拼多多：拥抱全民流量，拼多多的升级之路.pdf
HeaderTable _User 847289893 1353271250 HeaderTable _Stock 002154 买入 investRating Change.high HeaderTable _Excel HeaderT able_StatementCompany Table_Excel1 201 6 A 201 7 A 201 8 E 201 9 E 2020 E 505 1,744 13,399 27,620 43,852 - 246% 668 % 106% 59% -282 -479 -2,149 -865 5,659 - - 70 % - 3 4 8 % 60% 754% -318 -382 -1,693 -1 5,347 - - 20 % - 3 4 3 % 100% 5 4 3 1 7 5 . 5 % ADS - -0.9 -1.5 0.0 4 .6 - 58.6% 78.3% 76.7% 77.5% - 6 3 .0 % - 2 1 .9 % - 1 2 .6 % 0 .0 % 1 2 . 2 % 7 0 . 3 % - 8 9 .3 % - 2 . 5 % 1 5 . 9 % - (246.1) (140.8) (252,557.0) 46.5 - 53.9 17.8 9.0 5.7 Table_BaseInfo ( ) 2019 3 4 31.14 43.30 52 / 31.14/17.20 / ADS 1,162/589 345 / 2019 3 5 T a b l e _ C h a n g e R a t e 1 1 3 12 % 6.9 20.0 33.5 - % 7.9 16.4 33.8 - % % -1.0 3.6 -0.3 - T able_Wind WIND -40% -20% 0% 20% 18/07 18/08 18/09 18/10 18/11 18/12 19/01 19/02 拼多多 纳斯达克指数 Table_Summary + C2M + 18 12 4.19 71% 70% 18 GMV 4,716 234% 111 156% & SKU+ C2M 1 4 1/3-1/2 18 21rmb/ 2 45% 3 + 2020 Non-Gaap GMV 2.8% 18Q4 4.19 1127 2018-2020 GMV 4,716/9,057/13,642 1P 3P P/GMV 19 0.38 P/GMV 297 /ADS 43.30 /ADS T a b l e _ A u t h o r 021-63325888-6128 xiangwenqianorientsec S0860517020003 021-63325888-6089 gaobowenorientsec T able_T itle PDD.O HeaderTable_TypeTitle 2 1. . 5 1.1 . 5 1.2 + C2M” . 6 1.3 . 7 2. . 8 2.1 . 8 2.2 . 10 2.3 . 12 3. . 14 3.1 . 14 3.1.1 + 14 3.1.2 16 3.2 . 18 3.3 C2M . 20 4. GMV . 23 4.1 GMV . 23 4.1.1 GMV 23 4.1.2 25 4.2 GMV . 26 4.3 . 26 4.4 . 28 5. C2M . 29 5.1 C2M . 29 5.2 . 30 6. . 30 6.1 . 30 6.2 . 31 . 32 HeaderTable_TypeTitle 3 1 12 . 5 2 GMV . 5 3 take rate % . 5 4 Non-GAAP . 5 5 . 6 1 . 7 2 2019.2.12 . 7 6 . 8 7 . 8 3 . 9 8 . 9 4 . 10 9 . 11 10 . 11 11 APP DAU . 11 12 APP DAU/MAU . 11 13 / / . 12 14 2016 . 12 15 46% . 12 16 2016 . 13 17 2016 . 13 18 . 13 19 . 13 20 . 14 21 . 14 22 18 11 DAU . 15 23 18 11 . 15 24 /12 . 15 25 / . 16 26 /GMV . 16 27 APP . 17 28 . 17 29 1 . 18 30 2 . 18 HeaderTable_TypeTitle 4 31 . 19 32 / . 19 33 . 19 34 . 20 5 trailing 12-month . 20 35 . 21 36 . 21 6 . 22 37 C2M . 22 38 Trailing 12 months GMV . 23 39 . 23 40 . 24 41 . 24 42 TMT . 25 43 TMT . 25 44 . 25 45 . 25 46 . 26 47 %GMV % . 26 48 GMV GAAP . 27 49 GMV Non-GAAP .
