Baozun Announces Fourth Quarter and Fiscal Year 2018 Unaudited Financial Results
Fourth Quarter 2018 Financial Highlights
- Total net revenues were
RMB2,201.9 million (US$1320.3 million), an increase of 40.7% year-over-year. Services revenue wasRMB1,226.6 million (US$178.4 million ), an increase of 56.7% year-over-year. Product sales revenue wasRMB975.4 million (US$141.9 million ), an increase of 24.6% year-over-year.
- Income from operations was
RMB229.8 million (US$33.4 million ), an increase of 30.8% year-over-year. Operating margin was 10.4%, compared with 11.2% in the same quarter of last year.
- Non-GAAP income from operations2 was
RMB247.1 million (US$35.9 million ), an increase of 30.1% year-over-year. Non-GAAP operating margin was 11.2%, compared with 12.1% in the same quarter of last year.
- Net income attributable to ordinary shareholders of
Baozun Inc. wasRMB188.2 million (US$27.4 million ), an increase of 28.4% year-over-year.
- Non-GAAP net income attributable to ordinary shareholders of
Baozun Inc. 3 wasRMB205.3 million (US$29.9 million ), an increase of 27.8% year-over-year.
- Basic and diluted net income attributable to ordinary shareholders of
Baozun Inc. per American Depository Share (“ADS4”) wereRMB3.29 (US$0.48) andRMB3.17 (US$0.46) , respectively, compared with basic and diluted net income attributable to ordinary shareholders ofBaozun Inc. per ADS ofRMB2.67 andRMB2.48 , respectively, for the same period of 2017.
- Basic and diluted non-GAAP net income attributable to ordinary shareholders of
Baozun Inc. per ADS5 wereRMB3.59 (US$0.52) andRMB3.46 (US$0.50) , respectively, compared with basic and diluted non-GAAP net income attributable to ordinary shareholders ofBaozun Inc. per ADS ofRMB2.93 andRMB2.72 , respectively, for the same period of 2017.
Fourth Quarter 2018 Operational Highlights
- Total Gross Merchandise Volume (“GMV”)6 was
RMB12,037.7 million , an increase of 42.8% year-over-year.
- Distribution GMV7 was
RMB1,118.7 million , an increase of 23.3% year-over-year.
- Non-distribution GMV8 was
RMB10,919.0 million , an increase of 45.2% year-over-year.
- Number of brand partners increased to 185 as of
December 31, 2018 , from 152 as ofDecember 31, 2017 .
- Number of GMV brand partners increased to 178 as of
December 31, 2018 , from 146 as ofDecember 31, 2017 .
Fiscal Year 2018 Financial Highlights
- Total net revenues were
RMB5,393.0 million (US$784.4 million ), an increase of 30.0% year-over-year.
- Income from operations was
RMB355.8 million (US$51.7 million ), an increase of 38.8% year-over-year.
- Non-GAAP income from operations was
RMB433.2 million (US$63.0 million ), an increase of 37.4% year-over-year.
- Net income attributable to ordinary shareholders of
Baozun Inc. wasRMB269.7 million (US$39.2 million ), an increase of 29.1% year-over-year.
- Non-GAAP net income attributable to ordinary shareholders of
Baozun Inc. wasRMB346.2 million (US$50.3 million ), an increase of 29.5% year-over-year.
- Basic and diluted net income attributable to ordinary shareholders of
Baozun Inc. per ADS wereRMB4.76 (US$0.69) andRMB4.51 (US$0.66) , respectively, compared with basic and diluted net income attributable to ordinary shareholders ofBaozun Inc. per ADS ofRMB3.87 andRMB3.56 , respectively, for fiscal year 2017.
- Basic and diluted non-GAAP net income attributable to ordinary shareholders of
Baozun Inc. per ADS wereRMB6.11 (US$0.89) andRMB5.79 (US$0.84) , respectively, compared with basic and diluted non-GAAP net income attributable to ordinary shareholders ofBaozun Inc. per ADS ofRMB4.95 andRMB4.55 , respectively, for fiscal year 2017.
Fiscal Year 2018 Operational Highlights
- Total GMV was
RMB29,426.0 million , an increase of 54.0% year-over-year.
- Distribution GMV was
RMB2,902.0 million , an increase of 10.8% year-over-year.
- Non-distribution GMV was
RMB26,524.0 million , an increase of 60.8% year-over-year.
“We closed out the year strongly with solid financial and operational results driven primarily by strong growth from existing online stores, improved efficiency as a result of the application of innovative proprietary technologies and tools, and growth in our digital marketing services,” commented Mr.
Mr.
Fourth Quarter 2018 Financial Results
Total net revenues were
Product sales revenue was
Services revenue was
Total operating expenses were
- Cost of products was
RMB790.1 million (US$114.9 million ), compared withRMB630.3 million in the same quarter of last year. The increase was primarily due to higher costs associated with an increase in product sales revenue.
- Fulfillment expenses were
RMB512.0 million (US$74.5million ), compared withRMB339.5 million in the same quarter of last year. The increase was primarily due to an increase in GMV from the Company’s distribution and consignment model business and increased warehouse rental expenses.
- Sales and marketing expenses were
RMB543.7 million (US$79.1 million ), compared withRMB343.0 million in the same quarter of last year. The increase was primarily due to the addition of online store operational staff, an increase in promotional and marketing expenses, including digital marketing expenses.
- Technology and content expenses were
RMB84.0 million (US$12.2 million ), compared withRMB44.9 million in the same quarter of last year. The increase was primarily due to increased investments in innovation and productization, and recruitment of additional technology-focused staff.
- General and administrative expenses were
RMB42.8 million (US$6.2 million ), compared withRMB33.0 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
Non-GAAP income from operations was
Net income attributable to ordinary shareholders of
Non-GAAP net income attributable to ordinary shareholders of
Fiscal Year 2018 Financial Results
Total net revenues were RMB5,393.0 million (
Product sales revenue was RMB2,516.9 million (
Services revenue was RMB2,876.2 million (
Total operating expenses were RMB5,037.3 million (
- Cost of products was RMB2,034.9 million (
US$296.0 million ), compared withRMB1,917.5 million in fiscal year 2017. 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 inSeptember 2017 .
- Fulfillment expenses were RMB1,262.3 million (
US$183.6 million ), compared with RMB818.2 million in fiscal year 2017. The increase was primarily due to an increase in GMV from the Company’s distribution and consignment model business and increased warehouse rental expenses.
- Sales and marketing expenses were RMB1,339.0 million (
US$194.7 million ), compared withRMB910.8 million in fiscal year 2017. The increase was primarily due to the addition of online store operational staff and an increase in promotional and marketing expenses.
- Technology and content expenses were RMB269.0 million (
US$39.1 million ), compared withRMB140.7 million in fiscal year 2017. The increase was primarily due to increased investments in innovation and productization, and recruitment of additional technology-focused staff.
- General and administrative expenses were RMB154.8 million (
US$22.5 million ), compared withRMB116.6 million in fiscal year 2017. The increase was primarily due to an increase in administrative, corporate strategy, and business planning staff.
Income from operations was
Non-GAAP income from operations was
Net income attributable to ordinary shareholders of
Non-GAAP net income attributable to ordinary shareholders of
As of December 31, 2018, the Company had
Business Outlook
Based on current macroeconomic and operating conditions, for the first quarter of 2019, the Company expects total net revenues to be between
Conference Call
The Company will host a conference call to discuss the earnings at
Dial-in numbers for the live conference call are as follows:
International | +852-3027-6500 | |
U.S. Toll Free | +1-855-824-5644 | |
Mainland China Toll Free | 8009-880-563 | |
Hong Kong | 3027-6500 | |
Passcode: | 59357923# |
A telephone replay of the call will be available after the conclusion of the conference call through
Dial-in numbers for the replay are as follows:
International Dial-in | +852-3027-6520 | |
U.S. Toll Free | +1 646-982-0473 | |
Passcode: | 319313381# |
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
The Company uses non-GAAP financial measures in evaluating its business. For example, the Company 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
The Company presents the non-GAAP financial measures because they are used by the Company’s management to evaluate the Company’s financial and 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 financial and 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 facilitates investor assessment of the Company’s financial and 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
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. For example, our statement about our expectations for Company performance in the first quarter and fiscal year 2019 is a forward-looking statement and is inherently uncertain. 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. For example, the level of consumer economic activity in
About
For more information, please visit http://ir.baozun.com
For investor and media inquiries, please contact:
Ms. Coco Shi
ir@baozun.com
Christensen
In
Mr.
Phone: +86-10-5900-1548
E-mail: carnell@christensenir.com
In U.S.
Ms.
Phone: +1-480-614-3004
Email: lbergkamp@ChristensenIR.com
Baozun Inc. | |||||||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
(In thousands) | |||||||
Asof | |||||||
December31,2017 | December31, 2018 |
December31, 2018 |
|||||
RMB | RMB | US$ | |||||
ASSETS | |||||||
Current assets | |||||||
Cash and cash equivalents | 244,809 | 457,340 | 66,517 | ||||
Restricted cash | 48,848 | 125,515 | 18,255 | ||||
Short-term investment | 312,614 | 56,535 | 8,223 | ||||
Accounts receivable, net9 | 1,085,669 | 1,547,631 | 225,094 | ||||
Inventories1 | 382,028 | 650,348 | 94,589 | ||||
Advances to suppliers | 88,881 | 166,076 | 24,155 | ||||
Prepayments and other current assets1 | 214,636 | 286,149 | 41,619 | ||||
Amounts due from related parties | 88,795 | 32,270 | 4,693 | ||||
Total current assets | 2,466,280 | 3,321,864 | 483,145 | ||||
Non-current assets | |||||||
Investments in equity investees | 24,268 | 33,974 | 4,941 | ||||
Property and equipment, net | 330,924 | 402,740 | 58,576 | ||||
Intangible assets, net | 66,150 | 132,393 | 19,256 | ||||
Land use right, net | 44,618 | 43,593 | 6,340 | ||||
Goodwill | 13,158 | 13,158 | 1,914 | ||||
Other non-current assets | 18,043 | 30,021 | 4,366 | ||||
Deferred tax assets | 15,528 | 38,081 | 5,539 | ||||
Total non-current assets | 512,689 | 693,960 | 100,932 | ||||
Total assets | 2,978,969 | 4,015,824 | 584,077 |
Baozun Inc. | ||||||||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
(In thousands, except for share and per share data) | ||||||||
Asof | ||||||||
December31, 2017 |
December31, 2018 |
December31, 2018 |
||||||
RMB | RMB | US$ | ||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
Current liabilities | ||||||||
Short-term loan | 172,000 | 436,200 | 63,443 | |||||
Accounts payable | 583,532 | 886,340 | 128,912 | |||||
Notes payable | 48,000 | 26,770 | 3,894 | |||||
Income tax payables | 30,420 | 62,764 | 9,129 | |||||
Accrued expenses and other current liabilities1 | 314,870 | 322,668 | 46,930 | |||||
Amounts due to related parties | - | 13,994 | 2,035 | |||||
Total current liabilities | 1,148,822 | 1,748,736 | 254,343 | |||||
Long-term loan | - | 68,753 | 10,000 | |||||
Deferred tax liability | 3,710 | 3,319 | 483 | |||||
Total non-current liabilities | 3,710 | 72,072 | 10,483 | |||||
Total liabilities | 1,152,532 | 1,820,808 | 264,826 | |||||
Baozun Inc. shareholders’ equity: | ||||||||
Class A ordinary shares (US$0.0001 par value; 470,000,000 shares authorized, 152,824,659 and 159,247,873 shares issued and outstanding as of December 31, 2017 and 2018, respectively) | 95 | 98 | 14 | |||||
Class B ordinary shares (US$0.0001 par value; 30,000,000 shares authorized, 13,300,738 shares issued and outstanding as of December 31, 2017 and 2018, respectively) | 8 | 8 | 1 | |||||
Additional paid-in capital | 1,823,925 | 1,903,503 | 276,853 | |||||
Accumulated profit (deficit) | (25,000 | ) | 244,712 | 35,592 | ||||
Accumulated other comprehensive income | 9,995 | 29,222 | 4,250 | |||||
Total Baozun Inc. shareholders' equity | 1,809,023 | 2,177,543 | 316,710 | |||||
Noncontrolling interests | 17,414 | 17,473 | 2,541 | |||||
Total equity | 1,826,437 | 2,195,016 | 319,251 | |||||
Totalliabilities and shareholders' equity | 2,978,969 | 4,015,824 | 584,077 |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands, except for share and per share data and per ADS data)
For the three months ended December 31, | For the year ended December 31, | ||||||||||||||||||||||||||||||||||||
2017 | 2018 | 2017 | 2018 | ||||||||||||||||||||||||||||||||||
RMB | RMB | US$ | RMB | RMB | US$ | ||||||||||||||||||||||||||||||||
Net revenues | |||||||||||||||||||||||||||||||||||||
Product sales | 782,798 | 975,395 | 141,865 | 2,257,632 | 2,516,862 | 366,062 | |||||||||||||||||||||||||||||||
Services | 782,560 | 1,226,552 | 178,395 | 1,891,176 | 2,876,175 | 418,322 | |||||||||||||||||||||||||||||||
Total net revenues | 1,565,358 | 2,201,947 | 320,260 | 4,148,808 | 5,393,037 | 784,384 | |||||||||||||||||||||||||||||||
Operating expenses(1) | |||||||||||||||||||||||||||||||||||||
Cost of products | (630,276) | (790,131) | (114,920) | (1,917,467) | (2,034,852) | (295,957) | |||||||||||||||||||||||||||||||
Fulfillment | (339,530) | (511,967) | (74,463) | (818,173) | (1,262,302) | (183,594) | |||||||||||||||||||||||||||||||
Sales and marketing (2) | (343,007) | (543,658) | (79,071) | (910,843) | (1,338,970) | (194,745) | |||||||||||||||||||||||||||||||
Technology and content | (44,929) | (83,995) | (12,217) | (140,689) | (268,973) | (39,121) | |||||||||||||||||||||||||||||||
General and administrative | (33,033) | (42,794) | (6,224) | (116,554) | (154,845) | (22,521) | |||||||||||||||||||||||||||||||
Other operating income (loss), net | 1,067 | 370 | 54 | 11,250 | 22,678 | 3,298 | |||||||||||||||||||||||||||||||
Total operating expenses | (1,389,708) | (1,972,175) | (286,841) | (3,892,476) | (5,037,264) | (732,640) | |||||||||||||||||||||||||||||||
Income from operations | 175,650 | 229,772 | 33,419 | 256,332 | 355,773 | 51,744 | |||||||||||||||||||||||||||||||
Other income (expenses) | |||||||||||||||||||||||||||||||||||||
Interest income | 3,545 | 1,415 | 206 | 13,350 | 8,017 | 1,166 | |||||||||||||||||||||||||||||||
Interest expense | (3,497) | (4,897) | (712) | (4,252) | (13,058) | (1,899) | |||||||||||||||||||||||||||||||
Gain on disposal of investment | 4,664 | - | - | 5,464 | - | - | |||||||||||||||||||||||||||||||
Impairment loss of investments | (6,227) | (7,497) | (1,090) | (6,227) | (9,021) | (1,312) | |||||||||||||||||||||||||||||||
Exchange gain (loss) | 928 | 1,279 | 186 | (21) | (5,991) | (871) | |||||||||||||||||||||||||||||||
Income before income tax | 175,063 | 220,072 | 32,009 | 264,646 | 335,720 | 48,828 | |||||||||||||||||||||||||||||||
Income tax expense (3) | (28,586) | (31,936) | (4,645) | (54,251) | (64,953) | (9,447) | |||||||||||||||||||||||||||||||
Share of income (loss) in equity method investment, net of tax of nil |
17 | 312 | 45 | (1,265) | (996) | (145) | |||||||||||||||||||||||||||||||
Net income | 146,494 | 188,448 | 27,409 | 209,130 | 269,771 | 39,236 | |||||||||||||||||||||||||||||||
Net (income) loss attributable to noncontrolling interests |
66 | (205) | (30) | (264) | (59) | (9) | |||||||||||||||||||||||||||||||
Net income attributable to ordinary shareholders of Baozun Inc. | 146,560 | 188,243 | 27,379 | 208,866 | 269,712 | 39,227 | |||||||||||||||||||||||||||||||
Net income per share attributable to ordinary shareholders of Baozun Inc.: | |||||||||||||||||||||||||||||||||||||
Basic | 0.89 | 1.10 | 0.16 | 1.29 | 1.59 | 0.23 | |||||||||||||||||||||||||||||||
Diluted | 0.83 | 1.06 | 0.15 | 1.19 | 1.50 | 0.22 | |||||||||||||||||||||||||||||||
Net income per ADS attributable to ordinary shareholders of Baozun Inc.: | |||||||||||||||||||||||||||||||||||||
Basic | 2.67 | 3.29 | 0.48 | 3.87 | 4.76 | 0.69 | |||||||||||||||||||||||||||||||
Diluted | 2.48 | 3.17 | 0.46 | 3.56 | 4.51 | 0.66 | |||||||||||||||||||||||||||||||
Weighted average shares used in calculating net income per ordinary share | |||||||||||||||||||||||||||||||||||||
Basic | 164,471,581 | 171,399,524 | 171,399,524 | 162,113,815 | 169,884,906 | 169,884,906 | |||||||||||||||||||||||||||||||
Diluted | 177,081,330 | 178,026,070 | 178,026,070 | 176,115,049 | 179,327,029 | 179,327,029 | |||||||||||||||||||||||||||||||
Netincome | 146,494 | 188,448 | 27,409 | 209,130 | 269,771 | 39,236 | |||||||||||||||||||||||||||||||
Other comprehensive income, net of tax of nil: | |||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | (10,317) | 1,022 | 149 | (34,353) | 19,227 | 2,796 | |||||||||||||||||||||||||||||||
Comprehensive income | 136,177 | 189,470 | 27,558 | 174,777 | 288,998 | 42,032 |
(1) Share-based compensation expenses are allocated in operating expenses items as follows:
For the three months ended December 31, | For the year ended December 31, | ||||||||||||
2017 | 2018 | 2017 | 2018 | ||||||||||
RMB | RMB | US$ | RMB | RMB | US$ | ||||||||
Fulfillment | 720 | 2,174 | 316 | 2,904 | 5,831 | 848 | |||||||
Sales and marketing | 5,120 | 6,509 | 947 | 20,363 | 28,346 | 4,123 | |||||||
Technology and content | 2,818 | 2,367 | 344 | 13,822 | 13,445 | 1,956 | |||||||
General and administrative | 5,212 | 5,853 | 851 | 21,142 | 28,240 | 4,107 | |||||||
13,870 | 16,903 | 2,458 | 58,231 | 75,862 | 11,034 |
(2) Including amortization of intangible assets resulting from business acquisition, which amounted to
(3) Including income tax benefits of
Reconciliations of GAAP and Non-GAAP Results
(in thousands, except for share and per ADS data)
For the three months ended December 31, | For the year ended December 31, | |||||||||||||||||||
2017 | 2018 | 2017 | 2018 | |||||||||||||||||
RMB | RMB | US$ | RMB | RMB | US$ | |||||||||||||||
Income from operations | 175,650 | 229,772 | 33,419 | 256,332 | 355,773 | 51,744 | ||||||||||||||
Add: Share-based compensation expenses | 13,870 | 16,903 | 2,458 | 58,231 | 75,862 | 11,034 | ||||||||||||||
Amortization of intangible assets resulting from business acquisition | 391 | 391 | 57 | 782 | 1,564 | 228 | ||||||||||||||
Non-GAAP income from operations | 189,911 | 247,066 | 35,934 | 315,345 | 433,199 | 63,006 | ||||||||||||||
Net income | 146,494 | 188,448 | 27,409 | 209,130 | 269,771 | 39,236 | ||||||||||||||
Add: Share-based compensation expenses | 13,870 | 16,903 | 2,458 | 58,231 | 75,862 | 11,034 | ||||||||||||||
Amortization of intangible assets resulting from business acquisition | 391 | 391 | 57 | 782 | 1,564 | 228 | ||||||||||||||
Less: Tax effect of amortization of intangible assets resulting from business acquisition | (98 | ) | (98 | ) | (14 | ) | (196 | ) | (392 | ) | (57 | ) | ||||||||
Non-GAAP net income | 160,657 | 205,644 | 29,910 | 267,947 | 346,805 | 50,441 | ||||||||||||||
Net income attributable to ordinary shareholders of Baozun Inc. | 146,560 | 188,243 | 27,379 | 208,866 | 269,712 | 39,227 | ||||||||||||||
Add: Share-based compensation expenses | 13,870 | 16,903 | 2,458 | 58,231 | 75,862 | 11,034 | ||||||||||||||
Amortization of intangible assets resulting from business acquisition | 199 | 199 | 29 | 398 | 796 | 116 | ||||||||||||||
Less: Tax effect of amortization of intangible assets resulting from business acquisition | (50 | ) | (50 | ) | (7 | ) | (100 | ) | (200 | ) | (29 | ) | ||||||||
Non-GAAP net income attributable to ordinary shareholders of Baozun Inc. | 160,579 |
205,295 |
29,859 |
267,395 |
346,170 |
50,348 |
||||||||||||||
Non-GAAP net incomeattributable to ordinary shareholders of Baozun Inc. per ADS: | ||||||||||||||||||||
Basic | 2.93 | 3.59 | 0.52 | 4.95 | 6.11 | 0.89 | ||||||||||||||
Diluted | 2.72 | 3.46 | 0.50 | 4.55 | 5.79 | 0.84 | ||||||||||||||
Weighted average shares used in calculating net income per ordinary share | ||||||||||||||||||||
Basic | 164,471,581 | 171,399,524 | 171,399,524 | 162,113,815 | 169,884,906 | 169,884,906 | ||||||||||||||
Diluted | 177,081,330 | 178,026,070 | 178,026,070 | 176,115,049 | 179,327,029 | 179,327,029 | ||||||||||||||
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
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
4 Each ADS represents three Class A ordinary shares.
5 Basic and diluted non-GAAP net income attributable to ordinary shareholders of
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.
9 Certain reclassifications in accounts receivable, inventories, prepayments and other current assets and accrued expenses and other current liabilities as of
Source: Baozun Inc.