Baozun Inc. (Nasdaq: BZUN) ("Baozun" or the "Company"), the leading
brand e-commerce service partner that helps brands execute their
e-commerce strategies in China, today announced its unaudited
financial results for the second quarter ended June 30, 2018.
Second Quarter 2018 Financial
Highlights
- Total net revenues were RMB1,159.1
million (US$1175.2 million), an increase of 30.5% year-over-year.
Services revenue was RMB582.1 million (US$88.0 million), an
increase of 51.6% year-over-year.
- Income from operations was RMB58.3
million (US$8.8 million), an increase of 55.3% year-over-year.
Operating margin was 5.0%, compared with 4.2% in the same quarter
of last year.
- Non-GAAP income from operations2
was RMB79.3 million (US$12.0 million), an increase of 56.5%
year-over-year. Non-GAAP operating margin was 6.8%, compared with
5.7% in the same quarter of last year.
- Net income attributable to ordinary
shareholders of Baozun Inc. was RMB36.8 million (US$5.6 million),
an increase of 23.5% year-over-year.
- Non-GAAP net income attributable to
ordinary shareholders of Baozun Inc.3 was RMB57.5 million (US$8.7
million), an increase of 34.1% year-over-year.
- Basic and diluted net income
attributable to ordinary shareholders of Baozun Inc. per American
Depository Share (“ADS4”) were RMB0.65 (US$0.10) and RMB0.62
(US$0.09), respectively, compared with basic and diluted net income
attributable to ordinary shareholders of Baozun Inc. per ADS of
RMB0.55 and RMB0.51, respectively, for the same period of
2017.
- Basic and diluted non-GAAP net
income attributable to ordinary shareholders of Baozun Inc. per
ADS5 were RMB1.01 (US$0.15) and RMB0.96 (US$0.15), respectively,
compared with basic and diluted non-GAAP net income attributable to
ordinary shareholders of Baozun Inc. per ADS of RMB0.80 and
RMB0.73, respectively, for the same period of 2017.
Second Quarter 2018 Operational
Highlights
- Total Gross Merchandise Volume
(“GMV”)6 was RMB6,084.0 million, an increase of 68.8%
year-over-year.
- Distribution GMV7 was RMB666.1
million, an increase of 13.6% year-over-year.
- Non-distribution GMV8 was
RMB5,417.9 million, an increase of 79.5% year-over-year.
- Number of brand partners increased
to 162 as of June 30, 2018, from 140 as of June 30, 2017.
- Number of GMV brand partners
increased to 156 as of June 30, 2018, from 129 as of June 30,
2017.
“We delivered another outstanding quarter in which we generated
strong growth from our existing online stores and enhanced
efficiency by deploying new and innovative tools,” commented Mr.
Vincent Qiu, Chairman and Chief Executive Officer of Baozun. “Our
ability to rapidly adapt to changing market environment and develop
new technology remains the key to our success. By enhancing our IT
capabilities and expanding the breadth and depth of our technology
services, we are able to create more value for our brand partners
and drive future sustainable growth. We will continue to invest in
building our long-term technological competitive advantage to
further reinforce our market leading position in China’s brand
e-commerce market.”
Mr. Beck Chen, Chief Financial Officer of Baozun commented, “We
are pleased to deliver another strong quarter of growth with GMV
increasing by 68.8% year-over-year. Investments in technological
innovation and productization during the quarter amounted to
RMB18.1 million, which we believe will enable us to expand our
addressable market and strengthen our long-term competitiveness.
With confidence in our strategy and operation, we expect GMV to
grow to over RMB20 billion and services revenue to grow faster than
50% year-over-year during the second half of 2018.”
Second Quarter 2018 Financial
Results
Total net revenues were
RMB1,159.1 million (US$175.2 million), an increase of 30.5%
from RMB888.3 million in the same quarter of last year.
Product sales revenue was
RMB577.0 million (US$87.2 million), an increase of 14.4% from
RMB504.4 million in the same quarter of last year. The increase was
primarily attributable to the increase in product sales revenue
resulting from the increased popularity of brand partners’ products
and Baozun’s increasingly effective marketing and promotional
campaigns, which was partially offset by the transition of a
leading electronics brand partner’s business from the distribution
model to the consignment model in September 2017.
Services revenue was RMB582.1
million (US$88.0 million), an increase of 51.6% from RMB384.0
million in the same quarter of last year. The increase was
primarily attributable to the rapid growth of the Company’s
consignment model and service fee model, and in particular, growth
in sales from existing brand partners and the addition of new brand
partners in the apparel category.
Total operating expenses were
RMB1,100.8 million (US$166.4 million), compared with RMB850.8
million in the same quarter of last year.
- Cost of products was RMB464.4
million (US$70.2 million), compared with RMB440.6 million in the
same quarter of last year. The increase was primarily due to higher
costs associated with an increase in product sales revenue, which
were partially offset by the transition of a leading electronics
brand partner’s business from the distribution model to the
consignment model in September 2017 and improved margins from
product sales.
- Fulfillment expenses were RMB277.7 million
(US$42.0 million), compared with RMB172.9 million in the same
quarter of last year. The increase was primarily due to an increase
in GMV contribution from the Company’s distribution and consignment
model and warehouse rental expenses.
- Sales and marketing expenses were RMB273.1
million (US$41.3 million), compared with RMB183.3 million in the
same quarter of last year. The increase was primarily due to the
recruitment of additional online store operational staff and an
increase in promotional and marketing expenses associated with
Company-operated online stores.
- Technology and content expenses were RMB65.2
million (US$9.9 million), compared with RMB31.4 million in the same
quarter of last year. The increase was primarily due to increased
investments in innovation and productization, including recruitment
of additional technology-focused staff.
- General and administrative expenses were
RMB38.7 million (US$5.8 million), compared with RMB26.6 million in
the same quarter of last year. The increase was primarily due to an
increase in administrative, corporate strategy, and business
planning staff.
Income from operations was
RMB58.3 million (US$8.8 million), compared with RMB37.5 million in
the same quarter of last year. Operating margin was 5.0%,
compared with 4.2% in the same quarter of last year.
Non-GAAP income from operations
was RMB79.3 million (US$12.0 million), compared with RMB50.7
million in the same quarter of last year. Non-GAAP operating margin
was 6.8%, compared with 5.7% in the same quarter of last year.
Net income attributable to
ordinary shareholders of Baozun Inc. was RMB36.8 million (US$5.6
million), an increase of 23.5% from the same quarter of last year.
Basic and diluted net income attributable to ordinary shareholders
of Baozun Inc. per ADS were RMB0.65 (US$0.10) and RMB0.62
(US$0.09), respectively, compared with basic and diluted net income
attributable to ordinary shareholders of Baozun Inc. per ADS of
RMB0.55 and RMB0.51, respectively, in the same period of 2017.
Non-GAAP net income
attributable to ordinary shareholders of Baozun Inc. was RMB57.5
million (US$8.7 million), an increase of 34.1% from the same
quarter of last year. Basic and diluted non-GAAP net income
attributable to ordinary shareholders of Baozun Inc. per ADS were
RMB1.01 (US$0.15) and RMB0.96 (US$0.15), respectively, compared
with basic and diluted non-GAAP net income attributable to ordinary
shareholders of Baozun Inc. per ADS of RMB0.80 and RMB0.73,
respectively, in the same period of 2017.
As of June 30, 2018, the Company had RMB726.5 million (US$109.8
million) in cash, cash equivalents and short-term
investment, an increase from RMB557.4 million as of
December 31, 2017 primarily due to the collection of accounts
receivable during the first half year of 2018.
Business Outlook
The Company expects total net revenues to be
between RMB1,090 million and RMB1,120 million for the third quarter
of 2018.
Conference Call
The Company will host a conference call to
discuss the earnings at 7:30 a.m. Eastern Time on Tuesday, August
14, 2018 (7:30 p.m. Beijing time on the same day).
Dial-in numbers for the live conference call are
as follows:
International
+852 3027 6500
U.S. Toll Free
+1
855-824-5644Mainland China Toll Free
8009-880563Hong Kong
3027 6500Passcode: 32530707#
A telephone replay of the call will be available
after the conclusion of the conference call through 11:59 p.m. Hong
Kong Time, August 20, 2018.
Dial-in numbers for the replay are as
follows:
International Dial-in
+852 3027-6520U.S. Toll
Free
+1
646-982-0473Passcode: 319292913#A live and archived webcast of the
conference call will be available on the Investor Relations section
of Baozun’s website at http://ir.baozun.com/.Use of
Non-GAAP Financial Measures
In evaluating the Company’s business, the
Company considers and uses non-GAAP income/(loss) from operations,
non-GAAP operating margin, non-GAAP net income/(loss), non-GAAP net
margin, non-GAAP net income (loss) attributable to ordinary
shareholders of Baozun Inc. and non-GAAP net income (loss)
attributable to ordinary shareholders of Baozun Inc. per ADS, as
supplemental measures to review and assess the Company’s operating
performance. The presentation of these non-GAAP financial measures
is not intended to be considered in isolation or as a substitute
for the financial information prepared and presented in accordance
with U.S. GAAP. Non-GAAP income/(loss) from operations is
income/(loss) from operations excluding the impact of share-based
compensation expenses and amortization of intangible assets
resulting from business acquisition. Non-GAAP operating margin is
non-GAAP income from operations as a percentage of total net
revenues. Non-GAAP net income/(loss) is net income/(loss) excluding
the impact of share-based compensation expenses and amortization of
intangible assets resulting from business acquisition. Non-GAAP net
margin is non-GAAP net income as a percentage of total net
revenues. Non-GAAP net income (loss) attributable to ordinary
shareholders of Baozun Inc. is net income (loss) attributable to
ordinary shareholders of Baozun Inc. excluding the impact of
share-based compensation expenses and amortization of intangible
assets resulting from business acquisition. Non-GAAP net income
(loss) attributable to ordinary shareholders of Baozun Inc. per ADS
is non-GAAP net income (loss) attributable to ordinary shareholders
of Baozun Inc. divided by weighted average number of shares used in
calculating net income per ordinary share multiplied by three.
The Company presents the non-GAAP financial
measures because they are used by the Company’s management to
evaluate the Company’s operating performance and formulate business
plans. Non-GAAP income/(loss) from operations and non-GAAP net
income/(loss) enable the Company’s management to assess the
Company’s operating results without considering the impact of
share-based compensation expenses and amortization of intangible
assets resulting from business acquisition. The Company also
believes that the use of the non-GAAP measures facilitate
investors’ assessment of the Company’s operating performance.
The non-GAAP financial measures are not defined
under U.S. GAAP and are not presented in accordance with U.S. GAAP.
The non-GAAP financial measures have limitations as analytical
tools. One of the key limitations of using non-GAAP income/(loss)
from operations, non-GAAP net income/(loss), non-GAAP net income
(loss) attributable to ordinary shareholders of Baozun Inc., and
non-GAAP net income (loss) attributable to ordinary shareholders of
Baozun Inc. per ADS is that they do not reflect all items of income
and expense that affect the Company’s operations. Share-based
compensation expenses and amortization of intangible assets
resulting from business acquisition have been and may continue to
be incurred in the Company’s business and is not reflected in the
presentation of non-GAAP income/(loss) from operations and non-GAAP
net income/(loss). Further, the non-GAAP measures may differ from
the non-GAAP measures used by other companies, including peer
companies, and therefore their comparability may be limited. In
light of the foregoing limitations, the non-GAAP income/(loss) from
operations, non-GAAP operating margin, non-GAAP net income/(loss),
non-GAAP net margin, non-GAAP net income (loss) attributable to
ordinary shareholders of Baozun Inc. and non-GAAP net income (loss)
attributable to ordinary shareholders of Baozun Inc. per ADS for
the period should not be considered in isolation from or as an
alternative to income/(loss) from operations, operating margin, net
income/(loss), net margin, net income (loss) attributable to
ordinary shareholders of Baozun Inc. and net income (loss)
attributable to ordinary shareholders of Baozun Inc. per ADS, or
other financial measures prepared in accordance with U.S. GAAP.
The Company compensates for these limitations by
reconciling the non-GAAP financial measures to the nearest U.S.
GAAP performance measures, which should be considered when
evaluating the Company’s performance. For reconciliations of
these non-GAAP financial measures to the most directly comparable
GAAP financial measures, please see the section of the accompanying
tables titled, “Reconciliations of GAAP and Non-GAAP Results.”
Safe Harbor Statements
This news release contains forward-looking
statements within the meaning of Section 21E of the Securities
Exchange Act of 1934, as amended, and as defined in the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates," "target," "going forward," "outlook" and
similar statements. Such statements are based upon management's
current expectations and current market and operating conditions,
and relate to events that involve known or unknown risks,
uncertainties and other factors, all of which are difficult to
predict and many of which are beyond the Company's control, which
may cause the Company's actual results, performance or achievements
to differ materially from those in the forward-looking statements.
Further information regarding these and other risks, uncertainties
or factors is included in the Company's filings with the U.S.
Securities and Exchange Commission. The Company does not undertake
any obligation to update any forward-looking statement as a result
of new information, future events or otherwise, except as required
under law.
About Baozun Inc.
Baozun is the leading brand e-commerce service
partner that helps brands execute their e-commerce strategies in
China by selling their goods directly to customers online or by
providing services to assist with their e-commerce operations. The
Company's integrated end-to-end brand e-commerce capabilities
encompass all aspects of the e-commerce value chain, covering IT
solutions, store operations, digital marketing, customer services,
warehousing and fulfillment.
For more information, please visit
http://ir.baozun.com
For investor and media inquiries, please
contact:
Baozun Inc.Ms. Caroline
Dongir@baozun.com
ChristensenIn ChinaMr.
Christian ArnellPhone: +86-10-5900-1548E-mail:
carnell@christensenir.com
In U.S.Ms. Linda BergkampPhone:
+1-480-614-3004Email: lbergkamp@ChristensenIR.com
|
Baozun
Inc. |
UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS |
(In
thousands) |
|
|
|
|
|
|
|
|
As of |
|
|
December
31,2017 |
|
June 30,
2018 |
|
June 30,
2018 |
ASSETS |
|
RMB |
|
RMB |
|
RMB |
Current assets |
|
|
|
|
|
|
Cash and cash equivalents |
|
244,809 |
|
567,533 |
|
85,768 |
Restricted cash |
|
48,848 |
|
168,751 |
|
25,502 |
Short-term investment |
|
312,614 |
|
158,918 |
|
24,016 |
Accounts receivable, net1 |
|
1,085,669 |
|
962,219 |
|
145,415 |
Inventories1 |
|
382,028 |
|
458,024 |
|
69,218 |
Advances to suppliers |
|
88,881 |
|
132,845 |
|
20,076 |
Prepayments and other current assets1 |
|
214,636 |
|
166,869 |
|
25,218 |
Amounts due from related parties |
|
88,795 |
|
71,957 |
|
10,874 |
Total current assets |
|
2,466,280 |
|
2,687,116 |
|
406,087 |
|
|
|
|
|
|
|
Non-current assets |
|
|
|
|
|
|
Investments in equity investees |
|
24,268 |
|
40,087 |
|
6,058 |
Property and equipment, net |
|
330,924 |
|
354,891 |
|
53,632 |
Intangible assets, net |
|
66,150 |
|
83,724 |
|
12,653 |
Land use right, net |
|
44,618 |
|
44,106 |
|
6,665 |
Goodwill |
|
13,158 |
|
13,158 |
|
1,988 |
Other non-current assets |
|
18,043 |
|
21,406 |
|
3,235 |
Deferred tax assets |
|
15,528 |
|
15,871 |
|
2,398 |
Total non-current
assets |
|
512,689 |
|
573,243 |
|
86,629 |
|
|
|
|
|
|
|
Total assets |
|
2,978,969 |
|
3,260,359 |
|
492,716 |
|
|
|
|
|
|
|
__________________________________1 Certain
reclassifications in accounts receivable, inventories, prepayments
and other current assets and accrued expenses and other current
liabilities as of December 31, 2017 were retrospectively adjusted
as a result of the adoption of a new revenue accounting standard
effective on January 1, 2018.
|
|
Baozun
Inc. |
UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS |
(In thousands, except
for share and per share data) |
|
|
|
|
|
|
|
|
|
As of |
|
|
December
31,2017 |
|
June 30,
2018 |
|
June 30,
2018 |
|
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
Short-term loan |
|
172,000 |
|
|
107,463 |
|
16,240 |
Accounts payable |
|
583,532 |
|
|
494,550 |
|
74,738 |
Notes payable |
|
48,000 |
|
|
338,000 |
|
51,080 |
Income tax payables |
|
30,420 |
|
|
17,448 |
|
2,637 |
Accrued expenses and other current liabilities1 |
|
314,870 |
|
|
307,569 |
|
46,481 |
Total current liabilities |
|
1,148,822 |
|
|
1,265,030 |
|
191,176 |
|
|
|
|
|
|
|
Long-term loan |
|
- |
|
|
66,216 |
|
10,007 |
Deferred tax liability |
|
3,710 |
|
|
3,515 |
|
531 |
Total Non-current liabilities |
|
3,710 |
|
|
69,731 |
|
10,538 |
|
|
|
|
|
|
|
Total liabilities |
|
1,152,532 |
|
|
1,334,761 |
|
201,714 |
|
|
|
|
|
|
|
Baozun Inc. shareholders’ equity: |
|
|
|
|
|
|
Class A ordinary shares (US$0.0001 par value;
470,000,000 shares authorized, 152,824,659 and 157,551,893 shares
issued and outstanding as of December 31, 2017 and June 30, 2018,
respectively) |
|
95 |
|
|
98 |
|
15 |
Class B ordinary shares (US$0.0001 par value;
30,000,000 shares authorized, 13,300,738 shares issuedand
outstanding as of December 31, 2017 and June 30, 2018,
respectively) |
|
8 |
|
|
8 |
|
1 |
Additional paid-in capital |
|
1,823,925 |
|
|
1,864,434 |
|
281,760 |
Accumulated profit (deficit) |
|
(25,000 |
) |
|
26,682 |
|
4,031 |
Accumulated other comprehensive income |
|
9,995 |
|
|
16,716 |
|
2,526 |
|
|
|
|
|
|
|
Total Baozun Inc. shareholders'
equity |
|
1,809,023 |
|
|
1,907,938 |
|
288,333 |
|
|
|
|
|
|
|
Noncontrolling interests |
|
17,414 |
|
|
17,660 |
|
2,669 |
Total equity |
|
1,826,437 |
|
|
1,925,598 |
|
291,002 |
|
|
|
|
|
|
|
|
Total liabilities and shareholders'
equity |
2,978,969 |
|
|
3,260,359 |
|
492,716 |
|
|
|
|
|
|
|
|
Baozun Inc. |
|
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME |
|
(In thousands, except for share and per share
data and per ADS data) |
|
|
|
|
|
|
|
|
|
|
For the three months ended
June 30, |
|
|
2017 |
|
|
2018 |
|
|
|
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
|
|
Net revenues |
|
|
|
|
|
|
|
Product sales |
|
504,379 |
|
|
577,003 |
|
|
87,199 |
|
|
Services |
|
383,956 |
|
|
582,127 |
|
|
87,973 |
|
|
Total net revenues |
|
888,335 |
|
|
1,159,130 |
|
|
175,172 |
|
|
|
|
|
|
|
|
|
|
Operating expenses (1) |
|
|
|
|
|
|
|
Cost of products |
|
(440,571 |
) |
|
(464,364 |
) |
|
(70,176 |
) |
|
Fulfillment |
|
(172,903 |
) |
|
(277,720 |
) |
|
(41,970 |
) |
|
Sales and marketing (2) |
|
(183,340 |
) |
|
(273,098 |
) |
|
(41,272 |
) |
|
Technology and content |
|
(31,429 |
) |
|
(65,210 |
) |
|
(9,855 |
) |
|
General and administrative |
|
(26,642 |
) |
|
(38,702 |
) |
|
(5,849 |
) |
|
Other operating income, net |
|
4,092 |
|
|
18,251 |
|
|
2,758 |
|
|
Total operating expenses |
|
(850,793 |
) |
|
(1,100,843 |
) |
|
(166,364 |
) |
|
Income from operations |
|
37,542 |
|
|
58,287 |
|
|
8,808 |
|
|
Other income (expenses) |
|
|
|
|
|
|
|
Interest income |
|
3,417 |
|
|
2,457 |
|
|
371 |
|
|
Interest expense |
|
- |
|
|
(2,312 |
) |
|
(349 |
) |
|
Impairment loss of investments |
|
- |
|
|
(1,524 |
) |
|
(230 |
) |
|
Exchange loss |
|
(435 |
) |
|
(3,713 |
) |
|
(561 |
) |
|
Income before
income tax |
|
40,524 |
|
|
53,195 |
|
|
8,039 |
|
|
Income tax expense (3) |
|
(10,262 |
) |
|
(16,467 |
) |
|
(2,489 |
) |
|
Share of loss in equity method investment, net of tax of nil |
|
(500 |
) |
|
(264 |
) |
|
(40 |
) |
|
Net income |
|
29,762 |
|
|
36,464 |
|
|
5,510 |
|
|
|
|
|
|
|
|
|
|
Net loss attributable to noncontrolling interests |
|
- |
|
|
287 |
|
|
43 |
|
|
Net income attributable to ordinary
shareholders of Baozun Inc. |
|
29,762 |
|
|
36,751 |
|
|
5,553 |
|
|
|
|
|
|
|
|
|
|
Net income per share attributable to
ordinary shareholders of Baozun Inc.: |
|
|
|
|
|
|
|
Basic |
|
0.18 |
|
|
0.22 |
|
|
0.03 |
|
|
Diluted |
|
0.17 |
|
|
0.21 |
|
|
0.03 |
|
|
Net income per ADS attributable to
ordinary shareholders of Baozun Inc.: |
|
|
|
|
|
|
|
Basic |
|
0.55 |
|
|
0.65 |
|
|
0.10 |
|
|
Diluted |
|
0.51 |
|
|
0.62 |
|
|
0.09 |
|
|
Weighted average shares used in calculating net
income per ordinary share |
|
|
|
|
|
|
|
Basic |
|
161,186,979 |
|
|
170,280,708 |
|
|
170,280,708 |
|
|
Diluted |
|
176,053,767 |
|
|
178,871,965 |
|
|
178,871,965 |
|
|
|
|
|
|
|
|
|
|
Net income |
|
29,762 |
|
|
36,464 |
|
|
5,510 |
|
|
Other comprehensive income, net of tax of nil: |
|
|
|
|
|
|
|
Foreign currency translation adjustment |
|
(7,824 |
) |
|
21,757 |
|
|
3,288 |
|
|
Comprehensive income |
|
21,938 |
|
|
58,221 |
|
|
8,798 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Share-based compensation expenses are allocated in operating
expenses items as follows:
|
|
|
|
|
For the three months ended
June 30, |
|
|
2017 |
|
2018 |
|
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
Fulfillment |
|
730 |
|
1,186 |
|
179 |
Sales and marketing |
|
5,151 |
|
7,910 |
|
1,195 |
Technology and content |
|
2,827 |
|
3,742 |
|
566 |
General and administrative |
|
4,418 |
|
7,757 |
|
1,172 |
|
|
13,126 |
|
20,595 |
|
3,112 |
|
|
|
|
|
|
|
(2) Including amortization of intangible assets resulting from
business acquisition, which amounted to RMB nil and RMB0.4 million
for the three months period ended June 30, 2017 and 2018,
respectively.
(3) Including income tax benefits of RMB nil and RMB0.1 million
related to the reversal of deferred tax liabilities, which was
recognized on business acquisition for the three months period
ended June 30, 2017 and 2018, respectively.
|
|
Baozun Inc. |
|
Reconciliations of GAAP and Non-GAAP
Results |
|
(in thousands,
except for share and per ADS
data) |
|
|
|
|
|
|
|
|
For the three months ended
June 30, |
|
|
2017 |
|
2018 |
|
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations |
|
37,542 |
|
58,287 |
|
|
8,808 |
|
|
Add: Share-based compensation expenses |
|
13,126 |
|
20,595 |
|
|
3,112 |
|
|
Amortization of intangible assets resulting from business
acquisition |
|
- |
|
391 |
|
59 |
|
|
Non-GAAP income from operations |
|
50,668 |
|
79,273 |
|
|
11,979 |
|
|
|
|
|
|
|
|
|
|
Net
Income |
|
29,762 |
|
36,464 |
|
|
5,510 |
|
|
Add: Share-based compensation expenses |
|
13,126 |
|
20,595 |
|
|
3,112 |
|
|
Amortization of intangible assets resulting from business
acquisition |
|
- |
|
391 |
|
59 |
|
|
Less: Tax effect of amortization of intangible
assets resulting from business acquisition |
|
- |
|
(98 |
) |
|
(15 |
) |
|
Non-GAAP net income |
|
42,888 |
|
57,352 |
|
|
8,666 |
|
|
|
|
|
|
|
|
|
|
Net income
attributable to ordinary shareholders of Baozun Inc. |
|
29,762 |
|
36,751 |
|
|
5,553 |
|
|
Add: Share-based compensation expenses |
|
13,126 |
|
20,595 |
|
|
3,112 |
|
|
Amortization of intangible assets resulting from business
acquisition |
|
- |
|
199 |
|
30 |
|
|
Less: Tax effect of amortization of intangible
assets resulting from business acquisition |
|
- |
|
(50 |
) |
|
(8 |
) |
|
Non-GAAP net income attributable to ordinary shareholders
of Baozun Inc. |
|
42,888 |
|
57,495 |
|
|
8,687 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income
attributable to ordinary shareholders of Baozun
Inc. per ADS: |
|
|
|
|
|
|
|
Basic |
|
0.80 |
|
1.01 |
|
|
0.15 |
|
|
Diluted |
|
0.73 |
|
0.96 |
|
|
0.15 |
|
|
Weighted average shares used in calculating net income per
ordinary share |
|
|
|
|
|
|
|
Basic |
|
161,186,979 |
|
170,280,708 |
|
|
170,280,708 |
|
|
Diluted |
|
176,053,767 |
|
178,871,965 |
|
|
178,871,965 |
|
|
|
|
|
|
|
|
|
|
|
|
__________________________________
1 This announcement contains translations of certain Renminbi
(RMB) amounts into U.S. dollars (US$) at a specified rate solely
for the convenience of the reader. Unless otherwise noted, the
translation of RMB into US$ has been made at RMB6.6171 to US$1.00,
the noon buying rate in effect on June 29, 2018 as set forth in the
H.10 Statistical Release of the Federal Reserve Board.2 Non-GAAP
income from operations is a non-GAAP financial measure, which is
defined as income from operations excluding share-based
compensation expenses and amortization of intangible assets
resulting from business acquisition.3 Non-GAAP net income
attributable to ordinary shareholders of Baozun Inc. is a non-GAAP
financial measure, which is defined as net income attributable to
ordinary shareholders of Baozun Inc. excluding share-based
compensation expenses and amortization of intangible assets
resulting from business acquisition.4 Each ADS represents three
Class A ordinary shares.5 Basic and diluted non-GAAP net income
attributable to ordinary shareholders of Baozun Inc. per ADS are
non-GAAP financial measures, which are defined as non-GAAP net
income (loss) attributable to ordinary shareholders of Baozun Inc.
divided by weighted average number of shares used in calculating
basic and diluted net income per ordinary share multiplied by
three, respectively.6 GMV includes value added tax and excludes (i)
shipping charges, (ii) surcharges and other taxes, (iii) value of
the goods that are returned and (iv) deposits for purchases that
have not been settled.7 Distribution GMV refers to the GMV under
the distribution business model.8 Non-distribution GMV refers to
the GMV under the service fee business model and the consignment
business model.
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