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Core Insights - The report titled "Douyin Live Big Scene Business Strategy" focuses on the operational strategies for Douyin live streaming, aiming to provide guidance for merchants to enhance their sales performance through live streaming events [1] Group 1: Importance of Live Streaming Events - Local merchants are increasingly recognizing the significance of large-scale live streaming events, particularly during holidays and promotional periods, which can lead to substantial increases in Gross Merchandise Value (GMV) [6][7] - The GMV growth rates during key periods are notable, with increases of 131% in the catering industry, 28.9% in the travel industry, and 142% in the comprehensive industry during holidays [8] - Large-scale live streaming can effectively elevate daily GMV levels, with reported increases of 260% and 840% in GMV following such events [10] Group 2: Strategies for Successful Live Streaming - Key factors for successful live streaming include the integration of people, products, and venues, as well as frequency and performance marketing [13][14] - The strategy for "people" involves leveraging three domains to acquire traffic, with a focus on advertising for higher certainty in traffic acquisition [20] - The "product" strategy varies by industry, requiring careful consideration of discount levels, product quantities, and pricing during live events [14][21] - The "venue" aspect focuses on enhancing click-through rates through effective use of hosts, staging, themes, and backgrounds tailored to different industries [14][22] Group 3: Marketing and Performance Integration - Integrating marketing efforts can help achieve the goals of large-scale live streaming, with recommendations for budget allocation and collaboration with influencers [14][23] - Different industries exhibit variations in product combinations and timing strategies, which are crucial for optimizing live streaming performance [14][24] - The report provides specific operational guidelines for various industries, including product grouping strategies and scene creation methods for live streaming [1][26]

Financial Data and Key Metrics Changes - Baozun Group achieved an 8% year-over-year revenue growth in Q4 2024, with total net revenues reaching RMB 3 billion [20] - E-commerce revenue grew by 6% to RMB 2.5 billion, while brand management revenue increased by 17% to RMB 535 million [20] - Adjusted income from operations totaled RMB 103 million, a 37% improvement year-over-year, with adjusted operating profit from the e-commerce segment improving by 16% [23] - Non-GAAP net income attributable to shareholders for the quarter was RMB 46 million, up from RMB 29 million in the same period last year [24] Business Line Data and Key Metrics Changes - E-commerce services revenue increased by 9% year-over-year to RMB 1.9 billion, driven by a 16% increase in online store operations revenue and a 15% increase in digital marketing and IT solutions [21] - VC product sales revenue decreased by 4% year-over-year to RMB 572 million, primarily due to weak performance in the appliance category [21] - BBM product sales totaled RMB 535 million for the quarter, reflecting a 17% year-over-year growth, mainly driven by strong performance from the Gap brand [21] Market Data and Key Metrics Changes - The e-commerce division resumed annual top-line growth after two years of contraction, achieving a 6% increase [27] - Douyin maintained triple-digit growth during the quarter, contributing 6% of e-commerce revenue [30] - The company expanded its brand portfolio to over 490 brands, up from approximately 450 a year ago [28] Company Strategy and Development Direction - The company is focused on enhancing creative content capabilities and leveraging technology to help brand partners capitalize on platform interconnectivity and data intelligence [14] - A strategic transformation is underway, with a focus on profitability, sustainable growth, and technology as a cornerstone of success [18] - The company plans to open approximately 50 new stores in 2025, prioritizing high-traffic locations to maximize sales potential [38] Management's Comments on Operating Environment and Future Outlook - Management observed positive consumer sentiment and expects higher momentum in consumption sentiment in the future, supported by government subsidies [46] - The company maintains a high expectation for GMV growth, revenue, and operational profits in 2025, despite varying strategies among brand partners [59] - Management emphasized the importance of AI technology in driving efficiency and enhancing both top-line and bottom-line growth [68] Other Important Information - The company successfully completed its share repurchase program, repurchasing approximately 5.3 million ADS for $14.7 million, representing about 9% of total shares outstanding at the beginning of the program [24][25] - The company has strengthened its senior management team to drive the next phase of growth [17] Q&A Session Summary Question: Has management observed any improvement in consumer consumption sentiment over the past two months? - Management noted decent growth in revenue during recent promotional activities and observed rapid growth in categories like home appliances and smartphones, expecting higher momentum in consumption sentiment [45][46] Question: Can management update on Gap China's same store sales growth and performance of other brands under BBN? - Same store sales for Gap showed low single-digit growth in Q4 2024, with Hunter experiencing over 100% same store growth [50][51] Question: What are the key initiatives and top priorities for the company? - Management's focus includes optimizing team structure, enhancing financial management, and driving same store growth through omni-channel initiatives and AI technology [47][48] Question: How should we expect the potential influence of changing competitive landscape in e-commerce? - Management highlighted that GMV growth on Douyin is higher than on other platforms, and they plan to expand services and drive existing partners onto Douyin [56][57] Question: What is Baozun's strategy regarding JD.com and AI tools? - The company plans to help brand partners move their business onto JD.com, especially in fashion apparel, and is leveraging AI to drive efficiency and enhance top-line growth [63][66]

Core Insights - The consumer market is undergoing a "track change," with consumers increasingly valuing lifestyle, values, and sustainability over mere product functionality [1][2] - Female consumers are emerging as a significant force in the market, demonstrating a clear understanding of their desired lifestyles [2][5] - Brands must adapt to these changing consumer preferences by leveraging AI technology to enhance engagement and understanding [2][6] Consumer Behavior Trends - Z Generation consumers prioritize emotional symbols, health labels, and instant delivery in their purchasing decisions, indicating a shift towards a more diversified definition of value [4] - Factors such as emotional value, health concepts, and situational adaptability are becoming crucial in consumer decision-making [4] Brand Opportunities and Challenges - The 38 promotion event serves as a critical starting point for brands to experiment with new growth strategies, particularly in the context of female consumer engagement [5][6] - Brands that can effectively utilize new technologies to capture consumer needs will gain a competitive edge during market reshuffling [5][6] AI's Role in Consumer Engagement - AI technology is redefining growth logic by enabling brands to identify consumer pain points and accelerate the introduction of new products [6][9] - Successful case studies, such as the home brand Zhi Huashi, demonstrate how AI can enhance marketing strategies and significantly boost sales [9] Case Studies of Successful AI Implementation - Zhi Huashi utilized AI to identify key consumer segments, resulting in a 600% increase in GMV during the pre-sale period [9] - Kailas leveraged AI to expand its target audience and enhance brand storytelling, achieving over 100% GMV growth during the same period [10] - OPPO and Proya effectively used AI to convert transient traffic into loyal customers, with OPPO's new product achieving over 100 million in GMV in its first week [11][12] Future of Brand-Consumer Relationships - AI is transforming the relationship between brands and consumers, allowing for more personalized and meaningful interactions [14][15] - The evolution from resource competition to intelligence competition signifies a shift in market dynamics, emphasizing the importance of understanding consumer needs through AI [15]

深圳市三态电子商务股份有限公司 首次公开发行股票并在创业板上市 发行结果公告 本次发行最终采用网下向符合条件的投资者询价配售（以下简称"网下发 行"）及网上向持有深圳市场非限售 A 股股份和非限售存托凭证市值的社会公 众投资者定价发行（以下简称"网上发行"）相结合的方式进行。 战略配售回拨后、网上网下回拨机制启动前，网下初始发行数量为 9,595.30 万股，约占本次发行数量的 81.00%；网上初始发行数量为 2,250.70 万 1 保荐人（主承销商）：中信证券股份有限公司 深圳市三态电子商务股份有限公司（以下简称"三态股份"或"发行人"） 首次公开发行 11,846.00 万股人民币普通股（A 股）（以下简称"本次发行"） 并在创业板上市的申请已经深圳证券交易所（以下简称"深交所"）创业板上 市委员会审议通过，并已经中国证券监督管理委员会（以下简称"中国证监会"） 同意注册（证监许可〔2023〕1201 号）。本次发行的保荐人（主承销商）为中 信证券股份有限公司（以下简称"中信证券"或"保荐人（主承销商）"）。 发行人的股票简称为"三态股份"，股票代码为"301558"。 发行人和保荐人（主承销商）协商 ...

保荐人（主承销商）：中信证券股份有限公司 特别提示 深圳市三态电子商务股份有限公司（以下简称"三态股份"或"发行人"） 首次公开发行 11,846.00 万股人民币普通股（A 股）（以下简称"本次发行"） 并在创业板上市的申请已经深圳证券交易所（以下简称"深交所"）创业板上市 委员会审议通过，并已经中国证券监督管理委员会（以下简称"中国证监会"） 同意注册（证监许可〔2023〕1201 号）。 发行人与保荐人（主承销商）中信证券股份有限公司（以下简称"中信证券" 或"保荐人（主承销商）"）协商确定本次发行股份数量为 11,846.00 万股，本 次发行价格为 7.33 元/股。本次发行的发行价格未超过剔除最高报价后网下投资 者报价的中位数和加权平均数以及剔除最高报价后通过公开募集方式设立的证 券投资基金（以下简称"公募基金"）、全国社会保障基金（以下简称"社保基 金"）、基本养老保险基金（以下简称"养老金"）、企业年金基金和职业年金 基金（以下简称"年金基金"）、符合《保险资金运用管理办法》等规定的保险 资金（以下简称"保险资金"）和合格境外投资者资金报价中位数、加权平均数 的孰低值，故保荐人相关子公司无需参 ...

深圳市三态电子商务股份有限公司 首次公开发行股票并在创业板上市网上路演公告 保荐人（主承销商）：中信证券股份有限公司 始战略配售数量后发行数量的 20.00%。最终网下、网上发行合计数量为本次发 行总数量扣除最终战略配售数量，网上及网下最终发行数量将根据回拨情况确定。 最终网下、网上发行数量及战略配售情况将在 2023 年 9 月 21 日（T+2 日）刊登 的《深圳市三态电子商务股份有限公司首次公开发行股票并在创业板上市网下发 行初步配售结果公告》中予以明确。 深圳市三态电子商务股份有限公司（以下简称"发行人"）首次公开发行人 民币普通股（A 股）（以下简称"本次发行"）的申请已经深圳证券交易所创业 板上市委员会审议通过，并已获中国证券监督管理委员会（以下简称"中国证监 会"）同意注册（证监许可〔2023〕1201 号）。 本次发行采用向参与战略配售的投资者定向配售（以下简称"战略配售"） （如有）、网下向符合条件的投资者询价配售（以下简称"网下发行"）、网上 向持有深圳市场非限售 A 股股份和非限售存托凭证市值的社会公众投资者定价 发行（以下简称"网上发行"）相结合的方式进行。 发行人和保荐人（主承销商） ...

Financial Data and Key Metrics Changes - Total revenue reached RMB 400 million in 2022, an increase of 11.8% year on year from RMB 359 million in 2021 [22] - Gross profit increased by 26.6% year on year to RMB 1.3 billion in 2022, with gross profit margin expanding from 26.6% to 30.2% [22][23] - Adjusted EBITDA rose 73% year on year to RMB 230 million in 2022, with significant half-on-half growth of 106% in the second half [24] Business Line Data and Key Metrics Changes - Payment business GPV grew over 5% year on year to RMB 2.2 trillion, with app-based GPV increasing by 21% year on year [14][16] - In-store e-commerce GMV increased more than seven times to RMB 3.3 billion, with revenue rising 139% to over RMB 1 billion [17] - Merchant solutions gross profit margin improved from 57% in the first half to 75% in the second half of 2022 [19] Market Data and Key Metrics Changes - Active payment merchants increased to 8.1 million, with daily transactions exceeding 50 million [13] - The company maintained a leading position in the QR code payment industry, capturing over 30% market share [56] - The total GPV in January and February 2023 grew by 34.1% year on year, indicating a strong recovery in offline consumption [16] Company Strategy and Development Direction - The company aims to create value for merchants and expand its ecosystem by leveraging partnerships with local media platforms like Douyin and Kuaishou [10][20] - A focus on profitability and operational efficiency is emphasized, particularly in the in-store e-commerce segment [19] - The company is exploring overseas markets and has obtained payment licenses in Singapore, Hong Kong, and the US [16][98] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the recovery of offline consumption and provided a full-year GPV guidance of RMB 2.7 trillion to RMB 2.9 trillion for 2023 [29] - The competitive landscape is evolving, with a focus on maintaining market share and profitability amidst increasing competition [96] - The company is optimistic about achieving breakeven in the in-store e-commerce business soon [67] Other Important Information - The company has developed over 10 functions based on AI-generated content (AIGC) to enhance operational efficiency [45] - ESG ratings were highlighted, with the company scoring an industry-leading 48 on the S&P Global ESG ratings [20] Q&A Session Summary Question: Can management share more about the offline consumption recovery trend? - Management noted significant recovery in Tier 1 cities, particularly in retail and restaurant sectors, with similar trends observed in March [28] Question: What is management's view on the competition landscape in the Douyin ecosystem? - Management acknowledged the complexity of the competitive landscape and emphasized a dual model strategy to address different city tiers [32][36] Question: Can management provide insights on the applications of AIGC in the merchant solutions business? - Management detailed three applications of AIGC, including content creation for marketing and customer service automation [48][50] Question: What are the growth drivers for payment GPV in 2023? - Management identified joint merchant acquiring services with banks and partnerships with SaaS providers as key growth drivers [80] Question: How does management view the competition between Douyin and Meituan? - Management believes the competition will not negatively impact their business model due to the different approaches of the platforms [84] Question: What is the outlook for the in-store e-commerce gross margin? - Management explained that gross margin improvements were driven by accounting policy changes and increased scale [90][92]