Baozun Releases 2023 Chairman Letter
Dear Shareholders:
On behalf of the Board of Directors and the management team of
Enhancing Value Proposition:
BEC, BBM and BZI, the three business lines reinforce an ecosystem in which each complements the other two, and all three concurrently promote each other. This strengthened one-stop ecosystem enables
Throughout 2023, BEC continued to improve its service quality and reinforced its omni-channel capabilities. We upgraded our content-creation and live-streaming capabilities, marked by the launch of our "Creative Content to Commerce" studios and the strategic acquisition of Location, a top-tier Douyin partner. These initiatives will enable us to achieve our goal to enhance the quality of our e-commerce business, ensuring its sustainability, future growth and thereby consolidating our leadership within the digital commerce industry.
BBM accomplished a significant milestone with the completion of the acquisition of Gap Greater China in
For BZI, we continue to establish the business infrastructure throughout
A significant financial highlight for 2023 was the optimization of our cash-generating capabilities through process re-engineering, cost optimization and more efficient working capital management. Consequently, our annual operating cash flow and free cash flow experienced double-digit year-over-year growth, reaching record highs and significantly strengthening the financial health of the group.
Technology Empowering Business Transformation
I would like to emphasize that technology is the cornerstone of our business transformation and success. We firmly believe that our advancements in technology and digitalization establish a foundation that empowers the next generation of commerce across all of
Following the acquisition of
Through strategic partnerships with industry leaders, we have deployed more AIGC technology to increase the daily operational efficiency of over 3,000 employees. Technology-driven process re-engineering has made our middle and back-office operations leaner and more integrated. This has resulted in increased efficiency and cost control. Additionally, we have made solid progress in Business Intelligence capabilities during the year. We can now offer instantaneous data insights that will empower our brand partners to make well-informed and timely decisions.
Cautious Confidence in 2024:
As we look ahead, we remain cautious about macro uncertainties. Yet, we are confident that our on-going transformation has strengthened our business fundamentals and our value proposition to brand owners. Our focus this year is to continue executing our plans diligently and patiently in a sustainable manner. With a healthy cash flow and balance sheet, our board has approved a new share repurchase program of
In closing, I want to express my sincere gratitude to our employees, customers, partners, and stakeholders for their unwavering support throughout this transformative journey. Together, we will continue to innovate, adapt, and thrive in the ever-evolving landscape of digital commerce.
Sincerely,
Chairman and Chief Executive Officer
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