Unique Research · Insight / Earnings · April 30, 2022 · Full rewrite — not a stub
HKEX:2013 FY2021 (filed Mar 28’22): rev ¥2.69B (+36.4%; prior years +62/+66/+44%). Reported NI −¥850M; first year of adjusted loss after prior adjusted profits. Digital commerce SaaS core; digital media ads ¥719M (GM 2.1%; ~2k advertisers, ASP ¥360k). R&D ¥775M (+209%; WOS OS + ops mid-platform ¥682M of that). Private-domain TSO stack; marketing cloud ~10–20% mix. Peer Youzan rev −14% to ¥1.57B. Charts in CN images — attach on ingest.
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