Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2015shares | |
Document and Entity Information [Abstract] | |
Document Type | 20-F |
Document Period End Date | Dec. 31, 2015 |
Amendment Flag | false |
Entity Registrant Name | Baozun Inc. |
Entity Central Index Key | 1,625,414 |
Entity Current Reporting Status | Yes |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Non-accelerated Filer |
Entity Well-known Seasoned Issuer | No |
Document Fiscal Year Focus | 2,015 |
Document Fiscal Period Focus | FY |
Entity Common Stock, Shares Outstanding | 151,471,369 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS ¥ in Thousands, $ in Thousands | Dec. 31, 2015USD ($) | Dec. 31, 2015CNY (¥) | Dec. 31, 2014CNY (¥) |
Current assets: | |||
Cash and cash equivalents | $ 121,531 | ¥ 787,257 | ¥ 206,391 |
Restricted cash | 7,432 | 48,144 | ¥ 37,900 |
Short-term investment | 7,719 | 50,000 | |
Accounts receivable, net of allowance for doubtful accounts of RMB408 and RMB670 as of December 31, 2014 and 2015, respectively | 56,312 | 364,782 | ¥ 229,502 |
Inventories | 51,614 | 334,347 | 242,978 |
Advances to suppliers | 5,352 | 34,668 | ¥ 49,740 |
Deferred tax assets | 2,133 | 13,815 | |
Prepayments and other current assets | 17,309 | 112,122 | ¥ 37,897 |
Amounts due from related parties | 5,799 | 37,565 | 15,149 |
Total current assets | 275,201 | 1,782,700 | 819,557 |
Investments in cost method investees | 2,054 | 13,307 | 5,625 |
Property and equipment, net | 9,140 | 59,208 | 30,223 |
Intangible assets, net | 3,107 | 20,128 | 14,668 |
Other non-current assets | 2,135 | 13,830 | 2,441 |
TOTAL ASSETS | 291,637 | 1,889,173 | 872,514 |
Current liabilities: | |||
Accounts payable (including accounts payable of consolidated VIE without recourse to the Company of RMB569 and RMB1,783 as of December 31, 2014 and 2015, respectively) | 70,625 | 457,493 | 300,007 |
Note payable | 4,799 | 31,088 | 17,000 |
Income tax payables | 1,203 | 7,793 | 2,196 |
Accrued expenses and other current liabilities (including other current liabilities of the consolidated VIE without recourse to the Company of RMB3,678 and RMB45,078 as of December 31, 2014 and 2015, respectively) | 23,288 | 150,859 | 66,786 |
Amounts due to related parties | 1,153 | 7,469 | 7,469 |
Total current liabilities | 101,068 | 654,702 | 393,458 |
TOTAL LIABILITIES | $ 101,068 | ¥ 654,702 | ¥ 393,458 |
Commitments (Note 14) | |||
Shareholders' equity (deficit): | |||
Ordinary shares (US$0.0001 par value; 500,000,000 shares authorized, 28,058,820 and 151,471,369 shares issued and outstanding as of December 31, 2014 and 2015, respectively) | $ 14 | ¥ 93 | ¥ 17 |
Additional paid-in capital | 237,066 | 1,535,665 | 3,755 |
Accumulated deficit | (49,477) | (320,499) | (327,205) |
Accumulated other comprehensive income | 2,966 | 19,212 | 1,204 |
Total shareholders' equity (deficit) | 190,569 | 1,234,471 | (322,229) |
TOTAL LIABILITIES, CONVERTIBLE REDEEMABLE PREFERRED SHARES AND SHAREHOLDERS' EQUITY (DEFICIT) | $ 291,637 | ¥ 1,889,173 | 872,514 |
Series A Preferred Stock [Member] | |||
Convertible redeemable preferred shares: | |||
Convertible redeemable preferred shares | 55,924 | ||
Series B Preferred Stock [Member] | |||
Convertible redeemable preferred shares: | |||
Convertible redeemable preferred shares | 202,125 | ||
Series C1 Preferred Stock [Member] | |||
Convertible redeemable preferred shares: | |||
Convertible redeemable preferred shares | 355,176 | ||
Series C2 Preferred Stock [Member] | |||
Convertible redeemable preferred shares: | |||
Convertible redeemable preferred shares | 37,630 | ||
Series D Preferred Stock [Member] | |||
Convertible redeemable preferred shares: | |||
Convertible redeemable preferred shares | ¥ 150,430 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) ¥ in Thousands, $ in Thousands | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2015CNY (¥)shares | Dec. 31, 2014$ / shares | Dec. 31, 2014CNY (¥)shares | Oct. 31, 2014$ / shares | Dec. 31, 2013$ / shares | Dec. 31, 2013CNY (¥) |
Accounts receivable, allowance for doubtful accounts | ¥ | ¥ 670 | ¥ 408 | ¥ 1,947 | ||||
Accounts payable | $ 70,625 | 457,493 | 300,007 | ||||
Other current liabilities | $ 23,288 | ¥ 150,859 | ¥ 66,786 | ||||
Convertible redeemable preferred shares: | |||||||
Par value | $ / shares | $ 0.0001 | ||||||
Ordinary shares: | |||||||
Par value | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||
Shares authorized | 500,000,000 | 500,000,000 | 500,000,000 | ||||
Shares issued | 151,471,369 | 151,471,369 | 28,058,820 | ||||
Shares outstanding | 151,471,369 | 151,471,369 | 28,058,820 | ||||
VIE [Member] | |||||||
Accounts payable | ¥ | ¥ 1,783 | ¥ 569 | |||||
Other current liabilities | ¥ | ¥ 45,078 | ¥ 3,678 | |||||
Series A [Member] | |||||||
Convertible redeemable preferred shares: | |||||||
Par value | $ / shares | 0.0001 | ||||||
Shares authorized | 19,622,241 | ||||||
Shares issued | 19,622,241 | ||||||
Shares outstanding | 19,622,241 | ||||||
Redemption value | ¥ | ¥ 55,924 | ||||||
Liquidation preference | ¥ | ¥ 49,098 | ||||||
Series B [Member] | |||||||
Convertible redeemable preferred shares: | |||||||
Par value | $ / shares | 0.0001 | ||||||
Shares authorized | 26,532,203 | ||||||
Shares issued | 26,532,203 | ||||||
Shares outstanding | 26,532,203 | ||||||
Redemption value | ¥ | ¥ 202,125 | ||||||
Liquidation preference | ¥ | ¥ 198,088 | ||||||
Series C1 [Member] | |||||||
Convertible redeemable preferred shares: | |||||||
Par value | $ / shares | 0.0001 | ||||||
Shares authorized | 29,056,332 | ||||||
Shares issued | 29,056,332 | ||||||
Shares outstanding | 29,056,332 | ||||||
Redemption value | ¥ | ¥ 355,176 | ||||||
Liquidation preference | ¥ | ¥ 403,417 | ||||||
Series C2 [Member] | |||||||
Convertible redeemable preferred shares: | |||||||
Par value | $ / shares | 0.0001 | ||||||
Shares authorized | 1,925,063 | ||||||
Shares issued | 1,925,063 | ||||||
Shares outstanding | 1,925,063 | ||||||
Redemption value | ¥ | ¥ 21,715 | ||||||
Liquidation preference | ¥ | ¥ 31,445 | ||||||
Series D [Member] | |||||||
Convertible redeemable preferred shares: | |||||||
Par value | $ / shares | $ 0.0001 | $ 0.0001 | |||||
Shares authorized | 7,504,324 | ||||||
Shares issued | 7,504,324 | ||||||
Shares outstanding | 7,504,324 | ||||||
Redemption value | ¥ | ¥ 150,430 | ||||||
Liquidation preference | ¥ | ¥ 220,689 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2015CNY (¥)¥ / sharesshares | Dec. 31, 2014CNY (¥)¥ / sharesshares | Dec. 31, 2013CNY (¥)¥ / sharesshares | |
Net revenues | ||||
Product sales | $ 299,585 | ¥ 1,940,649 | ¥ 1,187,162 | ¥ 1,274,746 |
Services (including related-party revenues of RMB12,677, RMB622 and RMB7,850 for the years ended December 31, 2013, 2014 and 2015, respectively) | 101,546 | 657,794 | 397,258 | 247,090 |
Total net revenues | 401,131 | 2,598,443 | 1,584,420 | 1,521,836 |
Operating expenses: | ||||
Cost of products | (267,964) | (1,735,820) | (1,086,133) | (1,245,832) |
Fulfillment | (50,196) | (325,159) | (168,130) | (116,432) |
Sales and marketing | (62,293) | (403,519) | (226,952) | (146,202) |
Technology and content | (9,254) | (59,946) | (63,607) | (16,120) |
General and administrative | (11,374) | (73,678) | (96,911) | (38,160) |
Other operating income (expenses), net | 1,255 | 8,130 | 457 | (75) |
Total operating expenses | (399,826) | (2,589,992) | (1,641,276) | (1,562,821) |
Income (Loss) from operations | 1,305 | 8,451 | (56,856) | (40,985) |
Other income (expenses): | ||||
Interest income | $ 1,364 | ¥ 8,834 | 3,156 | 4,574 |
Interest expense | ¥ (1,552) | ¥ (677) | ||
Gain on disposal of investment | $ 1,493 | ¥ 9,674 | ||
Exchange loss | (19) | (124) | ¥ (2,650) | ¥ (376) |
Income (loss) before income tax and share of loss in equity method investment | 4,143 | 26,835 | (57,902) | (37,464) |
Income tax (expense) benefit | 930 | 6,022 | ¥ (1,912) | ¥ (307) |
Share of loss in equity method investment | (1,580) | (10,236) | ||
Net Income (loss) | $ 3,493 | ¥ 22,621 | ¥ (59,814) | ¥ (37,771) |
Deemed dividend from issuance of convertible redeemable preferred shares | (16,666) | |||
Change in redemption value of convertible redeemable preferred shares | $ (3,911) | ¥ (25,332) | (79,169) | ¥ (61,435) |
Net loss attributable to ordinary shareholders | $ (418) | ¥ (2,711) | ¥ (155,649) | ¥ (99,206) |
Net loss per share attributable to ordinary shareholders: | ||||
Basic | (per share) | $ 0 | ¥ (0.03) | ¥ (5.31) | ¥ (3.31) |
Diluted | (per share) | 0 | (0.03) | (5.31) | (3.31) |
Net loss per American depositary shares ("ADS") attributable to ordinary shareholders: | ||||
Basic | (per share) | (0.01) | (0.08) | (15.93) | (9.93) |
Diluted | (per share) | $ (0.01) | ¥ (0.08) | ¥ (15.93) | ¥ (9.93) |
Weighted average shares used in calculating net loss per ordinary share: | ||||
Basic | 102,987,119 | 102,987,119 | 29,314,067 | 29,983,883 |
Diluted | 102,987,119 | 102,987,119 | 29,314,067 | 29,983,883 |
CONSOLIDATED STATEMENTS OF OPE5
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract] | |||
Related-party revenues | ¥ 7,850 | ¥ 622 | ¥ 12,677 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015USD ($) | Dec. 31, 2015CNY (¥) | Dec. 31, 2014CNY (¥) | Dec. 31, 2013CNY (¥) | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) [Abstract] | ||||
Net income (loss) | $ 3,493 | ¥ 22,621 | ¥ (59,814) | ¥ (37,771) |
Other comprehensive (loss) income, net of tax of nil: | ||||
Foreign currency translation adjustment | 2,780 | 18,008 | 1,249 | (45) |
Comprehensive income (loss) | $ 6,273 | ¥ 40,629 | ¥ (58,565) | ¥ (37,816) |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICIT) ¥ in Thousands, $ in Thousands | USD ($)shares | CNY (¥)shares | Series A Preferred Stock [Member]CNY (¥)shares | Series B Preferred Stock [Member]CNY (¥)shares | Series C1 Preferred Stock [Member]CNY (¥)shares | Series C2 Preferred Stock [Member]CNY (¥) | Series D Preferred Stock [Member]CNY (¥) | Ordinary shares [Member]CNY (¥)shares | Ordinary shares [Member]Series A Preferred Stock [Member]CNY (¥)shares | Ordinary shares [Member]Series B Preferred Stock [Member]CNY (¥)shares | Ordinary shares [Member]Series C1 Preferred Stock [Member]CNY (¥)shares | Ordinary shares [Member]Series C2 Preferred Stock [Member]CNY (¥)shares | Ordinary shares [Member]Series D Preferred Stock [Member]CNY (¥)shares | Additional paid-in capital [Member]CNY (¥) | Additional paid-in capital [Member]Series A Preferred Stock [Member]CNY (¥) | Additional paid-in capital [Member]Series B Preferred Stock [Member]CNY (¥) | Additional paid-in capital [Member]Series C1 Preferred Stock [Member]CNY (¥) | Additional paid-in capital [Member]Series C2 Preferred Stock [Member]CNY (¥) | Additional paid-in capital [Member]Series D Preferred Stock [Member]CNY (¥) | Subscription receivables [Member]CNY (¥) | Subscription receivables [Member]Series A Preferred Stock [Member]CNY (¥) | Subscription receivables [Member]Series B Preferred Stock [Member]CNY (¥) | Subscription receivables [Member]Series C1 Preferred Stock [Member]CNY (¥) | Subscription receivables [Member]Series C2 Preferred Stock [Member]CNY (¥) | Subscription receivables [Member]Series D Preferred Stock [Member]CNY (¥) | Accumulated deficitCNY (¥) | Accumulated deficitSeries A Preferred Stock [Member]CNY (¥) | Accumulated deficitSeries B Preferred Stock [Member]CNY (¥) | Accumulated deficitSeries C1 Preferred Stock [Member]CNY (¥) | Accumulated deficitSeries C2 Preferred Stock [Member]CNY (¥) | Accumulated deficitSeries D Preferred Stock [Member]CNY (¥) | Accumulated other comprehensive income (loss) [Member]CNY (¥) | Accumulated other comprehensive income (loss) [Member]Series A Preferred Stock [Member]CNY (¥) | Accumulated other comprehensive income (loss) [Member]Series B Preferred Stock [Member]CNY (¥) | Accumulated other comprehensive income (loss) [Member]Series C1 Preferred Stock [Member]CNY (¥) | Accumulated other comprehensive income (loss) [Member]Series C2 Preferred Stock [Member]CNY (¥) | Accumulated other comprehensive income (loss) [Member]Series D Preferred Stock [Member]CNY (¥) |
Beginning balance at Dec. 31, 2012 | ¥ (144,630) | ¥ (144,630) | |||||||||||||||||||||||||||||||||||
Beginning balance, shares at Dec. 31, 2012 | shares | 29,983,883 | ||||||||||||||||||||||||||||||||||||
Subscription of ordinary shares in the Redomiciliation | ¥ 18 | ¥ (18) | |||||||||||||||||||||||||||||||||||
Net income (loss) | ¥ (37,771) | ¥ (37,771) | |||||||||||||||||||||||||||||||||||
Deemed dividend from issuance of preferred share series C2 (Note 17) | |||||||||||||||||||||||||||||||||||||
Share-based compensation | ¥ 11,506 | ¥ 11,506 | |||||||||||||||||||||||||||||||||||
Conversion of preferred shares into class A ordinary shares upon IPO, shares | shares | 19,622,241 | 26,532,203 | 29,056,332 | ||||||||||||||||||||||||||||||||||
Change in redemption value of convertible redeemable preferred shares | (61,435) | ¥ 5,523 | ¥ 17,987 | ¥ 37,925 | ¥ (11,506) | ¥ (49,929) | |||||||||||||||||||||||||||||||
Foreign currency translation adjustment | (45) | ¥ (45) | |||||||||||||||||||||||||||||||||||
Ending balance at Dec. 31, 2013 | (232,375) | ¥ 18 | ¥ (18) | ¥ (232,330) | ¥ (45) | ||||||||||||||||||||||||||||||||
Ending balance, shares at Dec. 31, 2013 | shares | 29,983,883 | ||||||||||||||||||||||||||||||||||||
Net income (loss) | (59,814) | (59,814) | |||||||||||||||||||||||||||||||||||
Repurchase of ordinary shares (Note 16) | ¥ (20,963) | ¥ (1) | ¥ 1 | ¥ (20,963) | |||||||||||||||||||||||||||||||||
Repurchase of ordinary shares (Note 16), shares | shares | (1,925,063) | (1,925,063) | (1,925,063) | ||||||||||||||||||||||||||||||||||
Payment of ordinary shares | ¥ 17 | ¥ 17 | |||||||||||||||||||||||||||||||||||
Deemed dividend from issuance of preferred share series C2 (Note 17) | (16,666) | ¥ (16,666) | ¥ (3,039) | ¥ (13,627) | |||||||||||||||||||||||||||||||||
Consolidation of VIE | 529 | ¥ 1,000 | ¥ (471) | ||||||||||||||||||||||||||||||||||
Share-based compensation | 84,963 | 84,963 | |||||||||||||||||||||||||||||||||||
Change in redemption value of convertible redeemable preferred shares | (79,169) | 6,214 | 21,943 | 46,328 | ¥ 4,684 | ¥ (79,169) | |||||||||||||||||||||||||||||||
Foreign currency translation adjustment | 1,249 | ¥ 1,249 | |||||||||||||||||||||||||||||||||||
Ending balance at Dec. 31, 2014 | ¥ (322,229) | ¥ 17 | ¥ 3,755 | ¥ (327,205) | ¥ 1,204 | ||||||||||||||||||||||||||||||||
Ending balance, shares at Dec. 31, 2014 | shares | 28,058,820 | 28,058,820 | 28,058,820 | ||||||||||||||||||||||||||||||||||
Net income (loss) | $ 3,493 | ¥ 22,621 | ¥ 22,621 | ||||||||||||||||||||||||||||||||||
Repurchase of ordinary shares (Note 16) | ¥ (13,958) | ¥ (1) | ¥ (13,957) | ||||||||||||||||||||||||||||||||||
Repurchase of ordinary shares (Note 16), shares | shares | (803,811) | ||||||||||||||||||||||||||||||||||||
Deemed dividend from issuance of preferred share series C2 (Note 17) | |||||||||||||||||||||||||||||||||||||
Issuance of ordinary shares upon initial public offering ("IPO"), net of issuance cost of RMB80,962 | ¥ 703,388 | ¥ 24 | 703,364 | ||||||||||||||||||||||||||||||||||
Issuance of ordinary shares upon initial public offering ("IPO"), net of issuance cost of RMB80,962, shares | shares | 37,950,000 | 37,950,000 | 37,950,000 | ||||||||||||||||||||||||||||||||||
Share-based compensation | ¥ 25,195 | 25,195 | |||||||||||||||||||||||||||||||||||
Conversion of preferred shares into class A ordinary shares upon IPO | 57,572 | 208,082 | 367,629 | ¥ 37,630 | 155,704 | ¥ 12 | ¥ 16 | ¥ 18 | ¥ 1 | ¥ 5 | ¥ 57,560 | ¥ 208,066 | ¥ 367,611 | ¥ 37,629 | ¥ 155,699 | ||||||||||||||||||||||
Conversion of preferred shares into class A ordinary shares upon IPO, shares | shares | 19,622,241 | 26,532,203 | 29,056,332 | 1,925,063 | 7,504,324 | ||||||||||||||||||||||||||||||||
Exercise of share options | ¥ 161 | ¥ 1 | 160 | ||||||||||||||||||||||||||||||||||
Exercise of share options, shares | shares | 1,626,197 | 1,626,197 | 1,626,197 | ||||||||||||||||||||||||||||||||||
Change in redemption value of convertible redeemable preferred shares | $ (3,911) | ¥ (25,332) | ¥ 1,648 | ¥ 5,957 | ¥ 12,453 | ¥ 5,274 | ¥ (9,417) | ¥ (15,915) | |||||||||||||||||||||||||||||
Foreign currency translation adjustment | 2,780 | 18,008 | ¥ 18,008 | ||||||||||||||||||||||||||||||||||
Ending balance at Dec. 31, 2015 | $ 190,569 | ¥ 1,234,471 | ¥ 93 | ¥ 1,535,665 | ¥ (320,499) | ¥ 19,212 | |||||||||||||||||||||||||||||||
Ending balance, shares at Dec. 31, 2015 | shares | 151,471,369 | 151,471,369 | 151,471,369 |
CONSOLIDATED STATEMENTS OF CHA8
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICIT) (Parenthetical) ¥ in Thousands | 12 Months Ended |
Dec. 31, 2015CNY (¥) | |
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICIT) [Abstract] | |
Issuance of ordinary shares upon initial public offering ("IPO"), issuance cost | ¥ 80,962 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015USD ($) | Dec. 31, 2015CNY (¥) | Dec. 31, 2014CNY (¥) | Dec. 31, 2013CNY (¥) | |
Cash flows from operating activities: | ||||
Net income (loss) | $ 3,493 | ¥ 22,621 | ¥ (59,814) | ¥ (37,771) |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: | ||||
Allowance for doubtful accounts | 40 | 262 | 388 | 2,036 |
Inventory write-down | 3,261 | 21,125 | 12,497 | 11,992 |
Share-based compensation | 3,889 | 25,195 | 84,963 | 11,506 |
Depreciation and amortization | 3,573 | 23,145 | ¥ 13,252 | ¥ 7,188 |
Deferred income tax | (2,133) | (13,815) | ||
Loss on disposal of property and equipment | 136 | 880 | ¥ 271 | ¥ 219 |
Gain on disposal of investment | (1,493) | (9,674) | ||
Share of loss in equity method investment | 1,580 | 10,236 | ||
Exchange loss | 19 | 124 | ¥ 2,650 | ¥ 376 |
Changes in operating assets and liabilities: | ||||
Accounts receivable | (20,924) | (135,542) | (123,456) | (51,101) |
Inventories | (17,366) | (112,494) | (122,128) | (72,927) |
Advances to suppliers | 2,327 | 15,072 | (10,671) | (19,793) |
Prepayments and other current assets | (10,935) | (70,832) | (16,866) | (5,866) |
Amounts due from related parties | (3,460) | (22,416) | (8,023) | 9,615 |
Other non-current assets | (1,758) | (11,389) | (994) | (116) |
Accounts payable | 26,319 | 170,486 | 126,561 | ¥ 116,832 |
Note payable | 168 | 1,088 | 17,000 | |
Income tax payables | 864 | 5,597 | 1,889 | ¥ 307 |
Accrued expenses and other current liabilities | 12,741 | 82,533 | 15,993 | 24,213 |
Net cash provided by (used in) operating activities | 341 | 2,202 | (66,488) | (3,290) |
Cash flows from investing activities: | ||||
Purchases of property and equipment | $ (7,174) | ¥ (46,470) | ¥ (19,760) | (14,839) |
Disposals of property and equipment | 6 | |||
Additions of intangible assets | $ (1,851) | ¥ (11,991) | ¥ (9,331) | (7,023) |
Investment in cost method investees | (1,186) | (7,682) | ¥ (5,625) | |
Payment for equity method investment | (1,631) | (10,562) | ||
Consideration of partial disposal of equity method investment | 1,544 | 10,000 | ||
Increase in restricted cash | (1,581) | (10,244) | ¥ (1,900) | ¥ (36,000) |
Purchases of short-term investment | $ (7,719) | ¥ (50,000) | ||
Cash acquired upon consolidation of VIE | ¥ 446 | |||
Net cash used in investing activities | $ (19,598) | ¥ (126,949) | ¥ (30,545) | ¥ (63,481) |
Cash flows from financing activities: | ||||
Proceeds from issuance of ordinary shares upon initial public offering | 121,083 | 784,350 | ||
Payment of initial public offering costs | $ (11,932) | ¥ (77,289) | ¥ (2,128) | |
Proceeds from short-term borrowings | 160,000 | ¥ 55,477 | ||
Repayments of short-term borrowings | (160,000) | ¥ (104,251) | ||
Proceeds from amounts due to related parties | 68,941 | |||
Repayment of amounts due to related parties | (61,472) | ¥ (12,000) | ||
Proceeds from shareholders' payment for ordinary shares | 17 | |||
Proceeds from issuance of convertible redeemable preferred shares | ¥ 145,746 | ¥ 12,000 | ||
Proceeds from exercises of share options | $ 25 | ¥ 161 | ||
Payment for ordinary shares repurchase | (2,155) | (13,958) | ||
Advances for ordinary shares repurchase | (852) | (5,521) | ||
Net cash (used in) provided by financing activities | 106,169 | 687,743 | ¥ 151,104 | ¥ (48,774) |
Net (decrease) increase in cash and cash equivalents | 86,912 | 562,996 | 54,071 | (115,545) |
Cash and cash equivalents, beginning of year | 31,861 | 206,391 | 154,156 | 270,077 |
Effect of exchange rate changes on cash and cash equivalents | 2,758 | 17,870 | (1,836) | (376) |
Cash and cash equivalents, end of year | $ 121,531 | ¥ 787,257 | 206,391 | 154,156 |
Supplemental disclosure of cash flow information: | ||||
Cash paid for interest | 1,552 | ¥ 1,681 | ||
Cash paid for income tax | $ 339 | ¥ 2,196 | ¥ 23 | |
Supplemental disclosures of non-cash financing activities: | ||||
Accrued initial public offering costs | $ 238 | ¥ 1,545 |
Organization and Principal Acti
Organization and Principal Activities | 12 Months Ended |
Dec. 31, 2015 | |
Organization and Principal Activities [Abstract] | |
Organization and Principal Activities | 1. Organization and Principal Activities Baozun Inc. (the Company) was incorporated under the laws of Cayman Islands on December 18, 2013. The Company, its subsidiaries and its VIE (collectively referred to as the Group) are principally engaged to provide its customers with end-to-end e-commerce solutions including the sales of apparel, home and electronic products, online store design and setup, visual merchandising and marketing, online store operations, customer services, warehousing and order fulfillment. In March 2014, the Group expanded their business and commenced their own online marketplace, Maikefeng, which operates as a mobile application and offers branded products at discounted prices. To comply with the PRC law and regulations which restrict foreign ownership of companies that provide value-added telecommunication services in China, Shanghai Baozun entered into a series of contractual arrangements in April and July 2014 with Shanghai Zunyi Business Consulting Ltd. (Shanghai Zunyi or VIE) and its respective shareholders through which the Company became the primary beneficiary of Shanghai Zunyi. Shanghai Zunyi was established in December 2010 and had no operations before July 2014. The Group began to consolidate Shanghai Zunyi in July 2014 upon entering into the VIE arrangements with Shanghai Zunyi. As of December 31, 2015, the Company's major subsidiaries and VIE are as follows: Date of incorporation Place of incorporation Legal ownership Subsidiaries: Baozun Hong Kong Holding Limited 10-Jan-14 HK 100 % Shanghai Baozun E-Commerce Limited 11-Nov-03 PRC 100 % Shanghai Bodao E-Commerce Limited 30-Mar-10 PRC 100 % Shanghai Yingsai Advertisement Limited 30-Mar-10 PRC 100 % Baozun Hongkong Limited 11-Sep-13 HK 100 % Shanghai Fengbo E-Commerce Limited 29-Dec-11 PRC 100 % Baozun Hongkong Investment Limited 21-July-15 HK 100 % VIE: Shanghai Zunyi Business Consulting Ltd. 31-Dec-10 PRC N/A History of the Group and reorganization under identical common ownership The Group's history began in November 2003 with the commencement of operations of Shanghai Baozun E-Commerce Limited (Shanghai Baozun), a limited liability company incorporated by the People's Republic of China (PRC) by Mr. Vincent Wenbin Qiu, CEO of the Group, and 5 From December 2009 to September 2012, Alibaba Investment Limited (Alibaba), Private Opportunities (Mauritius) I Limited (Private Opportunities), GS Investment Partners (Mauritius) I limited (GS Investment), Stelca Holding Ltd (Stelca Holding), New Access Capital Fund (New Access), Crescent Castle Holdings Ltd (Crescent Castle) and Infinity I-China Investment (Israel) L.P (Infinity) (collectively known as the Investors) each acquired 25.16 5.81 3.88 1.53 3.86 24.80 6.46 Starting December 2013, pursuant to a framework agreement entered into by the Founding Shareholders and all of the Investors, the Company undertook a series of reorganization transactions to redomiclie its business from PRC to the Cayman Islands (the Redomiciliation). The main purpose of the Redomiciliation is to establish a Cayman holding company for the existing business in preparation for its overseas initial public offering. The Redomiciliation was subject to PRC government approval and executed in the following steps: 1) In December 2013, the Company was incorporated in the Cayman Islands to be the holding company of the Group. The Founding Shareholders subscribed to 29,983,883 0.0001 2) Upon obtaining all necessary approvals from the PRC government in May 2014, the Investors subscribed for convertible redeemable preferred shares at no consideration, all in the same proportions, on an as converted basis, as the percentage of equity interest they held in Shanghai Baozun in June 2014. Upon the issuance of preferred shares and ordinary shares issued in step 1), the equity structure of the Company is identical to that of Shanghai Baozun. See Note 17 for details of preferred shares issued to the Investors. 3) In July 2014, the Company legally acquired 100 Upon the completion of the Redomiciliation, the Company's shares and per share information including the basic and diluted earnings (loss) per share have been presented retrospectively as of the beginning of the earliest period presented on the consolidated financial statements. The VIE arrangements Applicable PRC laws and regulations currently limit foreign ownership of companies that provide internet content distribution services. The Company is deemed a foreign legal person under PRC laws and accordingly subsidiaries owned by the Company are ineligible to engage in provisions of internet content or online services. The Group therefore conducts its online marketplace business, Maikefeng through its consolidated VIE, Shanghai Zunyi. Shanghai Zunyi was established by two The agreements that provide the Company effective control over the VIE include: (i) Proxy Agreement, under which each shareholder of Shanghai Zunyi has executed a power of attorney to grant Shanghai Baozun the power of attorney to act on his behalf on all matters pertaining to Shanghai Zunyi and to exercise all of his rights as a shareholder of the Shanghai Zunyi, including but not limited to convene, attend and vote at shareholders' meetings, designate and appoint directors and senior management members. The proxy agreement will remain in effect unless Shanghai Baozun terminates the agreement by giving a 30 (ii) Exclusive Call Option Agreement, under which the shareholders of Shanghai Zunyi granted Shanghai Baozun or its designated representative(s) an irrevocable and exclusive option to purchase their equity interests in Shanghai Zunyi when and to the extent permitted by PRC law. Shanghai Baozun or its designated representative(s) has sole discretion as to when to exercise such options, either in part or in full. Without Shanghai Baozun's written consent, the shareholders of Shanghai Zunyi shall not transfer, donate, pledge, or otherwise dispose any equity interests of Shanghai Zunyi in any way. The acquisition price for the shares or assets will be the minimum amount of consideration permitted under the PRC law at the time when the option is exercised. The agreement can be early terminated by Shanghai Baozun, but not by Shanghai Zunyi or its shareholders. The agreements that transfer economic benefits to the Company include: (i) Exclusive Technology Service Agreement, under which Shanghai Zunyi engages Shanghai Baozun as its exclusive technical and operational consultant and under which Shanghai Baozun agrees to assist in arranging the financial support necessary to conduct Shanghai Zunyi's operational activities. Shanghai Zunyi shall not seek or accept similar services from other providers without the prior written approval of Shanghai Baozun. The agreement has a term of twenty (ii) Equity Interest Pledge Agreements, under which the shareholders of Shanghai Zunyi pledged all of their equity interests in Shanghai Zunyi to Shanghai Baozun as security of due performance of the obligations and full payment of consulting and service fees by VIE under the Exclusive Technology Service Agreement and other amounts payable by the individual shareholders to Shanghai Baozun under other agreements. If the shareholders of Shanghai Zunyi or Shanghai Zunyi breach their respective contractual obligations, Shanghai Baozun, as pledgee, will be entitled to certain rights, including the right to dispose the pledged equity interests. Pursuant to the agreement, the shareholders of Shanghai Zunyi shall not transfer, assign or otherwise create any new encumbrance on their respective equity interest in Shanghai Zunyi without prior written consent of Shanghai Baozun. The pledge shall be continuously valid until all the obligations and payments due under the Exclusive Technology Service Agreement and certain other agreements have been fulfilled. These contractual arrangements allow the Company, through its wholly owned subsidiary, Shanghai Baozun, to effectively control Shanghai Zunyi, and to derive substantially all of the economic benefits from them. Accordingly, the Company treats Shanghai Zunyi as VIE and because the Company is the primary beneficiary of Shanghai Zunyi, the Company has consolidated the financial results of Shanghai since July 2014. U.S. GAAP provides guidance on the identification of VIE and financial reporting for entities over which control is achieved through means other than voting interests. The Group evaluates each of its interests in an entity to determine whether or not the investee is a VIE and, if so, whether the Group is the primary beneficiary of such VIE. In determining whether the Group is the primary beneficiary, the Group considers if the Group (1) has power to direct the activities that most significantly affects the economic performance of the VIE, and (2) receives the economic benefits of the VIE that could be significant to the VIE. If deemed the primary beneficiary, the Group consolidates the VIE. Risks in relation to the VIE structure The Company believes that the contractual arrangements with Shanghai Zunyi are in compliance with PRC law and are legally enforceable based on the legal advice of the Company's PRC legal counsel. However, uncertainties in the PRC legal system could limit the Company's ability to enforce these contractual arrangements and the interests of the shareholders of Shanghai Zunyi may diverge from that of the Company and that may potentially increase the risk that they would seek to act contrary to the contractual terms, for example by influencing Shanghai Zunyi not to pay the service fees when required to do so. The Company's ability to control Shanghai Zunyi also depends on the power of attorney Shanghai Baozun has to vote on all matters requiring shareholder approval. As noted above, the Company believes this power of attorney is legally enforceable but may not be as effective as direct equity ownership. In addition, if the legal structure and contractual arrangements were found to be in violation of any existing PRC laws and regulations, the Group may be subject to fines and the PRC government could: revoke the Group's business and operating licenses; require the Group to discontinue or restrict the Group's operations; restrict the Group's right to collect revenues; block the Group's websites; require the Group to restructure its operations in such a way as to compel the Group to establish a new enterprise, re-apply for the necessary licenses or relocate its businesses, staff and assets; impose additional conditions or requirements with which the Group may not be able to comply; or take other regulatory or enforcement actions against the Group that could be harmful to its business. The imposition of any of these penalties may result in a material and adverse effect on the Group's ability to conduct its business. In addition, if the imposition of any of these penalties causes the Group to lose the rights to direct the activities of Shanghai Zunyi or the right to receive its economic benefits, the Group would no longer be able to consolidate the entity. The following amounts and balances of Shanghai Zunyi were included in the Group's consolidated financial statement after the elimination of intercompany balances and transactions: As of 2014 2015 RMB RMB Cash 3,803 5,269 Inventories 23,669 50,394 Advance to suppliers 1,061 646 Amounts due from related parties - 15,741 Prepayments and other current assets 3,813 9,410 Property and equipment, net 108 42 Other non-current assets - 115 Total assets 32,454 81,617 Accounts payable 569 1,783 Other current liabilities 3,678 45,078 Total Liabilities 4,247 46,861 For Year Ended December 31 2014 2015 RMB RMB Net revenues 21,038 92,983 Operating expenses 32,095 123,284 Net loss (11,057 ) (30,301 ) Net cash provided by operating activities 3,911 1,573 Net cash used in investing activities (118 ) (107 ) Net cash provided by financing activities - - The VIE contributed an aggregate of 1.33 3.58 3.71 4.32 There are no assets of the VIE that are collateral for the obligations of the VIE and can only be used to settle the obligations of the VIE. There are no terms in any arrangements, considering both explicit arrangements and implicit variable interests that require the Company or its subsidiaries to provide financial support to the VIE. However, if the VIE ever need financial support, the Company or its subsidiaries may, at its option and subject to statutory limits and restrictions, provide financial support to its VIE through loans to the shareholders of the VIE or entrustment loans to the VIE. Relevant PRC laws and regulations restrict the VIE from transferring a portion of their net assets, equivalent to the balance of its statutory reserve and its share capital, to the Company in the form of loans and advances or cash dividends. |
Summary of Significant Principa
Summary of Significant Principal Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Summary of Significant Principal Accounting Policies [Abstract] | |
Summary of Significant Principal Accounting Policies | 2. Summary of Significant Principal Accounting Policies (a) Basis of presentation The consolidated financial statements are prepared and presented in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP''). (b) Basis of consolidation The consolidated financial statements include the financial statements of the Company, its subsidiaries and VIE. All transactions and balances among the Company, its subsidiaries and the VIE have been eliminated upon consolidation. (c) Use of estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, related disclosures of contingent liabilities at the balance sheet date, and the reported revenues and expenses during the reported period in the consolidated financial statements and accompanying notes. Significant accounting estimates are used for, inventory write-down, realization of deferred tax assets, assessment for useful life and impairment of long-lived assets, allowance for doubtful accounts, revenue recognition, valuation of ordinary shares and preferred shares, share-based compensation expense. (d) Fair value Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability. Authoritative literature provides a fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The level in the hierarchy within which the fair value measurement in its entirety falls is based upon the lowest level of input that is significant to the fair value measurement as follows: Level 1-inputs are based upon unadjusted quoted prices for identical instruments traded in active markets. Level 2-inputs are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3-inputs are generally unobservable and typically reflect management's estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques that include option pricing models, discounted cash flow models, and similar techniques. The Group's consolidated financial instruments include cash and cash equivalents, restricted cash, short-term investment, accounts receivable, other current assets, amounts due from related parties, accounts payable, other current liabilities and amounts due to related parties. The carrying amounts of these short-term financial instruments approximate their fair values due to the short-term maturity of these instruments. The Group did not carry any assets or liabilities as of December 31, 2014 and 2015 respectively, which were measured at fair value on non-recurring basis. (e) Concentration and risks Concentration of customers and suppliers There are no customers individually representing 10% or more of revenues for the years ended December 31, 2014 and 2015. The following customers accounted for 10% or more of balances of accounts receivable as of December 31, 2014 and 2015: As of December 31 2014 2015 RMB RMB A 54,478 77,764 The following suppliers accounted for 10% or more of purchases for the years ended December 31, 2014 and 2015: For Year Ended December 31 2014 2015 RMB RMB B 304,578 257,069 C 212,345 317,576 D * 245,427 Concentration of credit risk Financial instruments that potentially subject the Group to significant concentrations of credit risk primarily consist of cash and cash equivalents, restricted cash, short-term investment and accounts receivable. As of December 31, 2014 and 2015, all of the Group's cash and cash equivalents, restricted cash and short-term investment were held by major financial institutions located in the PRC, Hong Kong, Japan and Taiwan which management believes are of high credit quality. Accounts receivable are typically unsecured and are derived from revenues earned from customers in the PRC. The risk with respect to accounts receivable is mitigated by credit evaluations the Group performs on its customers and its ongoing monitoring process of outstanding balances. Foreign Currency Risk Renminbi (RMB) is not a freely convertible currency. The State Administration of Foreign Exchange, under the authority of the People's Bank of China, controls the conversion of RMB into foreign currencies. The value of RMB is subject to changes in central government policies and to international economic and political developments affecting supply and demand in the China Foreign Exchange Trading System market. The cash and cash equivalents of the Group included aggregated amounts of RMB 188,226 480,572 91.2 61.0 (f) Foreign currency translation The Group's reporting currency is RMB. The functional currency of the Company is the United States dollar (US$). The functional currency of the Group's entities incorporated in Hong Kong is Hong Kong dollars (HK$). The functional currency of the Group's subsidiaries in PRC is RMB. Assets and liabilities are translated from each entity's functional currency to the reporting currency at the exchange rate on the balance sheet date. Equity amounts are translated at historical exchange rates, and revenues, expenses, gains and losses are translated using the average rate for the year. Translation adjustments are reported as cumulative translation adjustments and are shown as a separate component of other comprehensive income (loss) in the consolidated statements of changes in shareholders' equity (deficit) and comprehensive income (loss). Monetary assets and liabilities denominated in currencies other than the applicable functional currencies are translated into the functional currencies at the prevailing rates of exchange at the balance sheet date. Nonmonetary assets and liabilities are remeasured into the applicable functional currencies at historical exchange rates. Transactions in currencies other than the applicable functional currencies during the year are converted into the functional currencies at the applicable rates of exchange prevailing at the transaction dates. Transaction gains and losses are recognized in the consolidated statements of operations. (g) Convenience translation Translations of balances in the consolidated balance sheets, consolidated statements of operations, consolidated statements of comprehensive loss and consolidated statements of cash flows from RMB into US$ as of and for the year ended December 31, 2015 are solely for the convenience of the readers and were calculated at the rate of US$1.00=RMB 6.4778 (h) Cash and cash equivalents Cash and cash equivalents consist of cash on hand, demand deposits and highly liquid investments with maturity of less than three months. (i) Restricted cash As of December 31, 2014 and 2015, the Group's restricted cash represents RMB 29,400 26,100 8,500 22,044 As of December 31, 2014 and 2015, the bank had issued RMB 41,224 29,283 Group's 6 9 (j) Short-term investment Short-term investment comprises of principle-protected financial products purchased from banks with original maturities longer than three months but within one year. (k) Accounts receivable, net Accounts receivable mainly represent amounts due from customers and are recorded net of allowance for doubtful accounts. The Group considers many factors in assessing the collectability of its accounts receivable, such as the age of the amounts due, the customer's payment history, creditworthiness, financial conditions of the customers and industry trend. An allowance for doubtful accounts is recorded in the period in which a loss is determined to be probable. The Group also makes specific allowance if there is strong evidence indicating that the accounts receivable is likely to be unrecoverable. Accounts receivable balances are written off after all collection efforts have been exhausted. (l) Inventories Inventories, consisting of products available for sale, are valued at the lower of cost or market. Cost of inventories is determined using the weighted average cost method. Valuation of inventories is based on currently available information about expected recoverable value. The estimate is dependent upon factors such as historical trends of similar merchandise, inventory aging, historical and forecasted consumer demand and promotional environment. (m) Investments Equity investments of the Group are comprised of investments in privately-held companies. The Group uses the equity method to account for an equity investment over which it has significant influence but does not own a majority equity interest or otherwise control. The Group records equity method adjustments in share of earnings and losses. Equity method adjustments include the Group's proportionate share of investee income or loss, adjustments to recognize certain differences between the Group's carrying value and its equity in net assets of the investee at the date of investment, impairments, and other adjustments required by the equity method. Dividends received are recorded as a reduction of carrying amount of the investment. Cumulative distributions that do not exceed the Group's cumulative equity in earnings of the investee are considered as a return on investment and classified as cash inflows from operating activities. Cumulative distributions in excess of the Group's cumulative equity in the investee's earnings are considered as a return of investment and classified as cash inflows from investing activities. For equity investments over which the Group does not have significant influence or control, the cost method of accounting is used. Under the cost method, the Group carries the investment at cost and recognizes income to the extent of dividends received from the distribution of the equity investee's post-acquisition profits. (n) Property and equipment, net Property and equipment are stated at cost less accumulated depreciation and impairment. Property and equipment are depreciated at rates sufficient to write off their costs less impairment and residual value, if any, over the estimated useful lives on a straight-line basis. The estimated useful lives and residual rates are as follows: Classification Useful years Residual rate Electronic devices 3 0 5 Vehicle 5 5 Furniture and office equipment 5 5 Leasehold improvement Over the shorter of the expected life of 0 Repairs and maintenance costs are charged to expenses as incurred, whereas the cost of renewals and betterment that extends the useful lives of property and equipment are capitalized as additions to the related assets. Gains and losses from the disposal of property and equipment are included the consolidated statements of operations. (o) Intangible assets, net Intangible assets mainly consist of trademark and internally developed software. Trademark is recorded at cost and amortized on a straight-line basis over the estimated economic useful lives of 10 For internally developed software, the Group expenses all internal-use software costs incurred in the preliminary project stage and capitalized certain direct costs associated with development and purchase of internal software. This internally developed software mostly consisted of order management, customer management and retailing solution systems, which are amortized over 3 (p) Impairment of long-lived assets The Group evaluates the recoverability of long-lived assets with determinable useful lives whenever events or changes in circumstances indicate that an intangible asset's carrying amount may not be recoverable. The Group measures the carrying amount of long-lived asset against the estimated undiscounted future cash flows associated with it. Impairment exists when the sum of the expected future net cash flows is less than the carrying value of the asset being evaluated. Impairment loss is calculated as the amount by which the carrying value of the asset exceeds its fair value. Fair value is estimated based on various valuation techniques, including the discounted value of estimated future cash flows. The evaluation of asset impairment requires the Group to make assumptions about future cash flows over the life of the asset being evaluated. These assumptions require significant judgment and actual results may differ from assumed and estimated amounts. No impairment charge was recognized for any of the years ended December 31, 2013, 2014 and 2015. (q) Revenue The Group provides an integrated suite of e-commerce services to its brand partners through two types of revenue models: direct product sales model and service fees model. Consistent with the criteria of ASC 605, Revenue Recognition The Group generates revenues from selling branded products directly to customers under either the distribution model or as an agent. The Group evaluate whether it is appropriate to record proceeds from product sales as revenues at the gross amount or the net amount as commission fees earned in accordance with ASC 605-45-45. Product Sales Under the distribution model, the Group selects and purchases goods from its brand partners and/or their authorized distributors and sell goods directly to customers through online stores it operates or on its Maikefeng platform. Revenue under the distribution model is recognized on a gross basis and presented as product sales on the consolidated statements of operations, because: (i) the Group, rather than the brand partner, is the primary obligor and is responsible to the customers for the key aspects of the fulfillment of the transaction including presales and after-sales services; (ii) the Group bears the physical and general inventory risk once the products are delivered to its warehouse; (iii) the Group has discretion in establishing price; and (iv) the Group has credit risk. Product sales, net of return allowances, value added tax and related surcharges, are recognized when customers accept the products upon delivery. The Group offers online customers an unconditional right of return for a period of seven days upon receipt of products. Return allowances, which reduce revenue, are estimated based on historical data the Group has maintained and its analysis of returns by categories of products, and subject to adjustments to the extent that actual returns differ or expected to differ. A majority of the Group's customers make online payments through third-party payment platforms when they place orders on websites of the Group's online stores. The funds will not be released to the Group by these third-party payment platforms until the customers accept the delivery of the products at which point the Group recognizes sales of products. A portion of the Group's customers pay upon the receipt of products. The Group's delivery service providers collect the payments from its customers for the Group. The Group records a receivable on the balance sheet with respect to cash held by third-party couriers. Shipping and handling charges are included in net revenues. The Group typically does not charge a shipping fee with order exceeding a certain sale amount. Shipping revenue has not been material for the periods presented. The Group's shipping costs are presented as part of its operating expenses. Services In some instances, the Group acts as an agent to facilitate the brand partners' online sales of their branded products. The Group does not take title to the products; it does not have any latitude in establishing prices and selecting merchandise; it has no discretion in selecting suppliers; and it is not involved in determining product specifications and cannot change the product. Based on these indicators, the Group has determined that revenue from its sales of products under these arrangements are service fees in nature. The Group records commission fees from its brand partners based on a pre-determined formula as service revenue in its consolidated statements of operations. The Group also provides IT, online store operations, marketing and promotion, customer service, warehousing and fulfillment, and other services to its brand partners. Brand partners may elect to use the Group's comprehensive end-to-end e-commerce solutions or select specific elements of its e-commerce supporting infrastructure and service that best fit their needs. The Group charges its brand partners a combination of fix fees and/or variable fees based on the value of merchandise sold or other variable factors such as number of orders fulfilled. Revenue generated from these service arrangements is recognized on a gross basis and presented as services revenue on the consolidated statements of operations. All the costs that the Group incurs in the provision of the above services are classified as operating expenses on the consolidated statements of operations. Revenue generated from services relating to IT service, and marketing and promotion services for brand partners are recognized when the services are rendered. Revenue generated from services relating to online store operations, customer services, and warehouse and fulfillment consisted of both fixed fees and variable fees based on the value of merchandise sold. The fixed fee is recognized as revenue ratably over the service period. Variable fees are recognized as revenue when they become determinable based on the value of merchandise sold and confirmed by the brand partners. Some of the Group's service contracts are considered multiple element arrangements as they include provision of a combination of various services based on the brand partner's requirements. These contracts may include one-time online store design and setup services, marketing and promotion services during certain holidays, and continuous online store operation services, warehouse and fulfillment services over a period of time to the same brand partner. The Group allocates arrangement consideration in multiple-deliverable revenue arrangements at the inception of an arrangement to all service revenues based on the relative selling price in accordance with the selling price hierarchy, which includes: (i) vendor-specific objective evidence (VSOE) if available; (ii) third-party evidence (TPE) if VSOE is not available; and (iii) best estimate of selling price (BESP) if neither VSOE nor TPE is available. (r) Cost of products Cost of product consists of the purchase price of products and inbound shipping charges, as well as inventory write-downs. Shipping charges to receive products from the suppliers are included in the inventories, and recognized as cost of products upon sale of the products to the customers. Cost of products does not include other direct costs related to cost of product sales such as shipping and handling expense, payroll and benefits of logistic staff, logistic centers rental expenses and depreciation expenses, etc. Therefore, the Group's (s) Rebates The Group periodically receives consideration from certain vendors, representing rebates for products sold over a period of time. The Group accounts for the rebates received from its vendors as a reduction to the price it pays for the products purchased. Rebates are earned based on reaching minimum purchase thresholds for a specified period. When volume rebates can be reasonably estimated based on the Group's past experiences and current forecasts and purchase volume, a portion of the rebate is recognized as the Group makes progress towards the purchase threshold. (t) Fulfillment Fulfillment costs primarily represent shipping and handling expenses, payment processing and related transaction costs, packaging material costs and those costs incurred in outbound shipping, operating and staffing the Group's fulfillment and customer service center, including costs attributable to buying, receiving, inspecting and warehousing inventories; picking, packaging and preparing customer orders for shipment. (u) Sales and marketing Sales and marketing expenses primarily consist of payroll, bonus and benefits of sales and marketing staff, advertising costs, agency fees and costs for promotional materials. Advertising costs are expensed as incurred. Advertising and promotion costs in connection with the provision of marketing and promotion services to brand partners consisted of fees the Group paid to third party venders for advertising and promotion on various online and offline channels. Such costs were included as sales and marketing in the consolidated statements of operations and totaled RMB 56,059 114,777 208,014 (v) Technology and content Technology and content expenses consist primarily of technology infrastructure expenses, payroll and related expenses for employees in technology and system department, editorial content, as well as costs associated with the computer, storage and telecommunications infrastructure for internal use. (w) General and administrative General and administrative expenses consist of payroll and related expenses for payroll, bonus and benefit costs for corporate employees, legal, finance, technical consulting, meeting expenses, rental fee and other corporate overhead costs. (x) Other operating income (expense), net Other operating income mainly consists of government subsidies and income derived from American Depositary Receipt (ADR) arrangements entered into between the Company and an ADR depositary bank (DB) Government subsidies consist of cash subsidies received by the Company's subsidiaries in the PRC from local governments. Subsidies received as incentives for conducting business in certain local districts with no performance obligation or other restriction as to the use are recognized when cash is received. Cash subsidies of RMB 988 1,780 8,686 five 1,411 (y) Share-based compensation The Company grants share options to eligible employees, management and directors and accounts for these share-based awards in accordance with ASC 718 CompensationStock Compensation. Employees' share-based awards are measured at the grant date fair value of the awards and recognized as expenses a) immediately at grant date if no vesting conditions are required; or b) using graded vesting method, net of estimated forfeitures, over the requisite service period, which is the vesting period. All transactions in which goods or services are received in exchange for equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable. Prior to the initial public offering of the Company, the fair value of the share options were assessed using the income approach/discounted cash flow method, with a discount for lack of marketability given that the shares underlying the awards were not publicly traded at the time of grant. This assessment required complex and subjective judgments regarding the Company's projected financial and operating results, its unique business risks, the liquidity of its ordinary shares and its operating history and prospects at the time the grants were made. In addition, the binomial option-pricing model is used to measure the value of share options. The determination of the fair value is affected by the fair value of the ordinary shares as well as assumptions regarding a number of complex and subjective variables, including the expected share price volatility, actual and projected employee and non-employee share option exercise behavior, risk-free interest rates and expected dividends. The fair value of these awards was determined with the assistance from an independent valuation firm using management's estimates and assumption. After the initial public offering, a discount for lack of marketability was not applicable in determining the fair value of the share options. In determining the fair value of the share options, the closing market price of the underlying shares on the grant dates is applied. The assumptions used in share-based compensation expense recognition represent management's best estimates, but these estimates involve inherent uncertainties and application of management judgment. If factors change or different assumptions are used, the share-based compensation expenses could be materially different for any period. Moreover, the estimates of fair value of the awards are not intended to predict actual future events or the value that ultimately will be realized by grantees who receive share-based awards, and subsequent events are not indicative of the reasonableness of the original estimates of fair value made by the Company for accounting purposes. In determining the fair value of the restricted share units granted, the closing market price of the underlying shares on the grant date is applied. Forfeitures are estimated at the time of grant and revised in the subsequent periods if actual forfeitures differ from those estimates. (z) Income tax Current income taxes are provided for in accordance with the laws of the relevant taxing authorities. The Group accounts for current income taxes on the basis of net income for financial reporting purposes, adjusted for income and expense items which are not assessable or deductible for income tax purposes, in accordance with the regulations of the relevant tax jurisdictions. The Group accounts for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are determined based on the temporary differences between the financial statements carrying amounts and tax bases of existing assets and liabilities by applying enacted statutory tax rates that will be in effect in the period in which the temporary differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance when, based upon the weight of available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. The effect on deferred taxes of a change in tax rates is recognized in the consolidated statements of operations in the period of change. The impact of an uncertain income tax position on the income tax return is recognized at the largest amount that is more-likely-than-not to be sustained upon audit by the relevant tax authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. Interest and penalties on income taxes will be classified as a component of the provisions for income taxes. (aa) Operating leases as lessee Leases, including leases of offices and warehouses, where substantially all the rewards and risks of ownership of assets remain with the lessor are accounted for as operating leases. Payments made under operating leases are recognized as an expense on a straight-line basis over the lease term. The Group had no capital leases for any of the years stated herein. (ab) Comprehensive income (loss) Comprehensive income (loss) is defined to include all changes in equity except those resulting from investments by owners and distributions to owners. For the periods presented, the Group's comprehensive income (loss) includes net income (loss) and foreign currency translation adjustments and is presented in the consolidated statements of comprehensive income (loss). (ac) Earnings (loss) per share Basic earnings (loss) per ordinary share is computed by dividing net income (loss) attributable to ordinary shareholders by weighted average number of ordinary shares outstanding during the period. The Company's convertible redeemable preferred shares are participating securities as the preferred shares participate in undistributed earnings on an as-if-converted basis. Accordingly, the Company uses the two-class method whereby undistributed net income is allocated on a pro rata basis to each participating share to the extent that each class may share in income for the period. Undistributed net loss is not allocated to preferred shares because they are not contractually obligated to participate in the loss allocated to the ordinary shares. Diluted earnings (loss) per ordinary share reflects the potential dilution that could occur if securities were exercised or converted into ordinary shares. The Group had convertible redeemable preferred shares and stock options, which could potentially dilute basic earnings per share in the future. To calculate the number of shares for diluted income per share, the effect of the convertible redeemable preferred shares is computed using the as-if-converted method; the effect of the stock options and restricted share units is computed using the treasury stock method. (ad) Segment reporting The Group's chief operating decision maker has been identified as the chief executive officer, who reviews consolidated results when making decision about allocating resources and assessing performance of the group prior to the third quarter of 2015. Following the further expansion of the retail online platform business, the Group operated and reviewed its performance in two segments: (i) the brand e-commerce segment, which provides ecommerce solutions to brand partners, including IT services, store operations, digital marketing, customer services, warehousing and fulfillment, and (ii) the Maikefeng segment, which operates the retail online platform, Maikefeng. Therefore, the segment information in periods prior to the third quarter of 2015 was restated to be consistent with that of period starting from third quarter of 2015. (ae) Recent accounting pronouncements In July 2015, the FASB issued ASU 2015-11, "Simplifying the Measurement of Inventory". This update requires an entity that determines the cost of inventory by methods other than last-in, first-out (LIFO) and the retail inventory method (RIM) to measure inventory at the lower of cost and net realizable value. ASU 2015-11 is effective for annual reporting periods, and interim periods therein, beginning after December 15, 2016. Prospective application is required. Early application is permitted as of the beginning of the interim or annual reporting period. The Group does not expect that the adoption of this guidance will have a significant impact on the Group's consolidated financial statements. In August 2015, the FASB issued ASU 2015-15, "Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date". The amendments in this ASU defer the effective date of ASU 2014-09 for all entities by one year. Public business entities should apply the guidance in ASU 2014-09 to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. The Group is still in the process of evaluating the impact of the standard on its consolidated financial statements. In November 2015, the FASB issued ASU 2015-17, "Income Taxes (Topic 740)". This update provides accounting guidance related to income taxes, which simplifies the presentation of deferred income taxes by requiring deferred tax assets and liabilities be classified as noncurrent on the balance sheet. The updated standard is effective for us beginning on January 1, 2017 with early application permitted as of the beginning of any interim or annual reporting period. The Group does not expect that the adoption of this guidance will have a material impact on its consolidated financial statements other than reclassifying current deferred tax assets to noncurrent in the balance sheet. See Note 11 to the consolidated financial statements for a discussion on income tax balances In January 2016, the FASB issued ASU 2016-01, "Financial InstrumentsOverall (Subtopic 825-10)", a new pronouncement which is intended to improve the recognition and measurement of financial instruments. The ASU affects public and private companies, not-for-profit organizations, and employee benefit plans that hold financial assets or owe financial liabilities. The new guidance |
Accounts receivable, net
Accounts receivable, net | 12 Months Ended |
Dec. 31, 2015 | |
Accounts receivable, net [Abstract] | |
Accounts receivable, net | 3. Accounts receivable, net Accounts receivable, net, consists of the following: As of December 31 2014 2015 RMB RMB Accounts receivable 229,910 365,452 Allowance for doubtful accounts: Balance at beginning of the year (1,947 ) (408 ) Additions (388 ) (650 ) Write-offs 1,927 - Reversal - 388 Balance at end of the year (408 ) (670 ) Accounts receivable, net 229,502 364,782 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2015 | |
Inventories [Abstract] | |
Inventories | 4. Inventories Inventories consist of the following: As of December 31 2014 2015 RMB RMB Products 241,686 332,736 Packing materials and others 1,292 1,611 Inventories 242,978 334,347 Write-downs are recorded in cost of products in the consolidated statements of operations, which were RMB 11,992 12,497 21,125 |
Prepayments and other current a
Prepayments and other current assets | 12 Months Ended |
Dec. 31, 2015 | |
Prepayments and other current assets [Abstract] | |
Prepayments and other current assets | 5. Prepayments and other current assets Prepayments and other current assets consist of the following: As of December 31 2014 2015 RMB RMB Rebate(1) - 72,940 Deposits (2) 2,876 5,354 Prepayment to agent for share repurchase program - 5,521 Value-added tax (VAT) recoverable 17,396 12,467 Employee advances (3) 4,261 2,104 Prepaid expenses 2,593 4,131 Payment of initial public offering costs 2,128 - Receivables from third-party couriers (4) 1,344 4,270 Receivables from third-party payment processing agencies (5) 5,646 645 Others 1,653 4,690 Prepayment and other current assets 37,897 112,122 (1) Rebate represents consideration earned and receivable from suppliers upon reaching minimum purchase thresholds for a specified period. The rebates can be used to offset future purchase price with the same supplier. (2) Deposits represent rental deposits and deposits paid to third-party vendors. (3) Employee advances represent cash advanced to online store managers for store daily operation, such as online store promotion activities. (4) Receivables from third-party couriers represent cash collected from customers and held by third-party couriers, which were received by the Group within several days after the fiscal year end. (5) Receivables from third-party payment processing agencies represent cash that were received from customers but held by the processing agencies as of December 31, 2015. The receivables were collected by the Group subsequent to the year end. |
Property and equipment, net
Property and equipment, net | 12 Months Ended |
Dec. 31, 2015 | |
Property and equipment, net [Abstract] | |
Property and equipment, net | 6. Property and equipment, net Property and equipment, net consists of the following: As of December 31 2014 2015 RMB RMB Electronic devices 18,398 32,729 Vehicle 2,541 2,718 Furniture and office equipment 3,690 5,983 Leasehold improvement 21,161 45,641 Total 45,790 87,071 Accumulated depreciation and amortization (15,567 ) (27,863 ) Property and equipment, net 30,223 59,208 Depreciation and amortization expenses were RMB 4,910 8,710 16,613 |
Intangible assets, Net
Intangible assets, Net | 12 Months Ended |
Dec. 31, 2015 | |
Intangible assets, Net [Abstract] | |
Intangible assets, Net | 7. Intangible assets, Net Intangible assets, net, consist of the following: As of December 31 2014 2015 RMB RMB Internally developed software 21,768 33,624 Trademark 549 685 Accumulated amortization (7,649 ) (14,181 ) Intangible assets, net 14,668 20,128 Amortization expenses for intangible assets were RMB 2,278 4,542 6,532 8,900 6,840 3,898 46 45 |
Investments in cost method inve
Investments in cost method investees | 12 Months Ended |
Dec. 31, 2015 | |
Investments in cost method investees [Abstract] | |
Investments in cost method investees | 8. Investments in cost method investees As of December 31, 2014 and 2015, investments in cost method investees accounted for under the cost method were RMB 5,625 13,307 three 12.12 5 4.35 The Group is required to perform an impairment assessment of its investments whenever events or changes in business circumstances indicate that the carrying value of the investment may not be fully recoverable. An impairment loss is recorded when there has been a loss in value of the investment that is other than temporary. No impairment was recorded for the years ended December 31, 2013, 2014 and 2015. |
Investments in equity method in
Investments in equity method investee | 12 Months Ended |
Dec. 31, 2015 | |
Investments in equity method investee [Abstract] | |
Investments in equity method investee | 9. Investments in equity method investee In January 2015, the Group jointly established Automoney Inc. ("Automoney") with a third-party investor and subscribed 50 10,562 10,236 During the year ended December 31, 2015, the Group disposed 40 10,000 9,674 10 nil The summarized financial information for Automoney as of and for the year presented is as follows: As of December 31 , 2015 RMB Total current assets 679 Total assets 679 Total current liabilities 19,596 Total liabilities 19,596 For Year Ended December 31, 2015 RMB Revenue - Loss from operations 40,559 |
Accrued expenses and other curr
Accrued expenses and other current liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Accrued expenses and other current liabilities [Abstract] | |
Accrued expenses and other current liabilities | 10. Accrued expenses and other current liabilities Accrued expenses and other current liabilities consist of the following: As of December 31 2014 2015 RMB RMB Logistics expenses accruals 23,254 37,547 Advances from customers 9,596 18,318 Outsourced labor cost payable 7,934 4,342 Salary and welfare payable 8,000 17,686 Deferred government subsidy 3,030 - Professional fee accruals 2,690 6,136 Marketing expenses accruals 4,859 12,507 Other tax payable 4,914 7,898 Receipt on behalf of merchants on Maikefeng marketplace (1) - 42,471 Others 2,509 3,954 Accrued expenses and other current liabilities 66,786 150,859 (1) Receipt on behalf of merchants on Maikefeng marketplace represents amount received from end customers on behalf of and payable to merchants on Maikefeng marketplace. |
Income tax
Income tax | 12 Months Ended |
Dec. 31, 2015 | |
Income tax [Abstract] | |
Income tax | 11. Income tax Under the current laws of the Cayman Islands, the Company incorporated in the Cayman Islands is not subject to tax on income or capital gain. Additionally, the Cayman Islands does not impose a withholding tax on payments of dividends to shareholders. Under the current Hong Kong Inland Revenue Ordinance, the Group's subsidiaries domiciled in Hong Kong are subject to 16.5 Under the Law of the People's Republic of China on Enterprise Income Tax (EIT Law''), the Group's subsidiaries domiciled in the PRC are subject to 25 The current and deferred portion of income tax expenses included in the consolidated statements of operations, which were substantially attributable to the Group's PRC subsidiaries are as follows: For Year Ended December 31 2013 2014 2015 RMB RMB RMB Current tax expenses 307 1,912 7,793 Deferred tax - - (13,815 ) Income tax expenses (benefits) 307 1,912 (6,022 ) Reconciliations of the differences between the PRC statutory income tax rate and the Group's effective income tax rate for the years ended December 31, 2013, 2014 and 2015 are as follows: For Year Ended December 31 2013 2014 2015 RMB RMB RMB Statutory income tax rate 25.00 % 25.00 % 25.00 % Share-based compensation (7.68) % (36.68) % 23.47 % Effect on tax rates in different tax jurisdiction 0.42 % (0.52) % (15.88) % Tax incentives relating to research and development expenditure 5.30 % 5.62 % (17.00) % Other non-deductible expenses (0.25) % (1.59) % 0.60 % Changes in valuation allowance (23.61) % 4.87 % (38.63) % Effective income tax rate (0.82) % (3.30) % (22.44) % The principal components of the deferred tax assets and liabilities are as follows: As of December 31 2014 2015 RMB RMB Current deferred tax assets: Logistics expenses accruals 5,813 9,387 Inventory write-down 3,316 3,702 Promotion expenses accruals 1,996 1,682 Outsourced labor cost 1,984 1,086 Promotion expenses paid but tax invoices not received 1,322 1,184 Salary and welfare payable 1,997 3,182 Professional fee accruals 672 1,147 Marketing expenses accruals 1,215 261 Allowance for doubtful accounts 102 167 Other accruals 583 Less: valuation allowance (18,417 ) (8,566 ) Current deferred tax assets, net 13,815 Non-current deferred tax assets: Net operating loss carry forward 8,318 7,802 Less: valuation allowance (8,318 ) (7,802 ) Non-current deferred tax assets, net The Group considers positive and negative evidence to determine whether some portion or all of the deferred tax assets will be more likely than not realized. This assessment considers, among other matters, the nature, frequency and severity of recent losses and forecasts of future profitability. These assumptions require significant judgment and the forecasts of future taxable income are consistent with the plans and estimates the Group is using to manage the underlying businesses. Valuation allowances are established for deferred tax assets based on a more likely than not threshold. The Group's ability to realize deferred tax assets depends on its ability to generate sufficient taxable income within the carry forward periods provided for in the tax law. The Group has provided a full valuation allowance for the deferred tax assets as of December 31, 2014, as management is not able to conclude that the future realization of those net operating loss carry forwards and part of other deferred tax assets are more likely than not. In 2015, the Group has determined that the deferred tax assets of Shanghai Baozun E-Commerce Limited and Shanghai Bodao E-Commerce Limited will be more likely than not utilized in the future and has provided no valuation allowance for the deferred tax assets of these two 31,207 Movement of the valuation allowance is as follows: For Year Ended December 31 2014 2015 RMB RMB Balance as of January 1 29,549 26,735 Reversals (2,814 ) (10,367 ) Balance as of December 31 26,735 16,368 Uncertainties exist with respect to how the current income tax law in the PRC applies to the Group's overall operations, and more specifically, with regard to tax residency status. The EIT Law includes a provision specifying that legal entities organized outside of the PRC will be considered residents for Chinese income tax purposes if the place of effective management or control is within the PRC. The implementation rules to the EIT Law provide that non-resident legal entities will be considered PRC residents if substantial and overall management and control over the manufacturing and business operations, personnel, accounting and properties, occurs within the PRC. Despite the present uncertainties resulting from the limited PRC tax guidance on the issue, the Group does not believe that the legal entities organized outside of the PRC within the Group should be treated as residents for EIT Law purposes. If the PRC tax authorities subsequently determine that the Company and its subsidiaries registered outside the PRC should be deemed resident enterprises, the Company and its subsidiaries registered outside the PRC will be subject to the PRC income taxes, at a rate of 25%. The Group is not subject to any other uncertain tax position. Aggregate accumulated deficit of the Company's subsidiaries and VIE located in the PRC were approximately RMB 93,122 85,949 no |
Net loss per share
Net loss per share | 12 Months Ended |
Dec. 31, 2015 | |
Net loss per share [Abstract] | |
Net loss per share | 12. Net loss per share Basic and diluted net loss per share for each of the years presented are calculated as follows: For Year Ended December 31 2013 2014 2015 RMB RMB RMB Numerator: Net (loss) income (37,771 ) (59,814 ) 22,621 Deemed dividend from issuance of preferred share - (16,666 ) - Change in redemption value of preferred shares (61,435 ) (79,169 ) (25,332 ) Net loss attributable to ordinary shareholders (99,206 ) (155,649 ) (2,711 ) Net loss per ordinary share basic and diluted (3.31 ) (5.31 ) (0.03 ) Net loss per ADS basic and diluted (9.93 ) (15.93 ) (0.08 ) Shares (Denominator): Weighted average number of ordinary shares - basic and diluted 29,983,883 29,314,067 102,987,119 The Group has determined that its convertible redeemable preferred shares are participating securities as the preferred shares participate in undistributed earnings on an as-if-converted basis. The holders of the preferred shares are entitled to receive dividends on a pro rata basis, as if their shares had been converted into ordinary shares. Accordingly, the Group uses the two-class method of computing net income per share, for ordinary and preferred shares according to participation rights in undistributed earnings, However, undistributed net loss is only allocated to ordinary shareholders because holders of preferred shares are not contractually obligated to share losses. Upon IPO, all of the Group's convertible redeemable preferred shares have been converted to ordinary shares. As a result of the Group's net loss for the three years ended December 31, 2013, 2014 and 2015, Series A, B, C1, C2 and D preferred shares, share options and restricted share units As of December 31 2013 2014 2015 RMB RMB RMB Number of Series A Shares outstanding 19,622,241 19,622,241 - Number of Series B Shares outstanding 26,532,203 26,532,203 - Number of Series C1 Shares outstanding 29,056,332 29,056,332 - Number of Series C2 Shares outstanding - 1,925,063 - Number of Series D Shares outstanding - 7,504,324 - Share options 7,515,838 15,153,023 16,574,854 Restricted share unit - - 3,976,311 |
Related party transactions
Related party transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related party transactions [Abstract] | |
Related party transactions | 13. Related party transactions The table below sets forth the major related parties and their relationships with the Group as of December 31, 2015: Name of related parties Relationship with the Group Alibaba Group Holding Limited (Alibaba Group) Parent company of Alibaba, one of the Group's ordinary shareholders Ahead (Shanghai) Trade Co., Ltd (Ahead) Subsidiary of Softbank, one of the Group's ordinary shareholders (a) The Group entered into the following transactions with its related parties: For Year Ended December 31 2013 2014 2015 RMB RMB RMB Marketing service fees paid to Alibaba Group 52,617 69,072 141,412 Logistic service fees paid to Alibaba Group 3,328 1,603 2,059 Promotion service revenue generated from Alibaba Group 12,677 Interest expense paid to Alibaba Group 13 Store operation service revenue generated from Ahead 622 7,850 Commission fee paid to Ahead 484 1,134 (b) The Group had the following balances with its related parties: As of December 31 2013 2014 2015 RMB RMB RMB Amount due to Investors and Founding Shareholders 7,469 7,469 Amounts due from Alibaba Group 7,126 12,743 18,702 Amounts due from Ahead 2,406 18,863 In connection with the Redomiciliation, as a condition to obtain PRC approval, the Company is required to demonstrate that it has sufficient fund to legally acquire 100 69 20,963 47,978 61,472 Amounts due from Alibaba Group consisted of receivables of RMB7,126, RMB12,743 and RMB18,702 to be collected from Alibaba Group for promotion services provided by the Group and deposits paid as of December 31, 2013, 2014 and 2015, respectively. Amounts due from Ahead consisted of receivables from Ahead for services provided by the Group and the amounts collected by Ahead on behalf of the Group. The receivables from Ahead for services provided by the Group as of December 31, 2014 and 2015 were RMB 2,196 2,912 respectively. The Group entered into agency agreements with Ahead, under which Ahead is designated by the Group to collect payment for its service to certain brand partners. In connection with the agency agreements, amounts to be collected by Ahead on behalf of the Group as of December 31, 2014 and 2015 were RMB 210 15,951 respectively. |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2015 | |
Commitments [Abstract] | |
Commitments | 14. Commitments Operating Leases Agreements The Group leases office space, service center and warehouses under non-cancellable operating lease agreements that expire at various dates through December 2026. During the three years ended December 31, 2013, 2014 and 2015, the Company incurred rental expenses amounting to RMB 11,758 15,947 36,706 As of December 31, 2015, minimum lease payments under all non-cancellable leases were as follows: Year ended RMB 2016 59,367 2017 51,682 2018 45,009 2019 45,583 2020 42,403 2021 and after 126,402 Total lease commitment 370,446 Credit facilities As of December 31, 2015, the Group had one 400,000 three 351,200 |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Share-Based Compensation [Abstract] | |
Share-Based Compensation | 15. Share-Based Compensation Share incentive plan On January 28, 2010, Shanghai Baozun's board of directors approved the Share Incentive Plan of Shanghai Baozun (the Shanghai Baozun Plan), which governs the terms of a variety of share-based incentive awards Shanghai Baozun can offer to employees, officers, directors and individual consultants who render services to Shanghai Baozun. In conjunction with the Redomiciliation in 2014, the Group adopted the 2014 Share Incentive Plan (2014 Plan), which was approved by the Board of Directors of the Company, to replace the Shanghai Baozun Plan. Under the 2014 Plan, the maximum aggregate number of shares that may be issued shall not exceed 20,331,467 ten During the years ended December 31, 2012 and 2013, the Group granted 932,414 74,209 0.1 Through December 2011, the Group granted 3,443,615 366,008 0.1 4 50% of the vested options can be exercised if the Group generated profit (Profit Target), 20% of the vested options can be exercised if the Group achieved the annual sales target (Sales Target), and 30% of the vested options can be exercised if the option holder achieved the annual individual performance review target (Individual Target) The Group recognized compensation expenses related to the options linked to Sales Target and Individual Target during the vesting period based on the probable outcome of these performance conditions. The Group has determined that it is probable these conditions will be met; as such the share-based compensation is recognized upon vesting of these share options. The Group did not recognize any share-based compensation expense for 50% of the options granted linked to the Profit Target as performance condition was considered not probable. In August 2011, the Group removed the Profit Target requirement for the first year of the vesting period of the options granted before this date; the unrecognized compensation cost based on the modification date fair value related to vested options associated with the Profit Target was recognized in August 2011. In October 2013, the Group removed the Profit Target requirement for the remainder of vested option associated with the Profit Target. The unrecognized compensation cost based on the modification date fair value related to vested options associated with the Profit Target was recognized in October 2013. During the year ended December 31, 2013, the Group granted 3,525,191 0.1 4 On August 29, 2014, the Group granted 5,903,533 0.1 2,989,300 0.1 4 On Feb 6, 2015, the Group granted 3,949,975 9.2 17.6 4 On May 5, 2015, the Board of Directors of the Company approved 2015 Share Incentive Plan (2015 Plan). The maximum number of shares which may be issued pursuant to all awards under the 2015 Plan is 4,400,000 If on December 31, 2015, the unissued shares reserved under the 2015 Plan account for less than 2% of the total issued and outstanding shares on an as-converted basis, then on January 1, 2016, the number of shares reserved for future issuances under the 2015 Plan shall be increased to 2% of the total issued and outstanding shares. ten On May 20, 2015, the Group granted 70,000 0.001 4 On August 14, 2015, the Group granted 452,770 11.67 18.6 4 Share option The Group has used the binomial model to estimate the fair value of the options granted under the 2014 and 2015 Plan. The fair value per option was estimated at the date of grant using the following weighted-average assumptions: 2014 2015 Risk-free interest rate 2.99 % 2.61 2.833 % Contract life 10 10 Expected volatility range 50.48 % 48.78 48.96 % Expected dividend yield 0.00 % 0.00 % Fair value of the underlying shares on the date of option grants (RMB) 13.32 16.23 22.63 The Group estimated the risk free interest rate based on the yield to maturity of U.S. treasury bonds denominated in USD and adjusted for country risk premium of PRC at the option valuation date. The expected volatility at the date of grant date and each option valuation date was estimated based on the annualized standard deviation of the daily return embedded in historical share prices of comparable peer companies with a time horizon close to the expected expiry of the term. The Group has never declared or paid any cash dividends on its capital stock, and the Group does not anticipate any dividend payments in the foreseeable future. A summary of option activity under the 2014 Plan and 2015 Plan Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value of Options RMB RMB Outstanding, as of January 1, 2013 4,429,040 0.1 8.03 Granted 3,599,400 Forfeited (512,602 ) Outstanding, as of December 31, 2013 7,515,838 0.1 8.10 Granted 8,892,833 Forfeited (1,255,648 ) Outstanding, as of December 31, 2014 15,153,023 0.1 8.60 Granted 4,472,745 Forfeited (1,311,296 ) Expired (113,421 ) Exercised (1,626,197 ) Outstanding, as of December 31, 2015 16,574,854 3.5 8.02 Expected to vest as of December 31, 2015 6,088,886 8.4 8.75 Exercisable as of December 31, 2015 9,670,638 0.1 7.53 163,806 The weighted-average grant-date fair value of the options granted in 2013, 2014 and 2015 were RMB 5.93 13.32 13.43 The total intrinsic value of options exercised during the year ended December 31, 2015 was RMB 29,443 As of December 31, 2015, there was RMB 70,758 2.75 Restricted share unit Under the 2015 Plan, the Group granted 3,976,311 restricted share units to certain employees and senior management in 2015 and vest over 4 Number of Weighted-Average RMB Outstanding, as of January 1, 2015 - Granted 3,976,311 17.28 Outstanding, as of December 31, 2015 3,976,311 17.28 The Group recorded compensation expense of RMB11,506, RMB84,963 and RMB25,195 for both share options and restricted share units for the years ended December 31, 2013, 2014 and 2015, respectively, which were classified in the accompanying consolidated statements of operations as follows: For Year Ended December 31, 2013 2014 2015 RMB RMB RMB Fulfillment 584 460 1,440 Sales and marketing 5,822 5,469 9,793 Technology and content 1,608 26,311 5,047 General and administrative 3,492 52,723 8,915 11,506 84,963 25,195 |
Ordinary Shares
Ordinary Shares | 12 Months Ended |
Dec. 31, 2015 | |
Ordinary Shares [Abstract] | |
Ordinary Shares | 16. Ordinary Shares Upon the incorporation of the Company in December 2013, the Founding Shareholders of the Group subscribed 29,983,883 0.0001 1,925,063 37,950,000 In November 2015, the Board of Directors of approved the Company to repurchase up to US$ 10,000 803,811 |
Convertible Redeemable Preferre
Convertible Redeemable Preferred Shares | 12 Months Ended |
Dec. 31, 2015 | |
Convertible Redeemable Preferred Shares [Abstract] | |
Convertible Redeemable Preferred Shares | 17. Convertible Redeemable Preferred Shares On December 31, 2009 and August 19, 2010, Alibaba acquired 39.56 32,732 In January and June 2011, Crescent Castle and New Access acquired 27.55 119,120 7.29 12,859 Series B equity interests have preferential rights to Series A equity interests and ordinary shares in respect of redemption and distribution of proceeds upon liquidation. Series A and Series B equity interests are automatically redeemed at a price equal to the subscription price plus interest at a per annum compounded rate of 12.5 In September 2012, a group of investors including existing preferred share investors acquired 27.62 266,240 270,923 4,683 15 In conjunction with the issuance of Series C1 equity interests, Shanghai Baozun modified the terms of Series A equity interests and Series B equity interests to extend the date of mandatory redemption from December 31, 2015 to December 5, 2017. Subsequent to this modification, Series C1 equity interests, Series B equity interests, and Series A equity interests contain the same terms with the exception of priority in liquidation or redemption (i.e., Series C1 equity interests have priority over Series B equity interests, which have priority over Series A equity interests, which have priority over ordinary shares). The change to Series A equity interests and Series B equity interests in September 2012 were limited to an extension of the mandatory redemption date on failure of the Company to consummate a Qualified IPO from December 31, 2015 to December 5, 2017, the Company does not consider this change as an extinguishment of Series A equity interests and Series B equity interest as the impact of this change was not significant. The extension of the mandatory redemption date did not increase the value of convertible redeemable preferred shares. Upon the Redomiciliation as described in Note 1, Investors exchanged all of their Series A equity interests, Series B equity interests and Series C1 equity interests into 19,622,241 26,532,203 29,056,332 In August 2014, the Company repurchased 1,925,063 20,964 1,925,063 20,964 37,630 16,666 In October 2014, the Company issued 7,504,324 0.0001 3.20 19.69 145,746 All of the preferred shares were converted to ordinary shares immediately upon the completion of the Group's initial public offering on May 21, 2015. The following is the rollforward of the carrying amounts of Series A, Series B, Series C1, Series C2 and Series D shares for the three years ended December 31, 2013, 2014 and 2015: Series A Series B Series C1 Series C2 Series D RMB RMB RMB RMB RMB January 1, 2013 44,187 162,195 258,923 Collection of subscription receivable of Series C1 Shares 12,000 Change in redemption value 5,523 17,987 37,925 December 31, 2013 49,710 180,182 308,848 Issuance of Series C2 Shares 20,964 Deemed dividend from issuance of Series C2 Shares 16,666 Issuance of Series D Shares 145,746 Change in redemption value 6,214 21,943 46,328 4,684 December 31, 2014 55,924 202,125 355,176 37,630 150,430 Change in redemption value 1,648 5,957 12,453 5,274 Conversion of Series A Preferred Shares to Class A ordinary shares (57,572 ) Conversion of Series B Preferred Shares to Class A ordinary shares (208,082 ) Conversion of Series C-1 Preferred Shares to Class A ordinary shares (367,629 ) Conversion of Series C-2 Preferred Shares to Class A ordinary shares (37,630 ) Conversion of Series D Preferred Shares to Class A ordinary shares (155,704 ) December 31, 2015 |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Employee Benefit Plans [Abstract] | |
Employee Benefit Plans | 18. Employee Benefit Plans The Group's PRC subsidiaries are required by law to contribute a certain percentages of applicable salaries for retirement benefits, medical insurance benefits, housing funds, unemployment and other statutory benefits. The PRC government is directly responsible for the payments of such benefits. The Group contributed RMB 15,242 20,339 35,947 |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2015 | |
Segment Information [Abstract] | |
Segment Information | 19. Segment Information The Group's chief operating decision maker has been identified as the chief executive officer, who reviews consolidated results when making decision about allocating resources and assessing performance of the group prior to the third quarter of 2015. Following the further expansion of the retail online platform business, the Group operated and reviewed its performance in two segments: (i) the brand e-commerce segment, which provides ecommerce solutions to brand partners, including IT services, store operations, digital marketing, customer services, warehousing and fulfillment, and (ii) the Maikefeng segment, which operates the retail online platform, Maikefeng. Segment information in periods prior to the third quarter of 2015 was restated to be consistent with that of periods starting from third quarter of 2015. Furthermore, the Group's chief operating decision maker is not provided with asset information by segment. As such, no asset information by segment is presented. The following tables summarize the Group's revenue and total operating income (loss) generated by its segments. For Year Ended December 31 2013 2014 2015 RMB RMB RMB Net Revenue Brand e-commerce 1,521,836 1,555,404 2,528,969 Maikefeng 29,016 69,474 Total consolidated net revenue 1,521,836 1,584,420 2,598,443 Operating (loss) income Brand e-commerce (40,985 ) (39,762 ) 63,734 Maikefeng (17,094 ) (55,283 ) Total Operating (loss) income (40,985 ) (56,856 ) 8,451 The Group mainly operates in the PRC and most of the Group's long-lived assets are located in the PRC. Most of the Group's revenues are derived from the PRC. Depreciation expense, including amortization of capitalized internal-use software costs and other corporate property and equipment depreciation expense, and share-based compensation expenses are allocated to all segments based on usage. The depreciation expense and share-based compensation expenses were mainly from the segment of brand e-commerce for the years ended December 31, 2013, 2014 and 2015. |
Restricted Net Assets
Restricted Net Assets | 12 Months Ended |
Dec. 31, 2015 | |
Restricted Net Assets [Abstract] | |
Restricted Net Assets | 20. Restricted Net Assets Pursuant to the laws applicable to the PRC's Foreign Investment Enterprises and local enterprises, The Company's entities in the PRC must make appropriation from after-tax profit to non-distributable reserve funds as determined by the Board of Directors of the Company. The Company's subsidiaries and VIE, in accordance with the China Company Laws, must make appropriation from its after-tax profit (as determined under PRC GAAP) to non-distributable reserve funds including (i) statutory surplus fund, (ii) statutory public welfare fund and (iii) discretionary surplus fund. Statutory surplus find is at least 10% of the after-tax profit as determined under PRC GAAP until such reserve has reached 50% of the registered capital of the respective company. Appropriation of the statutory public welfare fund and discretionary surplus fund are made at the discretion of the Company. The appropriation to these reserves by the Group's PRC entities were nil 638 1,610 nil 638 2,248 As a result of these PRC laws and regulations and the requirement that distributions by PRC entities can only be paid out of distributable profits computed in accordance with PRC GAAP, the PRC entities are restricted from transferring a portion of their net assets to the Group. Amounts restricted include paid-in capital and the statutory reserves of the Company's PRC subsidiaries and VIE. As of December 31, 2015, the aggregate amounts of capital and statutory reserves restricted which represented the amount of net assets of the relevant subsidiaries and VIE in the Group not available for distribution was RMB 403,249 |
FINANCIAL INFORMATION OF PARENT
FINANCIAL INFORMATION OF PARENT COMPANY | 12 Months Ended |
Dec. 31, 2015 | |
FINANCIAL INFORMATION OF PARENT COMPANY [Abstract] | |
FINANCIAL INFORMATION OF PARENT COMPANY | CONDENSED BALANCE SHEETS (All amounts in thousands, except for share and per share data) As of December 31, 2014 2015 RMB RMB US$ Note 3 ASSETS Current assets: Cash and cash equivalents 144,814 254,213 39,244 Prepayments and other current assets 823 7,180 1,108 Amounts due from subsidiaries and VIE 535,852 764,883 118,079 Total current assets 681,489 1,026,276 158,431 Investments in subsidiaries and VIE (194,926 ) 218,147 33,676 Investments in cost method investees other than subsidiaries and VIE - 6,682 1,032 TOTAL ASSETS 486,563 1,251,105 193,139 LIABILITIES Current liabilities : Other current liabilities 38 9,165 1,417 Amounts due to related parties 7,469 7,469 1,153 Total current liabilities 7,507 16,634 2,570 TO T AL LIABILITIES 7,507 16,634 2,570 Convertible redeemable preferred shares: Series A convertible redeemable preferred shares 0.0001 19,622,241 55,924 49,098 as of December 31, 2014) 55,924 - - Series B convertible redeemable preferred shares 0.0001 26,532,203 202,125 198,088 as of December 31, 2014) 202,125 - - Series C1 convertible redeemable preferred shares 0.0001 29,056,332 355,176 403,417 as of December 31, 2014) 355,176 - - Series C2 convertible redeemable preferred shares 0.0001 1,925,063 21,715 31,445 as of December 31, 2014) 37,630 - - Series D convertible redeemable preferred shares 0.0001 7,504,324 150,430 220,689 as of December 31, 2014) 150,430 - - SHAREHOLDERS' EQUITY(DEFICIT) Ordinary shares (US$ 0.0001 500,000,000 28,058,820 151,471,369 and 2015, respectively 17 93 14 Additional paid-in capital 3,755 1,535,665 237,066 Subscription receivable Accumulated deficits (327,205 ) (320,499 ) (49,477 ) Accumulated other comprehensive income 1,204 19,212 2,966 Total shareholders' equity(deficit) (322,229 1,234,471 190,569 TOTAL LIABILITIES, CONVERTIBLE REDEEMABLE PREFERRED SHARES AND SHAREHOLDERS' E QUITY( 486,563 1,251,105 193,139 CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (All amounts in thousands, except for share and per share data) For year ended December 31, From Date of Inception to December 31, 2013 2014 2015 RMB RMB RMB US$ Note 3 Operating expenses: General and administrative - (66 ) (3,126 ) (483 ) Other operating income - - 1,399 216 Total operating expenses - (66 ) (1,727 ) (267 ) Loss from operations - (66 ) (1,727 ) (267 ) Interest income - - 1,175 182 Exchange loss - (2,414 ) (471 ) (73 ) Equity in income (loss) of subsidiaries and VIE (1,242 ) (57,334 23,644 3,651 Net income (loss) (1,242 ) (59,814 ) 22,621 3,493 Deemed dividend from issuance of convertible redeemable preferred shares - (16,666 ) - - Change in redemption value of convertible redeemable preferred shares (1,058 ) (79,169 ) (25,332 ) (3,911 ) Net loss (2,300 ) (155,649 (2,711 ) (418 ) Net income (loss) (1,242 ) (59,814 22,621 3,493 Foreign currency translation adjustment (45 ) 1,249 18,008 2,780 Comprehensive income (loss) (1,287 ) (58,565 40,629 6,273 CONDENSED STATEMENTS OF CASH FLOWS (All amounts in thousands, except for share and per share data) For year ended December 31, From Date of Inception to December 31, 2013 2014 2015 RMB RMB RMB US$ Note 3 Cash flows from operating activities: Net (loss) income (1,242 ) (59,814 ) 22,621 3,493 Adjustments to reconcile net loss to net cash used by operating activities: Exchange loss - 2,414 471 73 Equity in loss (income) of subsidiaries and VIE 1,242 57,334 (23,644 ) (3,651 ) Changes in other current liabilities - 38 9,127 1,409 Net cash used in operating activities - (28 ) 8,575 1,324 Cash flows from investing activities: Advances to subsidiaries and VIE - (5,932 ) (229,031 ) (35,357 ) Investment in a cost method investee - - (6,682 ) (1,032 ) Investments in subsidiaries - - (366,234 ) (56,536 ) Net cash used in investing activities - (5,932 ) (601,947 ) (92,925 ) Cash flows from financing activities: Proceeds from amounts due to related parties - 68,941 - - Repayment of amounts due to related parties - (61,472 ) - - Proceeds from shareholders' payment for ordinary shares - 17 - - Proceeds from issuance of Series D convertible redeemable preferred shares, net - 145,746 - - Proceeds from issuance of ordinary shares upon initial public offering, net - - 707,061 109,151 Proceeds from exercises of share options - - 11 2 Payment for ordinary shares repurchase - - (13,958 ) (2,155 ) Advances for ordinary shares repurchase - - (5,521 ) (852 ) Payment of initial public offering costs - (823 ) - - Net cash provided by financing activities - 152,409 687,593 106,146 Net increase in cash and cash equivalents - 146,449 94,221 14,545 Cash and cash equivalents, beginning of year - 144,814 22,355 Effect of exchange rate changes on cash and cash equivalents - (1,635 ) 15,178 2,344 Cash and cash equivalents, end of year - 144,814 254,213 39,244 1) Rule 12-04(a) 5-04(c) Regulation S-X periods for which audited consolidated financial statements have been presented when the restricted net assets of consolidated subsidiaries exceed 25 percent of consolidated net assets as of the end of the most recently completed fiscal year. 2) the same accounting policies as set out in the consolidated financial statements except that the equity method has been used to account for investments in its subsidiaries and VIE. For the parent company, the Company records its investments in subsidiaries and VIE under the equity method of accounting as prescribed in ASC 323, Investments-Equity Method and Joint Ventures . Such investments are presented on the Condensed Balance Sheets as Investment in subsidiaries and VIE'' and the subsidiaries and VIE' profit or loss as Equity in income/loss of subsidiaries'' on the Condensed Statements of Operations and Comprehensive Income. Ordinarily under the equity, an investor in an equity method investee would cease to recognize its share of the losses of an investee once the carrying value of the investment has been reduced to nil absent an undertaking by the investor to provide continuing support and fund losses. For the purpose of this Schedule I, the parent company has continued to reflect its share, based on its proportionate interest, of the losses of subsidiaries and VIE regardless of the carrying value of the investment even though the parent company is not obligated to provide continuing support or fund losses. 3) 1.00 6.4778 4) |
Summary of Significant Princi31
Summary of Significant Principal Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Summary of Significant Principal Accounting Policies [Abstract] | |
Basis of presentation | (a) Basis of presentation The consolidated financial statements are prepared and presented in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP''). |
Basis of consolidation | (b) Basis of consolidation The consolidated financial statements include the financial statements of the Company, its subsidiaries and VIE. All transactions and balances among the Company, its subsidiaries and the VIE have been eliminated upon consolidation. |
Use of estimates | (c) Use of estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, related disclosures of contingent liabilities at the balance sheet date, and the reported revenues and expenses during the reported period in the consolidated financial statements and accompanying notes. Significant accounting estimates are used for, inventory write-down, realization of deferred tax assets, assessment for useful life and impairment of long-lived assets, allowance for doubtful accounts, revenue recognition, valuation of ordinary shares and preferred shares, share-based compensation expense. |
Fair value | (d) Fair value Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability. Authoritative literature provides a fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The level in the hierarchy within which the fair value measurement in its entirety falls is based upon the lowest level of input that is significant to the fair value measurement as follows: Level 1-inputs are based upon unadjusted quoted prices for identical instruments traded in active markets. Level 2-inputs are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3-inputs are generally unobservable and typically reflect management's estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques that include option pricing models, discounted cash flow models, and similar techniques. The Group's consolidated financial instruments include cash and cash equivalents, restricted cash, short-term investment, accounts receivable, other current assets, amounts due from related parties, accounts payable, other current liabilities and amounts due to related parties. The carrying amounts of these short-term financial instruments approximate their fair values due to the short-term maturity of these instruments. The Group did not carry any assets or liabilities as of December 31, 2014 and 2015 respectively, which were measured at fair value on non-recurring basis. |
Concentration and risks | (e) Concentration and risks Concentration of customers and suppliers There are no customers individually representing 10% or more of revenues for the years ended December 31, 2014 and 2015. The following customers accounted for 10% or more of balances of accounts receivable as of December 31, 2014 and 2015: As of December 31 2014 2015 RMB RMB A 54,478 77,764 The following suppliers accounted for 10% or more of purchases for the years ended December 31, 2014 and 2015: For Year Ended December 31 2014 2015 RMB RMB B 304,578 257,069 C 212,345 317,576 D * 245,427 Concentration of credit risk Financial instruments that potentially subject the Group to significant concentrations of credit risk primarily consist of cash and cash equivalents, restricted cash, short-term investment and accounts receivable. As of December 31, 2014 and 2015, all of the Group's cash and cash equivalents, restricted cash and short-term investment were held by major financial institutions located in the PRC, Hong Kong, Japan and Taiwan which management believes are of high credit quality. Accounts receivable are typically unsecured and are derived from revenues earned from customers in the PRC. The risk with respect to accounts receivable is mitigated by credit evaluations the Group performs on its customers and its ongoing monitoring process of outstanding balances. Foreign Currency Risk Renminbi (RMB) is not a freely convertible currency. The State Administration of Foreign Exchange, under the authority of the People's Bank of China, controls the conversion of RMB into foreign currencies. The value of RMB is subject to changes in central government policies and to international economic and political developments affecting supply and demand in the China Foreign Exchange Trading System market. The cash and cash equivalents of the Group included aggregated amounts of RMB 188,226 480,572 91.2 61.0 |
Foreign currency translation | (f) Foreign currency translation The Group's reporting currency is RMB. The functional currency of the Company is the United States dollar (US$). The functional currency of the Group's entities incorporated in Hong Kong is Hong Kong dollars (HK$). The functional currency of the Group's subsidiaries in PRC is RMB. Assets and liabilities are translated from each entity's functional currency to the reporting currency at the exchange rate on the balance sheet date. Equity amounts are translated at historical exchange rates, and revenues, expenses, gains and losses are translated using the average rate for the year. Translation adjustments are reported as cumulative translation adjustments and are shown as a separate component of other comprehensive income (loss) in the consolidated statements of changes in shareholders' equity (deficit) and comprehensive income (loss). Monetary assets and liabilities denominated in currencies other than the applicable functional currencies are translated into the functional currencies at the prevailing rates of exchange at the balance sheet date. Nonmonetary assets and liabilities are remeasured into the applicable functional currencies at historical exchange rates. Transactions in currencies other than the applicable functional currencies during the year are converted into the functional currencies at the applicable rates of exchange prevailing at the transaction dates. Transaction gains and losses are recognized in the consolidated statements of operations. |
Convenience translation | (g) Convenience translation Translations of balances in the consolidated balance sheets, consolidated statements of operations, consolidated statements of comprehensive loss and consolidated statements of cash flows from RMB into US$ as of and for the year ended December 31, 2015 are solely for the convenience of the readers and were calculated at the rate of US$1.00=RMB 6.4778 |
Cash and cash equivalents | (h) Cash and cash equivalents Cash and cash equivalents consist of cash on hand, demand deposits and highly liquid investments with maturity of less than three months. |
Restricted cash | (i) Restricted cash As of December 31, 2014 and 2015, the Group's restricted cash represents RMB 29,400 26,100 8,500 22,044 As of December 31, 2014 and 2015, the bank had issued RMB 41,224 29,283 Group's 6 9 |
Short-term investment | (j) Short-term investment Short-term investment comprises of principle-protected financial products purchased from banks with original maturities longer than three months but within one year. |
Accounts receivable, net | (k) Accounts receivable, net Accounts receivable mainly represent amounts due from customers and are recorded net of allowance for doubtful accounts. The Group considers many factors in assessing the collectability of its accounts receivable, such as the age of the amounts due, the customer's payment history, creditworthiness, financial conditions of the customers and industry trend. An allowance for doubtful accounts is recorded in the period in which a loss is determined to be probable. The Group also makes specific allowance if there is strong evidence indicating that the accounts receivable is likely to be unrecoverable. Accounts receivable balances are written off after all collection efforts have been exhausted. |
Inventories | (l) Inventories Inventories, consisting of products available for sale, are valued at the lower of cost or market. Cost of inventories is determined using the weighted average cost method. Valuation of inventories is based on currently available information about expected recoverable value. The estimate is dependent upon factors such as historical trends of similar merchandise, inventory aging, historical and forecasted consumer demand and promotional environment. |
Investments | (m) Investments Equity investments of the Group are comprised of investments in privately-held companies. The Group uses the equity method to account for an equity investment over which it has significant influence but does not own a majority equity interest or otherwise control. The Group records equity method adjustments in share of earnings and losses. Equity method adjustments include the Group's proportionate share of investee income or loss, adjustments to recognize certain differences between the Group's carrying value and its equity in net assets of the investee at the date of investment, impairments, and other adjustments required by the equity method. Dividends received are recorded as a reduction of carrying amount of the investment. Cumulative distributions that do not exceed the Group's cumulative equity in earnings of the investee are considered as a return on investment and classified as cash inflows from operating activities. Cumulative distributions in excess of the Group's cumulative equity in the investee's earnings are considered as a return of investment and classified as cash inflows from investing activities. For equity investments over which the Group does not have significant influence or control, the cost method of accounting is used. Under the cost method, the Group carries the investment at cost and recognizes income to the extent of dividends received from the distribution of the equity investee's post-acquisition profits. |
Property and equipment, net | (n) Property and equipment, net Property and equipment are stated at cost less accumulated depreciation and impairment. Property and equipment are depreciated at rates sufficient to write off their costs less impairment and residual value, if any, over the estimated useful lives on a straight-line basis. The estimated useful lives and residual rates are as follows: Classification Useful years Residual rate Electronic devices 3 0 5 Vehicle 5 5 Furniture and office equipment 5 5 Leasehold improvement Over the shorter of the expected life of 0 Repairs and maintenance costs are charged to expenses as incurred, whereas the cost of renewals and betterment that extends the useful lives of property and equipment are capitalized as additions to the related assets. Gains and losses from the disposal of property and equipment are included the consolidated statements of operations. |
Intangible assets, net | (o) Intangible assets, net Intangible assets mainly consist of trademark and internally developed software. Trademark is recorded at cost and amortized on a straight-line basis over the estimated economic useful lives of 10 For internally developed software, the Group expenses all internal-use software costs incurred in the preliminary project stage and capitalized certain direct costs associated with development and purchase of internal software. This internally developed software mostly consisted of order management, customer management and retailing solution systems, which are amortized over 3 |
Impairment of long-lived assets | (p) Impairment of long-lived assets The Group evaluates the recoverability of long-lived assets with determinable useful lives whenever events or changes in circumstances indicate that an intangible asset's carrying amount may not be recoverable. The Group measures the carrying amount of long-lived asset against the estimated undiscounted future cash flows associated with it. Impairment exists when the sum of the expected future net cash flows is less than the carrying value of the asset being evaluated. Impairment loss is calculated as the amount by which the carrying value of the asset exceeds its fair value. Fair value is estimated based on various valuation techniques, including the discounted value of estimated future cash flows. The evaluation of asset impairment requires the Group to make assumptions about future cash flows over the life of the asset being evaluated. These assumptions require significant judgment and actual results may differ from assumed and estimated amounts. No impairment charge was recognized for any of the years ended December 31, 2013, 2014 and 2015. |
Revenue | (q) Revenue The Group provides an integrated suite of e-commerce services to its brand partners through two types of revenue models: direct product sales model and service fees model. Consistent with the criteria of ASC 605, Revenue Recognition The Group generates revenues from selling branded products directly to customers under either the distribution model or as an agent. The Group evaluate whether it is appropriate to record proceeds from product sales as revenues at the gross amount or the net amount as commission fees earned in accordance with ASC 605-45-45. Product Sales Under the distribution model, the Group selects and purchases goods from its brand partners and/or their authorized distributors and sell goods directly to customers through online stores it operates or on its Maikefeng platform. Revenue under the distribution model is recognized on a gross basis and presented as product sales on the consolidated statements of operations, because: (i) the Group, rather than the brand partner, is the primary obligor and is responsible to the customers for the key aspects of the fulfillment of the transaction including presales and after-sales services; (ii) the Group bears the physical and general inventory risk once the products are delivered to its warehouse; (iii) the Group has discretion in establishing price; and (iv) the Group has credit risk. Product sales, net of return allowances, value added tax and related surcharges, are recognized when customers accept the products upon delivery. The Group offers online customers an unconditional right of return for a period of seven days upon receipt of products. Return allowances, which reduce revenue, are estimated based on historical data the Group has maintained and its analysis of returns by categories of products, and subject to adjustments to the extent that actual returns differ or expected to differ. A majority of the Group's customers make online payments through third-party payment platforms when they place orders on websites of the Group's online stores. The funds will not be released to the Group by these third-party payment platforms until the customers accept the delivery of the products at which point the Group recognizes sales of products. A portion of the Group's customers pay upon the receipt of products. The Group's delivery service providers collect the payments from its customers for the Group. The Group records a receivable on the balance sheet with respect to cash held by third-party couriers. Shipping and handling charges are included in net revenues. The Group typically does not charge a shipping fee with order exceeding a certain sale amount. Shipping revenue has not been material for the periods presented. The Group's shipping costs are presented as part of its operating expenses. Services In some instances, the Group acts as an agent to facilitate the brand partners' online sales of their branded products. The Group does not take title to the products; it does not have any latitude in establishing prices and selecting merchandise; it has no discretion in selecting suppliers; and it is not involved in determining product specifications and cannot change the product. Based on these indicators, the Group has determined that revenue from its sales of products under these arrangements are service fees in nature. The Group records commission fees from its brand partners based on a pre-determined formula as service revenue in its consolidated statements of operations. The Group also provides IT, online store operations, marketing and promotion, customer service, warehousing and fulfillment, and other services to its brand partners. Brand partners may elect to use the Group's comprehensive end-to-end e-commerce solutions or select specific elements of its e-commerce supporting infrastructure and service that best fit their needs. The Group charges its brand partners a combination of fix fees and/or variable fees based on the value of merchandise sold or other variable factors such as number of orders fulfilled. Revenue generated from these service arrangements is recognized on a gross basis and presented as services revenue on the consolidated statements of operations. All the costs that the Group incurs in the provision of the above services are classified as operating expenses on the consolidated statements of operations. Revenue generated from services relating to IT service, and marketing and promotion services for brand partners are recognized when the services are rendered. Revenue generated from services relating to online store operations, customer services, and warehouse and fulfillment consisted of both fixed fees and variable fees based on the value of merchandise sold. The fixed fee is recognized as revenue ratably over the service period. Variable fees are recognized as revenue when they become determinable based on the value of merchandise sold and confirmed by the brand partners. Some of the Group's service contracts are considered multiple element arrangements as they include provision of a combination of various services based on the brand partner's requirements. These contracts may include one-time online store design and setup services, marketing and promotion services during certain holidays, and continuous online store operation services, warehouse and fulfillment services over a period of time to the same brand partner. The Group allocates arrangement consideration in multiple-deliverable revenue arrangements at the inception of an arrangement to all service revenues based on the relative selling price in accordance with the selling price hierarchy, which includes: (i) vendor-specific objective evidence (VSOE) if available; (ii) third-party evidence (TPE) if VSOE is not available; and (iii) best estimate of selling price (BESP) if neither VSOE nor TPE is available. |
Cost of products | (r) Cost of products Cost of product consists of the purchase price of products and inbound shipping charges, as well as inventory write-downs. Shipping charges to receive products from the suppliers are included in the inventories, and recognized as cost of products upon sale of the products to the customers. Cost of products does not include other direct costs related to cost of product sales such as shipping and handling expense, payroll and benefits of logistic staff, logistic centers rental expenses and depreciation expenses, etc. Therefore, the Group's |
Rebates | (s) Rebates The Group periodically receives consideration from certain vendors, representing rebates for products sold over a period of time. The Group accounts for the rebates received from its vendors as a reduction to the price it pays for the products purchased. Rebates are earned based on reaching minimum purchase thresholds for a specified period. When volume rebates can be reasonably estimated based on the Group's past experiences and current forecasts and purchase volume, a portion of the rebate is recognized as the Group makes progress towards the purchase threshold. |
Fulfillment | (t) Fulfillment Fulfillment costs primarily represent shipping and handling expenses, payment processing and related transaction costs, packaging material costs and those costs incurred in outbound shipping, operating and staffing the Group's fulfillment and customer service center, including costs attributable to buying, receiving, inspecting and warehousing inventories; picking, packaging and preparing customer orders for shipment. |
Sales and marketing | (u) Sales and marketing Sales and marketing expenses primarily consist of payroll, bonus and benefits of sales and marketing staff, advertising costs, agency fees and costs for promotional materials. Advertising costs are expensed as incurred. Advertising and promotion costs in connection with the provision of marketing and promotion services to brand partners consisted of fees the Group paid to third party venders for advertising and promotion on various online and offline channels. Such costs were included as sales and marketing in the consolidated statements of operations and totaled RMB 56,059 114,777 208,014 |
Technology and content | (v) Technology and content Technology and content expenses consist primarily of technology infrastructure expenses, payroll and related expenses for employees in technology and system department, editorial content, as well as costs associated with the computer, storage and telecommunications infrastructure for internal use. |
General and administrative | (w) General and administrative General and administrative expenses consist of payroll and related expenses for payroll, bonus and benefit costs for corporate employees, legal, finance, technical consulting, meeting expenses, rental fee and other corporate overhead costs. |
Other operating income (expense), net | (x) Other operating income (expense), net Other operating income mainly consists of government subsidies and income derived from American Depositary Receipt (ADR) arrangements entered into between the Company and an ADR depositary bank (DB) Government subsidies consist of cash subsidies received by the Company's subsidiaries in the PRC from local governments. Subsidies received as incentives for conducting business in certain local districts with no performance obligation or other restriction as to the use are recognized when cash is received. Cash subsidies of RMB 988 1,780 8,686 five 1,411 |
Share-based compensation | (y) Share-based compensation The Company grants share options to eligible employees, management and directors and accounts for these share-based awards in accordance with ASC 718 CompensationStock Compensation. Employees' share-based awards are measured at the grant date fair value of the awards and recognized as expenses a) immediately at grant date if no vesting conditions are required; or b) using graded vesting method, net of estimated forfeitures, over the requisite service period, which is the vesting period. All transactions in which goods or services are received in exchange for equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable. Prior to the initial public offering of the Company, the fair value of the share options were assessed using the income approach/discounted cash flow method, with a discount for lack of marketability given that the shares underlying the awards were not publicly traded at the time of grant. This assessment required complex and subjective judgments regarding the Company's projected financial and operating results, its unique business risks, the liquidity of its ordinary shares and its operating history and prospects at the time the grants were made. In addition, the binomial option-pricing model is used to measure the value of share options. The determination of the fair value is affected by the fair value of the ordinary shares as well as assumptions regarding a number of complex and subjective variables, including the expected share price volatility, actual and projected employee and non-employee share option exercise behavior, risk-free interest rates and expected dividends. The fair value of these awards was determined with the assistance from an independent valuation firm using management's estimates and assumption. After the initial public offering, a discount for lack of marketability was not applicable in determining the fair value of the share options. In determining the fair value of the share options, the closing market price of the underlying shares on the grant dates is applied. The assumptions used in share-based compensation expense recognition represent management's best estimates, but these estimates involve inherent uncertainties and application of management judgment. If factors change or different assumptions are used, the share-based compensation expenses could be materially different for any period. Moreover, the estimates of fair value of the awards are not intended to predict actual future events or the value that ultimately will be realized by grantees who receive share-based awards, and subsequent events are not indicative of the reasonableness of the original estimates of fair value made by the Company for accounting purposes. In determining the fair value of the restricted share units granted, the closing market price of the underlying shares on the grant date is applied. Forfeitures are estimated at the time of grant and revised in the subsequent periods if actual forfeitures differ from those estimates. |
Income tax | (z) Income tax Current income taxes are provided for in accordance with the laws of the relevant taxing authorities. The Group accounts for current income taxes on the basis of net income for financial reporting purposes, adjusted for income and expense items which are not assessable or deductible for income tax purposes, in accordance with the regulations of the relevant tax jurisdictions. The Group accounts for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are determined based on the temporary differences between the financial statements carrying amounts and tax bases of existing assets and liabilities by applying enacted statutory tax rates that will be in effect in the period in which the temporary differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance when, based upon the weight of available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. The effect on deferred taxes of a change in tax rates is recognized in the consolidated statements of operations in the period of change. The impact of an uncertain income tax position on the income tax return is recognized at the largest amount that is more-likely-than-not to be sustained upon audit by the relevant tax authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. Interest and penalties on income taxes will be classified as a component of the provisions for income taxes. |
Operating leases as lessee | (aa) Operating leases as lessee Leases, including leases of offices and warehouses, where substantially all the rewards and risks of ownership of assets remain with the lessor are accounted for as operating leases. Payments made under operating leases are recognized as an expense on a straight-line basis over the lease term. The Group had no capital leases for any of the years stated herein. |
Comprehensive income (loss) | (ab) Comprehensive income (loss) Comprehensive income (loss) is defined to include all changes in equity except those resulting from investments by owners and distributions to owners. For the periods presented, the Group's comprehensive income (loss) includes net income (loss) and foreign currency translation adjustments and is presented in the consolidated statements of comprehensive income (loss). |
Earnings (loss) per share | (ac) Earnings (loss) per share Basic earnings (loss) per ordinary share is computed by dividing net income (loss) attributable to ordinary shareholders by weighted average number of ordinary shares outstanding during the period. The Company's convertible redeemable preferred shares are participating securities as the preferred shares participate in undistributed earnings on an as-if-converted basis. Accordingly, the Company uses the two-class method whereby undistributed net income is allocated on a pro rata basis to each participating share to the extent that each class may share in income for the period. Undistributed net loss is not allocated to preferred shares because they are not contractually obligated to participate in the loss allocated to the ordinary shares. Diluted earnings (loss) per ordinary share reflects the potential dilution that could occur if securities were exercised or converted into ordinary shares. The Group had convertible redeemable preferred shares and stock options, which could potentially dilute basic earnings per share in the future. To calculate the number of shares for diluted income per share, the effect of the convertible redeemable preferred shares is computed using the as-if-converted method; the effect of the stock options and restricted share units is computed using the treasury stock method. |
Segment reporting | (ad) Segment reporting The Group's chief operating decision maker has been identified as the chief executive officer, who reviews consolidated results when making decision about allocating resources and assessing performance of the group prior to the third quarter of 2015. Following the further expansion of the retail online platform business, the Group operated and reviewed its performance in two segments: (i) the brand e-commerce segment, which provides ecommerce solutions to brand partners, including IT services, store operations, digital marketing, customer services, warehousing and fulfillment, and (ii) the Maikefeng segment, which operates the retail online platform, Maikefeng. Therefore, the segment information in periods prior to the third quarter of 2015 was restated to be consistent with that of period starting from third quarter of 2015. |
Recent accounting pronouncements | (ae) Recent accounting pronouncements In July 2015, the FASB issued ASU 2015-11, "Simplifying the Measurement of Inventory". This update requires an entity that determines the cost of inventory by methods other than last-in, first-out (LIFO) and the retail inventory method (RIM) to measure inventory at the lower of cost and net realizable value. ASU 2015-11 is effective for annual reporting periods, and interim periods therein, beginning after December 15, 2016. Prospective application is required. Early application is permitted as of the beginning of the interim or annual reporting period. The Group does not expect that the adoption of this guidance will have a significant impact on the Group's consolidated financial statements. In August 2015, the FASB issued ASU 2015-15, "Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date". The amendments in this ASU defer the effective date of ASU 2014-09 for all entities by one year. Public business entities should apply the guidance in ASU 2014-09 to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. The Group is still in the process of evaluating the impact of the standard on its consolidated financial statements. In November 2015, the FASB issued ASU 2015-17, "Income Taxes (Topic 740)". This update provides accounting guidance related to income taxes, which simplifies the presentation of deferred income taxes by requiring deferred tax assets and liabilities be classified as noncurrent on the balance sheet. The updated standard is effective for us beginning on January 1, 2017 with early application permitted as of the beginning of any interim or annual reporting period. The Group does not expect that the adoption of this guidance will have a material impact on its consolidated financial statements other than reclassifying current deferred tax assets to noncurrent in the balance sheet. See Note 11 to the consolidated financial statements for a discussion on income tax balances In January 2016, the FASB issued ASU 2016-01, "Financial InstrumentsOverall (Subtopic 825-10)", a new pronouncement which is intended to improve the recognition and measurement of financial instruments. The ASU affects public and private companies, not-for-profit organizations, and employee benefit plans that hold financial assets or owe financial liabilities. The new guidance makes targeted improvements to existing U.S. GAAP by Requiring equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income; Requiring public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; Requiring separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (i.e., securities or loans and receivables) on the balance sheet or the accompanying notes to the financial statements; Eliminating the requirement to disclose the fair value of financial instruments measured at amortized cost for organizations that are not public business entities; Eliminating the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet; and Requiring a reporting organization to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk (also referred to as own credit) when the organization has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. The new guidance is effective for public companies for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The new guidance permits early adoption of the own credit provision. The Group is in the process of evaluating the impact of the standard on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, "Leases (Topic 842)". This update requires an entity to recognize lease assets and lease liabilities on the balance sheet and to disclose key information about the entity's leasing arrangements. ASU 2016-02 is effective for annual reporting periods, and interim periods therein, beginning after December 15, 2018, with early application permitted. A modified retrospective approach is required. The Group is currently evaluating the impact of the adoption this standard on its consolidated financial statements. In March 2016, the FASB issued ASU2016-09, "CompensationStock Compensation (Topic 718) Improvements to Employee Share-Based Payment Accounting". This guidance is intended to simplify the employee share-based payment accounting regarding several aspects, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. For public business entities, the amendments in this ASU are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted for any entity in any interim or annual period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. An entity that elects early adoption must adopt all of the amendments in the same period. The Group is in the process of evaluating the impact of the standard on its consolidated financial statements |
Organization and Principal Ac32
Organization and Principal Activities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Organization and Principal Activities [Abstract] | |
Schedule of major subsidiaries and VIE | Date of incorporation Place of incorporation Legal ownership Subsidiaries: Baozun Hong Kong Holding Limited 10-Jan-14 HK 100 % Shanghai Baozun E-Commerce Limited 11-Nov-03 PRC 100 % Shanghai Bodao E-Commerce Limited 30-Mar-10 PRC 100 % Shanghai Yingsai Advertisement Limited 30-Mar-10 PRC 100 % Baozun Hongkong Limited 11-Sep-13 HK 100 % Shanghai Fengbo E-Commerce Limited 29-Dec-11 PRC 100 % Baozun Hongkong Investment Limited 21-July-15 HK 100 % VIE: Shanghai Zunyi Business Consulting Ltd. 31-Dec-10 PRC N/A |
Schedule of amounts and balances of Shanghai Zunyi were included in the Group's consolidated financial statement after the elimination of intercompany balances and transactions | As of 2014 2015 RMB RMB Cash 3,803 5,269 Inventories 23,669 50,394 Advance to suppliers 1,061 646 Amounts due from related parties - 15,741 Prepayments and other current assets 3,813 9,410 Property and equipment, net 108 42 Other non-current assets - 115 Total assets 32,454 81,617 Accounts payable 569 1,783 Other current liabilities 3,678 45,078 Total Liabilities 4,247 46,861 For Year Ended December 31 2014 2015 RMB RMB Net revenues 21,038 92,983 Operating expenses 32,095 123,284 Net loss (11,057 ) (30,301 ) Net cash provided by operating activities 3,911 1,573 Net cash used in investing activities (118 ) (107 ) Net cash provided by financing activities - - |
Summary of Significant Princi33
Summary of Significant Principal Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Summary of Significant Principal Accounting Policies [Abstract] | |
Schedule of concentration of customers and suppliers | As of December 31 2014 2015 RMB RMB A 54,478 77,764 For Year Ended December 31 2014 2015 RMB RMB B 304,578 257,069 C 212,345 317,576 D * 245,427 |
Schedule of estimated useful lives and residual rates | Classification Useful years Residual rate Electronic devices 3 0 5 Vehicle 5 5 Furniture and office equipment 5 5 Leasehold improvement Over the shorter of the expected life of 0 |
Accounts receivable, net (Table
Accounts receivable, net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounts receivable, net [Abstract] | |
Schedule of Accounts Receivable, Net | As of December 31 2014 2015 RMB RMB Accounts receivable 229,910 365,452 Allowance for doubtful accounts: Balance at beginning of the year (1,947 ) (408 ) Additions (388 ) (650 ) Write-offs 1,927 - Reversal - 388 Balance at end of the year (408 ) (670 ) Accounts receivable, net 229,502 364,782 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Inventories [Abstract] | |
Schedule of Inventories | As of December 31 2014 2015 RMB RMB Products 241,686 332,736 Packing materials and others 1,292 1,611 Inventories 242,978 334,347 |
Prepayments and other current36
Prepayments and other current assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Prepayments and other current assets [Abstract] | |
Schedule of prepayments and other current assets | As of December 31 2014 2015 RMB RMB Rebate(1) - 72,940 Deposits (2) 2,876 5,354 Prepayment to agent for share repurchase program - 5,521 Value-added tax (VAT) recoverable 17,396 12,467 Employee advances (3) 4,261 2,104 Prepaid expenses 2,593 4,131 Payment of initial public offering costs 2,128 - Receivables from third-party couriers (4) 1,344 4,270 Receivables from third-party payment processing agencies (5) 5,646 645 Others 1,653 4,690 Prepayment and other current assets 37,897 112,122 (1) Rebate represents consideration earned and receivable from suppliers upon reaching minimum purchase thresholds for a specified period. The rebates can be used to offset future purchase price with the same supplier. (2) Deposits represent rental deposits and deposits paid to third-party vendors. (3) Employee advances represent cash advanced to online store managers for store daily operation, such as online store promotion activities. (4) Receivables from third-party couriers represent cash collected from customers and held by third-party couriers, which were received by the Group within several days after the fiscal year end. (5) Receivables from third-party payment processing agencies represent cash that were received from customers but held by the processing agencies as of December 31, 2015. The receivables were collected by the Group subsequent to the year end. |
Property and equipment, net (Ta
Property and equipment, net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property and equipment, net [Abstract] | |
Schedule of property and equipment, net | As of December 31 2014 2015 RMB RMB Electronic devices 18,398 32,729 Vehicle 2,541 2,718 Furniture and office equipment 3,690 5,983 Leasehold improvement 21,161 45,641 Total 45,790 87,071 Accumulated depreciation and amortization (15,567 ) (27,863 ) Property and equipment, net 30,223 59,208 |
Intangible assets, Net (Tables)
Intangible assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Intangible assets, Net [Abstract] | |
Schedule of Intangible Assets, Net | As of December 31 2014 2015 RMB RMB Internally developed software 21,768 33,624 Trademark 549 685 Accumulated amortization (7,649 ) (14,181 ) Intangible assets, net 14,668 20,128 |
Investments in equity method 39
Investments in equity method investee (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Investments in equity method investee [Abstract] | |
Summary of financial information | As of December 31 , 2015 RMB Total current assets 679 Total assets 679 Total current liabilities 19,596 Total liabilities 19,596 For Year Ended December 31, 2015 RMB Revenue - Loss from operations 40,559 |
Accrued expenses and other cu40
Accrued expenses and other current liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accrued expenses and other current liabilities [Abstract] | |
Schedule of accrued expenses and other current liabilities | As of December 31 2014 2015 RMB RMB Logistics expenses accruals 23,254 37,547 Advances from customers 9,596 18,318 Outsourced labor cost payable 7,934 4,342 Salary and welfare payable 8,000 17,686 Deferred government subsidy 3,030 - Professional fee accruals 2,690 6,136 Marketing expenses accruals 4,859 12,507 Other tax payable 4,914 7,898 Receipt on behalf of merchants on Maikefeng marketplace (1) - 42,471 Others 2,509 3,954 Accrued expenses and other current liabilities 66,786 150,859 (1) Receipt on behalf of merchants on Maikefeng marketplace represents amount received from end customers on behalf of and payable to merchants on Maikefeng marketplace. |
Income tax (Tables)
Income tax (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income tax [Abstract] | |
Schedule of current and deferred portion of income tax expenses | For Year Ended December 31 2013 2014 2015 RMB RMB RMB Current tax expenses 307 1,912 7,793 Deferred tax - - (13,815 ) Income tax expenses (benefits) 307 1,912 (6,022 ) |
Schedule of reconciliations of the differences between the PRC statutory income tax rate and the Group's effective income tax rate | For Year Ended December 31 2013 2014 2015 RMB RMB RMB Statutory income tax rate 25.00 % 25.00 % 25.00 % Share-based compensation (7.68) % (36.68) % 23.47 % Effect on tax rates in different tax jurisdiction 0.42 % (0.52) % (15.88) % Tax incentives relating to research and development expenditure 5.30 % 5.62 % (17.00) % Other non-deductible expenses (0.25) % (1.59) % 0.60 % Changes in valuation allowance (23.61) % 4.87 % (38.63) % Effective income tax rate (0.82) % (3.30) % (22.44) % |
Schedule of principal components of the deferred tax assets and liabilities | As of December 31 2014 2015 RMB RMB Current deferred tax assets: Logistics expenses accruals 5,813 9,387 Inventory write-down 3,316 3,702 Promotion expenses accruals 1,996 1,682 Outsourced labor cost 1,984 1,086 Promotion expenses paid but tax invoices not received 1,322 1,184 Salary and welfare payable 1,997 3,182 Professional fee accruals 672 1,147 Marketing expenses accruals 1,215 261 Allowance for doubtful accounts 102 167 Other accruals 583 Less: valuation allowance (18,417 ) (8,566 ) Current deferred tax assets, net 13,815 Non-current deferred tax assets: Net operating loss carry forward 8,318 7,802 Less: valuation allowance (8,318 ) (7,802 ) Non-current deferred tax assets, net |
Summary of movement of the valuation allowance | For Year Ended December 31 2014 2015 RMB RMB Balance as of January 1 29,549 26,735 Reversals (2,814 ) (10,367 ) Balance as of December 31 26,735 16,368 |
Net loss per share (Tables)
Net loss per share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Net loss per share [Abstract] | |
Schedule of Basic and Diluted Net Loss Per Share | For Year Ended December 31 2013 2014 2015 RMB RMB RMB Numerator: Net (loss) income (37,771 ) (59,814 ) 22,621 Deemed dividend from issuance of preferred share - (16,666 ) - Change in redemption value of preferred shares (61,435 ) (79,169 ) (25,332 ) Net loss attributable to ordinary shareholders (99,206 ) (155,649 ) (2,711 ) Net loss per ordinary share basic and diluted (3.31 ) (5.31 ) (0.03 ) Net loss per ADS basic and diluted (9.93 ) (15.93 ) (0.08 ) Shares (Denominator): Weighted average number of ordinary shares - basic and diluted 29,983,883 29,314,067 102,987,119 |
Schedule of Anti-Dilutive Securities | As of December 31 2013 2014 2015 RMB RMB RMB Number of Series A Shares outstanding 19,622,241 19,622,241 - Number of Series B Shares outstanding 26,532,203 26,532,203 - Number of Series C1 Shares outstanding 29,056,332 29,056,332 - Number of Series C2 Shares outstanding - 1,925,063 - Number of Series D Shares outstanding - 7,504,324 - Share options 7,515,838 15,153,023 16,574,854 Restricted share unit - - 3,976,311 |
Related party transactions (Tab
Related party transactions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Related party transactions [Abstract] | |
Schedule of major related party and their relationships | Name of related parties Relationship with the Group Alibaba Group Holding Limited (Alibaba Group) Parent company of Alibaba, one of the Group's ordinary shareholders Ahead (Shanghai) Trade Co., Ltd (Ahead) Subsidiary of Softbank, one of the Group's ordinary shareholders |
Schedule of Related Party Transactions | For Year Ended December 31 2013 2014 2015 RMB RMB RMB Marketing service fees paid to Alibaba Group 52,617 69,072 141,412 Logistic service fees paid to Alibaba Group 3,328 1,603 2,059 Promotion service revenue generated from Alibaba Group 12,677 Interest expense paid to Alibaba Group 13 Store operation service revenue generated from Ahead 622 7,850 Commission fee paid to Ahead 484 1,134 |
Schedule of Related Party Balances | As of December 31 2013 2014 2015 RMB RMB RMB Amount due to Investors and Founding Shareholders 7,469 7,469 Amounts due from Alibaba Group 7,126 12,743 18,702 Amounts due from Ahead 2,406 18,863 |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments [Abstract] | |
Schedule of Future Minimum Lease Payments | Year ended RMB 2016 59,367 2017 51,682 2018 45,009 2019 45,583 2020 42,403 2021 and after 126,402 Total lease commitment 370,446 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Share-Based Compensation [Abstract] | |
Schedule of Fair Value Assumptions | 2014 2015 Risk-free interest rate 2.99 % 2.61 2.833 % Contract life 10 10 Expected volatility range 50.48 % 48.78 48.96 % Expected dividend yield 0.00 % 0.00 % Fair value of the underlying shares on the date of option grants (RMB) 13.32 16.23 22.63 |
Summary of Stock Option Activity | Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value of Options RMB RMB Outstanding, as of January 1, 2013 4,429,040 0.1 8.03 Granted 3,599,400 Forfeited (512,602 ) Outstanding, as of December 31, 2013 7,515,838 0.1 8.10 Granted 8,892,833 Forfeited (1,255,648 ) Outstanding, as of December 31, 2014 15,153,023 0.1 8.60 Granted 4,472,745 Forfeited (1,311,296 ) Expired (113,421 ) Exercised (1,626,197 ) Outstanding, as of December 31, 2015 16,574,854 3.5 8.02 Expected to vest as of December 31, 2015 6,088,886 8.4 8.75 Exercisable as of December 31, 2015 9,670,638 0.1 7.53 163,806 |
Schedule of restricted share units activities | Number of Weighted-Average RMB Outstanding, as of January 1, 2015 - Granted 3,976,311 17.28 Outstanding, as of December 31, 2015 3,976,311 17.28 |
Schedule of Allocated Share-Based Compensation Expense | For Year Ended December 31, 2013 2014 2015 RMB RMB RMB Fulfillment 584 460 1,440 Sales and marketing 5,822 5,469 9,793 Technology and content 1,608 26,311 5,047 General and administrative 3,492 52,723 8,915 11,506 84,963 25,195 |
Convertible Redeemable Prefer46
Convertible Redeemable Preferred Shares (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Convertible Redeemable Preferred Shares [Abstract] | |
Schedule of rollforward of the carrying amounts of Series A, Series B, Series C1, Series C2 and Series D shares | Series A Series B Series C1 Series C2 Series D RMB RMB RMB RMB RMB January 1, 2013 44,187 162,195 258,923 Collection of subscription receivable of Series C1 Shares 12,000 Change in redemption value 5,523 17,987 37,925 December 31, 2013 49,710 180,182 308,848 Issuance of Series C2 Shares 20,964 Deemed dividend from issuance of Series C2 Shares 16,666 Issuance of Series D Shares 145,746 Change in redemption value 6,214 21,943 46,328 4,684 December 31, 2014 55,924 202,125 355,176 37,630 150,430 Change in redemption value 1,648 5,957 12,453 5,274 Conversion of Series A Preferred Shares to Class A ordinary shares (57,572 ) Conversion of Series B Preferred Shares to Class A ordinary shares (208,082 ) Conversion of Series C-1 Preferred Shares to Class A ordinary shares (367,629 ) Conversion of Series C-2 Preferred Shares to Class A ordinary shares (37,630 ) Conversion of Series D Preferred Shares to Class A ordinary shares (155,704 ) December 31, 2015 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Information [Abstract] | |
Summary of the Group's revenue and total operating income (loss) | For Year Ended December 31 2013 2014 2015 RMB RMB RMB Net Revenue Brand e-commerce 1,521,836 1,555,404 2,528,969 Maikefeng 29,016 69,474 Total consolidated net revenue 1,521,836 1,584,420 2,598,443 Operating (loss) income Brand e-commerce (40,985 ) (39,762 ) 63,734 Maikefeng (17,094 ) (55,283 ) Total Operating (loss) income (40,985 ) (56,856 ) 8,451 |
FINANCIAL INFORMATION OF PARE48
FINANCIAL INFORMATION OF PARENT COMPANY (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
FINANCIAL INFORMATION OF PARENT COMPANY [Abstract] | |
Condensed Balance Sheet | CONDENSED BALANCE SHEETS (All amounts in thousands, except for share and per share data) As of December 31, 2014 2015 RMB RMB US$ Note 3 ASSETS Current assets: Cash and cash equivalents 144,814 254,213 39,244 Prepayments and other current assets 823 7,180 1,108 Amounts due from subsidiaries and VIE 535,852 764,883 118,079 Total current assets 681,489 1,026,276 158,431 Investments in subsidiaries and VIE (194,926 ) 218,147 33,676 Investments in cost method investees other than subsidiaries and VIE - 6,682 1,032 TOTAL ASSETS 486,563 1,251,105 193,139 LIABILITIES Current liabilities : Other current liabilities 38 9,165 1,417 Amounts due to related parties 7,469 7,469 1,153 Total current liabilities 7,507 16,634 2,570 TO T AL LIABILITIES 7,507 16,634 2,570 Convertible redeemable preferred shares: Series A convertible redeemable preferred shares 0.0001 19,622,241 55,924 49,098 as of December 31, 2014) 55,924 - - Series B convertible redeemable preferred shares 0.0001 26,532,203 202,125 198,088 as of December 31, 2014) 202,125 - - Series C1 convertible redeemable preferred shares 0.0001 29,056,332 355,176 403,417 as of December 31, 2014) 355,176 - - Series C2 convertible redeemable preferred shares 0.0001 1,925,063 21,715 31,445 as of December 31, 2014) 37,630 - - Series D convertible redeemable preferred shares 0.0001 7,504,324 150,430 220,689 as of December 31, 2014) 150,430 - - SHAREHOLDERS' EQUITY(DEFICIT) Ordinary shares (US$ 0.0001 500,000,000 28,058,820 151,471,369 and 2015, respectively 17 93 14 Additional paid-in capital 3,755 1,535,665 237,066 Subscription receivable Accumulated deficits (327,205 ) (320,499 ) (49,477 ) Accumulated other comprehensive income 1,204 19,212 2,966 Total shareholders' equity(deficit) (322,229 1,234,471 190,569 TOTAL LIABILITIES, CONVERTIBLE REDEEMABLE PREFERRED SHARES AND SHAREHOLDERS' E QUITY( 486,563 1,251,105 193,139 |
Condensed Income Statement | CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (All amounts in thousands, except for share and per share data) For year ended December 31, From Date of Inception to December 31, 2013 2014 2015 RMB RMB RMB US$ Note 3 Operating expenses: General and administrative - (66 ) (3,126 ) (483 ) Other operating income - - 1,399 216 Total operating expenses - (66 ) (1,727 ) (267 ) Loss from operations - (66 ) (1,727 ) (267 ) Interest income - - 1,175 182 Exchange loss - (2,414 ) (471 ) (73 ) Equity in income (loss) of subsidiaries and VIE (1,242 ) (57,334 23,644 3,651 Net income (loss) (1,242 ) (59,814 ) 22,621 3,493 Deemed dividend from issuance of convertible redeemable preferred shares - (16,666 ) - - Change in redemption value of convertible redeemable preferred shares (1,058 ) (79,169 ) (25,332 ) (3,911 ) Net loss (2,300 ) (155,649 (2,711 ) (418 ) Net income (loss) (1,242 ) (59,814 22,621 3,493 Foreign currency translation adjustment (45 ) 1,249 18,008 2,780 Comprehensive income (loss) (1,287 ) (58,565 40,629 6,273 |
Condensed Cash Flow Statement | CONDENSED STATEMENTS OF CASH FLOWS (All amounts in thousands, except for share and per share data) For year ended December 31, From Date of Inception to December 31, 2013 2014 2015 RMB RMB RMB US$ Note 3 Cash flows from operating activities: Net (loss) income (1,242 ) (59,814 ) 22,621 3,493 Adjustments to reconcile net loss to net cash used by operating activities: Exchange loss - 2,414 471 73 Equity in loss (income) of subsidiaries and VIE 1,242 57,334 (23,644 ) (3,651 ) Changes in other current liabilities - 38 9,127 1,409 Net cash used in operating activities - (28 ) 8,575 1,324 Cash flows from investing activities: Advances to subsidiaries and VIE - (5,932 ) (229,031 ) (35,357 ) Investment in a cost method investee - - (6,682 ) (1,032 ) Investments in subsidiaries - - (366,234 ) (56,536 ) Net cash used in investing activities - (5,932 ) (601,947 ) (92,925 ) Cash flows from financing activities: Proceeds from amounts due to related parties - 68,941 - - Repayment of amounts due to related parties - (61,472 ) - - Proceeds from shareholders' payment for ordinary shares - 17 - - Proceeds from issuance of Series D convertible redeemable preferred shares, net - 145,746 - - Proceeds from issuance of ordinary shares upon initial public offering, net - - 707,061 109,151 Proceeds from exercises of share options - - 11 2 Payment for ordinary shares repurchase - - (13,958 ) (2,155 ) Advances for ordinary shares repurchase - - (5,521 ) (852 ) Payment of initial public offering costs - (823 ) - - Net cash provided by financing activities - 152,409 687,593 106,146 Net increase in cash and cash equivalents - 146,449 94,221 14,545 Cash and cash equivalents, beginning of year - 144,814 22,355 Effect of exchange rate changes on cash and cash equivalents - (1,635 ) 15,178 2,344 Cash and cash equivalents, end of year - 144,814 254,213 39,244 |
Organization and Principal Ac49
Organization and Principal Activities (Summary of Major Subsidiaries and VIE) (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Shanghai Zunyi Business Consulting Ltd. [Member] | |
Organization and Principal Activities [Line Items] | |
Date of incorporation | Dec. 31, 2010 |
Place of incorporation | PRC |
Baozun Hongkong Holding Limited [Member] | |
Organization and Principal Activities [Line Items] | |
Date of incorporation | Jan. 10, 2014 |
Place of incorporation | HK |
Legal ownership (as a percent) | 100.00% |
Shanghai Baozun E-Commerce Limited [Member] | |
Organization and Principal Activities [Line Items] | |
Date of incorporation | Nov. 11, 2003 |
Place of incorporation | PRC |
Legal ownership (as a percent) | 100.00% |
Shanghai Bodao E-Commerce Limited [Member] | |
Organization and Principal Activities [Line Items] | |
Date of incorporation | Mar. 30, 2010 |
Place of incorporation | PRC |
Legal ownership (as a percent) | 100.00% |
Shanghai Yingsai Advertisement Limited [Member] | |
Organization and Principal Activities [Line Items] | |
Date of incorporation | Mar. 30, 2010 |
Place of incorporation | PRC |
Legal ownership (as a percent) | 100.00% |
Baozun Hongkong Limited [Member] | |
Organization and Principal Activities [Line Items] | |
Date of incorporation | Sep. 11, 2013 |
Place of incorporation | HK |
Legal ownership (as a percent) | 100.00% |
Shanghai Fengbo E-Commerce Limited [Member] | |
Organization and Principal Activities [Line Items] | |
Date of incorporation | Dec. 29, 2011 |
Place of incorporation | PRC |
Legal ownership (as a percent) | 100.00% |
Baozun Hongkong Investment Limited [Member] | |
Organization and Principal Activities [Line Items] | |
Date of incorporation | Jul. 21, 2015 |
Place of incorporation | HK |
Legal ownership (as a percent) | 100.00% |
Organization and Principal Ac50
Organization and Principal Activities (Narrative) (Details) - $ / shares | 12 Months Ended | 34 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2012 | Jul. 31, 2014 | Dec. 31, 2013 | |
Organization and Principal Activities [Line Items] | |||||
Ordinary shares subscribed | 29,983,883 | ||||
Par value of ordinary shares (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||
Equity interest acquired (as a percent) | 100.00% | ||||
Shanghai Zunyi Business Consulting Ltd. [Member] | |||||
Organization and Principal Activities [Line Items] | |||||
Written notice period required to cancel proxy agreement by VIE | 30 days | ||||
Term of exclusive technology service agreement with VIE | 20 years | ||||
VIE [Member] | |||||
Organization and Principal Activities [Line Items] | |||||
Contribution percentage in consolidated net revenues | 3.58% | 1.33% | |||
Contribution percentage in consolidated total assets | 4.32% | 3.71% | |||
Shanghai Baozun [Member] | |||||
Organization and Principal Activities [Line Items] | |||||
Equity interest acquired (as a percent) | 100.00% | ||||
Shanghai Baozun [Member] | Alibaba [Member] | |||||
Organization and Principal Activities [Line Items] | |||||
Percentage of equity interest acquired by investors | 25.16% | ||||
Shanghai Baozun [Member] | Private Opportunities [Member] | |||||
Organization and Principal Activities [Line Items] | |||||
Percentage of equity interest acquired by investors | 5.81% | ||||
Shanghai Baozun [Member] | GS Investment [Member] | |||||
Organization and Principal Activities [Line Items] | |||||
Percentage of equity interest acquired by investors | 3.88% | ||||
Shanghai Baozun [Member] | Stelca Holding [Member] | |||||
Organization and Principal Activities [Line Items] | |||||
Percentage of equity interest acquired by investors | 1.53% | ||||
Shanghai Baozun [Member] | New Access [Member] | |||||
Organization and Principal Activities [Line Items] | |||||
Percentage of equity interest acquired by investors | 3.86% | ||||
Shanghai Baozun [Member] | Crescent Castle [Member] | |||||
Organization and Principal Activities [Line Items] | |||||
Percentage of equity interest acquired by investors | 24.80% | ||||
Shanghai Baozun [Member] | Infinity [Member] | |||||
Organization and Principal Activities [Line Items] | |||||
Percentage of equity interest acquired by investors | 6.46% |
Organization and Principal Ac51
Organization and Principal Activities (Schedule of Consolidated Balances and Transactions) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||||||
Dec. 31, 2015USD ($) | Dec. 31, 2015CNY (¥) | Dec. 31, 2014CNY (¥) | Dec. 31, 2013CNY (¥) | Dec. 31, 2015CNY (¥) | Dec. 31, 2014USD ($) | Dec. 31, 2014CNY (¥) | Dec. 31, 2012CNY (¥) | |
Variable Interest Entity [Line Items] | ||||||||
Cash | $ 121,531 | ¥ 154,156 | ¥ 787,257 | $ 31,861 | ¥ 206,391 | ¥ 270,077 | ||
Inventories | 51,614 | 334,347 | 242,978 | |||||
Advances to suppliers | 5,352 | 34,668 | 49,740 | |||||
Amounts due from related parties | 5,799 | 37,565 | 15,149 | |||||
Prepayments and other current assets | 17,309 | 112,122 | 37,897 | |||||
Property and equipment, net | 9,140 | 59,208 | 30,223 | |||||
Other non-current assets | 2,135 | 13,830 | 2,441 | |||||
TOTAL ASSETS | 291,637 | 1,889,173 | 872,514 | |||||
Accounts payable | 70,625 | 457,493 | 300,007 | |||||
Other current liabilities | 23,288 | 150,859 | 66,786 | |||||
TOTAL LIABILITIES | 101,068 | 654,702 | 393,458 | |||||
Net revenues | 401,131 | ¥ 2,598,443 | ¥ 1,584,420 | 1,521,836 | ||||
Operating expenses | 399,826 | 2,589,992 | 1,641,276 | 1,562,821 | ||||
Net loss | 3,493 | 22,621 | (59,814) | (37,771) | ||||
Net cash provided by operating activities | 341 | 2,202 | (66,488) | (3,290) | ||||
Net cash used in investing activities | (19,598) | (126,949) | (30,545) | (63,481) | ||||
Net cash provided by financing activities | $ 106,169 | 687,743 | 151,104 | ¥ (48,774) | ||||
Shanghai Zunyi [Member] | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Cash | 5,269 | 3,803 | ||||||
Inventories | 50,394 | 23,669 | ||||||
Advances to suppliers | 646 | ¥ 1,061 | ||||||
Amounts due from related parties | 15,741 | |||||||
Prepayments and other current assets | 9,410 | ¥ 3,813 | ||||||
Property and equipment, net | 42 | ¥ 108 | ||||||
Other non-current assets | 115 | |||||||
TOTAL ASSETS | 81,617 | ¥ 32,454 | ||||||
Accounts payable | 1,783 | 569 | ||||||
Other current liabilities | 45,078 | 3,678 | ||||||
TOTAL LIABILITIES | ¥ 46,861 | ¥ 4,247 | ||||||
Net revenues | 92,983 | 21,038 | ||||||
Operating expenses | 123,284 | 32,095 | ||||||
Net loss | (30,301) | (11,057) | ||||||
Net cash provided by operating activities | 1,573 | 3,911 | ||||||
Net cash used in investing activities | ¥ (107) | ¥ (118) | ||||||
Net cash provided by financing activities |
Summary of Significant Princi52
Summary of Significant Principal Accounting Policies (Schedule of Concentration and Risks) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2015USD ($) | Dec. 31, 2015CNY (¥) | Dec. 31, 2014CNY (¥) | Dec. 31, 2013CNY (¥) | Dec. 31, 2015CNY (¥) | |
Concentration Risk [Line Items] | |||||
Accounts receivable, net | $ 56,312 | ¥ 229,502 | ¥ 364,782 | ||
Cost of products | $ 267,964 | ¥ 1,735,820 | 1,086,133 | ¥ 1,245,832 | |
Accounts Receivable [Member] | Customer [Member] | A [Member] | |||||
Concentration Risk [Line Items] | |||||
Accounts receivable, net | 54,478 | ¥ 77,764 | |||
Cost of Products [Member] | Supplier [Member] | B [Member] | |||||
Concentration Risk [Line Items] | |||||
Cost of products | 257,069 | 304,578 | |||
Cost of Products [Member] | Supplier [Member] | C [Member] | |||||
Concentration Risk [Line Items] | |||||
Cost of products | 317,576 | ¥ 212,345 | |||
Cost of Products [Member] | Supplier [Member] | D [Member] | |||||
Concentration Risk [Line Items] | |||||
Cost of products | ¥ 245,427 |
Summary of Significant Princi53
Summary of Significant Principal Accounting Policies (Summary of Useful Lives) (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Electronic devices [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful years | 3 years |
Electronic devices [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Residual rate | 0.00% |
Electronic devices [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Residual rate | 5.00% |
Vehicles [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful years | 5 years |
Residual rate | 5.00% |
Furniture and office equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Useful years | 5 years |
Residual rate | 5.00% |
Leasehold improvement [Member] | |
Property, Plant and Equipment [Line Items] | |
Residual rate | 0.00% |
Summary of Significant Princi54
Summary of Significant Principal Accounting Policies (Narrative) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||||||
Dec. 31, 2015CNY (¥) | Dec. 31, 2014CNY (¥) | Dec. 31, 2013CNY (¥) | Dec. 31, 2015USD ($)¥ / $ | Dec. 31, 2015CNY (¥)¥ / $ | Dec. 31, 2014USD ($) | Dec. 31, 2014CNY (¥) | Dec. 31, 2012CNY (¥) | |
Significant Accounting Policies [Line Items] | ||||||||
Cash and cash equivalents | ¥ 154,156 | $ 121,531 | ¥ 787,257 | $ 31,861 | ¥ 206,391 | ¥ 270,077 | ||
Convenience translation rate | ¥ / $ | 6.4778 | 6.4778 | ||||||
Advertising expense | ¥ 208,014 | ¥ 114,777 | 56,059 | |||||
Income from government subisidies | ¥ 8,686 | ¥ 1,780 | ¥ 988 | |||||
Period over which Company will have the right to receive series of reimbursements after the closing of IPO | 5 years | |||||||
Reimbursements recorded as other income | ¥ 1,411 | |||||||
Restricted cash | $ 7,432 | ¥ 48,144 | 37,900 | |||||
Letters of Credit Outstanding, Amount | ¥ 29,283 | ¥ 41,224 | ||||||
Percentage of the cash and cash equivalents denominated in specified currency | 61.00% | 61.00% | 91.20% | 91.20% | ||||
Minimum [Member] | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Term of letters of guarantee | 6 months | |||||||
Maximum [Member] | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Term of letters of guarantee | 9 months | |||||||
Bank Deposits, Letters of Guarantee [Member] | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Restricted cash | ¥ 26,100 | ¥ 29,400 | ||||||
Bank Deposits, Notes Payable [Member] | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Restricted cash | 22,044 | 8,500 | ||||||
Internally developed softwares [Member] | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Intangible asset, useful life | 3 years | |||||||
Trademarks [Member] | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Intangible asset, useful life | 10 years | |||||||
RMB [Member] | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Cash and cash equivalents | ¥ 480,572 | ¥ 188,226 |
Accounts receivable, net (Detai
Accounts receivable, net (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015CNY (¥) | Dec. 31, 2014CNY (¥) | Dec. 31, 2015USD ($) | Dec. 31, 2015CNY (¥) | |
Accounts receivable, net [Abstract] | ||||
Accounts receivable | ¥ 229,910 | ¥ 365,452 | ||
Allowance for doubtful accounts: | ||||
Balance at beginning of the year | ¥ (408) | (1,947) | ||
Additions | ¥ (650) | (388) | ||
Write-offs | ¥ 1,927 | |||
Reversal | ¥ 388 | |||
Balance at end of the year | ¥ (670) | ¥ (408) | ||
Accounts receivable, net | ¥ 229,502 | $ 56,312 | ¥ 364,782 |
Inventories (Details)
Inventories (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2015USD ($) | Dec. 31, 2015CNY (¥) | Dec. 31, 2014CNY (¥) | Dec. 31, 2013CNY (¥) | Dec. 31, 2015CNY (¥) | |
Inventories [Abstract] | |||||
Products | ¥ 241,686 | ¥ 332,736 | |||
Packing materials and others | 1,292 | 1,611 | |||
Inventories | $ 51,614 | 242,978 | ¥ 334,347 | ||
Write-downs | $ 3,261 | ¥ 21,125 | ¥ 12,497 | ¥ 11,992 |
Prepayments and other current57
Prepayments and other current assets (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2015USD ($) | Dec. 31, 2015CNY (¥) | Dec. 31, 2014CNY (¥) | |
Prepayments and other current assets [Abstract] | ||||
Rebate | [1] | ¥ 72,940 | ||
Deposits | [2] | 5,354 | ¥ 2,876 | |
Prepayment to agent for share repurchase program | 5,521 | |||
Value-added tax ("VAT") recoverable | 12,467 | ¥ 17,396 | ||
Employee advances | [3] | 2,104 | 4,261 | |
Prepaid expenses | ¥ 4,131 | 2,593 | ||
Payment of initial public offering costs | 2,128 | |||
Receivables from third-party couriers | [4] | ¥ 4,270 | 1,344 | |
Receivables from third-party payment processing agencies | [5] | 645 | 5,646 | |
Others | 4,690 | 1,653 | ||
Prepayment and other current assets | $ 17,309 | ¥ 112,122 | ¥ 37,897 | |
[1] | Rebate represents consideration earned and receivable from suppliers upon reaching minimum purchase thresholds for a specified period. The rebates can be used to offset future purchase price with the same supplier. | |||
[2] | Deposits represent rental deposits and deposits paid to third-party vendors. | |||
[3] | Employee advances represent cash advanced to online store managers for store daily operation, such as online store promotion activities. | |||
[4] | Receivables from third-party couriers represent cash collected from customers and held by third-party couriers, which were received by the Group within several days after the fiscal year end. | |||
[5] | Receivables from third-party payment processing agencies represent cash that were received from customers but held by the processing agencies as of December 31, 2015. The receivables were collected by the Group subsequent to the year end. |
Property and equipment, net (De
Property and equipment, net (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2015CNY (¥) | Dec. 31, 2014CNY (¥) | Dec. 31, 2013CNY (¥) | Dec. 31, 2015USD ($) | Dec. 31, 2015CNY (¥) | |
Property, Plant and Equipment [Line Items] | |||||
Property and equipment | ¥ 45,790 | ¥ 87,071 | |||
Accumulated depreciation and amortization | (15,567) | (27,863) | |||
Property and equipment, net | 30,223 | $ 9,140 | 59,208 | ||
Depreciation and amortization expenses | ¥ 16,613 | 8,710 | ¥ 4,910 | ||
Electronic devices [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment | 18,398 | 32,729 | |||
Vehicle [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment | 2,541 | 2,718 | |||
Furniture and office equipment [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment | 3,690 | 5,983 | |||
Leasehold improvement [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment | ¥ 21,161 | ¥ 45,641 |
Intangible assets, Net (Details
Intangible assets, Net (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2015CNY (¥) | Dec. 31, 2014CNY (¥) | Dec. 31, 2013CNY (¥) | Dec. 31, 2015USD ($) | Dec. 31, 2015CNY (¥) | |
Finite-Lived Intangible Assets [Line Items] | |||||
Accumulated amortization | ¥ (7,649) | ¥ (14,181) | |||
Intangible assets, net | 14,668 | $ 3,107 | 20,128 | ||
Amortization expenses | ¥ 6,532 | 4,542 | ¥ 2,278 | ||
Estimated amortization expenses of the existing intangible assets for the next five years | |||||
2,016 | 8,900 | ||||
2,017 | 6,840 | ||||
2,018 | 3,898 | ||||
2,019 | 46 | ||||
2,020 | 45 | ||||
Internally developed software [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible assets | 21,768 | 33,624 | |||
Trademark [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible assets | ¥ 549 | ¥ 685 |
Investments in cost method in60
Investments in cost method investees (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2015CNY (¥) | Dec. 31, 2014CNY (¥) | Dec. 31, 2013CNY (¥) | Dec. 31, 2015USD ($)item | Dec. 31, 2015CNY (¥)item | |
Investments in cost method investees [Abstract] | |||||
Cost Method Investments | ¥ 5,625 | $ 2,054 | ¥ 13,307 | ||
Investments in cost method investees [Line Items] | |||||
Number of private companies in which entity had equity investments | item | 3 | 3 | |||
Impairment loss | ¥ | ¥ 0 | ¥ 0 | ¥ 0 | ||
Cost method investee, one [Member] | |||||
Investments in cost method investees [Line Items] | |||||
Ownership percentage | 12.12% | 12.12% | |||
Cost method investee, two [Member] | |||||
Investments in cost method investees [Line Items] | |||||
Ownership percentage | 5.00% | 5.00% | |||
Cost method investee, three [Member] | |||||
Investments in cost method investees [Line Items] | |||||
Ownership percentage | 4.35% | 4.35% |
Investments in equity method 61
Investments in equity method investee (Narrative) (Details) ¥ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Jan. 31, 2015CNY (¥) | Dec. 31, 2015USD ($) | Dec. 31, 2015CNY (¥) | Dec. 31, 2014CNY (¥) | Dec. 31, 2013CNY (¥) | |
Schedule of Equity Method Investments [Line Items] | |||||
Cash contribution | $ 1,631 | ¥ 10,562 | |||
Share of loss in equity method investment | 1,580 | 10,236 | |||
Gain on disposal of investment | $ 1,493 | ¥ 9,674 | |||
Automoney [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity percentage | 50.00% | 10.00% | |||
Cash contribution | ¥ 10,562 | ||||
Share of loss in equity method investment | ¥ 10,236 | ||||
Equity percentage disposed | 40.00% | ||||
Cash consideration received upon disposal of equity interest | ¥ 10,000 | ||||
Gain on disposal of investment | ¥ 9,674 | ||||
Equity method investments |
Investments in equity method 62
Investments in equity method investee (Summary of financial information) (Details) - Automoney [Member] ¥ in Thousands | 12 Months Ended |
Dec. 31, 2015CNY (¥) | |
Schedule of Equity Method Investments [Line Items] | |
Total current assets | ¥ 679 |
Total assets | 679 |
Total current liabilities | 19,596 |
Total liabilities | ¥ 19,596 |
Revenue | |
Loss from operations | ¥ 40,559 |
Accrued expenses and other cu63
Accrued expenses and other current liabilities (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2015USD ($) | Dec. 31, 2015CNY (¥) | Dec. 31, 2014CNY (¥) | |
Accrued expenses and other current liabilities [Abstract] | ||||
Logistics expenses accruals | ¥ 37,547 | ¥ 23,254 | ||
Advances from customers | 18,318 | 9,596 | ||
Outsourced labor cost payable | 4,342 | 7,934 | ||
Salary and welfare payable | ¥ 17,686 | 8,000 | ||
Deferred government subsidy | 3,030 | |||
Professional fee accruals | ¥ 6,136 | 2,690 | ||
Marketing expenses accruals | 12,507 | 4,859 | ||
Other tax payable | 7,898 | ¥ 4,914 | ||
Receipt on behalf of merchants on Maikefeng marketplace | [1] | 42,471 | ||
Others | 3,954 | ¥ 2,509 | ||
Accrued expenses and other current liabilities | $ 23,288 | ¥ 150,859 | ¥ 66,786 | |
[1] | Receipt on behalf of merchants on Maikefeng marketplace represents amount received from end customers on behalf of and payable to merchants on Maikefeng marketplace. |
Income tax (Schedule of Income
Income tax (Schedule of Income Taxes) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015USD ($) | Dec. 31, 2015CNY (¥) | Dec. 31, 2014CNY (¥) | Dec. 31, 2013CNY (¥) | |
Income tax [Line Items] | ||||
Statutory tax rate | 25.00% | 25.00% | 25.00% | 25.00% |
Current tax expenses | ¥ 7,793 | ¥ 1,912 | ¥ 307 | |
Deferred tax | $ (2,133) | (13,815) | ||
Income tax expenses (benefits) | $ (930) | (6,022) | ¥ 1,912 | ¥ 307 |
Aggregate accumulated deficit of the Company's subsidiaries and VIE located in the PRC | ¥ 85,949 | ¥ 93,122 | ||
Deferred tax liability accrued for the PRC dividend withholding taxes | ||||
Hong Kong [Member] | ||||
Income tax [Line Items] | ||||
Statutory tax rate | 16.50% | 16.50% |
Income tax (Reconciliation of t
Income tax (Reconciliation of the Effective Income Tax Rate) (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income tax [Abstract] | |||
Statutory income tax rate | 25.00% | 25.00% | 25.00% |
Share-based compensation | 23.47% | (36.68%) | (7.68%) |
Effect of tax rate in different jurisdiction | (15.88%) | (0.52%) | 0.42% |
Tax incentives relating to research and development expenditure | (17.00%) | 5.62% | 5.30% |
Other non-deductible expenses | 0.60% | (1.59%) | (0.25%) |
Changes in valuation allowance | (38.63%) | 4.87% | (23.61%) |
Effective income tax rate | (22.44%) | (3.30%) | (0.82%) |
Income tax (Schedule of Deferre
Income tax (Schedule of Deferred Tax Assets and Liabilities) (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current deferred tax assets: | ||
Logistics expenses accruals | ¥ 9,387 | ¥ 5,813 |
Inventory write-down | 3,702 | 3,316 |
Promotion expenses accruals | 1,682 | 1,996 |
Outsourced labor cost | 1,086 | 1,984 |
Promotion expenses paid but tax invoices not received | 1,184 | 1,322 |
Salary and welfare payable | 3,182 | 1,997 |
Professional fee accruals | 1,147 | 672 |
Marketing expenses accruals | 261 | 1,215 |
Allowance for doubtful accounts | 167 | ¥ 102 |
Other accruals | 583 | |
Less: valuation allowance | (8,566) | ¥ (18,417) |
Current deferred tax assets, net | 13,815 | |
Non-current deferred tax assets: | ||
Net operating loss carry forward | 7,802 | ¥ 8,318 |
Less: valuation allowance | ¥ (7,802) | ¥ (8,318) |
Non-current deferred tax assets, net |
Income tax (Movement of the Val
Income tax (Movement of the Valuation Allowance) (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income tax [Abstract] | ||
Beginning balance | ¥ 26,735 | ¥ 29,549 |
Reversals | (10,367) | (2,814) |
Ending balance | ¥ 16,368 | ¥ 26,735 |
Income tax (Narrative) (Details
Income tax (Narrative) (Details) ¥ in Thousands | Dec. 31, 2015CNY (¥)item |
Income tax [Abstract] | |
Operating loss carryforwards | ¥ | ¥ 31,207 |
Number of subsidiaries provided valuation allowance | item | 2 |
Net loss per share (Schedule of
Net loss per share (Schedule of Basic and Diluted Net Loss Per Share) (Details) ¥ / shares in Units, ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015USD ($)shares | Dec. 31, 2015CNY (¥)¥ / sharesshares | Dec. 31, 2014CNY (¥)¥ / sharesshares | Dec. 31, 2013CNY (¥)¥ / sharesshares | |
Numerator: | ||||
Net income (loss) | $ 3,493 | ¥ 22,621 | ¥ (59,814) | ¥ (37,771) |
Deemed dividend from issuance of preferred share series C2 (Note 17) | (16,666) | |||
Change in redemption value of preferred shares | $ (3,911) | ¥ (25,332) | (79,169) | ¥ (61,435) |
Net loss attributable to ordinary shareholders | $ (418) | ¥ (2,711) | ¥ (155,649) | ¥ (99,206) |
Net loss per ordinary share - basic and diluted | ¥ (0.03) | ¥ (5.31) | ¥ (3.31) | |
Net loss per ADS - basic and diluted | ¥ (0.08) | ¥ (15.93) | ¥ (9.93) | |
Shares (Denominator): | ||||
Weighted average number of ordinary shares - basic and diluted | shares | 102,987,119 | 102,987,119 | 29,314,067 | 29,983,883 |
Net loss per share (Schedule 70
Net loss per share (Schedule of Anti-Dilutive Shares) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Series A Preferred Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive securities | 19,622,241 | 19,622,241 | |
Series B Preferred Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive securities | 26,532,203 | 26,532,203 | |
Series C1 Preferred Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive securities | 29,056,332 | 29,056,332 | |
Series C2 Preferred Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive securities | 1,925,063 | ||
Series D Preferred Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive securities | 7,504,324 | ||
Employee Stock Option [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive securities | 16,574,854 | 15,153,023 | 7,515,838 |
Restricted Stock Units (RSUs) [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive securities | 3,976,311 |
Related party transactions (Det
Related party transactions (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2015CNY (¥) | Dec. 31, 2014CNY (¥) | Dec. 31, 2013CNY (¥) | Dec. 31, 2015USD ($) | Dec. 31, 2015CNY (¥) | |
Related Party Transaction [Line Items] | |||||
Revenue generated | ¥ 7,850 | ¥ 622 | ¥ 12,677 | ||
Amounts due from related parties | 15,149 | $ 5,799 | ¥ 37,565 | ||
Amounts due to related parties | ¥ 7,469 | $ 1,153 | ¥ 7,469 | ||
Acquisition percentage | 100.00% | 100.00% | |||
Acquisition value | ¥ 69,000 | ||||
Alibaba Group Holding Limited [Member] | |||||
Related Party Transaction [Line Items] | |||||
Revenue generated | 12,677 | ||||
Interest expense | 13 | ||||
Amounts due from related parties | ¥ 12,743 | 7,126 | 18,702 | ||
Alibaba Group Holding Limited [Member] | Marketing Service [Member] | |||||
Related Party Transaction [Line Items] | |||||
Fees paid | ¥ 141,412 | 69,072 | 52,617 | ||
Alibaba Group Holding Limited [Member] | Logistic Service [Member] | |||||
Related Party Transaction [Line Items] | |||||
Fees paid | 2,059 | 1,603 | ¥ 3,328 | ||
Ahead (Shanghai) Trade Co., Ltd [Member] | |||||
Related Party Transaction [Line Items] | |||||
Fees paid | 1,134 | 484 | |||
Revenue generated | 7,850 | 622 | |||
Amounts due from related parties | 2,406 | 18,863 | |||
Ahead (Shanghai) Trade Co., Ltd [Member] | Services Provided [Member] | |||||
Related Party Transaction [Line Items] | |||||
Amounts due from related parties | 210 | 15,951 | |||
Investors and Founding Shareholders [Member] | |||||
Related Party Transaction [Line Items] | |||||
Amounts due to related parties | 7,469 | 7,469 | |||
Amount of transaction | 61,472 | ||||
Founding Shareholders [Member] | |||||
Related Party Transaction [Line Items] | |||||
Amount of transaction | 20,963 | ||||
Investors [Member] | |||||
Related Party Transaction [Line Items] | |||||
Amount of transaction | ¥ 47,978 | ||||
Ahead on behalf of the Group [Member] | |||||
Related Party Transaction [Line Items] | |||||
Amounts due from related parties | ¥ 2,196 | ¥ 2,912 |
Commitments (Schedule of Future
Commitments (Schedule of Future Minimum Lease Payments) (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Commitments [Abstract] | |||
Rental expenses | ¥ 36,706 | ¥ 15,947 | ¥ 11,758 |
Minimum lease payments | |||
2,016 | 59,367 | ||
2,017 | 51,682 | ||
2,018 | 45,009 | ||
2,019 | 45,583 | ||
2,020 | 42,403 | ||
2021 and after | 126,402 | ||
Total lease commitment | ¥ 370,446 |
Commitments (Narrative) (Detail
Commitments (Narrative) (Details) - Short term debt [Member] ¥ in Thousands | 12 Months Ended |
Dec. 31, 2015CNY (¥)item | |
Debt Instrument [Line Items] | |
Maturity term | 1 year |
Aggregate amount of debt | ¥ 400,000 |
Current borrowing capacity | ¥ 351,200 |
Chinese commercial banks [Member] | |
Debt Instrument [Line Items] | |
Number of lender banks | item | 3 |
Share-Based Compensation (Fair
Share-Based Compensation (Fair Value Assumptions) (Details) - ¥ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-Based Compensation [Abstract] | |||
Risk-free interest rate, minimum | 2.61% | ||
Risk-free interest rate, maximum | 2.833% | ||
Risk-free interest rate | 2.99% | ||
Contract life | 10 years | 10 years | |
Expected volatility range, minimum | 48.78% | ||
Expected volatility range, maximum | 48.96% | ||
Expected volatility range | 50.48% | ||
Expected dividend yield | 0.00% | 0.00% | |
Fair value of the underlying shares on the date of option grants, minimum | ¥ 16.23 | ||
Fair value of the underlying shares on the date of option grants, maximum | 22.63 | ||
Fair value of the underlying shares on the date of option grants | ¥ 13.43 | ¥ 13.32 | ¥ 5.93 |
Share-Based Compensation (Summa
Share-Based Compensation (Summary of Stock Option Activity) (Details) - CNY (¥) ¥ / shares in Units, ¥ in Thousands | Aug. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Number of Options | |||||||||
Outstanding, beginning balance | 15,153,023 | 7,515,838 | 4,429,040 | ||||||
Granted | 5,903,533 | 4,472,745 | 8,892,833 | 3,599,400 | |||||
Forfeited | (1,311,296) | (1,255,648) | (512,602) | ||||||
Expired | (113,421) | ||||||||
Exercised | (1,626,197) | ||||||||
Outstanding, ending balance | 16,574,854 | 15,153,023 | 7,515,838 | 4,429,040 | |||||
Expected to vest | 6,088,886 | ||||||||
Exercisable | 9,670,638 | ||||||||
Weighted Average Exercise Price | |||||||||
Outstanding, beginning balance | ¥ 3.5 | ¥ 0.1 | ¥ 0.1 | ¥ 0.1 | ¥ 3.5 | ¥ 0.1 | ¥ 0.1 | ¥ 0.1 | |
Granted | ¥ 0.1 | ||||||||
Outstanding, ending balance | ¥ 3.5 | ¥ 0.1 | ¥ 0.1 | ¥ 0.1 | |||||
Expected to vest | 8.4 | ||||||||
Exercisable | ¥ 0.1 | ||||||||
Weighted Average Remaining Contractual Term | |||||||||
Outstanding | 8 years 7 days | 8 years 7 months 6 days | 8 years 1 month 6 days | 8 years 11 days | |||||
Expected to vest | 8 years 9 months | ||||||||
Exercisable | 7 years 6 months 11 days | ||||||||
Outstanding, aggregate intrinsic value | |||||||||
Expected to vest, aggregate intrinsic value | |||||||||
Exercisable, aggregate intrinsic value | ¥ 163,806 |
Share-Based Compensation (Sched
Share-Based Compensation (Schedule of Restricted Share Units Activities) (Details) - Restricted share units [Member] - 2015 Plan [Member] | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Number of restricted share units | |
Outstanding, beginning balance | |
Granted | 3,976,311 |
Outstanding, ending balance | 3,976,311 |
Weighted-Average Grant-Date Fair Value | |
Granted | $ / shares | $ 17.28 |
Outstanding, ending balance | $ / shares | $ 17.28 |
Share-Based Compensation (Sch77
Share-Based Compensation (Schedule of Compensation Expense) (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Compensation expense | ¥ 25,195 | ¥ 84,963 | ¥ 11,506 |
Fulfillment [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Compensation expense | 1,440 | 460 | 584 |
Sales and marketing [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Compensation expense | 9,793 | 5,469 | 5,822 |
Technology and content [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Compensation expense | 5,047 | 26,311 | 1,608 |
General and administrative [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Compensation expense | ¥ 8,915 | ¥ 52,723 | ¥ 3,492 |
Share-Based Compensation (Narra
Share-Based Compensation (Narrative) (Details) - CNY (¥) ¥ / shares in Units, ¥ in Thousands | Aug. 14, 2015 | May. 20, 2015 | May. 05, 2015 | Feb. 06, 2015 | Aug. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2015 |
Share-Based Compensation [Abstract] | ||||||||||
Weighted average grant date fair value | ¥ 13.43 | ¥ 13.32 | ¥ 5.93 | |||||||
Total intrinsic value of options exercised | ¥ 29,443 | |||||||||
Unrecognized compensation expense | ¥ 70,758 | ¥ 70,758 | ||||||||
Unrecognized compensation expense, recognition period | 2 years 9 months | |||||||||
Share-Based Compensation [Line Items] | ||||||||||
Share options granted | 5,903,533 | 4,472,745 | 8,892,833 | 3,599,400 | ||||||
Exercise price of share options granted (in dollars per share) | ¥ 0.1 | |||||||||
2014 Plan [Member] | ||||||||||
Share-Based Compensation [Line Items] | ||||||||||
Shares authorized | 20,331,467 | 20,331,467 | ||||||||
Expiration period | 10 years | |||||||||
2015 Plan [Member] | ||||||||||
Share-Based Compensation [Line Items] | ||||||||||
Shares authorized | 4,400,000 | |||||||||
Expiration period | 10 years | |||||||||
Description and terms of unissued shares reserved under the Plan | If on December 31, 2015, the unissued shares reserved under the 2015 Plan account for less than 2% of the total issued and outstanding shares on an as-converted basis, then on January 1, 2016, the number of shares reserved for future issuances under the 2015 Plan shall be increased to 2% of the total issued and outstanding shares. | |||||||||
Management and employees | ||||||||||
Share-Based Compensation [Line Items] | ||||||||||
Share options granted | 3,949,975 | |||||||||
Vesting period | 4 years | |||||||||
Management and employees | 2015 Plan [Member] | ||||||||||
Share-Based Compensation [Line Items] | ||||||||||
Share options granted | 452,770 | |||||||||
Vesting period | 4 years | |||||||||
Management and employees | Minimum [Member] | ||||||||||
Share-Based Compensation [Line Items] | ||||||||||
Exercise price of share options granted (in dollars per share) | ¥ 9.2 | |||||||||
Management and employees | Minimum [Member] | 2015 Plan [Member] | ||||||||||
Share-Based Compensation [Line Items] | ||||||||||
Exercise price of share options granted (in dollars per share) | ¥ 11.67 | |||||||||
Management and employees | Maximum [Member] | ||||||||||
Share-Based Compensation [Line Items] | ||||||||||
Exercise price of share options granted (in dollars per share) | ¥ 17.6 | |||||||||
Management and employees | Maximum [Member] | 2015 Plan [Member] | ||||||||||
Share-Based Compensation [Line Items] | ||||||||||
Exercise price of share options granted (in dollars per share) | ¥ 18.6 | |||||||||
Senior management and a consultant [Member] | ||||||||||
Share-Based Compensation [Line Items] | ||||||||||
Share options granted | 74,209 | 932,414 | ||||||||
Exercise price of share options granted (in dollars per share) | ¥ 0.1 | ¥ 0.1 | ||||||||
Directors, senior management and employees [Member] | ||||||||||
Share-Based Compensation [Line Items] | ||||||||||
Share options granted | 3,525,191 | 366,008 | 3,443,615 | |||||||
Exercise price of share options granted (in dollars per share) | ¥ 0.1 | ¥ 0.1 | ||||||||
Vesting period | 4 years | 4 years | ||||||||
Senior management [Member] | 2014 Plan [Member] | ||||||||||
Share-Based Compensation [Line Items] | ||||||||||
Share options granted | 70,000 | |||||||||
Exercise price of share options granted (in dollars per share) | ¥ 0.001 | |||||||||
Vesting period | 4 years | |||||||||
Employees and senior management [Member] | ||||||||||
Share-Based Compensation [Line Items] | ||||||||||
Share options granted | 2,989,300 | |||||||||
Exercise price of share options granted (in dollars per share) | ¥ 0.1 | |||||||||
Vesting period | 4 years | |||||||||
Employees and senior management [Member] | 2015 Plan [Member] | ||||||||||
Share-Based Compensation [Line Items] | ||||||||||
Vesting period | 4 years |
Ordinary Shares (Details)
Ordinary Shares (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Nov. 30, 2015 | Dec. 31, 2013 | |
Ordinary Shares [Abstract] | |||||
Shares subscribed | 29,983,883 | ||||
Par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | |
Shares repurchased | 803,811 | 1,925,063 | |||
Class A ordinary shares issued | 37,950,000 | ||||
American depositary shares repurchase | $ 10,000 |
Convertible Redeemable Prefer80
Convertible Redeemable Preferred Shares (Narrative) (Details) ¥ / shares in Units, ¥ in Thousands | 1 Months Ended | 6 Months Ended | 8 Months Ended | 12 Months Ended | 34 Months Ended | |||||||||||
Dec. 31, 2015shares | Oct. 31, 2014CNY (¥) | Aug. 31, 2014CNY (¥)shares | Sep. 30, 2012CNY (¥) | Jan. 31, 2011CNY (¥) | Jun. 30, 2011CNY (¥) | Aug. 19, 2010CNY (¥) | Dec. 31, 2015USD ($) | Dec. 31, 2015CNY (¥) | Dec. 31, 2014CNY (¥)shares | Dec. 31, 2013CNY (¥)shares | Sep. 30, 2012CNY (¥) | Dec. 31, 2014$ / shares | Oct. 31, 2014$ / shares | Oct. 31, 2014¥ / shares | Dec. 31, 2013$ / shares | |
Convertible Redeemable Preferred Shares [Line Items] | ||||||||||||||||
Deemed dividend | ¥ 16,666 | |||||||||||||||
Ordinary shares repurchased | shares | 803,811 | 1,925,063 | ||||||||||||||
Consideration paid to repurchase ordinary shares | ¥ 13,958 | ¥ 20,963 | ||||||||||||||
Shares issued | ¥ 703,388 | |||||||||||||||
Consideration received from issuance of shares to several Series C1 investors | 145,746 | ¥ 12,000 | ||||||||||||||
Par value of preferred share (in dollars per share) | $ / shares | $ 0.0001 | |||||||||||||||
Founding Shareholders [Member] | ||||||||||||||||
Convertible Redeemable Preferred Shares [Line Items] | ||||||||||||||||
Ordinary shares repurchased | shares | 1,925,063 | |||||||||||||||
Consideration paid to repurchase ordinary shares | ¥ 20,964 | |||||||||||||||
Series A equity interests [Member] | ||||||||||||||||
Convertible Redeemable Preferred Shares [Line Items] | ||||||||||||||||
Interest compounding rate (as a percent) | 12.50% | 12.50% | 12.50% | |||||||||||||
Conversion ratio | 1 | 1 | ||||||||||||||
Series B equity interests [Member] | ||||||||||||||||
Convertible Redeemable Preferred Shares [Line Items] | ||||||||||||||||
Interest compounding rate (as a percent) | 12.50% | 12.50% | 12.50% | |||||||||||||
Conversion ratio | 1 | 1 | ||||||||||||||
Series C1 equity interests [Member] | ||||||||||||||||
Convertible Redeemable Preferred Shares [Line Items] | ||||||||||||||||
Interest compounding rate (as a percent) | 15.00% | 15.00% | 15.00% | |||||||||||||
Conversion ratio | 1 | 1 | ||||||||||||||
Fair value of shares determined by the Company with the assistance of independent valuation firm | ¥ 270,923 | ¥ 270,923 | ||||||||||||||
Deemed dividend | ¥ 4,683 | |||||||||||||||
Series A Shares [Member] | ||||||||||||||||
Convertible Redeemable Preferred Shares [Line Items] | ||||||||||||||||
Shares issued upon conversion of equity interests | shares | 19,622,241 | |||||||||||||||
Par value of preferred share (in dollars per share) | $ / shares | $ 0.0001 | |||||||||||||||
Series B Shares [Member] | ||||||||||||||||
Convertible Redeemable Preferred Shares [Line Items] | ||||||||||||||||
Shares issued upon conversion of equity interests | shares | 26,532,203 | |||||||||||||||
Par value of preferred share (in dollars per share) | $ / shares | 0.0001 | |||||||||||||||
Series C1 Shares [Member] | ||||||||||||||||
Convertible Redeemable Preferred Shares [Line Items] | ||||||||||||||||
Shares issued upon conversion of equity interests | shares | 29,056,332 | |||||||||||||||
Par value of preferred share (in dollars per share) | $ / shares | 0.0001 | |||||||||||||||
Series C2 Shares [Member] | ||||||||||||||||
Convertible Redeemable Preferred Shares [Line Items] | ||||||||||||||||
Fair value of shares determined by the Company with the assistance of independent valuation firm | 37,630 | |||||||||||||||
Deemed dividend | 16,666 | ¥ 16,666 | ||||||||||||||
Shares issued | 1,925,063 | |||||||||||||||
Consideration received from issuance of shares to several Series C1 investors | ¥ 20,964 | |||||||||||||||
Par value of preferred share (in dollars per share) | $ / shares | 0.0001 | |||||||||||||||
Series D Preferred Stock [Member] | ||||||||||||||||
Convertible Redeemable Preferred Shares [Line Items] | ||||||||||||||||
Shares issued | ¥ 7,504,324 | |||||||||||||||
Consideration received from issuance of shares to several Series C1 investors | ¥ 145,746 | |||||||||||||||
Par value of preferred share (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | ||||||||||||||
Issue price per share | (per share) | $ 3.20 | ¥ 19.69 | ||||||||||||||
Alibaba [Member] | Shanghai Baozun [Member] | ||||||||||||||||
Convertible Redeemable Preferred Shares [Line Items] | ||||||||||||||||
Percentage of equity interest acquired by investors | 25.16% | |||||||||||||||
Alibaba [Member] | Shanghai Baozun [Member] | Series A equity interests [Member] | ||||||||||||||||
Convertible Redeemable Preferred Shares [Line Items] | ||||||||||||||||
Percentage of equity interest acquired by investors | 39.56% | |||||||||||||||
Total consideration | ¥ 32,732 | |||||||||||||||
Alibaba [Member] | Shanghai Baozun [Member] | Series B equity interests [Member] | ||||||||||||||||
Convertible Redeemable Preferred Shares [Line Items] | ||||||||||||||||
Percentage of equity interest acquired by investors | 7.29% | |||||||||||||||
Total consideration | ¥ 12,859 | |||||||||||||||
Crescent Castle and New Access [Member] | Shanghai Baozun [Member] | Series B equity interests [Member] | ||||||||||||||||
Convertible Redeemable Preferred Shares [Line Items] | ||||||||||||||||
Percentage of equity interest acquired by investors | 27.55% | |||||||||||||||
Total consideration | ¥ 119,120 | |||||||||||||||
Group of investors including existing preferred share investors [Member] | Shanghai Baozun [Member] | Series C1 equity interests [Member] | ||||||||||||||||
Convertible Redeemable Preferred Shares [Line Items] | ||||||||||||||||
Percentage of equity interest acquired by investors | 27.62% | |||||||||||||||
Total consideration | ¥ 266,240 |
Convertible Redeemable Prefer81
Convertible Redeemable Preferred Shares (Rollforward of Carrying Amounts of Series A, Series B, Series C1, Series C2 and Series D shares) (Details) ¥ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Aug. 31, 2014CNY (¥) | Sep. 30, 2012CNY (¥) | Dec. 31, 2015USD ($) | Dec. 31, 2015CNY (¥) | Dec. 31, 2014CNY (¥) | Dec. 31, 2013CNY (¥) | |
Temporary Equity [Line Items] | ||||||
Change in redemption value of preferred shares | $ (3,911) | ¥ (25,332) | ¥ (79,169) | ¥ (61,435) | ||
Deemed dividend from issuance of preferred share series C2 (Note 17) | 16,666 | |||||
Series C1 equity interests [Member] | ||||||
Temporary Equity [Line Items] | ||||||
Deemed dividend from issuance of preferred share series C2 (Note 17) | ¥ 4,683 | |||||
Series A Preferred Stock [Member] | ||||||
Temporary Equity [Line Items] | ||||||
Beginning balance | ¥ 55,924 | 49,710 | ¥ 44,187 | |||
Change in redemption value of preferred shares | 1,648 | 6,214 | 5,523 | |||
Conversion of preferred shares into class A ordinary shares | ¥ (57,572) | |||||
Ending balance | 55,924 | 49,710 | ||||
Series B Preferred Stock [Member] | ||||||
Temporary Equity [Line Items] | ||||||
Beginning balance | ¥ 202,125 | 180,182 | 162,195 | |||
Change in redemption value of preferred shares | 5,957 | 21,943 | 17,987 | |||
Conversion of preferred shares into class A ordinary shares | ¥ (208,082) | |||||
Ending balance | 202,125 | 180,182 | ||||
Series C1 Preferred Stock [Member] | ||||||
Temporary Equity [Line Items] | ||||||
Beginning balance | ¥ 355,176 | 308,848 | 258,923 | |||
Collection of subscription receivable | 12,000 | |||||
Change in redemption value of preferred shares | 12,453 | 46,328 | 37,925 | |||
Conversion of preferred shares into class A ordinary shares | ¥ (367,629) | |||||
Ending balance | ¥ 355,176 | ¥ 308,848 | ||||
Series C2 Preferred Stock [Member] | ||||||
Temporary Equity [Line Items] | ||||||
Beginning balance | ¥ 37,630 | |||||
Change in redemption value of preferred shares | ||||||
Issuance of preferred shares | ¥ 20,964 | |||||
Deemed dividend from issuance of preferred share series C2 (Note 17) | ¥ 16,666 | 16,666 | ||||
Conversion of preferred shares into class A ordinary shares | ¥ (37,630) | |||||
Ending balance | ¥ 37,630 | |||||
Series D Preferred Stock [Member] | ||||||
Temporary Equity [Line Items] | ||||||
Beginning balance | ¥ 150,430 | |||||
Change in redemption value of preferred shares | 5,274 | ¥ 4,684 | ||||
Issuance of preferred shares | 145,746 | |||||
Conversion of preferred shares into class A ordinary shares | ¥ (155,704) | |||||
Ending balance | ¥ 150,430 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Employee Benefit Plans [Abstract] | |||
Contributions by employer | ¥ 35,947 | ¥ 20,339 | ¥ 15,242 |
Segment Information (Details)
Segment Information (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015USD ($)item | Dec. 31, 2015CNY (¥)item | Dec. 31, 2014CNY (¥) | Dec. 31, 2013CNY (¥) | |
Segment Information [Abstract] | ||||
Number of segments | item | 2 | 2 | ||
Segment and Geographic Information [Line Items] | ||||
Net Revenue | $ 401,131 | ¥ 2,598,443 | ¥ 1,584,420 | ¥ 1,521,836 |
Operating (loss) income | $ 1,305 | 8,451 | (56,856) | (40,985) |
Brand e-commerce [Member] | ||||
Segment and Geographic Information [Line Items] | ||||
Net Revenue | 2,528,969 | 1,555,404 | 1,521,836 | |
Operating (loss) income | 63,734 | (39,762) | ¥ (40,985) | |
Maikefeng [Member] | ||||
Segment and Geographic Information [Line Items] | ||||
Net Revenue | 69,474 | 29,016 | ||
Operating (loss) income | ¥ (55,283) | ¥ (17,094) |
Restricted Net Assets (Details)
Restricted Net Assets (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restricted Net Assets [Abstract] | |||
Appropriations | ¥ 1,610 | ¥ 638 | |
Accumulated reserves | 2,248 | ¥ 638 | |
Net assets not available for dividends | ¥ 403,249 |
FINANCIAL INFORMATION OF PARE85
FINANCIAL INFORMATION OF PARENT COMPANY (Condensed Balance Sheets) (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2015CNY (¥)shares | Dec. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2014CNY (¥)shares | Oct. 31, 2014$ / shares | Dec. 31, 2013$ / shares | Dec. 31, 2013CNY (¥) | Dec. 31, 2012CNY (¥) |
Current assets: | ||||||||
Cash and cash equivalents | $ 121,531 | ¥ 787,257 | $ 31,861 | ¥ 206,391 | ¥ 154,156 | ¥ 270,077 | ||
Prepayments and other current assets | 17,309 | 112,122 | 37,897 | |||||
Amounts due from subsidiaries and VIE | 5,799 | 37,565 | 15,149 | |||||
Total current assets | 275,201 | 1,782,700 | 819,557 | |||||
Investments in cost method investees other than subsidiaries and VIE | 2,054 | 13,307 | 5,625 | |||||
TOTAL ASSETS | 291,637 | 1,889,173 | 872,514 | |||||
Current liabilities: | ||||||||
Other current liabilities | ¥ | 3,954 | 2,509 | ||||||
Amounts due to related parties | 1,153 | 7,469 | 7,469 | |||||
Total current liabilities | 101,068 | 654,702 | 393,458 | |||||
TOTAL LIABILITIES | 101,068 | 654,702 | 393,458 | |||||
SHAREHOLDERS' DEFICIT | ||||||||
Ordinary shares | 14 | 93 | 17 | |||||
Additional paid-in capital | 237,066 | 1,535,665 | 3,755 | |||||
Accumulated deficit | (49,477) | (320,499) | (327,205) | |||||
Accumulated other comprehensive income (loss) | 2,966 | 19,212 | 1,204 | |||||
Total shareholders' equity (deficit) | 190,569 | 1,234,471 | (322,229) | (232,375) | (144,630) | |||
TOTAL LIABILITIES, CONVERTIBLE REDEEMABLE PREFERRED SHARES AND SHAREHOLDERS' EQUITY (DEFICIT) | $ 291,637 | ¥ 1,889,173 | ¥ 872,514 | |||||
Convertible redeemable preferred shares: | ||||||||
Par value | $ / shares | $ 0.0001 | |||||||
Ordinary shares: | ||||||||
Par value | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||
Shares authorized | 500,000,000 | 500,000,000 | 500,000,000 | 500,000,000 | ||||
Shares issued | 151,471,369 | 151,471,369 | 28,058,820 | 28,058,820 | ||||
Shares outstanding | 151,471,369 | 151,471,369 | 28,058,820 | 28,058,820 | ||||
Series A [Member] | ||||||||
Convertible redeemable preferred shares: | ||||||||
Temporary Equity, Carrying Amount, Attributable to Parent | ¥ 55,924 | 49,710 | 44,187 | |||||
Convertible redeemable preferred shares: | ||||||||
Par value | $ / shares | $ 0.0001 | |||||||
Shares authorized | 19,622,241 | 19,622,241 | ||||||
Shares issued | 19,622,241 | 19,622,241 | ||||||
Shares outstanding | 19,622,241 | 19,622,241 | ||||||
Redemption value | ¥ | ¥ 55,924 | |||||||
Liquidation preference | ¥ | 49,098 | |||||||
Series B [Member] | ||||||||
Convertible redeemable preferred shares: | ||||||||
Temporary Equity, Carrying Amount, Attributable to Parent | ¥ 202,125 | 180,182 | 162,195 | |||||
Convertible redeemable preferred shares: | ||||||||
Par value | $ / shares | $ 0.0001 | |||||||
Shares authorized | 26,532,203 | 26,532,203 | ||||||
Shares issued | 26,532,203 | 26,532,203 | ||||||
Shares outstanding | 26,532,203 | 26,532,203 | ||||||
Redemption value | ¥ | ¥ 202,125 | |||||||
Liquidation preference | ¥ | 198,088 | |||||||
Series C1 [Member] | ||||||||
Convertible redeemable preferred shares: | ||||||||
Temporary Equity, Carrying Amount, Attributable to Parent | ¥ 355,176 | ¥ 308,848 | ¥ 258,923 | |||||
Convertible redeemable preferred shares: | ||||||||
Par value | $ / shares | $ 0.0001 | |||||||
Shares authorized | 29,056,332 | 29,056,332 | ||||||
Shares issued | 29,056,332 | 29,056,332 | ||||||
Shares outstanding | 29,056,332 | 29,056,332 | ||||||
Redemption value | ¥ | ¥ 355,176 | |||||||
Liquidation preference | ¥ | 403,417 | |||||||
Series C2 [Member] | ||||||||
Convertible redeemable preferred shares: | ||||||||
Temporary Equity, Carrying Amount, Attributable to Parent | ¥ 37,630 | |||||||
Convertible redeemable preferred shares: | ||||||||
Par value | $ / shares | $ 0.0001 | |||||||
Shares authorized | 1,925,063 | 1,925,063 | ||||||
Shares issued | 1,925,063 | 1,925,063 | ||||||
Shares outstanding | 1,925,063 | 1,925,063 | ||||||
Redemption value | ¥ | ¥ 21,715 | |||||||
Liquidation preference | ¥ | 31,445 | |||||||
Series D [Member] | ||||||||
Convertible redeemable preferred shares: | ||||||||
Temporary Equity, Carrying Amount, Attributable to Parent | ¥ 150,430 | |||||||
Convertible redeemable preferred shares: | ||||||||
Par value | $ / shares | $ 0.0001 | $ 0.0001 | ||||||
Shares authorized | 7,504,324 | 7,504,324 | ||||||
Shares issued | 7,504,324 | 7,504,324 | ||||||
Shares outstanding | 7,504,324 | 7,504,324 | ||||||
Redemption value | ¥ | ¥ 150,430 | |||||||
Liquidation preference | ¥ | 220,689 | |||||||
Parent Company [Member] | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ 39,244 | ¥ 254,213 | $ 22,355 | 144,814 | ||||
Prepayments and other current assets | 1,108 | 7,180 | 823 | |||||
Amounts due from subsidiaries and VIE | 118,079 | 764,883 | 535,852 | |||||
Total current assets | 158,431 | 1,026,276 | 681,489 | |||||
Investments in subsidiaries and VIE | 33,676 | 218,147 | ¥ (194,926) | |||||
Investments in cost method investees other than subsidiaries and VIE | 1,032 | 6,682 | ||||||
TOTAL ASSETS | 193,139 | 1,251,105 | ¥ 486,563 | |||||
Current liabilities: | ||||||||
Other current liabilities | 1,417 | 9,165 | 38 | |||||
Amounts due to related parties | 1,153 | 7,469 | 7,469 | |||||
Total current liabilities | 2,570 | 16,634 | 7,507 | |||||
TOTAL LIABILITIES | 2,570 | 16,634 | 7,507 | |||||
SHAREHOLDERS' DEFICIT | ||||||||
Ordinary shares | 14 | 93 | 17 | |||||
Additional paid-in capital | $ 237,066 | ¥ 1,535,665 | ¥ 3,755 | |||||
Subscription receivable | ||||||||
Accumulated deficit | $ (49,477) | ¥ (320,499) | ¥ (327,205) | |||||
Accumulated other comprehensive income (loss) | 2,966 | 19,212 | 1,204 | |||||
Total shareholders' equity (deficit) | 190,569 | 1,234,471 | (322,229) | |||||
TOTAL LIABILITIES, CONVERTIBLE REDEEMABLE PREFERRED SHARES AND SHAREHOLDERS' EQUITY (DEFICIT) | $ 193,139 | ¥ 1,251,105 | ¥ 486,563 | |||||
Ordinary shares: | ||||||||
Par value | $ / shares | $ 0.0001 | |||||||
Shares authorized | 500,000,000 | 500,000,000 | 500,000,000 | 500,000,000 | ||||
Shares issued | 151,471,369 | 151,471,369 | 28,058,820 | 28,058,820 | ||||
Shares outstanding | 151,471,369 | 151,471,369 | 28,058,820 | 28,058,820 | ||||
Parent Company [Member] | Series A [Member] | ||||||||
Convertible redeemable preferred shares: | ||||||||
Temporary Equity, Carrying Amount, Attributable to Parent | ¥ 55,924 | |||||||
Convertible redeemable preferred shares: | ||||||||
Par value | $ / shares | $ 0.0001 | |||||||
Shares authorized | 19,622,241 | 19,622,241 | ||||||
Shares issued | 19,622,241 | 19,622,241 | ||||||
Shares outstanding | 19,622,241 | 19,622,241 | ||||||
Redemption value | ¥ | ¥ 55,924 | |||||||
Liquidation preference | ¥ | 49,098 | |||||||
Parent Company [Member] | Series B [Member] | ||||||||
Convertible redeemable preferred shares: | ||||||||
Temporary Equity, Carrying Amount, Attributable to Parent | ¥ 202,125 | |||||||
Convertible redeemable preferred shares: | ||||||||
Par value | $ / shares | $ 0.0001 | |||||||
Shares authorized | 26,532,203 | 26,532,203 | ||||||
Shares issued | 26,532,203 | 26,532,203 | ||||||
Shares outstanding | 26,532,203 | 26,532,203 | ||||||
Redemption value | ¥ | ¥ 202,125 | |||||||
Liquidation preference | ¥ | 198,088 | |||||||
Parent Company [Member] | Series C1 [Member] | ||||||||
Convertible redeemable preferred shares: | ||||||||
Temporary Equity, Carrying Amount, Attributable to Parent | ¥ 355,176 | |||||||
Convertible redeemable preferred shares: | ||||||||
Par value | $ / shares | $ 0.0001 | |||||||
Shares authorized | 29,056,332 | 29,056,332 | ||||||
Shares issued | 29,056,332 | 29,056,332 | ||||||
Shares outstanding | 29,056,332 | 29,056,332 | ||||||
Redemption value | ¥ | ¥ 355,176 | |||||||
Liquidation preference | ¥ | 403,417 | |||||||
Parent Company [Member] | Series C2 [Member] | ||||||||
Convertible redeemable preferred shares: | ||||||||
Temporary Equity, Carrying Amount, Attributable to Parent | ¥ 37,630 | |||||||
Convertible redeemable preferred shares: | ||||||||
Par value | $ / shares | $ 0.0001 | |||||||
Shares authorized | 1,925,063 | 1,925,063 | ||||||
Shares issued | 1,925,063 | 1,925,063 | ||||||
Shares outstanding | 1,925,063 | 1,925,063 | ||||||
Redemption value | ¥ | ¥ 21,715 | |||||||
Liquidation preference | ¥ | 31,445 | |||||||
Parent Company [Member] | Series D [Member] | ||||||||
Convertible redeemable preferred shares: | ||||||||
Temporary Equity, Carrying Amount, Attributable to Parent | ¥ 150,430 | |||||||
Convertible redeemable preferred shares: | ||||||||
Par value | $ / shares | $ 0.0001 | |||||||
Shares authorized | 7,504,324 | 7,504,324 | ||||||
Shares issued | 7,504,324 | 7,504,324 | ||||||
Shares outstanding | 7,504,324 | 7,504,324 | ||||||
Redemption value | ¥ | ¥ 150,430 | |||||||
Liquidation preference | ¥ | ¥ 220,689 |
FINANCIAL INFORMATION OF PARE86
FINANCIAL INFORMATION OF PARENT COMPANY (Condensed Statements of Operations and Comprehensive Income) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015USD ($) | Dec. 31, 2015CNY (¥) | Dec. 31, 2014CNY (¥) | Dec. 31, 2013CNY (¥) | |
Operating expenses: | ||||
General and administrative | $ (11,374) | ¥ (73,678) | ¥ (96,911) | ¥ (38,160) |
Total operating expenses | (399,826) | (2,589,992) | (1,641,276) | (1,562,821) |
Income (Loss) from operations | 1,305 | 8,451 | (56,856) | (40,985) |
Interest income | 1,364 | 8,834 | 3,156 | 4,574 |
Exchange loss | (19) | (124) | (2,650) | (376) |
Net income (loss) | $ 3,493 | ¥ 22,621 | (59,814) | ¥ (37,771) |
Deemed dividend from issuance of convertible redeemable preferred shares | (16,666) | |||
Change in redemption value of convertible redeemable preferred shares | $ (3,911) | ¥ (25,332) | (79,169) | ¥ (61,435) |
Net loss attributable to ordinary shareholders | (418) | (2,711) | (155,649) | (99,206) |
Net income (loss) | 3,493 | 22,621 | (59,814) | (37,771) |
Other comprehensive income, net of tax of nil: | ||||
Foreign currency translation adjustment | 2,780 | 18,008 | 1,249 | (45) |
Comprehensive income (loss) | 6,273 | 40,629 | (58,565) | ¥ (37,816) |
Parent Company [Member] | ||||
Operating expenses: | ||||
General and administrative | (483) | (3,126) | ¥ (66) | |
Other operating income | 216 | 1,399 | ||
Total operating expenses | (267) | (1,727) | ¥ (66) | |
Income (Loss) from operations | (267) | (1,727) | ¥ (66) | |
Interest income | 182 | 1,175 | ||
Exchange loss | (73) | (471) | ¥ (2,414) | |
Equity in income (loss) of subsidiaries and VIE | 3,651 | 23,644 | (57,334) | ¥ (1,242) |
Net income (loss) | $ 3,493 | ¥ 22,621 | (59,814) | (1,242) |
Deemed dividend from issuance of convertible redeemable preferred shares | (16,666) | |||
Change in redemption value of convertible redeemable preferred shares | $ (3,911) | ¥ (25,332) | (79,169) | (1,058) |
Net loss attributable to ordinary shareholders | (418) | (2,711) | (155,649) | (2,300) |
Net income (loss) | 3,493 | 22,621 | (59,814) | (1,242) |
Other comprehensive income, net of tax of nil: | ||||
Foreign currency translation adjustment | 2,780 | 18,008 | 1,249 | (45) |
Comprehensive income (loss) | $ 6,273 | ¥ 40,629 | ¥ (58,565) | ¥ (1,287) |
FINANCIAL INFORMATION OF PARE87
FINANCIAL INFORMATION OF PARENT COMPANY (Condensed Statements of Cash Flows) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015USD ($) | Dec. 31, 2015CNY (¥) | Dec. 31, 2014CNY (¥) | Dec. 31, 2013CNY (¥) | |
Cash flows from operating activities: | ||||
Net income (loss) | $ 3,493 | ¥ 22,621 | ¥ (59,814) | ¥ (37,771) |
Adjustments to reconcile net loss to net cash used by operating activities: | ||||
Exchange loss | 19 | 124 | 2,650 | 376 |
Changes in liabilities, net of effects of acquisition: | ||||
Other current liabilities | 12,741 | 82,533 | 15,993 | 24,213 |
Net cash provided by (used in) operating activities | 341 | 2,202 | ¥ (66,488) | (3,290) |
Cash flows from investing activities: | ||||
Investment in a cost method investee | (1,186) | (7,682) | (5,625) | |
Net cash used in investing activities | $ (19,598) | ¥ (126,949) | ¥ (30,545) | ¥ (63,481) |
Cash flows from financing activities: | ||||
Proceeds from amounts due to related parties | 68,941 | |||
Repayment of amounts due to related parties | (61,472) | ¥ (12,000) | ||
Proceeds from shareholders' payment for ordinary shares | 17 | |||
Proceeds from issuance of convertible redeemable preferred shares | ¥ 145,746 | ¥ 12,000 | ||
Proceeds from issuance of ordinary shares upon initial public offering, net | $ 121,083 | ¥ 784,350 | ||
Proceeds from exercises of share options | 25 | 161 | ||
Payment for ordinary shares repurchase | (2,155) | (13,958) | ||
Advances for ordinary shares repurchase | (852) | (5,521) | ||
Payment of initial public offering costs | (11,932) | (77,289) | ¥ (2,128) | |
Net cash (used in) provided by financing activities | 106,169 | 687,743 | 151,104 | ¥ (48,774) |
Net (decrease) increase in cash and cash equivalents | 86,912 | 562,996 | 54,071 | (115,545) |
Cash and cash equivalents, beginning of year | 31,861 | 206,391 | 154,156 | 270,077 |
Effect of exchange rate changes on cash and cash equivalents | 2,758 | 17,870 | (1,836) | (376) |
Cash and cash equivalents, end of year | 121,531 | 787,257 | 206,391 | 154,156 |
Parent Company [Member] | ||||
Cash flows from operating activities: | ||||
Net income (loss) | 3,493 | 22,621 | (59,814) | ¥ (1,242) |
Adjustments to reconcile net loss to net cash used by operating activities: | ||||
Exchange loss | 73 | 471 | 2,414 | |
Equity in loss (income) of subsidiaries and VIE | (3,651) | (23,644) | 57,334 | ¥ 1,242 |
Changes in liabilities, net of effects of acquisition: | ||||
Other current liabilities | 1,409 | 9,127 | 38 | |
Net cash provided by (used in) operating activities | 1,324 | 8,575 | (28) | |
Cash flows from investing activities: | ||||
Advances to subsidiaries and VIE | (35,357) | (229,031) | ¥ (5,932) | |
Investment in a cost method investee | (1,032) | (6,682) | ||
Investment in subsidiaries | (56,536) | (366,234) | ||
Net cash used in investing activities | $ (92,925) | ¥ (601,947) | ¥ (5,932) | |
Cash flows from financing activities: | ||||
Proceeds from amounts due to related parties | 68,941 | |||
Repayment of amounts due to related parties | (61,472) | |||
Proceeds from shareholders' payment for ordinary shares | 17 | |||
Proceeds from issuance of convertible redeemable preferred shares | ¥ 145,746 | |||
Proceeds from issuance of ordinary shares upon initial public offering, net | $ 109,151 | ¥ 707,061 | ||
Proceeds from exercises of share options | 2 | 11 | ||
Payment for ordinary shares repurchase | (2,155) | (13,958) | ||
Advances for ordinary shares repurchase | $ (852) | ¥ (5,521) | ||
Payment of initial public offering costs | ¥ (823) | |||
Net cash (used in) provided by financing activities | $ 106,146 | ¥ 687,593 | 152,409 | |
Net (decrease) increase in cash and cash equivalents | 14,545 | 94,221 | ¥ 146,449 | |
Cash and cash equivalents, beginning of year | 22,355 | 144,814 | ||
Effect of exchange rate changes on cash and cash equivalents | 2,344 | 15,178 | ¥ (1,635) | |
Cash and cash equivalents, end of year | $ 39,244 | ¥ 254,213 | ¥ 144,814 |
FINANCIAL INFORMATION OF PARE88
FINANCIAL INFORMATION OF PARENT COMPANY (Narrative) (Details) | Dec. 31, 2015¥ / $ |
FINANCIAL INFORMATION OF PARENT COMPANY [Abstract] | |
Exchange rate | 6.4778 |