WHERETOPLAYinaNewDigitalandeCommerceWorldWhitepapereCommerceSizeofPrize2022:18TrillionCNYwith30%oftotalretailsalescontributionSource:NationalBureauofStatistics,KantarConsultingAnalysiseCommerceRetailSalesand%ofTotalRetailSales(Unit:CNY,BN)6%8%11%13%15%20%23%25%28%30%32%EC%ofTotalRetailSales1,1491,8532,8213,8295,1567,1759,38612,01414,41716,57918,1862019E2012201320172014201520162018E2020E2021E2022ECAGR:+44%CAGR:+18%InternetUser：OnlineShopperPenetration:Spending：811Million939Million73%82%CNY15,855CNY23,6182018E-2022ELeastMatureSTARMostMatureLessMatureMostFMCGandconsumerhealthproductscontinuedhighgrowthratewithonlyexceptioninBabycategoryCosmeticsPetSu...