Baozun, Inc. · NASDAQ:BZUN
Baozun — Q4 2022 Earnings Presentation
21 slides from Baozun's earnings presentation, Mar 22, 2023
Slide 1: 4Q 2022 Earnings Presentation
4Q 2022 Earnings Presentation March 22, 2023
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: 4Q22 Financial Highlights
4Q22 Financial Highlights Non-GAAP Non-GAAP Net Income Operating GMV(1) Revenue Operating Income(2) to Shareholders(3) Cash Flow(4) RMB 26 bn RMB 2.6 bn RMB 183 mn RMB 138 mn RMB 622 mn -2% YoY -20% YoY + 157% YoY + 83% YoY + 88 mn YoY (1) Gross merchandise volume, includes value added tax and exclu
Slide 4: The "New" Baozun Group
The “New” Baozun Group Baozun E-Commerce Baozun Brand Management Baozun International (BEC) (BBM) (BZI) Core business Growth & profitability focus Long term opportunity • Cultivate China e-commerce market, enhance • 360° brand management • Glocalization service depth and value proposition • Online m
Slide 5: Topline Resilience Despite COVID Disruptions
Topline Resilience Despite COVID Disruptions Total GMV (1) Total Net Revenues RMB mn RMB mn 84,274 71,054 9,396 8,401 5,523 81,304 5,756 66,718 26,008 25,558 3,173 2,553 1,943 24,626 24,690 3,874 1,781 2,644 4,336 1,230 772 2,970 1,382 868 FY2021 FY2022 4Q2021 4Q2022 FY2021 FY2022 4Q2021 4Q2022 Dist
Slide 6: 4Q22 Revenue Breakdown
4Q22 Revenue Breakdown Revenue Breakdown by Service Segment Revenue YoY Growth Breakdown by Service Segment Digital Marketing & IT Solution Product Sales 21% 30% -3% -13% -7% Online Store Services -27% Operations -37% 20% Warehousing 50% and Online Store Product Sales Services Warehousing Digital Fu
Slide 7: Improved Gross Margin
Improved Gross Margin Gross Profit of Product Sales (1) Gross Profit (2) RMB mn RMB mn 73% 75% 15% 15% 15% 17% 65% 67% 20.0% 70.0% 597 0.0% 50.0% 6,120 6,145 -20.0% 30.0% 388 -40.0% 10.0% -60.0% -10.0% 186 2,129 1,910 129 -80.0% -30.0% -100.0% -50.0% FY2021 FY2022 4Q2021 4Q2022 FY2021 FY2022 4Q2021
Slide 8: Solid Profitability Trend
Solid Profitability Trend Non-GAAP income from operations (1) Non-GAAP net income (2) RMB mn RMB mn 400 7.2% 10.0% 10.0% 6.6% 2.4% 3.0% 2.2% 2.8% 350 2.3% 2.2% 0.0% 0.0% 300 256 -10.0% -10.0% 250 224 217 200 183 -20.0% 183 -20.0% 168 150 -30.0% -30.0% 100 89 71 -40.0% -40.0% 50 0 -50.0% -50.0% FY202
Slide 9: Net Revenues Walk 4Q21 vs 4Q22
Net Revenues Walk 4Q21 vs 4Q22 Net Revenues Bridge (1) RMB Mn Stream of Online Store Operations Rebased 4Q21 Net Revenues of 3,090 million Decline in revenues from product sales, mainly due to optimization of Electronics category and weaker sales of Appliances category 4Q21 Disposal of Distribution
Slide 10: Profits Walk 4Q21 vs 4Q22
Profits Walk 4Q21 vs 4Q22 Non-GAAP Operating Profit Bridge (1) RMB Mn Stream of Online Store Operations Rebased 4Q21 non-GAAP operating profit of 128 million 4Q21 4Q21 One-off Disposal of Distribution Sportswear & Luxury Other Business 3 Warehouse Digital Strategic 4Q22 Non-GAAP Adjustment (2) Baobi
Slide 11: Cash Flow Walk 3Q22 vs 4Q22
Cash Flow Walk 3Q22 vs 4Q22 RMB Mn 30/09/2022 Cash Operating Investing Financing Foreign 31/12/2022 Cash & & Cash Equivalent Exchange Cash Equivalent Balance (1) Balance (1) (1) Including cash, cash equivalents, restricted cash and short term investment 10
Slide 12: FY2022 Financial Highlights
FY2022 Financial Highlights Non-GAAP Non-GAAP Net Income Operating GMV(1) Revenue Operating Income(2) to Shareholders(3) Cash Flow (4) RMB 84 bn RMB 8.4 bn RMB 256 mn RMB 132 mn RMB 367 mn +19% YoY -11% YoY + 14% YoY -34% YoY + 463 mn YoY (1) Gross merchandise volume, includes value added tax and ex
Slide 13: FY2022 Achievements
FY2022 Achievements Omni-Channel Logistics 42% brand partners Strengthened strategic Engaged on omni-channel cooperation with Cainiao basis Value-added Service ESG 400+ brand partners Issued Baozun Carbon In service of online store Neutrality White Paper operations, IT, digital marketing, warehousin
Slide 14: Baozun Brand Management
Baozun Brand Management Technology is at the center of our strategy and competitive advantage: operations require technology and data, and this is why brands need us. Our expertise in technology at the service of brand operations can translate into different business model but fundamentally defines
Slide 15: Q&A
Q&A 14
Slide 16: Appendix
Appendix
Slide 17: Operating Expenses Breakdown
Operating Expenses Breakdown Operating expenses breakdown (as % of total GMV) Operating expense analysis (for 4Q2022) • Decline in warehouse and logistics revenue • Reduction of RMB85.4 million in freight expenses resulting from the Company’s divesture of a subsidiary of its warehouse and supply cha
Slide 18: Consolidated Statements of Income
Consolidated Statements of Income Selected Consolidated Statements of Income For the year ended For the three months ended December 31, December 31, in RMB '000 2020 2021 2022 2021 2022 Product sales 3,906,611 3,873,589 2,644,214 1,230,025 772,375 Services 4,944,952 5,522,667 5,756,417 1,942,853 1,7
Slide 19: Reconciliations of GAAP and non-GAAP Financial Measures
Reconciliations of GAAP and non-GAAP Financial Measures For the year ended For the three months December 31, ended December 31, In RMB ’000 2020 2021 2022 2021 2022 Income (loss) from operations 558,677 7,021 33,287 4,001 124,068 Add: Share-based compensation expenses 108,440 196,547 142,381 55,965
Slide 20: Consolidated Balance Sheet
Consolidated Balance Sheet Selected Consolidated Balance Sheet Data For the year ended December 31, in RMB '000 2020 2021 2022 ASSETS Cash and cash equivalents 3,579,665 4,606,545 2,144,020 Restricted cash 151,354 93,219 101,704 Short-term investments 1,448,843 - 895,425 Accounts receivable, net(1)
Slide 21: Thank You!
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