Baozun, Inc. · NASDAQ:BZUN
Baozun — Q3 2021 Earnings Presentation
22 slides from Baozun's earnings presentation, November 2021
Slide 1: 3Q21 Earnings Presentation
3Q21 Earnings Presentation November 2021
Slide 2: Disclaimer
Disclaimer This presentation does not constitute an offer to sell or issue or solicitation of an offer to buy or acquire securities of Baozun Inc. (the “Company”) in any jurisdiction or an inducement to enter into investment activity, nor may it or any part of it form the basis of or be relied on in
Slide 3: 2021 3Q Financial Highlights
2021 3Q Financial Highlights Non-GAAP Income Non-GAAP GMV(1) Revenue from Operations(2) Net Income RMB 16.1 bn RMB 1.9 bn RMB (84) mn RMB (87) mn +48% YoY +4% YoY One-off adjusted(3) RMB 2 mn RMB (1) mn (1) Gross merchandise volume for the quarter of 2021 Q3, includes value added tax and excludes (i
Slide 4: 2021 3Q Overall Business Recap
2021 3Q Overall Business Recap Category Omni-Channel Technology Commitment to Highlights Expansion Enhancement Sustainable Growth • Outperforming categories – • Strong momentum in new store • Omni-channel integration • Solid progress of M&As, with initial Electronics, FMCG openings from non-TMALL en
Slide 5: Upgrade technological infrastructure
Upgrade technological infrastructure Integrate technology with operation to improve System Upgrade operating efficiency and flexibility, reduce costs Upgrade core e-commerce infrastructure to be more omni-channel oriented S-ANY Self-developed intelligent customer service management Upgrade system fo
Slide 6: Baozun MSCI ESG Rating Upgrade to "A"
Baozun MSCI ESG Rating Upgrade to “A” Source: MSCI Report 5
Slide 7: M&A's Initial Contribution/ Impact
M&A’s Initial Contribution/ Impact Non-GAAP Income GMV Revenue from Operations 130 212 9 2 7.0 million inorganic 1% of 11% of operating loss Total GMV Total Revenue -84 Consolidation One-off Adjusted Amounts in RMB million Organic fundamental 6
Slide 8: China's Weaker Macroeconomy and Consumption Sentiment
China’s Weaker Macroeconomy and Consumption Sentiment Slower Growth for online retail sales across certain categories Monthly Retail Sales of Goods YoY Growth Retail Sales YoY Growth by Category 50% 100% 13.3% YoY growth in 80% 40% 2Q21 8.7% YoY 60% 30% 13.9% YoY growth in growth in 3Q21 2Q21 40% El
Slide 9: Mixed GMV Growth
Mixed GMV Growth Total GMV (1) GMV by Category (for 9M21) RMB mn Sports 55,688 Luxury 30% Apparel & 40% Accessories Electronics 44,410 Single-digit Men’s Tripled 45,046 YoY decline Clothing YoY growth Women’s 32,815 Clothing 29,426 51,353 40,561 42,092 19,112 16% 30,126 16,078 26,524 11,265 10,847 1
Slide 10: Sustained Revenue Growth
Sustained Revenue Growth Total net revenues Gross profit (1) RMB mn RMB mn 8,852 69% 62% 62% 64% 63% 70.0% 62% 63% 7,278 54% 5,525 6,223 43% 50.0% 4,945 4,504 5,393 5,505 3,856 3,990 30.0% 3,358 3,465 4,149 3,580 2,876 3,073 10.0% 3,390 1,891 2,231 1,214 -10.0% 1,829 1,899 1,468 3,907 1,303 3,422 1,
Slide 11: Operating Expenses Trend
Operating Expenses (1) Trend Fulfillment Expenses Marketing Expenses RMB Mn RMB Mn 1,702 1,654 268 20 634 536 1,634 1,408 1,434 1,389 205 14 420 429 501 522 3Q20 3Q21 9M20 9M21 3Q20 3Q21 9M20 9M21 Organic M&A 列1 Organic M&A 列1 Technology and Content Expenses General and Administrative Expenses RMB M
Slide 12: Optimizing Cost Structure and Driving Operational Efficiency
Optimizing Cost Structure and Driving Operational Efficiency Operating expenses breakdown (as % of total GMV) Operating expense analysis • Incremental cost of 205MM from M&A 12.2% (BolTone & Baobida) 0.8% • Less outbound orders for the quarter 0.8% 10.4% 10.3% Fulfillment 634MM impacted by BCI & wea
Slide 13: Profitability Trend
Profitability Trend Non-GAAP income (loss) from operations (1) Non-GAAP net income (loss) (2) RMB mn RMB mn 10.0% 669 6.5% 6.4% 6.1% 7.6% 8.0% 10.0% 4.9% 4.8% 5.0% 6.3% 6.1% 6.1% 3.5% 2.1% 3.7% 7.6% 2.5% 536 0.0% 0.0% -4.6% 460 -4.4% 433 347 358 -10.0% -10.0% 336 315 268 265 -20.0% -20.0% 153 124 12
Slide 14: Profits Walk 3Q20 vs 3Q21 amid Weak Macro-environment
Profits Walk 3Q20 vs 3Q21 amid Weak Macro-environment Non-GAAP Operating Profit Bridge (1) RMB Mn RSC, 4 LED, 2 BCI Impact Strategic investment HQ dual breakdown running, 14 Adjusted non-GAAP operating profit which is calculated based Talents, 22 on the non-GAAP operating profit adding back the writ
Slide 15: Profitability Trend (Cont'd)
Profitability Trend (Cont’d) Non-GAAP net income (loss) Basic and Diluted non-GAAP net income (loss) attributable to Ordinary Shareholders of Baozun (1) attributable to Ordinary Shareholders of Baozun Inc. per ADS (2) RMB mn RMB 10 10.0% 6.4% 6.4% 4.9% 6.0% 4.8% 5.0% 8.57 8.40 3.6% 2.0% 535 8 0.0% -
Slide 16: Cash Flows
Cash Flows RMB Mn BZUN FY2021Q3 Cash Flow Bridge Investing CF Financing CF 30/06/2021 Operating Investing Investing Financing -Share Financing - Foreign 30/09/2021 Cash Short-term Total Cash & Cash Cash & Cash M&A Others Buyback Others Exchange & Cash Investment Equivalent (1) and Equivalent Equival
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Slide 18: Appendix
Appendix
Slide 19: Consolidated Statements of Income
Consolidated Statements of Income Selected Consolidated Statements of Income For the year ended For the three months ended December 31, September 30, in RMB '000 2018 2019 2020 2020 2021 Product sales 2,516,862 3,422,151 3,906,611 803,434 699,645 Services 2,876,175 3,856,041 4,944,952 1,025,725 1,19
Slide 20: Consolidated Balance Sheet
Consolidated Balance Sheet Selected Consolidated Balance Sheet Data For the year ended As of September 30 December 31, in RMB '000 2018 2019 2020 2021 ASSETS Cash and cash equivalents 1,921,459 457,340 1,144,451 3,579,665 Restricted cash 13,553 125,515 382,359 151,354 1,855,132 Accounts receivable,
Slide 21: Reconciliations of GAAP and non-GAAP Financial Measures
Reconciliations of GAAP and non-GAAP Financial Measures For the three months For the year ended December 31, ended September 30, In RMB ’000 2016 2017 2018 2019 2020 2020 2021 Income (loss) from operations 90,066 256,332 355,773 383,653 558,677 84,607 (156,525) Add: Share-based compensation expenses
Slide 22: Thank You!
Thank You!