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]
宝尊电商-W(09991) - 2024 - 年度业绩