Core Viewpoint - The performance of six major e-commerce operation companies in 2024 shows significant divergence, with Baozun leading in revenue growth while Liren Lizhuang experiences a substantial decline, marking a structural adjustment phase in the industry [1][4]. Revenue Performance - Baozun's total revenue for 2024 is RMB 94.22 billion, a year-on-year increase of 6.9% [3]. - Liren Lizhuang's revenue drops to RMB 17.28 billion, down 37.44% from RMB 27.62 billion in 2023 [3]. - Ruoyuchen achieves revenue of RMB 17.66 billion, reflecting a growth of 29.26% [4]. - Yiwang Yichuang reports a revenue of RMB 12.36 billion, a decrease of 4.02% [4]. - Qingmu's revenue stands at RMB 11.53 billion, up 19.20% [4]. - Kaichun's revenue declines to RMB 4.22 billion, down 33.91% [4]. Net Profit Analysis - Baozun reports a net loss of RMB 1.852 billion, but this is an improvement of 33.48% compared to the previous year [2][6]. - Liren Lizhuang incurs a net loss of RMB 24.4 million, marking its first annual loss since its listing [7]. - Ruoyuchen's net profit reaches RMB 1.056 billion, a significant increase of 94.58% [7]. - Yiwang Yichuang's net profit declines by 29.59% to RMB 759.9 million [8]. - Qingmu's net profit grows by 73.84% to RMB 905.4 million [8]. - Kaichun's net profit increases by 90.50% to RMB 13.39 million despite revenue decline [8]. R&D Investment Trends - Baozun leads in R&D expenditure with RMB 550.3 million, significantly higher than Qingmu's RMB 51.62 million [10]. - Other companies show low R&D investment, with Liren Lizhuang and Ruoyuchen spending less than 1% of their revenue on R&D [10]. - All six companies report negative growth in R&D expenses, indicating a trend of cost-cutting in response to revenue declines [10]. Industry Challenges - The e-commerce operation industry faces increasing competition and pressure, with brands considering in-house operations to reduce reliance on third-party operators [9][12]. - The lack of core competitive barriers in the industry leads to a phenomenon where brands may shift their partnerships, impacting the revenue of e-commerce operators [9][12]. - The adjustment of e-commerce rules and the need for multi-platform operations add to the operational pressures faced by these companies [12].