今天分享的是：2025年中国跨境电商ERP市场研究报告 报告共计：40页 2025年中国跨境电商ERP市场在跨境电商行业蓬勃发展背景下持续壮大，2024年市场规模达19.6亿元，2020-2024年年均增长 27.8%，预计2025-2029年复合增长率将超30%。其核心驱动力包括跨境电商平台多元化、海外仓建设提速、AI技术渗透与 SaaS化升级、政策支持及中小卖家数字化渗透率提升。跨境电商ERP作为连接供应链与销售终端的数字化基础设施，已从辅 助工具升级为经营中枢，覆盖选品、刊登、营销、仓储、财务、税务申报等12个核心业务环节，通过数据整合、流程自动化 与智能决策支持，帮助卖家降本增效、提升合规水平。市场竞争呈现头部集中特征，店小秘ERP以180万注册用户占比34.8% 位居行业首位，赛狐ERP以113%的复合增长率成为增长最快品牌，竞争核心从功能覆盖转向智能化与生态协同。技术层面经 历基础投放、ERP自动优化投放阶段后，现已进入AI智能投放时代，通过实时智能出价、自动创意生成、因果归因等功能实 现广告优化升级。厂商根据卖家体量差异化定位，小型卖家侧重广告优化与数据分析，中大型卖家侧重全链路SaaS解决方 ...

Core Viewpoint - The article discusses the emergence of "ghost accounts" on Bilibili (B站) that have no profile pictures and post numerous videos, leading to a significant reduction in ads when these accounts are blocked by users [1][5][18]. Group 1: Ghost Accounts and Their Impact - Users have discovered that blocking these ghost accounts, such as "9772b388-e7", can significantly reduce the number of ads displayed on the platform [5][7]. - The accounts are characterized by random letter combinations and lack any content, yet they are linked to a large volume of video posts [1][3]. - The phenomenon has been confirmed by tech influencers, indicating a potential flaw in Bilibili's ad delivery system [5][6]. Group 2: User Methods to Block Ads - Users can block these accounts by navigating to their settings and adjusting privacy settings to manage personalized ad recommendations [9][10]. - Specific steps include disabling personalized ad recommendations and clearing local cache to enhance the effectiveness of ad blocking [12][13]. - Alternative methods suggested by users include changing the app's language settings to traditional Chinese or English to reduce ad visibility [23]. Group 3: Bilibili's Response and Advertising Strategy - Following the viral spread of the ad-blocking method, Bilibili has made it difficult to search for these accounts directly on the homepage [7]. - Bilibili's revenue model heavily relies on advertising, with Q2 2025 financial data showing that advertising revenue accounted for 33% of total income, a slight increase from the previous quarter [18][20]. - The company plans to enhance its advertising strategy through AI-driven ad placements and improved recommendation algorithms to better target user interests [20].

Investment Rating - The investment rating for the company has been downgraded to "Hold" [8] Core Insights - The company reported a revenue of 1.24 billion RMB for 2024, a year-over-year decrease of 4.0%, and a net profit attributable to the parent company of 80 million RMB, down 29.6% year-over-year, which was below previous expectations [1] - The company is actively expanding into emerging platforms like Xiaohongshu and focusing on AI-driven advertising, although the current valuation reflects high market expectations [1] - Short-term performance is under pressure due to business adjustments and the need for time to see the effects of R&D investments, but the long-term potential driven by dual engines of "e-commerce full-service provider + new consumer brand accelerator" is worth monitoring [1] Summary by Sections Financial Performance - In 1Q25, the company achieved a revenue of 250 million RMB, down 12.1% year-over-year, with a net profit of 30 million RMB, down 11.2% year-over-year [1] - The gross margin for 2024 decreased by 4.5 percentage points to 24.8%, primarily due to the increased proportion of low-margin online distribution business and higher asset impairment losses [3] - The company’s operating efficiency improved, with inventory turnover days decreasing by 8 days to 120 days, and accounts receivable turnover days decreasing by 17 days to 59 days [4] Business Segments - Revenue from brand online marketing services and brand online management services decreased by 17.1% and 9.7% respectively, while online distribution revenue increased by 11.8% to 470 million RMB, becoming the largest business segment [2] Cost Management - The company has seen effective cost control, with sales, management, and R&D expense ratios decreasing by 1.7 percentage points, 0.3 percentage points, and 0.4 percentage points respectively [3] - Despite cost management efforts, overall net profit margin decreased by 2.3 percentage points to 6.1% due to weak performance in the main online service business [3] Profit Forecast and Valuation - The company is in a transformation phase, with net profit forecasts for 2025 and 2026 adjusted down by 30.4% and 17.7% to 90 million RMB and 110 million RMB respectively [5] - The target price has been set at 21.10 RMB, reflecting a 32.7% increase from the previous target price of 15.9 RMB, with a corresponding PE ratio of 56x for 2025E [5]