(BZUN) 2023 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and thank you for standing by for Baozun's Third Quarter 2023 Earnings Conference Call. (Operator Instructions) As a reminder, today's conference call is being recorded.

各位女士、先生們早安，感謝大家出席寶尊2023年第三季業績電話會議。 （操作員說明）提醒一下，今天的電話會議正在錄音。

I will now turn the meeting over to your host for today's call, Ms. Wendy Sun, Senior Director of Corporate Development and Investor Relations with Baozun. Please proceed, Wendy.

現在我將會議交給今天的主持人，寶尊企業發展和投資者關係高級總監孫雯女士。請繼續，溫迪。

Thank you, operator. Hello, everyone, and thank you for joining us today. Our third quarter 2023 earnings release was distributed earlier before this call and is available on our IR website at ir.baozun.com as well as on GlobalNewswire services. We have also posted a PowerPoint presentation that accompanies our comments to the same IR website where they're available for download.

謝謝你，接線生。大家好，感謝您今天加入我們。我們的 2023 年第三季財報已在本次電話會議之前發布，可在我們的 IR 網站 ir.baozun.com 以及 GlobalNewswire 服務上取得。我們也在同一個 IR 網站上發布了一個 PowerPoint 演示文稿，其中包含我們的評論，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 President of Baozun E-Commerce; and Ms. Sandrine Zerbib, President of Baozun Brand Management. Mr. Qiu will review the business strategy and company highlights, followed by Mr. Yu, who will discuss the business development of Baozun E-Commerce and Baozun financials, then by Ms. Zerbib to share more about Baozun Brand Management. They will all be available to answer your questions during the Q&A session that follows.

今天，寶尊董事長兼執行長邱文森先生接聽了我們的電話；寶尊電商財務長兼總裁於亞瑟先生；以及寶尊品牌管理總裁Sandrine Zerbib女士。邱先生將回顧業務策略和公司亮點，隨後於先生將討論寶尊電商的業務發展和寶尊財務，然後Zerbib女士分享更多有關寶尊品牌管理的資訊。他們都將在接下來的問答環節回答您的問題。

Before we begin, I would like to remind you that this conference call contains forward-looking statements within the meaning of the U.S. Security Act of 1933 as amended, the U.S. Security Exchange Act of 1934 as amended, and the U.S. Private Security Litigation Reform Act of 1995.

在我們開始之前，我想提醒您，本次電話會議包含美國 1933 年安全法修訂案、美國 1934 年證券交易法修訂案和美國私人安全訴訟改革法所界定的前瞻性陳述。1995 年。

These forward-looking statements are based upon management current expectations and current market and operating conditions and relates 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.

這些前瞻性陳述是基於管理層當前的預期以及當前的市場和營運狀況，並涉及涉及已知或未知風險、不確定性和其他因素的事件，所有這些因素都難以預測，其中許多因素超出了公司的控制範圍，這可能導致公司的實際結果與前瞻性陳述中的結果有重大差異。

Further information regarding these and other risks, uncertainties or factors is included in the company's filings with the U.S. Security Exchange Commission and its announcement notice on other documents published on the website of the Stock Exchange of Hong Kong Limited.

有關這些及其他風險、不確定性或因素的更多信息，請參閱該公司向美國證券交易委員會提交的文件以及在香港聯合交易所有限公司網站上發布的其他文件的公告通知。

All information provided in this call is as of today hereof and is based on assumptions that the company believes to be reasonable as of this date. And the company does not undertake any obligation to update any forward-looking statements, except as required under applicable law.

本次電話會議中提供的所有資訊均為截至今天的信息，並且基於公司認為截至目前合理的假設。除適用法律要求外，本公司不承擔更新任何前瞻性聲明的義務。

Finally, please note that, unless otherwise stated, all figures mentioned during this conference call are in RMB. In addition, we may elect to use adjusted in place of non-generally accepted accounting principles or non-GAAP in order to reduce overall confusion that may arise from our discussion about financials related to the Gap brand.

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。此外，我們可能會選擇使用調整後的會計原則或非公認會計原則來取代非公認會計準則或非公認會計準則，以減少我們討論與 Gap 品牌相關的財務狀況時可能出現的整體混亂。

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

現在我很高興向大家介紹我們的董事長兼執行長邱文森先生。文森特，請繼續。

Thank you, Wendy. Hello, everyone, and thank you all for your time. I'm happy to share with you today several key highlights from the third quarter that demonstrate solid progress in our transformation. Our total revenue grew by 5% year-over-year to RMB 1.8 billion, driven by incremental BBM contributions. BEC's revenue met our expectations, driven by growth in the apparel category with a 26% year-over-year increase in sportswear.

謝謝你，溫迪。大家好，感謝大家抽出寶貴的時間。我很高興今天與大家分享第三季的幾個關鍵亮點，這些亮點顯示我們的轉型取得了堅實的進展。在 BBM 貢獻增量的推動下，我們的總營收年增 5% 至 18 億元。在服裝類別成長的推動下，BEC 的收入符合我們的預期，其中運動服年增 26%。

In addition, we further improved our operating cash flow even after accounting for cash outflow from BBM. This marks the first third quarter since our IPO, where the company has achieved positive operating cash flow. BBM is executing well on its transformation of Gap China and has shown solid progress towards our premiumization.

此外，即使考慮了 BBM 的現金流出，我們的營運現金流也進一步改善。這是自我們首次公開募股以來的第一個第三季度，該公司實現了正營運現金流。 BBM對Gap中國的轉型進展順利，在高端化方面取得了紮實進展。

During the quarter, BBM gross margin of 56% continues to outpace our initial forecast. We also opened 5 new stores, garnering impressive consumer feedback and higher sales per square meter. On my visit to the flagship store in Guangzhou, I was highly impressed with the new Gap. Competing with a large array of quality apparel brands in one of China's top 10 shopping malls or so stood out with notably higher brand energy and overall [vibe].

本季度，BBM 毛利率為 56%，繼續超出我們最初的預測。我們還開設了 5 家新店，獲得了令人印象深刻的消費者回饋和更高的每平方米銷售額。當我參觀廣州旗艦店時，新Gap給我留下了深刻的印象。在中國十大購物中心之一的眾多優質服裝品牌的競爭中脫穎而出，品牌能量和整體氛圍明顯增強。

Furthermore, following the acquisition of Gap China, our technology innovation center quickly simplified its complex architecture by consolidating nearly 70 historical systems into one modern integrated omnichannel operating platform, namely the Retail Operating Platform or ROP.

此外，收購Gap中國後，我們的技術創新中心迅速簡化了複雜的架構，將近70個歷史系統整合為現代化的綜合全通路營運平台，即零售營運平台（ROP）。

The ROP (technical difficulty) featuring a centralized hub instead of traditional ERP achieved more real-time management and utilize one pool of inventory to increase sales efficiency and inventory turnover. This establishes a solid foundation for Gap's continuous digital transformation.

ROP（技術難度）以集中樞紐取代傳統的ERP，實現了更即時的管理，並利用一池庫存來提高銷售效率和庫存週轉率。這為Gap持續數位轉型奠定了堅實的基礎。

In the next phase, our goal is to create an intelligent end-to-end value chain management system, offering advanced CRM and data capabilities that will significantly enhance inventory of planning and the private domain autonomy. In addition, we have made solid progress in business intelligence capabilities. Earlier this year, we identified an increase in demand for instantaneous data insights, which empowers brand in making well-informed decisions. This is vital given the rapidly changing dynamics within the e-commerce industry. During this year's Double 11 event, we introduced a suite of real-time intelligence and virtualization tools. I'm proud that in such a short span of just a few months, our BI capabilities have evolved to become a leading force in the industry.

下一階段，我們的目標是創建一個智慧的端到端價值鏈管理系統，提供先進的CRM和資料功能，這將顯著增強庫存規劃和私有域自主權。此外，我們在商業智慧能力方面也取得了紮實的進展。今年早些時候，我們發現對即時數據洞察的需求增加，這使品牌能夠做出明智的決策。考慮到電子商務行業內快速變化的動態，這一點至關重要。今年雙11期間，我們推出了一套即時智慧和虛擬化工具。令我感到自豪的是，在短短幾個月的時間裡，我們的 BI 能力已經發展成為業界的主導力量。

Lastly, we are very excited to announce a planned 51% equity acquisition of Location or Location, a top-tier Douyin partner specializing in Apparel and Accessories. We are pleased about combining Location's exceptional expertise in daily live streaming with our leadership in creative content, compelling portfolio of brand partners and profound e-commerce operating experiences. The synergy solidifies our leadership in Douyin ecosystem and expands on our success in other major brand e-commerce platforms. This marks a significant milestone in our strategic transformation.

最後，我們非常高興地宣布計劃收購Location或Location（專注於服裝和配件的頂級抖音合作夥伴）51%的股權。我們很高興將 Location 在日常直播方面的卓越專業知識與我們在創意內容方面的領先地位、引人注目的品牌合作夥伴組合以及豐富的電子商務營運經驗相結合。這種協同效應鞏固了我們在抖音生態系統的領導地位，並擴大了我們在其他主要品牌電子商務平台的成功。這標誌著我們策略轉型的一個重要里程碑。

Let me now pass the call over to Arthur for a review of our financials and update on our e-commerce businesses.

現在讓我將電話轉給 Arthur，以審查我們的財務狀況並更新我們的電子商務業務。

Great. Thank you, Vincent, and hello, everyone. Let me do a quick review of the financials for the third quarter of 2023 after which, I will discuss our BEC business in more detail. Once again, we are reporting 2 segments: e-commerce, which includes Baozun E-Commerce or BEC, Baozun International or BCI and group headquarters and Baozun Brand Management or BBM, which includes Gap Greater China.

偉大的。謝謝你，文森特，大家好。讓我快速回顧一下 2023 年第三季的財務狀況，然後我將更詳細地討論我們的 BEC 業務。我們再次報告兩個細分市場：電子商務，其中包括寶尊電子商務或 BEC、寶尊國際或 BCI 和集團總部以及寶尊品牌管理或 BBM，其中包括 Gap 大中華區。

Please turn to Slide #3. Baozun Group's total revenues for the third quarter of 2023 expanded nearly 5% to RMB 1.8 billion, driven by incremental BBM revenue of RMB 298 million. Due to a weaker economic environment and a stronger seasonality, our e-commerce revenue declined to RMB 1.5 billion.

請翻到投影片 #3。寶尊集團2023年第三季總營收成長近5%至18億元人民幣，主要得益於BBM營收增量2.98億元。由於經濟環境疲弱和季節性較強，我們的電子商務收入下降至15億元人民幣。

Further pursuing a high-quality business model, we sailed back on low-margin product sales and trained low value-added service revenues. Consequently, product sales of e-commerce decreased by 17% year-over-year, notably in appliance, electronics and fast-moving consumer goods categories. This was partially offset by increased sales from sports, health care and beauty categories. In addition, our focus on innovations enabled double-digit revenue growth in technology and end-to-end solutions within Tencent's mini-program ecosystem.

進一步追求高品質的商業模式，我們擺脫了低利潤的產品銷售，並培養了低附加價值的服務收入。因此，電商產品銷售額較去年同期下降17%，尤其是家電、電子產品和快速消費品類別。這被運動、保健和美容品類銷售額的成長所部分抵消。此外，我們對創新的關注使騰訊小程式生態系統內的技術和端到端解決方案收入實現了兩位數的成長。

Our total gross profit was largely flat at RMB 1.3 billion. Product sales gross margin for e-commerce and BBM was 13% and 56%, respectively. Gross margin expansion of BBM continues to outperform our initial expectations with a double-digit year-over-year increase. Our adjusted loss from operations was RMB 90.4 million during the quarter, of which e-commerce adjusted operating loss was RMB 40.3 million, mainly due to weaker macro conditions and a stronger seasonality.

我們的總毛利基本持平，為 13 億元。電商和BBM的產品銷售毛利率分別為13%和56%。 BBM 的毛利率擴張繼續超出我們最初的預期，比去年同期成長兩位數。本季我們的調整後營運虧損為人民幣 9,040 萬元，其中電子商務調整後營運虧損為人民幣 4,030 萬元，主要是由於宏觀環境疲軟和季節性較強。

BBM continued to show good momentum in reduction of its operating losses to RMB 50.1 million this quarter. Gap's new China for China product launch, new store openings and new marketing strategies were quite successful. These initiatives will provide a foundation for better profitability in the coming quarters. Sandrine will cover the details later.

BBM持續呈現良好勢頭，本季營業虧損減少至人民幣5,010萬元。 Gap為中國推出的新產品、新店開幕和新行銷策略都相當成功。這些舉措將為未來幾季更好的獲利能力奠定基礎。桑德琳稍後將介紹詳細資訊。

Now turning to Slide #4, about our cash and cash flow status. As of September 30, 2023, our cash, cash equivalents, restricted cash and short-term investments totaled RMB 2.9 billion. We continue to improve working capital efficiency through back-end process reengineering on inventory, billing and tax collection management. This is the first time since our IPO that Baozun has achieved positive operating cash flow in the third quarter of the year.

現在轉向幻燈片#4，關於我們的現金和現金流狀況。截至2023年9月30日，我們的現金、現金等價物、限制性現金及短期投資總計29億元。我們透過庫存、計費和稅收管理等後端流程再造，持續提高營運資金效率。這是寶尊自IPO以來，今年第三季首次實現正營運現金流。

Now let's dive into our e-commerce business. Overall, we are making good progress in transforming our BEC business. Our transformation strategy focuses on 4 key areas as follows: number one, adopting a customer-first approach to meet the needs of our brand partners; number two, enhancing the offering of our mini channels end-to-end services; number three, focusing on high-quality and high-margin businesses; and number four, boosting cost effectiveness and process efficiency.

現在讓我們深入了解我們的電子商務業務。總體而言，我們在 BEC 業務轉型方面取得了良好進展。我們的轉型策略重點在於以下四個關鍵領域：第一，採用客戶至上的方式滿足品牌合作夥伴的需求；第二，加強小通路端對端服務的提供；第三，聚焦高品質、高利潤的業務；第四，提高成本效益和流程效率。

At BEC, we put our brand partners' needs at the center of everything we do. During the quarter, in collaboration with Nielsen, we further upgraded our Net Promoter Score or NPS survey and spent 2 months conducting 4 day sessions of in-depth conversations with our brand partners. We seek to locate service shortfalls and identify opportunities to enhance our services.

在 BEC，我們將品牌合作夥伴的需求置於我們所做一切的中心。本季度，我們與尼爾森合作，進一步升級了淨推薦值（NPS）調查，並花了 2 個月的時間與品牌合作夥伴進行了為期 4 天的深度對話。我們尋求找出服務不足並尋找增強服務的機會。

For the third consecutive year, we have achieved an excellent NPS rating with 86% of our brand partners gave us a positive rating. Omnichannel strategy continues to be our top priority to drive sustainable growth for our brand partners. This enables brands to improve operational efficiency and drive incremental business opportunity on different platforms.

我們連續第三年獲得了出色的 NPS 評級，86% 的品牌合作夥伴給了我們積極的評級。全通路策略仍然是我們推動品牌合作夥伴永續成長的首要任務。這使得品牌能夠提高營運效率並在不同平台上推動增量業務機會。

As demonstrated on Slide #5, 45% of our brands engaged with us on at least two channels, showing consistent growth compared to the same period last year. In this quarter, 40% of our total GMV was contributed from non-TMALL channels, among which WeChat and Douyin delivered double-digit GMV growth.

如投影片 #5 所示，45% 的品牌透過至少兩個管道與我們互動，與去年同期相比呈現持續成長。本季度，我們總GMV的40%來自非天貓頻道，其中微信和抖音實現了兩位數的GMV成長。

Since 2019, we continue to invest in Tencent's Mini Program ecosystem with good results. Recently, we started to pilot operations on Tencent's video account platform with brands in the FMCG and cosmetic sectors. In the latest Tencent's smart retail Share you program in October. We won 3 major awards: global operation excellent partner, Pioneer Award for private domain training and Time Award for video account operations. We are also very pleased with our progress in the Douyin ecosystem.

自2019年以來，我們持續投資騰訊小程式生態，並且取得了良好的效果。近期，我們開始在騰訊視訊帳號平台上與快消品、美妝領域的品牌進行試點營運。在騰訊最新10月智慧零售Share you計畫。我們榮獲全球營運優秀夥伴、私域培訓先鋒獎、視訊帳號營運時代獎3大獎項。我們對抖音生態系的進展也感到非常高興。

Please turn to Slide #6. Since its official launch in late August, our creative content to commerce or CCC has partnered with more than 30 brands for Douyin live streaming and generating a total GMV over RMB 100 million in the third quarter. We have been strengthening our competitive edge within the Douyin ecosystem in luxury, sports and outdoor and fashion apparels.

請翻到幻燈片#6。自8月下旬正式上線以來，我們的創意內容商業（CCC）已與超過30個抖音直播品牌合作，第三季總GMV超過1億元。我們一直在加強我們在抖音生態系統中奢侈品、運動、戶外和時尚服裝領域的競爭優勢。

As announced by Vincent, we are very excited about the planned acquisition of Location to create an industry-leading Douyin service partner as demonstrated on Slide #7. With this partnership, we can now utilize Baozun CCC's market leadership in creative content and highest level campaigns.

正如 Vincent 所宣布的，我們對計劃收購 Location 以創建行業領先的抖音服務合作夥伴感到非常興奮，如幻燈片 #7 所示。透過此次合作，我們現在可以利用寶尊 CCC 在創意內容和最高水準活動方面的市場領先地位。

Along with Location's proved operational experience in daily live streaming to offer more innovative services in Douyin ecosystem to both our client partners and our own brands managed by BBM.

結合Location在日常直播方面經過驗證的營運經驗，我們將在抖音生態系統中為我們的客戶合作夥伴以及BBM管理的自有品牌提供更多創新服務。

Going forward, we will have 2 primary live-streaming locations in Shanghai and Hangzhou, covering a total area of over 12,500 square meters.

未來，我們將在上海和杭州擁有兩個主要直播地點，總面積超過12,500平方米。

Lastly, we value our employees as our most important assets. Throughout this year, we initiated several talent development programs via Baozun University. We also onboarded over 300 new graduates injecting fresh perspectives and ideas into the organization. We are proud to be consistently recognized as the Best Employer for 7 consecutive years.

最後，我們將員工視為我們最重要的資產。今年，我們透過寶尊大學啟動了多項人才發展計畫。我們也招募了 300 多名應屆畢業生，為組織注入新的觀點和想法。我們很自豪能夠連續 7 年被評為最佳雇主。

Looking ahead to the fourth quarter, our top priority is still to help our client partner to be successful in a tough market environment this year. During this year, Double 11, we are glad that once again we'll help the mining brands to become the top performer in that segment with over half of our brand partners achieved year-over-year growth.

展望第四季度，我們的首要任務仍然是幫助我們的客戶合作夥伴在今年嚴峻的市場環境中取得成功。今年雙11，我們很高興再次幫助礦業品牌成為該領域的佼佼者，超過一半的品牌合作夥伴實現了同比增長。

Now let me turn the call over to Sandrine to elaborate more on BBM.

現在讓我將電話轉給 Sandrine，詳細說明 BBM。

Thank you, Vincent and Arthur, and thank you all for joining us today. It is my great pleasure to speak with you.

謝謝文森和阿瑟，也謝謝大家今天加入我們。我很高興與您交談。

BBM is executing well on its transformation of Gap China, shifting from a discount-driven approach to one that focuses on building consumer love for our branded products that is the premium-ization of Gap.

BBM在Gap中國的轉型中表現良好，從折扣驅動的方式轉變為專注於建立消費者對我們品牌產品的喜愛的方式，即Gap的高端化。

In the third quarter, we accomplished a wide array of successes in this direction. This includes successful new product launches, new store openings and increased brand marketing and visibility. Together, they lead us to wide improvement in financial metrics, including higher same-store sales growth, faster inventory turnover, stronger gross margin and better than forecasted operating loss for the third quarter as demonstrated on Slide 8.

第三季度，我們在這個方向上取得了一系列成功。這包括成功的新產品發布、新店開業以及提高品牌行銷和知名度。它們共同使我們的財務指標得到了廣泛改善，包括更高的同店銷售成長、更快的庫存週轉率、更高的毛利率以及好於預測的第三季度營運虧損，如幻燈片 8 所示。

Let me now provide you with additional color on our new product launches. Building upon the foundation established in the first half of the year, this third quarter, we introduced our new locally designed China for China product aiming to deliver the right product for the right people at the right time. This product line upgrade is a continuous process and critical to the apparel industry.

現在讓我為您提供有關我們新產品發布的更多資訊。在上半年建立的基礎上，今年第三季度，我們推出了新的本土設計的中國為中國產品，旨在在正確的時間為正確的人提供正確的產品。這種產品線升級是一個持續的過程，對服裝產業至關重要。

Our new product line features 3 new segments: Modern Preppy, Urban workwear and Premium Blue in addition to the traditional Gap logo segment. We launched these products with a comprehensive go-to-market strategy.

除了傳統的 Gap 標誌部分外，我們的新產品線還包括 3 個新部分：Modern Preppy、Urban Workwear 和 Premium Blue。我們透過全面的上市策略推出了這些產品。

Since the last week of September, we have elevated the Gap brand for a combination of celebrity endorsements, new store openings, new products, Douyin Super-branded spotlight and the I'm Gap social buzz.

自9月最後一週以來，我們透過名人代言、新店開幕、新產品、抖音超級品牌聚光燈和「我是Gap」社交熱潮相結合，提升了Gap品牌。

As of October 31, the I'm Gap campaign has generated over 309 million impressions, while credit gap, just Gap or Shanghai Gap in Chinese, it accumulated 222 million impressions across Weibo, Douyin and Tsinghua.

截至 10 月 31 日，「我是 Gap」活動已產生超過 3.09 億次展示，而 Credit Gap（中文為 Gap 或上海 Gap）在微博、抖音和清華上累積了 2.22 億次展示。

We also governed over 100 million impressions during our Douyin Super Brand Day in late September. During the period, we were able to grow GMV by 7x year-over-year to RMB 66 million, setting a new record for sales broadcasting in a single day.

我們也在 9 月底的抖音超級品牌日期間管理了超過 1 億的展示量。期內，我們的GMV年增7倍，達到6,600萬元，創下單日銷售播放量新紀錄。

We also topped Douyin's flagship in Men's Fashion Hotlist during the event. This marks a significant shift from the past, where our products, marketing and channels were not managed in a fully integrated way.

活動期間，我們也登上了抖音旗艦男裝熱榜榜首。這標誌著與過去的重大轉變，過去我們的產品、行銷和通路並沒有以完全整合的方式進行管理。

Consequently, with our integrated I'm Gap message, products and channels, our new products are increasingly sold at full price and more customers are purchasing new products instead of the discounted carryover products.

因此，透過我們整合的「I'm Gap」資訊、產品和管道，我們的新產品越來越多地以全價銷售，越來越多的客戶購買新產品，而不是打折的結轉產品。

During the third quarter, our inventory turnover days improved to 177 days, down from 220 days a year ago. In addition to the new products, we successfully opened 5 new stores during the quarter, including a flagship destination store in Guangzhou as well as new stores in Chengdu, Shenzhen and Beijing as shown on Slide #9. These stores emphasized the product layout that is younger and more interactive. We also showcased trendy co-branded designs as well as an upgraded segmentation for men, women and kids.

第三季度，我們的庫存週轉天數從去年同期的 220 天改善至 177 天。除了新產品外，我們在本季成功開設了 5 家新店，包括廣州的旗艦店以及成都、深圳和北京的新店，如幻燈片 #9 所示。這些門市強調更年輕化、更具互動性的產品佈局。我們也展示了時尚的聯名設計以及針對男士、女士和兒童的升級細分。

As Vincent mentioned, I am proud to share that our Guangzhou (inaudible) flagship store is treated in one of the top 10 shopping malls in China, distinguished itself with significant higher foot traffic and an-elevated brand energy. To date, the total sales have exceeded our internal expectations. And we are on schedule to open a total of 10 new stores in the second half of 2023.

正如文森特所提到的，我很自豪地與大家分享，我們的廣州（聽不清）旗艦店位於中國十大購物中心之一，以顯著更高的人流量和更高的品牌能量而聞名。到目前為止，總銷售額已經超出了我們的內部預期。我們計劃在 2023 年下半年總共開設 10 家新店。

Benefiting from our success, BBM's gross margin for the quarter reached 56 post royalty fees, marking a significant improvement of more than 10 percentage points from a year ago. Other key metrics, including traffic, conversion rates, average ticket value and sales per square meter all demonstrates positive market feedback. Another indicator of premium-ization is the positive shift of our consumer demographic.

受益於我們的成功，BBM 本季的毛利率達到了 56% 扣除特許權使用費後的毛利率，較去年同期大幅提高了 10 個百分點以上。其他關鍵指標，包括客流量、轉換率、平均門票價值和每平方公尺銷售額，都顯示出正面的市場回饋。高端化的另一個指標是消費者群體的正向轉變。

Please turn to Slide #10, as we have prepared a demographic analysis pre and post our I'm Gap brand campaign. We have observed a significant increase in the contribution of new members who tend to be younger, have higher consumption power and prefer to purchase new products.

請參閱投影片#10，因為我們在「I'm Gap」品牌活動前後準備了人口統計分析。我們觀察到新會員的貢獻顯著增加，這些會員往往更年輕、消費能力更強、更喜歡購買新產品。

Notably, the important 18 to 29-year old segment has grown by 700 basis points to 42%. As of October, we have acquired more than 28 million members, contributing to 77% of our sales, of which roughly 2.5 million are active members. Clearly, we are excited about the upgraded front end of our business.

值得注意的是，重要的 18 至 29 歲年齡層增加了 700 個基點，達到 42%。截至 10 月，我們已經擁有超過 2,800 萬會員，貢獻了我們銷售額的 77%，其中約 250 萬是活躍會員。顯然，我們對業務前端的升級感到興奮。

Let me now talk about the progress on our back-end. During the quarter, we've made rapid improvements to the local supply chain with localized capacity accounting for almost 100% local sourcing. This agile supply chain has enabled us to reduce our design to shelf lead time from the previous 3 to 6 months to just a matter of weeks.

現在我來談談我們後端的進展。本季，我們本地供應鏈快速完善，本地化產能幾乎100%本地採購。這種敏捷的供應鏈使我們能夠將設計到上架的交貨時間從之前的 3 到 6 個月縮短到僅僅幾週。

In addition, we also quickly upgraded the IT systems with the help of Baozun technology. With the completion of Phase I of ROP, our retail operation platform, we are preparing for Phase II, where we aim to deploy Baozun's Big Data capabilities to develop an intelligent end-to-end value chain management to drive omnichannel inventory and CRM efficiency. This enhancement will empower us to make more agile decisions on merchandising, marketing and inventory management. This will be a key emphasis in Gap's journey through its online merchant offline growth and a major milestone for BBM at large.

此外，我們也藉助寶尊科技快速升級了IT系統。隨著零售營運平台ROP一期的完成，我們正在為二期做準備，我們的目標是部署寶尊的大數據能力，開發智慧的端到端價值鏈管理，以驅動全通路庫存和CRM效率。這項增強功能將使我們能夠在銷售、行銷和庫存管理方面做出更靈活的決策。這將是 Gap 線上商家線下發展歷程中的一個重點，也是整個 BBM 的重要里程碑。

As you can see in the first half of 2023, we substantially upgraded Gap supply chain, significantly increased store efficiency and strategically recruited talent for all key positions.

正如你所看到的，2023年上半年，我們大幅升級了Gap供應鏈，顯著提高了門市效率，並策略性地招募了所有關鍵崗位的人才。

In the third quarter, we successfully launched our new locally designed China-for-China products, opened new stores and elevated Gap's marketing. We will continue to expand our product portfolio and open additional stores in Q4. We are confident about where Gap is heading.

第三季度，我們成功推出了本土設計、專為中國設計的新產品、開設了新店並提升了 Gap 的營銷水平。我們將繼續擴大我們的產品組合，並在第四季度開設更多商店。我們對 Gap 的發展方向充滿信心。

Lastly, our recent acquisition of Hunter is proceeding as planned with the establishment of the joint venture of Authentic Brands Group. Given the positive momentum of the brand, we are optimistic about its development plan. We look forward to sharing more with you on our next call together. That concludes our prepared remarks. Thank you.

最後，我們最近對 Hunter 的收購正在按計劃進行，並成立了合資企業 Authentic Brands Group。鑑於品牌的積極勢頭，我們對其發展計劃持樂觀態度。我們期待在下次通話中與您分享更多資訊。我們準備好的演講到此結束。謝謝。

Operator, we are now ready to begin the Q&A session.

接線員，我們現在準備開始問答環節。

(Operator Instructions) Our first question comes from Alicia Yap with Citigroup.

（操作員說明）我們的第一個問題來自花旗集團的 Alicia Yap。

Congrats on the solid results. I have 2 questions. First is would management able to share with us what has been the notable changes that you observed during this year's single day promotion period. For example, the consumer consumption patterns, how brands are promotional efforts and even some of these large e-commerce strategy, anything that you know a big change in ship. And also the marketing campaigns, that you helped out the brands to execute is effective in driving the intended sales or getting the GMV or the results that the brands want. Any positive, or negative surprise that you see that you're able to share with us? For example, any brands, that particularly has standout in the GMV or even the new user growth or anything, anything that you can see on positive or negative that you can share.

祝賀取得了紮實的成果。我有 2 個問題。首先，管理階層能否與我們分享您在今年的單日促銷期間觀察到的顯著變化。例如，消費者的消費模式、品牌如何進行促銷力度甚至一些大型電子商務策略，任何你都知道的重大變化。此外，您幫助品牌執行的行銷活動可以有效推動預期銷售或獲得 GMV 或品牌想要的結果。您有什麼正面或負面的驚喜可以與我們分享嗎？例如，任何在 GMV 甚至新用戶成長或其他任何方面特別突出的品牌，任何您可以看到的正面或負面的訊息都可以分享。

And then very quickly on second question is any preliminary view that management can share how next 2024, the growth rate that Baozun can achieve.

然後很快就第二個問題，管理階層可以分享下一個2024年寶尊將如何實現的成長率。

Alicia, it's a long question. Let me try to share some of the observations for this year's the Double 11. So first, I think the overall traffic in the traditional platform like, TMALL and JD is lower than the previous years.

艾莉西亞，這是一個很長的問題。讓我試著分享一下今年雙11的一些觀察。首先，我認為天貓和京東等傳統平台的整體流量比往年要低。

But on the other hand, there are more traffic shifting to the social media and content-based platform such as Douyin. So that's number one. Number two is we have seen an increased competition among different e-commerce platform on offering better price transparency with a better overall customer experience, like how to return who, how quickly the product can be delivered. So that's a key observation.

但另一方面，更多流量轉移到社群媒體和抖音等基於內容的平台。所以這是第一。第二，我們看到不同電子商務平台之間在提供更好的價格透明度和更好的整體客戶體驗方面的競爭日益激烈，例如如何退貨、產品交付速度如何。這是一個關鍵的觀察。

And then, from a brand perspective, this leads to a record high cancel and return rate for all platforms, which causing the issues and causing the financial impact to the brand. What Baozun has been helping the brands are 3 things. The first one is during -- and before and during the Double-11 campaign will help the brand to create an overall strategy for all channels.

然後，從品牌的角度來看，這導致所有平台的取消率和退貨率創下歷史新高，從而引發問題並對品牌造成財務影響。寶尊一直在幫助品牌商做三件事。第一個是雙11期間、之前和期間，將幫助品牌制定全通路的整體策略。

So that helped the brand to know what they do for the different channels at the different periods of the promotion. And secondly, given our capability to offer an on-trend service, including operations, customer service and logistics and warehouse, we can link all the service together, using our system capability to provide a better overall customer experience and also helping the brand to create a better efficiency.

這樣可以幫助品牌了解他們在促銷的不同時期為不同管道做了什麼。其次，我們有能力提供流行的服務，包括營運、客戶服務、物流和倉儲，我們可以將所有服務連接在一起，利用我們的系統能力提供更好的整體客戶體驗，也幫助品牌創造更好的效率。

For example, during the Double 11, the cancel rate has been high and return rate has been high. But with our system capability, we are able to very quickly release the canceled item back to the shelf, allowing the brands to sell the brand, to sell the product without losing the opportunity during the Double 11.

例如雙11期間，取消率很高，退貨率也很高。但憑藉我們的系統能力，我們能夠非常快速地將被取消的商品放回貨架，讓品牌商在雙11期間不失時機地賣品牌、賣產品。

And finally, it's our support to the brand on the good data insights, which helping the brand to make real-time change and shape on the different phases of the campaign, helping them to achieve a better result.

最後，是我們為品牌提供了良好的數據洞察支持，幫助品牌在活動的不同階段進行即時的改變和塑造，幫助他們取得更好的效果。

So overall, I think we have meet and for some brands exceeded, I see our own goals internally. But from a financial perspective, because of the high return and cancel rate, we'll wait to see how much impact that will have on hand.

總的來說，我認為我們已經達到了目標，並且對於某些品牌來說已經超越了目標，我在內部看到了我們自己的目標。但從財務角度來看，由於回報率和取消率較高，我們將拭​​目以待，看看這會產生多大的影響。

In regarding to your second question, in terms of the next year, given the foundation we laid out on e-commerce for this year, we believe we will have a positive growth, both top-line and bottom line for the next year. We are in the process of finalizing our annual operating plan for next year and I will be able to share more in our next call.

關於你的第二個問題，對於明年來說，考慮到我們今年在電子商務方面打下的基礎，我們相信明年無論是營收還是淨利潤都會出現正增長。我們正在最終確定明年的年度營運計劃，我將能夠在下次電話會議中分享更多資訊。

Our next question comes from Thomas Chong with Jefferies.

我們的下一個問題來自 Jefferies 的 Thomas Chong。

My first question is relating to Gap. Can management comment about the strategies and investments that we should expect over the next few years? And in particular, how we should think about the revenue scale and the timing to achieve breakeven?

我的第一個問題與 Gap 有關。管理層能否評論我們未來幾年應該採取的策略和投資？尤其是我們該如何思考收入規模和實現損益平衡的時機？

And my second question is back to the e-commerce business in domestic about the omnichannel strategies. Can management comment about the future mix for TMALL and the alone TMALL channel?

我的第二個問題回到國內的電子商務業務，關於全通路策略。管理階層能否評論一下天貓和天貓單獨管道的未來組合？

Maybe, Sandrine, you can go for the first one. I will cover the second one.

也許，桑德琳，你可以選擇第一個。我將介紹第二個。

Okay, sure. Okay. Jefferies so in terms of strategy, we're going to pursue what is at behalf of BBM. So at the heart of BBM is really China for China and technology empowerment.

好吧，當然。好的。 Jefferies 表示，在策略方面，我們將追求代表 BBM 的目標。所以BBM的核心其實是中國為中國和技術賦能。

So we are already on a good track on this too, but we are continuing. And in the case, specific case of Gap, we will also pursue the premium-ization trends that we have engaged in. Thanks to our control of supply chain and to our absolute control of discount.

因此，我們在這方面也已經走上了良好的軌道，但我們仍在繼續。而且以Gap為例，我們也會追求我們所從事的高端化趨勢。得益於我們對供應鏈的控制，得益於我們對折扣的絕對控制。

So this will continue with more to come in terms of products, more to come in terms of opening new stores. As you noticed, we started to open 5 new stores in this third quarter. We have another 5 planned in the next quarter and this trend will continue over time and in '24 and beyond.

因此，這種情況將持續下去，在產品方面還會有更多的產品，在開設新店方面也會有更多的情況。正如您所注意到的，我們在第三季開始開設 5 家新店。我們計劃在下個季度再推出 5 個項目，這種趨勢將在 2024 年及以後持續下去。

And we are confident that we can actually stick to our initial plan, which was to significantly reduce the loss this year, further half this next year and be breakeven in '25.

我們相信，我們實際上可以堅持我們最初的計劃，即今年大幅減少虧損，明年進一步減少一半，並在 25 年實現收支平衡。

Thank you, Sandrine. On the second question regarding domestic and international brands, so basically, our observation is in the recent years, the domestic brand has captured more market share in the middle to low price range segment in each category.

謝謝你，桑德琳。關於第二個問題，關於國內和國際品牌，所以基本上，我們的觀察是，近年來，國內品牌在各個品類的中低價格段佔據了更多的市場份額。

At the same time, international brands still dominate the high price range segment with a better overall brand attractiveness, better overall customer experience and more product innovation and introductions.

同時，國際品牌仍以更好的整體品牌吸引力、更好的整體客戶體驗以及更多的產品創新和推出，在高價位細分市場中佔據主導地位。

For Baozun, we see opportunity in both the international and domestic brand partners. For the international brands, they would like Fortune to play a role as a strategic partner, offering them an end-to-end one-stop solution, including help them to ship -- to design a strategy for the overall China e-commerce and then help them to execute. So this is something Baozun is very uniquely positioned to provide.

對於寶尊來說，我們在國際和國內品牌合作夥伴身上都看到了機會。對於國際品牌來說，他們希望財富扮演戰略合作夥伴的角色，為他們提供端到端的一站式解決方案，包括幫助他們發貨——設計整個中國電子商務的戰略和然後幫助他們執行。所以這是寶尊能夠提供的非常獨特的東西。

For domestic brands, given they are close to China, some of the operations they normally do in-house. But they come to Baozun and asking for help on the value-added service such as the digital marketing, the warehouse management and technology.

對於國內品牌來說，由於距離中國較近，一些業務通常都在公司內部完成。但他們來到寶尊，尋求數位行銷、倉儲管理和技術等加值服務的幫助。

So with the China e-commerce ecosystem becoming more and more to specialize in each of the services, we believe we have opportunity in both international and domestic brands.

因此，隨著中國電子商務生態系統變得越來越專業化，我們相信國際和國內品牌都有機會。

Okay. Operator, maybe next one, please?

好的。接線生，也許是下一位？

The next question comes from Qun Huang with CMBI.

下一個問題來自招銀國際的黃群。

I have 2 questions here. Number one is regarding the Hunter Location acquisition, so what is the rationale of Location acquisition? And how do we look at it lesser in e-commerce segment and financial impact from this deal?

我這裡有兩個問題。第一個是關於Hunter Location的收購，那麼Location收購的理由又是什麼？我們如何看待電子商務領域以及這筆交易的財務影響？

And the second question is regarding our last year e-commerce update. We have made progress in the ecosystem for brands. So can you help us to understand the ROI difference between the channel and the TMALL channel and how to improve it?

第二個問題是關於我們去年的電子商務更新。我們在品牌生態系統方面取得了進展。那麼您能幫我們了解一下頻道和天貓頻道的ROI差異以及如何提升嗎？

I remember you mentioned that luxury brands performed well in Douyin ecosystem and what about other categories?

我記得您提到奢侈品牌在抖音生態中表現良好，那麼其他類別呢？

Okay. We believe the overall trend for the e-commerce in China is -- will have more social and content-based e-commerce. So that's the trend we see.

好的。我們認為中國電子商務的總體趨勢是——將會有更多的社交化和基於內容的電子商務。這就是我們看到的趨勢。

And based on that view, we think the capability to produce high-quality live streaming and content is a must to have in the upcoming years. So based on that rationale, we searched the market. We want to find the best match between volume capabilities and also the service providers we are looking for. So with Location which is an innovative, and very solid business with a very deep experience, and know-how on how to run the live streaming in both the TMALL and (inaudible) platforms.

基於這個觀點，我們認為製作高品質直播和內容的能力是未來幾年必須具備的。基於這個理由，我們進行了市場調查。我們希望找到容量能力與我們正在尋找的服務提供者之間的最佳匹配。因此，Location 是一項創新且非常紮實的業務，擁有非常豐富的經驗，以及如何在天貓和（聽不清楚）平台上運行直播的專業知識。

And also after our initial working ways Location, it's a well-run business with a healthy profit margin and a talented core teams. So we believe the combination between Baozun and Location will be able to utilize the good system and infrastructure of Baozun, the very deep relationship and omnichannel relationship Baozun has with brands and also the Location, high-quality live streaming operations capability and also their Hangzhou facility. We think combining those 2 we will be able to make us one of the best creative content and live streaming service provider in China. And we think this capability will help us to provide the value-added service for our high-end brands.

而且在我們最初的工作方式定位之後，它是一家經營良好的企業，具有良好的利潤率和才華橫溢的核心團隊。因此，我們相信寶尊和Location的合併將能夠利用寶尊良好的系統和基礎設施、寶尊與品牌和Location的深厚關係和全渠道關係、高質量的直播運營能力以及他們在杭州的設施。 。我們認為，將這兩者結合起來，我們將能夠使我們成為中國最好的創意內容和直播服務提供者之一。我們認為這種能力將幫助我們為我們的高端品牌提供增值服務。

The second question about ROI, we think the ROI for both the Douyin channel and TMALL channel are currently under the pressures. So that's because for both Douyin and TMALL, we need to know in terms of how to define a successful strategy to improve ROI. So if we think from the brand perspective, how to differentiate the merchandising strategy, how to attract the traffic, how to do the digital marketing in those 2 different platforms will determine how good a ROI is about. So that's why we think offering a good capability and working closely with the brand, we'll be able to improve the ROI for both brands. So in those 2 platforms, you will be able to improve the ROI if you do a very good operation.

第二個問題關於投資報酬率，我們認為抖音通路和天貓通路的投資報酬率目前都面臨壓力。這是因為對於抖音和天貓來說，我們需要知道如何制定成功的策略來提高投資報酬率。所以如果我們從品牌角度思考，如何差異化的行銷策略、如何吸引流量、如何在這兩個不同的平台上進行數位行銷將決定投資回報率的好壞。因此，我們認為提供良好的能力並與品牌密切合作，我們將能夠提高兩個品牌的投資報酬率。所以在這兩個平台中，如果你做得很好，你將能夠提高投資報酬率。

Our next question comes from Qingpu Yang with Citic Securities.

我們的下一個問題來自中信證券的楊青浦。

Congrats on the solid results this quarter. I have 2 questions about BBM. The first question is about Gap. It has been around 3 quarters after the acquisition of Gap China. And looking back on the past quarters, what operational results are beyond your expectation and what are below your expectation?

恭喜本季取得的穩健業績。我有 2 個關於 BBM 的問題。第一個問題是關於Gap的。收購Gap中國至今已近3季左右。回顧過去幾個季度，哪些經營業績超出您的預期，哪些低於您的預期？

And the second question is also about Gap, how to evaluate the improvement of Gap results? And what are the key metrics to follow other than the group's profit margin? And when we're talking about to cut the -- to maintain the price of Gap but in China, especially in this year, people are talking about the consumption downgrade. So what's your observation when you are doing this kind of improvement of Gap?

而第二個問題也是關於Gap的，如何評估Gap結果的提升？除了集團的利潤率之外，還有哪些關鍵指標需要遵守？當我們談論降價以維持Gap的價格時，但在中國，尤其是今年，人們談論的是消費降級。那麼當您對Gap進行這種改進時，您的觀察結果是什麼呢？

Okay. Colin, so first, after 3 quarters, not exactly 3 quarters because actually, we took over in 1st of February. We can say that most of the operational results exceed our margin -- exceed our expectations, particularly when all the indicators that points to a better attraction of the brand, which means primarily, obviously, the gross margin that we discussed earlier, which has increased much more significantly than we even expected, but also the inventory turnover that has been also a very, very strong improvement.

好的。科林，首先是 3 個季度之後，不完全是 3 個季度，因為實際上我們是在 2 月 1 日接管的。我們可以說，大部分營運績效都超出了我們的利潤率——超出了我們的預期，特別是當所有指標都表明該品牌具有更好的吸引力時，這顯然主要意味著我們之前討論的毛利率增加比我們預期的要顯著得多，而且庫存週轉率也得到了非常非常強勁的改善。

At the same time, by saying this, I'm showing you some metrics that we consider as very important, the inventory turnover, the same-store sales growth, the conversion rates. These are all metrics that we look very carefully at because at the end of the day, these indicate if the brand is attractive for a consumer or not.

同時，透過這樣說，我向您展示了一些我們認為非常重要的指標，庫存週轉率、同店銷售成長、轉換率。這些都是我們非常仔細考慮的指標，因為歸根結底，這些指標表明該品牌是否對消費者有吸引力。

If a consumer comes to a shop and buy a brand only because it's discounted, it's actually not a good sign. So from the beginning, we've been extremely attentive to these metrics because this is actually how to get back on track to be a positive brand, a brand that attracts consumers. And on all these matters, we are actually quite satisfied and it's usually beyond expectation.

如果消費者來到商店只是因為某個品牌打折就購買它，這實際上不是一個好現象。因此，從一開始，我們就非常關注這些指標，因為這實際上是如何回到正軌，成為一個積極的品牌，一個吸引消費者的品牌。而在所有這些事情上，我們實際上是相當滿意的，而且通常是超乎預期的。

Now where it's a little bit slower is on the online part of the business where, obviously, it takes longer time to achieve this with consumers. All but more so as we used to be -- Gap used to be very much a TMALL online business. And we saw, as mentioned by Arthur, a lower traffic in general on TMALL and JD.

現在，業務的線上部分的速度有點慢，顯然，需要更長的時間才能與消費者實現這一目標。更重要的是，我們過去是這樣的——Gap 過去很大程度上是一家天貓線上企業。正如阿瑟所提到的，我們看到天貓和京東的流量總體較低。

And this obviously has also been a negative factor for our online business. So that's to answer the first part of your question.

這顯然對我們的線上業務也是一個負面因素。這是回答你問題的第一部分。

Now answering the second part of your question, obviously, we do pay attention to our top-line. But our top-line, we prefer to look at it primarily in same-store sales and same channel sales to see the progress. Then, gross margin is fundamental. Without a proper gross margin, you actually cannot do anything.

現在回答你問題的第二部分，顯然，我們確實關注我們的營收。但我們更願意主要透過同店銷售和同通路銷售來觀察進度。那麼，毛利率是根本。沒有適當的毛利率，你實際上什麼都做不了。

We also -- if I stick to financial metrics, inventory management and inventory days of turnover, very important as well because this is a precondition for the gross margin to remain healthy and control, obviously, of costs. And on all this, we are quite happy with what has happened so far. And these are the metrics we'll continue to look at going forward.

如果我堅持財務指標、庫存管理和庫存週轉天數，我們也非常重要，因為這是毛利率保持健康和控製成本的先決條件。就這一切而言，我們對迄今為止所發生的事情感到非常滿意。這些都是我們未來將持續關注的指標。

Now to answer the third part of your question, although, we have premiumized Gap, we haven't turned it into a luxury brand by far. What we've done really is to make sure that more -- a larger percentage of products are sold at full price instead as being fully discounted from the first day.

現在回答你問題的第三部分，雖然我們已經將Gap高端化，但到目前為止我們還沒有把它變成一個奢侈品牌。我們所做的實際上是確保更多、更大比例的產品以全價出售，而不是從第一天起就完全打折。

And I think that even in the current circumstances of a slower economy, we can see that this is a winning strategy. And in fact, I would say that the consumers today are not so much chasing bargains, but they are really looking for value for money. And value for money is not just a question of money. It's also a question of value.

我認為，即使在當前經濟放緩的情況下，我們也可以看到這是一個制勝策略。事實上，我想說，今天的消費者並不是那麼追求便宜，而是真正追求物有所值。而且性價比不只是錢的問題。這也是一個價值觀的問題。

And what we can see is that if we give consumers at a reasonable price, a price that reflects the value in the product, the product he or she wants with the quality he or she expects the design he or she expects, then, this is what they consider to be value for money, and this works. That's about the way I would answer your 3 parts of questions.

我們可以看到的是，如果我們給消費者一個合理的價格，一個反映產品價值的價格，他或她想要的產品，他或她期望的質量，他或她期望的設計，那麼，這就是他們認為物有所值，而且這是有效的。這就是我回答你的三部分問題的方式。

(Operator Instructions) Our next question comes from Jack Hou with Huatai Securities.

（操作員指令）我們的下一個問題來自華泰證券的侯傑。

I have a small question regarding M&A strategy. We have seen some progress on Gap business after our acquisition. So could management share some thinking on the M&A strategy going forward?

我有一個關於併購策略的小問題。收購後我們看到 Gap 業務取得了一些進展。那麼管理階層能否分享一些關於未來併購策略的想法？

Okay. Jack, this is Vincent. I will answer this question. And then, Sandrine, maybe you want to add some comments after that.

好的。傑克，這是文森特。我來回答這個問題。然後，Sandrine，也許您想在此之後添加一些評論。

For the M&A strategy, I think we have 2 parts and one important consideration. One part is about BBM. I think for the BBM M&A for potential brands. Number one is that we think a real Gap homes very important for us. So the first thing we need to do is that to make Gap turnaround, a successful one.

對於併購策略，我認為我們有兩個部分和一個重要的考慮因素。其中一部分是關於 BBM 的。我認為BBM對於潛在品牌的併購。第一，我們認為真正的 Gap 住宅對我們來說非常重要。因此，我們要做的第一件事就是讓 Gap 成功轉虧為盈。

And to have a Gap and Hunter with all the potential we have to turn this to a very positive opportunity for us. That is number one.

為了讓蓋普和亨特擁有所有潛力，我們必須把這變成一個非常積極的機會。這是第一名。

Number two is that we will still be very active in exploring potential brands. But we will be very selective, very selective for brands. The brand and the opportunity it has to be good and then has synergy meet our criteria. So it will be a very selective way for us to acquire new brands.

第二是我們仍將非常積極地探索潛在品牌。但我們會對品牌非常挑剔。品牌和機會必須良好，然後具有協同作用才能滿足我們的標準。因此，這將是我們收購新品牌的一種非常有選擇性的方式。

For BEC, we are acquiring necessary capabilities from other companies or vendors just like Location we just have done. So in this direction, I think we will be also very selective. And I think right Now most of the capabilities of Baozun are very strong and are strong enough in different aspects.

對於BEC，我們正在從其他公司或供應商那裡獲取必要的能力，就像我們剛剛所做的那樣。所以在這個方向上，我想我們也會非常有選擇性。而且我覺得現在寶尊的大部分能力都很強，各方面都夠強。

So I think maybe for -- only for those very selective opportunities, we'll consider to, acquire in the future. So overall, I think the one principle for us, which is, very important is synergy. Don't matter it is a brand or its company with a special capability we are going to acquire. It has to have a very strong synergy to the existing business, no matter it is a branded business or it is e-commerce business. So that is the overall strategy for M&A.

所以我認為也許只是為了那些非常有選擇性的機會，我們會考慮在未來獲得。總的來說，我認為對我們來說非常重要的一個原則是協同作用。無論我們要收購的是一個品牌或其具有特殊能力的公司。它必須與現有業務有非常強的協同效應，無論是品牌業務還是電子商務業務。這就是併購的整體策略。

Yes. So Sandrine, you want to add something?

是的。桑德琳，你想補充點什麼嗎？

No. I think I may just say that, yes, of course, we want to, number one, prove the turnaround of the brand, specifically Gap. Number two, we really want to be very selective and also to be true to our key criteria, which is China for China and technology empowerment.

不，我想我可能只是說，是的，當然，我們首先想要證明品牌，特別是 Gap 的扭虧為盈。第二，我們確實希望非常有選擇性，並且忠於我們的關鍵標準，即「中國為中國」和「技術賦權」。

So we want to really select brands where these 2 drivers will make a huge difference.

因此，我們希望真正選擇這兩個驅動因素能夠產生巨大影響力的品牌。

This concludes our question-and-answer session. I would like to turn the conference back over to –

我們的問答環節到此結束。我想將會議轉回至 -

Operator, actually just the Thomas back on the queue, maybe the last one, please?

接線員，實際上只是托馬斯回到隊列中，也許是最後一個，好嗎？

So it looks like we have a re-joining here. We will now take a question from Thomas Chong with Jefferies.

所以看起來我們在這裡重新加入了。現在我們將回答 Thomas Chong 和 Jefferies 的提問。

So may I ask a quick follow-up question. I think it's more relating to the trend for our take rate. Can management comment about how we should think about it in the near term and the long term?

我可以問一個快速的後續問題嗎？我認為這與我們的採用率趨勢更相關。管理階層能否評論一下我們應該如何考慮近期和長期的問題？

Okay. Thomas, I will take this one. In terms of the take rate for the e-commerce services, what we observed was some of the basic services like the store operations, the customer service; the take rate is under pressure and higher trends to reduce. Our reaction to that is we want to improve our internal efficiency through the economy of scale, to make sure we keep competitive in terms of the price we offer to counter the impact of drop the take rate.

好的。湯瑪斯，我要這個。從電商服務的使用率來看，我們觀察到的是一些基礎服務，例如店鋪營運、客服；採取率面臨壓力且走高趨勢降低。我們對此的反應是，我們希望透過規模經濟來提高我們的內部效率，以確保我們在提供的價格方面保持競爭力，以應對採取率下降的影響。

At the same time, we see the take rate for the value-added service has been really for some really high-quality service, we see the take rate is really firm. So that's why we shifted a lot of our efforts into creating a good quality, higher value-added service in our BEC kind of the service offerings.

同時，我們看到加值服務的採用率確實對於一些真正高品質的服務來說，我們看到採用率非常穩定。因此，我們將大量精力投入在 BEC 服務產品中創造優質、更高附加價值的服務。

And at last, we think from this year, we started to do high-margin, high-quality product sales business. And we believe with more control for the product sales business, we will be able to positively contribute to the gross margin and also to the net profit despite a very high pressure on the take rate.

最後，我們認為從今年開始，我們開始做高利潤、高品質的產品銷售業務。我們相信，儘管採取率面臨很大壓力，但透過對產品銷售業務的更多控制，我們將能夠對毛利率和淨利潤做出積極貢獻。

This now concludes our question-and-answer session. I would like to turn the conference back over to Wendy Sun for any closing remarks.

我們的問答環節到此結束。我想將會議轉回溫蒂·孫（Wendy Sun）發表閉幕詞。

Thank you, operator. On behalf of the Baozun management team, I would like to thank you for 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，接線生。我謹代表寶尊管理團隊感謝您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。通話就此結束。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。