Financial Data and Key Metrics Changes - In Q1 2020, both GMV and total net revenue grew by 18% year-over-year, reaching RMB 9.2 billion and RMB 1.52 billion respectively [8][15] - Total costs increased to RMB 1.5 billion from RMB 1.2 billion in the same quarter last year, with product costs rising to RMB 590 million from RMB 509 million [16][18] - Gross margin for product sales decreased to 15.8% from 17.6% a year ago, while blended gross margin increased to 61.3%, up 80 basis points from last year [17] - Net income attributable to ordinary shareholders was RMB 2.2 million, with non-GAAP net income at RMB 36 million [20] Business Line Data and Key Metrics Changes - Distribution GMV grew by 10% to RMB 782.9 million, while non-distribution GMV increased by 18% to RMB 8.4 million [15] - Service revenue increased by 22.9% to RMB 822.5 million, benefiting from growth in categories such as sportswear, luxury, FMCG, and food and health [15][16] Market Data and Key Metrics Changes - The pandemic led to a significant impact on various categories, with men's and women's clothing experiencing slower growth, while the apparel category overall grew by approximately 30% year-over-year [16][18] - The company noted a strong recovery in the Chinese economy since March, which has further strengthened in May [12] Company Strategy and Development Direction - The company is transitioning from a traditional e-commerce logistics partner to an O2O integrated partner, supporting brand partners in managing offline inventory and minimizing inventory risk [9][10] - There is a focus on enhancing digital marketing capabilities, including live streaming and engaging with consumers through social platforms like Douyin and Kuaishou [10][12] - The company aims to capture mid- to long-term growth opportunities by driving innovation and digitalization [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recovery of the economy and the acceleration of online retail adoption due to the pandemic [12][13] - The company anticipates a growth rate of 20% to 23% in total net revenues for Q2 2020, with service revenue expected to grow faster than total net revenue [21] Other Important Information - As of March 31, 2020, cash and cash equivalents decreased to RMB 1.7 billion from RMB 2 billion at the end of 2019, primarily due to delays in payments from brand partners [21] - The company is committed to maintaining a balanced category mix to navigate through challenging environments [14] Q&A Session Summary Question: Impact of pandemic on international brands' marketing budgets - Management noted that international brands are reallocating their marketing budgets from offline to online, especially towards live streaming and rich content marketing [27][28] Question: Performance expectations for June 18 promotions - Management indicated that early performance showed higher conversion rates compared to last year, with a focus on targeting specific consumer groups [29][30] Question: Details on service revenue growth - Management highlighted strong demand for digital marketing services, particularly in live streaming, which is expected to enhance profitability [34][36] Question: Changes in brand strategies post-COVID-19 - Management observed that many brands are shifting focus to online sales and are increasingly relying on partnerships for e-commerce operations [40][41] Question: Guidance for Q3 and Q4 performance - Management refrained from providing specific guidance for the second half of the year due to macroeconomic uncertainties but expressed confidence in maintaining growth [44] Question: Apparel inventory levels and management - Management acknowledged the challenges with apparel inventory but emphasized efforts to assist brands in managing excess stock through innovative solutions [66]

Table of Contents | --- | |---------------------------------------------------------------------------------------| | UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 | | FORM 20-F | ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EX ...

Baozun Inc. (NASDAQ:BZUN) Q4 2019 Results Earnings Conference Call March 18, 2020 7:00 AM ET Company Participants Wendy Sun - Investor Relations Director Vincent Qiu - Chairman of the Board of Directors, Chief Executive Officer Robin Lu - Chief Financial Officer Junhua Wu - Director, Chief Operating Officer Conference Call Participants Alicia Yap - Citi Thomas Chong - Jefferies Tina Long - Credit Suisse Sally Chan - CLSA John Choi - Daiwa Tian Hou - TH Capital Billy Leung - Haitong International Joyce Ju - ...

Baozun Inc. (NASDAQ:BZUN) Q3 2019 Earnings Conference Call November 21, 2019 8:00 AM ET Company Participants Wendy Sun - IR Vincent Qiu - Chairman and CEO Robin Lu - CFO Junhua Wu - Chief Growth Officer Conference Call Participants Tian Hou - T.H. Capital Alicia Yap - Citigroup Natalie Wu - CICC John Choi - Diawa Joyce Ju - Bank of America Thomas Chong - Jefferies Sally Chan - CLSA Tina Long - Credit Suisse Operator Good morning, ladies and gentlemen, and thank you for standing by for Baozun's Third Quarter ...

Baozun Inc (NASDAQ:BZUN) Q2 2019 Results Earnings Conference Call August 21, 2019 8:30 AM ET Company Participants Wendy Sun - Investor Relations Vincent Qiu - Chairman and CEO Robin Lu - Chief Financial Officer Junhua Wu - Chief Growth Officer Conference Call Participants Alicia Yap - Citigroup John Choi - Diawa Natalie Wu - CICC Thomas Chong - Jefferies Sally Chan - CLSA Billy Leung - Haitong International Tian Hou - T.H. Capital Jiang Zhang - China Renaissance Joyce Ju - Bank of America Merrill Lynch ...

Company Overview - Baozun is a technology-empowered market leader in China's brand e-commerce service industry[3] - The company has 212 brand partners across 8 categories as of June 30, 2019[4, 42] - Baozun's mission is to help brands succeed in e-commerce[6] - The company offers end-to-end capabilities across the e-commerce value chain[7] Financial Performance - Baozun achieved RMB 29.4 billion in GMV in 2018, a 54% year-over-year increase[4] - In the first half of 2019, GMV reached RMB 17.6 billion, up 59% year-over-year[4] - In the second quarter of 2019, GMV was RMB 9.7 billion, a 60% year-over-year growth[42] - Second quarter 2019 revenue reached RMB 1.7 billion, a 47% year-over-year increase[42] - Non-GAAP income from operations in the second quarter of 2019 was RMB 103 million, a 30% year-over-year growth[42] Competitive Strengths - The company offers seamless omni-channel solutions[17, 18] - Baozun has technology-empowered operations[17] - The company possesses effective data-driven digital marketing capabilities[17] - Baozun has a robust warehousing and fulfillment infrastructure with approximately 350,000 square meters of warehouses in 6 key cities as of December 31, 2018[17, 29]

Financial Data and Key Metrics Changes - Total GMV increased by 58% year-over-year to CNY 7.83 billion, with non-distribution GMV rising nearly 62% to CNY 1.5 billion [18][19] - Total net revenues grew by 40% to CNY 1.29 billion, with product sales revenue increasing by 34% to CNY 618 million and services revenue rising by 45% to CNY 669 million [20][24] - Net income attributable to ordinary shareholders increased by 128% to CNY 34 million, with basic and diluted net income per ADS at CNY 0.59 and CNY 0.57 respectively [24] Business Line Data and Key Metrics Changes - The service fee model led the growth in non-distribution GMV, reflecting the effectiveness of the company's digital marketing services [20][24] - The company added a net of 15 new brands during the quarter, bringing the total number of brand partners to 200, a significant increase from 156 a year ago [12][19] Market Data and Key Metrics Changes - The apparel category, particularly sporting goods and menswear, along with electronics and cosmetics, showed strong performance and growth momentum [9][10] - The company is strategically focusing on high-quality GMV categories, balancing quantitative and qualitative GMV goals [12] Company Strategy and Development Direction - The company restructured into three key groups: E-Commerce Group (ECG), Logistics and Supply Chain Group (LSG), and Technology Innovation Center (TIC) to enhance operational efficiency and service quality [10][11] - The company aims to leverage innovative technologies and omnichannel solutions to empower brand partners and improve decision-making [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth of China's e-commerce sector, which continues to integrate into consumers' daily lives [9] - The company anticipates total net revenues for Q2 2019 to be between CNY 1.55 billion and CNY 1.6 billion, representing a year-over-year growth rate of approximately 34% to 38% [25] Other Important Information - The company issued a five-year convertible bond with net proceeds of around $270 million to support growth initiatives and optimize capital structure [18] - The company launched Baozun Cloud, enhancing storage and computing capabilities for SaaS platforms [16] Q&A Session Summary Question: Can you elaborate on the differences between higher quality GMV and the declining take rate for service revenue? - Management explained that the mix of categories, particularly lower take rate categories like electronics, affected the blended take rate in Q1, and emphasized that quality GMV remains the strategy [28] Question: How do you help brand partners fit into Alibaba's strategy for lower tier cities? - Management discussed their omnichannel strategy and collaboration with Alibaba to enable personalized experiences for consumers, while monitoring traffic allocation [31][32] Question: What is the plan for technology team expansion and new products? - Management indicated a balanced approach to headcount and investment in technology, with a focus on enhancing productization and innovation [36] Question: What is the current GMV contribution from domestic clients? - Management noted that most brands are international but emphasized the potential of local brands and the recent JV with a leading domestic FMCG brand [42][46] Question: What is the outlook for take rates for the rest of the year? - Management expects a slightly better take rate than Q1, with ongoing efforts to improve the quality of GMV [55] Question: How is the company addressing the lengthening accounts receivable days? - Management acknowledged the increase due to larger accounts and system updates but assured that they are implementing strict plans for collections and improving billing systems [50] Question: What impact does the trade war have on the business? - Management stated that there has been no observed impact from the trade war on their business, as most brands have been localized in China for years [52]