作者 | 基德 编辑 | Shadow 如果要评选这两年跨境电商圈最让人又爱又恨的平台，Temu一定榜上有名。 从2022年杀入美国市场，到现在一路扩张到欧洲、拉美、中东，它用极致的低价和全托管模式把海外电商搅了个天翻地覆。 很多卖家嘴上说"太卷了"，但眼睛还是忍不住盯着：这个平台到底还能卷出什么花来？ 近日，Temu的英国、欧洲财报相继披露，营收、毛利率齐刷刷上涨，也让人们从中窥见了Temu全球狂奔之下的秘密。 先说英国。Temu在2023年4月正式登陆英国，2024年一整年的表现就体现在它的英国子公司Whaleco UK的财报里。数据显示： 此外，2024年Temu英国公司的管理费用467万，总资产2.54亿美元，现金1.97亿美元，贸易和其他应收5678万美元。 收入：6327万美元，同比大增97%； 毛利：亏损403万美元，但比上一年亏损的633万大幅收窄； 经营利润：亏损870万美元，利润率-13.75%，依旧亏损，但比2023年的-24.7%明显改善； 税前利润：394万美元，主要得益于投资收益1264万美元； 税后利润：295万美元，所得税98.5万，税率25%。 | | | Year | Pe ...

Core Viewpoint - The retail sector in commercial real estate is experiencing a transformation driven by consumer promotion policies and the expansion of the duty-free economy across major cities in China, leading to increased consumer spending and inbound tourism [3][5][6]. Group 1: Retail Sector Performance - Major retail operators such as CR Land, Longfor Group, and Link REIT are showing varied performance, with some projects achieving significant growth while others struggle with older assets requiring continuous investment [3][9]. - The retail property portfolio of Link REIT in mainland China reported a total revenue and net property income growth of 29.7% and 28.9% respectively, driven by strong performance from specific projects in Shanghai and Shenzhen [9][12]. Group 2: Consumer Promotion Policies - Cities like Shenzhen, Chongqing, and Chengdu have introduced consumer promotion policies aimed at boosting local economies, with initiatives such as the establishment of new retail stores and events to attract consumers [5][6]. - The focus on green consumption and the establishment of new retail formats, such as duty-free shops in urban areas, are part of a broader strategy to enhance consumer engagement and stimulate economic activity [5][8]. Group 3: Experience and Content Enhancement - Existing retail spaces are undergoing significant upgrades to enhance consumer experience, with a shift towards immersive and engaging environments to attract foot traffic [14][17]. - New entrants in the outlet market are leveraging unique themes and experiences to differentiate themselves, such as health and wellness concepts in shopping centers [13][19]. Group 4: Cross-Border E-commerce Expansion - Cross-border e-commerce platforms like TikTok Shop are expanding into new European markets, indicating a strategic move to capture a broader customer base [30][31]. - Domestic platforms are also enhancing their international competitiveness, with initiatives like JD's collaboration with Xiaohongshu to improve conversion rates and customer engagement [34]. Group 5: REITs and Investment Trends - The approval of new consumption infrastructure REITs, such as the China Green Development REIT, reflects a growing trend towards light-asset operations and the optimization of commercial assets [35][36]. - Existing REITs are showing stable operations, with a reported cash distribution rate of 4.19% for the recently restructured Huaxia First Creation Outlet REIT [36][37].