Unique Research · Insight / Earnings · April 29, 2022 · Full rewrite — not a stub
China’s largest TP ecom services firm Baozun (宝尊电商) FY2021: GMV ¥71.054B (+27.6%), rev ¥9.396B, NI −¥220M (ops profit still +¥7M), GM 65.1%. Hundreds of brands (Nike, Samsung, ZARA…). Distribution GMV ¥4.336B (flat); non-distribution (agency) GMV ¥66.718B (+29.9%). Fee mix: fixed + commission under non-distribution. Channel + brand diversification thesis; first net loss amid higher opex and external headwinds. Charts in CN images — attach on ingest.
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