20240110_开源证券_社会服务行业深度报告深入剖析潮玩行业两大趋势出海多元_53页.pdf

1/53 2024 01 10-2024.1.7-2024.1.1-2023.12.24+S0790522080008 S0790122120005 2021 345 2017-2021 CAGR 33%2019-2021 2022 1500 IP IP 2022 1074 CR5 26.5%34.5%2 200 2022 60%/42%/41%75%IP IP IP IP 1 IP 2022 IP 1000 IP 2 IP 2019 IP 3080 2019-2024 CGAR 13.8%IP/IP 3 IP 70%65%IP 1 IP IP+2 TOP TOY IP IP 3 IP IP-29%-19%-10%0%10%2023-01 2023-05 2023-09 2024-01 300 2/53 1.6 1.1.6 1.1.1.6 1.1.2 15-40.7 1.1.3.7 1.2+.9 1.2.1.9 1.2.2.10 1.2.3.12 1.3.13 1.3.1.13 1.3.2.14 2.15 2.1.15 2.1.1.15 2.1.2.16 2.2.18 2.2.1.18 2.2.2 IP.21 2.3.22 2.3.1.22 2.3.2.23 3 IP.24 3.1 IP.24 3.1.1.24 3.1.2 IP+.26 3.1.3 IP.28 3.1.4“”+“Kid u lt”.30 3.2 IP+“I P”“I P”.32 3.2.1 IP.32 3.2.2 IP IP.33 3.2.3 IP.35 4.39 4.1 IP.39 4.1.1 IP Mega.40 4.1.2.43 4.1.3.46 4.2 TOP TOY.47 4.3 IP.49 5.50 6.51 YWBYzQtOoNrQoQsRnQtMoP6M8QaQpNnNnPsOlOmMnMkPmNtR6MoOuMxNnOzQMYoPpP 3/53 1 2021 345.6 2 2021 28%.6 3 2030 4900.7 4 2023H1 3039 44.5%.7 5 2023Q1 1500.8 6 2019 CR5 22.8%.9 7 2021 CR5 26.4%.9 8 181 IP.9 9 Molly.9 10 2023H1 131.10 11 2022 19%45.8%.10 12 Inner flow IP.11 13 2023 1-10/TOPTOY/TNTSPACE/52Toys/47/18/2/7/5/2.11 14 11.11 15.12 16.12 17 Utility.13 18.13 19 1 Molly 2“”3“”HACIPUPU 13 20 1981 GDP 1 2019 GDP 1.14 21 2015 30.14 22.14 23 2024 418.15 24 2022 50%+.15 25 PTS 2.16 26 200.16 27 2022 CR5 26.5%+.17 28 40%.17 29 2023H1 3.76 140%.18 30 2021.18 31 2023H1.19 32.19 33 52TOYS 2023 12.20 34 52TOYS$13.99.20 35.20 36.20 37.21 38.21 39 DC.21 40 Funko ins.21 41.22 42.22 4/53 43 2022 483.6.23 44 Funko.23 45 Molly 2017 IP Crybaby.23 46.24 47 80.24 48.25 49.25 50 FY2022 34.3%IP 6.2%.25 51 FY2022 OPM 27.5%.26 52“I P”.26 53.27 54.27 55 FY2023.27 56 FY2023.27 57 2005 IP.28 58 2010 IP.28 59 FY2023 45.2%.29 60 FY2023 13.3%.29 61 IP IP.29 62 2004.30 63 2022 99%.30 64 2022 904.30 65.31 66 11.31 67 2022 924 26.7%.31 68 2022 72%.31 69 2024 IP 1561.32 70/IP.32 71 DIMMO.33 72 2022 3250.33 73 2019 IP 3000.33 74.33 75.34 76 Dimmo 1.34 77 70%.35 78 65%.35 79 2019 31%2023H1 50%.35 80 2023H1.35 81 IP+.36 82 IP.38 83 IP.39 84 IP.39 85 2023 9.40 86 2024.40 87 IP.40 5/53 88 PDC IP.41 89 2023H1 IP 46.2%Molly.41 90 2023.42 91 MOLLY DIMMO SKULLPANDA.42 92 Mega BJD.42 93 2023.43 94 2023 MEGA.43 95 40%+50%.43 96 2023H1 378 2291.44 97 2023H1 13.4%.44 98.45 99 SKULLPANDA.45 100 2022 12 2000.45 101 MEGA.45 102.46 103 19%.46 104 2023H1 13.4%.46 105 2023H1.46 106 2023 9 2313.47 107 FY2023 300.47 108 FY2024Q1 41.77%16.31%.47 109.47 110 FY2024Q1 TOP TOY 122.48 111 FY2023 TOP TOY GMV 6.06.48 112 TOP TOY 8 IP.48 113.48 114 2022 9.9 3.44.49 115 2022 29.31/32.71/43.58%.49 116“”10.50 117.50 1.7 2.8 3.16 4.17 5.19 6 2023“”“”IP.34 7 IP.36 8.37 9 IP.40 10 Molly.44 11 2024 PE 24.1x.50 6/53 1 1.1 1.1.1 2021 345 28%2017 2021 122%33%2019 GDP 1 Frost&Sullivan 2022 2026 24%2026 1100 424 1 2021 345 Frost&Sullivan 2 2021 28%Frost&Sullivan,28%,23%,16%,10%,9%,14%7/53 1.1.2 15-40 15 40 6.2%2021 15-40 4.9 Statista 2020 3000 6.2%2030 4900 2023 6 30 3000 44.5%92.2%3 2030 4900 4 2023H1 3039 44.5%Statista 1.1.3 TOPTOY IP IP 15%1 APP IP 340 IP40+(1)IP IP(2)(3)+2185 IP 657 IP IP 5 IP30+IP 200 52toys 14 IP15 IP11 TOP TOY 118 TOPTOY IP 8 IP-Finding Unicorn IP5 IP-APP IP3+Nanci 1930404901020304050602015 2020 2025E 2030E30 702207401,9582,6003,039 58.0%56.5%50.7%44.5%00.20.40.60.801,0002,0003,0004,000 8/53 Toycity-IP 8 Laura 300+-531-2019-2021 2023Q1 3055 2021 1500 Top Toy 2023H1 1 IP IP 2023H1 495 55.13%2023H1 32.4%2 2019 2020 2021 2022 2023H1 114 186 288 329 340 825 1351 1861 2067 2185 TOP TOY 5 89 117 118 261 361 463 489 531 IP 415 1621 1799 1152 657 5 2023Q1 1500 2019 8.5%13.6%CR5 22.8%26.4%4 010002000300040005000()9/53 6 2019 CR5 22.8%7 2021 CR5 26.4%Frost&Sullivan Frost&Sullivan 1.2+1.2.1 1 IP 8-15 IP IP 2-9 2 2 3 10 20 30 8 181 IP 9 Molly Pookie 1.6%1.7%3.3%7.7%8.5%0.0%2.0%4.0%6.0%8.0%10.0%FunkoBandaiHot ToysLEGOPop Mart2019 0.4%0.5%0.9%1.1%1.1%1.3%1.4%2.6%7.5%13.6%0.0%5.0%10.0%15.0%AP1983X11RastarTOP TOYFunkoHasbroBandaiHot ToysLEGOPop Mart2021 10/53 1 2020 30 4 5 80%90%2 2021 9 IP 3 3A Agile Aligned Adoptable 2021 150 60 45 2022H1 58.1%2023H1 60.4%10 2023H1 131 11 2022 19%45.8%Wind 1.2.2 IP IP Inner flow 2021 IP PTS/BTS 2017 2018 PDC PDC(Pop Design Center)2017 POP MART 37 38631051521310204060801001201401602018 2019 2020 2021 2022 2023H1 19.7%18.8%15.0%13.4%14.1%19.0%43.8%41.3%40.8%44.2%37.8%45.8%0.0%10.0%20.0%30.0%40.0%50.0%2017 2018 2019 2020 2021 2022 11/53 2023H1 1.09 0.75 Pino Jelly Zsiga IP 12 Inner flow IP Innerflow PTS 2023 1-10 47 9 PTS 31 2023 10 30 2023 11 13 2023 1-10/TOPTOY/TNTSPACE/52Toys/47/18/2/7/5/2 14 11 2023 10 30 0501001502002501 2 3 4 5 6 7 8 9 10 TOPTOY TNT SPACE52Toys 10.74.20.41.61.10.40246810122023 12/53 1.2.3 Mega 2017 30 2023H1 3039 2023H1 92.2%44.5%15 2016 IP 2022 5 16 78.9%88.8%92.2%93.1%92.2%58.0%56.5%50.7%44.5%0.0%20.0%40.0%60.0%80.0%100.0%2019 2020 2021 2022 2023H1 13/53 1.3 1.3.1 20 30 Louis Vuitton Chanel 17 Utility 18 Wind IP Molly 2021 EMO IP 2023H1 IP 3.9%2022 HACIPUPU haci 19 1 Molly 2 3 HACIPUPU-10.000.0010.0020.0030.00200020022004200620082010201220142016201820202022:GDP:%:%14/53 1.3.2 GDP 1 1981 GDP 1 25 GDP 2019 1 2015 30 1990 1995 GDP 69 20 1981 GDP 1 2019 GDP 1 21 2015 30 Wind Wind 22 IP-2022 010,00020,00030,00040,00050,00060,0001960196519701975198019851990199520002005201020152020:GDP:GDP0.0020.0040.0060.0080.00197819811984198719901993199619992002200520082011201420172020:15/53 2 2.1 2.1.1 Frost&Sullivan 2019 198 2015-2019 22.8%2019 207 14.9%2024 418 2019-2024 16.1%The Toy Association 2022 1074 34.5%15.3%50%7.5%14.2%23 2024 418 24 2022 50%+Frost&Sullivan NPD Group The Toy Association Statista 52TOYS 36 2023 80 90 70%65%20-35 25-40 45 2023 9 PTS 2 2023 9 200,34.5%,15.3%,5.9%,5.1%,4.7%,4.3%,2.7%,2.3%,2.1%,1.9%,1.7%,1.6%,1.5%,1.4%,15.0%16/53 25 PTS 2 26 200 36 Funko 2022 338 312 3 2019 2020 2021 2022 2023E 2024E 2025E 2026E 4.9 4.5 4.7 5.0 5.5 6.0 6.4 6.8 17.6 17.5 17.7 16.8 17.3 17.5 17.8 18.1 2.5 1.8 1.4 1.0 1.1 1.2 1.3 1.4 3.8 4.1 4.2 4.3 4.7 4.9 5.1 5.3 15.9 17.4 18.6 17.9 18.8 19.4 20.0 20.7 63.2 66.8 71.2 74.1 80.1 84.5 88.4 92.3 24.8 23.9 25.7 30.2 34.2 37.6 41.4 45.5 96.2 104.6 122.8 125.7 124.1 126.6 130.4 134.4 2.1.2 26.5%+8.33%0.62%2022 60%/42%/41%10%17/53 27 2022 CR5 26.5%+28 40%Statista The Toy Association Funko NBA IP KAWS IP IP IP 4 IP KAWS 1999 KAWS$200-$800 Medicom Toy 1996 Bearbrick$13-$500 Kidrobot 2002 Dunny/Labbit$15-$40 Funko 1998 IP$12-$50 ALTER 2005 IP$150-$400 Hot Toys 2000 IP$50-$300 Toy2R 1995 Qee$9-$40 2010 MOLLY DIMMO SKULLPANDA$15-$60 2013 IP$10-$20 52toys 2015 Panda Roll LULU$13-$50 ToyCity 2020 Larua Mika$13-$150 1950$12-$100 1932 IP$30-$800 1923$16-$200 1948$6-$30,8.33%,5.45%,5.06%,4.87%,2.79%Funko,0.93%,0.62%,0.38%,71.57%60%42%41%19%29%29%10%27%0%20%40%60%80%2022 18/53 1924$8-$40 1928$15-$50 1962 Hello Kitty$16-$100 2.2 2.2.1 52Toys ToyCity 2023 10 2018 2022 436 4.5 219%2023 2023 10 2024 2019 20 100 2018 8 2020 9 2023H1 55 143 28/20 100 29 2023H1 3.76 140%30 2021 0%200%400%600%0.001.002.003.004.005.002017 2018 2019 2020 2021 2022 2023H1 YOY%17283809491060501001502020 2021 2022 2023H1 19/53 5 2 7 6 1 1 1 3 3 8 1 1 1 2 2021/2021 2023H1 2021 74.8%34.2%31 2023H1 32,43.9%,6.7%Shopee,3.9%,3.3%,7.9%,34.2%2.8%33.2%50.7%22.4%19.9%15.1%74.8%46.9%34.2%0%50%100%2021 2022 2023H1 20/53 52TOYS TopCity 52TOYS TopCity IP 52TOYS 2017 2020 52TOYS 2023 12 The Emphere TopCity 40 33 52TOYS 2023 12 34 52TOYS$13.99 IP 2023 9 TOPTOY IP 2023 10 IP 11 10 100 3000 35 36 36 Planet 21/53 2.2.2 IP IP/IP Molly Labubu Hacipupu 2023H1 83 59 37 38 IP IP IP IP Funko Instagram 320/52Toys/Tocity 126/27.4/1.3/0.8 39 DC 40 Funko ins Instagram 5983020406080100 2023H1 3200000126000027400013000 77430500000100000015000002000000250000030000003500000Funko Miniso Popmart 52Toys ToycityInstagram 22/53 IP IP IP IP 41 2022 14 100 15-50 42 2.3 2.3.1 75%2022 483.6 75%2021 9 23/53 43 2022 483.6 44 Funko Funko 2.3.2 Funko NBA IP 2017 9 IP IP 45 Molly 2017 IP Crybaby Tagtoy 250.8311.4334.9461.2483.64.7%24.1%7.5%37.8%5.6%0.0%10.0%20.0%30.0%40.0%01002003004005006002018 2019 2020 2021 2022 yoy%24/53 3 IP 3.1 IP IP IP 3.1.1 IP IP 1920s-1970s 1928 1929 1936 1940s-1950s,IP 1955 1971 1980s-1990s 1983 1980s 80 Touchstone 1988 Childcraft,1990s IP 2000s-1996 190 ABC ESPN 2003 3 2006 2009 2012 2018 20th Century Fox Disney+Hulu 2020 Covid-19 46 47 80 25/53 48 Wind 9 FY2022 5873 34.3%2005-2020 2020/4.0/7.3/0.6/8.0%FY2022 34.3%OPM 27.5%7.7%65.2%IP 49 Wind FY2021 50 FY2022 34.3%IP 6.2%2711 2667 2580 2469 2551 2599 2681 2770 300233373715 3659408949214453 4372587302000400060008000-1,00001,0002,0003,0004,0005,0006,000 26/53 51 FY2022 OPM 27.5%3.1.2 IP+IP 1970s-2000 1962 辻 1966 1971 Gift Gate 1974 1975 1990 Sanrio Puroland Harmonyland 2000-2020 2000 1500 2008 IP 2018 2021-2021 IP 2022 52 IP Wind 1:20.314 3 31 7.7%27.5%14.5%0.0%5.0%10.0%15.0%20.0%25.0%30.0%FY2023 operating profit margin OPM-10.0%0.0%10.0%20.0%30.0%-20.00.020.040.060.080.0%27/53 53 FY2023 726 35.8 31.62 89%FY2023/47%/18%/17%7.9%70.9%IP 54 55 FY2023 56 FY2023 020,00040,00060,00080,000FY2019 FY2020 FY2021 FY2022 FY2023,47%,18%,17%,12%,5%7.9%70.9%14.6%16.4%0.0%20.0%40.0%60.0%80.0%FY2023OPM 28/53 3.1.3 IP IP 1950s-1980s 1950-1970 1971 1974 1977 1985 1980 1990s-2005 1995 1997 1999 2005 43%57%57 2005 IP IP 2010-2010 IP IP IP IP IP 58 2010 IP Wind 3 31 0.0%2.0%4.0%6.0%8.0%10.0%12.0%14.0%16.0%0100200300400500600 29/53 FY2023 512 10.8%FY2023 231 45.2%199 39.0%IP 12.8%/13.3%/13.0%IP 59 FY2023 45.2%60 FY2023 13.3%61 IP IP,39.0%,45.2%IP,8.3%,10.6%,3.2%12.8%13.3%13.0%5.8%11.8%0.0%2.0%4.0%6.0%8.0%10.0%12.0%14.0%FY2023 OPM 30/53 3.1.4+“K i dul t”=2023 1932-1992 IP 1993-2003 90 4 2004-2004 CEO=18 10 2014 IP 62 2004 1:1.04 63 2022 99%64 2022 904-30.0%-20.0%-10.0%0.0%10.0%20.0%30.0%40.0%-2000200400600800199920002001200220032004200520062007200820092010201120122013201420152016201720182019202020212022 0.0200.0400.0600.0800.02018 2019 2020 2021 2022 570678832904150134165 155020040060080010002019 2020 2021 2022 31/53 2022 672 16.9%OPM 27.7%99%1%2022 904 2022 155 400 2022 95 2023 19%2004 CEO IP 65 66 11 2005 2022 10 3433 2022 9.24 83.5 OPM 26.7%2024 67 2022 924 26.7%68 2022 72%-60.0%-40.0%-20.0%0.0%20.0%40.0%-200020040060080010002018 2019 2020 2021 2022 OPM%,72.0%,23.5%,4.5%32/53 3.2 IP+IP IP IP IP IP IP IP 3.2.1 IP IP Frost&Sullivan 2024 IP 1500 2019 IP 844 2019-2024 CGAR 13.1%IP 2022 3 31 2023 IP 289.70/40.24/8.12/5.83 IP OPM 70.9%69 2024 IP 1561 70/IP Frost&Sullivan 3 31 2023 2022 2017 IP 2022 3250 2023H1 289.7042.278.12 5.830.0050.00100.00150.00200.00250.00300.00350.00 IP 33/53 71 DIMMO 72 2022 3250 3.2.2 IP IP IP/IP Frost&Sullivan 2019 IP 3080 2019-2024 CGAR 13.8%73 2019 IP 3000 74 Frost&Sullivan FY2022 FY2023 2023 IP 10.31-11.11 GMV 2023 2022 IP IP-50%0%50%100%150%200%250%300%350%050010001500200025003000350040002017 2018 2019 2020 2021 2022 2023H1 YOY 401719075%39%0%10%20%30%40%50%60%70%80%050010001500200025003000350040004500%34/53 6 2023 IP 2022 2023 1 1 2 2 3 3 4 4 5 5 6 6 7 7 8 8 9 babycare 9 10 10 11 11 12 12 13 13 babycare 14 14 15 15 16 16 17 17 18 18 19 jELLYCAT 19 lunastory 20 20 TAMLL 11 GMV+SkullPanda Molly Dimoo Labubu Pucky IP 2023 5 PV 2024 11 20 TapTap 12 IP IP 75 76 Dimmo 1 35/53 3.2.3 IP IP IP IP IP 84%50%30-35%IP IP IP 90%70%65%IP 77 70%78 65%IP IP 2.0 IP 2023H1 6.98 189%3.50 3.48 2019 31%50%79 2019 31%2023H1 50%80 2023H1,30%,70%,35%,65%69%50%31%50%0%20%40%60%80%100%2019 2023H1,50%,35%,2%,12%36/53 IP 2021 12 2023 1 100%2023 6 IP Babyshark IP 7 IP IP 2226 2022 7 105 2023 1 4147 2023 5 2650 2023 6 820 2023 6 1190 2023 6 IP 2021 IP IP IP 81 IP+AECOM 37/53 9 IP 4 Molly Labubu Dimoo IP Labubu Molly IP IP 8 666 363 2100 250 116 340 1121 475 117 49.55 384 280 56-516 299 48-399 220 40 30 443 230 35 20 398 299 29.7 50 400 330 Sanrio Puroland 2.1-219 224 4 3-150 TEA/AECOM IP IP AR IP 38/53 82 IP 72%10 10 4.32 72%TOP 10 LABUBU IP SKU 50%LABUBU POP LAND 39/53 4 4.1 IP IP 2019 2017-2019 Molly Dimmo Skullpanda The Monsters IP IP IP 2023H1 3000 44.5%83 IP IP IP IP IP IP IP 84 IP 40/53 85 2023 9 86 2024 4.1.1 IP Mega IP 2022 65%IP SKULLPANDA Molly Dimoo IP 10%IP 87 IP Wind 2023H1+IP IP IP IP 9 IP IP Skullpanda Molly Dimmo IP IP The Monsters Pucky IP IP IP 26.0%42.0%37.2%39.0%57.6%65.0%0%20%40%60%80%100%2017 2018 2019 2020 2021 2022 IP IP IP 41/53 88 PDC IP 2018 IP Molly 41.6%2020 SKULLPANDA Molly IP 2023H1 IP 46.2%89 2023H1 IP 46.2%Molly IP IP Molly Dimmo SKULLPANDA LABUBU 2020 5.5 2023 8.5 2023 LABUBU 2022 15 2023 55 2023/10/30 0%20%40%60%80%100%2017 2018 2019 2020 2021 2022 2023H1Molly Dimoo BOBO&COCO Yuki SKULLPANDA Bunny HACIPUPU PUCKYThe Monsters SATYR RORY(IP)42/53 90 2023 2023 2023/10/30 BJD IP MOLLY DIMMO SKULLPANDA SKULLPANDA 6%2023H1 19%91 MOLLY DIMMO SKULLPANDA 2023 2023/11/6 BUNNY PUCKY 2023H1 MEGA BJD 2023 Mega Grand Art Lifestyle Joy Original MEGA 2023 9 10 MEGA 2023H1 MEGA 2.42 8.6%92 Mega BJD 13%9%6%14%0%1%6%15%13%19%6%3%0%5%10%15%20%MOLLY DIMOO SKULLPANDA LABUBU BUNNY PUCKY2023 2023H1 43/53 93 2023 94 2023 MEGA 2023 2023/11/6 BJD 4.1.2 5:4:1 1 2023H1 378 2291 2019-2022 CAGR 46%37%2023H1 47.8%2 2019-2022 CAGR 53%2023H1 1.1 569%13.4%45.6%/19%/22%95 40%+50%10513013813153160 15434101002003004005002020 2021 2022 2023 024681000%400%100%63.9%48.3%43.9%39.9%37.3%39.6%47.8%3.5%16.8%14.8%13.1%10.5%8.5%10.5%9.4%20.0%32.0%37.9%42.4%41.6%31.1%23.2%15.0%9.3%9.2%9.9%10.3%10.6%0%20%40%60%80%100%2017 2018 2019 2020 2021 2022 2023H1 44/53 96 2023H1 378 2291 97 2023H1 13.4%1 Pop-up store 2 IP 1+12 IP 10 Molly MOLLY Molly Molly Gpark Molly Molly 360 Molly Molly Molly MOLLY Molly Molly WIN 3263114187295357 378432608251,3511,8702,1162,29105001,0001,5002,0002,5002017 2018 2019 2020 2021 2022 2023H1,45.6%,19.0%,13.4%,22.0%45/53 98 99 SKULLPANDA MEGA 2022 2022 12 2023H1 569%2023Q3 875-880%1844.8 MEGA 100 2022 12 2000 101 MEGA 01020304050010002000300040005000()%02004006008001000 46/53 4.1.3 18 10 19%81%102 103 19%2022 2023H1 55 143 28 Shopee Shopify Amazon 2023H1 140%13.4%2023H1 21%104 2023H1 13.4%105 2023H1 Wind PPT,37%,23%,20%,12%,7%0.4%0.8%1.6%3.0%4.1%9.8%13.4%75%80%85%90%95%100%2017 2018 2019 2020 2021 2022 2023H1 60.0%20.6%62.9%21.0%60.4%19.1%0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%47/53 4.2 TOP TOY 6000 2013 IP 2015 107 2023 9 30 6115 2313 FY2023 300 43%106 2023 9 2313 107 FY2023 300 Wind 6 30 FY2023 13.1 530 SKU 9,700 SKU FY2023 38.73%15.53%108 FY2024Q1 41.77%16.31%109 Wind Wind 2,313 3,802 01,0002,0003,0004,0005,0006,0007,000:2.11.630.80.600.511.522.533.5-100.00-80.00-60.00-40.00-20.000.0020.0040.0060.00(%)(%)020406080100 48/53 TOP TOY 2020 2020 12 TOP TOY 2020 12 TOP TOY 40 40 100 2023 9 30 TOP TOY 122 FY2023 TOP TOY GMV 6.06 110 FY2024Q1 TOP TOY 122 111 FY2023 TOP TOY GMV 6.06 6 30 TOP TOY IP IP 2023 6 30 TOP TOY 7,000 SKU 8 8 IP TWINKLE TAMMY 2023 9 IP 2023 6 30 80 IP 112 TOP TOY 8 IP 113 TOP TOY 5338997117 1181220501001502020-12 2021-06 2021-12 2022-06 2022-12 2023-06 2023-09TOP TOY86.3519.26060200400600800FY2021 FY2022 FY2023TOP TOY GMV 49/53 4.3 IP IP 1993 2006+2010 2012 20 IP 2015 IP IP 114 2022 9.9 3.44 115 2022 29.31/32.71/43.58%Wind Wind IP 2020 2020 8 IP IP IP B IP IP IP 2023 IP 14-10 20 30 402014 2015 2016 2017 2018 2019 2020 2021 2022 0204060802014 2015 2016 2017 2018