Okay, thank you, and Vincent, hello everyone.
second Now, let me in XXXX. review X. of turn first Please quarter to do Number Slide financial of a quick
brand sales with increased period by by [ph] billion. And revenues and to Total GMV by same X.X%. During service quarter, the mainly XX%, wage billion RMBXX electronics have model. adjusted the compared our by total RMBX.X increased year. declined X% of XX% The of by last to to would was the product service fee strong revenue while grow growth particular leading one outstanding brand, this excluding performance GMV GMV due X% declined
Slide to X Number turn of revenue. for breakdown let’s a Now,
During business solutions the the for total and contributed lockdown and May subsequent digital our XX% marketing remaining a business. on Revenue IT quarter April our business. and strict logistics impact general in revenue for The warehouse and accounted XX%. XX%, has and of contributed COVID partner e-commerce from outbreak traditional of negative
general growth. service revenue in declined and lockdown And that However, to also category product revenue COVID and weak solution in more we value-added sales. marketing There IT X%. sales fulfillment see are and still was XX%, only achieved sentiment increased declined XX%, a reflecting to where our resiliency double-digit delighted services luxury by warehouse digital due by product impact,
in value-added focus the as in distribution put we continue our product on on more revenue while as is to and the well capital uncertainty to efficiency. critical micro working coming And proactive model the emphasizing geopolitical believe As grow quality it given such, we event stream And current to measures from environments, quarters. revenues risks to minimize non-distribution high on to efforts sales. model services have optimize
Slide turn to Number Now, X.
our sales. cost reduction by mainly decreased a of in to for million, product the During due quarter, RMBXXX XX% products
in driven Our product our the overall to a cost we stream gross and strategy change generates category quarter, a to to contribution XX.X% margin. profit due if products. – margin service pricing imperfect in margin adjustments that account higher for growth and mostly related default sales increasing take and the revenue into gross was mix But higher X% improved our revenue, XX% by for
logistics Now, related RMBXXX services, operating an in was warehouse increase million XX. were for expenses on front-end growth Fulfillment let’s revenue protection and turn the incremental XX%, of Number largely to to staff. and due expenses fulfillment cost and COVID some to Slide which cost
point up the efficiency glad customer by has to center our see service are and a declined year-over-year. We service improved regional ramp cost to that such of X%
the cost Our was million, due primarily The The base and were company’s the expenses to technological cost content X% offset RMBXXX ongoing marketing Company's to by development expenses staff expenses RMBXX same improvements, headquarters increase mainly last million, in by partially which initiatives efficiency a X%. of decrease by growth, sales and were costs Company's Technology a business an initiatives million, to of of the and attributable of offset and was in the new related a running was Company's control efficiency increase investment the an drive business control were year. improvement. totaled higher for and innovation RMBXXX mainly productization. efficiency decrease driven X%. the period decrease and period from the improvements, G&A decrease
evolved Slide turn Now diagram and Once item, non-GAAP our on during our and we depicting was a operations prepared margin line mentioned non-GAAP XX. from line analysis the to million of income top X.X%. our Based bottom operating how waterfall the was profit have again, Number year-over-year. quarter RMBXX above
a aid reminder, discussions. numbers and as is solely supporting As should used to analysis be this unaudited
impacting XX. can on this you red, Slide revenue quarter net shows diagram was our see sales. to that QX walk This revenue's XXXX. QX First, the Number XXXX item our biggest In waterfall product from
mainly efforts As the This mentioned stream. negatively brand Slide to and X%. that major revenue IT Revenue which launch by note key due profit from digital to added marketing attributable to in this a and positive new digital care services several quarter were factors the declined impact better continuous cost And product value optimization profitability. the we slightly COVID from our to sales contributing in COVID in XX product this two also to IT me of lockdown, services, and as categories. project week and in personal be decline operating service non-GAAP from led On indicative the view marketing brand slight earlier, brand one drop added this for Number partners. lockdown work please can initiative follow value
non-GAAP and operating from improved shown, IT profit by XX%. As digital marketing
overseas spent cost expansion opportunities. We and brand We of million employees we generated positive RMBXX also the a new in same and at saving RMBXX kept welfare investing optimization, on from the COVID million management, for time while lockdown. during protection
turn store line also the fulfillment triggered down operation COVID these warehouse overall and caused expenses highwinds a top Please higher traditional during business, Slide business the external challenging operating and counter dragged To XX. by COVID to our environment For will lockdown. Number lockdown.
cost our and transformation areas. optimization four effort continued mainly We focused on
by the Firstly, risk store operations, marketing including: capabilities. minimize diversifying regional we and center proactively design, service technology digital functions,
have Hefei, next of our Suqian and Following success center the phase service in selected Chengdu regional we for cities expansion Nantong with [ph], Enshi. and more including:
Secondly, we processes tasks. use serve we to operating re-engineer continue our to centralizing our where by business similar multi-brand one-team with capabilities
which more for footprint And place we to consolidate functions, to designed We entrepreneurial employees ownership our by reward incentive performance. streamline automation and increase and able cost. the intelligence procurement was the Certainly we and to after business labor administration new take further our new motivate one their all departments contact, as: costs. productivity employees introducing reduce and building introduce a i.e., finally, frontline rationalized of the couple our to also to office finance, roles of and Baozun incentive reduce BBO headquarter supporting into tools were offer owner compensation into moving across for such
Now to about to XX Page our flow. turn I'd like cash
prioritize to XX, June inventory and RMBX.X XXXX, of further collection the continue macro equivalents process to back-end we billing and As billion. working advance of light launched our activities. improve to management, cash cash initiative uncertainties, new enhancement efficiency and our capital totaled In
convertible our to senior Hong RMBXXX of the period during challenging quarter. positive we Exchange. dual Stock notes, us which we And of Board result, purchase lockdown. buyback the pursue a moved share voluntary conversion operating totaled flow RMBXXX our listing million approved during pleased sustain cash with of forward on COVID assets lastly, million to As Meanwhile, and Directors of the Kong a primary to are has the
to we we Exchange regarding listing. Stock As to received the announce dual happy are of the acknowledgement that conversion today, Kong Hong have from primary
become primary the [indiscernible]. the becomes the And X, on exchanges, anticipate expanding environment, listed expect wider conduct our some of the conversion market. Exchange. global board effective main access model. flexibility and And on in we during primary highlight of conversion dual becoming business primary Hong ability listed both selected our Kong November primary a lockdown to Stock our will resilience macro to despite to After Overall turbulence Baozun business become We a the the on XXXX. company NASDAQ effect,
We capital resource our improve will also us continue environment to but the to sustainable prepare with not cost stronger partner to sheet, get solid drive will long-term our as only a service brand value-added allocation, well in prioritize growth. emerge ahead, balance improved and transformation, business working top efficiency. We through us market and diversified momentum enable believe portfolio our
Thank is to And now that Operator, this financial prepared you our ready So my Q&A we are review section. begin remarks. session. concludes the everyone.
