UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

 

 

 

For the month of June 2020

 

 

 

Commission File Number: 001-37385

 

Baozun Inc.

 

Building B, No. 1268 Wanrong Road

Shanghai 200436

The People’s Republic of China

+86 21 8026-6000

(Address, including zip code, and telephone number, including area code, of Registrant’s principal executive offices)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 

Form 20-F x Form 40-F ¨

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨

 

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  Baozun Inc.
     
  By: /s/ Robin Bin Lu
  Name: Robin Bin Lu
  Title: Chief Financial Officer

 

Date: June 2, 2020

 

 

 

 

Exhibit Index

 

Exhibit 99.1 — Press Release

 

 

 

 

Exhibit 99.1

 

Baozun Announces First Quarter 2020 Unaudited Financial Results

 

SHANGHAI, CHINA – June 2, 2020 – 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 first quarter ended March 31, 2020.

 

First Quarter 2020 Financial Highlights

 

lTotal net revenues were RMB1,523.6 million (US$1215.2 million), an increase of 18.4% year-over-year. Services revenue was RMB822.5 million (US$116.2 million), an increase of 22.9% year-over-year.

 

lIncome from operations was RMB12.8 million (US$1.8 million), as compared with RMB45.8 million in the same quarter of last year. Operating margin was 0.8%, compared with 3.6% in the same quarter of last year.

 

lNon-GAAP income from operations2 was RMB36.8 million (US$5.2 million), as compared with RMB64.7 million in the same quarter of last year. Non-GAAP operating margin was 2.4%, compared with 5.0% in the same quarter of last year.

 

lNet income attributable to ordinary shareholders of Baozun Inc. was RMB2.2 million (US$0.3 million), as compared with RMB34.0 million in the same quarter of last year.

 

lNon-GAAP net income attributable to ordinary shareholders of Baozun Inc.3 was RMB26.0 million (US$3.7 million), as compared with RMB52.6 million in the same quarter of last year.

 

lBasic and diluted net income attributable to ordinary shareholders of Baozun Inc. per American Depository Share (“ADS4”) were RMB0.04 (US$0.01) and RMB0.04 (US$0.01), respectively, compared with RMB0.59 and RMB0.57, respectively, in the same quarter of last year.

 

lBasic and diluted non-GAAP net income attributable to ordinary shareholders of Baozun Inc. per ADS5 were RMB0.44 (US$0.06) and RMB0.44 (US$0.06), respectively, compared with RMB0.91 and RMB0.89, respectively, in the same quarter of last year.

 

 

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 RMB7.0808 to US$1.00, the noon buying rate in effect on March 31, 2020 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 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.

 

 

 

 

First Quarter 2020 Operational Highlights

 

lTotal Gross Merchandise Volume (“GMV”)6 was RMB9,209.8 million, an increase of 17.6% year-over-year.

 

lDistribution GMV7 was RMB782.9 million, an increase of 10.4% year-over-year.

 

lNon-distribution GMV8 was RMB8,426.9 million, an increase of 18.3% year-over-year.

 

lNumber of brand partners increased to 239 as of March 31, 2020, from 200 as of March 31, 2019.

 

lNumber of GMV brand partners increased to 228 as of March 31, 2020, from 192 as of March 31, 2019.

 

Mr. Vincent Qiu, Chairman and Chief Executive Officer of Baozun, commented, “First, I’d like to sincerely thank all of our employees who have demonstrated incredible resilience and dedication to ensuring business continuity and growth momentum throughout this challenging period. I am very proud of the great tenacity and agility our organization and technology infrastructure were able to display during the pandemic. As China’s economic recovery strengthens in the second quarter, we believe the adoption of online retail will continue to accelerate going forward as brand partners increasingly prioritize their digital go-to-market strategies. This will create even more opportunities for us to drive mid-to-long-term sustainable growth.”

 

Mr. Robin Lu, Chief Financial Officer of Baozun, commented, “Despite increasing macroeconomic uncertainties during the quarter, our business demonstrated great resilience by achieving 17.6% and 18.4% year-over-year growth rate for GMV and net revenues, respectively. While we incurred incremental costs associated with the pandemic, we were able to reinforce our leading position in the market with a proven track record of empowering brand partners even during one of the toughest times. Since March, China’s e-commerce sector has begun steadily recovering while the logistics industry has normalized, we are confident that we remain on track with our high-quality growth strategy and will re-establish growth in our non-GAAP operating profits in the second quarter of 2020. As things stand now, provided the macroeconomic environment does not deteriorate any further, we anticipate that GMV for the second quarter of 2020 will grow by at least 25%.”

 

First Quarter 2020 Financial Results

 

Total net revenues were RMB1,523.6 million (US$215.2 million), an increase of 18.4% from RMB1,286.8 million in the same quarter of last year.

 

 

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.

 

 

 

 

Product sales revenue was RMB701.1 million (US$99.0 million), an increase of 13.5% from RMB617.6 million in the same quarter of last year. The increase was primarily attributable to the acquisition of new brand partners and the increased popularity of brand partners’ products.

 

Services revenue was RMB822.5 million (US$116.2 million), an increase of 22.9% from RMB669.2 million in the same quarter of last year. The increase was primarily attributable to the growth of the Company’s consignment model and service fee model.

 

Total operating expenses were RMB1,510.8 million (US$213.4 million), compared with RMB1,240.9 million in the same quarter of last year.

 

lCost of products was RMB590.1 million (US$83.3 million), compared with RMB508.8 million in the same quarter of last year. The increase was primarily due to higher costs associated with an increase in product sales revenue, especially for newly acquired brand partners.

 

lFulfillment expenses were RMB413.0 million (US$58.3 million), compared with RMB287.6 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 incremental logistics costs associated with the outbreak of COVID-19 in China.

 

lSales and marketing expenses were RMB366.2 million (US$51.7 million), compared with RMB311.4 million in the same quarter of last year. The increase was in line with GMV growth.

 

lTechnology and content expenses were RMB95.9 million (US$13.5 million), compared with RMB87.9 million in the same quarter of last year. The increase was primarily due to growth in GMV and the Company’s ongoing investment in technological innovation and productization.

 

lGeneral and administrative expenses were RMB49.9 million (US$7.1 million), compared with RMB45.5 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 RMB12.8 million (US$1.8 million), compared with RMB45.8 million in the same quarter of last year. Operating margin was 0.8%, compared with 3.6% in the same quarter of last year.

 

Non-GAAP income from operations was RMB36.8 million (US$5.2 million), compared with RMB64.7 million in the same quarter of last year. Non-GAAP operating margin was 2.4%, compared with 5.0% in the same quarter of last year.

 

Net income attributable to ordinary shareholders of Baozun Inc. was RMB2.2 million (US$0.3 million), as compared with RMB34.0 million in the same quarter of last year. Basic and diluted net income attributable to ordinary shareholders of Baozun Inc. per ADS were RMB0.04 (US$0.01) and RMB0.04 (US$0.01), respectively, compared with RMB0.59 and RMB0.57, respectively, in the same quarter of last year.

 

 

 

 

Non-GAAP net income attributable to ordinary shareholders of Baozun Inc. was RMB26.0 million (US$3.7 million), as compared with RMB52.6 million in the same quarter of last year. Basic and diluted non-GAAP net income attributable to ordinary shareholders of Baozun Inc. per ADS were RMB0.44 (US$0.06) and RMB0.44 (US$0.06), respectively, compared with RMB0.91 and RMB0.89, respectively, in the same quarter of last year.

 

As of March 31, 2020, the Company had RMB1,660.6 million (US$234.5 million) in cash, cash equivalents and short-term investment, a decrease from RMB1,988.5 million as of December 31, 2019.

 

Business Outlook

 

Based on the market and operational conditions, provided that the macroeconomic environment does not deteriorate further, the Company expects total net revenues to be between RMB 2,050 million and RMB 2,100 million for the second quarter of 2020, which represents a year-over-year growth rate of 20% to 23%. The Company expects services revenue to grow at a faster rate than total net revenue during the second quarter of 2020. The above forecast reflects the Company’s current and preliminary view, which is subject to substantial uncertainty as the COVID-19 situation in China and other countries is evolving.

 

Conference Call

 

The Company will host a conference call to discuss the earnings at 7:00 a.m. Eastern Time on Tuesday, June 2, 2020 (7:00 p.m. Beijing time on the same day).

 

Due to the outbreak of COVID-19, operator assisted conference calls are not available at the moment. All participants wishing to attend the call must preregister online before they can receive the dial-in numbers. Preregistration may require a few minutes to complete. The Company would like to apologize for any inconvenience caused by not having an operator as a result of COVID-19.

 

Participants can register for the conference call by navigating to http://apac.directeventreg.com/registration/event/2043268. Once preregistration has been complete, participants will receive dial-in numbers, the passcode, and a unique access PIN.

 

To join the conference, simply dial the number in the calendar invite you receive after preregistering, enter the passcode followed by your PIN, and you will join the conference instantly.

 

A telephone replay of the call will be available after the conclusion of the conference call through 09:59 a.m. Beijing Time, June 9, 2020.

 

Dial-in numbers for the replay are as follows:

 

International Dial-in +61-2-8199-0299

U.S. Toll Free 1-855-452-5696

Passcode: 2043268#

 

 

 

 

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 also uses certain 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 Baozun Inc. and non-GAAP net income (loss) attributable to ordinary shareholders of Baozun Inc. per ADS, as supplemental measures to review and assess its financial and 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 (loss) 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 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 investors’ 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 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, potentially limiting the comparability of their financial results to the Company’s. 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. For example, quotations from management in this announcement and the Company’s statement about its expectations for Company performance in the second quarter of 2020 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, such as the Company’s expected growth of the online retail industry in China, the Company’s expectations regarding demand for and market acceptance of its products and services, the impact of the COVID-19 pandemic on business and economic conditions in China and globally, the Company’s expectations regarding its relationships with its brand partners and e-commerce channels, and the level of consumer economic activity in China, 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 applicable 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. Wendy Sun

Email: ir@baozun.com

 

Christensen

In China

Mr. Christian Arnell

Phone: +86-10-5900-1548

E-mail: carnell@christensenir.com

 

 

 

 

Baozun Inc.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

 

   As of 
   December 31, 2019  

March 31,

2020

  

March 31,

2020

 
   RMB   RMB   US$ 
ASSETS            
Current assets               
Cash and cash equivalents   1,144,451    947,600    133,827 
Restricted cash   382,359    315,394    44,542 
Short-term investments   844,040    713,021    100,698 
Accounts receivable, net   1,800,896    1,593,099    224,989 
Inventories, net   896,818    833,850    117,762 
Advances to suppliers   214,771    219,747    31,034 
Prepayments and other current assets   387,713    330,766    46,713 
Amounts due from related parties   19,323    17,415    2,459 
Total current assets   5,690,371    4,970,892    702,024 

 

Non-current assets               
Long-term time deposits   209,495    212,706    30,040 
Investments in equity investees   37,373    47,833    6,755 
Property and equipment, net   415,648    412,382    58,239 
Intangible assets, net   151,041    148,066    20,911 
Land use right, net   42,567    42,311    5,975 
Operating lease right-of-use assets   440,593    406,798    57,451 
Goodwill   13,574    13,574    1,917 
Other non-current assets   41,461    38,810    5,481 
Deferred tax assets   54,477    54,540    7,703 
Total non-current assets   1,406,229    1,377,020    194,472 
                
Total assets   7,096,600    6,347,912    896,496 

 

 

 

 

Baozun Inc.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except for share and per share data)

 

   As of 
   December 31, 2019  

March 31,

2020

  

March 31,

2020

 
   RMB   RMB   US$ 
             
LIABILITIES AND SHAREHOLDERS’ EQUITY               
Current liabilities               
Short-term loan   428,490    390,579    55,160 
Accounts payable   877,093    523,008    73,863 
Notes payable   210,693    -    - 
Income tax payables   81,966    10,323    1,458 
Accrued expenses and other current liabilities   581,122    484,287    68,394 
Amounts due to related parties   6,796    6,179    873 
Current operating lease liabilities   137,855    128,345    18,126 
Total current liabilities   2,324,015    1,542,721    217,874 
                
Non-current liabilities               
Long-term loan   1,859,896    1,894,724    267,586 
Deferred tax liability   2,929    2,831    400 
Long-term operating lease liabilities   309,989    285,754    40,356 
Total non-current liabilities   2,172,814    2,183,309    308,342 
                
Total liabilities   4,496,829    3,726,030    526,216 
                
Redeemable non-controlling interests   9,254    8,540    1,206 
                
Baozun Inc. shareholders’ equity:               
Class A ordinary shares (US$0.0001 par value; 470,000,000 shares authorized, 174,918,929 and 175,780,674 shares issued and outstanding as of December 31, 2019 and March 31, 2020, respectively)   107    107    15 
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, 2019 and March 31, 2020, respectively)   8    8    1 
Additional paid-in capital   2,014,227    2,037,887    287,805 
Retained earnings   526,009    528,248    74,602 
Accumulated other comprehensive income   28,380    25,172    3,555 
                
Total Baozun Inc. shareholders’ equity   2,568,731    2,591,422    365,978 
                
Noncontrolling interests   21,786    21,920    3,096 
                
Total equity   2,590,517    2,613,342    369,074 
                
Total liabilities, redeemable non-controlling interests and equity   7,096,600    6,347,912    896,496 

 

 

 

 

Baozun Inc.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(In thousands, except for share and per share data and per ADS data)

 

   For the three months ended March 31, 
   2019   2020 
   RMB   RMB   US$ 
             
Net revenues               
Product sales   617,585    701,132    99,019 
Services   669,176    822,508    116,160 
Total net revenues   1,286,761    1,523,640    215,179 
                
Operating expenses (1)               
Cost of products   (508,824)   (590,106)   (83,339)
Fulfillment   (287,576)   (413,016)   (58,329)
Sales and marketing (2)   (311,420)   (366,167)   (51,713)
Technology and content   (87,866)   (95,882)   (13,541)
General and administrative   (45,469)   (49,935)   (7,052)
Other operating income, net   234    4,265    602 
Total operating expenses   (1,240,921)   (1,510,841)   (213,372)
Income from operations   45,840    12,799    1,807 
Other income (expenses)               
Interest income   1,974    10,580    1,494 
Interest expense   (8,042)   (17,907)   (2,529)
Exchange gain (loss)   968    (4,863)   (687)

Income before income tax and share of income in equity

method investment

   40,740    609    85 
Income tax expense (3)   (7,305)   (3,410)   (482)
Share of income in equity method investment, net of tax of nil   515    4,460    630 
Net income   33,950    1,659    233 
                
Net (income) loss attributable to noncontrolling interests   59    (134)   (19)
Net loss attributable to redeemable noncontrolling interests   -    714    101 
Net income attributable to ordinary shareholders of Baozun Inc.   34,009    2,239    315 
                
Net income per share attributable to ordinary shareholders of Baozun Inc.:               
Basic   0.20    0.01    0.00 
Diluted   0.19    0.01    0.00 
Net income per ADS attributable to ordinary shareholders of Baozun Inc.:               
Basic   0.59    0.04    0.01 
Diluted   0.57    0.04    0.01 
Weighted average shares used in calculating net income per ordinary share               
Basic   172,839,612    175,765,834    175,765,834 
Diluted   178,273,196    178,761,156    178,761,156 
                
Net income   33,950    1,659    233 
Other comprehensive income, net of tax of nil:               
Foreign currency translation adjustment   (8,971)   (3,208)   (453)
Comprehensive income (loss)   24,979    (1,549)   (220)

 

In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326), which requires all entities to disclose their current estimate of all expected credit losses. We adopted this ASU on January 1, 2020 using the modified retrospective transition method and no material adjustment to the opening balance of retained earnings of 2020 was necessary. The adoption of this new ASU has no material impact on our consolidated financial position and results of operations.

 

 

 


(1) Share-based compensation expenses are allocated in operating expenses items as follows:

 

   For the three months ended March 31, 
   2019   2020 
   RMB   RMB   US$ 
             
Fulfillment   2,897    2,663    376 
Sales and marketing   5,271    8,252    1,165 
Technology and content   2,620    3,288    464 
General and administrative   7,688    9,394    1,327 
    18,476    23,597    3,332 

 

(2) Including amortization of intangible assets resulting from business acquisition, which amounted to RMB0.4 million for both the three months period ended March 31, 2019 and 2020.

 

(3) Including income tax benefits of RMB0.1 million related to the reversal of deferred tax liabilities, which was recognized on business acquisition for both the three months period ended March 31, 2019 and 2020.

 

Baozun Inc.

Reconciliations of GAAP and Non-GAAP Results

(in thousands, except for share and per ADS data)  

 

   For the three months ended March 31, 
   2019   2020 
   RMB   RMB   US$ 
             
Income from operations   45,840    12,799    1,807 
Add: Share-based compensation expenses   18,476    23,597    3,332 
Amortization of intangible assets resulting from business acquisition   391    391    55 
Non-GAAP income from operations   64,707    36,787    5,194 
                
Net Income   33,950    1,659    233 
Add: Share-based compensation expenses   18,476    23,597    3,332 
Amortization of intangible assets resulting from business acquisition   391    391    55 
Less: Tax effect of amortization of intangible assets resulting from business acquisition   (98)   (98)   (14)
Non-GAAP net income   52,719    25,549    3,606 
                
Net income attributable to ordinary shareholders of Baozun Inc.   34,009    2,239    315 
Add: Share-based compensation expenses   18,476    23,597    3,332 
Amortization of intangible assets resulting from business acquisition   199    199    30 
Less: Tax effect of amortization of intangible assets resulting from business acquisition   (50)   (50)   (7)
Non-GAAP net income attributable to ordinary shareholders of Baozun Inc.   52,634    25,985    3,670 
                
                
Non-GAAP net income attributable to ordinary shareholders of Baozun Inc. per ADS:               
Basic   0.91    0.44    0.06 
Diluted   0.89    0.44    0.06 
Weighted average shares used in calculating net income per ordinary share               
Basic   172,839,612    175,765,834    175,765,834 
Diluted   178,273,196    178,761,156    178,761,156