Chinese e-commerce solutions provider Baozun Inc ( BZUN ) reported a fourth-quarter fiscal 2023 revenue growth of 8.9% year-on-year to RMB2.78 billion ($391.6 million), beating the consensus of $382.2 million.

Adjusted EPS per ADS was $0.07 vs. the consensus of $0.16. The stock price slid after the results.

The increase in total net revenues was mainly due to the incremental revenue contribution from Baozun Brand Management (BBM), a new line of business it launched in the first quarter of 2023.

By the end of the quarter, in the BEC segment, approximately 44.7% of its brand partners engaged with it for store operations of at least two channels, compared with 41.8% a year ago.

Segments: Product sales revenue improved 36.3% Y/Y to $148.1 million. Services revenue decreased 3.0% Y/Y to $243.3 million.

The adjusted operating margin was 2.7% vs. 7.2% a year ago. The company held $432.8 million in cash and equivalents as of December 31, 2023.

Baozun ( BZUN ) stock lost 50% in value in the one-year period. Investors can gain exposure to the stock via Invesco Golden Dragon China ETF ( PGJ ) .

Price Action: BZUN shares traded lower by 8.33% at $2.64 premarket on the last check Thursday.