1、CONTENTS020809182530313943484952566367017301/FOREWORDTo make it easyto do marketing anywhereCHANGE03/2021E2020E20192018201720162022E20159.3 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
2、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 4003.81490.46646.250-5-10-15-20-25-20.53.08.611.514.315.715.815.316.0-7.5-2.8876543210181614121086420%-1.8-1.10.53.34.6-15.85.92404/4xRMB 3,000RMB 2,5002x2x3xARPU7.7Q1 FY19Q1 FY20Q1 FY21+68Mn576Mn674Mn742Mn2018/06201
3、9/062020/06+119Mn634Mn755Mn874Mn05/20111214151617181920E400030002000100002011-162016-192019-2006/20151617181920E20%1130117014201700234034602015-1948%2019-20E20192020E2025F2810217080602002019-202019-25F07/To make it easyto do marketing anywhereCHANGEFROMTO09/808590951001051101151203.7 3.4 3.2 3.3 3.5
4、 3.3 3.0 1101051009590855060s5060s70s70s80s0090s80s0090s10/3.813.793.453.632.321.063.453.462.280.95351.8435366.6361.9203.992.5305.8302.2163.964.311/1.50%16.612/13/20191020191120191220200120200220200320200420200520200620200720200820200920191020191120191220200120200220200320200420200520200620200720200
5、8202009900080007000600050004000300020001000020200120200220200320200420200520200620200720200820200920201020201120200120200220200320200420200520200620200720200820200920201020201159%50%14/%96504515/FY19FY20Q1 FY 21Q1 FY20Q1 FY2116/%2.6040%17/FROMTO18/1.2.2%79%7819/%782019 E2020 E20/125%60%54%70%314%83.
6、5 57.9 11.1 3.4 2.4 2.2 1.6 1.5 1.4 1.2 _CHER EK K21/KOL22/23/1226%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%InterestPurchaseLoyaltyAwareness KOLXX%XX%24/FROMTO25/26/#*#*#*#92%68%65%36%27/ZGMV17%28
7、90/0011696TGI44%52%54%23%16%11%19%10%9%14%19%15%28/IP“”“”TG 1TG 1TG 1 1TG 1TG 129/To make it easyto do marketing anywhereCHANGEPLIAO2PLPLOAIPL31/32/33/34/35/人36/37/38/4%8*39/2454524523%25%27%29%30%30%38%40/41/200%42/43/O2OO2O44/45/46/47/To make it easyto do marketing anywhereCHANGEOL49/e k50/super51/BOSSTOTO52/53/54/55/cTEO4TL56/57/XX58/90%+1.68M44%59/60/ROI61/0 3 0 1 97.7%0 2 62/To make it easyto do marketing anywhereCHANGE64/65/aoeo66/To make it easyto do marketing anywhereCHANGE68/69/70/71/72/73/