营收暴跌八成仍"虚盈" 管理层内斗拖垮经营 有棵树此次债务危机的爆发，与其持续恶化的业绩表现和愈演愈烈的管理层内斗密切相关。从业绩数据 来看，这家曾经的跨境电商巨头早已不复往日荣光。 制图：陈欣（豆包AI生成） 2026年1月，一则仲裁公告将曾经的跨境电商"华南城四少"之一——有棵树科技股份有限公司推向舆论 漩涡。其控股子公司因拖欠物流费被前海云途物流有限公司提起仲裁，涉案金额高达9640.79万元，深 圳国际仲裁院已正式受理该案，尚未开庭审理。 这场近亿元的纠纷不仅暴露了企业自身的财务困境，更折射出跨境电商行业在发展过程中面临的多重挑 战。 与物流公司合作七年拖欠服务费 和解失效引仲裁 这场纠纷的根源要追溯到2019年。当年10月，有棵树控股子公司有棵树(深圳)网络科技与前海云途物流 有限公司签订《国际物流服务合同》，双方正式开启合作。2020年7月，为进一步明确合作权责，双方 签署补充协议，引入深圳市有棵树科技有限公司作为保证方，为子公司的物流服务费支付义务承担连带 担保责任。 然而，合作推进过程中，有棵树子公司逐渐出现物流服务费延迟支付的情况，债务问题持续累积。2024 年9月，双方曾尝试通过《债务和解 ...

2026年1月，一则仲裁公告将曾经的跨境电商"华南城四少"之一——有棵树科技股份有限公司推向舆论 漩涡。其控股子公司因拖欠物流费被前海云途物流有限公司提起仲裁，涉案金额高达9640.79万元，深 圳国际仲裁院已正式受理该案，尚未开庭审理。 这场近亿元的纠纷不仅暴露了企业自身的财务困境，更折射出跨境电商行业在发展过程中面临的多重挑 战。 业绩与内斗：营收暴跌八成仍 "虚盈"，管理层内斗拖垮经营 有棵树此次债务危机的爆发，与其持续恶化的业绩表现和愈演愈烈的管理层内斗密切相关。从业绩数据 来看，这家曾经的跨境电商巨头早已不复往日荣光。 2024 年，公司虽实现归母净利润 5675.97 万元，同比扭亏，但营收却同比下滑 16.73% 至 3.87 亿元； 2025 年上半年业绩更是雪上加霜，营业总收入仅 4257.34 万元，较 2024 年同期的 2.28 亿元暴跌 81.33%，业务规模大幅缩水。 尽管 2025 年上半年归母净利润 187.7 万元，实现同比扭亏，但这份 "盈利" 的含金量极低。据悉，2020- 2024 年有棵树扣非净亏损累计达 45.19 亿元，2025 年上半年扣非归母净利润仍为 - 8 ...

文丨李丹 编辑丨卢枕 这个冬天，跨境电商全年最重要的大促节点，黑色星期五的时间和地点都变得模糊。 多年前消费者在深夜大排长龙，只为等商场一开门就冲进去抢购的景象变少了，更多消费转移到了线 上。据追踪电子商务的Adobe Analytics，美国消费者今年黑五的在线消费额达到118亿美元，比2024年 增长了9.1%，创下历史新高。 黑五也不再只是感恩节后的24小时，而被拉长为一条横跨数周甚至一个多月的战线。只要市场还有张 力，促销周期就被继续拉长，黑五的仪式感被冲淡了，海外消费者也体会到了疲倦。 这些变化离不开电商平台们的竞争，尤其来自中国的电商平台和卖家，是其中最重要的参与者，他们正 在重塑海外消费者的决策和习惯。 时间越卷越长的黑五，是竞争愈发激烈的侧写。而在关税、合规、贸易形势和平台政策的共同作用下， 一场跨境电商行业的洗牌正在发生。对不少中小商家来说，黑五不是狂欢，野蛮生长的日子已经过去 了，"凛冬将至"。 史上最长的黑五，冰火两重天 今年黑五，"冷与热"的矛盾贯穿了整个跨境电商行业。 气氛早早就烘托起来，促销的呼喊也比往年更热闹：打响第一枪的是Temu美国站，黑五大促从10月9日 就开始预热，持续至 ...

Core Viewpoint - The company "Youkeshu" has undergone significant leadership changes, with the entire core management team being replaced, reflecting a broader struggle within the cross-border e-commerce industry as it transitions from rapid growth to regulatory compliance and market competition [1][2][3] Company Overview - Youkeshu, once a leading player in the cross-border e-commerce sector, has seen its founder and original management team completely exit the company [2] - The company was established during the boom of cross-border e-commerce in China and quickly rose to prominence, being recognized as a benchmark in the industry [2][3] Financial Trajectory - Youkeshu experienced rapid growth, achieving a peak valuation of 30 billion yuan after multiple rounds of financing, with significant revenue growth reported in 2016 [4][11][12] - However, the company faced severe financial difficulties, reporting losses of 27.05 billion yuan in 2021, 3.61 billion yuan in 2022, and 4.91 billion yuan in 2023, leading to bankruptcy restructuring [19][21] Market Challenges - The company’s business model, heavily reliant on third-party platforms like Amazon, proved vulnerable to regulatory changes, particularly during the "account suspension wave" initiated by Amazon in 2021 [17][18] - The shift from a growth-driven to a compliance-driven market has exposed the weaknesses in Youkeshu's operational strategy, emphasizing the need for a strong brand and compliance with regulations [21][22] Leadership Changes - Following a tumultuous restructuring process, a new management team has taken over, with the founder and original team members being ousted [20][21] - The new leadership faces the challenge of reviving the company amidst a significant decline in revenue, with a reported 81.33% drop in revenue in the first half of the year [21] Industry Reflection - The story of Youkeshu serves as a cautionary tale for the cross-border e-commerce industry, highlighting the risks associated with over-reliance on platform traffic and the importance of establishing a sustainable business model [22]

Core Insights - The article highlights the explosive growth of the "Labubu" IP launched by Pop Mart, which has become a global phenomenon in the cross-border e-commerce market, particularly in the U.S. and Europe, with sales increasing significantly in 2025 [1][2] - Despite the initial success, a sudden withdrawal of sellers from Amazon raises concerns about underlying risks, particularly related to intellectual property infringement and compliance issues [1][12] Sales Performance - Labubu 3.0 series saw sales growth of approximately 8 times in the U.S. and 5 times in Europe in April 2025 [1] - Pop Mart's Q1 2025 financial report indicated a total revenue increase of 165%-170%, with overseas market revenue soaring by 475%-480% [1] - In the U.S. market, Labubu's sales surged by 895%-900%, establishing it as a leading IP [1] Product Popularity - The popularity of Labubu products on Amazon is evident, with over 2000 SKUs available, including clothing, accessories, and stickers [3] - Labubu clothing sets dominated the "Doll Clothing & Accessories Sets" sales rankings on Amazon, with the top item selling over 1000 units in the previous month [3] Seller Behavior and Risks - Sellers on platforms like AliExpress have capitalized on Labubu's popularity, with high profit margins reported, such as a 800% profit on certain products [6] - However, many sellers face significant risks due to potential infringement issues, as they attempt to associate their products with Labubu without authorization [7][12] Compliance and Legal Challenges - Amazon has initiated a crackdown on unauthorized Labubu-related products, leading to the removal of listings and raising awareness among sellers about the platform's reduced tolerance for brand association [9][12] - Sellers attempting to circumvent compliance measures have still faced removal from the platform, indicating strict enforcement of intellectual property rights [11] Market Dynamics - The article discusses the phenomenon of sellers blindly following trends, which can lead to market oversaturation and price wars, ultimately harming profitability [13] - It emphasizes the importance of compliance and respecting intellectual property rights as fundamental to long-term success in the cross-border e-commerce industry [14] Long-term Strategy - The success of Labubu illustrates the vast market potential for trendy IPs, but it also highlights that short-term profits do not equate to sustainable business [15] - Successful sellers are those who focus on original design and brand development while adhering to compliance, rather than seeking quick profits through risky practices [15][17]