Revenue Performance - Service revenue reached RMB 5,756.4 million (USD 834.6 million), an increase of 4.2% compared to RMB 5,522.7 million in the fiscal year 2021, driven by growth in value-added services including digital marketing and technology services [2]. - Total net revenue for the fiscal year was RMB 2,553.2 million (USD 370.2 million), a decrease of 19.5% year-over-year, primarily due to a 37.2% decline in product sales [53][61]. - Total net revenue for the year ended December 31 was RMB 8,400.6 million (USD 1,218.0 million), a decrease of 10.6% compared to RMB 9,396.3 million in the fiscal year 2021 [70]. - The total Gross Merchandise Volume (GMV) was RMB 25,558.0 million, a year-over-year decrease of 1.7% [44]. - Non-Tmall transaction platforms accounted for approximately 29.8% of total GMV in Q4 2022, up from 26.1% in the same period last year [57]. - The online store operation revenue decreased by 27% year-over-year, contributing 50% to total net revenue in 2022 [62]. - Service revenue was RMB 1,780.8 million, down 8.3% from RMB 1,942.9 million year-on-year, attributed to a weak macro environment and the impact of COVID-19 on consumer sentiment [82]. Profitability and Losses - Net loss attributable to ordinary shareholders was RMB 653.3 million (USD 94.7 million), compared to a net loss of RMB 219.8 million in the fiscal year 2021 [7]. - The company reported a net loss of RMB 256.5 million (USD 37.2 million) for Q4 2022, compared to a net profit of RMB 3.1 million in the same period last year [39]. - The company incurred a loss of RMB 364.8 million (USD 52.9 million) related to the fair value of derivative liabilities in Q4 2022 [32]. - The net loss attributable to ordinary shareholders for Q4 2022 was RMB (284,269), compared to a loss of RMB (8,345) in Q4 2021 [143]. - Basic and diluted net loss per American Depositary Share (ADS) for Q4 2022 was RMB 4.84 (USD 0.70), compared to RMB 0.12 in the same period last year [42]. Operating Expenses and Costs - Fulfillment costs amounted to RMB 2,719.7 million (USD 394.3 million), up from RMB 2,661.1 million in the fiscal year 2021, primarily due to increased revenue from warehousing and logistics [4]. - The company reported a decrease in technology and content expenses to RMB 428.0 million (USD 62.0 million) from RMB 448.4 million in the fiscal year 2021, attributed to cost control measures and efficiency improvements [5]. - Total operating expenses were RMB 2,429.1 million, down from RMB 3,168.9 million in the same period last year [85]. - Sales and marketing expenses increased to RMB 2,674.4 million (USD 387.7 million) from RMB 2,549.8 million in the fiscal year 2021 [73]. - The cost of products sold was RMB 643.3 million (USD 93.3 million), down from RMB 1,043.6 million in the same period last year, primarily due to reduced product sales revenue [63]. Cash Flow and Financial Position - As of December 31, 2022, total cash, cash equivalents, restricted cash, and short-term investments were RMB 3,141.1 million (USD 455.4 million), down from RMB 4,699.8 million as of December 31, 2021, mainly due to repayment of convertible bonds and share repurchases [9]. - The company’s operating cash flow improved by RMB 367.1 million in 2022, partially offsetting the decrease in total cash [9]. - The company reported a total asset value of RMB 10,122,470 as of December 31, 2022, down from RMB 12,318,980 as of December 31, 2021, representing a decrease of approximately 17.8% [133]. - The company's cash and cash equivalents decreased to RMB 2,144,020 as of December 31, 2022, from RMB 4,606,545 as of December 31, 2021, a decline of about 53.5% [133]. - Total liabilities decreased from RMB 5,837.6 million as of December 31, 2021, to RMB 4,446.1 million as of December 31, 2022 [28]. Strategic Initiatives and Future Outlook - In February 2023, the company completed a strategic investment of USD 14 million for a 10% stake in Branded Lifestyle Asia Limited, gaining a board seat in the leading mid-to-high-end fashion retailer in Asia [10]. - The company plans to continue expanding its market presence and investing in new technologies and products to drive future growth [39]. - The company plans to enhance its business layout with three main business lines: Baozun E-commerce (BEC), Baozun Brand Management (BBM), and Baozun International (BZI) to capture growth opportunities over the next five years [49]. - The company expects to continue facing challenges in revenue growth and profitability in the upcoming quarters due to market conditions and operational adjustments [140]. Non-GAAP Financial Measures - The company utilizes several non-GAAP financial measures to assess its business performance, including operating profit (loss) and net profit (loss) attributable to ordinary shareholders [14]. - Non-GAAP operating profit for Q4 2022 was RMB 182.6 million (USD 26.5 million), a 157.2% increase year-over-year from RMB 71.0 million, with a non-GAAP operating profit margin of 7.2% [39]. - Non-GAAP operating profit was RMB 256.1 million (USD 37.1 million), with a non-GAAP operating profit margin of 3.0%, up from 2.4% in the fiscal year 2021 [121]. - Non-GAAP net profit attributable to ordinary shareholders was RMB 138.3 million (USD 20.0 million), an increase of 82.7% compared to RMB 75.7 million in the same period last year [115]. - Non-GAAP net profit attributable to ordinary shareholders was RMB 132.2 million (USD 19.2 million) for the fiscal year 2022, down from RMB 199.6 million in 2021 [123].
宝尊电商-W(09991) - 2022 - 年度业绩