强调良性增长 天猫想重回"起点" 淘天再次将目光聚焦在品牌上。3月26日，在天猫超级品牌私享会2025 TopTalk上，北京商报记者获悉，2025年，天猫的经营策略是全力扶持优质品牌、原 创品牌，在新品扶持、品牌会员等维度释放激励，做大品牌增长。 家洛表示，今年天猫将从商家激励、新品扶持、品牌会员、品质直播、用户增长等方面投入战略级资源。 例如，在今年春季，天猫在快消、服饰、运动户外等行业试点推出优质品牌限时返佣政策，截至3月底，90%品牌达成双位数高增长目标，获得现金激励。 接下来，佣金激励将从"春季限定"提高到"全年多次"，并逐步拓展到全行业推广。 新品激励维度，为了鼓励商家在天猫首发超级新品，在淘宝首页、搜索等资源上，平台新增淘宝开屏等资源，品牌新品孵化支持周期从30天拉长至90天。而 直播业务方面，2025年，天猫将投入30亿元红包补贴，激励品牌新客增长，还会给达标的优质商家100%返佣。 品牌商家是天猫的基本盘，也是平台获客拓新的重要阵地。淘天必须设法在京东、抖音等围剿中挽留住商家的经营信心。如何深度运营用户黏性与商家生 态，是电商平台在存量博弈中的核心考题。 9 . . . . . . . . ...

互联网巨头的"战火"，烧到了具身智能 当苹果公司靠着iPhone的吸引力，一举让iOS系统成为全球最赚钱的软件生态时，所有人都明白了 一件事——当一个划时代产品问世时，谁能主导产品的"大脑"，谁就能成为它的"链主"。 站在人形机器人产业爆发的前夜，以互联网巨头为主的基座大模型玩家，正在大举进攻具身智能领 域。 据21世纪经济报道记者不完全统计，百度、阿里、字节、华为、腾讯等AI基座模型头部大厂，已 经悉数开放并大力推介基座模型的具身智能。另外，包括小米、京东、vivo、美团等均通过自行开发或 外部投资的方式，入局具身智能。 "我们属于分包商，就连本体厂商也最多是总包，只有具身智能才是大玩家"，一位人形机器人零部 件行业从业者向记者表示，其一定程度代表了当前从业者对具身智能在这个未来产业中地位的判断。 躬身入局 "腾讯希望成为所有机器人厂商的合作伙伴，而非取而代之做硬件。"3月19日，腾讯CEO马化腾在 财报沟通会上，意料之外——却又情理之中地谈到了腾讯的具身智能战略。 而几乎就在腾讯展现具身智能野心的同时，3月24日，机器人圈传来一则大消息，国内人形机器人 行业头部项目智元机器人获得了来自腾讯的投资，后者持有 ...

从京东超市的茗茶消费数据来看，2024年京东超市茗茶销售线上增速明显。绿茶仍然保持领先地位，红 茶已经位居第二，乌龙茶、花草茶紧随其后。 京东超市的茗茶业务相关负责人介绍了茗茶线上消费的情况，在消费者方面，消费者已经把品质和体验 当成了茗茶消费的关键因素，口味多样化让新茶饮爆发，礼赠产品、满足情绪价值、品质偏好等方面的 需求正在提升，而包装的便携性、创意更受消费者欢迎。在供给端，越来越多的品牌需要好的经营环 境，超三成细分类目取得双位数增长，产品价格更加亲民化，越来越多新茶饮产品的开发满足了新的消 费场景需求。 中国茶叶流通协会副会长梅宇现场发布了全国最新的茶叶情况。梅宇表示，茶是世界三大天然植物功能 饮料之一。从产量上看，2024年全国绿茶产量保持6.53%的增长。 2024年绿茶全国产量增超6% 京东设置6项好茶标准 北京商报讯（记者 赵述评）3月26日，第十一届京东超市春茶节开幕式在京举行，中国茶叶流通协会与 京东超市和包括八马、张一元、小罐茶、竹叶青、狮峰、谢裕大、品品香、徽六、七彩云南和英红在内 的12大茗茶品牌，共同发布茗茶品质保障宣言。 在购买茗茶时，52%的消费者考虑到茶叶的健康养生因素，其次 ...

苏宁翻新中塔店 要靠场景体验再造家电新地标 从家电专卖店到家电零售体验综合店，北京中塔近30年的变化折射出家电零售业的进化密码。3月26日，北京商报记者从苏宁易购获悉，由大中电器中塔 店改造而来的苏宁易购中塔Max店即将在3月28日进入试营业阶段。有别于传统门店，这座北京首家苏宁易购Max店强调体验感，将体验区提升至60%，产 品陈列区及服务区各占20%。作为城市更新的一环，苏宁易购中塔Max店将通过商业部分串联玉渊潭公园及中央电视塔周边区域，推动区域文商旅融合发 展。当家电零售的边界从卖场向体验综合店延伸，市场对其要求越发严苛：需要在体验和有效转化之间找到平衡，还要思考消费诉求和门店运营的协调 性。 据介绍，苏宁易购中塔Max店的整体占地面积约2万平方米，店铺位于中央电视塔的地下1—2层，预计将引入西门子、卡萨帝、COLMO等80多个高端品牌 的首发旗舰店，整个门店将分为AI科技专区、适老化专区、Friend专区等多个不同消费场景的体验区。2024年4月，苏宁与中塔有限责任公司进行签约， 宣布北京首个苏宁易购Max店将落地中央电视塔。 像搭积木一样改造门店 1992年，位于北京西三环中路的中央电视塔竣工并开 ...

题图｜视觉中国 沉寂已久的"三只羊"，在一纸公告中重回公众视野。 3月23日，合肥市联合调查组发布关于三只羊的整改通报，认为三只羊公司整改符合要求，具备恢复经营条 件。 经营条件虽然恢复了，但大小杨哥何时能复出直播仍然是未知数，即便复出，能否再续过往辉煌，也要打 个大大的问号。因为就在三只羊被立案调查的半年里，直播行业已经变天。 宇宙的尽头是直播带货。无论寻亲、打假、模仿明星、扶贫卖惨，只要上了新闻有了流量，都纷纷转向了 通过直播带货来变现。有数据显示，2019年到2023年5年间，直播电商市场规模增长10.5倍，投诉举报量增 幅却高达47.1倍，投诉集中在产品质量低劣、货不对板、售后维权困难等。 为了流量无下限炒作，操纵公众的眼泪、欢笑，社会信任被一步步瓦解。这种唯流量论的带货逻辑，已然 引发了众怒。而这，其实与模式的先天设计有关。 当我们打开电商APP时，通常有明确的购买诉求，比如，想买一台手机，就会去搜索iPhone，或者是打开3C 专区挑选。 但当我们打开内容类的APP时，内心活动一般是：只想放松，刷点有意思的看看。背后其实并没有明确的购 买诉求。 2024年，美的空调在徐菲直播间的年度销售额同比20 ...

Group 1 - Nvidia's pre-market stock dropped over 1% [1] - Popular Chinese concept stocks saw gains in pre-market trading, with Li Auto up 1.34% [1] - Google executive predicts significant breakthroughs in quantum computing in about five years [1] - Qualcomm filed complaints against Arm for limiting access to key technologies, harming market competition [1] Group 2 - Tesla announced its entry into the Saudi market with a product launch event scheduled for April 10 [2] - Vietnam approved SpaceX's Starlink satellite internet for trial operations until the end of 2030 [2] - Bawang Tea submitted an IPO prospectus to the SEC, planning to list on NASDAQ with the ticker symbol CHA [2] - Faraday Future will deliver its first FF 91 2.0 model to a New York investment bank on March 28 [2] Group 3 - Morgan Stanley raised the target price for Carvana from $260 to $280, upgrading the rating from "neutral" to "overweight" [3]

Group 1 - JD.com has officially launched its travel season, collaborating with brands like Adidas and MGG to offer a variety of popular products, including sportswear and outdoor gear, with discounts of 30 yuan for every 200 yuan spent [1][3] - The travel season will feature four themed weeks, including "Wild Awakening Camp" and "Lightweight Hiking Week," showcasing a range of high-quality outdoor products and ongoing discounts [3][5] - Daily "travel packages" will be introduced during the travel season, catering to various outdoor activities such as camping and picnicking, making it easier for consumers to enjoy their outings [5] Group 2 - The Yeezy brand has seen a resurgence in popularity following Adidas' announcement to clear its inventory, with prices dropping significantly, making it an attractive option for consumers during the travel season [7][8] - JD.com will host offline events, including a support event for Lin and sponsorship of the world's first humanoid robot half marathon, blending technology with sports [8]

Core Viewpoint - Urban Beauty, in collaboration with actress Gulnazar, has launched exclusive new products on JD Fashion, including popular items like bras and loungewear, with promotional offers available for consumers [1][3]. Group 1: Product Launch and Promotions - Urban Beauty's new collection features Gulnazar's signature "弹弹衣" bras and Lenzing Modal loungewear sets, exclusively available on JD Fashion [1][3]. - The launch coincides with JD's Super Star Fan Day, offering discounts such as 50 off for purchases over 100 [1]. - A live broadcast event will take place at the Shenzhen Underwear Expo, showcasing more promotional offers [1]. Group 2: Product Features - The "弹弹衣" bras are designed with high elasticity and soft support, providing 3D shaping and breathability, suitable for hot summer days [3][4]. - The Lenzing Modal loungewear is upgraded for softness, breathability, and environmental friendliness, featuring a delicate touch and a stylish pastel color palette [4]. - Additional products include various bra styles catering to different body types, such as strapless bras, soft support bras, and loungewear made from 100% Xinjiang cotton [6][4]. Group 3: Shopping Experience - Consumers can enjoy a fast shopping experience with delivery times as quick as 9 minutes for popular new items [8]. - JD Fashion emphasizes the ease of selecting lightweight and comfortable spring and summer lingerie [8].

Core Insights - The article emphasizes the importance of reverse logistics in enhancing cost efficiency and operational effectiveness for businesses in the context of digital transformation and e-commerce growth [1][15] - Reverse logistics is defined as the process of moving goods from their final destination back to the manufacturer or distributor for the purpose of recapturing value or proper disposal [1] Industry Overview - The Chinese government's draft decision on amending the "Interim Regulations on Express Delivery" aims to promote green packaging and sustainable practices in logistics [1] - Reverse logistics costs are projected to account for 15%-20% of total logistics costs for enterprises by 2024, directly impacting economic efficiency and sustainability [1] Challenges in Reverse Logistics - The article identifies three core pain points in reverse logistics: 1. Difficulty in selecting cross-regional service providers and controlling costs due to dispersed return locations and high single-return costs [5] 2. Inefficiencies in time prediction and resource scheduling, leading to increased management costs and operational risks [6] 3. Issues with logistics information isolation and accountability, resulting in challenges in tracking and managing returns [7] Solutions Offered - The "Baidiyun Enterprise Express Management SaaS" integrates SaaS, API, and internal systems to provide a comprehensive solution for reverse logistics, enhancing efficiency by 52% [3][8] - The solution includes features such as intelligent scheduling, real-time tracking, and automated cost calculations, enabling businesses to transition from passive to proactive management [8][13] Technological Integration - The "Baidiyun API Open Platform" connects over 2,100 courier companies, allowing for nationwide coverage and cost control in reverse logistics [9] - The system supports various return methods, enabling consumers to return items through multiple channels while allowing businesses to monitor logistics in real-time [11] Conclusion - Reverse logistics is not only a cost management challenge but also a critical aspect of customer experience and brand reputation [15]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 68.73 HKD [7][24]. Core Insights - The company's 4Q revenue increased by 8.7% year-on-year to 35.38 billion RMB, aligning with consensus expectations of 35.7 billion RMB. The gross margin improved by 0.9 percentage points to 54%, and adjusted net profit rose by 13.3% year-on-year to 4.7 billion RMB, also meeting expectations [1][19]. - For 2025, total revenue is expected to grow by 11% year-on-year, with advertising revenue and GMV growth rates slowing to 14% and 13%, respectively. Adjusted net profit is projected to reach 20.6 billion RMB [1][20]. - The company is anticipated to accelerate revenue growth starting in 2Q 2025, driven by AI commercialization opportunities in areas such as 2C subscriptions, 2B e-commerce advertising, and API calls, which could contribute an additional 400 to 800 million RMB in revenue [1][20]. Revenue and Business Segments - E-commerce and other revenue growth slowed to 14.1% year-on-year in 4Q, below expectations by 3.5%. The e-commerce GMV grew by 14.4% year-on-year, with the share of general merchandise e-commerce increasing to 30% [2]. - The number of active e-commerce merchants increased by over 25% year-on-year, with significant growth in GMV from small and medium-sized businesses driven by new policies [2]. - The AI capabilities of the company are expected to enhance advertising efficiency, with a 13.3% year-on-year increase in advertising revenue in 4Q, although this was 2% below expectations [3]. Financial Forecasts and Valuation - The revenue forecast for 2025 has been adjusted upward by 0.6%, while the adjusted net profit forecast has been reduced by 12.6% to 20.6 billion RMB due to increased investments in AI [20][22]. - The report introduces a new valuation for 2027, projecting revenue and adjusted net profit of 163.8 billion RMB and 28.3 billion RMB, respectively [20]. - The target price of 68.73 HKD is based on a sum-of-the-parts (SOTP) valuation, with the advertising business valued at 53.36 HKD per share, the e-commerce business at 8.75 HKD, and the live streaming business at 4.87 HKD [24][25].