Group 1 - The global e-commerce market is experiencing stable growth in penetration rates following a rapid increase during the pandemic, with significant growth observed in emerging markets such as Asia and Latin America, driving the expansion of overseas warehouse operations [1] - The demand for improved logistics experiences from buyers is rising, with 75% of buyers expecting orders to be delivered within 5 days, highlighting the advantages of the proximity delivery model offered by overseas warehouses [3] - The rise of the semi-managed model is becoming a new engine for the growth of overseas warehouse businesses, providing sellers with new sales channels and achieving dual goals of traffic capture and operational autonomy [3] Group 2 - In response to increasing uncertainty in global tariff policies, sellers are adopting regional risk-hedging inventory strategies, with a shift towards overseas warehouse models to mitigate policy risks and enhance overall logistics efficiency [3] - The expected shift towards semi-managed models by major platforms by 2025, influenced by tariff policies, will further solidify the core position of overseas warehouses in the cross-border e-commerce logistics system [3]