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2021.11 iResearch Inc.2 1 2 3 4 C2C B2C C2B C2B2C C2B2C 3 2018 2020 500 2025 2000 32.5%SMS3 1 2 345 4 C2B2C C2C 5 1 2 3 4 1 2 3 4+80 90 6 1 2016.4 2 2017.5 3 2017.7 4 2021.2 5 2021.7+7 80 90 80 90 2020 30 50%2019 2%47%2020 Z 1995 2009 BCG TMI 2020 2020 68%61%45%24%20%6%76%51%40%22%19%9%69%45%38%27%14%8%Z 15%35%24%14%11%12%35%25%15%14%18-25 26-30 31-35 36-40 40 2020 4-7 8 Z 95%Z 24%BCG 2020 33%2019 21%Farfetch Net-a-porter 43%6%32%59%12%2%5%9%4%16%3%7%2019 2020 4 2019&2020 4/APP 9 2010 2020 32189 2016 23821 35.1%2016 171 2020 473 2016-2020 29%2016 561 2019684 1712032383004735616106276841572016 2017 2018 2019 20202016-2020 2020 77%10 2020 2020 70%-75%1 20-30%2 3 2020 77%73%68%25%-30%23%27%32%70%-75%2015 2018 2019 20202015&2018 2020%11 2.2 2.3 2.4 2.6 2.9 3.0 3.2 3.4 3.6 3.9 4.6%5.4%7.6%10.6%5.5%4.9%5.9%7.4%8.0%2016 2017 2018 2019 2020 2021e 2022e 2023e 2024e 2025e2016-2025%1 2 2020 2.87 2025 3.89 12 60 1947 2011 3C 2011 2015 2016 2017 1947 1990 Bookoff 2009 thredUP 2011 The Realreal 2011 2014 2015 Letgo 2016 2015 2017 2009 Vestiaire 13 1 2 345 14 1.0 3.0 2016 2016 2018 1.0 2.0 3.02016 2016-2018 2018 2.0 2.2 2.4 2.6 2.8 3.1 3.2 2014 2015 2016 2017 2018 2019 2020 1979 1992 2016 1170 20181700 2020 LV Gucci 2021 LV 15 16 2020 510.1 2016 162 2020 510 2025 2080 B2B C2B Statistia 162 198 243 336 510 720 984 1292 1654 2080 22.0%22.8%38.0%51.9%41.2%36.6%31.3%28.0%26.0%2016 2017 2018 2019 2020 2021e 2022e 2023e 2024e 2025e2016-2025%17 31%28%26%22%5%C 5%90 00 50%2021 C B 47%36%9%5%3%90 80 70 00 70 90 47%80 36%Y Z 36.0%34.8%34.2%18 B C B B B 1 3 B B 19 2021 C B/20 1 C2B2C 2 C2C C C 3 C2B B2C B C C2B2C C C C2B B2CC2C C C B C C 21=*22 1 2 345 23 1 2 3 B C GMV C C+C 24 1/2)+1 5 2020 6%-18%0.37%=/25 2/2 1 3C 2 N=1002 2019 11 UserSurvey 3C 13.9%17.2%20.6%21.0%17.3%7.1%3.1%10%11%-20%21%-30%31%-50%51%-70%71%-90%91%2019 26 67.1%69.5%67.9%56.8%52.7%50.2%32.9%30.5%32.1%43.2%47.3%49.8%2018 2019 2020 2021e 2022e 2023e2018-2023&%2021 2021 MCN MCN/1+2+&27 1/2 1 2 SKU 3 SOP 1 2 3 28 UV 0.5%5%1.5%30%4.3%31%2/2 C C 2021 29 1 C2C B 2 60.5%44.8%30.9%26.4%25.3%23.1%17.5%4.4%30 1 2 345 31 2016 2018 1+2 B C 3 4000 500 1=N APP.C B 32 1 2 3 2 50%10 SKU 40%33 2015 6 CRM B C APP B 34 2017 3 C2B2C B2B2C C B APP 20 1.5 2000 35 VestiaireVestiaire Vestiaire Collective 2009 Vestiaire Collective 300 Vestiaire Collective 2021 9 17 C2B2C C2C2 1 3 4 5 Individual Seller Professional Seller 900 55/90 Follow the Leaf 1:136 1 2 345 37 38 39 1 2 3 1 2 3 40 N5Capital41 IPO 42 2002 3000 400-026-Contact Us 43
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