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CONTENTS 02 08 09 18 25 30 31 39 43 48 49 52 56 63 67 01 7301/ FOREWORDTo make it easy to do marketing anywhere CHANGE03/ 2021E 2020E 2019 2018 2017 2016 2022E 2015 9.3 9.0 8.3 7.6 7.0 6.6 6.4 6.5 12.8 13.8 14.0 13.8 15.5 17.0 18.0 18.8 42.7 43.2 43.7 43.7 44.2 43.4 42.9 42.1 16.0 17.2 19.2 21.0 19.4 19.4 18.8 18.4 6.6 6.4 5.9 5.7 6.1 6.4 6.6 6.8 6.6 6.4 5.7 5.0 4.4 4.6 4.6 4.6 5.9 3.9 3.0 3.0 3.0 2.0 1.8 1.8 4003.8 1490.4 6646.25 0 -5 -10 -15 -20 -25 -20.5 3.0 8.6 11.5 14.3 15.7 15.8 15.3 16.0 -7 .5 -2.8 8 7 6 5 4 3 2 1 0 18 16 14 12 10 8 6 4 2 0 % -1.8 -1. 1 0.5 3.3 4.6 -15.8 5.9 24 04/4x RMB 3,000 RMB 2,500 2x 2x 3x ARPU 7.7 Q1 FY19 Q1 FY20 Q1 FY21 +68Mn 576Mn 674Mn 742Mn 2018/06 2019/06 2020/06 +119Mn 634Mn 755Mn 874Mn 05/2011 12 14 15 16 17 18 19 20E 4000 3000 2000 1000 0 2011-16 2016-19 2019-20 06/2015 16 17 18 19 20E 20% 1130 1170 1420 1700 2340 3460 2015-19 48% 2019-20E 2019 2020E 2025F 2810 2170 80 60 20 0 2019-20 2019-25F 07/To make it easy to do marketing anywhere CHANGEFROM TO 09/80 85 90 95 100 105 110 115 120 3.7 3.4 3.2 3.3 3.5 3.3 3.0 110 105 100 95 90 85 5060s 5060s 70s 70s 80s 0090s 80s 0090s 10/3.81 3.79 3.45 3.63 2.32 1.06 3.45 3.46 2.28 0.95 351.8 435 366.6 361.9 203.9 92.5 305.8 302.2 163.9 64.3 11/1.50 % 16.6 12/13/ 201910 201911 201912 202001 202002 202003 202004 202005 202006 202007 202008 202009 201910 201911 201912 202001 202002 202003 202004 202005 202006 202007 202008 202009 9000 8000 7000 6000 5000 4000 3000 2000 1000 0 202001 202002 202003 202004 202005 202006 202007 202008 202009 202010 202011 202001 202002 202003 202004 202005 202006 202007 202008 202009 202010 20201159% 50% 14/ % % 96 50 45 15/FY19 FY20 Q1 FY 21 Q1 FY20 Q1 FY21 16/ % % 2.60 40 % % 17/FROM TO 18/ 1.2.2 79 % 78 19/ 78 2019 E 2020 E 20/125% 60% 54% 70% 314% 83.5 57.9 11.1 3.4 2.4 2.2 1.6 1.5 1.4 1.2 _CHER E K K 21/KOL 22/23/1 2 26% 26% 23% 30% 35% 11% 25% 13% 14% 26% 15% 26% 22% / / 20% 23% 20% 10% 12% 6% 17% 10% 15% 19% 13% 10% 15% 5% 30% -4% 38% 6% 31% 16% 27% 19% 18% 14% 18% 4% 21% 5% 24% -3% 30% 5% 77% 7% 73% 3% 85% 5% 73% Interest Purchase Loyalty Awareness KOL XX% XX% 24/FROM TO 25/26/ # # # # # # # # # # # * * # # # # # # * * # * * # # # # # # # # 92% 68% 65% 36% 27/Z GMV 17% 28 90/00 116 96 TGI 44% 52% 54% 23% 16% 11% 19% 10% 9% 14% 19% 15% 28/IP “ ” “ ” TG 1 TG 1 TG 1 1 TG 1 TG 1 29/To make it easy to do marketing anywhere CHANGEPL I A O 2 PL PL O A I PL 31/32/33/34/35/36/37/38/4 % 8* 39/2 4 5 4 5 2 4 5 23% 25% 27% 29% 30% 30% 38% 40/41/200% 42/43/O2O O2O 44/45/46/47/To make it easy to do marketing anywhere CHANGEOL 49/e k 50/super 51/BOSS TO TO 52/53/54/55/c T E O 4 T L 56/57/X X 58/90%+ 1.68M 44% 59/60/ ROI61/0 3 0 1 97 .7% 0 2 62/To make it easy to do marketing anywhere CHANGE64/65/aoeo 66/To make it easy to do marketing anywhere CHANGE68/69/70/71/72/73
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