CONTENTS0208091825303139434849525663670173 01/ FOREWORD To make it easyto do marketing anywhereCHANGE 03/ 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 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 4003.81490.46646.2 50-5-10-15-20-25-20.53.08.611.514.315.715.815.316.0-7.5-2.8876543210181614121086420%-1.8-1.10.53.34.6-15.85.92404/ ~4x>RMB 3,000~RMB 2,500~2x~2x~3xARPU7.7Q1 FY19Q1 FY20Q1 FY21+68Mn576Mn674Mn742Mn2018/062019/062020/06+119Mn634Mn755Mn874Mn05/ 20111214151617181920E400030002000100002011-162016-192019-2006/ 20151617181920E20%1130117014201700234034602015-1948%2019-20E20192020E2025F2810217080602002019-202019-25F07/ To make it easyto do marketing anywhereCHANGE FROMTO09/ 808590951001051101151203. 7 3.4 3.2 3.3 3.5 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/ 2019102019112019122020012020022020032020042020052020062020072020082020092019102019112019122020012020022020032020042020052020062020072020082020099000800070006000500040003000200010000202001202002202003202004202005202006202007202008202009202010202011202001202002202003202004202005202006202007202008202009202010202011 59%50%14/ %%%96504515/ FY19FY20Q1 FY 21Q1 FY20Q1 FY2116/ %%%~2.60>40%%17/ FROMTO18/ 1.2.2 %79%7819/ %782019 E2020 E20/ 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 _CHEREKK21/ 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%Int ere stPurchaseLo yaltyAwareness KOLXX%XX%24/ FROMTO25/ 26/ # # ># # # ######**######**#**######### 92%68%65%36%27/ ZGMV17%2890/0011696TGI44%52%54%23%16%11%19%10%9%14%19%15%28/ IP“”“”TG1TG1TG11TG1TG129/ To make it easyto do marketing anywhereCHANGE PLIAO2PLPLOAIPL31/ 32/ 33/ 34/ 35/ 人⻓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 anywhereCHANGE OL49/ ek50/ super51/ BOSSTOTO52/ 53/ 54/ 55/ cTEO4TL56/ 57/ XX58/ 90%+1.68M44%59/ 60/ ROI 61/ 0 3 0 1 97.7% 0 2 62/ To make it easyto do marketing anywhereCHANGE 64/ 65/ aoeo66/ To make it easyto do marketing anywhereCHANGE 68/ 69/ 70/ 71/ 72/ 73/