (USD 18.8 million), up 16.3% from RMB 118.2 million in the previous year[8]. - E-commerce product sales revenue is RMB 1,999.6 million (USD 273.9 million), a decrease of 4.4% from RMB 2,092.2 million in 2023, primarily due to a decline in brand sales in small appliances and fast-moving consumer goods[28]. - Brand management product sales revenue increased to RMB 1,469.6 million (USD 201.3 million), up 16.2% from RMB 1,265.0 million in the fiscal year 2023[30]. - Service revenue rose by 9.3% to RMB 1,888.5 million (USD 258.7 million), with online store operations revenue increasing by 16.2%[17]. - Digital marketing and technology service revenue surged by 22.2% to RMB 1,735.8 million (USD 290.6 million)[33]. Strategic Initiatives - The company aims to accelerate transformation and drive high-quality growth in 2025, which is positioned as the final year of its strategic transformation[5]. - The company continues to invest in strategic initiatives and implement systematic cost reduction measures to enhance operational efficiency[5]. - The company plans to enhance consumer experience and optimize product strategies to drive future growth[30]. - The company plans to continue expanding its service offerings and enhancing product development to drive future growth[67]. - The company plans to continue its strategy of sustainable business development and technological empowerment for brand partners[56]. Operational Efficiency - The company reported unrealized investment income of RMB 20.9 million (USD 2.9 million), compared to an unrealized investment loss of RMB 8.4 million in the same period last year[25]. - Total operating expenses amount to RMB 2,921.2 million (USD 400.2 million), up from RMB 2,774.0 million in the previous year[23]. - The adjusted operating loss for brand management decreased from RMB 187,663 in fiscal year 2023 to RMB 168,767 in fiscal year 2024, showing improvement in operational efficiency[43]. - The company reported a significant reduction in management and administrative expenses, which were RMB 9.3 million for the three months ended December 31, 2024, down from RMB 13.9 million in the same period of 2023, a decrease of 33.5%[2]. Market Reach - As of December 31, 2024, the company served over 490 brand partners, up from approximately 450 a year earlier[14]. - The number of brand partners collaborating on at least two channels increased to 48.8% from 44.7% year-on-year[14]. - The company managed 156 offline stores for the Gap and Hunter brands as of the fourth quarter of 2024[15]. - The company has a total of over 490 brands served globally as of December 31, 2024, indicating its extensive market reach[56]. Shareholder Information - The company authorized a new share repurchase plan worth up to $20 million, with approximately 5.3 million American Depositary Shares repurchased for about $14.7 million as of January 17, 2025[45]. - The diluted net loss per American Depositary Share (ADS) for the fiscal year 2024 was RMB 0.67, an improvement from RMB 1.09 for fiscal year 2023[3]. - The weighted average number of ordinary shares used in the calculation of diluted net loss per share for the three months ended December 31, 2024, was 178,685,466, compared to 182,780,715 for the same period in 2023[3]. Financial Position - Cash and cash equivalents, restricted cash, and short-term investments totaled RMB 2,915.9 million (USD 399.5 million) as of December 31, 2024, down from RMB 3,072.8 million a year earlier[9]. - The company reported a total asset of RMB 10,474,476 thousand as of December 31, 2023, which is a slight decrease from RMB 10,207,001 thousand in 2024[60]. - The company's total liabilities amounted to RMB 4,622,740 thousand as of December 31, 2023, compared to RMB 4,426,422 thousand in 2024, indicating a decrease of about 4%[62]. - The net accounts receivable was RMB 2,184,729 thousand in 2023, slightly decreasing to RMB 2,033,778 thousand in 2024[60]. - The company reported a significant increase in short-term investments from RMB 720,522 thousand in 2023 to RMB 1,271,618 thousand in 2024, reflecting a growth of approximately 76%[60].

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 | --- | --- | --- | |----------------------|-------|------------------------------------------------------ ...