1、September 23-24, 2019 Hangzhou, ChinaFreshippo - The Future of Retail is NowHOU Yi, President of Freshippo01Rapid and Healthy Growth盒馬新零售快速健康發展Continue Strengthening Core Competencies持續夯實核心能力，加深護城河Freshippos Future: Innovation Unlocks Unlimited Possibilities盒馬的未來：創新帶來無限可能2Stores（1）Cities（1）Nationwid

2、e Coverage with Operations in 22 Cities已進駐22個城市，初步完成全國布局全國門店數量覆蓋城市數量171226414Note:1. 2019 numbers are as of August 31, 2019. 2018 numbers are as of June 30, 2018. Franchise stores included.南海諸島20182019201820193Well-positioned to Serve Consumers20mn+Annual Active Consumers（1）Typical Consumer Profile盒

3、馬的典型用戶畫像Average Annual Spending per Top Consumer（2）With High Purchasing Power年度活躍買家2540AgeFemaleGenderRMB270K+Average Annual Household Income主力消費人群在盒馬年人均消費RMB3,000+服務中國最有購買力的消費者60%+)UHVK &RFRQXWAnnual Retention Rate（1） In one year, they would consume.她們一年在盒馬消耗5000槱300Z08005,000 tons3mn200k8mn年度留存率&K

4、HUU/REVWHU.LQJ &UDE &RFRQXWNotes:For the twelve months ended August 31, 2019. Franchise stores excluded.Top consumers refers to the group of consumers who contributed around 80% of Freshippos revenue. Franchise stores excluded.4Increasing Contribution of Online SalesRobust Same Store Sales GrowthDec

5、reasing Operating CostsCombined Adjusted EBITDA線上銷售占比持續提升61%同店增長強勁店均營運成本大幅下降of 12-Month Stores Turned Positive（1）12個月以上的門店 Adjusted EBITDA (息稅折舊攤銷前利潤) 已整體轉正51%+13%-30%August 2018August 2019August 2018August 2019August 2018August 2019Note:Data from 58 stores that have been operating for the last twel

6、ve consecutive months as of August 31, 2019. Franchise stores excluded.5Tiered OperationsContent and Community分層運營內容+社群Data TechnologyDT提效Offer different products and servicesto different customer groupsEnhance overall experienceHigher satisfaction and loyaltyDigital operation and management數字化營運管理S

7、trong Operational Capabilities Drive Improved Eciency and User Experience針對不同商圈和人群提供不同的商品和服務提升整體的體驗，帶來更高的滿意度和忠誠度Location & Purchasing Power位置和消費力Automatic staff scheduling自動排班Automatic staff dispatch精細化運營管理，全面提升零售效率和體驗Consumption Senarios商圈和消費場景Store Size & Shelf Space門店大小和貨架空間自動調度Smart merchandise

8、discounting自動打折601Rapid and Healthy Growth盒馬新零售快速健康發展Continue Strengthening Core Competencies持續夯實核心能力，加深護城河Freshippos Future: Innovation Unlocks Unlimited Possibilities盒馬的未來：創新帶來無限可能7Build Agricultural Procurement Capabilities with Rural Taobao.*GTJUTMKJ 9ZXGHKXX_KJ9ZX9ZXGHKXX_GHKXX_8 9ZXGHKXX_ Five

9、 Categories483Reduce Procurement Costs聯合村淘，大力建設生鮮農產品基地，降低采購成本.UTMN)NUTMSOTM,NU6OTQ 2UZY 8UUZ6OTQ2UZY2UZY8UUZ8UUZ 2UZY 8UUZ YVGXGMYSeafood)UXLW0HDW DQG DLUDirect Procurement Agricultural Product Sources（1）農產品基地Optimize Supply Chain, and Improve Food Quality and Freshness優化供應鏈，提升品質和新鮮度2OTMYNONGTMNU0OI

10、_ 9KKZ )UXT0OI_9KKZ9KKZ)UXT)UXT南海諸島HGRUTK5LFH DQG 2LO9HJHWDEOHNote:Direct procurement sources are composed of 329 contracted sources and 154 licensed sources as of August 31, 2019.)NKXX_ :USGZU 9KKZ )UXT 8Invest in Private Label不斷開發自有品牌商品(1)Freshippo Daily Fresh Soy Milk日日鮮豆漿Difresco Frozen Vannamei

11、 Shrimp帝皇鮮泰國白蝦仁100%90%Fast Penetration Driven by Increasing Consumer Mindshare差異化的心智帶來快速滲透Percent of Freshippo Consumers who Bought Freshippo Private Label Products by Category（2）盒馬自有品牌在各品類的顧客滲透率1%10%+18%Notes:Cultivate DierentiatedConsumer Mindset打造差異化的消費心智Newland Black Cattle Beef紐瀾地牛肉80%70%60%50%

12、40%30%20%10%03R（3)BakeryVegetableMeatSeafoodRice andDairyChina Market Private Label Share of Sales (4)Freshippo Private Label Share of Sales (5)North America Market Private Label Share of Sales (4)Freshippo private label products include products under Freshippo owned brands and products from partne

13、rs that are solely developed for and sold at Freshippo.Penetration rate is defined as the number of consumers who bought Freshippo private label products as a percent of total consumers who made purchases in that category for Shanghai in August 2019.3R stands for ready-to-cook, ready-to-heat and rea

14、dy-to-eat products.China Merchants Securities report published on May 10, 2019.Freshippo private label GMV as a percent of total GMV in the month of August 2019.Cooking Oil948 Multi-temperature and Multi-function Warehouses48個多溫層多功能倉庫(1)Co-develop with Cainiao and Ele.me與菜鳥和餓了么共建Note:Nationwide Cost

15、- eective Cold Chain Logistics Network覆蓋全國的高效的冷鏈物流網絡南海諸島Room temperature & freezer warehouses 常溫和低溫倉33114Central kitchens and processing centers 加工中心Seafood facilities海鮮水產暫養中心Farm - Warehouse產地-倉庫Port (Sea, Air) - Warehouse口岸(港口、機場)-倉庫Warehouse - Warehouse倉間調撥Warehouse Store fulfillment center 大倉-店倉Store - Consumer門店-消費者10As of August 31, 2019.01Rapid and Healthy Growth盒馬新零售快速健康發展Continue Strengthening Core Competencies持續夯實核心能力，加深護城河Freshippos Future: Innovation U