2009 1210 2023 10 12 GMV 15%30%5%3%/44%23Q2 24%19%13%2022 38%6%Apple 4%eBay Target Home Depot 5-20%Walmart 15-20%Wish 15%5%10pct 3-4%6-10%2-5%0.5%lazada 4%shopee 7-8%1 1/WTO sku sku 2 2 or+3 FBA 2-5%FBA 4 EBIT 21 010-66500993 S0360517040002%()112 0.01()8,304.70 0.92()7,296.17 1.04%1M 6M 12M-2.8%-8.2%9.1%-1.2%1.4%11.3%2023 3 11%2023-10-11 2023 8 2023-09-15 2023-09-15 2023-08-28-7%3%13%24%22/10 22/12 23/03 23/05 23/07 23/102022-10-122023-10-12 300 2009 1210 5-20%Walmart 15-20%Wish 15%3-4%6-10%2-5%0.5%1/WTO sku 2 or+3 FBA 4 21 0YEVwPqNpMqRoQnOsPqPoP9PaO9PtRqQpNtQkPoPqQeRoPnO8OrQrNuOmPtRxNnQoR 2009 1210 3.6.9 1.10 2 or.13 3.13 4.17.17 2009 1210 4 1 GDP.6 2 GDP.6 3.6 4.6 5.7 6.7 7.7 8.7 9.8 10.8 11 2022 GMV.8 12 2022 GMV.8 13.8 14.9 15.9 16 take rate.10 17 2022 take rate.10 18.10 19.10 20/GDP%.11 21.11 22.11 23.11 24 Dollar Tree/.12 25 Anker.12 26“”.12 27.13 28.14 29 Prime.14 30.14 31.15 32.15 33.15 2009 1210 5 34.16 35 AWS.16 36 TTM.16 37.17 38.17 2009 1210 6 20 2022 GDP 16.3 2000-2022 16.1%20.0()1.9%GDP/2022 4.2 5.6 0.35 0.53 10 1 GDP 2 GDP 3 4 2009 1210 7/19%30%7 8=/23Q2 44.4%23.8%18.7%7.0%6.1%19Q1-28.2pct+11.5pct+13.1pct+3.6pct eBay CVS Target Home Depot Apple eMarketer 2022 37.8%6.3%Apple 3.9%eBay 3.5%Target 2.1%Home Depot 2.1%44.3%5 6 2009 1210 8 9 10 eMarketer 2022 11 2022 GMV 12 2022 GMV eMarketer 13 2023 PE AMZN 13203 58.38 WMT 4209.9 24.20 eBay EBAY 228.9 10.28 Apple AAPL 27749 29.24 Target TGT 484.7 13.85 Home Depot HD 2928.4 19.14 9988.HK 16868 9.29 9618.HK 3557.9 10.17 PDD 1335.7 22.43 Bloomberg 2023 10 6 23 PE Bloomberg 2009 1210 9 5-20%10%Walmart 15-20%Wish15%10pct/GMV 3-4%6-10%2-5%0.5%lazada 4%shopee 7-8%14 1 5%-20%0.3 2-40 39.99/eBay 1 2.35%-13.25%0.3 2-PayPal 2.9%0.3/3-250 listing 0.35/listing Wish 1 15%-Shopify 1 1/20/49/299/eBay Wish Shopify 15 eBay SOP 15-17%15%8%-15%5%5%-8%5%5%5-20%5-20%15%0.5%-5%3%-10%5%2%-5%/8-15%8-15%10%4%-5%6%2.5-5%5%/10-15%15%10%2%-5%6%-8%5%5%/15%12-15%5-14.95%2%-10%6%2%-10%2%10-12%8%-12%13.25%1%-3%2%-8%2%-3%2%8-15%8-15%13.25%2%-5%2%-8%2%-5%2%-5%/8-15%15%13.25%2%-3%3%-8%2%-3%2%3C 8-15%6-15%13.25%2%2%-10%2%2%8-15%8%13.25%2%-5%3%-8%2%2%-5%eBay 2009 1210 10 16 take rate 17 2022 take rate marketplacepulse 2022 2023FY marketplacepulse 2022 2023FY take rate+1 2B C2C/WTO sku sku 18 19 business model analyst GDP 28%11%20%90 2009 1210 11 20/GDP%21 wind Jungle Scout 2023 70%33%9%7%6%5%3 22 23 Jungle Scout The state of the amazon seller 100%2022 C2C B2C Anne klein Lee 2021 2009 1210 12 3P Amazon brand flagship store 24 Dollar Tree/Dollar tree 4.8g 1.25 1.8 6.78 Temptations 17 1.25 7.22 7.5 Tide 8 1.25 3.06 1.24 Dollar Tree 2023 10 10 25 Anker Anker Amazon 508WTPZM 520WFPZM 508WTPZM 7999 502WFPZM 8499 500 20ml 1165 15ml+4*5ml+10ml 15ml+5ml 26 7999 8499 15ml+4*5ml+10ml 15ml+5ml 2023 10 5“”B2C“”/2009 1210 13 2 or 1P 1P GMV 40%+22 2200 1.5 GMV 36%2750 3.3%8651 24.9%27 3 FBA FBA FBA Prime 2-3 2022 FBA 1177 23%2018 400 2009 1210 14 28 29 Prime 1 vs JD GMV 30 2022 2023FY 2022 147/21 36/single family house town house capex 2009 1210 15 31 T+2 160 5 3%FBA 15%2-5%3P 10%+FBA FBA FBA Prime Prime Prime 3C 32 33 cover 2009 1210 16 T+1 34 3C T+0 T+1/-+2&+15%IDC 2022 AWS 40.5%Azure 21.4%6.1%5.2%2021 TTM 500 23Q1 Earnings Call 2023 2022 590 AWS AI 2017 AWS 174 9.8%2022 801+5.8pct 35 AWS 36 TTM 1998 1 2 3 superstar 2009 1210 17 4/EBIT EBIT 21 21 37 38 Questmobile Questmobile 2009 1210 18 2016 2017 2017 2017 2020 2021 2021 2022 2009 1210 19 010-63214682 010-63214682 010-63214682 010-63214682 010-63214682 010-66500808 010-66500821 010-63214682 0755-82828570 0755-83715428 0755-82756804 0755-82871425 0755-83024576 0755-82871425 021-20572536 021-20572555 021-20572257-2552 021-20572506 021-20572585 021-20572509 021-20572548 021-20572573 0755-82756805 021-20572559 021-20572559 0755-82756805 021-20572559 玙 021-25072549 2009 1210 20 A 300 500/6 20%6 10%20%6-10%10%6 10%20%3-6 5%3-6-5%5%3-6 5%26 C 3A 1061 A 19 33 12 100033 518034 200120 010-66500801 0755-82027731 021-20572500 010-66500900 0755-82828562 021-20572522