 Baozun Inc NASDAQ: BZUN reported first-quarter FY21 net revenue growth of 32.6 year-on-year to 308.4 million RMB2 billion, missing the analyst consensus of 313.4 million. Total Gross Merchandise Volume GMV rose 43.8 YY to RMB13.2 billion, Distribution GMV rose 37.2 YY to RMB1.1 billion, and Non-distribution GMV rose 44.4 YY to RMB12.2 billion. 