(BZUN) 2022 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and thank you for standing by for Baozun's First Quarter 2022 Earnings Conference Call. (Operator Instructions) As a reminder, today's conference call is being recorded. I will now turn the meeting over to your host for today's call, Ms. Wendy Sun, Investor Relations Director of Baozun. Please proceed, Wendy.

女士們，先生們，早上好，感謝您在寶尊 2022 年第一季度財報電話會議上的支持。 （操作員說明）作為提醒，今天的電話會議正在錄音中。我現在將會議轉交給今天電話會議的主持人，寶尊投資者關係總監孫文迪女士。請繼續，溫蒂。

Thank you, operator. Hello, everyone, and thank you for joining us today. Our first quarter 2022 earnings release was distributed earlier today and is available on our IR website at ir.baozun.com as well as on global newswire services. They have also posted a PowerPoint presentation that accompanies our comments to the same IR website, where they are available for download.

謝謝你，接線員。大家好，感謝您今天加入我們。我們今天早些時候發布了 2022 年第一季度收益報告，可在我們的投資者關係網站 ir.baozun.com 以及全球新聞專線服務上獲取。他們還在同一個 IR 網站上發布了附有我們評論的 PowerPoint 演示文稿，可供下載。

On the call today from Baozun, we have Mr. Vincent Qiu, Chairman and Chief Executive Officer; Mr. Arthur Yu, Chief Financial Officer; and Ms. Tracy Li, our Vice President of Strategic Business Development. Mr. Qiu will review the business operations and company highlights, followed by Mr. Yu, who will discuss financials and guidance. They will all be available to answer your questions during the Q&A session that follows.

今天寶尊的電話中，有董事長兼首席執行官邱文森先生； Arthur Yu先生，首席財務官；和我們的戰略業務發展副總裁 Tracy Li 女士。邱先生將回顧業務運營和公司亮點，然後是於先生，他將討論財務和指導。在隨後的問答環節中，他們都可以回答您的問題。

Before we begin, I would like to remind you that this conference call contains forward-looking statements within the meaning of the Securities Exchange Act of 1934 and the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking 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 to differ materially from those in the forward-looking statements.

在開始之前，我想提醒您，本次電話會議包含 1934 年證券交易法和 1995 年美國私人證券訴訟改革法含義內的前瞻性陳述。這些前瞻性陳述基於管理層當前的預期和當前的市場和經營狀況以及與涉及已知或未知風險、不確定性和其他因素的事件有關，所有這些都難以預測，其中許多超出了公司的控制範圍，可能導致公司的實際業績出現重大差異來自前瞻性陳述中的那些。

Further information regarding these and other risks, uncertainties or factors is included in the company's filings with the U.S. SEC and the announcement on the website of Hong Kong Stock Exchange. The company does not undertake any obligation to update any forward-looking statements, except as required under applicable law.

有關這些及其他風險、不確定性或因素的更多信息，請參閱公司向美國證券交易委員會提交的文件以及香港聯合交易所網站上的公告。除適用法律要求外，公司不承擔更新任何前瞻性陳述的任何義務。

Finally, please note that unless otherwise stated, all figures mentioned during this conference call are in RMB and the comparisons are on year-over-year basis.

最後，請注意，除非另有說明，本次電話會議中提到的所有數字均以人民幣為單位，並且比較是按年進行的。

It is now my pleasure to introduce our Chairman and Chief Executive Officer, Mr. Vincent Qiu. Vincent, please go ahead.

現在很高興向大家介紹我們的董事長兼首席執行官邱文森先生。文森特，請繼續。

Thank you, Wendy. Hello, everyone, and thank you all for joining us. As you know, Shanghai, where Baozun is headquartered, had been on strict lowdown since mid-March 2022. This has presented unprecedented challenges to business activities in China. As of today, I'm very glad to report that we were able to minimize disruptions. Thanks to our hardworking people, best-in-class technology and the diversified regional service centers, we are very confident that we can support our brand partners in navigating the turbulence.

謝謝你，溫蒂。大家好，感謝大家加入我們。如您所知，寶尊總部所在的上海自2022年3月中旬以來一直處於嚴格的低谷狀態，這給中國的商業活動帶來了前所未有的挑戰。截至今天，我很高興地報告說，我們能夠將乾擾降到最低。感謝我們勤奮的員工、一流的技術和多元化的區域服務中心，我們非常有信心支持我們的品牌合作夥伴渡過難關。

Let me start with sharing some progress we have made in this quarter. Please turn to Slide #2. To date, 2022 has been quite unique due to the COVID lockdowns and a weak consumption sentiment in the macro environment. However, our total GMV grew 28% to CNY 17 billion, driven by strong growth in FMCG and electronics. Services revenue increased by 24%, whereas product sales revenues declined by 30% as expected due to our ongoing brand portfolio optimization in recent quarters.

讓我先分享一下我們在本季度取得的一些進展。請轉到幻燈片#2。迄今為止，由於 COVID 封鎖和宏觀環境中消費情緒疲軟，2022 年非常獨特。然而，在快速消費品和電子產品強勁增長的推動下，我們的總 GMV 增長了 28% 至 170 億元人民幣。由於我們最近幾個季度持續優化品牌組合，服務收入增長了 24%，而產品銷售收入如預期下降了 30%。

During the quarter, we made notable progress in deepening service penetration as our value-added digital marketing and IT solutions generated high double-digit growth. We view this progress as an important step in our efforts to minimize macro environment risks and enhance our value-added proposition to empower brand partners.

本季度，我們在深化服務滲透方面取得了顯著進展，我們的增值數字營銷和 IT 解決方案實現了兩位數的高增長。我們將這一進展視為我們努力將宏觀環境風險降至最低並增強我們的增值主張以賦予品牌合作夥伴權力的重要一步。

Please turn to Slide #3. Our strategic business development efforts continued to bear fruits with faster brand acquisitions and the accelerated progress in the emerging channels. This first quarter, we won over several new brands, especially in the luxury, premium and lifestyle sectors. Leveraging on this momentum, we have more flexibility to rationalize less profitable businesses and focus on higher business efficiency. Overall, we added a net of 12 new brand partners in the first quarter and the total number of brand partners for store operations increased to 345.

請轉到幻燈片#3。我們的戰略業務發展不斷取得成果，品牌收購速度加快，新興渠道加快推進。第一季度，我們贏得了幾個新品牌，尤其是在奢侈品、高檔和生活方式領域。利用這一勢頭，我們有更大的靈活性來合理化利潤較低的業務並專注於提高業務效率。總體而言，我們在第一季度淨增加了 12 個新的品牌合作夥伴，門店運營的品牌合作夥伴總數增加到 345 個。

Looking at the channel breakdown. This quarter, non-Tmall GMV accounted for 40% of total compared with 32% a year ago. Notably, JD, WeChat and Douyin all developed a triple-digit growth rate. In our view, omnichannel strategies effectively help brand accrue user access and the brand equity, which is critical for sustainable growth. Our integrated digital operating platform along with our ability to lead brand partners to set the right omnichannel strategy enables brand partners to expand their e-commerce flexibility and capture incremental business opportunities. With our powerful omnichannel capabilities, a brand can seamlessly offer its products and services no matter which channel consumers prefer to use.

查看渠道細分。本季度，非天貓 GMV 佔總交易量的 40%，而去年同期為 32%。值得注意的是，京東、微信和抖音均實現了三位數的增長。我們認為，全渠道戰略有效地幫助品牌獲得用戶訪問和品牌資產，這對可持續增長至關重要。我們的集成數字運營平台以及我們領導品牌合作夥伴制定正確的全渠道戰略的能力使品牌合作夥伴能夠擴大其電子商務靈活性並抓住增量商機。憑藉我們強大的全渠道能力，無論消費者喜歡使用哪個渠道，品牌都可以無縫地提供其產品和服務。

Looking at our progress in JD. During the quarter, we launched a mini program integrated store for an Italian luxury brand and opened flagship stores for a French luxury brand and an American premium fashion brand. These cases have been widely successful and regarded as industry benchmarking business cases. We continue to view rich content initiatives and live streaming as powerful tool sets to leverage and enhance user experience.

看看我們在 JD 方面的進展。本季度，我們為意大利奢侈品牌推出了小程序綜合店，並為法國奢侈品牌和美國高級時尚品牌開設了旗艦店。這些案例取得了廣泛的成功，並被視為行業標杆業務案例。我們繼續將豐富的內容計劃和實時流媒體視為強大的工具集，以利用和增強用戶體驗。

We have established a threefold service metrics composed of daily in-store live streams, content-oriented digital marketing and the Douyin partner business. Douyin is still in its early phase of brand e-commerce, we set up of our dedicated Douyin sub-branch with over 200 staff currently serving in several dozens of brands. With our omnichannel enabling propositions, our Douyin partner business has already achieved solid headway in apparel, appliance and lifestyle categories.

我們建立了由日常店內直播、內容導向的數字營銷和抖音合作夥伴業務組成的三重服務指標。抖音仍處於品牌電商的早期階段，我們成立了專門的抖音支行，擁有200多名員工，目前服務於數十個品牌。憑藉我們的全渠道賦能主張，我們的抖音合作夥伴業務已經在服裝、家電和生活方式領域取得了堅實的進展。

Now let's share with you some trends on technology innovations on Slide #4. In recent quarters, the rapidly evolving e-commerce dynamics have pushed many brand partners to elevate their efforts in digital transformation. In particular, further the trend of omnichannel, brands want to master the digital convergence between online and offline spaces as well as enhanced customer relationship management to enrich life values. For example, a few months ago, we launched a dealer transformation program for one international electronics brand partners to digitalize business flows from factories to stores and to consumers. Subsequently, the brand expanded the program to incorporate more platforms such as JD Daojia and Dianping to the system and widened the deployment to over 3,000 stores nationwide today and targeting to double the deployment by the end of this year.

現在讓我們在幻燈片#4 上與您分享一些技術創新的趨勢。最近幾個季度，快速發展的電子商務動態促使許多品牌合作夥伴加大了數字化轉型的力度。尤其是在全渠道趨勢下，品牌希望掌握線上線下空間的數字化融合，加強客戶關係管理，豐富生活價值。例如，幾個月前，我們為一個國際電子品牌合作夥伴啟動了經銷商轉型計劃，以數字化從工廠到商店再到消費者的業務流程。隨後，該品牌擴大了計劃，將京東到家、大眾點評等更多平台納入系統，並將部署範圍擴大到今天全國3000多家門店，併計劃在今年年底前將部署翻一番。

Another typical trend is brand's efforts in setting up China-for-China IT systems. In one of our recent China-for-China project with a leading international sportswear brand, we also launched a one-team methodology by fully integrating our e-commerce partner team, our IT team and the brand partner's team. We work together and win as one team. We focus not only on commercial and merchandising, but also on consumer privacy protection and lifetime value creation. Both of these 2 examples successfully demonstrated our technology offering's great potential. With the increasing importance of online business to drive sales growth in China, we anticipate technology and transformation will continue to play a critical role for our brand partners.

另一個典型趨勢是品牌在建立中國對中國IT系統方面的努力。在我們最近與國際領先運動服裝品牌的中國對中國項目之一中，我們還通過將我們的電子商務合作夥伴團隊、我們的 IT 團隊和品牌合作夥伴的團隊充分整合，推出了一種團隊方法論。我們一起工作，作為一個團隊獲勝。我們不僅關注商業和商品推銷，還關註消費者隱私保護和終身價值創造。這兩個例子都成功地展示了我們技術產品的巨大潛力。隨著在線業務對推動中國銷售增長的重要性日益增加，我們預計技術和轉型將繼續為我們的品牌合作夥伴發揮關鍵作用。

Looking ahead. Although our strategic progress remains healthy, we anticipate short-term turbulence due to the recent unprecedented COVID lockdown in China continuing impact on consumer sentiment.

展望未來。儘管我們的戰略進展保持健康，但由於近期中國前所未有的 COVID 封鎖繼續影響消費者情緒，我們預計短期動盪。

Let me share about our prompt response to COVID, as demonstrated on Slide #5. As per our mission statement, technology empowers future success. Our technology asset afford us with the extended capability and flexibility to help our brand partners navigate external disruptions. We leveraged our one inventory system and O2O toolkit like Shopdog to seamlessly integrate online and offline inventory. Our service, Service Anywhere platform, S-Any has been a powerful backbone, enabling us to serve our brand partners from different locations with improved quality and efficiency through digital intelligence. Our regional service centers in Nantong and Hefei physically ensure flexible and reliable remote-based services, and we further expand our operations into 9 additional cities across China. In logistics and supply chain, we work with our brand partners to transition from a centralized warehouse into a great management system, and our operation team continuously monitor platform policies to adjust product and marketing strategies, nurturing brand care and pricing relationship management.

讓我分享一下我們對 COVID 的迅速反應，如幻燈片 #5 所示。根據我們的使命宣言，技術賦能未來的成功。我們的技術資產為我們提供了擴展的能力和靈活性，以幫助我們的品牌合作夥伴應對外部干擾。我們利用我們的單一庫存系統和 Shopdog 等 O2O 工具包來無縫整合線上和線下庫存。我們的服務，Service Anywhere 平台，S-Any 一直是強大的支柱，使我們能夠通過數字智能以更高的質量和效率為來自不同地點的品牌合作夥伴提供服務。我們在南通和合肥的區域服務中心在物理上確保了靈活可靠的遠程服務，我們進一步將業務擴展到中國另外 9 個城市。在物流和供應鏈方面，我們與品牌合作夥伴合作，從集中式倉庫向管理體系轉變，運營團隊持續監控平台政策，調整產品和營銷策略，培育品牌關懷和定價關係管理。

On top of minimizing disruptions, our integrated WeChat mini program solutions help the brand partners migrate their offline assets to online resources. This reinvigorated their offline inventories and sales staff, mitigating their impact from shutdown of many of their brick-and-mortar stores during the COVID lockdown. One of our luxury brands rolled our first program, first mini program, to over 50 offline stores in more than 20 cities and sustained meaningful sales growth even during the lockdown period.

除了最大程度地減少干擾之外，我們的集成微信小程序解決方案還幫助品牌合作夥伴將其線下資產遷移到線上資源。這重振了他們的線下庫存和銷售人員，減輕了他們在 COVID 鎖定期間關閉許多實體店的影響。我們的一個奢侈品牌在 20 多個城市的 50 多家線下商店推出了我們的第一個程序，第一個小程序，即使在鎖定期間也保持了有意義的銷售增長。

Overall, ensuring smooth continuous e-commerce operations in response to unpredictable COVID lockdowns requires tremendous dedication and coordination efforts. Our ongoing efforts in category diversification portfolio optimization and technology innovations have greatly helped us to enhance resilience. We will continue to execute on our sustainable growth strategy and proactively explore additional growth drivers such as set forth in our medium-term plan. This March, we established a subsidiary in Singapore, making a foundational milestone for expansion into Southeast Asia.

總體而言，為了應對不可預測的 COVID 鎖定，確保電子商務的順利持續運營需要巨大的奉獻精神和協調努力。我們在品類多元化投資組合優化和技術創新方面的持續努力極大地幫助我們增強了彈性。我們將繼續執行我們的可持續增長戰略，並積極探索其他增長動力，例如在我們的中期計劃中提出的。今年3月，我們在新加坡成立了子公司，為進軍東南亞奠定了基礎。

With that said, despite the lockdown challenges, we will come back our business with courage, intelligence and agility to protect the interest of the company and all of our shareholders. At the start of this year, we launched a comprehensive compensation restructuring initiative called BBO, which stands for Baozun Business Owner, to cultivate an ownership-oriented culture and organization. Our BBO aims to tie incentives more directly to individual contributions, empowering more entrepreneurial view and efficiency.

話雖如此，儘管面臨封鎖挑戰，但我們將勇敢、智慧和敏捷地恢復我們的業務，以保護公司和所有股東的利益。今年年初，我們啟動了名為BBO（寶尊企業主）的全面薪酬重組計劃，以培育以所有權為導向的文化和組織。我們的 BBO 旨在將激勵措施更直接地與個人貢獻聯繫起來，賦予更多的企業家觀點和效率。

Lastly, we would like to reiterate our commitment for sustainability. Last week, we issued our second annual ESG report, launching a new set of additional green initiatives. We are targeting a carbon emission reduction of 50% for 2030 compared to the 2021 baseline and carbon neutrality by 2050. In the longer term, we strongly believe our resilient business innovation and the technology investments will triumph and earn us trust, branding and fortune.

最後，我們要重申我們對可持續發展的承諾。上週，我們發布了第二份年度 ESG 報告，推出了一系列新的綠色倡議。與 2021 年的基線相比，我們的目標是到 2030 年將碳排放量減少 50%，到 2050 年實現碳中和。從長遠來看，我們堅信我們富有彈性的業務創新和技術投資將取得勝利，並為我們贏得信任、品牌和財富。

I will now pass the call over to Arthur to go over our financials. Thank you.

我現在將把電話轉給亞瑟，讓他檢查我們的財務狀況。謝謝你。

Okay. Thank you, Vincent, and hello, everyone. Now let me first do a quick review of financials of the first quarter 2022. Please turn to Slide #6. During the quarter, our total GMV, led by FMCG and electronics, increased by 28% to CNY 17 billion. But excluding one electronics and one FMCG brand, the adjusted GMV would have declined by around 10%, mainly due to the BCI and weakening economy impact on sports and fashion apparel taxes.

好的。謝謝你，文森特，大家好。現在讓我先快速回顧一下 2022 年第一季度的財務狀況。請轉到幻燈片 #6。本季度，以快速消費品和電子產品為首的我們的總 GMV 增長 28% 至 170 億元人民幣。但剔除 1 個電子產品和 1 個快速消費品品牌，調整後的 GMV 將下降 10% 左右，主要是由於 BCI 和疲軟的經濟對運動和時尚服裝稅的影響。

Although our non-distribution GMV expanded by 33% to CNY 16.2 billion, our distribution GMV declined by 29% to CNY 765 million. The reduction of distribution GMV was a reflection of our continuous progress in optimizing brand portfolio to focus on high-quality business in the past few quarters.

儘管我們的非分銷 GMV 增長了 33% 至 162 億元人民幣，但我們的分銷 GMV 下降了 29% 至 7.65 億元人民幣。分銷 GMV 的下降反映了過去幾個季度我們在優化品牌組合以專注於優質業務方面不斷取得進展。

Our total net revenues declined by 2% to CNY 2 billion due to a decline of 30% in product sales revenue. Service revenue increased by 24% to CNY 1.3 billion, benefiting from solid growth in service segments as well as new contributions from acquisitions in the past 12 months.

由於產品銷售收入下降 30%，我們的總淨收入下降 2% 至 20 億元人民幣。服務收入增長 24% 至 13 億元人民幣，這得益於過去 12 個月服務領域的穩健增長以及收購的新貢獻。

Turn to Slide #7. As we recently streamlined our organization into 4 business groups, we accordingly will start providing a breakdown of our revenue stream to help bring their progress. During the quarter, revenue from our traditional online store operation business accounted for 55% of total business. Revenue for warehousing and fulfillment, digital marketing and IT solutions accounted for 26% and 19%, respectively.

轉到幻燈片 #7。由於我們最近將組織精簡為 4 個業務組，因此我們將開始提供收入流明細，以幫助他們取得進展。本季度，我們傳統網店運營業務的收入佔總業務的55%。倉儲和履行、數字營銷和 IT 解決方案的收入分別佔 26% 和 19%。

In this quarter, revenue from our e-commerce business declined by 19%, mainly due to a reduction in low-quality product sales business. At the same time, we are glad to see our value-added services has achieved double-digit growth year-over-year. We believe this validates our progress in service penetration and customer engagement. And we will continue to offer innovative products and services to expand Baozun's share of wallet from our brand partners.

本季度，我們電子商務業務的收入下降了 19%，主要是由於劣質產品銷售業務的減少。同時，我們很高興看到我們的增值服務實現了同比兩位數的增長。我們相信這驗證了我們在服務滲透和客戶參與方面的進步。我們將繼續提供創新的產品和服務，以擴大寶尊在我們品牌合作夥伴的錢包份額。

Now turn to Slide #8. During the quarter, our cost of goods sold increased by 28% to CNY 596 million, which was mainly due to a reduction in product sales. In the second half of March 2022, major cities such as Shanghai experienced unexpected COVID lockdowns resulting in a significant increase in undelivered goods and stagnated orders that we reported as an increase in cost of goods sold on a consolidated basis.

現在轉到幻燈片#8。本季度，我們的商品銷售成本增加 28% 至 5.96 億元人民幣，主要是由於產品銷售減少所致。 2022 年 3 月下半月，上海等主要城市經歷了意外的 COVID 封鎖，導致未交付商品和訂單停滯顯著增加，我們將其報告為綜合銷售商品成本增加。

Given that the entire second quarter to date remains in lockdown, we anticipate to see a similar trend in the second quarter.

鑑於迄今為止整個第二季度仍處於鎖定狀態，我們預計第二季度也會出現類似的趨勢。

So as a result of COVID lockdown impact, our gross profit margin for distribution model reduced to 12.5%, mainly due to a change in pricing strategy and adjustments in category mix and the increase in costs related to default on imperfect products. But if we take into account the service revenue, our overall gross margin improved by 11% to 70%, mainly driven by higher service revenue, which generates a healthy margin.

因此，由於 COVID 鎖定的影響，我們的分銷模式毛利率下降至 12.5%，主要是由於定價策略的變化和類別組合的調整以及與不完美產品違約相關的成本增加。但如果我們考慮到服務收入，我們的整體毛利率提高了 11% 至 70%，主要是由於服務收入增加，這產生了健康的利潤率。

Now I'd like to turn to operating cost and expenses on Slide #9. Please note that the breakdown of operating expenses by organic business and M&A on this slide is based on the company management account.

現在我想談談幻燈片#9 的運營成本和費用。請注意，本幻燈片上按有機業務和併購劃分的運營費用明細是基於公司管理賬戶的。

Fulfillment expenses were CNY 629 million, an increase of 24%. This was primarily attributable to the incremental fulfillment cost of CNY 177 million related to our 2 acquired logistics business last year. Excluding the impact from acquisitions, fulfillment expenses from organic business was CNY 452 million, a decline of 11%.

履行費用為人民幣 6.29 億元，增長 24%。這主要是由於我們去年收購的 2 個物流業務增加了 1.77 億元人民幣的履行成本。剔除收購的影響，有機業務的履約費用為 4.52 億元人民幣，下降 11%。

Sales and marketing expenses were CNY 616 million, an increase of 31%. The increase was mainly due to increased BD-related staff costs to drive growth and an expansion in digital marketing services, which was partially offset by efficiency improvements.

銷售及營銷費用6.16億元，增長31%。增長的主要原因是與 BD 相關的員工成本增加以推動增長和數字營銷服務的擴展，這部分被效率提高所抵消。

Technology and content expenses were CNY 105 million, an increase of 13%. The increase was mainly driven by growth in GMV and the company's ongoing efforts in productization and commercialization during the quarter, which was partially offset by company's cost control initiatives and the efficiency improvement.

技術和內容費用為1.05億元，增長13%。這一增長主要是由於本季度GMV的增長以及公司在產品化和商業化方面的持續努力，這部分被公司的成本控制舉措和效率提升所抵消。

G&A expenses increased to CNY 91 million, an increase of 14%. This increase was mainly due to rise in human resource-related expenses from acquired business last year.

G&A 費用增加至 9100 萬元，增長 14%。這一增長主要是由於去年收購業務的人力資源相關費用增加所致。

Now turn to Slide #10. Based on the above mentioned items, our non-GAAP income from operations was CNY 4.7 million during the quarter, and our non-GAAP OP margin was 0.2%.

現在轉到幻燈片 #10。基於上述項目，本季度我們的非公認會計準則營業收入為人民幣 470 萬元，我們的非公認會計準則營業利潤率為 0.2%。

Once again, we have prepared a waterfall diagram depicting our analysis of how our top line and bottom line evolved year-over-year. As a reminder, this analysis is unaudited and should solely be used as supporting numbers to aid discussions

再一次，我們準備了一個瀑布圖，描述了我們對我們的頂線和底線如何逐年演變的分析。提醒一下，此分析未經審計，僅應用作支持數字以幫助討論

First, on Slide #11. This waterfall diagram shows our net revenue's walk from Q1 2021 to Q1 2022. In red, you can see that distribution, logistics and sportswear and fashion apparel were the biggest drag this quarter. Meanwhile, digital marketing, luxury, IT solutions and others were the positive growth contributors.

首先，在幻燈片 #11 上。這張瀑布圖顯示了我們從 2021 年第一季度到 2022 年第一季度的淨收入。用紅色表示，您可以看到分銷、物流、運動服裝和時尚服裝是本季度最大的拖累。同時，數字營銷、奢侈品、IT 解決方案等是積極的增長貢獻者。

Next, turn to Slide #12. We also provide here an indicative walk of non-GAAP income from operations and cost streams. As shown in blue, we have positive contributions from digital marketing and IT solutions. In red, the overall macro weakness dragged down the profitability of store operation business due to smaller economy of scale.

接下來，轉到幻燈片 #12。我們還在此處提供了來自運營和成本流的非公認會計原則收入的指示性步行。如藍色所示，我們有來自數字營銷和 IT 解決方案的積極貢獻。紅色表示，由於規模經濟較小，整體宏觀疲軟拖累了門店經營業務的盈利能力。

For M&A, this quarter, there was a non-GAAP operating loss of CNY 10 million, which was mainly related to Baobida as its express business was significantly impacted by the COVID lockdown. And additionally, we continued to invest in people and infrastructure, which contributed to the red in back-end and strategic investments.

併購方面，本季度非美國通用會計準則營業虧損為 1000 萬元人民幣，主要與寶必達有關，因為其快遞業務受到 COVID 封鎖的顯著影響。此外，我們繼續投資於人員和基礎設施，這導致後端和戰略投資出現虧損。

Now turn to Slide #13. In light of the current challenging situation that contains minor uncertainties, our financial management and priority will focus on 3 areas: improving operating efficiency, continued portfolio optimization to improve working capital efficiency, and finally, tightening overhead cost controls.

現在轉到幻燈片#13。鑑於當前包含較小不確定性的挑戰形勢，我們的財務管理和優先事項將集中在三個方面：提高運營效率，持續優化投資組合以提高營運資金效率，最後，加強管理費用控制。

Firstly, the regional service center, or RSC, is a key component of our multi-location strategy that improves service quality, minimizes risk and reduces operating costs. During the quarter, we enriched more functions, including operations and design, into the regional service centers. We have migrated over 50% of our customer services from Shanghai to regional service centers in Nantong and Hefei. As RSC keeps ramping up, we anticipate generating even more economic of scale. We also began allocating more medium-sized brands to our business operation center in order to leverage shared mechanism to improve efficiency. This integrated platform serves multi-brand partners, helping to optimize low-profit business and further streamlines our overall business. For full year 2022, we anticipate cost savings of approximately CNY 20 million from these strategies.

首先，區域服務中心 (RSC) 是我們多地點戰略的關鍵組成部分，可提高服務質量、降低風險並降低運營成本。本季度，我們將更多的功能，包括運營和設計，豐富到區域服務中心。我們已將超過 50% 的客戶服務從上海轉移到南通和合肥的區域服務中心。隨著 RSC 的不斷發展，我們預計會產生更大的經濟規模。我們還開始將更多的中型品牌配置到我們的業務運營中心，以利用共享機制提高效率。這個集成平台服務於多品牌合作夥伴，有助於優化微利業務並進一步精簡我們的整體業務。對於 2022 年全年，我們預計這些策略將節省約 2000 萬元人民幣的成本。

And secondly, we will continue our efforts in portfolio optimization and enhancing our working capital efficiency. In light of the current macro environment, cash efficiency enhancement is more critical. We will evaluate inefficient and low-margin brand partners to optimize and to minimize the risk. We have established a dedicated project team to focus on our bidding processes in order to improve our accounts receivables and inventory management systems.

其次，我們將繼續努力優化投資組合，提高營運資金效率。在當前宏觀環境下，提高現金效率更為關鍵。我們將評估低效和低利潤的品牌合作夥伴，以優化和降低風險。我們成立了專門的項目團隊，專注於我們的投標流程，以改善我們的應收賬款和庫存管理系統。

Thirdly, we aim to further optimize our high quarter cost base and improve Baozun processes by implementing more disciplined initiatives. We expect notable process improvement and cost reduction.

第三，我們的目標是通過實施更嚴格的舉措來進一步優化我們的高季度成本基礎並改進寶尊流程。我們期待顯著的流程改進和成本降低。

Now turn to Slide #14 about our cash flow. As of March 31, 2022, our cash, cash equivalents and the restricted cash reached CNY 3.4 billion, a decrease of CNY 1.3 billion from the previous quarter. The decrease was mainly attributable to repurchases of convertible senior notes and our share buyback assets, which totaled CNY 1.2 billion. We estimate a total savings of approximately CNY 10 million from the retirement of convertible senior notes and its associated interest expense during the quarter. In addition, as you may have noted from our announcement, we have fully completed the repurchase of convertible senior notes due 2024 with total principal amount of USD 275 million in early May, making our balance sheet leaner.

現在轉到關於我們現金流的幻燈片 #14。截至 2022 年 3 月 31 日，我們的現金、現金等價物和受限制現金達到 34 億元人民幣，比上一季度減少 13 億元人民幣。減少的主要原因是回購了可轉換優先票據和我們的股票回購資產，總額為12億元人民幣。我們估計本季度可轉換優先票據的退市及其相關利息費用總共節省約 1,000 萬元人民幣。此外，正如您在我們的公告中可能注意到的那樣，我們已於 5 月初全面完成了本金總額為 2.75 億美元的 2024 年到期可轉換優先票據的回購，使我們的資產負債表更加精簡。

Lastly, an update on our buyback initiatives. During the quarter, we repurchased approximately 2.3 million ADRs for approximately USD 20 million. Meanwhile, our Board of Directors also authorized an additional USD 80 million share repurchase program in this March, making our remaining authorized of $70 million as of March 31, 2022.

最後，更新我們的回購計劃。在本季度，我們以約 2000 萬美元的價格回購了約 230 萬份 ADR。同時，我們的董事會還在今年 3 月批准了額外的 8000 萬美元股票回購計劃，使我們截至 2022 年 3 月 31 日的剩餘授權為 7000 萬美元。

Overall, despite some turbulence in macro environment, we are continuing to increase the resiliency and sustainability of the company. We aim to further lower the cost and target positive free cash flow for the full year. With a solid balance sheet and a strong brand pipeline, we are confident that Baozun's business model will deliver shareholder value in the long term.

總體而言，儘管宏觀環境出現了一些動盪，但我們仍在繼續提高公司的彈性和可持續性。我們的目標是進一步降低成本並實現全年的正自由現金流。憑藉穩健的資產負債表和強大的品牌渠道，我們相信寶尊的商業模式將長期為股東創造價值。

And this is my financial review section that concludes our prepared remarks. Thank you. Operator, we are now ready to begin the Q&A session.

這是我的財務評論部分，總結了我們準備好的評論。謝謝你。接線員，我們現在準備開始問答環節。

(Operator Instructions) Our first question is from Thomas Chong with Jefferies.

（操作員說明）我們的第一個問題來自 Jefferies 的 Thomas Chong。

I have 2 questions. Can management comment about the impact of the pandemic and the macro headwind to our overall business and the trends of different categories in April and March so far? And can you also share if the luxury segment also gets impact?

我有 2 個問題。管理層能否就疫情的影響和宏觀逆風對我們整體業務的影響以及迄今為止 4 月和 3 月不同類別的趨勢發表評論？如果奢侈品領域也受到影響，您能否分享一下？

And my second question is about our expectation on the June 18. Can you share the updates about the expectation from the user and also from the merchants?

我的第二個問題是關於我們對 6 月 18 日的期望。您能分享一下用戶和商家的期望的更新嗎？

Maybe for Tracy to give some color about this, yes?

也許讓特雷西對此有所了解，是嗎？

Yes. Sure, sure. So this is Tracy speaking. I think the new wave of pandemic has posed a great impact on China economy. And we see from the public information, the total retail sales in April has dropped 11% Y-o-Y to almost same level of April 2 years before, right? And so our observation from Baozun BI, the 11 key categories have showed over 20% decline during the March 15 to May 15. And it is the same trend in the quantity of the consumer buying group.

是的。一定一定。所以這是特蕾西說話。我認為新一波大流行對中國經濟造成了很大影響。而且我們從公開信息中看到，4月份的零售總額同比下降了11%，幾乎與2年前的4月份持平，對吧？所以我們從寶尊BI觀察，3月15日至5月15日期間，11個重點品類的降幅都在20%以上，而消費者購買群體的數量也是同樣的趨勢。

And also I think the trend is quite similar among categories like apparel, sports, footwear and cosmetics. But except for 2 categories: the first one is the outdoor and also the luxury part. So I will give more details about luxury later.

而且我認為服裝、運動、鞋類和化妝品等類別的趨勢非常相似。但除了 2 類：第一個是戶外和奢侈品部分。所以我稍後會給出更多關於奢侈品的細節。

But in terms of the -- I mean, the consumer demand and any behavior in recent 2 months, we do see the purchase intention recover from the first week of May. And you can see actually this differs by geographically in China, like the Shanghai buyer, actually, they significantly dropped during the past 2 months, but they rebounded back from the second week of May. But Zhejiang and Jiangsu has recovered quickly than Shanghai. And other provinces like Shandong and Guangdong is not that impacted by pandemic.

但就 - 我的意思是，最近兩個月的消費者需求和任何行為，我們確實看到購買意願從 5 月的第一周開始恢復。而且你可以看到實際上這在中國的地理上有所不同，就像上海買家一樣，實際上，他們在過去兩個月裡顯著下降，但從 5 月的第二週開始反彈。但浙江和江甦的恢復速度比上海快。而山東、廣東等其他省份受疫情影響不大。

And I think national-wide, we see the buyer amount has recovered in recent 2 weeks, almost reached the same level of the first week of March. But I think the transition is still catching up. We right now actually, we are working closely with our brand partner to mobilize resource for 618, as you mentioned. Actually, I think with the loss in the past 2 months, most of our brand partners expect the sign of the consumption recovery in the 618.

而且我認為在全國范圍內，我們看到最近兩週買家數量有所回升，幾乎達到了 3 月第一周的水平。但我認為轉型仍在迎頭趕上。正如您所說，我們現在實際上正在與我們的品牌合作夥伴密切合作，為 618 調動資源。實際上，我認為在過去兩個月的虧損中，我們大多數品牌合作夥伴都期待618出現消費復甦的跡象。

And right now, we are trying to utilize our resource on merchants and discounts and also marketing fees spared from the last 2 months. We are trying to hit the targets, but it's still hard to say how much we make up for the loss of the last 2 months given some of the brand is still troubled by the domestic and overseas logistics.

而現在，我們正試圖利用我們在商家和折扣方面的資源，以及過去 2 個月節省的營銷費用。我們正在努力實現目標，但由於部分品牌仍然受到國內外物流的困擾，我們仍然很難說我們彌補了過去兩個月的損失。

So I think for the 618, it's very unique right now because most of us are working remotely at home. But I think thanks to our regional service centers in Nantong and Hefei and also our Service Anywhere platform, S-Any, we are able to work from different locations but with I think same level of the quality and the efficiency.

所以我認為對於 618，它現在非常獨特，因為我們大多數人都在家里遠程工作。但我認為多虧了我們在南通和合肥的區域服務中心以及我們的 Service Anywhere 平台 S-Any，我們能夠在不同的地點工作，但我認為質量和效率水平相同。

And in terms of the category, you mentioned about the luxury. I think the -- definitely, this category slowed its growth rate and showing inactive in April. But from May, actually, we see the sales has returned to the growth Y-o-Y thanks to the -- actually, some big campaigns such as super brand day and the Hey Box. We work with top brands in this category.

就類別而言，您提到了奢侈品。我認為——毫無疑問，這個類別在 4 月份放緩了增長速度並顯示出不活躍的狀態。但實際上，從 5 月開始，我們看到銷售額已恢復同比增長，這要歸功於 - 實際上，一些大型活動，如超級品牌日和 Hey Box。我們與該類別的頂級品牌合作。

And also, I think in the past 2 weeks, we're actively adjusting our paid media and the content marketing direction to lift a portion of other cities besides Shanghai and Beijing and to the lower cities. You can see actually our portion from the middle-tier city has leaped 20% higher than before.

而且，我認為在過去的兩周里，我們正在積極調整我們的付費媒體和內容營銷方向，以提升除上海和北京以外的部分其他城市和較低的城市。你可以看到實際上我們來自中線城市的部分比以前增加了 20%。

And also, I think for the luxury part, we see some positive progress on their digital transformation because of the lockdown. Actually, this has accelerated their localized strategy like multi-node logistics solution, One Inventory from offline to online and also the CRM system update.

而且，我認為對於奢侈品部分，由於封鎖，我們看到他們的數字化轉型取得了一些積極進展。實際上，這加速了他們的本地化戰略，例如多節點物流解決方案，One Inventory 從線下到線上，以及 CRM 系統更新。

So we're working closely with our brand partners to capture the changes, and we believe our technology asset has afforded us with extended capability and flexibility. I hope this solves your problem. Thank you.

因此，我們正在與我們的品牌合作夥伴密切合作以捕捉變化，我們相信我們的技術資產為我們提供了擴展的能力和靈活性。我希望這能解決你的問題。謝謝你。

Yes, I would maybe just add a few more points on top of what Tracy answer. So basically, there's a lot of uncertainty. And from a business point of view, during the uncertainty, we put cash at a very high priority. Therefore, our business is more focused on protecting the cash flow and improving the working capital efficiency. And we also are looking into optimizing our portfolio to reduce the potential risk of our existing business.

是的，我可能會在 Tracy 回答的基礎上再補充幾點。所以基本上，有很多不確定性。從業務的角度來看，在不確定性期間，我們將現金放在了非常重要的位置。因此，我們的業務更側重於保護現金流和提高營運資金效率。我們也在考慮優化我們的投資組合，以降低我們現有業務的潛在風險。

And secondly, we think it's actually a good opportunity to prove Baozun's differentiation compared with our peers because we can provide a stable service for the logistics for the customer service and for the IT. And during the last month, we have proved we have that capability, and we received some really good feedback from some of our largest brand partners.

其次，我們認為這實際上是證明寶尊與同行相比差異化的好機會，因為我們可以為客戶服務和IT提供穩定的物流服務。在上個月，我們已經證明我們有這種能力，我們從一些最大的品牌合作夥伴那裡收到了一些非常好的反饋。

And finally, given the situation in China, we're also looking at overseas expansion, try to divert this risk.

最後，鑑於中國的情況，我們也在考慮海外擴張，試圖轉移這種風險。

Our question from Vicki Wei with Citi.

我們來自 Vicki Wei 的花旗問題。

I have 2 small questions. So would you please update about the cooperation with Cainiao and focus on warehouse and logistics business? And second, would you please provide for example, the growth and traction of non-Tmall channels, is it fair to assume the demand from short video platforms and retail are more resilient than Tmall? Or are you seeing similar witness in spending across all channels?

我有 2 個小問題。那麼請您介紹一下與菜鳥的合作，並專注於倉儲和物流業務？第二，您能否提供例如非天貓渠道的增長和牽引力，假設短視頻平台和零售的需求比天貓更具彈性是否公平？或者您是否在所有渠道的支出中看到了類似的見證？

Okay. I will maybe answer the first question, and then maybe Tracy can add some thoughts on the second one. So in last quarter, we completed our deal with Cainiao. And this quarter, we made good progress in terms of integrating the 2 teams and start working together.

好的。我可能會回答第一個問題，然後 Tracy 可以對第二個問題添加一些想法。所以在上個季度，我們完成了與菜鳥的交易。本季度，我們在整合兩個團隊並開始合作方面取得了良好進展。

In the last time, we introduced the strategy of one plus X, i.e., using Baozun's long-term capability in the sports and apparel category try to bring new categories into Baozun with Cainiao's help. So basically, we have made good progress.

上期我們介紹了一加X的策略，即利用寶尊在運動服飾品類方面的長期實力，在菜鳥的幫助下，嘗試將新品類帶入寶尊。所以基本上，我們已經取得了很好的進展。

From Cainiao's perspective, what Cainiao has provided to Baozun is its long list of potential kind of customers, which gave us a lot of opportunity to do business development. And secondly, Cainiao has a larger scale of economy. They have a countrywide network in terms of the warehousing and logistics network, which we utilized. And during the last 2 months, we were able to use that capability to reduce the impact to our customers by using Cainiao's national network.

在菜鳥看來，菜鳥提供給寶尊的是一長串的潛在客戶，這給了我們很多做生意的機會。其次，菜鳥的經濟規模更大。他們在我們使用的倉儲和物流網絡方面擁有全國性的網絡。在過去的 2 個月裡，我們能夠通過菜鳥的全國網絡，利用這種能力來減少對客戶的影響。

And thirdly, China has a larger economy of scale, which can bring down the procurement costs, which we were able to tap into the procurement process of Cainiao on the material, on the warehouse equipment, which will down the line bring the savings to Baotong. So that's on the Cainiao part.

第三，中國有更大的規模經濟，這可以降低採購成本，我們可以利用菜鳥在材料、倉庫設備上的採購過程，這將為寶通帶來節省。 .這就是菜鳥的部分。

On Baozun part, we also can help this venture because Baozun's customers were actually moving into the end-to-end service, the omni-channel service, which logistics is a very important part of that. We can sell the full end-to-end solution, which brings the Baotong logistics into that play.

在寶尊方面，我們也可以幫助這個企業，因為寶尊的客戶實際上正在轉向端到端服務，全渠道服務，物流是其中非常重要的一部分。我們可以銷售完整的端到端解決方案，這讓寶通物流也參與其中。

And secondly is our technology capability, which along with Cainiao's capability, we can make a stronger technology enabler for Baotong to sync our process and to improve our service quality.

其次是我們的技術能力，加上菜鳥的能力，我們可以為寶通打造更強大的技術賦能者，讓我們的流程同步，提升我們的服務質量。

So that's how we are making progress in Cainiao, and we expect we will have more progress in this year. Okay. I will pass on to Tracy for the second one.

這就是我們在菜鳥方面取得進展的方式，我們預計今年我們會取得更多進展。好的。我將把第二個傳給 Tracy。

Yes. Yes. And for the second question is regarding to the dynamic change on the marketplace. I think right now it's still very early to give a conclusion of this because actually the data is not that comprehensive in the other platform right now. But in the past 2 months, given our BI track result, we do see the new channel seems to have more resilience in terms of the demand. I think we saw many categories still growing week by week in the past 2 months. Even apparels were back. Those kind of categories, they are harmed by the pandemic. But it is only last 2 weeks. The category quickly catch up in the last week of April and surpass the size from May.

是的。是的。第二個問題是關於市場的動態變化。我認為現在下結論還為時過早，因為實際上現在其他平台的數據還沒有那麼全面。但在過去 2 個月中，鑑於我們的 BI 跟踪結果，我們確實看到新渠道在需求方面似乎更具彈性。我認為在過去的兩個月中，我們看到許多類別仍在逐週增長。連服裝都回來了。那些類別，他們受到大流行的傷害。但這只是最後兩週。該類別在 4 月的最後一周迅速趕上，並超過了 5 月的規模。

So I think the advantage of that is they are more lower-tier cities focus and much younger consumers. And on the other hand, I think majority of their players right now is more brands and even no brands. Their flexibility in terms of the manufacturing and logistics has keep them less impact by the lockdown.

所以我認為這樣做的好處是他們更關注低線城市和更年輕的消費者。另一方面，我認為他們現在的大多數玩家都是更多品牌，甚至沒有品牌。他們在製造和物流方面的靈活性使他們受到封鎖的影響較小。

But I think on the other hand, we should see the dynamic changes happening too. The compensation has become much worse and the advantage of first come, first win almost the past. So the real stuff I mean, the brand equity has become more and more important.

但我認為另一方面，我們也應該看到動態變化的發生。補償變得更糟，先到先贏的優勢幾乎成為過去。所以我的意思是真正的東西，品牌資產變得越來越重要。

So we do see other platforms like including Pinduoduo and Kuaishou, they are quite aggressive to actually connecting the brands also. And we also have several important pilots that will happen in those 2 seasons. So I think to brand to mitigate the loss of the transition is important. But to find a portfolio with a level of certainty on ROI is important, too.

所以我們確實看到了包括拼多多和快手在內的其他平台，它們在實際連接品牌方面也非常積極。而且我們還有幾個重要的飛行員將在這兩個賽季中發生。所以我認為向品牌轉型以減輕損失很重要。但是，找到對投資回報率有一定確定性的投資組合也很重要。

So that is exactly our understanding on the omnichannel strategy. So as Vincent mentioned before, I think our strategy is to enable the brand partner with our powerful capability in omnichannel to provide the seamless offer where the product and the service can capture the channel consumer prefer to use, no matter where it is. Yes.

這正是我們對全渠道戰略的理解。所以正如文森特之前提到的，我認為我們的戰略是讓品牌合作夥伴擁有我們強大的全渠道能力，提供無縫的產品和服務，無論在哪裡，產品和服務都可以捕捉消費者喜歡使用的渠道。是的。

Our next question is from Joyce Ju with Bank of America.

我們的下一個問題來自美國銀行的 Joyce Ju。

I have 2 questions. The first question is this quarter is the first quarter the company started to have a separate disclosure of digital marketing and IT Solutions segments, providing more transparency in terms of the service revenue and also profit. Just trying to understand more about this business, how we internally look at it. Could you actually share more colors in terms of our strategic plan on this revenue lines and the business? And how we should expect this to grow in the future?

我有 2 個問題。第一個問題是本季度是公司開始單獨披露數字營銷和 IT 解決方案部門的第一季度，在服務收入和利潤方面提供了更高的透明度。只是想更多地了解這項業務，以及我們內部如何看待它。您能否就我們在該收入線和業務上的戰略計劃分享更多色彩？以及我們應該如何期望它在未來增長？

And my second question is, we all know the pandemic actually have a lot of impact on consumer demand. However, apart from the demand -- or from the brand perspective, in terms of like industry competition, how we actually see the competitive landscape of our business has changed due to the pandemic. Any like -- we are seeing more competition or price war? Or we are actually seeing a more stabilized or like small players kind of just squeeze out from the market? Could you share some color?

我的第二個問題是，我們都知道大流行實際上對消費者需求產生了很大影響。然而，除了需求——或者從品牌的角度來看，就同行業競爭而言，我們實際上如何看待我們業務的競爭格局由於大流行而發生了變化。任何類似 - 我們看到更多的競爭或價格戰？或者我們實際上看到了一個更穩定的或類似的小玩家剛剛從市場中擠出？你能分享一些顏色嗎？

I will quickly answer the first one, and leaving Vincent to talk about the TP kind of the overall competition situation, yes? I think it's the first time we split the DM and IT revenue. But that's also a key focus of the strategy of this year. So basically, in the last few quarters, we have seen the growth momentum from the traditional business, i.e., the traditional store operations start to slow down. But however, from the customer and from our brand partners, what they are looking for is some value-added service can help them to sell more online, which we internally we have this capability from digital marketing to IT solutions to help the brand partners to achieve that result.

第一個我趕緊回答，剩下的就讓Vincent說說TP那種整體的比賽情況吧？我認為這是我們第一次將 DM 和 IT 收入分開。但這也是今年戰略的重點。所以基本上，在過去的幾個季度，我們看到了傳統業務的增長勢頭，即傳統的門店運營開始放緩。但是，從客戶和我們的品牌合作夥伴那裡，他們正在尋找的是一些增值服務，可以幫助他們在網上銷售更多，我們內部我們擁有從數字營銷到 IT 解決方案的能力，以幫助品牌合作夥伴達到那個結果。

And also that expanded our service into an area where Baozun has a very unique proposition, i.e., our technology capability. The digital marketing is around data and technology is around Baozun's technology infrastructure and products. We have made a significant investment over the last few years.

這也將我們的服務擴展到了寶尊有一個非常獨特的主張，即我們的技術能力。數字營銷圍繞數據，技術圍繞寶尊的技術基礎設施和產品。在過去的幾年中，我們進行了重大投資。

And by focusing on those 2 categories, we were able to utilize our investment and try to generate more higher-margin business from our brand partners. So that's our thought, and that's how we organize our business, and that's how we are going to achieve our strategy.

通過專注於這兩個類別，我們能夠利用我們的投資並嘗試從我們的品牌合作夥伴那裡獲得更多更高利潤的業務。這就是我們的想法，這就是我們組織業務的方式，這就是我們實現戰略的方式。

Now I pass to Vincent for the second question.

現在我請文森特回答第二個問題。

Sure. Yes. I think during the lockdown, a lot of things have changed. And also it is just like an examination for all the players, no matter -- different brands and different service providers in the market. So I'm quite glad to see that even during this kind of pandemic and lockdown, our capability helped the brand partners to be very resilient to the change and to stabilize the business. So it is not easy.

當然。是的。我認為在封鎖期間，很多事情都發生了變化。而且這就像對所有參與者的考試，無論是市場上不同的品牌和不同的服務提供商。因此，我很高興看到，即使在這種大流行和封鎖期間，我們的能力也幫助品牌合作夥伴非常適應變化並穩定了業務。所以這並不容易。

I think 3 points are quite important. The first one is that during the lockdown, we can see that Baozun's technology and also logistics, multi-city warehousing planning, omnichannel capability, all this helped a lot of our brands to sustain their business. And some of the brands even can have growth during the lockdown. So it is because during the past several years, we continue to invest into logistics and also IT capability, digital marketing so we can help the brands not only in a common days, but also the pandemic period.

我認為3點非常重要。第一個是在封鎖期間，我們可以看到寶尊的技術以及物流、多城市倉儲規劃、全渠道能力，所有這些都幫助我們的很多品牌維持了他們的業務。一些品牌甚至可以在鎖定期間實現增長。所以這是因為在過去的幾年裡，我們繼續投資於物流和 IT 能力、數字營銷，所以我們不僅可以在普通日子裡幫助品牌，還可以在大流行期間幫助品牌。

So today's achievement is all about we invest in all these capabilities before. So that is number one. That's why the biggest brands are supporting Baozun, empowered by the Baozun. And we are the most trusted partner to them.

所以今天的成就就是我們之前對所有這些能力的投資。所以這是第一。這就是為什麼最大的品牌都支持寶尊，寶尊授權。我們是他們最信任的合作夥伴。

The second one is that in the past 15 years, we kept learning from the best brands, learning of the retailing, the -- also the distribution, logistics, digital marketing, branding, all this kind of thing. And we generally cultivated this kind of knowledge into solutions. Just now we mentioned Shopdog, SHOPCAT, logistics, S-ANY, all these kinds of solutions are a good response to the brand, the best brands demand in the past 50 years.

第二個是在過去的 15 年裡，我們一直在向最好的品牌學習，學習零售，還有分銷、物流、數字營銷、品牌推廣等等。我們通常將這種知識培養成解決方案。剛才我們提到了 Shopdog、SHOPCAT、物流、S-ANY，所有這些解決方案都是對品牌的良好響應，是過去 50 年來最好的品牌需求。

And we also transformed all this kind of technology into to a set of solution which we can use to serve more and more brands in the future. So that's why we can see that the trend of the revenue from digital marketing, IT and also logistics are very healthy. So we benefit from this as well.

我們也將所有這些技術轉化為一套解決方案，我們可以在未來為越來越多的品牌服務。這就是為什麼我們可以看到來自數字營銷、IT 和物流的收入趨勢非常健康。所以我們也從中受益。

Thirdly, I think we have kind of, I would say, strategic planning just like several quarters ago -- we shared with you the long term and medium term planning readout. So by this way, we can prepare more resources during different kinds of market scenarios. For example, today we have adequate financial resources to support the company to do more M&A, to do more investments during this period.

第三，我認為我們有一種戰略規劃，就像幾個季度前一樣——我們與您分享了長期和中期規劃讀數。所以通過這種方式，我們可以在不同的市場場景中準備更多的資源。例如，今天我們有足夠的財務資源來支持公司在此期間做更多的併購，做更多的投資。

Although the market is not good, but talking about M&A and also investment, it is actually a good period. So in this case -- and these 3 points are integral parts of our strategy to support the company to grow and to deliver better and better service, more valuable service to the industry.

雖然行情不好，但談併購也談投資，其實是個好時期。所以在這種情況下——這三點是我們戰略的組成部分，以支持公司發展並為行業提供越來越好的服務、更有價值的服務。

Our next question comes Sophia Tan with Credit Suisse.

我們的下一個問題來自瑞士信貸的 Sophia Tan。

I have 2 questions on behalf of Ashley. My first question is about the outlook of second quarter and next half of this year. How should we think about the potential impact on both top line and bottom line, taking into consideration the pandemic's duration and corresponding containment measures?

我代表 Ashley 有 2 個問題。我的第一個問題是關於今年第二季度和下半年的前景。考慮到大流行的持續時間和相應的遏制措施，我們應該如何考慮對頂線和底線的潛在影響？

My second question is about the cost organization. Can management share with us with what measures we have to take this year to cut cost and OpEx. How will this imply to both gross margin and operating margin?

我的第二個問題是關於成本組織的。管理層能否與我們分享今年我們必須採取哪些措施來降低成本和運營支出。這對毛利率和營業利潤率有何影響？

Okay. Thank you for the question. I think there's a lot of uncertainty and there's a lot of potential scenarios could happen with the current lockdown. So currently, we are conservative in terms of the whole year financial in terms of the top line. But we do see our GMV will continue to have a double-digit growth given we have some really good brands, some real solid brands in the electronics and also in the FMCG sector.

好的。感謝你的提問。我認為存在很多不確定性，當前的封鎖可能會發生很多潛在的情況。因此，目前，就收入而言，我們在全年財務方面是保守的。但我們確實看到我們的 GMV 將繼續保持兩位數的增長，因為我們擁有一些非常好的品牌，在電子產品和快速消費品領域也有一些真正穩固的品牌。

But underlying, we are concerned in terms of the apparel and some quite -- some sectors which are impacted by the economy's slowdown. So therefore, from a revenue perspective, we think we will see a weaker revenue compared with the last outlook we have. But it's still too early to see how much impact that will be.

但從根本上說，我們關注的是服裝和一些受經濟放緩影響的行業。因此，從收入的角度來看，我們認為與我們上次的展望相比，我們的收入會更弱。但現在判斷這將產生多大影響還為時過早。

I think a good time for us to get back to the market will be after 618. Then -- we still cross our fingers to hope there will be a bounce back in the 618 just like what happened in 2020, the first wave of the COVID.

我認為我們重返市場的好時機將是在 618 之後。然後——我們仍然祈禱 618 會像 2020 年發生的那樣反彈，即 COVID 的第一波.

In terms of the cost control initiatives. In that actually, we made a lot of progress on that. So first of all, our initiatives in terms of cost control or cost optimization is not simply on cost cutting. What we have done is to do the process reengineering, at the same time to use our strong IT capability to use the system to drive automation. So that we have used in our headquarter in Shanghai and also our regional shared service center in Nantong and Hefei. So that significantly improve the operating efficiency.

在成本控制舉措方面。實際上，我們在這方面取得了很大進展。因此，首先，我們在成本控製或成本優化方面的舉措不僅僅是削減成本。我們所做的就是進行流程再造，同時利用我們強大的IT能力，用系統來驅動自動化。以便我們在上海總部以及南通和合肥的區域共享服務中心使用。從而顯著提高運行效率。

At the same time, after we moved about 50% of our customer service people from Shanghai to Nantong, it also reduced our labor costs due to the location difference.

同時，我們將大約 50% 的客服人員從上海搬到南通後，也因為地域差異降低了我們的人工成本。

And secondly, we have done a review internally looking at our headcount. We have implemented a very strict headcount control mechanism. So the foundation of that is to look at the value creation of each row and each function. And also, we're looking at the profit contribution per FTE from our frontline business, trying to differentiate which results brings more profit to the company and trying to rationalize that.

其次，我們對員工人數進行了內部審查。我們實施了非常嚴格的人數控制機制。因此，其基礎是查看每一行和每個功能的價值創造。此外，我們正在研究一線業務的每個 FTE 的利潤貢獻，試圖區分哪些結果為公司帶來更多利潤，並試圖使其合理化。

And also, and also during that review, we have highlighted some low efficient brands we are currently operating. And our way to operate is to switch the low-profit brand and replace by some high-profit new business with actively BD.

而且，在那次審查期間，我們強調了我們目前運營的一些低效品牌。而我們的經營方式是轉換低利潤的品牌，用一些高利潤的新業務來代替積極的BD。

And finally and very simply, is the overhead control. And that's a culture in terms of we try to implement. We want to spend every single penny and by doubly looking at both sides before we put that money on the table. So that culture has deeply implemented in every people in Baozun. And we hope with that culture and with our process reengineering and system automation capability, we will be able to very well control our costs in the very difficult time this year.

最後也是非常簡單的，是開銷控制。這就是我們嘗試實施的文化。我們想花掉每一分錢，並在把錢擺在桌面上之前仔細觀察雙方。使這種文化深入到寶尊的每一個人。我們希望憑藉這種文化以及我們的流程再造和系統自動化能力，我們將能夠在今年非常困難的時期很好地控製成本。

Our next question comes from Charlie Chen of China Renaissance.

我們的下一個問題來自China Renaissance的Charlie Chen。

I have 2 questions here. The first one is, we all know that China's economy is particularly challenging for this year. So is there any noticeable change among your brand partners in terms of their willingness to spend in marketing? And is there any changes in terms of like Chinese consumers' consumption downgrading instead of upgrading? So all those major changes. How do those changes -- how do those trends impact Baozun's decision-making process in terms of things like prioritization of your brand partners, pricing strategies with your brand partners? So that's my first question.

我這裡有 2 個問題。第一個是，我們都知道今年中國經濟特別具有挑戰性。那麼，就營銷支出的意願而言，您的品牌合作夥伴之間是否有任何明顯的變化？像中國消費者的消費降級而不是升級，有什麼變化嗎？所以所有這些重大變化。這些變化如何——這些趨勢如何影響寶尊在品牌合作夥伴的優先級、與品牌合作夥伴的定價策略等方面的決策過程？所以這是我的第一個問題。

And my second question is regarding the brand partners, especially the international brands. It seems that they are actually losing market share in some particular categories such as apparel. So how do those international brands looking at China's future market going forward? Are they continuing to spend in China? Or how is their determine in Chinese market? And also as well, if that's the case, what's the progress of your onboarding Chinese local brand partners for this year?

我的第二個問題是關於品牌合作夥伴，尤其是國際品牌。似乎他們實際上正在失去某些特定類別的市場份額，例如服裝。那麼這些國際品牌如何看待中國未來的市場？他們是否繼續在中國消費？或者他們對中國市場的定位如何？另外，如果是這樣的話，你們今年入駐中國本土品牌合作夥伴的進展如何？

Okay. Let me ask Tracy to answer the first one, and invite Vincent to answer the second one, if that's okay.

好的。讓我請 Tracy 回答第一個問題，並邀請文森特回答第二個問題，如果可以的話。

Yes. I think that in terms of the investment in China, especially on the marketing parties, I think right now it's still early to give a conclusion, say, either a similar or -- trends to minimize their or reduce their investment here. But I think there were 2 valid points I can share with you and as a team. And the first, I think, definitely given the uncertainty in the market, to use the marketing investments largely is definitely the direction.

是的。我認為，就在中國的投資，尤其是在營銷方面的投資而言，我認為現在下結論還為時過早，比如說，要么是類似的，要么是——減少他們在中國的投資的趨勢。但我認為我可以與您和團隊分享兩點有效的觀點。第一個，我認為，絕對考慮到市場的不確定性，大量使用營銷投資絕對是方向。

You can also see the trends from the recent policy -- or see the regulation published by the -- like the TopTalk from the Alibaba in last month, right? We've been proactive to cut down some channel, which lower ROI. So this is also indicated, say, for the brands part. They will definitely see the combination and the portfolio of their marketing investments between the media and content marketing and also the campaign together to see what is the right and the balancing ally for this.

您也可以從最近的政策中看到趨勢——或者看到由阿里巴巴發布的規定——比如上個月阿里巴巴的TopTalk，對吧？我們一直在積極削減一些渠道，這會降低投資回報率。因此，例如，對於品牌部分，也表明了這一點。他們肯定會看到媒體和內容營銷之間的營銷投資組合和組合以及活動，以了解什麼是正確的和平衡的盟友。

And secondly, I think it will actually accelerate their progress in China. We call about the localized solutions, because actually given for most of our brands, we've been working right now. Their China business already takes a significant share of the total global business. So I think the pandemic has come down their in terms of the growth rate. But also to give their second thoughts on the strategy policy, say, how they will adjust their strategy in China in terms of the merging and also the market investments, especially on the local asset part. And also, I mean, decentralize the mix on the channel and the mix on the price level things to compete with the competitor in the market.

其次，我認為這實際上會加速他們在中國的進展。我們呼籲本地化解決方案，因為實際上為我們的大多數品牌提供了，我們現在一直在努力。他們的中國業務已經在全球業務總量中佔據了相當大的份額。所以我認為大流行已經降低了他們的增長率。還要重新考慮戰略政策，比如，他們將如何在併購和市場投資方面調整他們在中國的戰略，尤其是在本地資產部分。而且，我的意思是，分散渠道上的組合和價格水平的組合，以與市場上的競爭對手競爭。

So I think that is the 2 points I would like to share. And for Baozun, our direction in the next 12 or 16 months, I think quality definitely comes first, no matter on the channel choice or the right partner choice. So we always treat our quality of the service as our first priority.

所以我認為這是我想分享的兩點。而對於寶尊，我們未來 12 個月或 16 個月的方向，我認為質量絕對是第一位的，無論是渠道選擇還是合作夥伴選擇。因此，我們始終將服務質量作為我們的首要任務。

And I think in terms of our collaboration with brands, we will provide our best level of the service to work with the best level of the brand. And also, we will proactively to adjust our category mix between the apparel and also the consumer goods and also our channel mix between the traditional platform and the new rising platform.

而且我認為就我們與品牌的合作而言，我們將提供最好的服務水平，以與品牌的最佳水平合作。此外，我們將積極調整服裝和消費品之間的品類組合，以及我們在傳統平台和新興平台之間的渠道組合。

And also, I think, as I mentioned, is in quality here, we were trying to actually maximum our revenue portion besides the commission part, but also the marketing and technology and the logistic part. I hope this solves most of your question from the #1.

而且，我認為，正如我所提到的，這裡的質量，除了佣金部分外，我們還試圖最大化我們的收入部分，還有營銷、技術和物流部分。我希望這可以解決#1 中的大部分問題。

Yes. I will just add 2 more points on the first one in terms of the selection. We select our brand partner based on the value creation we can have for the brand partner as well. So basically, we are not the cheapest in the marketplace, but we provide a premium service. Therefore, we hope we can charge a higher fee based on our premium service. So we have a standard in terms of -- from a commercial point of view, what's the margin we need to achieve in order to decide whether or not we bring a brand partner on board. So that's the first one.

是的。就選擇而言，我將在第一個點上再增加 2 點。我們也根據我們可以為品牌合作夥伴創造的價值來選擇我們的品牌合作夥伴。所以基本上，我們不是市場上最便宜的，但我們提供優質的服務。因此，我們希望我們可以根據我們的優質服務收取更高的費用。所以我們有一個標準——從商業的角度來看，我們需要達到多少利潤才能決定我們是否讓品牌合作夥伴加入。所以這是第一個。

The second one is, during this time, we particularly looking at the cash and especially the payment term and the inventory level. So there are instances that we have rejected a very good -- a very famous brand with a distribution business because of the not very good payment term. So in that way, we can protect our inventory risk and to improve our working capital efficiency. So that's 2 things I would like to add. Vincent, please.

第二個是，在此期間，我們特別關注現金，尤其是付款期限和庫存水平。因此，在某些情況下，我們拒絕了一個非常好的 - 一個非常有名的品牌，因為付款條件不是很好。因此，通過這種方式，我們可以保護我們的庫存風險並提高我們的營運資金效率。所以這是我想補充的兩件事。文森特，請。

Let me quickly cover the second question. Given this lockdown, I think a lot of experts in China today, they feel quite surprised, especially in Shanghai. But I think from the headquarter or strategic perspective of these brands, I think China market is still very important given the size. So it's too big to ignore. So at least I think this should be more than neutral from a brand perspective. So we are quite optimized for the international brands in China.

讓我快速討論第二個問題。鑑於這次封鎖，我認為今天在中國的很多專家都感到非常驚訝，尤其是在上海。但我認為從這些品牌的總部或戰略角度來看，考慮到中國市場的規模，我認為中國市場仍然非常重要。所以它太大了，不容忽視。所以至少我認為從品牌的角度來看，這應該不僅僅是中性的。所以我們對中國的國際品牌進行了相當優化。

After this this strong lockdown, I think they will recover because we have a very, very rich brand assets other than the other brands. So for us -- because we are quite strong in this one, so I think this will benefit us.

在這次強有力的封鎖之後，我認為他們會恢復，因為我們擁有非常非常豐富的品牌資產，而不是其他品牌。所以對我們來說——因為我們在這方面非常強大，所以我認為這將使我們受益。

The second one for the domestic brands. Just as what I said, in the past 50 years, we have already constructed a reliable breed of solutions, including digital marketing, IT, logistics. Recently, we also developed our RSC, which can provide trustworthy customer service and also operational services to different brands.

第二個是國產品牌。正如我所說，在過去的 50 年裡，我們已經構建了可靠的解決方案品種，包括數字營銷、IT、物流。最近，我們還開發了RSC，可以為不同品牌提供值得信賴的客戶服務和運營服務。

So this kind of solution right now is open to the market and also -- especially to the domestic brands, local brands. So we are seeing very solid progress in different functions, including digital marketing. We are serving more and more local brands. IT, in which we have very big wins too. Logistics, we are serving some other very influential sportswear and also apparel brand in the local brands. And also even for RSC, we have some recent wins for the local brands.

所以這種解決方案現在對市場開放，尤其是對國內品牌、本土品牌。因此，我們看到包括數字營銷在內的不同功能取得了非常紮實的進展。我們正在為越來越多的本土品牌提供服務。 IT，我們在這方面也取得了很大的勝利。物流方面，我們在服務本土品牌中其他一些非常有影響力的運動服和服裝品牌。甚至對於 RSC，我們最近也為本地品牌贏得了一些勝利。

So in this case, I think we are making good progress for local brands, and we think we are also optimistic for the international brands to recover. So no matter for clients or shareholders, I think the business is in good hands.

所以在這種情況下，我認為我們在本土品牌方面取得了很好的進展，我們認為我們也對國際品牌的複蘇持樂觀態度。因此，無論對於客戶還是股東，我認為業務都在良好的掌控之中。

Thank you. I would now like to turn the call back over to Wendy Sun for closing remarks.

謝謝你。我現在想把電話轉回給 Wendy Sun 做結束語。

Thank you, operator. In closing, on behalf of the Baozun management team, we'd like to thank you for all your participation in today's call. If you require any further information, feel free to reach out to us. Thank you for joining us today. This concludes the call.

謝謝你，接線員。最後，我們謹代表寶尊管理團隊感謝大家參加今天的電話會議。如果您需要任何進一步的信息，請隨時與我們聯繫。感謝您今天加入我們。這結束了通話。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。