1、 / 618 2020618 30040618 5xJ-10% +426%6110 +50%14+74% 51 618 201910 6.4 2020 618618 618 2019GMV3,1805 11 2020618 618 618 618 MCN EPS PE 2019A 2020E 2021E 2019A 2020E 2021E 25.00 0.20 0.26 0.64 96.67 96.50 38.99 53.95 0.65 0.86 1.10 53.83 62.86 49.07 -7% 1% 9% 17% 25% 2019/6 2019/7 2019/8 2019/9 2019/

2、10 2019/11 2019/12 2020/1 2020/2 2020/3 2020/4 2020/5 % 1M 3M 12M 5.88% -2.90% 17.42% 4.07% -0.79% 7.67% 171 19405 13838 -63.52 2.30 6776 -218 % 42.01 2020-05-11 “” 2020-04-07 2020-02-03 2020 5G10 2019-11-30 S0550519120001 2020-06-03 2 / 21 1.“618”“” . 4 1.1. . 4 1.2. . 7 2.2020& . 10 2

3、.1. . 10 2.2. 11 2.2.1. . 11 2.2.2. . 12 2.3. . 14 3.“618”“11” . 15 3.1.“618”. 15 3.2.“618”“”. 17 4. . 19 5. . 19 12020“618” . 4 22020“618” . 4 3& . 5 42020&“618” . 5 52020“618” . 6 62020“618” . 6 72020“618” . 7 8“618”&. 8 9“618”. 9 10“618” . 10 112005-2019 .11 122016-2019.11 132017-2020MAU .11 1420

4、18-2019 .11 152020Q1. 12 16% . 12 1720181-20204% . 13 182020Q1 . 13 3 / 21 192019Q12020Q1 . 13 202017-2020. 14 2120203MAU. 14 221.48 . 15 232017-2019“618”“11”GMV . 16 242017-2019“618”APP. 16 252019“618” . 17 262017-2019“618”GMV . 18 272017-2019“618”GMVGMV. 18 282019“618”110. 18 292019“618” . 19 3020

5、19“618” . 19 3120196 . 19 1“618”. 7 2“618”. 8 3“618” . 10 420202“” . 13 5GMV2019Q12020Q1. 14 620205103 . 14 72019“618”GMV . 17 4 / 21 1. 618 1.1. 6185 618 17 618J-10% 2020618 16181 618529-5316.16 1--615 12020618 521-53161-615 -6214 31 22020618 5 / 21 2 3003030040 6

6、1 6182 61618 101010 2020618 J-10% 10% 30% 20204 618 3 618525 6181+515% 7175J-10%” 426%9 61861618 1050% 32 14061 892051 3& 42020&618 6 / 21 52020618 61814+74%10 300%6 6.6208 3412 +500%+422%+500% 618 1 61812+268% +139%4816 +145.37%J-10%1V1 62020618 7 / 21 72020618 1.2. 618 618618 1+300+40 618 GMV PK 6

7、18 1618 1,000+ 8 / 21 2618 618 TOP200+ 618 618 618300600 40 618 8618& 2+ 618 618 30POP 9 / 21 100+ 618 618 37.03618 2 618 9618 3618 6186181 +6+4113C 618 APP PK Top666 10 / 21 3618 PK PK100+5 5v5PK 3C PK + 10618 2. 2020& 2.1. 201910 +17%6.474.8% 20194 11 / 21 11 2005-2019 122016-2019 132017-2020MAU 1

8、42018-2019 Questmobile MobTech 2.2. 2.2.1. 2020Q1 202037.26 0.152020Q13.870.25 2020Q16.280.43 2020Q1 20201-230% 12 / 21 152020Q1 16% 2.2.2. .5% 15.8%7.5% 2020Q1 -24.38%-20.85% 2020Q1TTM GMV+108%+20%GMV+10% 13 / 21 1720181-20204% 182020Q1 192019Q12020Q1 Wind Wind 420202 1398100 500100 36

9、 499100 49950 361 300100 10 40050 35050 500100 500709920 8 1502200 2020215 14 / 21 5GMV2019Q12020Q1 2019Q1 2020Q1 TTM GMV 5,574 1,1572 +108% 1,087 1,301 +20% 2.3. 2020GMV9,610+111% MAU20203MAU7.64.7 4.69 202017-2020 21 20203MAU iiMedia Research 2020510 334 1.482,1004,000 620205103 1 1.53 1,799 67,00

10、0+ 2 1.51 2,099 30,000+ 3 300ML 199 10,000+ 4 IH2L 579 2,000+ 5 31 8,999 300+ 6 12,080 100+ 3.1 15 / 21 221.48 3. “618”11 3.1. 618 10618 5 GMV61811 2019618 3,180.752018+11.8%2018 1111618 618 618618 Questmobile2019618 APP26% 618520 7,500618 20196185.22018+18.4% 618 16 / 21 GMV 242017-

11、2019618APP Questmobile 618 Questmobile2019618 52.1% 58.9%618 17 / 21 252019618 Questmobile 3.2. 618 618 618 2019618GMV 618 GMV29.6%GMV 9.7% 72019618GMV 2,015+26.6%61863.3%2018618 77.5%+65% 23610724 3 1111040 1133 +86%1+1,061%+755% +487%+321%+309% 11GMV300% 2.54500 +133%+83%+245% 300%1238

12、+183% +105%+83.7% 18 / 21 GMV GMV GMV 282019618110 618618 3C618 3C618 3C24%+34.1% 21.2%16.9% 6182019618 Top202,9998P30 Pro 618 19 / 21 292019618 302019618 360 360 3120196 Dataway 4. 2020618618 618 618 MCN 5. 20 / 21 “” R3AB AAABS “” 615% 65%15% 6-5%5% 65%15% 615% 6 6 6 21

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