2025年，跨境商家一直活在关税压力的阴影下。 2025年2月，美国以"芬太尼问题"为由对中国商品加征10%关税，由此开启了长达几个月的中美关税博弈。直到8月，美国正式暂停对价值800美元及以下入 境美国的包裹给予免税待遇。至此，长期支撑跨境电商的"低价直邮+免税"模式宣告终结。 "新政之后，我们的关税成本直接跃升了约25%。"一位深耕亚马逊美国站 8 年的 3C 卖家无奈地算了一笔账：以一款普通电脑键盘为例，仅关税一项就增加 了约20美元的硬成本。在利润本就透明的消费电子领域，这几乎抹平了产品所有的价格优势。 2025年对于跨境平台和商家而言是充满挑战的一年。 一方面，美国"小额豁免"政策的终结与欧盟固定关税的敲定，宣告长期支撑出海贸易的"低价直邮+免税"模式正式成为历史；另一方面，税务合规全面收 紧，曾经处于灰色地带的跨境电商收入，已被纳入全面监管。 然而，在关税与合规的双重压力下，跨境四小龙的增长并未减速。2025年，TikTok Shop与Temu均冲击千亿美元GMV大门，行业重心也从北美单一驱动转向 欧洲、拉美等多点开花。 而对于广大跨境商家而言，政策门槛的抬高与经营成本的上升正倒逼行业告别过去的流 ...

文：相青，编辑：赵元，出品：增长工场 来源：增长工场 2025年，对于跨境平台和商家而言，是充满挑战的一年。 上述卖家最终选择将重心转向欧洲市场。在调研中，他们发现，欧洲消费者对高品质 3C 产品的需求比较高，且价格竞争并不如美国市场激烈。 "目前欧洲的销量基数还远不及美国，但增长趋势非常健康，月均销量增长率保持在 25% 以上。更重要的是，欧洲市场没有那么严重的价格战，平均利润率 在持续抬升，我们有信心，未来会超过美国市场。" 一方面，美国"小额豁免"政策的终结与欧盟固定关税的敲定，宣告了长期支撑出海贸易的"低价直邮+免税"模式正式成为历史；另一方面，税务合规全面收 紧，曾经处于灰色地带的跨境电商收入，已纳入全面监管。 然而，在关税与合规的双重压力下，跨境四小龙的增长并未减速。2025年，TikTok Shop与Temu均冲击千亿美元GMV大门，行业重心也从北美单一驱动转向 欧洲、拉美等多点开花。 而对于广大跨境商家而言，政策门槛的抬高与经营成本的上升，正倒逼行业告别过去的流量红利依赖，加速迈向以合规为底线、以品牌为核心的长期主义经 营时代。 一、免税与合规双重压力 2025年，跨境商家一直活在关税压力阴影 ...

近年来俄罗斯跨境电商市场快速发展，正成为中国卖家和企业积极布局的新增长极。专家认为，在 中俄跨境电商这一蓝海市场，随着小额包裹免税政策逐步取消，跨境电商将告别"免税"红利，对中国企 业和卖家来说，合规化、品牌化、智能化将是行业未来重要发展方向。 俄罗斯电商市场潜力持续释放 中国制造拓展出海新通道 最近几年，俄罗斯电商经济快速崛起，越来越多的消费者开始在线购买生活所需，这也为物美价优 的中国商品提供了源源不断的商机。而跨境电商日益成为高效连结俄罗斯用户和中国商品的崭新渠道。 据统计，俄罗斯电商市场近几年显著增长，2024年市场规模达1210亿美元，2025年预计达1650亿美 元，到2027年有望达到2400亿美元。2027年，俄罗斯电商渗透率将达到成熟市场水平。 跨境电商告别免税红利 合规化将成为重要方向 中国卖家近年来依托小额包裹免税政策将中国商品大量销往世界各地，然而自2025年以来，美国、 欧盟等主要经济体宣布正式取消或收紧小额包裹免税政策，许多新兴市场也纷纷跟进，全球跨境小 包"免税时代"逐步终结。 俄罗斯财政部近期也宣布从2026年开始200欧元以下包裹免税政策会逐年递减，直至2028年降为0， 同 ...

新华财经上海12月14日电（记者高少华）近年来俄罗斯跨境电商市场快速发展，正成为中国卖家和企业 积极布局的新增长极。专家认为，在中俄跨境电商这一蓝海市场，随着小额包裹免税政策逐步取消，跨 境电商将告别"免税"红利，对中国企业和卖家来说，合规化、品牌化、智能化将是行业未来重要发展方 向。 俄罗斯电商市场潜力持续释放中国制造拓展出海新通道 最近几年，俄罗斯电商经济快速崛起，越来越多的消费者开始在线购买生活所需，这也为物美价优的中 国商品提供了源源不断的商机。而跨境电商日益成为高效连结俄罗斯用户和中国商品的崭新渠道。 据统计，俄罗斯电商市场近几年显著增长，2024年市场规模达1210亿美元，2025年预计达1650亿美元， 到2027年有望达到2400亿美元。2027年，俄罗斯电商渗透率将达到成熟市场水平。 俄罗斯三大电商平台Ozon、野莓（Wildberries）和雅虎市场（Yandex.Market）目前都已开启在华招商业 务，吸引大批中国品牌和卖家到其平台上开店，以跨境电商形式向俄罗斯用户销售中国商品。在这些俄 罗斯电商平台的生态内，来自中国的跨境业务正从一个"备选项"转变为用户的"核心消费习惯"。 据Ozo ...

Core Insights - The forum focused on the theme "Innovation Without Boundaries, Intelligence to See the Future," highlighting the importance of digitalization and AI in the context of cross-border trade and globalization [1]. Group 1: Digitalization and Cross-Border Trade - Companies have evolved from early attempts at using digital platforms to now having digital tools as standard for going global, with a shift from B2B cross-border e-commerce to a mature ecosystem including B2C, cross-border logistics, and payment [1]. - The challenges faced by Chinese companies have shifted from initial technology and channel issues to more complex regional compliance, localization operations, and supply chain restructuring [1]. Group 2: Globalization Strategy - In the face of geopolitical pressures and tariff barriers, companies with strategic determination are accelerating their global expansion, with leaders planning their production capacity and supply chains more rationally [2]. - The launch of the "New Maritime Plan" by the company aims to assist businesses in penetrating emerging markets in Southeast Asia, the Middle East, and Africa, fostering deep connections with local business associations and channel partners [2]. Group 3: AI Integration - The company is strategically advancing AI empowerment across the entire supply chain, providing AI tools for buyers and sellers to enhance user experience and transaction efficiency [2]. - AI model technology is expected to bring profound changes to cross-border trade, necessitating companies to adopt AI in both product strategies and platform operations [2]. Group 4: Future Outlook - There is confidence in the ability of Chinese companies, especially SMEs, to expand globally through a combination of digitalization and deep localization [4]. - The importance of human connections remains significant in the current wave of globalization, emphasizing that while digital tools are crucial, the inherent warmth and decision-making ability of individuals are invaluable [4]. - With the support of digital tools and platforms, combined with the determination and flexibility of entrepreneurs, Chinese manufacturing is expected to continue rising in the global value chain [4].

2025年中国游戏行业延续强劲增长态势，并全面迈入"精品化"的深水区。 万联证券今年8月发布的研究报告显示，今年上半年游戏行业同比增长14.08%，《王者荣耀》《无尽冬日》等长线运营能力突出的头部产品，成为拉升市 场增长的核心动力。这一趋势折射出，内容创新与持续运营正在成为决定产品生命周期和企业盈利能力的关键变量。 当行业站在结构重塑与技术革新的十字路口，机遇与挑战并存。如何在精品化竞争中获得稳定增长？如何用更成熟的运营、内容与技术策略延长产品生命 线？作为行业重要的增长伙伴，巨量引擎在此背景下举办 2025 OEGC 大会，汇聚产业共识、洞察前沿趋势，与全行业共同探寻具有建设性的增长路径。 2025 OEGC 大会全新启航 在游戏行业迈向精品化、长青化与AI融合的关键阶段，如何实现可持续增长，已成为全行业的核心议题。基于此，已持续五年的巨量引擎游戏行业年度 盛会——OEGC将在2025在规模、赛道和内容上全面升级，为游戏企业提供前沿、系统的解决方案。 01 三大趋势显现 精品化筑基、长青化赋能、AI化破局 不久前中国音像与数字出版协会主办的2025年度游戏IP生态大会上，伽马数据发布报告披露，中国游戏IP市 ...

Core Insights - The aging population in China is shifting from traditional "elderly care" to actively pursuing cultural and spiritual life, indicating a demand for a new type of "enjoyable aging" [1][3] - The new elderly demographic, particularly those born in the 1960s and 1970s, is characterized by high education, modern views, and a strong desire for quality living, leading to increased spending on cultural and educational activities [3][4] Industry Trends - The silver economy is experiencing growth driven by the demand for cultural education, with a significant increase in spending on travel, elderly education, and outdoor leisure activities [3] - There is a notable gap in supply, with only 49,000 elderly schools available for a population of 300 million elderly individuals, leading to unmet needs for continuous learning and value realization [3] - The industry is transitioning from being "content providers" to "methodology providers," focusing on the importance of feedback, companionship, and emotional value in learning experiences [3][4] Technological Integration - AI is becoming a foundational infrastructure in the silver economy, with applications such as AI tutors and AI companions enhancing the learning experience for the elderly [4] - The integration of technology is evolving from being merely assistive tools to becoming essential components of service delivery, ensuring that it is user-friendly and trustworthy for the elderly [4] Market Potential - The silver cultural education economy is not only a rapidly growing sector but also plays a crucial role in enabling elderly individuals to continue learning, engage socially, and create value in their lives [4] - As of November 2025, the company has served over 22 million users, indicating a strong market presence and the potential for further growth in this demographic [4]

Core Insights - Giant Network announced the resignation of CEO Zhang Dong due to personal reasons, with board member Liu Wei appointed as the new CEO and general manager [1] - Zhang Dong, aged 44, has nearly 20 years of experience in the gaming industry, having previously worked at Tencent and NetEase, and returned to Giant Network as CEO in 2024 [1] - Liu Wei is considered a key figure in the company, having been with the organization since its early days and is expected to continue promoting a younger workforce and internal rotation mechanisms [2] Company Leadership Transition - Liu Wei's return is seen as a strategic move to maintain stability and continue the company's focus on youth-driven initiatives [2] - The company has been nurturing young producers through projects like "Ball Ball Battle" and "Original Journey," aligning with the ongoing trend of organizational youthfulness [2] Strategic Direction - The company aims to integrate AI into its core operations, with a focus on a culture of research and development [2] - Liu Wei's leadership is expected to reinforce the company's commitment to technological transformation and the development of young talent [2]

Core Insights - Ping An Good Doctor reported a revenue of 3.725 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 13.6% [1] - The company achieved a net profit of 184 million yuan, marking a significant year-on-year increase of 72.6% [1] - Adjusted net profit reached 216 million yuan, reflecting a year-on-year growth of 45.7% [1] Financial Performance - Revenue for the first three quarters of 2025 was 3.725 billion yuan, up 13.6% compared to the previous year [1] - Net profit for the same period was 184 million yuan, showing a 72.6% increase year-on-year [1] - Adjusted net profit was 216 million yuan, with a year-on-year growth of 45.7% [1] Business Segments - The F-end (comprehensive financial client) and B-end (enterprise) health management business revenue grew by 21.5% year-on-year [1] - The number of enterprise clients served exceeded 4,500, with B-end paying users increasing by 30.6% compared to the same period last year [1] Future Outlook - The company plans to strengthen collaboration with Ping An Group and promote the digitalization and AI integration of core services [1] - There is an emphasis on enhancing user experience and satisfaction through a more integrated service approach [1]

Core Insights - Ping An Good Doctor reported a revenue of 3.725 billion RMB for the first nine months of 2025, representing a 13.6% increase from 3.279 billion RMB in the same period last year [2][3] - The net profit for the same period was 184 million RMB, a significant increase of 72.6% compared to 107 million RMB in the previous year [3] - Adjusted net profit reached 216 million RMB, up 45.7% from 148 million RMB year-on-year [3] Financial Performance - Revenue for the first nine months of 2025: 3,724,608 thousand RMB, up from 3,278,945 thousand RMB in 2024 [3] - Net profit for the first nine months of 2025: 183,841 thousand RMB, compared to 106,527 thousand RMB in 2024 [3] - Adjusted net profit for the first nine months of 2025: 216,135 thousand RMB, compared to 148,295 thousand RMB in 2024 [3] Strategic Initiatives - The company aims to enhance collaboration with Ping An Group and promote the digitalization and AI integration of core services to improve user satisfaction and reputation [2][3] - The focus is on transforming health insurance service consumption through a more integrated experience [2] Leadership Changes - In October 2025, the company announced the resignation of CEO Li Dou, with Guo Xiaotao appointed as the new chairman and He Mingke as the new CEO [2] Market Position - As of the latest closing, Ping An Good Doctor's stock price was 15.48 HKD, with a market capitalization of 33.459 billion HKD [4]