Revenue side: 2023Q1-Q3 's overall revenue was 959 million yuan, an increase of 17.64% over the same period last year. On a quarterly basis, the company's 2023Q1/Q2/Q3 revenue was 254 million / 424 million / 282 million yuan, an increase of 1.19%, 19.06% and 34.96% over the same period last year.

Profit end: the net profit of 2023Q1-Q3 is 14 million yuan, a decrease of 46.53% over the same period last year. The net interest rate of 2023Q3 is 1.47%, of which the net profit of 2023Q3 is-14 million yuan.

Gross profit margin: the company's 2023Q1-Q3 gross profit margin is 47.26%, down 4.09pcts from the same period last year; of which 2023Q1/Q2/Q3 gross profit margin is 49.42% 2023Q1/Q2/Q3 48.93% picks 42.81%, year-on-year change + 1.13pcts/-3.79pcts/-9.88pcts.

Expense side: the increase in income over the same period last year led to the downward trend of expense rate. 2023Q3 sales expense rate 19.94% Maxime 3.24pcts; management expense rate 15.77% Maxime 0.52pcts; R & D expense rate 13.80% Maxime 0.87pcts; financial expense rate 0.11%/+0.64pcts.

Operating cash flow remains healthy: the net cash flow generated by 2023Q1-Q3 's operating activities is 44 million yuan, compared with-6 million yuan in the same period last year, of which the net cash flow generated by 2023Q3 operating activities is 30 million yuan, compared with 87 million yuan in the same period last year.

Profit forecast and valuation: consumption as a whole shows a weak recovery this year, but as various stimulus measures are gradually in place, we are optimistic about the resilience of corporate growth under the main line of consumer recovery next year. Mainly through the consumer content community "what is worth buying", key vertical applications and consumer MCN, the company forms a consumer content system covering both inside and outside the station for users, and an integrated marketing system for customers. Through the exploration of diversified business directions, the company forms a more three-dimensional service system for e-commerce platforms and brands in the long run. Through the exploration of business sectors such as consumer content and marketing services, the company is expected to obtain omni-directional and more vivid consumption data, create data-based products and services for users and customers, and promote the overall upgrading of the company's business model. It is estimated that the net profit from 2023 to 2024 will be 0.87 billion yuan, and the former 47X/19x PE will be given a "recommended" rating.

Risk hint: e-commerce market is lower than expected, traffic cost fluctuates more than expected, and AI landing is not as expected.