Feedback on stock pitch

1. I think you can simply color code the relevant tabs the same. Typically this is how it's done in my firm.
2. I would take sell-side reports with a pinch of salt - their incentives are slightly different from yours. Just based off a cursory search, I would focus more on Liepin and the since-delisted but arguably more relevant 51jobs to get a better comps.
3. You can make some educated guesses here - in your note, you mention blue-collar workers are 45% of newly onboarded forming 39% of revenue, and this is the trend you're looking at.. But since ARJPU is not target metric, you care more about the businesses. What kind of businesses hire blue collar workers? Typically manufacturing or service related, but since you're looking at T3 cities for growth service is probably not as big a driver as manufacturing. Etc etc etc. Could spend some of the time you spent on forecasting non-enterprise revenue on this, especially since you noted it forms less than 1% on avg. of revenue -> not important! Goal is not more research but more efficient research, and discarding info and figures that are trivial.

Also where possible highlight and bold important metrics in your note. And always use PDF where possible except for Excel.