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21 2-3 4=40*50%*20%=4 2021 O2O 1.6%2025 7.8%19-25 CAGR56%25 1.2 4 O2O&+SKU-5/10 UE;6&1 2 3 C O N T E N T S 0130203 04 05&01Partone4&-SKU 3C SKU SKU/SKU 1.15=40*50%*20%=4 2021 O2O 1.6%2025 7.8%19-25 CAGR56%2025 1.2 4 1.2 20 19 8.2%22.6%67.1%减少没有明显 变化增加 11.727.456.193.2133.5182.8228.5308.54080 50 100 150 200 250 300 350 400 450201420152016201720182019202020212022E1241712312933584215066337520 100 200 300 400 500 600 700 800201420152016201720182019202020212022E O2O 6-/-/4 1.3/21 7+3+3P 1P 1P-21 1.6 0.8/431/21/8+21 2.4/21 7-8/-7 02Partone8 KA CMH O2O 2.1 2021 3C/3 SKU&2020 5%O2O 1%O2O 4%50%O2O 9 2800+2000 KA KA+KA 4 20%KA 3C&+2.2 UU 2800+2000+1800+2600+1900+229 170+700+B B KA KA KA 3C OPPO 100 16 400 21 11.2 310 21 10 1+527 100 300 2020 69 280 60.6 2020 132 500 70+30%1.44 32.6 4.5 6.5 6 4.5 6.5 5.5 6 7 8 5.5 8(9000 11000 7000 80006000 7000 6000 7000 7000-10000+10 SKU 10min 1 SKU 2.3+600 3000 600 2000 400-600 200 2000 10 3-5min 10-5-10min 11 24h/+PDA/APP 50%2 2.4 2021 12 3C/O2O 2.5 APP-&/LBS 13 2021 O2O 3C 2020 GMV/703/585 2.62019 2020 2021 840YoY/122 253 431 YoY 107%70%-200-300YoY 47 130 227YoY 536%177%74%3C UU/WMS ERP CRM/AI IOT 5G 4.3%15.2%9.7%11.3%10.8%16.9%15.6%15.7%0.0%5.0%10.0%15.0%20.0%21H1 O2O 20H1 O2O O2O 66 18.48 28%3.96 6%9.9 15%4.62 7%0 0%12 UE 14&1 2 3/2.7-+15 03artone16&1 20km 3km/2 3.117 4/15 10 1/3 UE UE Wind+mini 2020/62%/21%/12%/6%2022+3.2 Costco 10%-20%10.2%21Q4 13.4%2021 4.3%2020 Kirkland 1/4 20%+20.1%2021 18.7%2021 19.0%2020 25.1%12.5%80%-90%2017.3 MAX NB 2021 YoY+70%SKU 3R 2500 SKU 200 100 20 2021 2021 YoY+300%40%()2022.3toB 1 100 TOP10/2019 8 2021 2020 4 3R 22.01 338 1400 22.12 275 10 30+7 70 280 47 41 40 100 25 72 57 16 73 56 22 44 20 48 26 21 6 21 21 27 17 12 18 51 27 6 7 3/12%12%16%16%19%18%53%54%0%20%40%60%80%100%2020年 社零 2019年 社零一线（4 城）新一线（15 城）二线（30 城）三线及以下 19 1/318 04artone19&4.1 3C/52%/9%86 O2O 27%&20 10:00-13:30 17:00-19:00 2021 527 21 2.3 GTV 12%BD 2800 5 100 10 2020+3000-5000 SKU 24h 30min 2022-2024 1 4.2 2021 21 app&4.3 mini X app app APP 600 140 3 41 6 16 app app 20 1000&+22 19 21 21/32%/108%/54%21 10 1 2 4.4 3C+1/CLS Al 3C C 4 KA 2 2018-2021 67.7%67.1%61.2%60.1%2018-2021 22.7%19.4%33.6%37.4%23&05Partone24 25&+&-&5.1 26 1 2 3 5.2
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