The Zhitong Finance App learned that Guosheng Securities released a research report saying that it maintains China's positive (08083) “buy” rating. It is expected that losses will narrow further as operating efficiency increases and the business structure improves, so it adjusted the 2023-25 net profit forecast to 0.2/0.35/100 million yuan. The company's primary business goal in 2023 is to continuously improve operating efficiency, steady cash revenue growth, and continuously improve operating cash flow and operating results. The bank expects cash revenue to grow in 2023, but the short-term revenue side may still be under pressure due to delayed revenue recognition.

According to the report, as of Q4 2022, Youzan had 83,400 paying merchants in stock, a decrease of 6% over the previous year. In Q4, 80,900 new paying merchants were added, and 14,600 merchants were lost. Among them, as of Q4, the number of SaaS merchants in stock was 30,800, of which the number of WangXiaodian merchants dropped to 0.72 million, with a loss of nearly 3,000 over the previous month.The bank expects the impact of WangXiaodian's loss of merchants to continue until mid-2023.The merchant structure is continuously optimized. The company's target customer groups are lower-back merchants with annual sales of 36-480,000 yuan and leading merchants of 480,000 yuan or more. The total target customer base for 2022 was 39,000, an increase of 8% over the previous year. The proportion of paying merchants increased from 41% the previous year to 47%, and the target customer group renewal rate was higher than 75%.The future,The company 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. There may be continuous optimization of the merchant structure to promote the increase in the APRU, GMV, and renewal rates of merchants.