国君化妆品|新消费驱动,代运营迎转机

Investment Rating - The report indicates a cautious outlook for the e-commerce operation industry, highlighting a transition period with potential for recovery through innovation and brand development [1]. Core Insights - The e-commerce operation industry has faced challenges post-2020 due to the saturation of traditional channels and increased competition, leading to a decline in profitability for many companies [1]. - Companies are adapting by optimizing their brand portfolios and focusing on the incubation of proprietary brands to seek new growth opportunities [2]. - Some companies, like Ruoyuchen and Qingmu Technology, are beginning to see a resurgence in growth by successfully launching new products and entering high-demand markets [3]. Summary by Sections Industry Challenges - The e-commerce operation industry experienced rapid growth from 2015 to 2020, primarily driven by Tmall, but has since entered a period of adjustment due to: 1. Channel transformation with the rise of content e-commerce platforms like Douyin and Kuaishou, which present operational challenges for traditional operators [1]. 2. Intensified competition as companies engage in price wars for brand management rights, compressing overall industry profitability [1]. 3. Traditional brands either declining or shifting to self-operated models, reducing reliance on e-commerce operators [1]. Growth Strategies - During the adjustment period from 2021 to 2023, leading e-commerce operators are: 1. Streamlining their brand collaborations to focus on high-potential sectors and adopting brand management models for better control [2]. 2. Actively incubating proprietary brands, with examples including Ruoyuchen's high-end home cleaning brand "Zhanjia" and Qingmu Technology's overseas niche brands [2]. Recovery and Future Outlook - Starting in 2024, certain e-commerce operators are beginning to recover and find new growth avenues: 1. Ruoyuchen's proprietary brand "Zhanjia" has seen significant success, ranking first in Tmall's new brand list during the Double Eleven shopping festival, with a GMV increase of 141% year-on-year [3]. 2. Qingmu Technology is capitalizing on the trendy toy market, with its operations in this sector showing promising growth due to consumer sentiment and economic trends [3].