Core Insights - The concept of "private domain" has evolved from a mere operational model to a strategic "growth engine" for companies, as evidenced by its frequent mention in IPO prospectuses [2][3] - Companies are increasingly highlighting user assets as a crucial component of brand valuation, indicating that effective user management will lead to greater growth potential in the capital markets [3] Summary by Sections Private Domain in IPO Prospectuses - Multiple consumer brands preparing for IPOs emphasize "private domain" and related membership operations, showcasing the strategic importance of private domain strategies [5] - Snack brand "Hao Xiang Lai" reported that its members contributed approximately 78% of GMV in the first eight months of 2025, highlighting the significant impact of private domain user assets on revenue growth [2][5] - The mother-and-baby brand "Bu Tong Group" defined "private domain" in its prospectus and demonstrated rapid growth in private domain sales, with revenue increasing from 8.8 million yuan in 2022 to 56.3 million yuan in the first half of 2025 [5][6] Development Stages of Private Domain - The development of private domain can be categorized into three stages: 1. **Official Definition Stage (around 2020)**: The concept of private domain traffic emerged as brands began to establish their own traffic pools [9] 2. **High Growth Stage (2021-2023)**: Brands started to mention "private domain" or "membership operations" in their financial reports, leading to significant performance improvements [10] 3. **Mature Stage (2024-present)**: Private domain strategies are now frequently included in IPO prospectuses, becoming a core growth model for companies [10] Future Trends Reflected in Private Domain Layouts - **Trend 1: Full-domain Operations and Online-Offline Integration**: Brands are increasingly emphasizing the integration of online and offline channels to create a seamless user experience [11][12] - **Trend 2: Organizational and Mechanism Reform**: Companies are adjusting their internal structures to support private domain and full-domain operations, leading to more agile and responsive organizations [13] - **Trend 3: Layered Membership Management**: The future will see a more refined approach to membership management, focusing on clear tier structures and differentiated benefits [14][15] - **Trend 4: Full-link Digital Empowerment**: A comprehensive digital infrastructure is essential for the effective implementation of private domain strategies, enabling real-time collaboration across various business functions [16][18] Conclusion - The emphasis on "private domain operations" is shifting from a marketing tactic to a central theme in corporate growth strategies, with a clear trend towards user-centric, data-driven operations [18]