Baozun Inc (BZUN) 首席执行官 Vincent Qiu 于 2019年 第二季度业绩 - 收益电话会议记录

[机器翻译] 电话会议 · 2019年08月26日 · 213 次阅读 · 宝尊电商

Baozun Inc (NASDAQ:BZUN) Q2 2019 Results Earnings Conference Call August 21, 2019 8:30 AM ET

宝尊公司(纳斯达克股票代码:[BZUN])2019年第二季度业绩电话会议电话会议2019年8月21日美国东部时间上午8:30

公司参与者

Wendy Sun - Investor Relations
Vincent Qiu - Chairman and CEO
Robin Lu - Chief Financial Officer
Junhua Wu - Chief Growth Officer

  • Wendy Sun - 投资者关系
  • Vincent Qiu - 董事长兼首席执行官
  • Robin Lu - 首席财务官
  • 吴俊华 - 首席发展官

电话会议参与者

Alicia Yap - Citigroup
John Choi - Diawa
Natalie Wu - CICC
Thomas Chong - Jefferies
Sally Chan - CLSA
Billy Leung - Haitong International
Tian Hou - T.H. Capital
Jiang Zhang - China Renaissance
Joyce Ju - Bank of America Merrill Lynch

  • Alicia Yap - 花旗集团
  • John Choi - Diawa
  • 娜塔莉吴 - 中金公司
  • Thomas Chong - Jefferies
  • 莎莉陈 - 里昂证券
  • Billy Leung - 海通国际
  • 田厚 - T.H. 首都
  • 江张 - 中国文艺复兴
  • Joyce Ju - 美国银行美林证券

会议主持员

Good morning, ladies and gentlemen, and thank you for standing by for Baozun's Second Quarter 2019 Earnings Conference Call. At this time, all participants are in listen-only mode. [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.

女士们,先生们,早上好,谢谢你们支持宝尊2019年第二季度收益电话会议。 此时,所有参与者都处于只听模式。 [操作员说明]提醒一下,今天的电话会议正在录制中。

我现在将会议转交给您的主持人今天的电话会议,宝尊投资者关系总监Wendy Sun女士。 温迪,请继续。

Wendy Sun

Thank you, operator. Hello, everyone, and thank you for joining us today. Baozun'ssecond quarter 2019 earnings release was distributed earlier today and is available on our IR website at ir.baozun.com as well as on Global Newswire services.
On the call today from Baozun, we haveMr. Vincent Qiu, Chairman and Chief Executive Officer; Mr. Junhua Wu, Chief Growth Officer; and Mr. Robin Lu, Chief Financial Officer. Mr. Qiu will review business operations and company highlights, followed by Mr. Lu, who will discuss financial and guidance. They will all be available to answer your questions during the Q&A session that follows.
Before we begin, I would like to remind you that this conference call contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 as amended and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminologies such as will, expects, anticipates, future, intends, plans, believes, estimates, target, going forward, outlook and similar statements.
Such statements are based upon management's current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the company's control, which may cause the company's actual results, performance or achievements to differ materially from those in the forward-looking statements.
Further information regarding these and other risks, uncertainties or factors are included in the company's filings with the U.S. Securities and Exchange Commission. The company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.
Finally, please note that unless otherwise stated, all figures mentioned during this conference call are in RMB.
It is now my pleasure to introduce our Chairman and Chief Executive Officer, Mr. Vincent Qiu. Vincent, please go ahead.

谢谢运营商。各位大家好,感谢您今天加入我们。宝尊2019年第二季度的收益发布于今天早些时候发布,可在我们的IR网站ir.baozun.com以及Global Newswire服务上获得。

今天在宝尊的电话中,我们有了。 Vincent Qiu,董事长兼首席执行官;吴俊华先生,首席发展官;和首席财务官Robin Lu先生。邱先生将审查业务运营和公司亮点,其次是卢先生,他将讨论财务和指导。在随后的问答环节中,他们都可以回答您的问题。

在开始之前,我想提醒您,本次电话会议包含1934年“证券交易法”第21E节所界定的前瞻性陈述,并经过1995年美国私人证券诉讼改革法案的修订。可以通过诸如意志,预期,预期,未来,计划,计划,信念,估计,目标,前进,展望和类似声明等术语来识别发表的陈述。

此类陈述基于管理层当前的预期和当前的市场和运营条件,并涉及涉及已知或未知风险,不确定性和其他因素的事件,所有这些都难以预测,其中许多超出公司的控制范围,可能导致公司的实际结果,业绩或成就与前瞻性陈述中的内容大不相同。

有关这些风险,其他风险,不确定性或因素的更多信息包含在公司向美国证券交易委员会提交的文件中。除适用法律要求外,公司不承担因新信息,未来事件或其他原因而更新任何前瞻性陈述的义务。

最后请注意,除非另有说明,否则本次电话会议中提及的所有数字均为人民币。

现在我很高兴地介绍我们的主席兼首席执行官Vincent Qiu先生。文森特,请继续吧。

Vincent Qiu

Thank you, Wendy, and thanks to everyone for joining our earnings call today. We build up on our strong start to the year with GMV gaining further growth momentum, reaching nearly 60% year-over-year during the quarter, while encouragingly total net revenue grew at its fastest pace than it had, increasing 47% year-over-year. This solid growth was partially driven by our strong performance during the June '18 fiscal end and highlights the success we are having in acquiring high quality brands and capturing new emerging e-commerce opportunities.
We continue to steadily accelerate brand acquisition, which is focused on generating high quality GMV, especially from brands in apparel and FMCG categories.
During the quarter, we added a net of 12 new brands which brings the total number of brand partners to 212 compared with 162 a year ago. In addition to penetrating deeper into existing categories we’ve also been exploring new brands in -- with tremendous potential. As I'm sure you all know, the Chinese consumer is gaining more purchasing power. This is especially true for younger generation in particular, which are spending more on global premium and factory goods and are increasingly buying through e-commerce platforms.
In addition to working directly with premium brands, we teamed up with Alibaba this quarter to fine tune customer engagement and the shopping experience for Luxury Pavilion, its dedicated channel for premium and luxury goods. We now provide services for both their premium sub-market places and a few imports on Alibaba’s first-party model for its luxury brands. While still in the early stage of this, we are very pleased with the initial results generated during the June ‘18 sales cycle.
We strongly believe the unique value proposition we offer will help us to penetrate further into the premium category, where we are seeing an increasing number of luxury brands adopting e-commerce strategy. In addition, we are in the process of upgrading our warehouses, IT infrastructure for Luxury Pavilion and expect to gradually update upward to end-to-end solutions during the second half of the year.
We began working with two top-tier highly respected video game companies during the quarter; one international and the other predominantly domestic under the new IP distribution model. Each company offers extremely popular categories in China and have authorized us to become the official distributor for their physical derivative products and handed us license to develop products of our own, such as apparel and accessories in the game’s characters.
While GMV from these products will be significant in the near-term, we are very excited about the enormous opportunities this IP distribution model will bring. Working with brand partners under this IP model requires not only deep knowledge of all operations but also omni-channel marketing, user engagement, the supply chain management, in all of which Baozun is uniquely positioned to offer with our diverse array of cutting edge solutions.

感谢Wendy,感谢大家今天参加我们的财报电话会议。我们在今年的强势开局中积累了GMV获得进一步增长的势头,本季度同比增长近60%,同时令人鼓舞的总净收入以最快的速度增长,同比增长47% -年。这一稳健的增长部分得益于我们在18财年财政年度结束时的强劲表现,并凸显了我们在收购高品质品牌和捕捉新兴电子商务机会方面取得的成功。

我们继续稳步推进品牌收购,专注于生产高品质的GMV,特别是服装和快速消费品类别的品牌。

在本季度,我们增加了12个新品牌的净额,使得品牌合作伙伴的总数达到212个,而一年前为162个。除了深入了解现有类别之外,我们还一直在探索新品牌 - 具有巨大潜力。我相信大家都知道,中国消费者正在获得更多购买力。特别是年轻一代尤其如此,他们在全球高端和工厂产品上花费更多,并且越来越多地通过电子商务平台购买。

除了直接与优质品牌合作外,我们还在本季度与阿里巴巴合作,为奢侈品馆(一家专注于优质和奢侈品的渠道)精心调整客户互动和购物体验。我们现在为其高端子市场提供服务,并为阿里巴巴的奢侈品牌第一方模型提供少量进口服务。虽然仍处于早期阶段,但我们对于18年6月销售周期中产生的初步结果非常满意。

我们坚信,我们提供的独特价值主张将有助于我们进一步渗透到高端类别,我们看到越来越多的奢侈品牌采用电子商务战略。此外,我们正在升级我们的仓库,豪华馆的IT基础设施,并期望在下半年逐步更新到端到端解决方案。

我们在本季度开始与两家顶级备受尊敬的视频游戏公司合作;在新的IP分配模式下,一个国际和另一个主要是国内。每家公司都在中国提供极受欢迎的类别,并授权我们成为其实体衍生产品的官方分销商,并授权我们开发自己的产品,如游戏角色中的服装和配饰。

虽然这些产品的GMV在短期内将具有重要意义,但我们对这种IP分销模式带来的巨大机遇感到非常兴奋。在这种知识产权模式下与品牌合作伙伴合作,不仅需要对所​​有运营有深入的了解,还需要全渠道营销,用户参与,供应链管理,所有这些都是宝尊凭借我们多样化的尖端解决方案提供的独特定位。

Growth of distribution model was also very robust during the quarter, leveraging our full scope of end-to-end solutions and the comprehensive branding and marketing capabilities. We successfully organized branding campaigns to increase our engagement, sort of transforming many Single’s Day to mixed style event. That drives incremental growth in the sales. We are also evaluating options in which our portfolio of brand partners with diverse new and existing brands -- exciting brands, such as leading international premium infant formula brand we signed during the quarter to drive incremental growth in product sales.
Years of operational experience on the distribution model has provided us with unique insights and really underpinning of inventory management, which we are leveraging to drive growth, while minimizing inventory risk. In addition to bringing new brands on-board, we have also been working to identify ways to optimize our existing offer mix by evaluating our brands both quantitatively and qualitatively when it comes to GMV.
After thorough consideration and as part of our strategy to focus on high quality GMV, we will strategically convert one of our electronics GMV brand partner into a non-GMV partner during the third quarter. Instead of handling their store operations, we will provide IT and marketing solutions to continue our support to this brand. We believe optimizing our brand portfolio towards high quality GMV will ensure the effective and efficient usage of our resources, so we can capture additional market opportunities to drive future growth.
As we shared with you in our last call, the success we have had with our international brand partners is being replicated and customized for current solutions for domestic brands. Starting earlier in this year, we began working with the leading domestic FMCG brand to help them benefit from the new era of e-commerce in China. We formed a joint venture with them at the end of April to tap into the enormous growth opportunities. We finished building the infrastructure for this JV during the second quarter which has already yielded solid success with the brand’s online GMV in the first half of 2019 more than doubling. This strong growth represents the unique value proposition we offer to domestic brands by combining our in-depth knowledge of e-commerce and technology with the brand’s comprehensive offer network and leadership position in the FMCG sector. The joint venture will soon be helping other FMCG brands.
And now turning to the technology and digital marketing. During the second quarter, we integrated our servers with our hybrid cloud model, Baozun Cloud to address growing need of storage and computing capabilities from our SaaS platforms and technologies. After smooth trial period, our core e-commerce systems were linked with Baozun Cloud to support operations during the June ‘18 sales campaign. We're extremely pleased with Baozun Cloud to have with us, which has significantly strengthened our technological capabilities, provided us with added flexibility to rapidly adjust and scale our servers within minutes and improve efficiency.

本季度分销模式的增长也非常强劲,充分利用了我们全方位的端到端解决方案以及全面的品牌和营销能力。我们成功地组织了品牌推广活动,以增加我们的参与度,将许多单日活动转变为混合风格活动。这推动了销售额的增长。我们还在评估我们的品牌合作伙伴组合中的各种新品牌和现有品牌的选择 - 令人兴奋的品牌,例如我们在本季度签署的领先的国际优质婴儿配方奶粉品牌,以推动产品销售的增量增长。

多年的分销模式运营经验为我们提供了独特的见解和真正的库存管理基础,我们正在利用这些管理来推动增长,同时最大限度地降低库存风险。除了引入新品牌外,我们还一直致力于通过在GMV上定量和定性评估我们的品牌来确定优化现有报价组合的方法。

经过深思熟虑并作为我们专注于高品质GMV战略的一部分,我们将在第三季度战略性地将我们的一家电子GMV品牌合作伙伴转变为非GMV合作伙伴。我们将提供IT和营销解决方案,以继续支持该品牌,而不是处理他们的商店运营。我们认为优化我们的品牌组合以实现高质量的GMV将确保有效和高效地使用我们的资源,因此我们可以抓住更多的市场机会来推动未来的增长。

正如我们在上次电话会议中与您分享的那样,我们与国际品牌合作伙伴的成功正在被复制和定制,以适应国内品牌的现有解决方案。从今年早些时候开始,我们开始与国内领先的快速消费品品牌合作,帮助他们从中国电子商务的新时代中受益。我们在4月底与他们成立了一家合资企业,以挖掘巨大的增长机会。我们在第二季度完成了该合资企业的基础设施建设,该品牌在2019年上半年的在线GMV已经取得了一定的成功,实现了两倍多的成功。这种强劲的增长代表了我们通过将我们对电子商务和技术的深入了解与该品牌在快速消费品行业的全面报价网络和领导地位相结合,为国内品牌提供的独特价值主张。该合资企业将很快帮助其他快速消费品品牌。

现在转向技术和数字营销。在第二季度,我们将我们的服务器与我们的混合云模型宝尊云集成,以满足我们对SaaS平台和技术不断增长的存储和计算能力需求。经过平稳的试用期,我们的核心电子商务系统与宝尊云相关联,以支持18年6月销售活动期间的运营。我们非常高兴宝尊云与我们合作,这显着增强了我们的技术能力,为我们提供了更大的灵活性,可以在几分钟内快速调整和扩展我们的服务器,提高效率。

With Tmall, we’re now operating for Tmall flagship store version 2. We believe our continued investments in R&D and technology will provide us with greater flexibility and we're ideally positioned to help brands enhance their customer experience and drive higher e-commerce growth.
Digital marketing continues to be one of our most powerful tools to customer acquisition and reinforces the value add we're able to offer existing brand partners. At the recent 10th Golden Mouse Awards we were recognized as the Digital Marketing Benchmarking Company of the Year. We were also amongst seven shortlisted multi-channel network or MCN service providers certified by Alibaba in the first round.
We are very proud of the digital marketing unit, well recognized, full spectrum marketing agency specializing in not only ROI driven optimization but also the broader strategic implementation of omni-channel brand and marketing strategies, content and creativity as well as event marketing.
Our outlook for the rest of the year is very positive with China’s e-commerce sector showing increased resilience. China's e-commerce industry continues to gain growth momentum as the total addressable market expands. According to Tmall, this year’s June ‘18 sales campaign was the first time in history that over 120 brands in the sector were able to each generate over RMB100 million in GMV, a significant milestone.
As China's leading brand e-commerce service provider, we are well positioned to attack growing opportunities in this huge market, benefit from China's consumption upgrade. We believe that as the addressable market grows, more and more brands average will leverage their service partners’ expertise with their online business growth and operations.
In May, we had our Fourth Annual Global Brand E-Commerce Summit, which had the theme of Top Talking. We invited over 200 leading brands for in-depth discussion on GMV growth drivers and how technology, innovation and digitalization can improve. Brands are looking for solutions providers who can help them integrate all of their systems, digitalize procedures, optimize their supply chains, and develop innovative new business models, all of which Baozun is ideally positioned.
On that note, I will pass the call over to Robin to go over our financials. Thank you.

通过天猫,我们现在正在为天猫旗舰店2版运营。我们相信,我们对研发和技术的持续投资将为我们提供更大的灵活性,我们的理想定位是帮助品牌提升客户体验并推动更高的电子商务增长。

数字营销仍然是我们获取客户的最有力工具之一,并巩固了我们能够为现有品牌合作伙伴提供的增值服务。在最近的第10届金老鼠奖中,我们被公认为年度数字营销基准公司。我们也是阿里巴巴在第一轮认证的七个入围多渠道网络或MCN服务提供商之一。

我们为数字营销部门,公认的全频营销机构感到自豪,该机构不仅专注于ROI驱动的优化,还专注于全渠道品牌和营销策略,内容和创意以及活动营销的更广泛的战略实施。

我们对今年剩余时间的展望非常积极,中国的电子商务部门表现出更强的复原力。随着可寻址市场的扩大,中国的电子商务行业继续获得增长动力。天猫表示,今年6月份的销售活动是有史以来第一次,该行业的120多个品牌每年能够产生超过1亿元人民币的GMV,这是一个重要的里程碑。

作为中国领先的品牌电子商务服务提供商,我们有能力在这个巨大的市场中发挥越来越多的机会,受益于中国的消费升级。我们相信,随着可寻址市场的增长,越来越多的品牌平均将利用其服务合作伙伴的专业知识与其在线业务增长和运营。

5月,我们举办了第四届全球品牌电子商务峰会,其主题是Top Talking。我们邀请了200多个领先品牌深入讨论GMV增长动力以及技术,创新和数字化如何改进。品牌正在寻找可以帮助他们整合所有系统,数字化程序,优化供应链以及开发创新的新业务模式的解决方案提供商,所有这些都是宝尊的理想定位。

在那个问题上,我会将电话转交给罗宾来审查我们的财务状况。谢谢。

Robin Lu

Thanks, Vincent. We are happy to deliver another solid quarter of growth. Our shifting focus towards high quality GMV brands is clearly paying off, highlighted by over RMB100 million in non-GAAP operating income we generated for the fourth time during a non-Single’s Day quarter, a significant milestone for us. It clearly demonstrates how we are able to drive profitable growth, while at the same time expanding investments in warehouse upgrades, technology and digital marketing.
Net income for the quarter grew 83% year-over-year but net margin expanded by 80 bps to 3.9% and the net margins remained flat at 4.9% on a non-GAAP basis. We also significantly improved operating cash flow during the quarter through enhanced management of our accounts receivables including making upgrades to our automated billing reconciliation system and closely monitoring collections.
We also further strengthen our cash provision with the issuance of a 5-year convertible bond with a net proceed of around US$270 million. All these initiatives provide us with having the financial flexibility and the confidence in our future growth prospects, while we expect GMV to grow by 40% to 45% year-on-year for the third quarter of 2019 and today we reiterate our full year GMV growth outlook of 40% to 50%.
Please note, this growth outlook hasn’t embedded the impact on GMV from the transitioning of electronics brand into potentially a non-GMV partner. Based on our profitability improving, addressable market is expanding and our strong cash position. We have decided to strategically reinvest some of our profits throughout the rest of the year to take advantage of the newly emerging opportunities so that we will strengthen our position over long-term. These opportunities improve early investments in some key new brands to support operations while they gradually ramp up technological infrastructure and warehouse upgrades in the high premium categories, and technology and digital marketing which are experiencing our unique value proposition to brand partners.
We believe these investments are critical and will significantly improve our competitive position in the market in the years to come, even if they temporarily impact our bottom-line in the short-term. We are building this business for the long-term and are ready to make investments now, and ultimately will build a platform for sustainable and highly profitable growth in the future.
Now, let's go over the second quarter 2019 financial results in details. We believe year-over-year comparison is the best way to reveal our performance. All percentage change I'm going to give will be on GAAP basis. Once again, please note that all figures mentioned in this financial review section are in RMB.
Total GMV during the quarter increased by 60% to RMB9.73 billion. Our focus remains on growing our non-distribution business which showed GMV increase by 62% this quarter to RMB8.77 billion, in which service fee model is leading the pace. Total net revenues increased by

谢谢,文森特。我们很高兴能够实现另一个稳定增长的季度。我们对高品质GMV品牌的转移焦点显然得到了回报,我们在非单一日季度第四次产生的非GAAP营业收入超过人民币1亿元,这对我们来说是一个重要的里程碑。它清楚地展示了我们如何能够推动盈利性增长,同时扩大对仓库升级,技术和数字营销的投资。

本季度净收入同比增长83%,但净利润率增长80个基点至3.9%,净利润率按非美国通用会计准则基准持平,为4.9%。通过加强对应收账款的管理,我们还显着改善了本季度的运营现金流,包括升级自动计费对账系统和密切监控收款。

我们还通过发行5年期可转换债券进一步加强现金拨备,净流入约为2.7亿美元。所有这些举措为我们提供了财务灵活性和对未来增长前景的信心,同时我们预计2019年第三季度GMV将同比增长40%至45%,今天我们重申全年GMV增长前景为40%至50%。

请注意,这种增长前景并未将电子品牌转变为可能非GMV合作伙伴的GMV影响。基于我们的盈利能力改善,可寻址市场正在扩大和我们强大的现金状况。我们决定在今年剩余时间内对我们的部分利润进行战略性再投资,以利用新出现的机会,以便我们在长期内巩固我们的地位。这些机会改善了一些关键新品牌的早期投资,以支持运营,同时逐步提升高端类别的技术基础设施和仓库升级,以及正在向品牌合作伙伴体验我们独特价值主张的技术和数字营销。

我们认为这些投资至关重要,并将在未来几年显着提高我们在市场中的竞争地位,即使它们在短期内暂时影响我们的底线。我们正在长期建立这项业务,并准备现在进行投资,并最终将为未来可持续和高利润的增长建立一个平台。

现在,让我们详细了解2019年第二季度的财务业绩。我们认为逐年比较是揭示我们业绩的最佳方式。我将给出的所有百分比变化都将基于GAAP。请再次注意,本财务审查部分提到的所有数字均为人民币。

本季度总GMV增长60%至人民币97.3亿元。我们的重点仍然是发展我们的非分销业务,本季度GMV增长62%至人民币87.7亿元,其中服务费模式领先。总净收入增加了

47% to RMB1.70 billion. Product sales revenue increased by 47% to RMB849 million. This increase was primarily due to the acquisition of new brand partners, the increased popularity of their brand partners’ products and Baozun’s increasingly effective marketing and promotional campaigns.
Services revenue increased by 47% to RMB855 million during the quarter. The increase was primarily attributable to the rapid growth of the company's consignment model and service fee model, and in particular, the strong growth in digital marketing services.
Total cost and operating expenses were RMB1.6 billion compared with RMB1.10 billion in the same quarter last year. In particular, cost of products increased to RMB679 million from RMB464 million last year, primarily due to higher costs associated with the increase in product sales revenue.
Gross margin for product sales increased to 50% from 19.5% with the margin expansion mainly being generated from high margin brand added over the past 12 months.
Fulfillment expenses increased to RMB392 million from RMB278 million last year, mainly due to an increase in GMV from our distribution and consignment model and the warehouse rental expenses, which were partially offset by improvements in efficiency. As a percentage of GMV, our fulfillment expenses ratio improved to 4% from 4.6% a year ago, mainly as a result of cost control initiatives as well as efficiency improvements which were partially offset by our investments in warehouse upgrades.
Sales and marketing expenses increased to RMB413 million from RMB273 million last year, in line with GMV growth as well as expansion in digital marketing which was partially offset by efficiency improvements. As a percentage of GMV, our sales and marketing expenses ratio improved to 4.2% from 4.5% a year ago, mainly attributable to labor efficiency leverage and improved profitability for digital marketing services.
Technology and content expenses increased to RMB102 increased from RMB65 million a year ago and RMB88 million last quarter. The sequential increase in technology and content expenses was mainly due to more upfront investments in emerging opportunities, as well as a short-term overlap between our high comps in Chengdu R&D Center and Shanghai, and our continued investment in innovation and the productization. During the second quarter, our investments in technological innovation and the productization totaled RMB21 million, up from RMB18 million last year.
G&A expenses increased RMB52 million from RMB39 million last year, primarily due to an increase in administrative, corporate strategy and business planning staff. Income from operations increased to RMB86 million with operating margin of 5%, unchanged from the same quarter of last year. All-in-all, non-GAAP income from operations was RMB103 million, an increase over 30% from RMB79 million last year.
Non-GAAP operating margin was 6.1% compared with 6.8% in same quarter of last year. Offsetting interest income, net interest expense totaled [RMB3.4 million] compared with a net interest income of RMB145,000 last year and net interest expense of RMB6 million last quarter. While we’ve completed the CB financing in April with a much lower coupon interest rate, we have proactively retired some of existing short-term backlog to cut interest expense. As such, net interest expense was cut meaningfully on a sequential basis.

47%至人民币17亿元。产品销售收入增加47%至人民币8.49亿元。这一增长主要得益于新品牌合作伙伴的收购,品牌合作伙伴产品的日益普及以及宝尊日益有效的营销和推广活动。

本季度服务收入增长47%至人民币8.55亿元。增长主要归因于公司寄售模式和服务费模式的快速增长,特别是数字营销服务的强劲增长。

总成本和营业费用为人民币16亿元,去年同期为人民币11亿元。特别是,产品成本从去年的人民币4.64亿元增加至人民币6.79亿元,主要是由于产品销售收入增加带来的成本增加。

产品销售毛利率由19.5%增加至50%,而毛利率扩张主要来自于过去12个月增加的高利润品牌。

实现支出从去年的人民币2.78亿元增加至人民币3.92亿元,主要是由于我们的分销和寄售模式以及仓库租赁费用增加了GMV,这部分被效率提升所抵消。作为GMV的一个百分比,我们的履约费用率从一年前的4.6%提高到4%,主要是由于成本控制措施以及效率提升,这部分被我们对仓库升级的投资所抵消。

销售和营销费用从去年的人民币2.73亿元增加至人民币4.13亿元,与GMV增长以及数字营销的扩张一致,这部分被效率提升所抵消。作为GMV的一个百分比,我们的销售和营销费用比率从一年前的4.5%提高到4.2%,主要归因于劳动效率杠杆和数字营销服务的盈利能力提高。

技术和内容费用从一年前的人民币6500万元和上一季度的人民币8800万元增加到人民币102元。技术和内容费用的连续增长主要是由于对新兴机会的更多前期投资,以及我们在成都研发中心和上海的高额投资之间的短期重叠,以及我们对创新和产品化的持续投资。第二季度,我们在技术创新和产品化方面的投资总额为人民币2,100万元,高于去年的人民币1,800万元。

G&A费用从去年的人民币3900万元增加了人民币5200万元,主要是由于行政,企业战略和业务规划人员的增加。经营收入增加至人民币86百万元,经营利润率为5%,与去年同期持平。总体而言,非GAAP运营收入为人民币1.03亿元,比去年的人民币7900万元增长了30%以上。

非美国通用会计准则营业利润率为6.1%,而去年同期为6.8%。抵消利息收入,净利息支出总额为人民币340万元,而去年净利息收入为人民币145,000元,上一季度净利息支出为人民币600万元。虽然我们在4月完成了CB融资并且息票利率低得多,但我们已主动退出部分现有的短期积压以削减利息费用。因此,净利息支出按顺序有意义地削减。

In second quarter, net income attributable to ordinary shareholders of Baozun increased by 83% to RMB67 million. Basic and diluted net income attributable to ordinary shareholders of Baozun per ADS were RMB1.16 respectively and RMB1.13 respectively, compared with RMB0.65 and RMB0.62, respectively during the same period of last year.
Non-GAAP net income attributable to ordinary shareholders of Baozun increased by 46% to RMB84 million. Basic and diluted non-GAAP net income attributable to ordinary shareholders of Baozun per ADS were RMB1.45 and RMB1.41, respectively, compared with RMB1.01 and RMB0.96, respectively for the same period of last year.
As of June 30, 2019, we had RMB2.55 billion in cash and cash equivalents and short-term investments compared with RMB540 million as of December 31, 2019. The significant improvement in cash position was mainly attributable to our CB issuance with net proceeds of approximately US$270 million and strong operating cash flow during the quarter, which was partly offset by the retirement of short bank loans net of RMB258 million.
Turning to guidance. Based on current macroeconomic and operating conditions, for the third quarter of 2019 we expect total net revenues to be between RMB1.5 billion and RMB1.55 billion, which represents a year-over-year growth rate of approximately 35% to 40% in which service revenue to increase in line with the growth rate of total net revenue on a year-over-year basis.
This concludes our prepared remarks. Thank you. Operator, we're now ready to begin the Q&A session. Thank you.

第二季度,宝尊普通股股东应占净利润增加83%至人民币67百万元。宝源普通股东每股ADS的基本和摊薄净利润分别为人民币1.16元和人民币1.13元,而去年同期分别为人民币0.65元和人民币0.62元。

归属于宝尊普通股东的非美国通用会计准则净利润增加46%至人民币8,400万元。每股ADS归属于宝尊普通股股东的基本及摊薄非美国通用会计准则净利润分别为人民币1.45元和人民币1.41元,而去年同期分别为人民币1.01元和人民币0.96元。

截至2019年6月30日,我们的现金及现金等价物和短期投资为人民币25.5亿元,而截至2019年12月31日为人民币5.40亿元。现金头寸的显着改善主要归因于我们的可转债发行所得款项净额本季度约2.7亿美元和强劲的经营现金流,部分被短期银行贷款退休人民币2.58亿元所抵消。

转向指导。根据目前的宏观经济和经营状况,我们预计2019年第三季度的净营收总额将在人民币15亿元至人民币15.5亿元之间,同比增长率约为35%至40%。哪些服务收入与净收入同比增长率一致。

以上是我们准备的评论。谢谢。接线员,我们现在准备开始问答环节了。谢谢。

问答环节

[Operator instructions]. Our first question comes from the line of Alicia Yap of Citigroup. Please go ahead.

[操作员说明]。 我们的第一个问题来自花旗集团的Alicia Yap。 请继续。

Alicia Yap

Good evening, Vincent, Robin and Wendy. Thanks for taking my questions. Congratulations on the strong result. I have questions on the product revenues this quarter. So could you help us understand what are some of the reasons that contribute to the strength in product revenue this quarter? Was there any benefit from the VAT adjustment? If so, will the benefit be only one quarter impact? And then if we look at on the product revenue growth, how should we think about 3Q and into second half, will the reacceleration is sustainable? And can you remind us the total numbers of brands that are currently under the distribution model? Thank you.

晚安,文森特,罗宾和温迪。 谢谢你回答我的问题。 祝贺结果强劲。 我对本季度的产品收入有疑问。 您能否帮助我们了解导致本季度产品收入增长的一些原因是什么? 增值税调整是否有任何好处? 如果是这样,效益只会影响四分之一吗? 然后,如果我们看一下产品收入增长,我们应该如何看待第三季度到下半年,重新加速是否可持续? 您能否提醒我们目前在分销模式下的品牌总数? 谢谢。

Robin Lu

Sure, Alicia. I think that’s my turn to answer your question. Yes, we have about 47% growth in the distribution model which is product sales. I think that’s two reasons. The first one, the existing brand is still capable of very constant high growth rate we enjoyed especially 6/18. And additionally, when we will -- call it we introduced some of key distribution model brands in last Q4 which fully ramped up in Q3 and contributed very high growth rate in our 6/18 and all Q3 quarter. So that’s the reason we enjoyed a very high growth rate in the product sales. And looking forward for the next two quarters we think the growth rate will be very in line with total growth rate of the revenue. And with better control of inventory, we take the full advantage of the experience and expertise in the product sales.
Regarding VAT, basically in our model we have a very specific arrangement with brands. But in total it’s very mature impact on our product sales revenue numbers for the VAT tax. And for the total number of brands, we have some brands but it’s not very disposable in the total number. I would say they have -- about less than 20% of our brands and we have -- we use distribution model in different platforms.

当然,艾丽西亚。我想现在轮到你回答你的问题了。是的,我们的分销模式增长了约47%,即产品销售。我认为这有两个原因。第一个,现有品牌仍然具有非常稳定的高增长率,我们特别喜欢6/18。此外,当我们打电话时,我们在去年第四季度引入了一些关键的分销模式品牌,这些品牌在第三季度全面增长,并在我们的6/18和所有第三季度中实现了非常高的增长率。这就是我们在产品销售中享有非常高增长率的原因。展望未来两个季度,我们认为增长率将与收入的总增长率非常一致。通过更好地控制库存,我们充分利用产品销售的经验和专业知识。

关于增值税,基本上在我们的模型中,我们与品牌有非常具体的安排。但总的来说,它对我们的增值税产品销售收入数字的影响非常成熟。对于品牌总数,我们有一些品牌,但总数不是一次性的。我会说他们 - 我们拥有的品牌不到20% - 我们在不同的平台上使用分销模式。

会议主持员

Thank you. Next question is from the line of John Choi from Diawa. Please go ahead.

谢谢。 接下来的问题来自Diawa的John Choi。 请继续。

John Choi

I have a couple of questions. First of all, I would like to ask about the -- Robin I think you mentioned in your prepared remarks that you guys will be reinvesting into your profit into the second half of this year. Can you kind of elaborate on that initiative? And also how should we think about the operating expenses towards second half of this year and also in terms of profitability? My second question is more about your existing brands. Can you share with us the same-store sales growth and also like the contribution from the new brands and what kind of trend that you guys are seeing from the these new brand partners? Thank you.

我有一些问题。 首先,我想问一下 - 罗宾我想你在准备好的评论中提到过,你们将在今年下半年再投资你的利润。 你能详细说明这个倡议吗? 此外,我们应该如何考虑今年下半年的运营支出以及盈利能力? 我的第二个问题更多是关于您现有的品牌。 您能否与我们分享同店销售增长,以及新品牌的贡献以及您从这些新品牌合作伙伴那里看到的趋势? 谢谢。

Robin Lu

Okay. Thank you, John. Let me take the second question first. Our same-store sales growth which is existing brand is -- growth rate is about 48%. And if you do -- mathematically if you do rough calculations, use 60% minus 48% it’s around 10% to 12% GMV contributed by the newly acquired brands. And that was expanding -- has been expanding through this year because we -- virtually we accelerated the new brand acquired for this year.
And back to the first question, yes, I mean strategically, for example, we think the direct cooperation with Ali for the high premium and Luxury Pavilion category is very a good opportunity for us for the future. And we do see -- we have some -- we’ve started some new cooperation from Q2 and now we do see the brand expansion for this category. And to do the business better in this section we think we need some new investments in the warehouse and the technology side. So, that's the reason why we think we want to reinvest on profits because that will guarantee our future growth and will give a very unique position to work with the platforms.
For the operating margin, yes, we may have some impact because we do the investment. For this one, we think we have a little impact but we are very positive for the future, operating margin improvement in the next year. Thank you, John.

好的。谢谢你,约翰。让我先谈谈第二个问题。我们的同店销售增长是现有品牌 - 增长率约为48%。如果你这样做 - 数学上如果你做粗略计算,使用60%减去48%,新收购品牌贡献的GMV约为10%到12%。这种情况正在扩大 - 今年以来一直在扩大,因为我们 - 实际上我们加速了今年收购的新品牌。

回到第一个问题,是的,我的意思是战略性的,例如,我们认为与阿里直接合作的高级保费和豪华馆类别对我们来说是一个非常好的机会。我们确实看到 - 我们有一些 - 我们从第二季度开始了一些新的合作,现在我们确实看到了这一类别的品牌扩张。为了在本节中更好地开展业务,我们认为我们需要在仓库和技术方面进行一些新的投资。因此,这就是为什么我们认为我们想要对利润进行再投资的原因,因为这将保证我们未来的增长,并将为平台提供非常独特的地位。

对于经营利润率,是的,我们可能会产生一些影响,因为我们进行投资。对于这一点,我们认为我们会产生一些影响,但我们对未来非常有利,明年的运营利润率会有所改善。谢谢你,约翰。

会议主持员

Thank you. Next question is from Natalie Wu of CICC. Please go ahead.

谢谢。 下一个问题来自中金公司的娜塔莉吴。 请继续。

娜塔莉吴

I have two questions here. First one is related with the Tmall 2.0 initiative. Just wondering how should we read through the related impact on Baozun for this initiative? Could it help your take rate or margin profile in the longer run? I just want to get a sense of that. And secondly, regarding the new brands you've added this year and to be added this year, I would appreciate if management can give us some color on the incremental operating income versus like GMV, this effect related with these new brands, just wondering if there is any difference that we should be noticing regarding that? Thank you.

我这里有两个问题。 第一个与天猫2.0计划有关。 只是想知道我们应该如何阅读宝尊对这一举措的相关影响? 从长远来看,它能帮助您提高利率或利润率吗? 我只是想了解一下。 其次,对于你今年增加并将于今年增加的新品牌,如果管理层可以为增量营业收入提供一些颜色,比如GMV,这种影响与这些新品牌有关,我会很感激,只是想知道是否 我们应该注意到这一点有什么不同吗? 谢谢。

吴俊华

Okay, Natalie, this is Junhua. So let me address your first question related to the full version 2.0 initiatives. So, the Tmall version 2.0 is a new initiative in terms of their back end store system. So it’s part of the Tmall growth plan after they appointed their new president. So the key point on the Tmall 2.0 is about, they implement a cascade model for helping those kind of brands and merchants to implement their membership management, and how they launch their new products and how do they set up a new scenario by crossing all those kind of online, offline supply cycles by implementing Tmall iStore system.
So, their cascade models for this stage, they only launch the membership enhancements to link all those merchants and brands and us to just implement a very comprehensive membership management. So they provide a lot of back end tools, helping us to develop new membership loyalty program, and a lot of engagement and lot of new initiatives and mechanisms to engage the new memberships, to provide a deeper connection with all those consumers, to upgrade service level with all those consumers, providing a lot of new scenarios and opportunities, driving higher conversion rate by providing extra services related to membership.
So with that kind of new tools and packages, we do have the opportunity to provide a lot of new extra services to our brand partners related to that. And in the future, while they keep releasing their new features, it’s good for us to keep increasing our stickiness with all brands, including providing add-value, extra marketing services, operational services and et cetera. So, by now, we see these initiatives from Tmall is really helping the brand partners’ growth and really helping to comprehensive our service offering. Thank you.

好的,娜塔莉,这是俊华。因此,让我解决与完整版2.0计划相关的第一个问题。因此,天猫版2.0在其后端商店系统方面是一项新举措。因此,在他们任命新总统后,这是天猫增长计划的一部分。因此,天猫2.0的关键点在于,他们实施了一个级联模型,帮助这些品牌和商家实施会员管理,以及他们如何推出新产品,以及如何通过跨越所有这些来创建新的方案通过实施Tmall iStore系统实现在线,离线供应周期。

因此,他们为此阶段的级联模型,他们只推出会员增强功能,以链接所有商家和品牌,我们只是实施一个非常全面的会员管理。因此,他们提供了许多后端工具,帮助我们开发新的会员忠诚度计划,以及许多参与和许多新的计划和机制,以吸引新的会员,提供与所有这些消费者的更深层次的连接,升级服务与所有这些消费者保持同一水平,提供大量新的场景和机会,通过提供与会员相关的额外服务来提高转化率。

因此,通过这种新工具和软件包,我们确实有机会为与此相关的品牌合作伙伴提供大量新的额外服务。而在未来,当他们不断发布新功能时,我们不断增加与所有品牌的粘性,包括提供增值,额外营销服务,运营服务等等。所以,到目前为止,我们看到天猫的这些举措真正有助于品牌合作伙伴的成长,并真正帮助我们提供全面的服务。谢谢。

Robin Lu

Okay, let me take the second question about the margin. When we talk about the margin we like to speak to the product sales and the service models differently. For the product sales, the reason to improve our margins is we carefully select the higher margin products with better indicated growth as we reiterate every time and we think we are on the right track to have the expertise to select the products, we do the backfill. That’s the main reason why you see the gross margin improvement for the product sales.
And about take rate, I think based on the number we provided you can quickly -- calculate it quickly. Even though there is some negative impact on the electronic brand we just talked about for the 2Q, they still have a slight increase in the take rate. That’s the main reason. It’s coming from the newly acquired brand with higher quality GMV, of course with higher take rate.
And that’s why I need to mention it, even for the new brands, we still -- normally we still take a short or long-term to ramp up GMV because some brands have very key and very big and we deal with many platforms and many brand stores in different areas, and different platforms. So we still take a very long time to ramp up. So till now because we acquired much more new brands, some of are still in the very -- in the ramp up stage, which contribute not too much in the take rate and in turn have some net impact on cost perspective. Thank you.

好的,让我谈谈有关保证金的第二个问题。当我们谈论保证金时,我们希望以不同的方式谈及产品销售和服务模式。对于产品销售,提高利润率的原因是我们仔细选择具有更好指标增长的更高利润产品,因为我们每次都重申并且我们认为我们正在走上正确的道路,拥有选择产品的专业知识,我们做回填。这就是您看到产品销售毛利率改善的主要原因。

关于接受率,我认为根据我们提供的数字你可以快速 - 快速计算。尽管我们刚刚在第二季度谈到的电子品牌存在一些负面影响,但它们的拍摄率仍略有上升。这是主要原因。它来自新收购的品牌,具有更高质量的GMV,当然具有更高的接受率。

这就是为什么我需要提及它,即使对于新品牌,我们仍然 - 通常我们仍然需要短期或长期来提升GMV,因为一些品牌非常关键且非常大,我们处理许多平台和许多品牌店在不同的地区,不同的平台。所以我们还需要很长时间才能提升。因此,到目前为止,因为我们收购了更多的新品牌,其中一些仍然处于上升阶段,这对于采取率贡献不大,反过来对成本前景产生一些净影响。谢谢。

会议主持员

Thank you. Next, we have Thomas Chong of Jefferies.

谢谢。 接下来,我们有Jefferies的Thomas Chong。

Thomas Chong

My question is on the GMV growth momentum of our brand by different categories in the quarter, and also a modest strategy going forward to brand partners and we have social revenue growth be driven more by same-store sales growth or new brand addition? Thank you.

我的问题是关于我们品牌在本季度不同类别的GMV增长动力,以及向品牌合作伙伴提出的适度策略,我们的社会收入增长更多地受到同店销售增长或新品牌增加的推动? 谢谢。

Robin Lu

Sorry, the line is not very clear. Can you just repeat your question please?

对不起,行不是很清楚。 你能再说一遍你的问题吗?

Thomas Chong

Yes. Sure, the first question is just on the growth momentum of our brand in GMV by different categories? And the second question is on, what is our strategy to onboard more brand partners in the second half? And also will revenue growth be driven more by same-store sales growth or the new brand addition in the second half? Thank you.

是。 当然,第一个问题是关于我们品牌在GMV中的不同类别的增长势头? 第二个问题是,我们在下半年加入更多品牌合作伙伴的策略是什么? 收入增长是否会受到同店销售增长或下半年新品牌增加的推动? 谢谢。

Robin Lu

Sure, one is even though we don’t disclose details in the across category, I would like to give you some color about that and we think for the sport wear categories, we join by high growth rate. And also in the apparel, the men area we work is still very high growth. I would say, some of the key accounts where same-store sales growth is higher than same-store sales growth. So, we think we are in a very good track on that.
And about electronic suite, we don’t think that’s a main area for us and that’s one of the reason why we just transit one GMV partner to a non-GMV. So, that’s a first question. About the second question, I would say, we focus more -- recently, we focus more on high premium brands we occurred, and we see some traction into Q3 already, and we -- that’s a kind of new category we work with. And regarding the FMCG, we are introducing more products, more brands in this category too. Does that answer your question?

当然,即使我们没有透露相关类别的细节,我想给你一些颜色,我们认为对于运动服类别,我们加入了高增长率。 而且在服装方面,我们工作的男性领域仍然是非常高的增长。 我想说,一些关键账户的同店销售增长高于同店销售增长。 所以,我们认为我们处于非常好的轨道上。

关于电子套件,我们认为这不是我们的主要区域,这也是我们将一个GMV合作伙伴转移到非GMV的原因之一。 所以,这是第一个问题。 关于第二个问题,我想说,我们更关注 - 最近,我们更关注我们发生的高端品牌,我们已经看到了第三季度的一些牵引力,而我们 - 这是我们合作的一种新类别。 关于快速消费品,我们也在推出更多产品,更多品牌。 这是否回答你的问题?

Thomas Chong

Oh, yes. Thank you very much.

哦,是的。 非常感谢你。

会议主持员

Thank you. We have Sally Chan from CLSA. Please go ahead.

谢谢。 我们有CLSA的Sally Chan。 请继续。

莎莉陈

Actually, I have a follow-up with shift for certain brand to non-GMV model that you mentioned just now. Even taking in the consideration that shifts also GMV guidance of 40% to 50% year-on-year is actually maintained. So just trying to understand the drivers behind the bear and bull case here? For example, are we seeing a stronger brand pipeline than we previously discussed? Or are we seeing better than expected performance from existing brands so leading to us maintaining that full year guidance? Any sort of color will be useful. And the second question is actually on the GMV impact from that shift if you could provide any sort of range or color on the G&A impact will be very helpful? And other question will be slightly different is actually on our cooperation relationship with Alibaba. It seems that we are working closer with Alibaba's Luxury Pavilion in the recent months. So, if you could share some sort of cooperation opportunities that we are looking for to that also will be very helpful? Thank you.

实际上,我已经跟进了你刚才提到的某些品牌到非GMV车型的转变。实际上,即使考虑到GMV指引同比变动40%至50%也是如此。那么只是试图了解熊和牛案背后的驱动因素?例如,我们看到的品牌管道比我们之前讨论过的更强大吗?或者我们看到现有品牌的表现好于预期,从而导致我们保持全年指导?任何颜色都是有用的。第二个问题实际上是关于GMV对这种转变的影响,如果你可以提供任何种类的范围或颜色的G&A影响将是非常有帮助的?而其他问题则与我们与阿里巴巴的合作关系略有不同。最近几个月,我们似乎正在与阿里巴巴的豪华馆合作。那么,如果你能分享我们正在寻找的某种合作机会,那也会非常有帮助吗?谢谢。

Robin Lu

Thank you. Let me take the first question and Vincent will take the second question. You know, when we see the outlook for the whole year, we not only consider, I mean, this possible transition of the electronics brand. More importantly consider the uncertainty of the macroeconomics as we specified early in this year. So, even though we have a very positive 6/18 numbers, we feel very cautious about the economy going to the end of this year.
So that's the key reason why we keep the 40% to 50% guidance unchanged. And fortunately, we just started preparation of Double 11. Based on very preliminary discussion with the brand across categories, we think we get very positive reaction from the brand for that. So, based on that, you know, as mix of all the information, we decided we don't change this guidance. If we have any update, we'll give you for the next earnings call.
And specifically for this brand, yes categories will have some impact in our growth rate based on the mathematical calculation, but we think that's a one-time issue and we have very strong pipeline and we are very positive for the future growth, especially for the next year and also to improve our both take rate and the bottom line for this decision. Thank you.

谢谢。让我提出第一个问题,文森特将提出第二个问题。你知道,当我们看到全年的前景时,我们不仅要考虑电子品牌的这种可能的转变。更重要的是考虑我们在今年早些时候指定的宏观经济学的不确定性。因此,即使我们有非常积极的6/18数字,我们对今年年底的经济感到非常谨慎。

因此,这是我们保持40%至50%指引不变的关键原因。幸运的是,我们刚刚开始准备Double 11.基于对各品牌的品牌的初步讨论,我们认为我们从品牌中得到了非常积极的反应。因此,基于此,您知道,作为所有信息的混合,我们决定不更改此指南。如果我们有任何更新,我们会给您下一次收益电话会议。

特别是对于这个品牌,是的类别会对我们基于数学计算的增长率产生一些影响,但我们认为这是一次性问题,我们有非常强大的管道,我们对未来的增长非常积极,特别是对于明年还要提高我们这个决定的采取率和底线。谢谢。

Vincent Qiu

I'll take the second question about the Alibaba cooperation. We have several weeks worked with Alibaba for the luxury category. First one is that we can bring our brands directly to our platform to operate to Tmall stores. For example, some of the luxury brands we are working with now just have official site we are constantly talking to them trying to bring them on to the Alibaba platform that is number one.
Number two is that, Alibaba also have some invested brands. So, we are also working with this kind of brand to deliver our professional operational capabilities.
Third on is that, we also work with the Luxury Pavilion as some market place to impact enabled wholesale. So, that is our general working with Luxury Pavilion. We are also talking to Alibaba about some other potential you know ways of improvement. So, yes, that is our continuous effort. Thank you.

我将就阿里巴巴的合作提出第二个问题。 我们与阿里巴巴合作了几个星期的奢侈品类别。 首先,我们可以将我们的品牌直接带到我们的平台,以便在天猫商店运营。 例如,我们正在合作的一些奢侈品牌现在只有官方网站,我们一直在与他们交谈,试图将它们带到排名第一的阿里巴巴平台。

第二是,阿里巴巴也有一些投资品牌。 因此,我们也在与这种品牌合作,以提供我们的专业运营能力。

第三是,我们还与豪华馆合作,作为影响批发的一些市场。 所以,这就是我们与Luxury Pavilion的一般合作。 我们也在与阿里巴巴讨论其他一些你知道改进方法的潜力。 所以,是的,这是我们的不懈努力。 谢谢。

Robin Lu

Yes. I just want to add something, you know, from the Q3 the most recent results, we think it already got some traction for the, to attract more high premium brands come in. We will describe more in the next earnings call.

是。 我只想在第三季度添加一些东西,最近的结果,我们认为已经有一些吸引力,以吸引更多高端品牌进入。我们将在下一次收益电话会议中详细描述。

会议主持员

Thank you. We now have Billy Leung of Haitong International. Please go ahead.

谢谢。 我们现在有海通国际的Billy Leung。 请继续。

Billy Leung

Billy Leung

Hi Vince and hi Junhua, hi Wendy and thanks for taking my question. Just a few quick questions, my first question is on the general market trend. We’re seeing more and more Chinese e-commerce platforms increasing their efforts in lower tier or undeveloped areas in China. I was wondering, if this had any impact on our products and services? and that’s my first question. The second question is, with more new brands coming in, can we just get an idea of the concentration of our key brands in terms of GMV or even just by numbers? And the last question is just on the recent funding of the debt issuance, I was wondering if we have further details of how we’re going to use that funding? Thanks.

嗨文斯和嗨君华,嗨温迪,谢谢你接受我的提问。 只是几个简单的问题,我的第一个问题是关于一般市场趋势。 我们看到越来越多的中国电子商务平台在中国的低层或欠发达地区加大力度。 我想知道,如果这对我们的产品和服务有任何影响吗? 那是我的第一个问题。 第二个问题是,随着更多新品牌的问世,我们能否从GMV甚至数字方面了解我们关键品牌的集中度? 最后一个问题是关于最近的债务发行资金问题,我想知道我们是否有更多关于如何使用这笔资金的细节? 谢谢。

Vincent Qiu

So I will take the first one, yes we do see some emerging channels, getting more and more active in markets. Our strategy is still unchanged, so firstly, talking about the GMV generation programs of course, we were quite focused on the existing GMV market places, like Tmall and JD.
That is about the today’s sales performance, but we keep watching the emerging channels very actively. We work with many programs, social mediums and some other shopping sites, who trying to engage with the brand, with them in different ways, majorly not a GMV purpose yet, majorly for the consumer engagement serving purposes at present.
But we do think, there are potential GMV opportunities ahead so that is above the market trend. Many new ways of doing business, no matter it’s a demand generation or demand fulfillment we’ll all pay attention to that, to first part. Secondly is about…

所以我将采取第一个,是的,我们确实看到一些新兴渠道,在市场上变得越来越活跃。 我们的战略仍然没有改变,首先,当然,谈到GMV发电计划,我们非常关注现有的GMV市场,如天猫和JD。

这与今天的销售业绩有关,但我们会继续积极关注新兴渠道。 我们与许多计划,社交媒体和其他一些购物网站合作,他们试图以不同的方式与品牌互动,主要不是GMV的目的,主要是为了目前的消费者参与服务目的。

但我们确实认为,未来有潜在的GMV机会,因此高于市场趋势。 许多新的经营方式,无论是需求生成还是需求实现,我们都会关注这一点,第一部分。 其次是......

吴俊华

Yes. Thank you, Vincent. So decentralization of our brand base is well above the strategy. When you look at our numbers which as I mentioned, we have about 10% to 12% share coming from, a GMV share, coming from the new brands, which demonstrated we already, we are gradually decentralizing our purpose in the TL cost. But in other way, the TL cost is still very important for us, and we are improving the quality of the service for them continuously. And in the 6/18, we do see some of the TL cost, they just hit historical very high growth rate, and we mostly enjoy the results and we hope we can get similar result in Double 11. Thank you.

是。 谢谢你,文森特。 因此,我们的品牌基础的分散化远远超出了战略。 当你看到我们提到的数字时,我们有大约10%到12%的份额,来自新品牌的GMV份额,这表明我们已经,我们正在逐步分散我们在TL成本中的目的。 但另一方面,TL成本对我们来说仍然非常重要,我们正在不断提高服务质量。 在6月18日,我们确实看到了一些TL成本,他们只是达到了历史上非常高的增长率,我们大多享受结果,我们希望我们可以在Double 11中得到类似的结果。谢谢。

Billy Leung

Billy Leung

Okay, thank you and just on the…

好的,谢谢你,只是...

吴俊华

And certainly about the, sorry, go ahead Billy.

当然,抱歉,继续比利。

Billy Leung

Billy Leung

Yes, thank you. I’ll just remind the last question, yes on the… Thank you.

是的,谢谢。 我只想提醒最后一个问题,是的......谢谢。

Vincent Qiu

Sure, yes about the usage of cash, right. Yes, I think we are in the parallel to strengthen our operating cash flow as we mentioned, and we think we’ve made some achievements in Q2 and very strong positive in both operating cash flow and free cash flow. And in the meantime, we have tons of cash to support our high growth in the operations and also another purpose of usage of the cash is for the potential M&A, but we are very careful to use this cash. And we must the purpose will be strategically effecting our business, but to now we still keep watch on that and we don’t see very specific target yet. Thank you.

当然,是的关于现金的使用,对吧。 是的,我认为我们正如我们所提到的那样加强我们的经营现金流,我们认为我们在第二季度取得了一些成就,并且在经营现金流和自由现金流方面都非常积极。 与此同时,我们有大量现金来支持我们的业务高增长,另一个使用现金的目的是为了潜在的并购,但我们非常谨慎地使用这笔现金。 我们的目的必须是战略性地影响我们的业务,但到现在我们仍然密切关注这一点,我们还没有看到非常具体的目标。 谢谢。

会议主持员

Thank you. We now have the Tian Hou of T.H. Capital. Please go ahead.

谢谢。 我们现在有了T.H.的Tian Hou。 首都。 请继续。

田厚

I have two questions, one is regarding something related to Tmall, so the new CEO of Tmall, Zhang Yong, he said in the next three years including 2019 GMV Tmall is going to be double from 2 trillion to 4 trillion. So the CAGR will be 26%. So I just wonder as a partner on Tmall how are you guys going to benefit from that or how are you going to be part of that growth and the quantitatively, so how many new brands are you planning to added to platform or maybe also from other measurement if the management is going to give us some clarification, that’s number one question. Number two is the stock forward partnership with Alibaba which is exclusive. So in the past about when we understand is also one of the leading guys in those kind of SaaS programs. So its sounds like a quite negative for you guys. So can you give us some insight about their partnership impact to you? Thank you.

我有两个问题,一个是与天猫有关的事情,所以天猫的新任首席执行官张勇在接下来的三年里表示,包括2019年GMV天猫将从2万亿增加到4万亿。 因此复合年增长率为26%。 所以我只是想知道作为天猫的合作伙伴你们是如何从中受益的呢?或者你将如何成为这种增长的一部分而且是数量上的,所以你计划将多少新品牌添加到平台或者也可能来自其他品牌 衡量管理层是否会给我们一些澄清,这是第一个问题。 排名第二的是与阿里巴巴的股权合作伙伴关系。 所以在过去我们理解的时候也是这类SaaS计划中的领先者之一。 所以对你们来说这听起来很消极。 那么您能否向我们介绍一下他们对您的合作伙伴关系的影响? 谢谢。

吴俊华

Hi Tian, this is Junhua, so let me answer your first question in terms of the GMV double of the year. So we did have a workshop as a strategic partner with Alibaba earlier so talking about this a bit. So I can share you some color on that, but don't treat my experience and my answer as official from Alibaba. So they have very comprehensive breakdown the GMV double including by three new set, one is the new customer, a new product and new scenarios.
In terms of new customers it's all about acquisition of the basic traffic from the outside Tmall into the inside Tmall. So right now the monthly active dynamic consumer is about like a 100 million every month dynamically. So they have very strategic KPI about being as per 20 million new customers every quarter to Tmall in the future one two years that’s one thing.
By expanding on Tmall service offering to strategically that’s one thing, by enrolling more brands on the Tmall by competing with the other ecosystem in there, under their radar that’s a new thing for new customers. The new product is like to about to open a lot of backend schools and extrapolate data driven tools is helping all those brands and merchant and partners to just create a design, create a new product by the consumer behavior, consumer need and global trend something like that.
They are going to succeeding although brands merchants and partners is leveraging the Tmall Big Data to drive more active rate and new products to create new things for consumers. That's creating the demand and fulfill demand .The third is creating new scenario it's more like to Tmall version 2.0. So as far as I said last time, they're about to launch a new implementation regarding their membership up gradation.
So this is their first approach. So, we are, we have a lot of capabilities to just create a new zone in each brand flagship store to create a membership launching program based on the brand policy and based on the brand existing CRM programs to deeply engage with your existing customer and enrolling new customers to drive a higher growth.
So, they are providing a lot of tools and policy to empower us as eco player suggesting our growth. We do benefit a lot from this kind of things from the three new, from Tmall. So we can just leveraging their resources to create our own growth. Besides that, may be you don't know that before, so, according to Tmall's announcement its over 50% of the Tmall GMV actually came from a non-brand market and non-brand entities, which means that the branded GMV has a lot of major brands including international brands and domestic brands is below 50% of total Tmall GMV.
So, this rest a little bit over 50% GMV came from the non-brand entity like that, factory, manufacturing and some kind of the retailer and some kind of the local brand holder something like that. So, Tmall is about to serve a very strategic partnership with all those brands and especially by providing and operating TP services to those non-branded kind of entities. This is also increasing and extending Baozun's addressable market not by only serving international and domestic brands but also by having opportunities of serving all those non-brand entities, by selling their products and goods online.

嗨田,这是君华,所以让我回答一下今年GMV双倍的第一个问题。所以我们之前确实有一个研讨会作为阿里巴巴的战略合作伙伴,所以稍微谈论这个。所以我可以就此分享一些颜色,但不要将我的经验和答案视为阿里巴巴的官方。因此他们对GMV双重进行了非常全面的细分,包括三个新设置,一个是新客户,一个新产品和新方案。

对于新客户而言,所有这些都是关于从外部天猫到内部天猫的基本流量的获取。所以现在每月活跃的动态消费者每月动态约为1亿。因此,他们拥有非常具有战略意义的关键绩效指标,关于每个季度每天向天猫提供2千万新客户,这是未来两年内的一件事。

通过将战略上的天猫服务扩展到一件事,通过与其他生态系统竞争在天猫注册更多品牌,在他们的雷达下,对新客户来说是新事物。新产品即将开放大量后端学校,推断数据驱动工具正在帮助所有这些品牌,商家和合作伙伴创建设计,根据消费者行为,消费者需求和全球趋势创造新产品那。

虽然品牌商和合作伙伴正在利用天猫大数据推动更多活跃的价格和新产品为消费者创造新的东西,但他们将取得成功。这创造了需求并满足了需求。第三是创造新的场景,更像是天猫版2.0。因此,就我上次所说,他们即将推出一个关于其会员级别的新实施。

所以这是他们的第一种方法。因此,我们有很多能力在每个品牌旗舰店创建一个新区域,根据品牌政策创建会员发布计划,并根据品牌现有的CRM计划与您现有的客户进行深入互动并注册新客户推动更高的增长。

因此,他们提供了许多工具和政策,使我们能够作为生态学家提出我们的成长。我们从天猫这三个新东西中获益匪浅。因此,我们可以利用他们的资源来创造自己的增长。除此之外,可能你以前不知道,所以,根据天猫的公告,超过50%的天猫GMV实际上来自非品牌市场和非品牌实体,这意味着品牌GMV有很多包括国际品牌和国内品牌在内的主要品牌均低于天猫通用汽车总量的50%。

因此,这个休息点有点超过50%GMV来自非品牌实体,如工厂,制造业和某种零售商以及某种类似的本地品牌持有者。因此,天猫即将与所有这些品牌建立战略合作伙伴关系,特别是通过向非品牌实体提供和运营TP服务。这也增加和扩展了宝尊的可寻址市场,不仅仅服务于国际和国内品牌,而且还通过在线销售产品和商品为所有非品牌实体提供服务。

So, we can see that based on the roughly in an explanation on the growth strategy, we have a lot of potential. Thank you.

因此,我们可以看到,基于对增长战略的粗略解释,我们有很大的潜力。 谢谢。

Vincent Qiu

This is Vincent. I will take the second one about Salesforce. Yes, we did notice that, there is some strategic announcement between Salesforce and Ali Cloud. It is actually Ali Cloud. So, Ali Cloud is user structure service provider so it is easy to understand that the SaaS software provider to work with cloud service provider is very natural. And you may also notice that, there is some strategic payment from Ali Cloud. They said, we don't use SaaS, but we just want to be integrated so that's the translation of the Chinese statement.
Let me add, we in future can work much closer also with our cloud you know to bring our services to a broader base of customers. And also, we think the China market there is a need for some solutions and services which is very applicable and suitable for the local market. Actually, we are enabling the brands to directly facing their consumers that is our very important mandate so our SaaS solutions based on that to resolve the local business requirements to deliver a very efficient one in the market. Thank you.

这是文森特。我将采取第二个关于Salesforce的方法。是的,我们注意到,Salesforce和Ali Cloud之间存在一些战略性公告。它实际上是阿里云。因此,Ali Cloud是用户结构服务提供商,因此很容易理解与云服务提供商合作的SaaS软件提供商是非常自然的。您可能还注意到,Ali Cloud提供了一些战略性支付。他们说,我们不使用SaaS,但我们只想集成,这就是中文声明的翻译。

让我补充一点,我们将来可以更加密切地与您所知道的云一起工作,将我们的服务带给更广泛的客户群。而且,我们认为中国市场需要一些非常适用于当地市场的解决方案和服务。实际上,我们正在使品牌直接面对他们的消费者,这是我们非常重要的任务,因此基于此的SaaS解决方案可以解决当地的业务需求,从而在市场上提供非常高效的服务。谢谢。

会议主持员

Thank you. We now have Jiang Zhang of China Renaissance. Please go ahead.

谢谢。 我们现在有中国文艺复兴时期的蒋章。 请继续。

Jiang Zhang

江张

Hey, guys. Good evening. Thanks for taking my question. So I just had a question on, regarding to the brand shifting from GMV to non-GMV. Can you just give me, like just let me know, what the reason is behind it? And is this more of a -- do you think this is more of a structural trend of brands wanting to let’s say, bring things, bring all the operations in-house? Or is it like one-off event? Any additional color would be greatly appreciated? Thanks.

大家好。 晚上好。 谢谢你提出我的问题。 所以我对从GMV到非GMV的品牌转移提出了一个问题。 你可以给我,就像让我知道,背后的原因是什么? 这更像是一个 - 你认为这更像是一个结构趋势的品牌想要说,带来的东西,把所有的操作带到内部? 还是像一次性活动? 任何额外的颜色将不胜感激? 谢谢。

Wendy Sun

Okay, thanks Robin, and let me answer this question. I think that not relate to the in-house or outsource ad hoc. That’s our decision to suspend the service. The reason for that is very simple because of very, very low take rates which impact our, I would say two factors. One is the very impact on our P&L; and the second one, really ways the sum of our limited sources. We want to better utilize limited resources to the product and based on the strong pipeline we have, we made this decision. So, I will say that there is some temporarily impact on the GMV, but there is not much impact on the revenue and no impact on our bottom line. Thank you.

好的,谢谢罗宾,让我回答这个问题。 我认为这与内部或外包特设无关。 这是我们暂停服务的决定。 原因很简单,因为非常非常低的采用率会影响我们,我想说两个因素。 一个是对我们的损益的影响; 第二个,实际上是我们有限来源的总和。 我们希望更好地利用有限的资源来生产产品,并且基于我们拥有的强大管道,我们做出了这个决定。 因此,我会说对GMV有一些暂时的影响,但对收入影响不大,对我们的盈利没有影响。 谢谢。

Jiang Zhang

江张

Sorry, just to clarify, so you said there is a slight impact on the GMV and yet I understand this…

对不起,只是为了澄清,所以你说对GMV有轻微的影响,但我理解这一点......

Wendy Sun

Very, very slight impact on the GMV, but no impact on our most bottom line…

对GMV非常非常轻微的影响,但对我们的最底线没有影响......

Jiang Zhang

江张

Got it. Okay, great.

得到它了。 好,太棒了。

Wendy Sun

Sorry, there is impact in GMV, detailed impact in, very, very detailed impact in the revenue and no impact on the bottom line.

对不起,对GMV有影响,详细影响,非常非常详细的收入影响,对盈利没有影响。

会议主持员

Thank you. Next question is from the line of Joyce Ju of Bank of America Merrill Lynch. Please go ahead.

谢谢。 下一个问题来自美国银行美林的Joyce Ju。 请继续。

Joyce Ju

Joyce Ju

Hi, thanks management for taking my question, my first question is about take rates. Can you give us more color on the take rate trend specifically your Q3 guidance? So, there is the revenue being slower than the GMV growth does it mean a decrease seen for take rates and the real the collaboration with Alibaba to add luxury or premier brand, can help us to improve our take rates? And my second question is about, your brand catalogue can you give us more color on the new brand to be added in the second half? And also, give us an update on your relationship with your existing keen brands. Thank you.

嗨,感谢管理层提出我的问题,我的第一个问题是关于采取率。 您能否根据您的Q3指导为我们提供更多关于采取率趋势的颜色? 因此,收入比GMV增长慢,这是否意味着采取率下降和真正与阿里巴巴合作增加奢侈品或顶级品牌,可以帮助我们提高我们的采购率? 我的第二个问题是,您的品牌目录可以为我们提供更多关于下半年新品牌的颜色吗? 另外,请告诉我们您与现有敏锐品牌的关系。 谢谢。

Robin Lu

Sure, let me answer your question about the take rates. When we do simple take rate, you will see around 9.4% in Q1 and 9.7% in Q2. And for the GMV, I would say there are similar amount coming from the electricity brand we just mentioned, and we are going to transfer. And if you look at by the time Q1, Q2 I would say excluding that we have great improvement in our take rates, in the price excluding that one.
I think that's very good results when we focus on the high quality genre and expect more new spreads come in. So, based on this trend, we have the reason to believe we will have a gradual improvement in our take rates overall. So what’s your second question please?

当然,让我回答你关于采取率的问题。 当我们做简单的收益率时,你会看到第一季度约为9.4%,第二季度为9.7%。 而对于GMV,我会说我们刚刚提到的电力品牌有类似的数量,我们将转移。 如果你看看第一季度,第二季度我会说排除我们的采取率有很大提高,不包括那个。

我认为当我们专注于高品质类型并期望有更多新的点差进入时,这是非常好的结果。因此,基于这一趋势,我们有理由相信我们的总体采购率会逐步提高。 那你的第二个问题是什么?

Joyce Ju

Joyce Ju

It's about your brand pipeline, any color to share with us of new brands we added, like what kind of category domestic brands. Also can you give us update on your relationship with your key brands let's say like Nike? Or, yes thank you.

这是关于你的品牌管道,与我们分享我们添加的新品牌的任何颜色,比如什么类别的国内品牌。 您也可以告诉我们您与关键品牌的关系,让我们说像Nike一样吗? 或者,是的,谢谢你。

Vincent Qiu

Okay, this is Vincent. I will take this question. This year the whole year to now I think we have a very strong pipeline with very good potential from several of the key sectors including federal luxury FMCG and even some of the home products, so very strong pipeline, so there is one thing. The new brand is quite exciting to us, not only about the size of GMV, but also the comprehensiveness of different services.
About the key brands, yes, we always keep a very close attention to the key brands, including those very famous ones, we're looking with them very closely and we think the key brand is very fine with our sources. We are also, have the willingness to work for long-term with them as well, so in this case both side potential to work closely and for now. Thank you.

好的,这是文森特。 我会接受这个问题。 今年全年到现在我觉得我们有一个非常强大的管道,具有很好的潜力来自几个关键领域,包括联邦豪华快速消费品甚至一些家用产品,所以非常强大的管道,所以有一件事。 这个新品牌对我们来说非常令人兴奋,不仅仅是关于GMV的规模,还有不同服务的全面性。

关于主要品牌,是的,我们始终密切关注关键品牌,包括那些非常着名的品牌,我们非常密切地关注它们,我们认为关键品牌对我们的来源非常好。 我们也愿意长期与他们一起工作,因此在这种情况下,双方都有潜在的紧密合作。 谢谢。

会议主持员

Thank you. Ladies and gentlemen, that’s the end of our question-and-answer session. Now, I would like to hand the conference back to our presenters, Ms. Wendy Sun. Please go ahead.

谢谢。 女士们,先生们,这是我们问答环节的结束。 现在,我想把会议交给我们的主持人Wendy Sun女士。 请继续。

Wendy Sun

Thank you, operator. In closing, on behalf of the Baozun management team, thank you for the participation today. If you require any further information or keen to visit us in China, please let us know. Thank you for joining us today. This concludes the call.

谢谢运营商。 最后,代表宝尊管理团队,感谢您今天的参与。 如果您需要任何进一步的信息或热衷于访问我们在中国,请告诉我们。 感谢您今天加入我们。 电话结束了。

会议主持员

Thank you. Ladies and gentlemen, that does conclude the conference for today and thank you for participating. You may now all disconnect.

谢谢。 女士们,先生们,今天的会议结束了,并感谢您的参与。 你现在可能都断开了。

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