港股公司报告 | 公司点评 滔搏（06110） 证券研究报告 创新驱动运动零售新范式 2025 年，滔搏先后宣布与英国专业跑步装备品牌 soar、挪威高端户外品 牌 Norrøna 签约，成为它们在中国市场的独家运营合作伙伴，负责这两个 品牌在中国市场全链路运营工作。新引入的挪威高端户外品牌 Norrøna， 被视为加强专业运动领域布局的战略举措，有助于提升滔搏在高端户外市 场的影响力。 针对"是否将在运营新品牌过程中利用现有的运动鞋服渠道资源"的问题， 滔搏给出了明确的战略定位：将突破传统渠道扩张的思维模式，在 Norrøna 的运营中实践全域经营+精准触达的新零售理念。 全域一体化经营，创新驱动运动零售新范式 面对消费模式的转变和客流量的波动，滔搏采取更为灵活且均衡的销售渠 道调整策略，进一步扩展零售网络。 1）线下， 滔搏对于门店零售空间重新定义和打造，跨界艺术、人文、音 乐等领域，巧妙地将运动场景元素深度融入门店空间，为消费者打造出沉 浸式的购物环境。 2）线上， 滔搏充分融合线上线下双重资源优势，构建起"门店+直播+ 社群+地域特色 IP"的全域经营生态，持续加码抖音、小红书、B 站等主 流社交媒体 ...

Core Insights - The article emphasizes the importance of interactive engagement in the Douyin ecosystem by 2025, highlighting that interaction is essential for connecting creators with users, enhancing user stickiness, and achieving precise customer targeting and effective conversion [1][2] Strategic Significance of Interactive Engagement - Interactive engagement is positioned as a strategic approach to transform casual viewers into loyal brand advocates, fostering deep emotional connections with the brand's content and values [2] Activation of Native Video Interactions - Douyin short videos serve as the primary medium for interaction, where cleverly designed interactive elements can stimulate user participation and enhance engagement [4] Practical Techniques for Video Engagement - Embedding "interactive bait" and "question-based endings" in content can drive user interaction [5] - Utilizing native interactive features like "duet" and "spotlight" can enhance user engagement [6] Live Streaming Interaction Enhancement - Douyin live streaming is identified as a key scenario for building deep user relationships and achieving effective conversion through its immediacy and strong interactivity [7] Practical Techniques for Live Streaming - Designing live streaming themes and processes with strong interactive elements is crucial [8] - The host's ability to guide, empathize, and manage the live environment is essential for successful engagement [8] Benefits of High-Quality Interaction - High-quality interactions can increase user loyalty and reduce churn rates [9] - Effective interaction can help identify and nurture high-intent potential customers [9] - Positive interactions can amplify content dissemination and foster word-of-mouth effects [9] - Enhanced user interaction rates can improve algorithmic recommendations, leading to greater organic reach [9] - User feedback from interactions can provide valuable insights for content creation and product iteration [9] Community and Group Management - Engaging high-activity users in dedicated fan groups or communities can enhance user stickiness and foster brand loyalty [11] Data-Driven Optimization of Interaction Strategies - Continuous monitoring and analysis of interaction data are necessary for optimizing engagement strategies [12] Conclusion - By 2025, Douyin's interactive engagement will require deep insights into user psychology and effective use of platform mechanisms, ultimately transforming casual traffic into loyal followers and achieving precise customer targeting and impactful conversions [13]

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