1、 2024 -CEO 2018-20192012-2013201820198201992020-2021202082020122021320214202162.020218-920211020222022APP2023320235APP202362023820232023111202312APP*9.4 36.8 101.7 373.9 504.4 677.9 793.3 1,006.8 291.5%176.4%267.6%34.9%34.4%17.0%26.9%0%50%100%150%200%250%300%350%02004006008001,0001,20020202021202220
2、232024E2025E2026E2027E2020-2027YoY*2023373.970%2024504.4398 2,775 3,574 202120222023*20232024 979 1,682 2,393 2,862 5,927 6,139 8,680 8,599 9,556 9,525 9,097 11,788 12,001 2022112022122023120232202332023420235202362023720238202392023102023112024DAU120%20242倍20243亿人2024近8成202310+20235+39.9%60%*202320
3、24 IPIPMCNAPP/APPIP*/APP/APP/nnnn *2024H1 2023H13CAPP20241-6202447%53%2024 H147%157065%19%6%89%2024H13CPV43%57%300%5.524245521418917666125431TVBTV20232024202416.3%91.2%83.7%8.8%2023H12024H120+10+5+3+2024H175%0.9%23.5%4.3%11.1%33.3%2.5%4.0%0.6%2.2%1.5%8.0%8.1%23456789101112132024H1/618221-25123456202
4、4110801,000,0002,000,0003,000,0004,000,000202312023220233202342023520236202372023820239202310*466+5MCN/AIAI+AIAIAIAIAI55.3%44.7%1920-3940-5960*20-5926.3%14.0%13.4%12.5%10.7%7.9%5.5%4.3%2.7%1.6%0.5%0.6%/7.5%15.6%17.9%33.1%16.9%9.0%10001001-30003001-50005001-80008001-1200012000*5000-800063.3%49.6%43.2
5、%39.7%38.0%33.0%32.3%21.8%KOL37.5%31.6%19.2%11.5%0.2%APP*69.5%55.8%51.3%43.6%41.0%41.0%35.0%29.8%/+2.0%15.1%39.7%24.9%15.1%3.2%11-33-55-10107.5%22.0%33.7%21.2%12.7%2.8%1011-2021-3031-40408.2%15.3%30.2%29.7%14.5%1.9%18%36%39%4-61-3134.1%30.2%29.1%26.1%26.0%22.9%22.7%22.6%21.8%21.1%19.2%/*30834065.2%6
6、3.1%41.6%41.6%39.9%35.8%30.9%27.4%*/2024H1 GenZ*41%51-10054.9%49.8%49.8%44.9%44.5%40.5%39.2%*6.3%23.4%33.7%25.8%10.8%1011-5051-100101-20020048%42%40%35%34%31%30%29%28%/KOL54.6%40.4%5.0%*35.6%29.8%26%24.3%23.8%23.2%22.4%23.5%/TOP1027.1%/消费随时随地发生交易链路更短人群的精捞与破圈人群资产长期留存叙事简练的品牌娱乐化表达比长