记者丨 谭海燕 实习生钟言 编辑丨于长洹 4年前，深蓝趴在书桌边，小心翼翼地给人生中的第一只蓝舌石龙子蜥蜴喂食。当时的他从没 想过，他会成为月销30万的抖音电商商家。 2021年，备考研究生的深蓝第一次在宠物展上接触到蜥蜴，带回了他人生中的第一只蓝舌石龙 子"奶冻"。当时，国内关于这类爬宠的中文资料极少，出于兴趣，他开始系统查阅国外文献， 记录饲养细节，并整理成简洁的科普视频发布在社交平台。 没想到，找深蓝咨询的人越来越多，内容的专业性，也慢慢转化为他生意起步的信任资本。 2022年底，他开始尝试小规模繁殖，并在2023年初产出了第一窝蓝舌石龙子。而后，逐步搭 建起一个围绕蓝舌活体、设备、咨询服务的配套工作室团队。 如今，深蓝把蓝舌石龙子带向了更大的舞台。约一个月前，他在抖音电商开播，第一个月的营 业额就达到了30万元，成为该品类销售前五的商家。 抖音电商小宠行业商家代表@Bl u e r深蓝 展示自己养育的爬宠蜥蜴 不止爬宠，这几年手作器物、国潮服饰、观赏鱼业……无论是多"小众"的兴趣产业带，都有可 能通过电商平台链接到更大范围的生意。 近日，抖音电商发布了《2025抖音电商兴趣产业带数据报告》（简称《报告 ...

Summary of Key Points from Conference Call Industry Overview - The conference call discusses the **live e-commerce industry**, focusing on the **pet and health supplement sectors** and their performance from May to July 2025 [1][5][8]. Key Insights and Arguments Pet Industry - The pet industry had a small GMV share of 1.3% in May, 1.5% in June, and 1.1% in July 2025, but showed significant growth potential with major brands like **Mafudi**, **Fleegat**, and **Zhongchong** expected to exceed 50% growth in the first half of 2025 [1][4]. Health Supplement Industry - The health supplement sector experienced a **55% year-on-year growth** in Q2 2025, driven by relaxed platform policies that allowed new brands like **Wanyi Nan** and **Five Female Doctors** to gain traffic support [1][5][8]. - The platform's decision to ease restrictions was based on internal quality checks and the need to find new GMV growth points, as larger sectors like clothing and beauty had limited growth potential [8]. Brand GMV Share - Brand GMV share increased from approximately **62%-63%** at the beginning of the year to **69% in June** and **66% in July** 2025 [1][10]. Advertising Expenditure - E-commerce advertising expenditures for May, June, and July were **29.7 billion**, **31.2 billion**, and **25.6 billion** CNY respectively, with a stable ROI of around **2.5-2.7** [1][15]. Additional Important Content Platform Strategy - The platform's core business strategy focuses on content delivery, shelf scenarios, and brand support, prioritizing top brands for self-broadcasting and full shelf placement [2][16]. - The platform encourages mid-tier influencers to increase their broadcast frequency while reducing reliance on top-tier influencers to balance the ecosystem [19][20]. Brand Classification - Brands are classified into an S-level brand library based on their annual GMV and advertising budget contracts, with a minimum GMV requirement of **40 million** CNY [11][12]. ROI and Commission Policies - The ROI for merchants remained stable, with a slight increase in July compared to previous months. The commission policy has also seen an increase in rebate rates from **30% to 50%** compared to the previous year [15][26]. Market Dynamics - The platform aims to increase self-broadcast GMV from **63%** in 2025 to **70%-75%** in the next one to two years, indicating a strategic shift towards more cost-effective broadcasting methods [22]. New Brand Support Initiatives - New policies have been introduced to support new brands and white-label merchants, including cash rewards and resource packages to boost GMV growth in preparation for upcoming sales events [30]. Impact of Taxation - The potential impact of the advertising tax on platform and merchant operations remains uncertain, with significant implications depending on how influencer commissions are classified [37]. This summary encapsulates the essential insights and data from the conference call, highlighting the performance and strategic direction of the live e-commerce industry, particularly in the pet and health supplement sectors.

Group 1 - The core event is the "2025 Yuhang District Live E-commerce Skills Competition" held in Yuhang District, Hangzhou, showcasing the professional skills and innovative vitality of live e-commerce practitioners [1][3] - 30 contestants competed by promoting local products such as Jing Mountain tea, Luni honey pear, and Zhongtai bamboo flute within a 12-minute live session, testing their product understanding and on-the-spot performance [3] - The competition included a practical live demonstration followed by a written exam to assess theoretical knowledge, with the final scores combining both practical and theoretical performances [3] Group 2 - Ding Jiawen from Hangzhou Yuhang Jiangyun Musical Instruments Co., Ltd. won the competition, receiving a prize of 10,000 yuan and the title of "Yuhang District Skills Champion," while the top six contestants received corresponding prizes and certificates [3] - The event aimed to stimulate consumer vitality, promote industrial upgrading, and support common prosperity through the development of live e-commerce talent [3][4] - Yuhang District is actively advancing the construction of a skilled workforce in the e-commerce sector, with over 70 member companies in the e-commerce union and training more than 500 professionals annually [4]

Core Viewpoint - The article highlights the transformation of the passion fruit industry in Beiliu, Guangxi, driven by the rise of e-commerce and live streaming, particularly through Douyin (TikTok), which has significantly increased sales and improved the livelihoods of local farmers [6][11][33] Group 1: Industry Overview - Beiliu is known as the "Hometown of Passion Fruit" in China, with the industry facing challenges a decade ago due to low prices and limited market demand [6][10] - The total industrial output value of passion fruit in Beiliu has reached 3 billion yuan, becoming a pillar industry for the local economy [6] - Since June 2023, the average daily order volume for Guangxi passion fruit on Douyin has exceeded 300,000, with a daily transaction value surpassing 3 million yuan, marking a 12-fold year-on-year increase [6] Group 2: Company Strategy - Dongyun Group, the leading company in Beiliu's passion fruit sector, has adopted a strategy of introducing high-quality varieties like "Qinmi No. 9" and utilizing Douyin for marketing [11][15] - The company has achieved a repurchase rate of 70% for its products, indicating strong customer satisfaction and market acceptance [15] - The average income for farmers growing "Qinmi No. 9" has increased significantly, with earnings per mu (approximately 0.067 hectares) now ranging from 5,000 to 10,000 yuan, compared to just 1,000 yuan previously [15] Group 3: E-commerce Impact - The emergence of e-commerce has revolutionized agricultural sales, requiring product quality and integrity, which has led to a focus on high-quality produce [10][11] - Live streaming has become a key marketing tool, with the company conducting "day and night" broadcasts to engage customers and educate them about passion fruit [29][33] - The use of short videos to showcase the correct consumption methods of passion fruit has helped to change public perception and increase its popularity as a daily fruit [12][29]

Financial Data and Key Metrics Changes - Gross merchandise volume (GMV) grew by 4% to $19.5 billion, with revenue increasing by over 4% to $2.73 billion [7][30] - Non-GAAP operating income rose by 8% to $775 million, and non-GAAP earnings per share increased by 16% year over year to $1.37 [7][30] - The take rate was 14%, showing a modest year-over-year increase, with advertising, shipping, and financial services contributing positively [38] Business Line Data and Key Metrics Changes - Focus categories experienced GMV growth of over 10%, significantly outpacing core categories [8][31] - Collectibles, particularly trading cards, were the largest contributors to growth, with triple-digit GMV growth for Pokémon cards [8][9] - Motors, Parts, and Accessories (P&A) contributed nearly one point of year-over-year GMV growth, driven by strength across major markets [11] Market Data and Key Metrics Changes - U.S. market GMV growth accelerated to 7%, driven by healthy consumer demand and strong performance in trading cards [33] - International GMV grew nearly 2% on an FX neutral basis, with foreign exchange providing a tailwind [34] - The U.K. and Germany investments helped navigate lower growth environments, with cross-border volume growth remaining stable [35] Company Strategy and Development Direction - The company is focused on enhancing the consumer-to-consumer (C2C) experience in the U.K. and expanding capabilities in live commerce [19][20] - Generative AI is being leveraged to optimize listings and personalize customer engagement, driving higher quality visits [14][15] - The company aims to maintain a disciplined balance between top and bottom line growth while investing in strategic initiatives for long-term value [44] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the durability of trading card categories despite potential fluctuations in growth [9][86] - The company anticipates continued healthy consumer trends in the U.S. and plans to reinvest a portion of top-line upside into strategic initiatives [41][44] - The outlook for the remainder of the year considers potential disruptions from tariffs and the elimination of de minimis exemptions [42][46] Other Important Information - The company returned approximately $760 million to shareholders through repurchases and cash dividends [30] - eBay was recognized as one of Time's World's Most Sustainable Companies and Newsweek's World's Greenest Companies 2025 [27] - The company plans to target share repurchases of approximately $2.5 billion for the full year [47] Q&A Session Summary Question: Insights on marketing and AI positioning - Management highlighted a full funnel marketing approach and noted efficiencies in lower funnel marketing spend due to competitive dynamics [54][56] Question: Future category growth expectations - Management indicated that existing focus categories will continue to drive growth, with ongoing investments in both new and established categories [61][62] Question: U.S. market strength and strategic investments - Management noted favorable macro conditions in the U.S. and emphasized the importance of strategic investments in C2C initiatives and AI [68][70] Question: Sustainability of GMV growth and active buyer base - Management confirmed that active buyers are crucial for maintaining GMV growth, with a focus on converting active buyers to enthusiasts [90][92] Question: Trading cards market durability and margin outlook - Management acknowledged that trading card growth is not linear but remains optimistic about long-term potential, while also discussing the relationship between top-line growth and margins [85][87]

Core Viewpoint - The article highlights the transformation of the passion fruit industry in Beiliu, Guangxi, driven by e-commerce and live streaming, which has significantly increased sales and improved the livelihoods of local farmers [4][8][50]. Group 1: Industry Overview - Beiliu is known as the "hometown of passion fruit" in China, with the industry facing challenges a decade ago due to low prices and a lack of market demand [8][28]. - The total industrial output value of the passion fruit industry in Beiliu has reached 3 billion yuan, becoming a pillar industry for the local economy [8]. - Since June 2023, the average daily order volume for Guangxi passion fruit on Douyin has exceeded 300,000, with daily sales exceeding 3 million yuan, marking a 12-fold year-on-year increase [8]. Group 2: Company Strategy - Dongyun Group, the leading company in Beiliu's passion fruit sector, has adopted live streaming on Douyin to market its products nationwide, achieving an average daily shipment of 30,000 orders [4][8]. - The company transitioned from traditional purple-skin passion fruit to the higher-quality "Qinmi No. 9" variety, which has a higher cultivation cost but better market acceptance [17][23]. - The average income for farmers growing "Qinmi No. 9" has increased to between 5,000 and 10,000 yuan per mu, compared to only 1,000 yuan previously [23]. Group 3: Market Dynamics - The introduction of e-commerce has changed the agricultural trading landscape, requiring product grading and honesty in transactions, which has helped improve the quality of passion fruit sold [14][50]. - The price of passion fruit had been declining due to oversupply and poor-quality products, leading to significant losses for farmers [11][14]. - The market for passion fruit saw a revival with the rise of new tea drinks and the popularity of fruit teas, which increased demand for passion fruit [11][8]. Group 4: Consumer Engagement - The Douyin account @Chunxiangguo Fresh Flagship Store has achieved a repurchase rate of 70%, indicating strong consumer interest and satisfaction [22]. - The company has utilized short videos to educate consumers on the proper way to eat passion fruit, helping to reshape public perception that passion fruit is overly sour [20][45]. - Live streaming has been employed to create a more engaging shopping experience, with the company conducting 24-hour live broadcasts to showcase the fruit and its cultivation process [44][50].

Group 1 - The core event is the "2025 Yuhang District Live E-commerce Skills Competition," showcasing local products and the talents of live streamers [1] - The competition featured 30 participants promoting over ten local specialties, including Jing Mountain tea and Luni honey pear, through engaging live streaming presentations [1] - The competition format required participants to complete a full live streaming process within 12 minutes, testing their product understanding and on-the-spot performance [1] Group 2 - Post-competition, a representative from the winning participants announced the "Compliance Live Streaming and Shared Governance" initiative, encouraging e-commerce practitioners to operate within regulations and contribute to community governance [2] - The event highlighted the role of live e-commerce in stimulating consumer activity, promoting industrial upgrades, and supporting common prosperity [2] - A signing ceremony took place to enhance the role of e-commerce in promoting Yuhang's unique agricultural products and supporting rural revitalization, with two e-commerce companies reaching cooperation agreements with local agricultural entities [2] Group 3 - Yuhang District is actively developing a skilled workforce in the e-commerce sector, focusing on knowledge-based and innovative talent [2] - The local e-commerce (live e-commerce) union has over 70 member companies, covering more than 5,000 e-commerce practitioners, and trains over 500 professionals annually [2]

Group 1 - The core viewpoint of the article highlights the significant role of Douyin e-commerce in nurturing quality live-streaming hosts, with a total of 291 hosts recognized as quality live-streaming rooms [1] - The fourth batch of quality live-streaming hosts was announced at the fifth China New E-commerce Conference, with 122 small and medium-sized hosts and merchants from Douyin e-commerce included [1] - The evaluation process is guided by the Central Internet Information Office and aims to promote the healthy development of the live-streaming industry [1] Group 2 - Douyin e-commerce has implemented nine support policies for merchants and brands, resulting in over 14 billion yuan in cost savings from January to June 2024 [1] - The number of small and medium-sized merchants achieving over one million yuan in live-streaming sales has increased by 120% year-on-year [1] - Small hosts with fewer than 300,000 followers contributed to half of the total live-streaming sales, with their sales increasing by 58% year-on-year [1] Group 3 - The article showcases successful examples of small hosts in niche markets, such as flower sales and traditional crafts, demonstrating their deep engagement in specific fields [2][7] - Agricultural live-streaming rooms are highlighted as vital links between rural areas and markets, with various initiatives boosting local product sales [11] - Established brands and traditional businesses are also leveraging live-streaming, with significant sales figures reported, such as over 10 million yuan in sales for a book promotion live-stream [15] Group 4 - Industry data indicates that live-streaming e-commerce is becoming a crucial driver of consumption growth, with online retail sales reaching 74,295 billion yuan in the first half of 2025, a year-on-year increase of 8.5% [16] - The live-streaming e-commerce market has grown 10.5 times from 2019 to 2023, with a gross merchandise volume (GMV) exceeding 4.5 trillion yuan in 2024, accounting for nearly one-third of online retail sales [16] - Experts suggest that specialized live-streaming rooms are reshaping the relationship between supply and demand, with ongoing improvements in policies and platform ecosystems expected to sustain the industry's growth [16]

Core Viewpoint - The article discusses the release of the "Implementation Plan for Promoting Agricultural Product Consumption" by the Ministry of Agriculture and Rural Affairs and ten other departments, which includes 23 specific measures to boost agricultural product consumption and enhance the market structure [2][4]. Group 1: Key Measures for Agricultural Product Consumption - The plan emphasizes the potential of online sales and the implementation of the "Internet + Agricultural Products" initiative to enhance e-commerce in rural areas [5]. - It aims to develop new processing products by supporting food companies in collaboration with research institutions to innovate food ingredients [6]. - The initiative includes improving the quality evaluation of beef and promoting geographical indication fruit quality standards to enhance premium agricultural product consumption [6]. Group 2: Enhancing Consumer Services and Infrastructure - The plan proposes to enhance public nutrition services, including optimizing student meal plans and promoting dairy products in various institutions [6]. - It encourages financial support for agricultural marketing and consumption, including innovative loan services from financial institutions [7]. - The initiative aims to improve urban and rural consumption facilities, focusing on modern distribution networks and logistics for fresh agricultural products [7]. Group 3: Broader Economic Context - The article highlights that boosting consumption is a primary task for economic work this year, with expectations for total retail sales to exceed 50 trillion yuan [8]. - Experts suggest that consumer sentiment is stabilizing, and various factors, including subsidy policies and innovative consumption scenarios, will contribute to consumption growth in the second half of the year [8]. - There is a call for expanding consumption policies to benefit lower-income groups and enhance service consumption alongside durable goods [9].

Core Viewpoint - The article discusses the release of the "Implementation Plan for Promoting Agricultural Product Consumption" by multiple government departments, which outlines 23 specific measures to boost agricultural product consumption, focusing on enhancing online sales and improving consumer experience [2][3]. Group 1: Key Measures for Agricultural Product Consumption - The plan emphasizes the potential of live-streaming e-commerce, encouraging platforms to support rural areas and develop local farmer influencers [4]. - It aims to explore online sales through the "Internet + Agricultural Products" initiative, enhancing user experience and expanding local retail supply [4][5]. - New food processing products will be developed in collaboration with research institutions, focusing on health-oriented and convenient food options [5]. Group 2: Quality and Health Initiatives - The plan includes establishing quality evaluation systems for beef and promoting standards for geographical indication fruits [5]. - It aims to enhance public nutrition services, particularly in schools and elderly care institutions, promoting healthy food options [5]. - The integration of domestic and foreign trade standards is encouraged to facilitate the dual circulation of agricultural products [5]. Group 3: Financial and Regulatory Support - Financial institutions are encouraged to innovate in loan services to support agricultural marketing and consumption [6]. - The plan proposes a comprehensive regulatory approach to ensure food safety throughout the supply chain [6]. - It highlights the need to improve urban and rural consumption infrastructure, including cold chain logistics [6]. Group 4: Cultural and Community Engagement - The plan supports local cultural activities to enhance community engagement and promote rural consumption [6]. - It encourages the organization of events that showcase local culture and cuisine, enriching the rural consumption landscape [6]. Group 5: Broader Economic Context - The article notes that consumer spending is expected to exceed 50 trillion yuan this year, driven by innovative consumption scenarios and supportive policies [7]. - Experts suggest that there is still room for growth in consumer spending, particularly through targeted financial tools and subsidies [7][8]. - The focus on reducing burdens for residents, such as lowering mortgage rates and providing rental subsidies, is seen as crucial for boosting consumption [8].