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].
宝尊电商(09991) - 2024 Q1 - 季度业绩