行业研究报告，服务于财经领域，整合发布高质量的财经相关领域精品资讯，提供各行业研究报告和干货。我们以微信公众号为基础，覆盖第三方平台为财经相关领域从业群体提供高质量的免费资讯信息服务。 我们的优势： 高质量的内容生产模式、多平台覆盖的整合营销服务、超百余万的高净值人群粉丝、专业、稳定的管理与团队。 旗下的矩阵号： 行业研究资本、行研资本、行研君、IPO智囊团、IPO最前沿、并购大讲堂、科创板的韭菜花、海外投资政策、海外置业政策、海外留学政策、海外留学、全球海外移民政策、番国志。 扫码关注公众号： 行研君 IPO最前沿 全球海外移民政策 报告索取请加：report08 商务合作请加：report998 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/