机构：国信证券 研究员：丁诗洁/刘佳琪 事项： 公司公告：2026 财年第一季度，集团零售及批发业务之总销售金额按年同比录得中单位数下降。截至 2025年5 月31 日，直营门店毛销售面积较上一季末减少1.3%，较去年同期减少12.3%。 国信纺服观点：1)流水增长：2026 财年第一季度销售额同比下滑中单位数，零售好于批发，直营线上 渠道表现好于线下渠道；2）库存折扣：5 月末存货总额同比下降，存销比同环比保持稳定，因25 年新 货订单谨慎及品牌伙伴管控，库龄结构有优化空间但整体可控；折扣方面受直营线上销售占比提升影 响，一季度直营折扣同比加深，幅度较上季度缓和。3）投资建议：看好公司经营韧性以及长期现金回 报。近期消费环境仍然具有不确定性，行业折扣水平仍然较大，公司凭借自身全域运营能力有望逐步改 善盈利能力，并在未来消费好转和品牌新品周期的共振下盈利较好的利润弹性，同时我们看好中长期公 司保持高效的现金创收能力与高派息水平。公司主力品牌客户，阿迪达斯从去年以来景气度较高，全球 和大中华区都维持较快增长，阿迪管理层对FY2025 指引也较为乐观，预计货币中性收入高单位数增长 我们维持盈利预测，预计2026~ ...

Core Insights - The concept of "repetition" in brand marketing is crucial for building brand influence and is applicable to self-media as well [1][2] - Operating a self-media account is akin to managing a personal brand, requiring consistent messaging and content delivery across multiple platforms to reach a wider audience [1][2] Group 1: Platform Characteristics - Platforms can be categorized into national-level platforms (e.g., Douyin, WeChat Video, WeChat Official Accounts) and relatively vertical platforms (e.g., Bilibili, Xiaohongshu) [5][13] - National-level platforms have large user bases, allowing for diverse content types, but competition is intense, necessitating high-quality content to stand out [6][10] - Douyin is a key national platform with trends in content diversification, including short videos, images, and live streaming, and is focusing on life services and knowledge-based content [7][9] - WeChat Video is growing rapidly, integrating deeply with the WeChat ecosystem and focusing on knowledge-based content and local services [11][12] - Relatively vertical platforms like Bilibili cater to specific demographics, with a strong emphasis on knowledge content and community engagement [13][14] - Xiaohongshu is recognized as a "grass-planting platform," with a user base primarily consisting of young women, and is evolving towards commercializing its offerings [16][19] Group 2: Content Types and Strategies - Different content types require tailored strategies for each platform, such as long articles for WeChat Official Accounts, short articles for Xiaohongshu, and mid-length videos for Bilibili [21][22] - Long articles on WeChat should focus on engaging titles, logical structure, and emotional resonance to maximize sharing potential [22][23] - Short articles on Xiaohongshu thrive on visually appealing covers and concise, emotionally charged content that encourages sharing [24][25] - Mid-length videos on Bilibili need to be rich in content and well-produced to attract the predominantly young audience [26][27] - Short videos on platforms like Douyin and WeChat Video should be fast-paced and engaging, with a focus on entertainment [27][28] Group 3: Operational Strategies - Companies should utilize tools like NewRank and Jushuo to analyze platform trends and user behaviors for informed content strategies [30][31] - Identifying target user demographics and aligning content with platform characteristics is essential for effective engagement [34][35] - A multi-platform approach is recommended, where core content is adapted to fit the unique characteristics of each platform while maintaining a consistent brand message [36][40]

Core Viewpoint - JD.com and Xiaohongshu have upgraded their strategic partnership by launching the "Hongjing Plan," allowing brands on JD.com to use Xiaohongshu's "grass planting direct" feature for advertising, enabling direct links to JD.com for seamless shopping experiences [1][2][6]. Group 1: Partnership Details - The "Hongjing Plan" builds on the previous "Xiaohongmeng" model, enhancing integration between Xiaohongshu and JD.com, allowing for direct links from Xiaohongshu ads to JD.com for immediate purchases [2][6]. - This collaboration aims to create a closed-loop from content marketing to transaction, improving the efficiency of brand and merchant marketing efforts [6]. Group 2: Performance Metrics - Data indicates that the conversion rate for products viewed on Xiaohongshu can increase by an average of 45% through the "Xiaohongmeng" model, with add-to-cart conversion rates improving by an average of 28% [6]. Group 3: Future Collaborations - Xiaohongshu is exploring further collaborations with other e-commerce platforms, raising questions about potential partnerships with platforms like Pinduoduo [7].

Core Insights - The collaboration between JD and Xiaohongshu marks a strategic upgrade, allowing brands on JD to utilize Xiaohongshu's "grass planting" feature for direct shopping links, enhancing conversion rates from content to transactions [2][6] - Xiaohongshu's "grass planting" characteristic significantly influences consumer purchasing decisions, making it a vital channel for e-commerce merchants [2][8] - The introduction of "Hongmao Plan" and "Hongjing Plan" connects traditional e-commerce platforms with content platforms, indicating a shift towards a more open e-commerce ecosystem [5][12] E-commerce and Content Platform Integration - JD's "Hongjing Plan" allows brands to link directly to JD's app from Xiaohongshu, facilitating a seamless transition from content engagement to purchase [2][5] - The "Hongmao Plan" has shown promising results, particularly for low-cost products, while higher-priced items require more consumer engagement before conversion [5][8] - E-commerce platforms like JD and Taobao are increasingly recognizing the value of content-driven marketing, as evidenced by their strategic initiatives to enhance content integration [6][7] Performance Metrics and Growth - Taobao reported a 44% year-on-year growth in content consumption users, with significant increases in live streaming and content creator engagement [7][10] - JD's live streaming daily active users (DAU) increased by 200%, with a nearly 150% rise in orders placed through live streaming [7][10] - Xiaohongshu's collaboration with JD has led to a 45% average increase in conversion rates from "grass planting" views, demonstrating the effectiveness of this integrated approach [10][12] Market Dynamics and User Behavior - E-commerce platforms are adapting to the competitive landscape shaped by content platforms like Douyin, which have attracted significant advertising spend from merchants [8][12] - Xiaohongshu's user demographic, primarily young women, presents unique marketing opportunities, although its transaction capabilities are currently limited compared to larger e-commerce platforms [12][14] - The collaboration between Xiaohongshu and traditional e-commerce platforms is seen as a mutually beneficial strategy to enhance user experience and streamline the purchasing process [12][14] Future Outlook - Xiaohongshu aims to enhance its "lifestyle e-commerce" positioning, with significant growth in new merchant registrations and sales performance [13][14] - The platform's partnerships with JD and Taobao are part of a broader strategy to optimize the user journey from content discovery to purchase, while still developing its own e-commerce capabilities [13][14] - The evolving relationship between content and e-commerce platforms suggests a trend towards cooperative competition, where platforms leverage each other's strengths to meet diverse consumer needs [14]

小红书"种草"可以直达京东购物页面了。 21世纪经济报道记者了解到， 从6月5日开始，京东的商家在小红书上打广告，也就是大家常看到的"种 草"内容，可以直接挂上京东的商品链接。 这意味着一键跳转下单。用户如果在小红书上看到喜欢的带京东链接的商品帖子，点一下就能直接跳到 京东APP里购买，不用再自己手动去搜索了。 记者了解到，京东与小红书本次新合作模式的名字叫做"红京计划"，它比之前两家的"小红盟"合作方式 更进一步。小红盟主要是营销数据的打通，形成了科学的种草效果评估体系，让商家知道在小红书"种 草"的效果如何，有多少人最终转化为销量。 本次"红京计划"除了数据打通，更重要的是实现了"看到就能买"。在小红书看内容种草—点击广告链接 —马上到京东下单，整个过程一气呵成。 21世纪经济报道记者孔海丽 北京报道 对于商家来说，可以在小红书或者京东自己的后台操作投放这种带链接的广告。之前的"小红盟"合作方 式可以让用户点击进店的转化率平均提高45%，加购物车的转化率提高28%。而在"红京计划"之下，从 种草到购买的链路将更直接，转化率更高。 京东零售平台营销中心负责人表示："对于品牌和商家来说，京东不仅是一个电商平台 ...

Group 1 - JD and Xiaohongshu have upgraded their strategic cooperation by launching the "Hongjing Plan," allowing all brand merchants on JD to use Xiaohongshu's "grass planting direct" feature to add JD shopping links in ads starting June 5, 2025 [1] - The previous collaboration, "Xiaohongmeng," showed that the conversion rate for products viewed on Xiaohongshu increased by an average of 45%, and the add-to-cart conversion rate improved by an average of 28% [1] - The "Hongjing Plan" enhances the connection between Xiaohongshu's content ecosystem and JD's transaction ecosystem, supporting both Xiaohongshu and JD order placements for advertisers [1] Group 2 - Tmall and Xiaohongshu announced the "Hongmao Plan," which is similar to the "Hongjing Plan," but only select high-quality brands can use the advertising link feature [3] - JD's marketing center head emphasized that JD is not just an e-commerce platform but also a high-quality marketing platform, planning to collaborate with various internet platforms to enhance marketing value [3] - Xiaohongshu is also testing advertising link transitions with Pinduoduo, indicating a broader trend of integration among e-commerce platforms [3]

Core Insights - JD.com and Xiaohongshu have upgraded their strategic partnership by launching the "Red Jing Plan," aimed at providing new growth paths for brands and merchants ahead of the 618 shopping festival [1][2] - The collaboration allows all brands on JD.com to utilize Xiaohongshu's "direct planting" feature, enabling users to click on ads that link directly to the JD app for seamless transaction conversion [1][2] Summary by Sections Partnership Details - The "Red Jing Plan" integrates Xiaohongshu's content ecosystem with JD.com's transaction ecosystem, creating a closed loop from content planting to advertising linkage to immediate conversion [2] - The advertising model under the "Red Jing Plan" supports both Xiaohongshu and JD.com ordering, catering to diverse merchant needs [2] Performance Metrics - The previous "Xiaohong Alliance" model demonstrated significant effectiveness, with an average conversion rate increase of 45% for products viewed on Xiaohongshu and a 28% increase in add-to-cart conversion rates [1] - This model provides a comprehensive attribution for planting effects, offering strategic guidance for precise secondary marketing on JD.com, thereby enhancing transaction conversion rates [1] Future Outlook - JD.com plans to further enhance its marketing value by collaborating with various internet platforms, including Xiaohongshu, Douyin, and Bilibili, through a 1+X operational strategy by 2025 [2]

Core Insights - The collaboration between Xiaohongshu and Tmall, known as the "Red Cat Plan," aims to enhance the integration of content and commerce, allowing users to transition from product recommendations to direct purchases on Tmall [1][2][4] - Xiaohongshu's unique ability to generate "grass planting" content has established it as a leader in influencing consumer decisions, which is now recognized as a significant aspect of its commercial value [2][10] - The partnership is expected to improve the efficiency of brand operations by providing transaction data that can help calibrate and enhance the effectiveness of content marketing [7][8] Xiaohongshu's Commercial Infrastructure Upgrade - The collaboration is seen as a natural progression, combining Tmall's e-commerce expertise with Xiaohongshu's content-driven marketing to create a closed loop from content to sales [4][9] - Xiaohongshu's previous initiatives, such as the "Little Red Star" plan, laid the groundwork for this partnership by exploring data collaboration to optimize content [5] - The emphasis on "openness" in both platforms' strategies reflects a broader trend in Alibaba's e-commerce approach, focusing on enhancing consumer experience and providing better services [6] Impact on Brands and Businesses - Xiaohongshu serves as a primary touchpoint for brands to engage with users, making it crucial for brands to optimize their full operational chain [7] - The data from the partnership has shown significant improvements in engagement metrics, with click-through rates increasing by 20% and interaction rates by 109% for brands on Xiaohongshu [7] - Brands have reported high return on investment (ROI) from their campaigns on Xiaohongshu, with some achieving ROI figures as high as 30 during peak sales periods [7] Community and User Engagement - Xiaohongshu's community-driven approach allows for a rich ecosystem where users share authentic experiences, which in turn drives consumer interest and purchasing decisions [10][15] - The platform's design encourages user interaction and content sharing, fostering a vibrant community that enhances the effectiveness of "grass planting" [20][21] - With 40 million daily users sharing product experiences and generating 80 million comments, Xiaohongshu has become a hub for genuine consumer demand [22] Evolution of Consumer Behavior - The concept of "grass planting" reflects a shift in the commercial landscape, where consumer preferences are increasingly shaped by community interactions rather than traditional advertising [24][25] - Xiaohongshu's model illustrates a new commercial chain that stimulates demand, matches supply, and creates new consumption patterns [25][26] - The platform's ability to connect diverse consumer needs with relevant brands signifies a transformation in how marketing strategies are developed and executed [28][29]

Group 1: Core Insights - Tmall's "6·18" sales event has been advanced to start on May 13, with the main sales period from May 16 to May 26, extending the event duration to over a month compared to last year [1][2] - The promotional strategy has been simplified, eliminating complex rules like "spend X get Y off," and introducing a single "official discount" method with discounts starting at 15% and going up to 50% [2][3] - Consumer protection measures have been enhanced, including a price guarantee from the time of payment until July 5, preventing price hikes before discounts [2][3] Group 2: Merchant Side Changes - Merchants can now register products for the event without needing to sign up individually, as the platform will recommend products based on store data [3] - The event will feature two waves of product sales, allowing merchants to adjust their offerings between waves while maintaining the same pricing and promotional strategies [3] - New features like "sold-out add-to-cart" will help merchants manage inventory better, allowing consumers to receive notifications when out-of-stock items are replenished [3] Group 3: Competitive Landscape - Competition among e-commerce platforms is intensifying, with JD.com also announcing its "6·18" event starting on May 31, indicating a trend of early promotions [4][5] - Tmall has partnered with Xiaohongshu to enhance brand exposure and streamline the purchasing process from social media to e-commerce [6] - The collaboration with Xiaohongshu is part of a broader strategy to enhance overall operational efficiency and reach, having already established partnerships with over 200 internet platforms [6] Group 4: Marketing and Support Initiatives - Alibaba's marketing arm, Alimama, has introduced a "support for new and excellent" strategy, including a 3 billion yuan subsidy to assist merchants during the event [6][7] - AI-driven marketing tools have shown significant effectiveness, with a reported 16% increase in ROI and a 65% improvement in click-through rates for merchants utilizing AI capabilities [7]

编辑 | 黄昱 作者 | 刘宝丹 互联网平台进入竞合新阶段之后，竞争格局又开始了新的演变。618大促来临之前，阿里和小红书联手 憋了个大招。 从发布会公布的内容来看，双方的合作主要体现在三个层面，一是数据打通，此次双方就品牌商家种草 达成战略合作，共建三方账号，商家可以通过淘宝种草星河平台观测从种草到下单的全链路效果，提升 投放效率。 二是业务层面，双方首次打开效果广告链路，新增笔记下方"广告挂链"功能，对于前期加入试点的品牌 来说，在小红书的投放内容可直接跳转至淘宝天猫。华尔街见闻获悉，只有广告笔记才可以添加淘宝链 接，该功能会先在部分行业做试点，后续会逐步开放。 三是投放，虽然双方都没有提及投放额度，但淘宝天猫明确表示，将加大投入，并为商家种草笔记进行 加热、投流。 不同于直接投流，这次合作，首次实现了小红书种草到淘宝消费转化的全链路打通，带来的直接效果是 投放效率的提升。近年来，品牌商家增长压力逐渐上升，经营确定性增长对商家的吸引力越来越大，这 也是推动淘宝天猫和小红书深度合作的重要推动力。 5月7日，华尔街见闻获悉，淘宝天猫与小红书已签订战略合作，打造"红猫计划"，将进一步开放融合， 打通从种草到购买 ...