BZUN - Earnings call transcript Q2 2024

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Operator

Good morning, ladies and gentlemen, and thank you for standing by for Baozun Second Quarter 2024 Earnings Conference Call. [Operator Instructions] As a reminder, today's conference call is being recorded. I will now turn the meeting over to your host for today's call, Ms. Wendy Sun, Senior Director of Corporate Development and Investor Relations of Baozun. Please proceed, Wendy.

Wendy Sun

Thank you, operator. you us thank and everyone, for today. joining Hello,

PR Release earlier on before Second as IR Quarter call distributed Earnings XXXX on well as available Our this was and at ir.baozun.com services. Newswire website our is

We our to have they available the accompanies where comments for website, also download. PowerPoint IR that a are posted presentation same

Mr. Yu, E-commerce; the today from Chief the Qiu, our [ available Executive more Chief and Q&A Catherine Huang about Huang call who company Financial and Baozun, Management Zhu, Vincent session ], Baozun Qiu by followed with On our Officer will Brand Officer; E-commerce Officer; strategy and first follows. financials, Financial Ms. President respectively. be Mr. by discuss then Ken during Arthur of our all Brand They will Zhu Mr. questions the Chairman share up and that and Management. we to business have: of will Ms. Chief and segments, to Mr. share highlights, Yu your answer Mr. Mr. Baozun

date company's current may management's of to Securities involve begin, XXXX are a the you and the to Securities risks, website on from materially U.S. market all control, of Litigation Stock is or of the factors Securities filings Exchange current based and Exchange other difficult of we announcement notice operating mandate, documents relate in and other are XXXX. actual date. as uncertainties Act those statements. Further of unknown published hereof or cause the Commission the of known U.S. that predict expectations that risks, believes Hong These statements to differ does And are All other this and Limited. update like the meaning this provided or contains which to which with forward-looking company's and statements remind based required events assumptions its within of would upon to the uncertainties, beyond forward-looking except in which to I in the obligation information is call company Securities many that factors, this as conditions of under company's as and and mandate, as of Kong and and applicable regarding any a be U.S. included forward-looking of Private any XXXX Exchange reasonable the company these forward-looking statements information on the the Act take Before U.S. results conference the the and not the as Reform call law. is the Act

Finally, please call in otherwise unless that, RMB. conference mentioned stated, figures this are note all during

about or may discussion use introduce arise our to Chairman that overall from we go and in in Chief our Accepted to order now non-Generally pleasure the Gap reduce place related non-GAAP, Officer, addition, brand. It is Qiu. please elect Vincent, Accounting ahead. may Mr. of Vincent In adjusted confusion Principles, my to financials Executive to

Wenbin Qiu

returning contraction. growth, landscape. BEC consecutive revenue market momentum has operations evolving shown strengthen to adapt XX year-over-year the top with efforts of year-over-year plans. core you, to to thank In success in Group achieved the your that a share Wendy. everyone, you for our Hello, quarter we all Baozun continue pleased executing time. Thank XXXX, our quarters to reflecting and our line achieve second solid of growth ongoing to and after X% I'm

Baozun business Live value store proposition. BBM This losses is our stores. economics point strategic and revitalization and the effective Streaming of while are as our it fine-tuning a strengthens ecosystem its and services in to partner integrated its into top Location, a both new we position accelerating sales. Notably, our see further enhances within unit breakthrough the expansion Douyin narrowing omnichannel that We unit. a Douyin highlights efforts encouraged is turning product successfully

is better are progress new top in cautious was pressure from which despite achieved further markets. BBM sentiment. these We from the our This line us stores, expansion gives seeing facing in confidence consumer performance

Inc. Additionally, develop in have better light this of plans Gap's plans Gap interactions and with global deepened trend to and -- our develop trend, global strong leverage resources. we and our its

Our with localization to is growth. to efforts aim drive balance resources these our

Baozun underscores to Chinese been is private offer domains, quarter, innovative technology This for empowering in platform solutions prestigious build that comprehensive This for DTC again further Tailored for has excellence, solutions secure, another and solutions. once flexible. receiving a our recognized our award ability commerce direct-to-consumer award the brand's their growth. Gartner scalable market,

advance the sustainability. commitment our to to front, On we ESG continue

logistic our with X And our also Through contribution a carbon-neutral. protection. reducing of are only these carbon not standards footprint, program. recycling we as setting an also During we innovative the making parks positive and shoe were partnered industry but certified environmental to quarter, on Nike efforts,

and we With fundamentals, fully strategic BBM's the in improving continued remain momentum transformation. E-commerce to on strengthening the focus committed our

growth Looking shareholders. ability our long-term to and ahead, our deliver we value confident further are to drive in

to Catherine financial this pass me for let Now updates.

Catherine Yanjie Zhu

and Vincent, Thanks, everyone. hello,

down me Group's revenues Of business store million. to Marketing category by #X. E-commerce billion in RMB primarily net double-digit Digital driven increased sales X% Now growth revenue X.X to revenue E-commerce revenue increase billion, product in this, share X% from Apparel contributed continued revenue narrowing by Second well while in the RMB progress by and year-over-year as XXX with RMB the from services our IT Solutions. Please X.X Baozun in total quarter. as BEC and was Quarter operations show RMB by Slide XX% increased generated to contraction year-over-year let XXXX This XXX Results you turn Accessories to billion. model, Brand revenue by Management detail. Financial RMB with to X.X more year-over-year million. Breaking

rebates margin totaled higher from perspective, product a compared the year. our brand proportion partners, was exclusive return due category of margin gross gross last period Apparel blended and The quarter. and XX.X% sales sales our distribution more change due nearly profitability From Group's procurement the will ramp-up gross weaker of our Slide the to in while decrease RMB are for of elaborate with track With business, for in Fashion in turn to mix introduced year. The compared sales for was of margin complete newly the mainly XX% the product product later. Please cash consumption business weight on and BBM million year-over-year BEC second sales to our a same in of was E-commerce a for the sales growth optimization XXXX. BBM margin was to half more in contraction XXX mainly in for we for product on a totaled E-commerce period Ken same industry, of sentiment rebates the product XX.X%. last quarter, decline with the to Gross XX.X%, #X.

line Now Slide to to please bottom items, turn #X.

XX E-commerce million a with During operating income This the loss a million segment RMB million included operations reduced of totaled from our XX from year million quarter, adjusted operating an RMB BBM. and RMB compared XX ago. from RMB X profit adjusted of

and restricted investments the XX, RMB of and As XXXX, in totaling X.X June with short-term in line the billion, we cash maintained quarter. previous balance equivalents, in steady cash cash a balance

company's repurchased to X.X Year-to-date, market, continue our ADS open we have through for approximately million execute million in we X reflecting future. our the the repurchase confidence USD share program. Lastly,

is As through program, of for share XX XXXX today, which stands Board repurchase January the remaining effective of authorization million. USD at amount

Let you E-commerce business. update to on BEC, me our now pass to the call Arthur over

Arthur Yu

and Catherine, everyone. you, Vincent hello, and Thank

increasing the by BEC's revenue performance quarter the service driven business. In Total product campaign Despite XXX quarter performance by to marketplaces business strong the This slowing such as second environment performances by key second E-commerce Slide XXX Now momentum Shopping traditional in let's delivered the and Tmall Fashion Notably, X% growth of the Festival, quarter, positive XXXX, Apparel. the of since China, strong stabilization in during BEC macroeconomic of primarily growth Sports Please second outdoor grew business first XXXX. down by with year. review this in a our the resumed sportswear. strong challenging across our growth service and especially BEC driven categories sales growth and XX%, was for the during and year-on-year. business of turn for results in #X. good turned time

overall result, BEC brands achieved operated double-digit a campaign, the for GMV performance. all significantly the market As we outpacing growth during

a showing exceptional new also In base, achieved to content-based over sales a potential our more of this with Douyin good business, growth contributing with but believe X% for only triple-digit newly revenue in from Location acquired terms streaming effective now live image. BEC. We experienced integration low year-over-year to also successful triple-digit following marketing revenue driver X channel, the become to that BEC their brands brand of provide the build a related brand of our China growth quarter, platforms Book conduct them allow growth. performance, growth not Red Little another and these

logistics IT in and Little Douyin in on to recent underpinned by further addition investments our our marketing, Book, our and services technology. digital and enhanced In offerings Red we systems data

large engaged a System. Management to we revamp quarter, with FMCG its the During client Order

terms onboarded world's logistics and provide logistics, to warehousing a In comprehensive brand China. of BXB leading we solution outdoor in a

a Our new to relationship extend when existing our and with clients. clients helps expansion strengthen us edge provides of capabilities competitive service us and with acquiring

this result, a performance As new quarter. strong delivered new our with business over XX development wins efforts

high renewable a stability ensuring and year, Our reached this growth. the XX% future historical client half our at of rate potential in revenue existing first

business. let's to Now product sales turn

weak a the which year-on-year. rationalization process BEC's was The reached campaign, XXX decline of performances business by was sales strong our by Small the categories. a the revenue quarter, Healthcare Electronics and of offset Beauty performance and Appliance category the has During impacted product end only the with single-digit during in

a margin with under continued enjoying over to new the marketing where model, also brands and gross add full higher exclusive We we're control distribution activities. sales

Kitchenware the brands signed good Joseph period. the their phase, achieved China. U.K. improvement their exclusive our and become we following ramp-up Overall, agreement initial exclusive in in and an we distributor quarter, further anticipate distribution in Joseph and with profitability This revenue momentum to have brand,

to performance, cost improvements through Lastly, Sigma Lean optimization to enhance efficiency line Six and drive and we projects. continue bottom

Six tools. training of System out This rolled quarter, we the to with AIGC staff, increasing upgrading more combined Lean adaptation Operation Sigma and our frontline

BEC strategic performance business integrate business including financial the business. In the operations the this expectations. and are In XX XXX acquired half integration group completed million. benefit Lean newly our Location year, to of Sigma to project efficiency turn of a also with to RMB our complete We we a delivered than projected systems over and our more our in first expect and XXXX, deliver processes, financial companies, the we projects, successfully line to around continued among which plan of Six

confident to are in target business our BEC profitable this growth achieve back will help the We a that and manner. transform us strategy full and sustainable year

on to for will I BBM. update Now pass an Ken

Unknown Executive

thank Slide on you. Please additional with ] speak pleasure you, and to BBM. all. Thank Kim updates you turn to for my great [ It's #X

in decline advanced our double-digit During quarter, the a weak the Despite segment and segment. improving experience, traffic, Fashion headwinds, second strategy particularly our we customer network. consumption by in retail localization conversion to expanding led Apparel the fine-tuning off-line rates

expenses. the optimization to also initiatives We implemented further cost reduce

of quarter. In the operating loss supply a chain year-over-year efficiency. operations, enhancing a the X% able over total achieved As by improvement these our XX our revenue in strategy away and months adjusted discounts declined to result on segmentation we efforts, BBM's since to to were product a China perpetual narrow embarked XX% have year-over-year the we taking design, from Gap move and for

core features absorption. This healthy we quick of environment, despite introducing gross Overall, by margin dry, XX.X% sweat and consumption quarter, enriched quarter. a categories as our weak such such T-Shirt we the maintained for as cooling the functional

new network off-line stores stores, our of of expansion our by XXX pace the resulting total stores. X to in bringing increase opening X a accelerated and also net We

Changsha, to Guangzhou, and Tier and the an We store a Tier with X our continued focused new new of Guiyang. the XXX size cities entered efficiency. X higher average addition capacity to to locations quality high-traffic traffic neighborhood to feedback, have we XXX store Leveraging square experience we refine also location gained X inventory Shenyang store site and such and and including sales and Shanghai on Xi'an, meters from areas tactics. locations Tier cities, several in opening In and consumer new insights as increase

local Inc. new with efficiency taping investment allowing the market partners for Guiyang, average. these strengthening success have emerging profits leverage to locations. We and confidence than stores presence, aim we and sales our an enhance second growth our early retirement last Plaza our XXXX. exceeded more Overall, expectations. track compared X% for capitalizing unit us in will optimization plans emerging our new store also these to markets The and end deepened opportunities. style than our some localization expansion global generating of chain, marketing. tier supply also to openings we on collaborate boosts to XX and the stores potential strategy cities, the that to target Joy expansion. our local by resources Dolphin are City expansion of continue opportunities better increase The we and year. Recently, in see upward on leases, for aim full network Additionally, collaboration to trend the and this footage in stores introduced are new in open product casual further our Gap with higher Shenyang, It's teams. in to for in encouraging positive more develop closely brand's balance accounting off-line China, than existing of Both natural and development, Gap's to leverage interaction proactive resources the with space long-term we year our sides merchandising and across have global After of efforts with and

categories themes happy emphasize led outfits X khakis and in categories: despite that report sales to Gap's to and stylish challenges, positive key have highlighting macro our fine-tuning displays now leisure Our ] the to sweatshirts. I'm growth current the [ initiatives create denim, store August.

focus With as we top growth the improved of to expect BBM summary, next line the second of In margins. enter experience our growing journey, expanded we growth the contribution stores, safeguarding our new will to phase half and line return include in the while our from customer top XXXX. the has

slower plans. recovery consumer our remain a observed committed strategic have to we segment, Although we in executing

invite casual products begin a with to is quality. mass Q&A of follow Operator, We that prepared remarks. in are align goal we concludes to delivering by China market our to our appeals Our families you progress. That build session. and DNA now Thank you. to business ready profitable Gap localized that the

Operator

comes first [Operator Instructions] The question Chong from Jefferies. Thomas with

Thomas Chong

about Consumer Tmall is non-Tmall. expectations the for question and the recent the My segment [Interpreted] and

And upcoming E-commerce So in year? the how Double the thoughts the on do the second competition we half see of segment of any XX?

Arthur Yu

Okay.

recovery all, the the I for compared of seen with think, we question. growth Tmall Okay. first And in the year, you have half Thank a the of first from of year. last terms

-- have still the it of Douyin Although of another seen double but this the has down, rate trend growth we through continue trend the will slowing emerge for and true is to the growth, E-commerce. second we year. And a is think half omnichannel is operation digit the

all brand. of attract a like brand one a big is Kuaishou, example, more basis for Little channels potential proportion So some channel attention the from the single Red our on full or Book instead channel. And they of online, operating

on XX, and the start our Double which XX Baozun creates help added to complex, becoming the anticipate is a what For is will more successful. we Double also the longer XXX. duration be to the will earlier experience in than opportunity based value partners for year And be brand our planning last

XXX. good think for internally, Double in we started So planning delivered already we process we help, have and replicate XX, with can the the we our have performance

Operator

CITIC. question from next Ying The [ one comes from just ] Jarvis -- moment,

Unknown Analyst

questions. I Congrats X have on the and quarter solid

we the recently, question price strategy seen growth. have operated performance a we GMV advertising by my shifted Does Gap is influence to competition of the this that is Baozun? And from have brands year. platforms trend that, first good Global second The of this some E-commerce seen

can share future more consider and trend Gap fashion details some So the style? will management about global Baozun of design, introducing

Arthur Yu

Okay.

good because Baozun international terms we opportunity So the operate. for the all to that's the brands, for give think news brands the attention that's especially returning the now one, to operate, we of as for GMV for I focus, a brands large-scale big more in platform, good the big Tmall, first us the a

that's us. So we think for sign a positive

on Now can pass Gap, Ken? about to the I

Unknown Executive

true. it's Yes,

investing see we also products is and a And Global's of design Gap lot see is new quite well. marketing. also their performance We Gap

we to So Global season adoption we do Gap by global plan products. our the based of on do increase But will feedback. season it market

sure our positive a make our will to So impact financials. have change strategy to

to special color launched fabrics, also self-development sales market their -- as X I second in it the categories and adopt adopt very we of includes we to cost; self-development IP is successfully the use So designs will global local fittings is by in products, -- is, potential. such good details think is, localized first the Gap's parts: also the in has continue will third which which we and a trend is, Chinese expand maximize the able self-designed in and to collaborations needs; customers' and will our one order some meet and our product's on global

Operator

The from next comes question CICC. with Zhao Wang

Wang Zhao

I questions. have X

repurchase repurchase share return? My is of observed please in changes provided in shareholder we And recent have on the The engaged the could first quarters. new some e-commerce? services share plans to share as progress future the have the been could partners your question for and is please one you you second share long-term creative in you content, outlook that such

Wenbin Qiu

and Vincent. chance question. your -- for answer and doing we'll question. you take will the in Yes, I the then first are will will second This trying maintain the is visible and repurchase, is Thank for share Arthur very and give one, the scare to continue benefit in we important for shareholders a in for the good investors And pace course of we future, benefits. also their us. the the this future,

to better repurchase, So to not share the turn the the our holistically, category positive try next strive the of like year. -- things around only we'll performance business the performance and and also for each of of other this BBM whole but year business

the essential we some also the like new deliver future. will develop units of to And create XXX these synergy returns. and innovatively So and shareholder also in services value clients business existing are the to we all think for the parts BBM very for between solutions also, them trying new BEC,

focus shareholders. And Arthur delivering is one. then, return the basically for second that for So in ] good our [

Arthur Yu

Okay.

growth one, XX% service providing seen, by also the underpinned was revenue. scope to For mainly improving clients. you we're the delivered And we the and year-over-year as have that quality service second a on service expanding the our

is by complex, clients is kind to increased provide all the and omnichannel and the landscape solution, them clients, help to greatly including our those omnichannel true service of how model Baozun our at the the data a especially technology, us competition channels the and And and sales mentioned, channels drive you So moment, operate different with all our online. current as e-commerce can an very need that we the and from making the moving to at appreciated time the on through the channels, moment. to

Location, of terms business, of a this the the creativity business small entrepreneurial And part like creative very the integrated of outcome and innovation In with the have has whole, Location Baozun we on our the content we is that triple for business, combined part potential successfully quarter, the Group And acquired. because of we this to recently is the very grown which unleash strong the efficient good, of Location a foundation that the part. really business quarter, digits business. as and during very outlook of

Operator

Alicia [Operator Instructions] The next question comes with Yap Citi. from

Alicis a Yap

questions. Two

the then revenue the business the First consumption online there's Especially, business, some affected the have Digital to do half? in the the is, you and And brands? then wondering, any channels? And intensified of reasons, competitive the player traffic? Warehousing you how these given Hap second diversified wondering trend can exposure expect the store the is, if second on Tmall also and question the with benefited more management trend share second have landscape your improvement for your view might China Solution or conversation if in Baozun share terms of might Just seen of your among even latest e-commerce based can in in both management -- and comment into relatively our Marketing your non-Tmall half? offline if

Arthur Yu

I It's take Alicia. I'll Okay. to half on the the question, you, then pass and of first Arthur. the to part. comment on Ken Thank will Gap

more higher would it's offered. some will rates a intensification good say return and I definitely I intensified the being of in discounts terms think question lead issues landscape competition impact. to like the

by omnichannel a opportunity On than more an Baozun the and our competitive Baozun. I impact negative one, few last investment for advantage be years. think competitor. the for to reasons. Number by strength definitely our our other those offered has into capability is think the and supported the I difficult technology over replicated is hand, And change competition positive that And for XX is is the very

one new client. platform. strategy few be the use together. more a to the So our we to And thirdly, middle to good XXX situation advisory for the together is year, operating clients company this collaborate innovate first giving out need. single and start a position EC secondly, to that's platforms position and can new really their work rules opportunity that's service and dealing offer with, strengths with of the Baozun to what of by quite been to will been -- who given to clients of client, Baozun's to define instead our to a our good a to of more rule know the platforms, client closely platform kind compete the for each than we we've role the have closely of They innovate introduce would the we an given this with under in a to And approached the lot and also us this we believe good with operator the just overall important the work client. And more other advisory wants stand like channel. And becoming of different as -- of Baozun in the is brand ways of EC with to EC half they

Thank think this, lot of I Baozun. creating there's a for opportunity because I more of definitely think But is challenges. you. So the competition

the On one pass to Gap will I Ken.

Unknown Executive

Okay.

traffic question, August. it's especially For improving, in the actually

and in sales. increase the we Y-o-Y in increase Y-o-Y will for we expect to the August We half are a going have second also have sales Gap

I this -- different about all different ] think the in talking and it's malls, think [ question, quite cities, I destination different stores. and traffic neighborhood

channels. room optimize because our Gap, competitors, and compared still have flexibility to the I a opportunity So big to other see to Gap

second optimize So store this our new the to we're to opening of advantage our year. with also locations stores growth good the opportunity our sales next continue sure locations. good Make and help will traffic in in we half in take

Operator

Jack with from comes Huatai Hou question next Securities. The

Jie Hou

I the have also question Okay. a computation. regarding

So computation improvement. sector, seen and E-commerce platforms are merchants' in efforts paying with support E-commerce intensified on continuously have efficiency we

almost the E-commerce example, launch marketing [ For platforms. of all on of ] tools Tencent

view competitiveness what's and core Baozun's stage in on So next barrier the management's development?

Arthur Yu

Thank question. Arthur you Okay. for the It's here.

I think, there of areas advantage. are build like we our couple would a to competitive

First one is customer, our our on clients. our focus

basically, with service, job So in we rate a we investment a program, result, our Promoter improving the stable aim program, At underpinned we a done offering data. Net service our enhance the NPS the we of of the same Score renewal good the XXXX and as by customers think service launched in clients. to terms to our clients. good And offer a our technology our have to time,

is So the the competitiveness that our me, kind for of whole current under market situation.

acquire a exclusive more terms value we being in to advantage distribution improving business the China. given sales and market an exclusive leverage one. Number the we efficiency. operate and this third finally, e-commerce And service; the is on that the client. and hand, a So to a at quality marketing financial -- quality business. we give gave our will our digital. Lean a service of us our more of That will in environment. And current operation product in from ability program, to our for of We scope affordable another the under the lot like the believe believe And high for to be cost model. our is, recent of is distributor operate model other us good the business the share can current would perspective. and in aiming that the that's into one a situation number distribution a offered perspective launch competitive brand strength hand, from one we and good give And offer good And digitally-enhanced two start driver market, the as global looking introduction us to push internally. lot to On

Operator

next The from CMBI. comes Johanna Ma ] question [ with

Unknown Analyst

Two questions here.

about about, there updates consumption on of The business Will to adjustments be can outlook any strategy, this? And should strategy ] BBM investment think your investment [ our our growth? half? business. for And regarding the question backdrop? observation priorities can the on for first or How is some current one long-term reduction your us to growth key share macro and management drive plans amid another loss management share trend the we trajectory for BEC second the related long-term is your on with

Arthur Yu

will will comment I Okay. answer on one. Ken second to one, to first Yes. the on and the I pass

consumption, impacted campaign and in can a the of overall the then of to supported I carefully when the weak kind said wider -- terms the environment. But by and due brand the being cautious first to for one, also the think steal momentum. microeconomic the having trend that, also the quarter spending XXX performance, planning that's the good trend mean the I I overall consumer is think still we're growth looking we at by

year-over-year. during has the the XXX delivered example, we growth for brand operated So double-digit a

we opportunity to little Ken. So grow. I'll still soft, to find even though market do the we if pass but well, bit can is a

Unknown Executive

Okay.

before, regarding is opportunity So an mass from trend for I we business still optimize current And second mentioned an stores. Gap's to okay. think point our it's macro see as targeting our the question, see backdrop, currently the opportunity our us of we And market actually also mass channels, for because is view, Gap market.

boost brands And will still invest our X we one to on target products, our and to from will actions. audience. Tier hand, and our experiences more to our optimization keep new cities the the in on the target other adopting we hand, including and continue tier improve So Gap our cost products second sales continue market in Global's successful

So plan. targets, on of our progress we X business Gap's are year's financial optimistic

Wenbin Qiu

Yes.

then, our ] is, is things: For think and of growth; driven X between. then some our this to the be long-term growth for also BEC's first in thoughts. synergy and economy, growth; the Vincent macro despite And the investment long-term and challenge efforts, the strategy [ thoughts, by the share solid will I on based BBM's

although growth. the are for happy thing see here half the but happy is that then the we the to on of challenging, see see. is confident the growth to half back that in on year. we very already be very back second BBM environment BEC So first a And turned to also very track, to It's

there So see. And the for good investment, think keywords. a for key to several priorities it's very thing I are

then First visible cautious, very a make in the one optimistic to be to year. half very because And of economy not second this the a hunter will just need Gap acquire successful. to brands be we a macro is

to need cautious. be we So

cautious we when we four into but We're we to capability, with just because very opportunities. financial strong is Second, will the it number business, the Yes, environment. And resources, that, will team successfully group, is we invest, positions that looking this very very do maintain Baozun want like healthy today's very good integration. to core doesn't nothing. target also need third financial one. And a in be, is the important for the mean of because we thought the we for as business to a integrate our did to we still have second need need caution, a the strong do Location but need

the key about long-term the also think is that and ideas strategies. So investment we growth when

Operator

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

Wendy Sun

for to today's On thank Baozun of team, Thank behalf management we in you participation would you, your operator. call. like

to out reach call. Thank the further for to today. any us. This joining feel concludes require information, you you free us If

Operator

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

may You now disconnect.

Baozun (BZUN) 28 Aug 242024 Q2 Earnings call transcript