2025年，中国电商服务商行业在资本市场上演了"冰与火之歌"：碧橙数字闯关IPO失败后转道并购重组，聚水潭历经波折成功登陆港交所，凯诘电商等多家 服务商亦积极冲刺资本市场。对此，网经社数字零售台对2025年电商服务商十大事件进行盘点回顾。 出品 | 网经社 事件九：私域SaaS解决方案供应商"小鹅通"递表港交所 事件十：电商服务商"实东科技"获1200万天使轮融资 1月1日，曾冲击创业板IPO未遂的碧橙数字拟被上市公司梦网科技并购重组。资本市场风云变幻，碧橙数字的发展经历也充满了戏剧性。上市之路一波三 折，如今"委身"梦网科技意欲何为？ 撰写 |南烛 【全文速览】 一审 | 可乐 审稿 | 云马 配图 | 网经社图库 事件一：前董事长设赌场被判刑 碧橙数字IPO宣告失败 或被"鲸吞 事件二：光云科技拟2亿元全资收购逸淘投资 加速布局企业服务生态 事件三：又一家天猫代运营商向港交所提交上市 "凯诘电商"胜败几何？ 事件四：凯淳股份：已为微信小程序部分品牌提供代运营服务 事件五：GMV破百亿！京东集团首投服务商——极易科技冲IPO 事件六：电商SaaS ERP服务商"聚水潭"登陆港交所主板 市值破160亿背后"喜 ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The Chinese chain pharmacy industry is experiencing rapid growth, with the market size expected to exceed 1 trillion yuan by the end of 2024, indicating significant market potential [18] - The industry has maintained an average annual growth rate of over 10% in the past five years, driven by increased medical insurance coverage and rising consumer health awareness [20] - The market is becoming increasingly concentrated, with leading companies like Guoda Pharmacy, Yifeng Pharmacy, and Laobaixing Pharmacy dominating the market [39] Industry Overview - The chain pharmacy industry is defined as a collection of retail stores organized under a unified management system, sharing brand image, procurement channels, and service processes [4] - The industry has evolved from traditional single-store pharmacies to a more standardized and professional model, with significant growth in major cities [8] - The industry is categorized into three main types: direct chain pharmacies, franchise chain pharmacies, and mixed chain pharmacies [5] Market Size and Growth Trends - As of 2024, the number of chain pharmacy stores in China has surpassed 120,000, covering most provinces and major cities [18] - The industry is characterized by a "leading enterprises leading, regional strong players supporting" market structure, with significant market share held by top companies [18][39] - The growth of the industry is supported by government policies promoting healthcare consumption and capital market interest [10] Supply and Demand Analysis - Major chain pharmacy enterprises are concentrated in first-tier cities and economically developed second-tier cities, with a notable presence in eastern coastal regions [21] - The supply chain and logistics systems are crucial for improving operational efficiency and ensuring drug safety [24] - The variety of drugs offered includes prescription drugs, over-the-counter drugs, traditional Chinese medicine, and health products, catering to diverse consumer needs [26] Consumer Behavior and Preferences - The primary consumer groups include elderly patients with chronic diseases, young health management consumers, and families with regular medication needs [28] - Modern consumers prioritize drug quality, price transparency, and overall service experience, leading to a shift towards personalized health management services [31] - The integration of online and offline purchasing channels is becoming the mainstream trend in the pharmaceutical retail industry [34] Competitive Landscape - Leading companies like Guoda Pharmacy, Yifeng Pharmacy, and Laobaixing Pharmacy dominate the market, leveraging their financial strength and efficient supply chain management [37] - The market is highly concentrated, with the top ten chain pharmacies holding over half of the market share [39] - Regional competition varies, with intense competition in economically developed areas and significant growth potential in less developed regions [42] Policy and Regulatory Environment - The government has implemented strict regulations to ensure drug quality and safety, including licensing requirements and procurement standards [48] - Recent reforms in medical insurance policies have significantly impacted the operations of chain pharmacies, prompting them to optimize procurement and inventory management [50] - Regulatory measures are aimed at promoting standardized and compliant operations within the industry [51] Technological Development and Digital Transformation - The application of information technology, such as drug management information systems and customer relationship management (CRM) systems, is enhancing operational efficiency [58][59] - The integration of mobile payment and electronic prescriptions is transforming the purchasing process, improving customer experience [61] - The trend towards online and offline integration is driving the development of a comprehensive sales and service system [62]

Group 1: Company Performance - The company follows a diversified product and market strategy, enhancing core technological and product capabilities while expanding market outreach [1] - As of Q3 2025, the company reported a revenue of CNY 1.57 billion, a year-on-year increase of 1.99%, and a net profit attributable to shareholders of CNY 123 million, up 11.89% year-on-year [1] Group 2: Medical Sector Progress - The company has successfully implemented smart financial projects in several hospitals, including the Shenzhen Second People's Hospital and Fudan University Huashan Hospital, with various management modules now operational [2] Group 3: Market Value Management - The company is open to various market value management strategies, including share buybacks, dividends, and mergers, depending on financial arrangements and stock performance [3] Group 4: Collaboration with Major Shareholder - The company collaborates with State Grid Digital Technology Co., which supports the DAP product's validation and market promotion, and participates in the energy internet subsidiary [4] - Future cooperation will focus on leveraging product, business, and platform advantages to foster a collaborative industrial ecosystem [5]

Core Message - The Vietnamese government emphasizes the importance of innovation as a driving force for national development, urging collective efforts from individuals, businesses, and society to foster a culture of innovation [1][3]. Group 1: Innovation and Economic Growth - Prime Minister Phạm Minh Chính highlighted that innovation has played a crucial role in Vietnam's development, particularly in agriculture and industry, helping the country escape poverty and become a major rice exporter [3][4]. - Vietnam's economy has maintained positive growth, outpacing global averages, largely due to continuous innovation that activates traditional growth engines and explores new growth drivers [3][4]. Group 2: Government Initiatives and Policies - The government is committed to integrating technology, innovation, and digital transformation as pathways to a high-income, rapidly developing, and sustainable future [4][6]. - Specific policies include improving the legal framework for venture capital, recognizing "angel investors," providing tax incentives, and encouraging the commercialization of research outcomes [6][7]. Group 3: Challenges and Strategic Focus - The Prime Minister acknowledged challenges in Vietnam's innovation ecosystem, such as the need for stronger collaboration between local and foreign enterprises and the acceleration of research commercialization [7][8]. - Key questions were raised regarding Vietnam's position in the global semiconductor value chain and the importance of developing a national big data center and AI products [7][8]. Group 4: Vision for the Future - Five fundamental shifts were proposed for the future: focusing on national development issues, mastering core technologies, building a complete ecosystem, expanding to regional and global markets, and transitioning to a development-oriented service mindset [8][9]. - The Prime Minister called for a collective innovation effort from individuals and businesses to achieve profound transformation in the country [8][9]. Group 5: Techfest Vietnam 2025 - The 2025 Techfest Vietnam has evolved into a social movement, aiming to connect communities and share values, with a theme of "全民创新创业——新增长动力" (全民创新创业 - New Growth Driver) [11][12]. - The event is expected to attract over 60,000 participants, including the general public, tech companies, investors, and industry leaders, and will feature various activities such as tech experience zones and forums [12].

大会分论坛中，在研讨"推动中医文化走向世界——破解传播痛点，创新国际路径"环节，津药达仁堂集 团品牌与市场中心副总监赵琳珊作了题为《津药达仁堂以品牌焕新助力健康中国：中医药国际化实践与 与前两届论坛相比，本届首次融合"国韵中医药文化产业创新发展峰会"定位，聚焦"中医药健康产业创 新与产业链升级"，实现学术研讨与产业创新双轮驱动，在聚焦中医药传承的基础上，更加强化文化产 业的跨界融合与国际传播，成为本届大会的核心亮点之一。 在关于中医药产业链升级研讨论坛中，津药达仁堂集团首席信息官（CIO）叶辉作了题为《从古法传承 到智能跃迁——达仁堂的AI赋能中医药全链条实践》主题演讲，介绍了达仁堂集团概况、分析了数字 化转型政策与市场趋势，阐述了达仁堂的数字化、AI及数据战略，并展示转型以来的AI实践及数据要 素创新成果。（阎丽梅） 中医文化市集爆品展播环节，对一附院药食面包、《药用植物（三）》特种邮票、南开医院八珍糕、祁 一堂九蒸九晒系列、西青中医院代茶饮、太平药灸巨罐疗法、天津现代医疗大数据有限公司智能设备及 代茶饮、达仁医院古法秋梨膏、南开医院一剂凉茶、艾草保暖袜子十个产品进行集中展播，并精选三款 产品登台进行重点推 ...

Group 1 - The banking industry, traditionally seen as stable, is now facing significant pressure with employees being driven by performance metrics, leading to increased stress levels [1][16][19] - A tiered "bottom elimination system" has been implemented in some banks, where employees ranked in the bottom three for two consecutive months face demotions and salary reductions [2][3][18] - The volume of counter transactions has drastically decreased, with estimates indicating that cash and counter business now account for only about 10% of banking operations [4][17] Group 2 - The operational costs for bank branches are rising, with annual expenses ranging from 2 million to 5 million yuan, and management fees constituting 54.7% of total operating expenses for listed banks in 2024 [5][18][21] - The shift towards digitalization and automation is reducing the need for traditional teller roles, as many tasks can now be performed by machines and online services [10][22][23] - Employees are being encouraged to adapt to new roles that require more complex skills, such as wealth management and customer service, as the nature of their work evolves [11][24][25]

Core Insights - The Nepali banking sector is facing challenges due to the rapid growth of digital banking and electronic payments, leading to a decline in foot traffic at physical branches [1] - The central bank of Nepal has allowed banks to merge nearby branches to reduce costs and improve profitability, indicating a shift towards digital transformation and streamlining of physical presence [1] Industry Overview - There are a total of 5,104 commercial bank branches, 1,134 development bank branches, and 291 financial company branches across Nepal [1] - Major urban areas such as Kathmandu, Lalitpur, Pokhara, Bharatpur, Biratnagar, and Birgunj account for 1,690 of these branches, highlighting a concentration of banking services in metropolitan regions [1] Challenges Faced - High rental, labor, and management costs are becoming burdensome for banks as customer traffic declines in physical locations [1] - The industry is experiencing a "want to close but difficult to close" dilemma, emphasizing the need for strategic adjustments [1]

2025.12.16 本文字数：2945，阅读时长大约5分钟 作者 |第一财经 钱童心 中国与中亚国家贸易的崛起让俄罗斯企业嗅到商机。俄罗斯最大的互联网公司正在帮助更多中国企业渗 透中亚市场。 坐落在莫斯科"二环"附近的Yandex是俄罗斯最大的互联网科技公司，搜索引擎起家的Yandex有"俄罗斯 版谷歌"之称。近年来，随着中国企业出海俄罗斯与中亚国家需求的增长，Yandex正在通过中亚俄语区 市场的优势地位，来吸引更多中国客户，帮助他们渗透到这些过去鲜有人问津的地区。 飞往阿拉木图的中国商人 哈萨克斯坦是介于中俄之间的亚欧大陆"心脏地带"，也是大量中国企业近年来通过"一带一路"政策所抵 达的首个战略枢纽地。 在哈萨克斯坦的经济中心阿拉木图，12月整座城市已是一幅雪山包围的美丽图景。记者刚出机场就能看 到中国科技公司华为醒目的广告牌；机场高速沿途，海尔、比亚迪等中国企业的广告牌林立；大街上随 处可见的是红旗、长城等中国品牌汽车。 这些企业要进军中亚市场，首先要进行市场调研，并通过合理的广告投放让陌生市场的用户了解自己。 伴随着互联网技术的发展，这一过程变得非常简便，但语言仍是最大的壁垒。 据阿拉木图一家华人酒 ...

（原标题：阿尔及利亚推进银行业云转型体系建设） El Watan 网站12月9日报道，阿尔及利亚正通过推动本国银行系统采用云计算、网络安全、人工智 能和开放银行等关键技术，加快银行业数字化转型进程，在构建新一代金融基础设施方面取得重要进 展。Intervalle Technologies 与 Infosys Finacle 近日联合举办 "Algeria Banking Connect 2025"会议，聚焦在 云平台上重塑银行业务模式，围绕核心银行系统现代化、关键基础设施加固以及以客户体验为中心的全 渠道布局等议题展开讨论。 u2003u2003 印度驻阿大使介绍了印方在数字化领域的实践经验，强调印度已成为全球数字转型的重要参考案 例。Intervalle Technologies 高级总监阐述了阿银行业的技术转型方向，强调本地数据中心、网络安全与 个人数据保护机构、高性能电信网络以及5G商用，为银行全面拥抱云计算和人工智能提供了必要条 件。 阿围绕"主权云环境"加快完善监管与技术框架，在本国数据中心、网络安全标准及数据本地化要求逐步 到位的背景下，银行业向云架构迁移的相关项目正在稳步推进。这一进程涵盖公有云 ...

Core Insights - Instant retail has emerged as a new growth driver in China's retail sector, with a projected market size of 7.81 trillion yuan in 2024, growing by 20.15% year-on-year, and expected to reach 9.71 trillion yuan in 2025, surpassing the growth rates of both online retail and total social retail sales [6][10][12] Group 1: Market Dynamics - Instant retail is transitioning from a focus on rapid scale to a deeper ecosystem engagement, supported by favorable policies such as the "15-minute convenience living circle" initiative [5][6] - The industry is expected to surpass a trillion yuan by 2025 and reach 2 trillion yuan by 2030, driven by both market demand and policy support [6][10] Group 2: Platform Evolution - Major platforms are elevating instant retail to a core strategic position, with Meituan upgrading its "Flash Purchase" to an independent brand and Alibaba rebranding "Ele.me" to "Taobao Flash Purchase" [10][11] - JD.com has integrated its "JD Hourly Delivery" and "JD Home" into "JD Seconds Delivery," indicating a competitive shift among major players [10][11] Group 3: Consumer Trends - The primary consumer demographic is shifting towards younger age groups, with 55% of consumers aged 31-45 by 2024, and over two-thirds of Meituan Flash Purchase users being born in the 1990s [12][13] - Instant retail is evolving from merely fulfilling urgent needs to creating diverse consumption scenarios, including home, travel, and remote care [15][17] Group 4: Value Proposition - Instant retail is transforming into a key enabler of the digital economy, enhancing operational efficiency for large supermarkets and supporting the digital transformation of small businesses [14][30] - The sector is creating millions of jobs, with the number of delivery personnel growing from 3.96 million in 2017 to 11.21 million in 2022, reflecting a compound annual growth rate of 23.1% [14] Group 5: Quality and Health Focus - Instant retail platforms are enhancing brand collaborations to improve service and product quality, with Meituan collaborating with over 5,600 retailers and Taobao Flash Purchase increasing its brand partnerships significantly [20][21] - Health-conscious products are gaining traction, with 80% of consumers willing to pay a premium for health-oriented items, indicating a shift in consumer preferences [21] Group 6: Ecosystem Integration - Instant retail is increasingly integrating with various external ecosystems, such as travel and content, to enhance consumer experiences and create additional value [23][30] - The "Flash Purchase Theater" model by Taobao Flash Purchase exemplifies this integration, allowing consumers to purchase products featured in content directly [24][28] Group 7: Sustainability and Technology - The industry is addressing sustainability through green packaging and energy-efficient delivery methods, aligning with carbon neutrality goals [30] - Technological advancements, including AI and big data, are driving operational efficiencies and enabling traditional retailers to integrate online and offline channels [31][32]