监管环境分水岭已现 合规化成核心竞争力

Group 1 - The current landscape for cross-border e-commerce is challenged by regulatory risks such as tariff adjustments in Europe and the U.S., and data compliance issues, making compliance a core competitive advantage for companies [1] - The European Union will eliminate the €150 tax exemption for small packages starting July 1, 2026, impacting the previous tax evasion strategies of "drop shipping" and "small package direct shipping" [1] - The enforcement of the EU's Digital Markets Act (DMA) and China's revised Cybersecurity Law will focus on the legality of handling global user information, making compliance crucial for valuation and audit processes [1] Group 2 - Companies are focusing their fundraising on overseas warehouse construction, R&D investment, and brand marketing, with key indicators needed to prove brand upgrade potential [2] - R&D investment should be maintained at 5% to 8% of revenue for brand-oriented companies, emphasizing the importance of a "technology moat" over the number of patents [2] - Capital markets are particularly interested in the proportion of localized assets, including warehouse space and local employee ratios, as well as a repurchase rate of 30% to 40% for consumer hardware, indicating community effects [2]