小红书发力本地生活，IPO前夕商业化又一块拼图？

Core Insights - Xiaohongshu's launch of the "Xiaohong Card" is a significant step in its commercialization strategy for 2025, indicating a shift towards local lifestyle services [1][4] - The "Xiaohong Card" offers users a year-long discount at selected local stores, aiming to enhance user engagement and drive transactions [1][4] - The initiative is part of a broader strategy to explore new business models and strengthen the company's market position in the local lifestyle sector [4][14] Company Strategy - Xiaohongshu's Vice President Xu Lei highlighted that the "Xiaohong Card" aims to convert user engagement into actual transactions, moving beyond mere product recommendations [4] - The company has expanded its partnerships from over 200 to thousands of local businesses, indicating a robust growth strategy [4][14] - The establishment of the "Big Commercial Sector" and the "Million Commission Waiver Plan" are part of Xiaohongshu's efforts to attract new merchants and streamline the conversion from content to commerce [15] Market Positioning - The initial rollout of the "Xiaohong Card" is limited to Shanghai, Hangzhou, and Guangzhou, chosen for their high consumer activity and alignment with Xiaohongshu's target demographic [14] - The local lifestyle market is seen as a critical area for Xiaohongshu, with the potential to reshape competition in the sector over the next three to five years [14] - Xiaohongshu's valuation has surged by 19% in three months, reaching $31 billion, reflecting investor confidence in its commercialization efforts [15] Future Outlook - The company is expected to accelerate its commercialization efforts, with the local lifestyle initiative potentially being a key component of its upcoming IPO plans [15] - Xiaohongshu's strategic moves in local lifestyle services could significantly enhance its market presence and capitalize on a trillion-dollar market opportunity [15]