Ge Long Hui·2025-11-12 19:35Core Viewpoint - The Double Eleven event continues to extend its duration and simplify its gameplay, enhancing the synergy between flash sales and the main platform, leading to over 100 million orders driven by flash sales, contributing approximately 2%+ to order volume and 1%+ to GMV [1][2] Group 1: Event Duration and Gameplay Simplification - The Double Eleven event period has been extended by 2 days, reaching a total of 31 days, aligning with the industry trend of prolonged promotional periods [1] - The gameplay has been simplified from previous "spend more to save" strategies to direct discounts, optimizing consumer experience and reducing decision-making costs to improve conversion rates [1] Group 2: Flash Sales Synergy and New User Orders - Flash sales have generated over 100 million new user orders during Double Eleven, with significant sales growth observed in 19,958 restaurant brands and 863 non-restaurant brands [2] - The synergy between flash sales and the main platform has led to a 20% increase in daily active users (DAU) for the main platform, validating the e-commerce and instant retail collaboration logic [2] Group 3: Financial Projections and Valuation - The company has adjusted its revenue forecasts for FY2026-2028 to 1,016.5 billion, 1,148.1 billion, and 1,265.2 billion yuan, respectively, with net profit estimates revised to 125.8 billion, 174.4 billion, and 201.3 billion yuan [3] - The estimated market value of the company is 35,846 billion yuan, corresponding to a target price of 206.11 HKD per share, maintaining a "buy" rating [3]