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].

Share Repurchase Activity - On September 27, 2024, the company repurchased 149,700 shares at a price of USD 1.11 per share, representing a 0.08% decrease in the number of issued shares[2] - The total number of treasury shares increased to 6,035,991 after the repurchase on September 27, 2024[2] - The company has repurchased shares for cancellation but not yet cancelled, totaling 150,000 shares at prices ranging from USD 0.77 to USD 0.88 per share during April 2024[4] - The aggregate price paid for the repurchased shares on September 27, 2024, was USD 165,951.87[23] - The company has consistently repurchased shares, with multiple transactions recorded in April 2024, each involving 150,000 shares[4] - The repurchase activity reflects the company's strategy to manage its capital structure and return value to shareholders[9] - A total of 6,035,991 shares have been repurchased on the Exchange, representing 3.28% of the number of issued shares (excluding treasury shares) as of the resolution date[25] Compliance and Regulations - The company confirms compliance with all applicable listing rules and regulatory requirements regarding share repurchases[9] - The company is authorized to repurchase a total of 18,408,996 shares under the repurchase mandate[25] - The moratorium period for any new issue of shares or sale of treasury shares after the repurchase is up to 27 October 2024[25] - The repurchases were made in accordance with the Main Board Listing Rules / GEM Listing Rules, with no material changes to the particulars in the Explanatory Statement dated 10 May 2024[30] - The company confirms compliance with domestic rules for any purchases made on another stock exchange[30] Issued Shares Overview - As of September 26, 2024, the total number of issued shares (excluding treasury shares) was 165,499,165[2] - The closing balance of issued shares (excluding treasury shares) as of September 27, 2024, was 165,349,465[2] - The total number of issued shares as of September 27, 2024, remains at 171,385,456, including treasury shares[2]

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

D > 2Q 2024 Earnings Presentation August 28, 2024 l 177 101 BAO ZUN yof 0 Disclaimer This presentation does not constitute an offer to sell or issue or solicitation of an offer to buy or acquire securities of Baozun Inc. (the "Company") in any jurisdiction or an inducement to enter into investment activity, nor may it or any part of it form the basis of or be relied on in connection with any contract or commitment whatsoever. This presentation does not contain all relevant information relating to the Compan ...

Baozun Inc. (NASDAQ:BZUN) Q2 2024 Earnings Conference Call August 28, 2024 7:30 AM ET Company Participants Wendy Sun - Senior Director of Corporate Development and Investor Relations Vincent Qiu - Founder, Chairman and Chief Executive Officer Catherine Yanjie Zhu - Chief Financial Officer Arthur Yu - President of Baozun E-Commerce Conference Call Participants Thomas Chong - Jefferies Wang Zhao - CICC Alicia Yap - Citigroup Jack Hou - Huatai Securities Operator Good morning, ladies and gentlemen, and thank y ...

Financial Performance - Total net revenue for the reporting period was RMB 4,370.8 million (USD 601.4 million), an increase of 3.9% year-over-year [2] - Operating loss for the period was RMB 73.6 million (USD 10.1 million), compared to RMB 77.1 million in the same period last year, with an operating loss margin of 1.7% [2] - Adjusted operating profit for the e-commerce business was RMB 72.0 million (USD 9.9 million), down from RMB 86.1 million in the previous year [3] - Net loss attributable to ordinary shareholders was RMB 97.3 million (USD 13.4 million), compared to RMB 103.6 million in the same period last year [3] - Total net revenue for the six months ended June 30, 2024, was RMB 4,370,764, an increase from RMB 4,207,957 for the same period in 2023, representing a growth of approximately 3.86% [8] - The company reported a net loss attributable to ordinary shareholders of RMB 97,257 for the six months ended June 30, 2024, compared to a net loss of RMB 103,575 for the same period in 2023, reflecting an improvement of about 6.5% [9] - The total comprehensive loss for the six months ended June 30, 2024, was RMB 20,026, compared to RMB 17,172 for the same period in 2023, reflecting an increase in comprehensive loss of about 10.8% [10] - The net loss attributable to non-controlling interests for the six months ended June 30, 2024, was RMB 10,050, up from RMB 4,791 for the same period in 2023, indicating an increase of about 109.5% [10] Cash and Investments - Cash, cash equivalents, restricted cash, and short-term investments totaled RMB 2,853.3 million (USD 392.6 million) as of June 30, 2024, down from RMB 3,072.8 million as of December 31, 2023 [3] - Cash and cash equivalents decreased from RMB 2,149,531 as of December 31, 2023, to RMB 1,454,517 as of June 30, 2024, a decline of approximately 32.4% [4] - The company’s short-term investments increased from RMB 720,522 as of December 31, 2023, to RMB 1,156,066 as of June 30, 2024, an increase of approximately 60.5% [4] - The net accounts receivable decreased from RMB 2,184,729 million as of December 31, 2023, to RMB 1,842,127 million as of June 30, 2024 [19] - Cash and cash equivalents were approximately RMB 1,454.5 million (USD 200.1 million) as of June 30, 2024, remaining stable compared to the previous period [54] Assets and Liabilities - Total assets decreased from RMB 10,474,476 as of December 31, 2023, to RMB 9,943,736 as of June 30, 2024, a reduction of about 5.08% [4] - Total liabilities decreased from RMB 4,622,740 as of December 31, 2023, to RMB 4,075,435 as of June 30, 2024, a decline of approximately 11.85% [5] - Total current assets decreased from RMB 7,290,784 as of December 31, 2023, to RMB 6,881,636 as of June 30, 2024, a decline of about 5.6% [4] - Accounts receivable (net of credit loss provisions) decreased by 15.7% to RMB 1,842.1 million (USD 253.5 million) as of June 30, 2024 [52] - Total accounts payable decreased from RMB 563,562 million as of December 31, 2023, to RMB 439,635 million as of June 30, 2024 [22] Operational Efficiency - The company’s operating expenses for the six months ended June 30, 2024, were RMB 4,444,317, compared to RMB 4,285,023 for the same period in 2023, indicating an increase of about 3.72% [8] - The company’s gross profit margin for the six months ended June 30, 2024, was approximately 10.5%, compared to 11.5% for the same period in 2023, reflecting a decrease of about 1 percentage point [8] - Sales and marketing expenses increased by 18.4% to RMB 1,538.7 million, driven by more aggressive performance-driven digital marketing activities [44] - Fulfillment costs decreased by 4.3% to RMB 1,173.3 million due to cost control measures and efficiency improvements [43] - Management and administrative expenses decreased by 15.0% to RMB 350.7 million (USD 48.3 million), reflecting cost control measures and efficiency improvements [46] Business Strategy and Expansion - The company continues to focus on expanding its e-commerce and brand management segments following the acquisition of Gap (Shanghai) Commercial Co., Ltd. [3] - The company plans to open over 50 new GAP stores this year while optimizing store structure and location strategies [32] - The company aims to open more "premium" community stores to drive business and improve profitability, leveraging local strategic partnerships for faster store openings [34] - The company plans to expand into high-potential categories such as alcohol, health and beauty, and automotive in 2024 [38] - The company has established operations in 8 markets, including Hong Kong, Taiwan, Singapore, Malaysia, the Philippines, Thailand, France, and South Korea, by June 30, 2024 [37] Technology and Innovation - The company continues to invest in new technologies and infrastructure to provide innovative and reliable solutions for brand partners [30] - Enhanced supply chain capabilities were implemented to better meet customer demands, including advanced fabric planning that significantly reduced production costs in Q2 2024 [35] - The company aims to leverage its digital capabilities to seamlessly integrate online and offline channels for brand empowerment [38] Shareholder Information - Basic and diluted net loss per American Depositary Share (ADS) was RMB 1.61 (USD 0.22), compared to RMB 1.75 in the same period last year [3] - The company does not recommend any interim dividend for the six months ended June 30, 2023, and 2024 [25] - The company repurchased 3,543,606 shares for a total of USD 2.9 million during the six months ended June 30, 2024 [26] - The company repurchased a total of 1,181,202 American Depositary Shares (ADS) during the reporting period, with a total consideration of $2,878,951 [66] Governance and Compliance - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange listing rules, ensuring high standards of corporate governance [64] - The independent auditor has reviewed the unaudited interim financial results, confirming compliance with relevant accounting standards [68] - The board of directors includes several members, indicating a diverse leadership structure to guide the company's strategic decisions [75] Non-GAAP Financial Measures - The company utilizes non-GAAP financial measures to assess operational performance, excluding stock incentive expenses and other related costs [70] - The company emphasized that non-GAAP financial measures are used to assess operational performance without the impact of non-cash expenses such as share-based compensation and intangible asset amortization [71] - The company acknowledged that non-GAAP financial measures have limitations and should not be considered as alternatives to GAAP measures [72] - The company aims to provide investors with a clearer understanding of its operational performance and future prospects through the use of non-GAAP financial measures [71]

Financial Performance - Baozun Inc. reported total net revenue of RMB 2,391.0 million (USD 329.0 million) for Q2 2024, representing a year-over-year increase of 3.1% from RMB 2,320.2 million in Q2 2023[2]. - The operating loss narrowed to RMB 18.8 million (USD 2.6 million) in Q2 2024, compared to RMB 36.4 million in the same period last year, resulting in an operating loss margin of 0.8%[2]. - Non-GAAP operating profit for Q2 2024 was RMB 10.0 million (USD 1.4 million), a significant improvement from RMB 0.7 million in Q2 2023, with a non-GAAP operating profit margin of 0.4%[2]. - The net loss attributable to ordinary shareholders was RMB 30.6 million (USD 4.2 million), a reduction from RMB 20.0 million in Q2 2023[3]. - Total net revenue for Q2 2024 was RMB 2,391.0 million (USD 329.0 million), a 3.1% increase from RMB 2,320.2 million in the same period last year[6]. - Operating loss for the three months ended June 30, 2024, was RMB 18,773, an improvement from a loss of RMB 36,437 for the same period in 2023[24]. - Net loss attributable to ordinary shareholders for the three months ended June 30, 2024, was RMB 30,620, compared to RMB 20,028 for the same period in 2023, reflecting an increase in losses of approximately 52%[25]. - Basic and diluted net loss per ordinary share for the three months ended June 30, 2024, was RMB 0.17, compared to RMB 0.11 for the same period in 2023[25]. Revenue Breakdown - E-commerce service revenue grew by 10.4% year-over-year, with double-digit growth in online store operations for sports apparel and digital marketing services[4]. - E-commerce product sales revenue was RMB 579.2 million (USD 79.7 million), down 4.4% from RMB 606.1 million year-over-year, primarily due to optimization of the product mix[6][7]. - Service revenue reached RMB 1,520.7 million (USD 209.3 million), a 9.4% increase from RMB 1,389.9 million in the previous year, driven by double-digit growth in digital marketing and technology services[8]. - The brand management segment generated product sales revenue of RMB 292.3 million (USD 40.2 million), a decline of 9.8% from RMB 324.2 million year-over-year, mainly due to weak offline traffic[7]. - Product sales for the e-commerce business and brand management were RMB 579.2 million and RMB 292.3 million, respectively, for the three months ended June 30, 2024, compared to RMB 606.1 million and RMB 324.2 million for the same period in 2023, indicating a decline of about 4.4% and 9.8%[25]. Operating Expenses and Losses - Operating expenses totaled RMB 2,409.8 million (USD 331.6 million), compared to RMB 2,356.6 million in the same period last year[9]. - Total operating expenses for the three months ended June 30, 2024, were RMB 2,409,767, slightly higher than RMB 2,356,598 for the same period in 2023[24]. Cash and Investments - Cash and cash equivalents, restricted cash, and short-term investments totaled RMB 2,853.3 million (USD 392.6 million) as of June 30, 2024, down from RMB 3,072.8 million at the end of 2023[3]. - The company's cash and cash equivalents decreased to RMB 1,454,517 thousand as of June 30, 2024, compared to RMB 2,149,531 thousand as of December 31, 2023, reflecting a decline of approximately 32.4%[21]. - The company's short-term investments increased to RMB 1,156,066 thousand as of June 30, 2024, from RMB 720,522 thousand as of December 31, 2023, representing a growth of about 60.5%[21]. Share Repurchase and Equity - The company has repurchased approximately 2 million American Depositary Shares for a total payment of about USD 4.9 million, reflecting confidence in future growth prospects[2]. - The company authorized a new share repurchase program on January 24, 2024, allowing for the repurchase of up to $20 million worth of American Depositary Shares and/or Class A ordinary shares[14]. - As of August 28, 2024, the company repurchased approximately 2.0 million American Depositary Shares for a total of about $4.9 million, leaving a remaining authorization of $15.1 million[14]. - The company reported a total equity of RMB 4,223,124 as of June 30, 2024, compared to RMB 4,266,878 as of December 31, 2023, indicating a decrease of approximately 1%[23]. Assets and Liabilities - As of June 30, 2024, the total assets of Baozun e-Commerce Co., Ltd. amounted to RMB 9,943,736 thousand, a decrease from RMB 10,474,476 thousand as of December 31, 2023[21]. - Total liabilities decreased to RMB 4,075,435 thousand as of June 30, 2024, down from RMB 4,622,740 thousand as of December 31, 2023, indicating a reduction of about 11.8%[22]. - The total current liabilities as of June 30, 2024, were RMB 3,351,456 thousand, a decrease from RMB 3,757,960 thousand as of December 31, 2023, indicating a reduction of approximately 10.8%[22]. Strategic Focus and Future Outlook - The company focuses on brand empowerment through strategic positioning, brand marketing, e-commerce operations, and supply chain management, currently managing brands like Gap and Hunter in Greater China[13]. - The company plans to continue focusing on product innovation and market expansion strategies to drive future growth[24].

Financial Data and Key Metrics Changes - In Q1 2024, Baozun Group achieved a 5% year-over-year revenue growth, reaching RMB2 billion, driven by a 66% revenue increase in the Brand Management (BBM) segment and improved performance in the E-Commerce (BEC) segment [9][13] - Operating cash flow improved by RMB129 million, reflecting enhanced operational efficiency, with the e-commerce segment's operating cash flow turning positive for the first time since 2019 [9][16] - Gross margin for product sales in e-commerce improved by 230 basis points to 13.8%, while the blended gross margin for product sales increased by 700 basis points year-over-year to 31% [14][15] Business Line Data and Key Metrics Changes - E-commerce revenue contributed RMB1.7 billion, with service revenue increasing by 4% to RMB1.2 billion, attributed to growth in sportswear and digital marketing [13][14] - BBM segment revenue increased to RMB330 million, with a gross margin of 53% and a reduction in operating loss to RMB29 million [13][26] Market Data and Key Metrics Changes - The company noted a significant rebound in the kids and baby segments, with plans to open new stores and introduce segmented product offerings [27][30] - Consumer confidence remains below pre-COVID levels, impacting spending patterns across various categories, with local brands performing better than global brands [51][52] Company Strategy and Development Direction - The primary focus for 2024 is on executing transformation plans and enhancing customer satisfaction through omnichannel capabilities and exclusive distribution collaborations [9][10] - The company aims to expand into new business areas and optimize existing distribution businesses while promoting sustainability and ESG initiatives [17][19][18] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing transformation and growth potential, particularly in the BBM segment, despite a cautious consumer sentiment [9][30] - The company is committed to maintaining a balance between short-term sales and long-term brand building, emphasizing the importance of digital marketing and IT solutions [38][55] Other Important Information - The company has initiated a share repurchase program of US$20 million over the next 12 months, reflecting confidence in its business outlook [16] - Baozun's ESG rating was raised from C to B, highlighting its commitment to sustainability [18] Q&A Session Summary Question: Online shopping growth and Gap's offline demand shift - Management noted that online penetration is increasing without cannibalizing offline retail, with successful brands adopting omnichannel strategies [32][34] - Gap is experiencing a decrease in offline traffic, but management expects double-digit growth for the year, supported by new store openings [35] Question: Pricing strategy and consumption trends for Gap - Management emphasized the importance of brand positioning and new product introductions to balance pricing competitiveness [36][38] - Different consumption trends were observed, with offline focusing on value and online on price, leading to a strategy of special online products [39] Question: Brand management performance and new brand incorporation - Management reported good performance during the Chinese New Year, but noted slower sales in the following months due to cautious consumer behavior [42] - There are plans to evaluate new brands carefully, with a strong pipeline for both BEC and BBM businesses [44][45] Question: Live streaming e-commerce and GMV performance - Integration with the Hangzhou location is progressing well, with high double-digit growth in live streaming GMV, although it remains a small proportion of overall GMV [48] Question: Consumer sentiment and 618 Shopping Festival outlook - Consumer confidence remains low, with mixed performance across categories, but some segments like sports and outdoor are doing well [51][52]

Financial Performance - The net loss attributable to ordinary shareholders of Baozun Inc. under non-GAAP was RMB 15.4 million (USD 2.1 million), compared to RMB 13.1 million in the same period last year[1]. - Total net revenue reached RMB 1,979.8 million (USD 274.2 million), representing a 4.9% increase from RMB 1,887.8 million in the same period last year, primarily driven by a 65.6% increase in product sales revenue from Baozun Brand Management[5]. - The operating loss was RMB 54.8 million (USD 7.6 million), compared to RMB 40.6 million in the same period last year, with an operating loss margin of 2.8% compared to 2.2% last year[11]. - The company reported an unrealized investment loss of RMB 17.0 million (USD 2.4 million), down from RMB 42.6 million in the same period last year, mainly related to a decline in the transaction price of Lanvin Group[12]. - The adjusted operating profit (loss) for the e-commerce business was RMB 25.3 million (USD 3.5 million) for the three months ended March 31, 2023[17]. - The operating loss under non-GAAP was RMB 17.5 million (USD 2.4 million), compared to RMB 9.7 million in the same period last year, with an operating loss margin of 0.9%[44]. - The adjusted operating loss for the brand management business was RMB 29.3 million (USD 4.0 million), improved from RMB 34.9 million in the previous year[46]. - Basic and diluted net loss per American depositary share was RMB 1.10 (USD 0.15), an improvement from RMB 1.42 in the same period last year[47]. - Net loss attributable to ordinary shareholders was RMB 66.6 million (USD 9.2 million), narrowing from RMB 83.5 million in the same period last year[62]. - The company emphasizes the importance of non-GAAP financial measures, which exclude certain expenses to provide a clearer view of operational performance[115]. Revenue Breakdown - E-commerce product sales generated RMB 477.1 million, accounting for 25% of total net revenue, with a year-over-year change of -17%[6]. - Revenue from online store operations was RMB 366.6 million (USD 50.7 million), accounting for 19% of total net revenue, with a 1% year-over-year increase[53]. - Revenue from warehousing and logistics was RMB 461.9 million (USD 64.0 million), representing 23% of total net revenue, showing a 5% decline year-over-year[53]. - Digital marketing and technology services revenue reached RMB 462.2 million (USD 64.1 million), also accounting for 23% of total net revenue, with a 22% year-over-year increase[53]. - Brand management revenue reached RMB 312.9 million, a significant increase of 65.6% from RMB 189.0 million year-over-year, primarily due to a full three-month operational period[100]. Operating Expenses - The total operating expenses increased to RMB 2,034.6 million, compared to RMB 1,928.4 million in the same period last year[29]. - Sales and marketing expenses rose to RMB 694.0 million, compared to RMB 592.7 million in the same period last year, indicating a growth of 17.1%[103]. - Management and administrative expenses increased to RMB 179.1 million (USD 24.8 million) from RMB 163.2 million, mainly due to higher employee costs and strategic investments in high-quality omnichannel distribution[72]. - Technology and content expenses rose to RMB 133.2 million (USD 18.4 million) from RMB 114.9 million, attributed to increased technology service revenue[71]. - Operating expenses totaled RMB 2,034.6 million, up from RMB 1,928.4 million in the previous year, reflecting an increase of 5.5%[102]. Cash and Investments - Cash and cash equivalents, restricted cash, and short-term investments totaled RMB 2,946.7 million (USD 408.1 million) as of March 31, 2024, down from RMB 3,072.8 million as of December 31, 2023[63]. - Cash and cash equivalents decreased to RMB 1,946,648 from RMB 2,149,531, a decline of 9.4%[88]. - The company reported a total liability of RMB 4,622,740 as of December 31, 2023, which decreased to RMB 4,004,887 by March 31, 2024, indicating a reduction of about 13.3%[120]. - Short-term borrowings decreased slightly from RMB 1,115,721 to RMB 1,099,789, a reduction of approximately 1.4%[120]. Strategic Initiatives - The company is undergoing resource integration following the acquisition of Gap China, which has led to savings in logistics costs[9]. - The company plans to continue focusing on strategic growth and ensuring financial stability to create sustainable value for shareholders in 2024[43]. - The company has initiated a share repurchase program, authorizing the buyback of up to USD 20 million in American Depositary Shares and/or Class A ordinary shares, with approximately 845,000 ADS repurchased for about USD 2.1 million in April 2024[80]. - Approximately 42.8% of brand partners collaborated with the company across at least two channels as of the end of Q1 2024, emphasizing the focus on omnichannel expansion[65]. - The company serves over 450 brands globally, highlighting its extensive market presence and operational scale[118]. Future Outlook - The company plans to hold a conference call on May 28, 2024, to discuss earnings, indicating ongoing engagement with investors[113]. - Forward-looking statements indicate potential risks and uncertainties that may affect future performance, as outlined in the company's filings[117].

Exhibit 99.1 Baozun Announces First Quarter 2024 Unaudited Financial Results SHANGHAI, China, May 28, 2024 - Baozun Inc. (Nasdaq: BZUN and HKEX: 9991) ("Baozun", the "Company" or the "Group"), a leading brand e-commerce solution provider and digital commerce enabler in China, today announced its unaudited financial results for the first quarter ended March 31, 2024. Mr. Vincent Qiu, Chairman and Chief Executive Officer of Baozun, commented, "I'm pleased with our solid execution of transformation in the firs ...