Core Viewpoint - The recent decision by major e-commerce platforms such as Taobao, Pinduoduo, and JD to completely abolish the "refund only" policy signifies a significant adjustment in the after-sales service rules within the e-commerce industry, prompting a reevaluation of the balance between consumer rights and merchant interests, as well as the responsibilities of platform governance [1] Group 1: Background and Initial Intent of the "Refund Only" Policy - The "refund only" policy was initially introduced by Pinduoduo in 2021 to simplify the after-sales process for consumers, particularly in cases of product quality issues, thereby enhancing the shopping experience and boosting consumer confidence [3] Group 2: Issues and Challenges with the Policy - Over time, the drawbacks of the "refund only" policy became apparent, with some consumers exploiting loopholes to frequently request refunds without returning items, leading to significant financial losses for merchants. In 2024, complaints regarding "refund only" accounted for 33.96% of total e-commerce user complaints [4] Group 3: Necessity of Policy Adjustment - The widespread abuse of the "refund only" policy prompted regulatory bodies to signal the need for governance. The cancellation of this policy is seen as an inevitable trend in the industry's development, aimed at protecting merchant rights and enhancing their operational motivation [5] - By returning the decision-making power regarding refunds to merchants, the cancellation of the policy strengthens their legal rights and encourages them to invest more in product quality and service [5] - The health and sustainable development of the e-commerce ecosystem depend on protecting merchants' reasonable interests, which will attract more quality merchants and combat malicious refund behaviors [6] Group 4: Consumer Rights and Communication - The cancellation of the "refund only" policy does not mean consumer rights will be overlooked. Merchants remain responsible for product quality and must actively communicate with consumers to resolve issues [7] - The increased need for communication between merchants and consumers may raise operational costs for merchants, but it also presents an opportunity to enhance service quality and consumer trust [7] - E-commerce platforms will need to take on greater governance responsibilities, establishing effective complaint handling mechanisms and improving risk control systems to identify malicious refund behaviors [7] Group 5: New Paths for Consumer Rights Protection - Post-cancellation, e-commerce platforms can enhance consumer rights protection by optimizing after-sales service systems, improving product quality supervision, and elevating customer service quality [8] Group 6: Industry Transformation and Trust Building - The cancellation of the "refund only" policy is expected to help the e-commerce industry move away from price competition towards quality and service competition, thereby enhancing overall competitiveness and sustainability [9] - E-commerce platforms will focus on service innovation and differentiation to attract more consumers and merchants, fostering a diverse competitive landscape [9] - By reducing complaints and disputes arising from policy abuse, consumer trust in the e-commerce industry is likely to increase, encouraging more shopping activity [9] Group 7: Future Directions - The complete abolition of the "refund only" policy marks a milestone in the e-commerce industry's evolution, emphasizing the need for enhanced governance and improved after-sales service systems to better meet the needs of both consumers and merchants [10]

Group 1: Market Overview - The market is recovering from lows and avoiding a full-on crash for the time being [1] - Investors are shifting focus from younger growth stocks to safer stocks, but some growth stocks remain undervalued [2] Group 2: Revolve Group - Revolve Group is a digital fashion disruptor utilizing AI for inventory management, website design, and marketing [3][4] - In Q4 2024, Revolve's revenue increased by 14% year over year, with net income rising by 237% and free cash flow turning positive at $1.8 million [5] - Active customers increased by 5%, total orders rose by 7%, while average order value decreased by 1% [7] - The company plans to expand its product assortment and open its first full-time physical store in Los Angeles [8] - Revolve's stock is down 42% this year, trading at a forward P/E ratio of 22 [9] Group 3: E.l.f. Beauty - E.l.f. is disrupting the cosmetics industry with a focus on affordable makeup and skincare, targeting young, value-driven consumers [10][11] - The company holds the top spot in color cosmetics unit share and 12% of the dollar share, with strong performance in various cosmetics categories [12] - In Q3 2025, sales increased by 31% year over year, but EPS fell from $0.46 to $0.30 due to rising expenses [13] - E.l.f. stock is down 54% in 2025, but there are opportunities for growth, especially among younger consumers [14] - The stock trades at a forward P/E ratio of 14, suggesting it may be undervalued despite potential turbulence ahead [15]

文 | 市值榜，作者 | 何玥阳，编辑 | 嘉辛 外卖市场的剧情，每天都在更新，最新剧集是刘强东亲自下场送外卖、请骑手吃火锅。 京东与美团在外卖市场的争斗，无疑是2025年大厂最受关注的事件之一。原本井水不犯河水的两家，如今成了各种意义上的死对头。 一个加码补贴，另一个缩短账期；一个讽刺对方的仓配体系应该进入历史垃圾堆，另一个回应不要打口水仗，多关心社会价值；一个有规模护城河，一个 有凌厉的攻势；双方杀得有来有回。 一、外卖攻守战：骑手、商家、用户、舆论 外卖最基本的三要素：骑手、商家和用户，京东从这三个方面发起了凶猛的进攻。 用户维度，京东外卖高举补贴大旗，以百亿补贴强势入场，满8减7、满11减10的优惠券大手笔放送，比外卖平台常见的满20减5、满30减8，门槛更低，优 惠也大得多，算下来四五块钱就可以买一杯库迪咖啡。 不会有人拒绝送上门的羊毛，补贴策略虽然老套，却实在是经典有效。 除了省，"快"也是用户对外卖的优先需求，同样是美团的优势所在，在配送时间的维度上，京东外卖不容易有明显的优势，做到和友商同一水平已经很好 了。于是，京东外卖又在超时赔付方面给了保障——超时20分钟免单，免单的力度明显要大于美团一 ...

Group 1 - eBay has expanded its partnership with Klarna to offer buy now, pay later (BNPL) options to American consumers, allowing them to split eligible purchases into four interest-free payments or choose longer-term financing [1][2] - Klarna's BNPL services have already been available to eBay shoppers in several European countries, and the company has introduced a resale feature in its app that simplifies the process of listing previously purchased items on eBay [2][3] - Since December 2024, Klarna's resale feature has generated over 500,000 new eBay listings, including refurbished electronics and preowned fashion items [3] Group 2 - Klarna has a significant presence in brick-and-mortar retail, with a recent partnership with Clover enabling installment payments at over 100,000 stores [3] - eBay is also expanding its payment acceptance through a partnership with Checkout.com and has added Venmo as a checkout option for U.S. customers [4] - The consumer popularity of BNPL continues to grow, with 38% of American consumers using BNPL as of late 2024, and BNPL transactions in the U.S. valued at $175 billion [5][6]

Group 1 - JD.com is currently trading at an attractive valuation, supported by a growing development story in China and strong financial performance [1] - The recent tariff threat has impacted market conditions, prompting a re-evaluation of JD's investment case [1] Group 2 - The analyst has over 20 years of experience in quantitative research, financial modeling, and risk management, specializing in equity valuation and market trends [1] - The investment approach combines risk management with long-term value creation, focusing on macroeconomic trends and corporate earnings [1]

Core Insights - LightInTheBox has received positive customer feedback for its newly launched Direct-to-Consumer (DTC) brand, achieving an average Net Promoter Score (NPS) of 60, which exceeds the industry average for Consumer Services / Catalog / Specialty Distribution [1] - The strategic shift towards proprietary DTC brands has been crucial for the company's return to profitability, enhancing customer satisfaction and financial performance [2][3] - The new DTC model allows LightInTheBox to control the entire value chain, increasing operational efficiency and customer loyalty, making it more appealing to consumers and investors [3] Customer Feedback - Customers have praised the quality of products, highlighting "stunning colors and perfect fit," with testimonials emphasizing the materials as "beautiful and lightweight" and customer service as "superior" [2] Strategic Shift - The company's focus on in-house design and manufacturing has differentiated it from its traditional business model, leading to higher-quality products and a more personalized customer experience [2] - This strategic shift has enabled the company to achieve profitability in recent quarters [2] Leadership Perspective - The CEO expressed satisfaction with the positive customer response, viewing it as a testament to the company's strategic vision and team efforts, which have been key to returning to profitability [4] Future Growth - LightInTheBox plans to launch additional proprietary brands and utilize advanced technologies like AI to enhance offerings and operational efficiency, positioning itself to meet the growing demand for affordable, high-quality lifestyle products [4][5]

Core Insights - Jeffs' Brands Ltd has announced the submission of its AI-powered pest control mobile application for Android to Google Play, marking a significant step towards commercial rollout [1][3] - The application utilizes AI to assist users in identifying pests and recommending tailored treatments, along with curated product suggestions [2][3] - The app aims to empower users to take informed actions against pest issues, aligning with the company's strategy to enhance direct-to-consumer offerings and digital channels [3][5] Company Overview - Jeffs' Brands is focused on transforming e-commerce by creating and acquiring products to establish them as market leaders, leveraging insights from the Fulfillment by Amazon model [6] - The company aims to utilize both human capabilities and advanced technology to elevate its product offerings [6]

Group 1 - Vipshop Holdings Limited has filed its annual report on Form 20-F, which includes audited financial statements for the three years ended December 31, 2024, with the U.S. Securities and Exchange Commission on April 17, 2025 [1] - The annual report is accessible on the Company's website, and holders of the Company's securities can request a free copy [1] - Vipshop is recognized as a leading online discount retailer for brands in China, offering high-quality branded products at significant discounts [2] Group 2 - Since its establishment in August 2008, Vipshop has rapidly developed a large and growing customer base and brand partnerships [2] - The Company provides consumers throughout China with popular branded products at lower prices compared to retail [2]

Core Points - Chinese online marketplace Temu and fast-fashion retailer Shein will increase prices on their products starting April 25, 2025, due to rising operating expenses linked to changes in global trade rules and tariffs [1][2] - Both companies have experienced rapid growth in the U.S. market, benefiting from the "de minimis" exemption that allowed low-value imports to enter the country duty-free [2] - An executive order signed by President Trump will close the trade loophole that permitted packages valued under $800 from China and Hong Kong to enter the U.S. without duties, with the order taking effect on May 2 [2][4] Company Impact - The price adjustments are a direct response to increased costs resulting from the new tariffs, which may affect the affordability of their products for consumers [1] - The closure of the trade loophole poses a significant challenge to the business models of both Temu and Shein, which have relied on low-cost imports to maintain competitive pricing [2][4] - The companies have communicated to customers the importance of purchasing before the price increases take effect, indicating a strategic move to boost sales in the short term [1]

Core Insights - The article emphasizes the importance of the Zacks Rank system and its focus on earnings estimates and revisions to identify strong stocks [1] - Value investing is highlighted as a popular and successful strategy across various market conditions, utilizing valuation metrics to identify undervalued stocks [2] Company Analysis: JD.com - JD.com (JD) is currently rated with a Zacks Rank of 1 (Strong Buy) and has an A grade for Value, indicating strong investment potential [4] - The stock has a Forward P/E ratio of 7.87, significantly lower than the industry average of 19.99, suggesting it may be undervalued [4] - Over the past year, JD's Forward P/E has fluctuated between a high of 11.39 and a low of 6.31, with a median of 8.51 [4] - JD's P/S ratio stands at 0.37, compared to the industry average of 0.99, reinforcing the notion of undervaluation [5] - The P/CF ratio for JD is 8.39, which is attractive relative to the industry's average of 12.61, indicating strong cash flow performance [6] - JD's P/CF has ranged from a high of 11.82 to a low of 7.05 over the past year, with a median of 8.96 [6] - Overall, JD.com is characterized as an impressive value stock, supported by its strong earnings outlook and favorable valuation metrics [7]