Group 1 - Depop is a user-friendly platform for cross-border e-commerce, allowing global users to register easily compared to other platforms with complex requirements [1] - Users can register on Depop using a phone number, Facebook, or Apple ID, and must provide a valid email for verification [3] - The username chosen during registration serves as the seller's shop name, which is crucial for creating a good first impression on buyers [3] Group 2 - After registration, sellers must link a PayPal account, which is the only payment method accepted by Depop, and Chinese users need to register for an international PayPal account [5] - It is important for sellers to understand Depop's rules, including a 10% commission fee on successful transactions, and to utilize promotional tools available on the platform [5] - A well-set-up Depop account opens doors to the global young consumer market, and as sellers gain activity and sales records, they can build brand influence and earn overseas revenue [5]

Investment Rating - The industry investment rating is "Increase" [7] Core Viewpoints - Tianyuan Pet plans to acquire a controlling stake in Taotong Technology to enhance its online channel layout, aiming to hold 99.71% of Taotong after the transaction [1][3] - Taotong Technology is a well-known e-commerce service provider in the food sector, operating over 30 flagship stores on platforms like Tmall and JD, with a total asset of 1.157 billion and revenue of 2.004 billion in 2024, reflecting a 25.10% year-on-year growth [2] - The acquisition is expected to create synergies in supply chain and channel operations, enhancing Tianyuan Pet's online sales capabilities and profitability, while supporting its transition to a dual circulation model [3] Summary by Sections Company Overview - Taotong Technology specializes in online retail, leveraging major e-commerce platforms and new media channels, serving over 10 million consumers with a diverse product range [2] Financial Performance - In 2024, Taotong Technology achieved total assets of 1.157 billion, net assets of 585 million, and revenue of 2.004 billion, marking a 25.10% increase year-on-year [2] Strategic Implications - The merger is anticipated to significantly boost Tianyuan Pet's performance, with the potential for enhanced brand promotion and operational efficiency through resource integration [3] - The collaboration with Chewy opens up cross-border sales opportunities for Chinese pet brands, enhancing product offerings on the North American market [4] Investment Suggestions - Focus on companies with strong channel layouts and innovative products in the pet industry, including Tianyuan Pet, Yiyi Co., and others involved in smart pet products and cross-industry collaborations [5]