CONTENTS020809182530313943484952566367017301/FOREWORDTomakeiteasytodomarketinganywhereCHANGE03/2021E2020E20192018201720162022E20159.39.08.37.67.06.66.46.512.813.814.013.815.517.018.018.842.743.243.743.744.243.442.942.116.017.219.221.019.419.418.818.46.66.45.95.76.16.46.66.86.66.45.75.04.44.64.64.65.93.93.03.03.02.01.81.84003.81490.46646.250-5-10-15-20-25-20.53.08.611.514.315.715.815.316.0-7.5-2.8876543210181614121086420%-1.8-1.10.53.34.6-15.85.92404/~4x>RMB3,000~RMB2,500~2x~2x~3xARPU7.7Q1FY19Q1FY20Q1FY21+68Mn576Mn674Mn742Mn2018/062019/062020/06+119Mn634Mn755Mn874Mn05/20111214151617181920E400030002000100002011-162016-192019-2006/20151617181920E20%113011701...
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