The Zhitong Finance App learned that Guosheng Securities released a research report saying that maintaining China's “buy” rating (08083) is expected to be 15.2/1,77/ 2.14 billion yuan in 2022-24, and the adjusted net profit will reach -5/1/00.3 billion yuan. The company achieved total revenue of about 370 million yuan in Q3, down 0.9% year on year. GMV increased 10.5% year on year this quarter, achieving quarterly acceleration; Guimu's net loss was 0.2 million yuan, with a loss of 160 million yuan in the same period last year. The loss rate was greatly optimized from -42% to -0.5%.

According to the report, the company added 11,600 new paying merchants in Q3, an increase of 12% over the previous month, and lost 13,400 merchants. In the future, it will focus on the three core customer groups of content monetization, brand DTC, and store digitalization to provide matching solutions to create a more efficient sales system. The bank expects that it will not continue to expand or invest in the “WangXiaodian”, a low-customer unit price product launched in response to a sinking market. Looking ahead, Youzan's merchant structure is expected to be optimized to increase its APRU, activity, and renewal rate.

The bank mentioned that the primary operating goals for 2022 are to increase per capita output, improve operating cash flow and operating results. In terms of fee reduction, sales and R&D investment are rationally controlled, and significant improvements have been achieved on the Q3 cost side through personnel optimization. In terms of efficiency, the per capita income of Q3 increased 112.9%/30.9% month-on-month, the sales efficiency index (number of newly signed sellers/number of sales) increased 43% month-on-month, and the number of paying merchants and number of employees increased by about 110%/26% over the same period. The bank expects the company's cash flow and operating profit to continue to improve in the future.