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3锟斤拷锟斤拷锟斤拷锟斤拷锟揭碉拷锟� 锟狡匡拷锟斤拷锟斤拷支锟斤拷业锟今触达拷锟紹锟斤拷锟教伙拷锟斤拷C锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷源锟斤拷通锟斤拷锟斤拷锟斤拷APP+锟斤拷平台小锟斤拷锟斤拷展锟斤拷锟斤拷锟斤拷锟揭碉拷锟�2022H1锟狡匡拷拥锟斤拷760锟斤拷锟皆局э拷锟斤拷锟斤拷锟斤拷袒锟斤拷锟斤拷锟斤拷锟斤拷10锟斤拷锟斤拷锟斤拷锟竭ｏ拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷源锟斤拷通锟斤拷锟斤拷锟斤拷APP锟斤拷锟斤拷锟斤拷圈+千千锟捷ｏ拷锟斤拷锟斤拷平台小锟斤拷锟斤拷微锟斤拷小锟斤拷锟斤拷微锟脚癸拷锟节号★拷锟斤拷锟斤拷小锟斤拷锟津、匡拷锟斤拷小锟斤拷锟斤拷龋锟斤拷锟斤拷锟斤拷锟秸癸拷锟斤拷锟斤拷锟斤拷业锟斤拷为锟矫伙拷锟结供锟斤拷锟绞的憋拷锟斤拷锟斤拷锟斤拷锟斤拷锟酵比拷锟斤拷锟叫拷锟斤拷袒锟斤拷俳锟斤拷锟斤拷郏锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟诫互锟斤拷锟斤拷实锟斤拷私锟斤拷锟斤拷锟斤拷锟斤拷统一锟斤拷锟斤拷锟斤拷全锟芥布锟街★拷
锟斤拷锟节讹拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷GMV锟秸硷拷锟斤拷锟斤拷约锟斤拷瓶锟斤拷锟秸硷拷锟皆わ拷猓拷瓶锟斤拷锟斤拷锟斤拷锟斤拷GMV锟斤拷锟皆硷拷锟斤拷锟斤拷2022-2025锟斤拷锟斤拷锟斤拷CAGR锟斤拷锟斤拷锟斤到83%锟斤拷锟斤拷锟斤拷锟斤拷为锟狡匡拷锟斤拷锟斤拷锟斤拷锟揭碉拷锟角帮拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟揭拷锟斤拷远锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷瓶锟阶プ★拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟揭碉拷锟斤拷锟斤拷锟斤拷锟斤拷锟侥猴拷锟斤拷锟节ｏ拷锟斤拷锟斤拷锟斤拷展锟斤拷锟斤拷锟斤拷锟揭碉拷瘢锟斤拷锟斤拷锟斤拷锟斤拷岣伙拷锟斤拷锟斤拷锟斤拷锟斤拷小锟教伙拷锟斤拷源锟斤拷同时实锟斤拷GMV锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟节讹拷锟斤拷直营锟斤拷锟斤拷锟斤拷锟桔斤拷锟斤拷锟竭筹拷锟叫硷拷KA锟教家ｏ拷通锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷展锟铰筹拷锟叫筹拷锟斤拷锟斤拷尾锟斤拷锟教家ｏ拷锟斤拷硕锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷GMV占锟斤拷锟斤拷锟斤拷锟斤拷摺锟斤拷锟斤拷猓拷瓶锟揭诧拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟狡教拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷帧锟斤拷锟狡碉拷诺龋锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷赘锟斤拷喽讹拷锟斤拷锟斤拷锟街拷锟斤拷锟斤拷锟斤拷锟秸间。
锟狡匡拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷悖拷锟斤拷约锟斤拷锟斤拷锟�2022-2025锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷CAGR锟斤拷锟斤拷锟斤到85%锟斤拷UE模锟酵筹拷锟斤拷锟斤拷锟狡ｏ拷1锟斤拷锟狡匡拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟揭拷傻锟斤拷杲伙拷坠锟侥MV锟斤拷take rate锟斤拷锟斤拷锟斤拷锟狡匡拷锟斤拷锟斤拷千千锟斤拷平台目前锟角讹拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷头锟斤拷锟斤拷锟斤拷锟教ｏ拷2022锟斤拷锟斤拷占锟斤拷约为7%锟斤拷锟叫筹拷锟斤拷位锟饺固ｏ拷锟斤拷锟斤拷锟斤拷为锟斤拷锟狡匡拷锟斤拷锟斤拷业锟斤拷锟斤拷锟斤拷锟节讹拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷GMV锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷预锟斤拷2022锟斤拷GMV同锟斤拷锟斤拷锟斤拷100%锟斤拷锟较达到70-80锟节ｏ拷锟斤拷锟藉到锟斤拷锟斤拷锟斤拷锟斤拷预锟斤拷锟饺讹拷锟斤拷10%-11%之锟戒；2锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷瓶锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷2022-2025锟斤拷锟斤拷锟斤拷CAGR锟斤拷锟叫碉拷锟皆诧拷锟姐，锟斤拷锟斤拷锟狡匡拷锟斤拷锟斤拷锟斤拷锟揭碉拷锟絋ake rate平锟斤拷锟戒化-0.5%~2.5%锟揭碉拷锟斤拷锟斤拷锟揭碉拷锟紾TV占锟斤拷锟斤拷锟斤拷锟斤拷锟教达拷锟教碉拷锟斤拷占锟斤拷平锟斤拷锟戒化1%~7%锟斤拷锟介景锟铰ｏ拷锟狡匡拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟�2022-2025锟斤拷锟斤拷锟斤拷CAGR为57%~106%锟斤拷3锟斤拷UE模锟酵筹拷锟斤拷锟斤拷锟狡ｏ拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟揭拷锟斤拷锟斤拷袒锟斤拷朔锟斤拷锟窖ｏ拷锟斤拷锟皆硷拷锟斤拷锟斤拷2023锟斤拷Take rate预锟斤拷为10.6%锟斤拷锟缴憋拷锟斤拷锟斤拷要锟斤拷锟斤拷锟斤拷锟斤拷平台佣锟斤拷KOL锟街成凤拷锟矫ｏ拷锟斤拷锟矫端帮拷锟斤拷BD锟斤拷锟矫★拷锟斤拷锟斤拷锟狡广及锟斤拷锟斤拷锟斤拷锟矫★拷2022锟斤拷UE锟斤拷锟斤拷锟斤拷要锟斤拷锟斤拷BD锟斤拷锟矫较高ｏ拷前锟节癸拷司锟斤拷直营模式为锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷业锟斤拷锟侥ｏ拷锟斤拷锟斤拷锟斤拷锟斤拷锟紹D锟斤拷模效应锟斤拷强锟斤拷锟揭癸拷司锟斤拷锟节诧拷锟斤拷锟铰筹拷锟叫筹拷锟斤拷取锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷毯锟接拷锟侥Ｊ斤拷锟皆わ拷锟紹D锟斤拷锟斤拷锟叫较达拷锟脚伙拷锟秸间，锟斤拷锟皆硷拷锟斤拷锟斤拷锟狡匡拷锟斤拷锟斤拷锟斤拷锟揭碉拷锟斤拷锟�2023锟斤拷实锟斤拷扭锟斤拷为盈锟斤拷锟斤拷锟斤拷锟斤拷约为2%锟斤拷
4锟斤拷盈锟斤拷预锟斤拷锟酵讹拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟皆わ拷乒锟剿�2022-2024锟斤拷营锟秸分憋拷为34/49/69锟斤拷元锟斤拷锟斤拷母锟斤拷锟斤拷锟斤拷直锟轿�1.5/3.4/7.2锟斤拷元锟斤拷Non-GAAP锟斤拷母锟斤拷锟斤拷锟斤拷直锟轿�1.5/3.5/7.3锟斤拷元锟斤拷锟斤拷应摊锟斤拷EPS为0.3/0.8/1.7元锟斤拷锟斤拷应P/E为65X/28X/13X锟斤拷锟斤拷锟斤拷SOTP锟斤拷值锟斤拷锟斤拷锟斤拷锟角革拷锟斤拷2023锟斤拷锟狡匡拷锟较硷拷目锟斤拷锟斤拷值137锟斤拷元锟斤拷锟斤拷遥锟斤拷锟接δ匡拷锟斤拷35锟斤拷元/31元锟斤拷锟斤拷摇锟斤拷锟剿局э拷锟揭碉拷锟斤拷冉锟斤拷锟斤拷锟斤拷锟斤拷碳医锟斤拷锟斤拷锟斤拷业锟斤拷锟斤拷锟斤拷锟酵钢э拷锟斤拷锟皆撅拷突锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷业锟斤拷锟斤拷锟斤拷锟节讹拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷暮锟斤拷锟斤拷冢锟绞碉拷锟紾MV锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷司支锟斤拷+锟教家斤拷锟斤拷锟斤拷锟�+锟斤拷锟斤拷锟斤拷锟揭碉拷锟叫拷锟秸癸拷锟斤拷沙锟斤拷占锟斤拷锟斤拷锟斤拷锟阶次革拷锟角ｏ拷锟斤拷锟借“锟斤拷锟诫”锟斤拷锟斤拷锟斤拷
5锟斤拷锟斤拷锟斤拷锟斤拷示锟斤拷锟斤拷锟斤拷锟斤拷榉达拷锟斤拷锟斤拷铡锟街э拷锟斤拷锟揭碉拷锟斤拷锟斤拷泳锟斤拷锟秸★拷锟斤拷业锟斤拷锟斤拷锟斤拷叩锟斤拷锟斤拷锟斤拷铡锟斤拷锟斤拷锟斤拷锟斤拷业锟斤拷展锟斤拷锟斤拷预锟节凤拷锟秸★拷专锟揭碉拷锟斤拷锟斤拷锟斤拷锟斤拷萁锟斤拷鄣锟阶既凤拷约锟斤拷锟斤拷锟斤拷锟斤拷锟斤拷锟饺★拷
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