这两年电商行业持续火爆，不停地有新人加入，也不停地有人在疑问天猫代运营是不是靠谱？新店家该 怎么找代运营？ 所以在我们谈论代运营公司靠不靠谱之前，关键是要学会选择分辨好的代运营公司。 二、如何选择靠谱的代运营公司 选代运营公司并不是一件困难的事情，作为店家我们只需要把握下面几点就行。 对于这些问题，我结合自己在电商行业摸索多年的经验，跟大家做一下简单介绍。 一、天猫代运营靠谱吗？ 多数电商新手对于代运营的认识还是比较简单的。他们认为代运营就是把店铺交给对方，自己只需要管 理发货就行。这种想法虽然错但是对电商代运营的认识不全面。 应该说上面对于电商代运营的认识是最基础的，现在绝大多数电商代运营公司已经不单要负责店铺的运 营，品牌塑造、竞品分析、客户画像、数字化营销等内容都是代运营需要负责的。这就给代运营公司提 出了更高的要求，也迫使店家在选择代运营公司时必须要慎重仔细。 至于代运营靠不靠谱这个话题，恐怕三天三夜也说不完。因为现在代运营行业可以用鱼龙混杂来说，既 有上海宝尊、山东利赢网络、壹网壹创这些口碑实力俱佳的好公司，也有一些没资质、没技术、没底线 的"骗子"公司。 1.尽量选择本地企业 选代运营公司的一个首 ...

中国电商市场如同一片广阔而汹涌的红海，天猫、京东等平台无疑是这片海域中的航空母舰。对于品牌方面言，登上这艘航母意味着触达亿级消费流量，但 如何在这艘巨舰上驾驶好自己的"店铺号"，却是一项极其复杂且专业的挑战。从店铺搭建、视觉设计、营销活动，到流量获取、数据分析和供应链协同，每 一个环节都需要深厚的专业知识和持续的精力投入。 正是在这种高门槛、高强度竞争的环境下，"天猫代运营"应运而生，并逐渐成为一个成熟且不可或缺的产业。它本质上是一种专业的"外包"服务，品牌方将 自己在天猫或天猫国际平台的店铺委托给专业的第三方运营公司（即TP，Tmall Partner）进行全权或部分模块的运营管理。这些公司就如同品牌方的"专业 导航员"和"资深操盘手"，帮助品牌在复杂的电商迷宫中找准方向、高效航行，最终实现销售额与品牌价值的双重提升。 天猫代运营，简而言之，就是"你出品牌和产品，我出技术和策略，我们一起把店做大做强"的合作模式。代运营公司凭借其对平台规则、流量玩法、用户行 为的深刻理解，为品牌提供一站式电子商务解决方案。 其服务内容通常涵盖以下核心模块： 对于品牌方，尤其是初创品牌、海外品牌（通过天猫国际）以及希望专注于产 ...

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Summary of the Conference Call for Ruoyuchen Company Overview - Ruoyuchen focuses on the operation of e-commerce and brand management, particularly in the health and maternal-infant sectors, establishing a leading position since its inception in 2011 [3][5] Key Financial Metrics - Current revenue from agency operations is approximately 700 million, accounting for 40% of total revenue, with a future growth rate expected to be within 5% [2][5] - Free brand management business is projected to grow at a double-digit rate, potentially exceeding 20% in optimistic scenarios, with expected revenue surpassing 600 million by 2025, representing about 20% of total revenue [2][5] - Projected revenue for 2025 is over 3 billion, a year-on-year increase of over 70%, with net profit around 170 million [4][17] - For 2026, revenue is expected to exceed 4 billion, with a growth rate of over 35% and net profit around 250 million, reflecting a year-on-year increase of 45% to 50% [4][18] Brand Performance - **Zhanjia Brand**: Acquired high-end home fragrance brand, projected revenue of nearly 500 million in 2024, expected to double to 1 billion in 2025, with a gross margin of over 65% and net margin around 15% [2][9] - **Feicui Brand**: Launched as a health supplement brand, expected to achieve a GMV of 800 million in 2025, with a gross margin of approximately 80% [2][11] - **Vita Ocean**: Focuses on ruby oil, with plans to replicate the rapid growth of Feicui in 2026 despite current supply constraints [12][14] - **Niuyibei Brand**: Launched in May 2025, expected GMV to exceed 100 million, targeting the budget market with plans for mid-to-high-end product launches [4][15] Growth Strategies - Multi-brand strategy allows Ruoyuchen to capture opportunities in various segments of the health supplement market [12][16] - Strong brand incubation capabilities demonstrated through successful launches and rapid growth of multiple brands [6][8] Market Dynamics - The company has established a robust operational experience in e-commerce, which is crucial for the success of its free brand initiatives [7][21] - The agency and brand management segments are expected to contribute over 1.5 billion in revenue, maintaining stable growth [19] Stock Price Catalysts - Factors that may drive stock price increases include continuous GMV exceeding expectations, new product launches, and overcoming supply constraints [20][21] Valuation Perspective - Traditional valuation methods may not fully capture Ruoyuchen's potential due to its rapid market penetration capabilities; a long-term growth potential assessment is recommended [21]

Group 1 - The performance of e-commerce operation companies is diverging, with a common trend of seeking new growth avenues through transformation [2][3] - RuYuchen (若羽臣) has emerged as a growth representative in the industry, achieving a revenue of 1.319 billion yuan in the first half of the year, a year-on-year increase of 67.55%, with net profit growing by 85.60% [2] - LiRenLiZhuang (丽人丽妆) is facing significant losses, reporting a revenue of 831 million yuan, a decrease of 13.98%, and a net loss of 32.76 million yuan, marking its worst mid-term performance since listing [2][3] Group 2 - The industry is collectively encountering growth challenges due to increasing costs and fragmented traffic, with companies needing to enhance cross-platform operational capabilities [3][4] - LiRenLiZhuang's revenue from Tmall platforms accounts for over 60% of total revenue, indicating a heavy reliance on a single platform [3] - RuYuchen's report shows that Douyin has become its largest sales channel, accounting for 37.24% of revenue [3] Group 3 - The rise of content e-commerce platforms like Douyin and Kuaishou has disrupted the traditional e-commerce landscape, posing challenges for companies lacking multi-channel operational capabilities [4] - Baozun (宝尊电商) has announced the acquisition of a leading service provider in the Douyin apparel category to strengthen its live e-commerce capabilities [4][6] - Major beauty brands are increasingly opting to build their own e-commerce teams, leading to a risk of customer attrition for operation companies [4][5] Group 4 - Baozun is implementing a three-pronged strategy focusing on e-commerce, brand management, and international expansion, with brand management showing a revenue increase of 29.11% [6] - Despite the growth in brand management, Baozun's overall profitability is still under pressure, with a net loss of 97 million yuan [6][7] - RuYuchen is focusing on cultivating its own brands, with self-owned brands generating 603 million yuan in revenue, a year-on-year increase of 242.42% [7][8] Group 5 - RuYuchen's sales expenses have surged to 599 million yuan, a year-on-year increase of 124.22%, driven by brand management and expansion efforts [8] - LiRenLiZhuang is also venturing into self-owned brands, launching new products, although its operation still heavily relies on its agency business [8][9] - The core advantage of operation companies lies in channel management, but they face challenges in product research and supply chain management [9]

Core Insights - The e-commerce agency industry is experiencing a "polarized" development trend in the first half of 2025, with significant performance disparities among listed companies [1][2] - Companies like Ruoyuchen have shown remarkable growth, while others like Liren Lizhuang and Baozun E-commerce are facing severe losses [1][8] Company Performance - Ruoyuchen reported a revenue growth of 67.55% year-on-year, reaching 1.319 billion yuan, with a net profit increase of 85.60% to 72 million yuan [10] - Liren Lizhuang's revenue fell by 13.98% to 830 million yuan, with a net loss of approximately 33 million yuan, marking a staggering decline of 1315.98% [7][8] - Baozun E-commerce achieved a revenue of about 4.6 billion yuan, a 5.63% increase, but reported a net loss of 97 million yuan, widening from a loss of 87 million yuan in the previous year [8] - Yiwang Yichuang's revenue decreased by 14.3% to 530 million yuan, while its net profit increased by 5.83% to 71 million yuan [11] - Qingmu Technology's revenue grew by 22.75% to 668 million yuan, but its net profit fell by 22.96% to 51.7 million yuan due to increased marketing expenses [11] - Kaichun's revenue dropped by 21.67% to 162 million yuan, with a net profit decline of 16.17% to 300,890 yuan [11] Industry Trends - The e-commerce user growth rate is slowing, leading to intensified competition for traffic and rising customer acquisition costs [2][12] - The fragmentation of traffic sources, with the rise of platforms like Douyin and Xiaohongshu, is impacting traditional e-commerce models [2][12] - Companies that fail to adapt to the shift towards comprehensive operations may struggle to survive in the evolving market landscape [2][12] Strategic Shifts - The transition from traditional e-commerce to a focus on self-owned brands is becoming crucial for survival and growth [13][16] - Ruoyuchen's self-owned brand business saw a significant revenue increase of 242.42%, contributing to 45.75% of its total revenue [10][13] - Liren Lizhuang's reliance on traditional e-commerce platforms has hindered its ability to innovate and grow, with over 91% of its revenue still tied to platform sales [13][14] Market Outlook - The overall online retail sales in China reached 74.295 billion yuan in the first half of 2025, growing by 8.5%, indicating that e-commerce still plays a vital role in the consumer market [14] - The future competitive edge will rely on enhancing operational efficiency through digital means and building strong brand management capabilities [16]

Core Viewpoint - The e-commerce agency industry is experiencing a "dual climate" in the first half of 2025, with significant performance divergence among listed companies, highlighting the need for transformation and adaptation to new market dynamics [1][2][12]. Group 1: Company Performance - Ruoyuchen achieved a remarkable revenue growth of 67.55% year-on-year, reaching 1.319 billion yuan, driven by a strong performance in its self-owned brand business [9][13]. - Liren Lizhuang reported a revenue decline of 13.98% to 830 million yuan, with a net loss of approximately 33.76 million yuan, marking a staggering year-on-year decrease of 1315.98% [6][12]. - Baozun E-commerce maintained a revenue increase of 5.63% to around 4.6 billion yuan but faced a net loss of 97.04 million yuan, which widened by 6.23% compared to the previous year [7][12]. - Yiwang Yichuang experienced a revenue drop of 14.3% to about 530 million yuan, while its net profit increased by 5.83% to approximately 71 million yuan [9][10]. - Qingmu Technology's revenue rose by 22.75% to 668 million yuan, but its net profit decreased by 22.96% to about 51.66 million yuan due to increased marketing expenses [10][12]. - Kaichun Co. reported a revenue decline of 21.67% to 162 million yuan, with a net profit decrease of 16.17% to approximately 300,890 yuan [10][12]. Group 2: Industry Trends - The e-commerce user growth rate is slowing, and competition for platform traffic is intensifying, leading to rising customer acquisition costs (CAC) and squeezing profit margins for agencies [2][11]. - The fragmentation of traffic sources, with the rise of platforms like Douyin and Xiaohongshu, has made it essential for agencies to adapt their service models beyond traditional "shelf e-commerce" [2][11]. - The shift towards a "stock era" in e-commerce emphasizes the importance of transformation and innovation for survival and growth, as evidenced by the performance disparities among companies [12][13]. - The overall online retail sales in China reached 74.295 billion yuan in the first half of 2025, growing by 8.5%, indicating that e-commerce still plays a crucial role in the consumer market [14][16]. Group 3: Strategic Insights - Companies that successfully transition to self-owned brand operations and diversify their business models are likely to thrive, as seen with Ruoyuchen's significant growth in self-owned brands [9][13]. - The ability to leverage accumulated data and identify new market segments will be critical for agencies to navigate the evolving landscape and capitalize on emerging opportunities [16]. - The government's push for healthy e-commerce development aligns with the industry's need for innovation, suggesting a favorable environment for companies that can adapt quickly [14][16].

Core Viewpoint - The e-commerce operation industry is experiencing a stark contrast in performance in the first half of 2025, with significant disparities among listed companies, highlighting the need for transformation and adaptation in a competitive landscape [1][15]. Group 1: Company Performance - Ruoyuchen achieved a remarkable revenue growth of 67.55%, with total revenue reaching 1.319 billion yuan and a net profit increase of 85.60% to 72 million yuan, driven by strong performance in its self-owned brand business [10][15]. - Liren Lizhuang reported a revenue decline of 13.98% to 830 million yuan and a net loss of approximately 33 million yuan, marking a staggering 1315.98% drop in profit, attributed to weak consumer demand and the termination of partnerships with key brands [5][6]. - Baozun, despite a revenue increase of 5.63% to around 4.6 billion yuan, faced a net loss of 97 million yuan, which is a 6.23% increase in losses compared to the previous year [6][10]. - Yiwang Yichuang experienced a revenue decline of 14.3% to approximately 530 million yuan, but managed to increase its net profit by 5.83% to around 71 million yuan [10][11]. - Qingmu Technology reported a revenue increase of 22.75% to 668 million yuan, but its net profit decreased by 22.96% to approximately 51.7 million yuan due to increased marketing expenses [11]. - Kaichun's revenue fell by 21.67% to 162 million yuan, with a net profit of 300,890 yuan, down 16.17% [11]. Group 2: Industry Trends - The e-commerce user growth rate is slowing, and competition for traffic within platforms is intensifying, leading to rising customer acquisition costs and squeezing profit margins for operation companies [2][12]. - The fragmentation of traffic sources, with the rise of platforms like Douyin and Xiaohongshu, has contributed to the challenges faced by traditional e-commerce operators [2][12]. - Companies that fail to adapt to full-domain operations and continue relying on traditional "shelf e-commerce" models are likely to struggle in the evolving market [3][12]. - The shift towards a "stock era" in e-commerce necessitates a focus on transformation and innovation to survive and thrive in a competitive environment [15][17]. - The overall online retail sales in China reached 74.295 billion yuan in the first half of 2025, growing by 8.5%, indicating that e-commerce still plays a crucial role in the consumer market [16].

Core Insights - The e-commerce operation industry is experiencing a "ice and fire" development trend in the first half of 2025, with significant performance differentiation among listed companies [1] - Companies like Ruoyuchen show remarkable growth, while others like Liren Lizhuang face severe revenue decline and substantial losses [1][6] - The overall e-commerce user growth is slowing, leading to increased customer acquisition costs and fragmented traffic patterns [2] Company Performance - Ruoyuchen achieved a revenue growth of 67.55% year-on-year, with a net profit increase of 85.60% [8] - Liren Lizhuang reported a revenue of 830 million yuan, down 13.98% year-on-year, and a net loss of approximately 33.76 million yuan, a staggering decline of 1315.98% [5][6] - Baozun maintained revenue growth of 5.63% year-on-year, but reported a net loss of 97.04 million yuan, widening from a loss of 87.28 million yuan in the previous year [6] - Yiwang Yichuang's revenue decreased by 14.3% to approximately 530 million yuan, while net profit increased by 5.83% to about 71 million yuan [8] - Qingmu Technology's revenue grew by 22.75% to 668 million yuan, but net profit fell by 22.96% to 51.66 million yuan [9] - Kaichun's revenue dropped by 21.67% to 162 million yuan, with a net profit decline of 16.17% to 3.01 million yuan [9] Industry Trends - The e-commerce operation industry is transitioning from a focus on traditional "shelf e-commerce" to a more comprehensive operational model [2][10] - The rise of content and interest-based e-commerce platforms like Douyin and Xiaohongshu is fragmenting traffic, impacting traditional e-commerce operators [2] - The overall online retail sales in China reached 74.295 billion yuan, growing by 8.5% year-on-year, indicating the continued importance of e-commerce in the consumer market [11] Strategic Insights - Companies that successfully innovate and extend their business models beyond traditional operations are more likely to survive and thrive [10][12] - Ruoyuchen's self-owned brand business saw a significant revenue increase of 242.42%, indicating a successful pivot towards brand management [10] - Liren Lizhuang's heavy reliance on platform sales (91.12% of revenue) highlights the risks of not diversifying revenue streams [11]

Summary of the Conference Call for Ruoyuchen Company Overview - **Company**: Ruoyuchen - **Industry**: E-commerce and Brand Management Key Points Business Growth and Revenue - Ruoyuchen's self-owned brand business has seen rapid growth, with revenue contribution nearing 46% in the first half of 2025, doubling from the previous year, making it the main driver of company growth [2][3] - Overall revenue for the company grew by 29% year-on-year in 2024, significantly outpacing the average double-digit growth in the agency operation industry [2][3] Profitability and Margins - The gross margin for self-owned brands is significantly higher than that of agency operations and brand management, with brands like Feicui and Zhanjia achieving gross margins of 86.8% and 66.9% respectively [2][4] - The overall gross margin of the company has improved notably since 2024 due to the growth of self-owned brands [5] Market Strategy and Product Development - Ruoyuchen has successfully created popular products by accurately selecting market segments, product positioning, and marketing strategies, particularly in emerging content e-commerce channels [6] - The company is expected to maintain rapid growth, especially in the self-owned brand segment, with a projected revenue doubling in 2025 and a compound annual growth rate (CAGR) of 40%-60% over the next two years [7] Operational Model - The company employs a light asset operation model, outsourcing production while focusing R&D on application rather than innovation, leading to lower sales expense ratios compared to industry averages [8] - Self-owned brand revenue saw a year-on-year increase of 240% in the first half of 2025, contributing to 46% of total revenue [8] Brand Performance - The new brand Feicui, still in its incubation phase, saw a significant increase in sales expense ratio to 45.4% in the first half of 2025, but maintained a stable gross margin [9] - Feicui's sales during the 618 shopping festival showed over 2000% growth compared to the previous Double 11 event, indicating strong market acceptance [19] Future Outlook - The company anticipates continued rapid growth, particularly in self-owned brands, with expected net profits of 170 million, 246 million, and 329 million from 2025 to 2027, respectively [21] - Risks include potential underperformance in brand promotion and macroeconomic factors affecting consumer confidence [21] Competitive Advantages - Ruoyuchen has developed core competencies in multi-channel operations, quality supply chain resources, and precise consumer insights through servicing over 100 international brands [11] - The company’s strategy focuses on creating differentiated products that meet the emotional and functional needs of new consumer demographics [15] Product Categories and Trends - The company has a clear product development path, with significant growth expected in categories like scented laundry liquids, which saw a GMV growth of 1165% in 2024 [18] - New product launches, such as the Vita Ocean brand targeting high-end fish oil markets, are expected to enhance revenue streams [20] Conclusion - Ruoyuchen is positioned for strong growth in the e-commerce and brand management sector, leveraging its operational model, market strategies, and product innovation to capture emerging consumer trends and demands [21]