Core Viewpoint - The live e-commerce industry in China is facing increasing scrutiny and regulation due to rampant issues such as false advertising, counterfeit products, and poor product quality, leading to the upcoming implementation of stricter regulatory measures [1][5][6]. Regulatory Developments - The State Administration for Market Regulation (SAMR) is preparing to introduce the "Live E-commerce Supervision Management Measures," which will be open for public consultation soon [5][6]. - SAMR aims to enhance regulatory enforcement in the live e-commerce sector, addressing prominent consumer complaints and establishing a collaborative enforcement mechanism across regions and departments [2][7]. Industry Issues - The live e-commerce sector is plagued by deceptive marketing practices, with some merchants exaggerating product claims or fabricating user reviews to mislead consumers [3][4]. - Notable cases include companies promoting products with false weight loss claims and misrepresenting the efficacy of their goods, leading to significant consumer deception [3][4]. Product Quality Concerns - There are serious concerns regarding product quality, with some items failing to meet national safety standards, such as heating devices that pose safety hazards [3][4]. - Instances of counterfeit goods being sold as genuine, including fake pearls and unauthorized use of registered trademarks, have been reported, further complicating the market landscape [4][6]. Enforcement Measures - SAMR is intensifying its enforcement actions against false marketing and counterfeit products, with plans to increase the frequency and rigor of product quality inspections [8]. - The agency is also focusing on establishing a comprehensive regulatory framework that clarifies the responsibilities of various stakeholders in the live e-commerce ecosystem, including platform operators and marketers [6][8]. Future Directions - The upcoming regulatory measures will aim to ensure product and service quality, maintain fair competition, and protect consumer rights in the live e-commerce sector [5][6]. - SAMR is committed to developing a robust monitoring system that leverages big data to enhance oversight and preemptively address potential risks in the live e-commerce market [8].

2025 年 4 月 12 日，一组抖音直播的数据正在撕裂行业认知：新华社的镜头下，贾乃亮将 2.3 亿销售额一点点浇筑成 2025 年直播电商的金字塔尖。 三年前网友戏谑 " 演员跨界直播能走多远 " 时，没人料到这场 " 透明化军演 " 会演变成行业分水岭。直播的数据泡沫在监管风暴中蒸发，贾乃亮团队与新 华社共建的 " 信用飞轮 " 却开始重振流量。 6 个销售额破千万的超级单品背后，是 " 信用电商 " 对私域流量的降维打击，这场 " 全透明 " 直播，为贾乃亮的直播间浇筑起一套 " 信任基建 " ：从供应链 的显微镜式质检，到价格机制的透明手术，再到售后服务的钢铁防线。 " 让中国制造闪耀消费主场 " 的 slogan 穿透 3.24 亿次总曝光，中国制造的毛细血管终于接入了流量心脏。 在数据泡沫退潮、信任赤字的时代，贾乃亮用生日当天的这场直播证明，某种比 GMV 更珍贵的东西，正在重构行业估值模型。 01 跨界人生：演员与电商人的双面叙事 严格来讲，从荧幕到直播间，并不能算是跨界，而是一场 " 情绪 IPO" ：早年积攒的国民亲和力是原始股，正能量标签是超额认购，最终在抖音直播间完成 资产重组 —— ...

【隔夜行情】 •周四（2025年4月18日），A股三大股指涨跌互现，截至收盘，上证综指涨0.13%，报3280.34点；科创 50指数涨0.23%，报1016.81点；深证成指跌0.16%，报9759.05点；创业板指涨0.09%，报1908.78点。沪 深两市成交总额9995亿元，较前一交易日的11119亿元减少1124亿元。 •周四（2025年4月18日），港股三大指数强势反弹，恒科指一度涨超2%。截止收盘，恒生指数涨1.61% 或338.16点，报21395.14点，全日成交额1924.11亿港元；恒生国企指数涨1.52%，报7897.44点；恒生科 技指数涨1.9%，报4887.37点。 【重要新闻】 【六部门印发《促进和规范金融业数据跨境流动合规指南》 进一步明确数据出境的具体情形以及可跨 境流动的数据项清单】4月17日，央行等六部门联合印发《促进和规范金融业数据跨境流动合规指 南》，旨在促进中外资金融机构金融业数据跨境流动更加高效、规范，进一步明确数据出境的具体情形 以及可跨境流动的数据项清单，便利数据跨境流动。《指南》要求金融机构采取必要的数据安全保护管 理和技术措施切实保障数据安全。下一步，中 ...

【重点关注】 ·商务部：与美方对口部门一直保持工作层沟通 ·六部门发文促进和规范金融业数据跨境流动 ·17日，据第三方数据机构统计，淘宝已经在16个国家App下载榜上排名第一，在123个国家排名前十， 大量海外消费者涌入淘宝。公开数据显示，4月12日，淘宝App海外下载量为104000，而到了4月15日， 这一数字达到326000，环比12日暴涨222%。其中仅iOS平台，北美地区下载量环比12日增长了483%， 欧洲则增长了439%。不少淘宝商家已经感受到海外流量暴增。 ·市场监管总局：严厉打击直播电商领域违法违规行为 ·淘宝已在16个国家App下载榜登顶 ·黄仁勋：英伟达将坚定不移服务中国市场 【国内要闻】 ·商务部新闻发言人何咏前表示，中国商务部与美方对口部门一直保持工作层沟通，中方的立场一直很 明确，对于美方进行经贸领域磋商持开放态度。单边加征关税措施完全由美方发起，解铃还须系铃人， 我们敦促美方，立即停止极限施压，停止胁迫讹诈，在相互尊重的基础上，与中方通过平等对话解决分 歧。 ·中国人民银行等六部门联合印发了《促进和规范金融业数据跨境流动合规指南》，《指南》旨在促进 中外资金融机构金融业数据跨境流 ...

一、业绩解码：增长与转型的双重奏 根据交个朋友控股2024年业绩公告，公司在报告期内实现GMV达150.8亿元，同比增长 19.58%，2022- 2024年公司GMV复合增长速度约45.8%；营收达12.51亿元，同比增长16.4%，连续五年稳居直播电商行 业第一梯队。 二、全球化战略：第二增长曲线的破局之路 2024年，交个朋友控股海外战略布局顺利落地，实现从0到1突破，多点开花，成效斐然——公司于珠海 横琴设立子公司，搭建起海外业务核心枢纽；2024年4月开始进军欧美市场，其中美国市场首秀GMV突 破百万美元，与TikTok合作主播单小时交易额实现了高倍数增长，充分体现出平台赋能海外达人的效 果，其一站式全流程代运营服务能力在付诸于实践行动中得到良好的体现。 目前，出海业务已成为交个朋友控股发展的第二增长曲线，为企业发展注入强劲新动能。 在全球化的战略定位上，交个朋友控股延续国内成熟的 "产业带直播+ AI运营" 模式，以开放、合作、 共赢为理念，持续优化海外业务结构，加速全球市场拓展。通过输出适配本土化需求的直播电商解决方 案，不仅为全球客户提供优质高效服务，更推动中国直播电商经验在国际市场的创新实践 ...

4月8日，停更半年的"疯狂小杨哥"带着自营APP"小杨臻选"重回大众视野。然而，首场直播在线人数仅89人，与昔日直播间动辄百万的盛况形 成鲜明对比。头部网红押注自营电商自救的剧情并不新鲜，但鲜少有人真正成功。这一次，曾被罚没7000万、粉丝流失超1200万的小杨哥，究 竟是想靠自营翻盘，还是陷入了一场流量泡沫的狂欢？ 小杨哥的"自营实验"暴露了更深的矛盾。三只羊宣称砍掉80%合作品牌，但APP中"某润泉"美妆实为代工贴牌，面巾纸与白牌厂家合作，选品 逻辑仍是"什么火卖什么"。这种"去平台化"更像是被迫逃离——2023年抖音将店播流量扶持权重提升至30%，超头主播的议价权被不断削弱。 当平台不再需要"寡头"，自营便成了主播维持商业价值的无奈选择。 用户端的反应更为真实。在小杨臻选直播间，一条"自营就能保证不翻车？"的弹幕获得高赞。艾媒数据显示，2024年超60%消费者因主播推荐 购买商品后遇到质量问题，其中43%选择"永久拉黑该主播"。流量可以一夜暴涨，但品牌信任需要十年积累。当"疯狂小杨哥"的IP与"翻车"深 度绑定，用户为何要为一个新APP买单？ "小杨臻选"在多平台上架，上线当天冲上热搜，但热闹背后是残酷 ...

Core Insights - The report highlights a significant increase in Kuaishou's e-commerce sales in March 2025, driven by the "she economy" and seasonal demand, with sales heat rising by 62.70% month-on-month and promotional heat increasing by 21.97% [10][14][19] Group 1: Sales Trends - The peak sales period coincided with the 38 Shopping Festival, reflecting strong consumer demand for skincare, fresh produce, and outdoor apparel [10][14] - Gold and outdoor sports categories saw substantial sales growth, with outdoor footwear and cycling products also performing well [14][24] - The sales of beauty and skincare products, as well as children's outdoor clothing, experienced notable growth in gross merchandise value (GMV) [14][34] Group 2: Marketing Activities - Kuaishou launched various marketing campaigns such as "Spring New Arrivals" and "National Subsidy" to stimulate consumer interest [10][14] - The "New Star Plan" was introduced to support new influencers, contributing to a year-on-year increase in active merchants and GMV for products priced over 1,000 yuan during the promotional period [10][14] Group 3: Category Performance - The report lists the top-performing categories, including beauty and skincare, women's and men's clothing, and outdoor sportswear, indicating a competitive market landscape [10][14] - Seasonal fruits like papaya and durian showed significant growth, with the market expanding for these products [32][33] - The children's outdoor apparel segment is gaining traction, driven by innovative product offerings that cater to specific consumer needs [29][34]

Group 1 - The core achievement of the company is highlighted in its "five-year battle report," showcasing a total GMV exceeding 900 million yuan, over 1.2 million transactions, and more than 80 million viewers during the anniversary live broadcast [1][2] - The company maintains a strict quality control standard, with a complaint rate below 0.3%, and has proactively compensated over 100 million yuan in the past five years, earning a reputation for consumer trust [1] - The company has developed its own digital platform, "Friend Cloud," which processes over 3.49 million product selections annually and has improved AI script generation efficiency by 500%, supporting up to 3.12 million orders [1] Group 2 - The company recently introduced the world's first AI robot host, "Yushu G1," which achieved 1 million yuan in sales within one minute during a live broadcast, highlighting the potential of AI in e-commerce [2] - The "New Quality Productivity Live Room 2.0" attracted over 9.14 million viewers and generated over 100 million topic exposures, demonstrating the deep integration of technology and commerce [2] - The company aims to embed AI into its core strategy for the next five years, focusing on enhancing industry chain efficiency and building long-term value through transparency and consumer collaboration [2]

消费日报网（记者 汪宏胜）从服装门店销售员转为电商主播一年多后，马思雨在前不久的直播中完成了一场"爆 单"，当日直播销售额超百万元。来自安徽淮南市的她，初次从"柜台后"走到"镜头前"时，"试镜"的效果并不理 想。后来，她参加了江苏常熟直播电商服务中心的直播培训，逐渐摸索到了技巧。"刚开始到常熟，我对电商这个 行当完全不懂，通过培训和交流，我的业务水平明显提升了。"现在的每场直播，全程都能维持2000多在线观看人 数。 目前，常熟已集聚1.5万名主播，培育出1700多个新势力品牌，逐渐形成以抖音电商为主，快手、淘宝、腾讯视频 号等多平台多元化发展的新格局。 数据显示，2024年，常熟直播电商线上店铺达7万家，网络交易额突破1152.87亿元，同比增长4.8%；其中，抖音 平台表现尤为亮眼，直播电商交易额达772.3亿元，同比增长17.73%。 常熟直播电商产业强劲的发展势头，得益于其肥沃的"成长土壤"。一直以来，常熟坚持深耕产业链、打造供应链 优势，持续加强政策支持、做优配套服务、深化平台合作，全面优化直播电商产业生态，推动直播电商产业提质 增效，探索出一条"政府引导+经营主体+国资赋能+多方参与"的特色化电商 ...