电商代运营公司的业绩分化。但共性是，它们都不再把鸡蛋放在一个篮子里，纷纷转型以寻找第二条增长曲线。 各公司的中期业绩呈现鲜明反差：若羽臣（003010.SZ）成为行业增长代表，上半年实现营收13.19亿元，同比增长67.55%；归母净利润为7226.39万元，同比 增长85.60%，其增长主要来自转型成效——自有品牌收入已接近营收的半壁江山。 以丽人丽妆为例，其半年报显示，该公司来自"天猫国内"和"天猫国际"的营收占总营收比例超过六成，且同比均出现下滑。这反映出其业务仍高度依赖天猫 系平台，多平台布局尚未形成支撑。 向多平台转型已成为行业共同课题。若羽臣的财报显示，抖音平台已成为其销售收入占比最大的渠道，达到37.24%。宝尊电商也在中期报告中强调其跨平 台运营能力的提升：截至2025年6月30日，约48.5%的品牌合作伙伴至少通过两个渠道运营店铺，高于去年同期的45.8%。 前些年，以天猫系为代表的货架电商快速发展，使得电商代运营吃到红利。然而，随着抖音、快手、小红书等内容电商平台崛起，流量格局发生剧变，对缺 乏全渠道运营能力的代运营商构成了巨大冲击。 货架电商与兴趣电商在运营逻辑上存在显著差异。宝尊电商相 ...

Core Insights - The e-commerce agency industry is experiencing a "polarized" development trend in the first half of 2025, with significant performance disparities among listed companies [1][2] - Companies like Ruoyuchen have shown remarkable growth, while others like Liren Lizhuang and Baozun E-commerce are facing severe losses [1][8] Company Performance - Ruoyuchen reported a revenue growth of 67.55% year-on-year, reaching 1.319 billion yuan, with a net profit increase of 85.60% to 72 million yuan [10] - Liren Lizhuang's revenue fell by 13.98% to 830 million yuan, with a net loss of approximately 33 million yuan, marking a staggering decline of 1315.98% [7][8] - Baozun E-commerce achieved a revenue of about 4.6 billion yuan, a 5.63% increase, but reported a net loss of 97 million yuan, widening from a loss of 87 million yuan in the previous year [8] - Yiwang Yichuang's revenue decreased by 14.3% to 530 million yuan, while its net profit increased by 5.83% to 71 million yuan [11] - Qingmu Technology's revenue grew by 22.75% to 668 million yuan, but its net profit fell by 22.96% to 51.7 million yuan due to increased marketing expenses [11] - Kaichun's revenue dropped by 21.67% to 162 million yuan, with a net profit decline of 16.17% to 300,890 yuan [11] Industry Trends - The e-commerce user growth rate is slowing, leading to intensified competition for traffic and rising customer acquisition costs [2][12] - The fragmentation of traffic sources, with the rise of platforms like Douyin and Xiaohongshu, is impacting traditional e-commerce models [2][12] - Companies that fail to adapt to the shift towards comprehensive operations may struggle to survive in the evolving market landscape [2][12] Strategic Shifts - The transition from traditional e-commerce to a focus on self-owned brands is becoming crucial for survival and growth [13][16] - Ruoyuchen's self-owned brand business saw a significant revenue increase of 242.42%, contributing to 45.75% of its total revenue [10][13] - Liren Lizhuang's reliance on traditional e-commerce platforms has hindered its ability to innovate and grow, with over 91% of its revenue still tied to platform sales [13][14] Market Outlook - The overall online retail sales in China reached 74.295 billion yuan in the first half of 2025, growing by 8.5%, indicating that e-commerce still plays a vital role in the consumer market [14] - The future competitive edge will rely on enhancing operational efficiency through digital means and building strong brand management capabilities [16]

记者丨陶力 实习生蒋雨彤 编辑丨张伟贤 电商代运营行业作为数字商业生态中的重要环节，2025年上半年呈现出 "冰火两重天" 的发展态势。 日 前 ， 宝 尊 电 商 （ NASDAQ:BZUN ） 、 丽 人 丽 妆 (605136.SH) 、 若 羽 臣 (003010.SZ) 、 壹 网 壹 创 （ 300792.SZ ） 、 青 木 股 份 （301110.SZ）与凯淳股份（301001.SZ）相继发布2025年半年报。 这六家电商代运营商上市公司的"成绩单"可谓几家欢喜几家愁。从数据来看，从图表数据来看，2025年上半年，行业呈现出更加明显 的业绩分化态势。若羽臣以营收67.55%的同比增长率一骑绝尘，而曾经获得阿里巴巴投资的丽人丽妆，则深陷营收下滑和巨额亏损的 双重困境，净亏损约0.33亿元，同比骤降1315.98%。 另一家阿里巴巴曾投资的宝尊电商，虽然保持营收增长，但净利润却出现亏损；壹网壹创、青木科技和凯淳股份也各自面临不同的经 营挑战。 总体而言，当下电商用户规模增速放缓，平台内流量竞争白热化，导致获客成本（CAC）持续攀升，代运营商为品牌方买流量的利润 空间被严重挤压。另外，流量格局碎片化 ...

21世纪经济报道记者 陶力 实习生蒋雨彤 上海报道 电商代运营行业作为数字商业生态中的重要环节，2025年上半年呈现出 "冰火两重天" 的发展态势。 这六家电商代运营商上市公司的"成绩单"可谓几家欢喜几家愁。从数据来看，从图表数据来看，2025年上半年，行业呈现出更加明显的业绩分化 态势。若羽臣以营收67.55%的同比增长率一骑绝尘，而曾经获得阿里巴巴投资的丽人丽妆，则深陷营收下滑和巨额亏损的双重困境，净亏损约 0.33亿元，同比骤降1315.98%。 另一家阿里巴巴曾投资的宝尊电商，虽然保持营收增长，但净利润却出现亏损；壹网壹创、青木科技（301110）和凯淳股份也各自面临不同的经 营挑战。 总体而言，当下电商用户规模增速放缓，平台内流量竞争白热化，导致获客成本（CAC）持续攀升，代运营商为品牌方买流量的利润空间被严 重挤压。另外，流量格局碎片化也是重要原因，当抖音、小红书、快手等内容电商和兴趣电商崛起，流量不再集中于单一平台。 代运营商若未能及时布局全域运营，其依赖传统"货架电商"的服务模式，必然也会失效。在转型风潮下，旧船票能否找到新客船？ 阿里清仓后，丽人丽妆、宝尊电商深陷亏损 8月27日，丽人丽妆交 ...

Core Insights - The e-commerce operation industry is experiencing a "ice and fire" development trend in the first half of 2025, with significant performance differentiation among listed companies [1] - Companies like Ruoyuchen show remarkable growth, while others like Liren Lizhuang face severe revenue decline and substantial losses [1][6] - The overall e-commerce user growth is slowing, leading to increased customer acquisition costs and fragmented traffic patterns [2] Company Performance - Ruoyuchen achieved a revenue growth of 67.55% year-on-year, with a net profit increase of 85.60% [8] - Liren Lizhuang reported a revenue of 830 million yuan, down 13.98% year-on-year, and a net loss of approximately 33.76 million yuan, a staggering decline of 1315.98% [5][6] - Baozun maintained revenue growth of 5.63% year-on-year, but reported a net loss of 97.04 million yuan, widening from a loss of 87.28 million yuan in the previous year [6] - Yiwang Yichuang's revenue decreased by 14.3% to approximately 530 million yuan, while net profit increased by 5.83% to about 71 million yuan [8] - Qingmu Technology's revenue grew by 22.75% to 668 million yuan, but net profit fell by 22.96% to 51.66 million yuan [9] - Kaichun's revenue dropped by 21.67% to 162 million yuan, with a net profit decline of 16.17% to 3.01 million yuan [9] Industry Trends - The e-commerce operation industry is transitioning from a focus on traditional "shelf e-commerce" to a more comprehensive operational model [2][10] - The rise of content and interest-based e-commerce platforms like Douyin and Xiaohongshu is fragmenting traffic, impacting traditional e-commerce operators [2] - The overall online retail sales in China reached 74.295 billion yuan, growing by 8.5% year-on-year, indicating the continued importance of e-commerce in the consumer market [11] Strategic Insights - Companies that successfully innovate and extend their business models beyond traditional operations are more likely to survive and thrive [10][12] - Ruoyuchen's self-owned brand business saw a significant revenue increase of 242.42%, indicating a successful pivot towards brand management [10] - Liren Lizhuang's heavy reliance on platform sales (91.12% of revenue) highlights the risks of not diversifying revenue streams [11]

从资金流向上来看，当日互联网电商板块主力资金净流出1.03亿元，游资资金净流出9808.32万元，散户 资金净流入2.01亿元。互联网电商板块个股资金流向见下表： 证券之星消息，9月4日互联网电商板块较上一交易日下跌0.17%，若羽臣领跌。当日上证指数报收于 3765.88，下跌1.25%。深证成指报收于12118.7，下跌2.83%。互联网电商板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 300518 | 新迅达 | 16.40 | 12.71% | 29.23万 | | 4.54亿 | | 605136 | 丽人丽妆 | 10.07 | 5.22% | 31.76万 | | 3.16亿 | | 301381 | 赛维时代 | 21.83 | 2.83% | C 10.49万 | | 2.31亿 | | 300464 | 星徽股份 | 5.55 | 2.40% | 16.99万 | | 9435.93万 | | 002127 | 南极电商 | 3.67 ...

从资金流向上来看，当日互联网电商板块主力资金净流出2.6亿元，游资资金净流出2378.91万元，散户资 金净流入2.84亿元。互联网电商板块个股资金流向见下表： 证券之星消息，9月3日互联网电商板块较上一交易日下跌2.72%，丽人丽妆领跌。当日上证指数报收于 3813.56，下跌1.16%。深证成指报收于12472.0，下跌0.65%。互联网电商板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 605136 | 丽人丽妆 | 9.57 | -4.40% | 16.97万 | | 1.66 Z | | 301110 | 青木科技 | 62.30 | -4.37% | 3.05万 | | 1.95亿 | | 002315 | 焦点科技 | 47.86 | -4.15% | 7.06万 | | 3.44(Z | | 300464 | 量徽股份 | 5.42 | -3.90% | 12.31万 | | 6813.44万 | | 301001 | 凯淳股份 | 29.3 ...

证券之星消息，9月2日互联网电商板块较上一交易日下跌2.43%，焦点科技领跌。当日上证指数报收于 3858.13，下跌0.45%。深证成指报收于12553.84，下跌2.14%。互联网电商板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 300518 | 新迅达 | 14.94 | 1.56% | 13.59万 | | 2.02亿 | | 002024 | ST易购 | 1.91 | -0.52% | 30.25万 | | 5761.26万 | | 002803 | 吉宏股份 | 17.43 | -0.74% | 13.02万 | | 2.27亿 | | 002127 | 南极电商 | 3.67 | -0.81% | 51.40万 | | 1.89亿 | | 300464 | 星徽股份 | 5.64 | -1.23% | 15.50万 | | 8662.62万 | | 605136 | 丽人丽妆 | 10.01 | -1.48% | 16.65万 | | 1. ...

人民财讯9月1日电，商业连锁板块震荡回暖，截至发稿，国光连锁（605188）、三江购物（601116）涨 停，永辉超市（601933）、丽人丽妆（605136）、徐家汇（002561）等跟涨。 ...

Core Viewpoint - The financial performance of Liren Lizhuang (605136) in the 2025 mid-year report shows significant declines in net profit and revenue, indicating potential challenges in its business model and market conditions [1][3]. Financial Performance Summary - Total operating revenue for 2025 is 831 million yuan, a decrease of 13.98% compared to 2024 [1]. - The net profit attributable to shareholders is -32.76 million yuan, reflecting a staggering decline of 1315.98% year-on-year [1]. - The gross profit margin stands at 39.7%, an increase of 14.28% from the previous year, while the net profit margin is -4.11%, a decrease of 2404.43% [1]. - Total expenses (selling, administrative, and financial) amount to 318 million yuan, accounting for 38.28% of revenue, which is an increase of 12.95% [1]. - Earnings per share are -0.08 yuan, a drastic decline of 900% compared to the previous year [1]. Changes in Financial Items - The change in trading financial assets is 69.49%, attributed to increased investments in financial products [3]. - Other receivables increased by 49.02% due to advances made to brand partners and increased platform balances [3]. - The decrease in right-of-use assets is -40.07%, resulting from the termination of some lease agreements [3]. - The increase in intangible assets by 63.45% is due to the acquisition of trademark rights [3]. - The net cash flow from operating activities decreased by 54.27%, primarily due to a decline in overall revenue and reduced repayments from brand partners [4]. Business Model Evaluation - The company's performance heavily relies on marketing-driven strategies, necessitating a thorough examination of the underlying factors influencing these drivers [4]. - Historical data indicates a median Return on Invested Capital (ROIC) of 13.11%, with the worst year being 2022 at -5.88%, suggesting a fragile business model [4].