Company Overview - Hangzhou Zhutao E-commerce is a marketing service provider focused on Tmall operations and new traffic strategies, established in 2013, collaborating with major brands like Samsung and Huawei [2] - Dianjing Network, founded in 2010, specializes in Tmall, Taobao, and JD platform operations, recognized for its expertise in traffic acquisition and conversion [3] - Qingmu E-commerce, established in 2013, offers comprehensive e-commerce operation services, known for its efficient team and execution [4] - Guxing E-commerce, founded in 2011, provides e-commerce operation services for small and medium enterprises, helping brands achieve rapid growth through innovative strategies [5] - Yaowang Network, established in 2015, focuses on providing multi-channel e-commerce operation services, excelling in traffic acquisition and brand promotion [6] Industry Insights - The foundation of successful operations lies in product selection, emphasizing the importance of competitive and quality products for effective marketing [7] - Optimization is crucial, requiring continuous improvement of product images and details to attract natural traffic, as consumer attention spans are short [10][11] - Maintenance involves after-sales service and regular updates to the store, which helps increase exposure and sales [11]

Group 1 - The shift from "inclusive" to "precise" traffic distribution in platforms is elevating the value of e-commerce operation agencies from "supporting roles" to "growth engines" [1] - E-commerce operation agencies are integrating with brand incubation to form a closed loop of "operation - data - brand," reshaping the competitive logic in the industry [1] Group 2 - In the current mixed landscape of e-commerce operation agencies, selecting partners requires strict criteria based on service completeness, data-driven decision-making capabilities, and long-term client cooperation rates [3] - The top ten e-commerce operation companies provide standardized services from store decoration to customer service, and can develop differentiated strategies for various categories, validated by multiple million-level GMV cases [3] Group 3 - Rongqu Media, ranked first, focuses on creating a fully integrated ecosystem that includes e-commerce operations, digital marketing, brand upgrading, IT solutions, and resource empowerment [5] - Hangzhou Golobo, ranked second, specializes in brand network marketing and provides strategic services for online entity operations and brand communication [6] - Guangzhou Ruoyuchen, ranked third, offers integrated marketing management services, successfully nurturing several well-known online brands in cosmetics and maternal and infant products [7] Group 4 - The seventh-ranked company, Dianjing Network, provides personalized customer service and has accumulated unique service concepts across various industries, helping brands find market breakthroughs [11] - Fire Nu E-commerce, ranked eighth, offers precise low-cost traffic generation and a comprehensive range of operation services, including data analysis [12] - Qingmu Technology, founded in 2011, aims to become a global retail service provider driven by data and technology, with operations in multiple cities [13] Group 5 - Bicheng Digital, established in 2013, focuses on providing comprehensive e-commerce services through big data across various consumer industries, emphasizing the transition from "scale-first" to "efficiency-first" [14] - The value of operation agencies is evolving from a "cost item" to an "investment item," as demonstrated by a traditional white tea brand achieving over 150 million yuan in annual sales through high-end transformation strategies [14] - The ability of operation teams to provide precise insights into consumer trends and resource integration is redefining the collaboration boundaries between brands and operation agencies [14]

Group 1 - Hainan Development (002163.SZ) plans to acquire 51% of Hangzhou Wanying Technology Co., Ltd. (Wanying Technology) for a total transaction price of 438.4 million yuan, with an overall valuation of 859.6 million yuan, reflecting a 130.04% increase in value [2] - Wanying Technology is a leading player in the pet e-commerce agency sector and has faced challenges in its IPO plans, leading to significant share buybacks by its controlling shareholders, who have spent approximately 189 million yuan in the past year [2][3][7] - The acquisition is significant for Hainan Development as it marks a shift from its original plan to inject duty-free assets into the company, which faced delays and shareholder opposition [10][11] Group 2 - The controlling shareholders of Wanying Technology, Yuan Zhenxing and Fu Yuanyuan, held a combined 80.89% of shares prior to the transaction, with Fu Yuanyuan transferring 48.5% of her shares as part of the deal [3][4] - Wanying Technology has undergone five rounds of financing since its establishment in 2009, with the most recent investment changes occurring in June 2024, when the number of shareholders decreased from 18 to 14 [5][6] - The company has seen a steady increase in revenue over the past two years, with sales reaching 648 million yuan in 2024, although its debt has also significantly increased from 180 million yuan at the end of 2023 to 528 million yuan [19]

Group 1 - The third largest shareholder of Ruoyuchen, Langzi Co., plans to reduce its stake by up to 4.7681 million shares, accounting for no more than 3% of the company's total share capital [1] - As of the announcement date, Langzi Co. holds 11.60272 million shares, representing 7.30% of Ruoyuchen's total shares [1] - The share price of Ruoyuchen has surged significantly, increasing from 19.77 CNY per share at the beginning of 2025 to a peak of 59.14 CNY per share on June 5, 2025, reflecting an increase of nearly 200% [1] Group 2 - Ruoyuchen, founded in 2011 and listed on the Shenzhen Stock Exchange in September 2020, is a leading global digital management company for consumer brands, offering services such as e-commerce operations and brand management [2] - Langzi Co. was one of the founding shareholders of Ruoyuchen, initially holding 20% of the shares at the time of its establishment [2] - In 2024, Ruoyuchen achieved a revenue of 1.766 billion CNY, a year-on-year increase of 29.26%, and a net profit of 106 million CNY, up 94.58% year-on-year [2] Group 3 - The company's sales expenses have significantly increased, rising from less than 200 million CNY before its IPO to 526 million CNY in 2024, marking a new high since its listing [3] - In the first quarter of this year, Ruoyuchen's sales expenses exceeded 263 million CNY, representing a year-on-year increase of over 300% [3]

出品 | 创业最前线 作者 | 左星月 编辑 | 王亚静 美编 | 倩倩 审核 | 颂文 "梦碎"A股之后，上海凯诘电子商务股份有限公司（以下简称"上海凯诘"）选择在港交所申报上市。 据悉，上海凯诘主要提供电商综合服务，为亿滋、大王、皇家、格力高、KFC、百事等企业提供过服务。 这家由宝洁前高管许浩联合创立的企业，曾吸引了包括巨人投资在内的18家明星资本加持。然而，公司业绩如今却陷入"三连降"的窘境。 从新三板摘牌、A股折戟到如今转战港股，上海凯诘能否在行业寒冬与转型压力下，重新赢得资本市场的认可？ 1998年7月，上海凯诘的创始人之一许浩取得了厦门大学化学学士学位。 毕业后，他马上加入了宝洁担任生产经理。2000年1月，许浩加入通用电气任销售经理。此后，许浩又在当纳利印刷公司、上海楚元、赫斯特广告、佳华 控股等企业任职。 2010年，许浩创办了上海凯诘，目前担任公司董事长兼执行董事。 上海凯诘的另一位创始人是韩松育，2006年7月获得吉林大学广告学学士学位，曾任职于玛氏箭牌糖果（中国）、多美滋等企业，现任上海凯诘的执行董 事兼总经理。 2022年8月，许浩、韩松育、徐智文和游敏勇签署了一致行动协议，若有分歧 ...

Core Viewpoint - Ruoyuchen (003010.SZ) announced that its shareholder, Langzi Co., plans to reduce its stake by up to 4.768 million shares, representing no more than 3% of the total share capital, without significantly impacting the company's governance or future operations [1] Group 1: Company Performance - Ruoyuchen reported a 30% increase in revenue and a 95% surge in net profit attributable to shareholders for the year 2024, making it the most profitable e-commerce operation company listed [3] - The company's stock price has risen over 400% in the past year, reflecting strong market confidence [3] - In Q1 2025, net profit continued to grow, increasing by 114% year-on-year, indicating sustained high growth [3] Group 2: Shareholder Actions - Langzi Co. plans to reduce its holdings through centralized bidding and/or block trading within three months after the announcement, starting 15 trading days from the announcement date [1] - The maximum value of Langzi Co.'s potential share reduction is estimated at 342 million yuan based on the current stock price [1] Group 3: Market Sentiment - The company's chairman, Wang Yu, expressed concerns about maintaining high growth rates amidst rising stock prices and market expectations [3] - The company has seen a significant increase in investor interest, with seven investor meetings held since September 2024, surpassing the total since its listing [3]

Core Insights - Douyin e-commerce ecosystem is experiencing explosive growth, with Douyin Xiaodian becoming a new battleground for brands [1] - The代运营 industry is showing polarization, with leading companies forming barriers through resource integration and data capabilities, while smaller firms are focusing on niche markets [1][12] Industry Overview - The article outlines the top ten代运营 companies, providing a reference for businesses to choose partners based on comprehensive strength, case data, and industry reputation [3] - Businesses should match their specific needs, such as category characteristics, budget scale, and growth stage, when selecting service providers [3] Top Ten代运营 Companies - **1st: Xinxing E-commerce**: Focuses on "data-driven + full-case operation," excels in incubating Douyin Xiaodian from scratch, and has helped a new consumer brand achieve a monthly GMV of 80 million [5] - **2nd: Pairui Weixing**: A marketing giant that leverages cross-platform resource synergy, achieving a 300% year-on-year GMV growth for a 3C brand during Double Eleven [6] - **3rd: Yanyu Xin**: Known as a "content creative factory," it has a team from 4A advertising companies and has created a record of over 20 million in sales from a single video [7] - **4th: Mijing Culture**: Specializes in live e-commerce with over 5,000 signed hosts, helping merchants reduce live broadcast costs by 30% [8] - **5th: Boguan Ruisi**: Emphasizes "full-link digital operation," achieving a 45% increase in customer unit price for a maternal and infant brand [9] - **6th: Feiying Interactive**: Known for "black technology tools," it has improved consultation conversion rates by 30% in the 3C digital field [10] - **7th: Zhaohai Media**: Focuses on supply chain integration, helping a home goods brand improve inventory turnover by 60% [11] - **8th: Jiaoge Friends**: Leverages the influence of IP figures like Luo Yonghao, with high service fees but strong advantages in the 3C and home appliance sectors [12] - **9th: Wuyou Media**: A leading MCN institution that excels in brand exposure through a combination of narrative short videos and live broadcasts [13] - **10th: Yaowang Network**: Features "star live broadcasts" with signed celebrities, suitable for mature brands with sufficient budgets [14] Industry Trends - **Professional Division of Labor**: Full-service providers and vertical experts coexist, requiring businesses to choose based on their needs [12] - **Data-Driven Decision Making**: Leading institutions have adopted AI tools for refined operations from product selection to advertising [12] - **Supply Chain Integration**:代运营 companies are transitioning from "traffic intermediaries" to "industry service providers," with those possessing supply chain capabilities holding more long-term value [12] Recommendations for Businesses - **Case Authenticity**: Businesses should request backend data screenshots instead of relying solely on case presentations [13] - **Service Transparency**: Caution against promises like "guaranteed GMV," preferring performance-based cooperation models [13] - **Resource Matching**: Confirm that the agency's expertise aligns with the business's category [13] Future Outlook - As the Douyin e-commerce closed-loop ecosystem improves, the value of代运营 companies will evolve from "operational agents" to "strategic partners," necessitating a focus on industry insights and resource integration capabilities [12]

Core Viewpoint - Shanghai Kaijie E-commerce Co., Ltd. (Kaijie E-commerce) has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, marking its second attempt at going public after withdrawing its A-share application in 2021 [1][4]. Company Overview - Established in 2010, Kaijie E-commerce is a comprehensive e-commerce service provider, offering B2B and B2C sales as well as data-driven creative marketing services [1]. - According to data from ZhiShi Consulting, Kaijie E-commerce is the fifth largest digital retail solution provider in China and the largest O2O digital retail solution provider based on GMV projections for 2024 [1]. Previous IPO Attempts - Kaijie E-commerce first entered the New Third Board in May 2016 but voluntarily delisted in July 2019 to streamline operations and reduce costs [2]. - After two years, the company attempted to list on the A-share market in June 2021 but withdrew its application in December 2021 before completing the inquiry process [3]. Reasons for Switching to Hong Kong - The company cited low liquidity of shares on the New Third Board as a barrier to public financing and business growth [4]. - Listing on the Hong Kong Stock Exchange is seen as a way to enhance financing capabilities, expand the shareholder base, and improve international market recognition [4]. Financial Performance - Kaijie E-commerce has experienced a decline in both revenue and net profit for three consecutive years from 2022 to 2024, with revenues of 1.829 billion, 1.723 billion, and 1.699 billion yuan respectively, and net profits of 86.47 million, 67.59 million, and 60.43 million yuan [5][6]. - The company's gross profit margin has also decreased from 24% in 2022 to 21.8% in 2024 [8]. Client Base Changes - Previously, Colgate was one of Kaijie E-commerce's top five clients, contributing sales of 38.57 million, 42.04 million, and 59.10 million yuan from 2018 to 2020, but is no longer among the top clients [9][8]. Industry Context - The beauty e-commerce service industry is facing significant challenges, with many operators, including Kaijie E-commerce, reporting declining revenues and profits [15]. - Among six listed beauty e-commerce operators, only Ruoyuchen has shown revenue growth in 2024 and the first quarter of 2025, while others have experienced varying degrees of decline [16][17].

每经记者｜陈婷 每经实习编辑｜余婷婷 又一家电商代运营企业向资本市场发起冲锋。 近日，上海凯诘电子商务股份有限公司（下称"凯诘电商"）向港交所提交上市申请书。 在招股书中，凯诘电商将自身形容为"数字零售解决方案提供商"，为品牌合作伙伴提供数字零售解决方案。据称，其已经建立了覆盖天猫、JD.com（京 东）、抖音和拼多多等十多个核心数字零售平台的全渠道网络，已经为200多个品牌提供服务。 据《每日经济新闻》记者了解，电商行业业内更多将提供品牌代运营服务的公司称为"电商代运营公司"或"电商服务商"，而这批公司早就掀起过一批上市 潮。早在2015年，宝尊电商（HK:09991）便赴美上市，丽人丽妆（SH:605136）、若羽臣（SZ:003010）也在多年前就成为了上市公司。 相较于同赛道的竞争对手，当前还在冲刺港股IPO的凯诘电商多少显得"姗姗来迟"。 值得一提的是，根据招股书披露的数据，凯诘电商近三年的营收呈现出连年下降的趋势。2024年，其收入同比下降1.4%，毛利由2023年的人民币3.95亿元下 降6.2%至2024年的人民币3.70亿元。 就募资目的，凯诘电商在招股书中提到，除了对当前业务进行战略扩张与 ...

Core Viewpoint - Shanghai Kaijie E-commerce Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, marking its fourth attempt at capital market entry after previous setbacks [1] Group 1: Company Overview - Founded in July 2010, Kaijie E-commerce focuses on providing comprehensive digital retail solutions, capturing market opportunities as foreign brands faced localization challenges in China [2] - The company has established a multi-channel network covering ten core digital retail platforms, including Tmall, JD.com, Douyin, and Pinduoduo, and has received top honors as a "Tmall Six-Star Service Provider" for seven consecutive years [2] - Kaijie serves over 200 brands, with more than half being international brands, including well-known companies like Mondelez, KFC, and LEGO [2][3] Group 2: Financial Performance - Despite a significant increase in Gross Merchandise Volume (GMV) from 8.178 billion to 13.459 billion yuan between 2022 and 2024, the company's revenue has declined from 1.829 billion to 1.699 billion yuan, a total decrease of 7.1% [4][3] - Net profit has also decreased by 30.2%, from 86.47 million to 60.43 million yuan, indicating a troubling divergence between GMV growth and financial performance [4] - The company has a high customer concentration risk, with the top five brand partners contributing 62.2%, 52.1%, and 52.8% of revenue from 2022 to 2024, respectively [4] Group 3: Industry Context - The financial struggles of Kaijie E-commerce reflect broader structural changes within the e-commerce agency industry, where major players are experiencing significant performance disparities [7] - The industry is facing challenges as brands increasingly build in-house teams, leading to a decline in reliance on third-party agencies [7] - The average gross margin in the agency sector has dropped from 45% in 2018 to around 32%, with leading companies like Baozun experiencing over an 80% decline in stock price from historical highs [7][8] Group 4: Strategic Direction - Kaijie E-commerce is attempting to transition towards a technology-driven model, with digital marketing services now accounting for 34% of its revenue [8] - The company plans to use funds raised from its IPO to enhance its digital retail solution capabilities and upgrade its technological infrastructure [8] - The success of Kaijie's latest capital market attempt will depend on its ability to innovate beyond traditional agency models and leverage new opportunities in "going global" and AI [8]