（中国，天津——2025年10月） 在跨境电商行业竞争日趋激烈、监管体系日益完善的今天，企业的合规能 力已成为其核心竞争力的关键组成部分。总部位于天津的天津吉禾国际跨境电商有限公司，凭借其从主体 资质到全链条运营的深度合规实践，在华北地区的跨境电商领域脱颖而出，成为备受商家与消费者信赖的 合作伙伴，为行业树立了"合规驱动增长"的新标杆。 合规赋能，赢得长期信赖 "在天津吉禾，我们视合规为企业的'压舱石'，而非负担，" 天津吉禾跨境电商有限公司的负责人表示，"它 虽然增加了前期的运营成本，但却为我们赢得了供应商的长期信任、监管机构的认可以及最终消费者的信 赖。这份信任，是公司最宝贵的无形资产，也是我们能够持续发展的根本保障。" 超越基础资质的合规，天津吉禾构建了一套贯穿业务始终的体系化合规框架： 税务合规透明化： 严格遵守中国海关及税务部门的规定，实现"三单对碰"（订单、支付单、物流单），确 保每一笔跨境交易都阳光化、可追溯。公司主动代征代缴进口环节税款，保障了国家税收利益，也为终端 消费者提供了清晰的购物凭证。 知识产权保护前置： 建立了一套严格的"品牌入驻审核"与"商品上线筛查"机制，从源头杜绝侵权产品上 ...

Core Viewpoint - The company, Cross-Border E-commerce Co., Ltd., has shown fluctuations in stock performance and financial metrics, indicating both growth opportunities and challenges in the cross-border e-commerce sector [1][2]. Financial Performance - As of October 10, 2025, Cross-Border achieved a revenue of 2.631 billion yuan, a year-on-year decrease of 9.88%, while the net profit attributable to shareholders was -5.8807 million yuan, reflecting a 48.34% increase year-on-year [2]. - The stock price has increased by 30.99% year-to-date, with a recent 4.14% rise over the last five trading days, but has seen a decline of 14.31% over the past 20 days and 9.69% over the last 60 days [1]. Shareholder Information - As of October 10, 2025, the number of shareholders increased to 244,200, with an average of 6,341 circulating shares per person, a decrease of 1.35% from the previous period [2]. - The company has distributed a total of 291 million yuan in dividends since its A-share listing, with no dividends paid in the last three years [3]. Market Activity - The company has appeared on the trading leaderboard 22 times this year, with the most recent appearance on September 16, where it recorded a net purchase of 257 million yuan [1]. - The major shareholders include Hong Kong Central Clearing Limited, which is the fourth-largest shareholder with 10.6876 million shares, marking its entry as a new shareholder [3]. Business Overview - Cross-Border E-commerce Co., Ltd. specializes in cross-border export and import e-commerce, with its main revenue sources being maternal and infant products (92.33%) and apparel/home goods (7.67%) [1].

Core Insights - The development of the Wuhan metropolitan area is enhancing connectivity and economic collaboration between cities, allowing residents to balance work and family life more effectively [1][2] - The Chinese government is prioritizing the Wuhan metropolitan area as a key growth region, elevating its strategic importance alongside other major urban clusters [2][3] - The metropolitan area is expected to achieve significant economic growth, with projections indicating a total economic output exceeding 3.6 trillion yuan in 2024 [4] Group 1: Economic Development - The Wuhan metropolitan area is projected to have an economic total exceeding 3.6 trillion yuan, accounting for over 60% of Hubei province's total economy in 2024 [4] - The area is implementing a high-speed road network and a one-hour commuting circle to facilitate economic activities and improve transportation efficiency [4] Group 2: Infrastructure and Connectivity - The "New City Express Line" has significantly reduced commuting time between cities, allowing for a more integrated urban lifestyle [1] - The construction of the Wuhan to Huangshi New Port rapid passage is nearing completion, which will enhance connectivity and support Huangshi's growth as a key economic hub [2][3] Group 3: Industry and Innovation - The Longfei Fiber Optic Technology Park is becoming a critical manufacturing base for the global fiber optic communication industry, contributing to the region's industrial diversification [3] - The establishment of the China (Ezhou) Cross-Border E-Commerce Industrial Park is leveraging the advantages of Ezhou Huahu International Airport to enhance cross-border logistics capabilities [3] Group 4: Environmental Initiatives - The Wuhan metropolitan area aims to improve air quality, with a target of increasing the proportion of days with good air quality by 3 percentage points in 2024 [5] - The water quality of the Yangtze River in Wuhan is expected to remain stable at Class II, reflecting ongoing environmental protection efforts [5]

Core Insights - The Temu platform faces significant compliance challenges following a report indicating that 18 out of 19 toy products failed quality checks, resulting in a compliance rate of only 5% [1] - In response, Temu is tightening regulations on toy products, increasing store deposit requirements to 30,000 RMB and enforcing stricter testing report standards [1][2] - The European Union's Digital Services Act poses potential fines of up to 6% of annual revenue for systemic violations, increasing pressure on the platform and its sellers [1] Compliance and Supply Chain Management - Sellers on the Temu platform must develop adaptable supply chain systems to meet evolving compliance requirements, moving away from reliance on single testing agencies [2] - Establishing partnerships with multiple accredited testing organizations is crucial for risk diversification and ensuring compliance amid sudden policy changes [2] - Integrating compliance checks into the product development phase is essential to avoid costly modifications after production [2] Inventory and Logistics Strategies - Order loss due to stockouts averages 23%, necessitating dynamic demand forecasting that incorporates various data sources [4] - Implementing intelligent inventory optimization through ABC classification and automated replenishment suggestions is vital for maintaining supply continuity [4] - A combination of sourcing and overseas warehousing can reduce costs and improve stock availability, particularly during policy shifts [4] Technology and Data Utilization - The supply chain management system from Zhixing Qidian demonstrates significant value by integrating multi-platform data and using AI for demand forecasting [6] - Logistics network resilience is critical for quick responses to market changes, with multi-modal transport solutions balancing cost and efficiency [6] - Establishing localized warehousing can enhance delivery efficiency, while emergency logistics plans ensure continuity during unexpected disruptions [6] Supplier Evaluation and Cost Management - A robust supplier evaluation model should assess capabilities, quality control, and cost structures to ensure reliable sourcing [8] - Quality control must involve a three-tier inspection system, including sample testing and compliance certification for target markets [8] - Understanding the full cost structure, including procurement and logistics, is essential for maintaining healthy profit margins [8] Competitive Advantage through Compliance - The ability to adapt to changing testing agency lists is becoming a core competitive advantage for sellers on the Temu platform [9] - Successful sellers are internalizing compliance requirements into their product development processes, differentiating themselves from less adaptive competitors [9] - Establishing a detection alert mechanism to monitor regulatory changes and testing agency statuses is crucial for rapid response to policy adjustments [9][10] Conclusion - The shift towards a high-pressure compliance environment on the Temu platform necessitates proactive supply chain management strategies [10] - Building resilient supply chains that can withstand regulatory changes is essential for sustained growth and market competitiveness [10]

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector compared to the overall market performance [10]. Core Insights - The report emphasizes that the valuation reassessment of AI in the internet sector (including cloud computing, chips, and applications) is ongoing, driven by both domestic and global factors [3]. - The competition for entry points in the AI application market is intensifying, which is crucial for the monetization of AI applications [3]. - Key recommendations include major players like Tencent, Alibaba, Baidu, and Bilibili, focusing on their AI capabilities and growth potential [3]. Summary by Relevant Sections AI and Internet Sector - The report highlights the importance of self-reliance in AI technology as emphasized in the recent political meetings in China [3]. - Upcoming earnings reports from major US tech companies are expected to influence global AI investment narratives [3]. - The strategic expansion of OpenAI and ByteDance into various applications is noted as a significant trend [3]. Gaming Sector - The gaming sector has seen a correction, with previous high expectations now adjusted, making valuations more attractive [3]. - Companies like Huya and Bilibili are highlighted for their growth potential in the gaming market, with specific titles performing well [3]. - The report notes the long lifecycle and profitability of SLG games, with cash flow supporting new business explorations [3]. E-commerce and Entertainment - Pop Mart's stock price volatility reflects differing views on IP lifecycle management, with expectations for sales growth in North America [3]. - Mango TV is seen as stabilizing, with upcoming content expected to drive revenue growth [3]. - The report anticipates potential for increased membership and advertising revenues driven by popular content [3]. Valuation Table - A detailed valuation table is provided, showing market capitalizations and revenue projections for key companies in the gaming, cloud computing, and entertainment sectors [5]. - For instance, Tencent's projected revenue for 2025 is 74.64 billion RMB, with a net profit of 25.56 billion RMB, reflecting a year-on-year growth of 15% [5]. Key Recommendations - The report recommends focusing on companies with strong AI capabilities and growth potential, including Tencent, Alibaba, Baidu, and Bilibili, among others [3]. - It also suggests monitoring the gaming sector for emerging opportunities, particularly in companies like Huya and Bilibili [3].

Core Insights - TikTok Shop has launched a global Black Friday promotion across seven major markets, with a reported global GMV of $19 billion in Q3, and U.S. sales exceeding $4 billion, reflecting a 125% quarter-over-quarter growth, indicating the explosive potential of content-driven e-commerce [1][2] - The company emphasizes a shift in strategy for cross-border e-commerce, moving away from traditional product selection methods to a more data-driven approach [2] Data Utilization and Frameworks - Many merchants lack the ability to connect and analyze their data effectively, leading to missed opportunities for learning from past sales records and user interactions [3] - The company has developed three analytical frameworks to better utilize historical data, which include product lifecycle analysis, user decision touchpoint mapping, and traffic fluctuation warning models [3][4][10] Product Lifecycle Analysis - The first framework focuses on understanding why certain products succeed on TikTok, analyzing the entire lifecycle of key products during Black Friday, including exposure timing and content engagement [4] - A case study of a home ice cream maker illustrates that its success was driven by early content creation from niche food creators, leading to increased visibility and sales [5] User Decision Touchpoint Mapping - The second framework maps out the complex decision-making process of users, revealing that 47% of beauty purchases are influenced by tutorial videos, and solution-oriented content significantly boosts conversion rates in home goods [7][8] - This insight has led to a shift in content strategy, focusing on creating a content matrix that addresses various stages of the user decision process [8] Traffic Fluctuation Warning Model - The third framework involves a model that predicts traffic trends based on key indicators, allowing for timely adjustments in content and inventory [10] - An example includes a successful adjustment in content strategy based on a surge in search volume for small appliances, resulting in a 65% increase in sales [10] Systematic Approach and Tools - The implementation of these frameworks required overcoming initial challenges related to data collection and standardization, highlighting the need for systematic tools to enhance efficiency [11] - Companies like Tianyu Data and Shengguang Group provide solutions that help TikTok merchants streamline operations, with significant profit increases reported [11] Industry Success Stories - The transformation of Dongguan Su Zhuan Pu Company showcases the effectiveness of content-driven strategies, with content-related sales rising from 10% to 70% after adopting a new approach [12] - Another example is Pop Mart, which achieved over $6 million in GMV during a live stream, demonstrating the power of content e-commerce in high-ticket items [12] Preparation for 2025 - As the 2025 Black Friday approaches, the company has established a detailed content matrix plan based on last year's successful product categories and set key timelines using the warning model [14] - The focus is on leveraging data-driven decision-making and systematic tools to enhance operational efficiency and market responsiveness [15] Competitive Advantage - The ability to continuously discover, validate, and systematically apply techniques will distinguish successful players in the competitive landscape of TikTok Shop [16]

Core Viewpoint - The U.S. tariff war is significantly impacting cross-border e-commerce, but companies have adapted quickly to mitigate the effects and continue to thrive despite the challenges posed by increased tariffs and the removal of tax exemptions [1][4][20]. Tariff Impact - The U.S. has implemented a base tariff of 30% on Chinese goods, with an effective rate reaching 37% due to additional taxes on specific industries [4][6]. - The cancellation of the $800 tax exemption for small packages has severely affected platforms like Temu and Shein, which relied on low-cost shipping methods [6][8]. Company Responses - Temu has shifted from a fully managed model to a semi-managed one, allowing merchants to handle shipping and storage, while also expanding its operations to Europe and Latin America [8][10]. - Amazon is providing subsidies to retain Chinese sellers, who make up over 50% of its marketplace, and encouraging them to use its overseas warehouses to avoid tariff fluctuations [10][18]. Market Adaptation - Smaller sellers are diversifying their markets to avoid U.S. tariffs, with increased focus on regions like the Middle East, Southeast Asia, and Latin America [10][11]. - Cross-border service providers are becoming essential for smaller sellers, offering solutions for payment processing and compliance across various countries [11][13]. Competitive Advantage - The resilience of cross-border e-commerce is attributed to the strength of Chinese manufacturing, which maintains a competitive edge in cost and quality despite tariff pressures [15][17]. - The comprehensive supply chain in China allows for rapid production and delivery, enabling companies to adapt quickly to market demands [17][20]. Future Outlook - As long as the cost-performance advantage of Chinese products remains, and the cross-border ecosystem continues to improve, opportunities for growth in cross-border e-commerce will persist despite changing tariff policies [20][22].

中新网海南澄迈10月26日电 (陈英清)作为海南自贸港数字经济发展的要地，澄迈如何推动数字经济产业 进一步做大做强？刚结束不久的海南自贸港游戏产业生态创新发展大会和2025中国产业转移发展对接海 南专场活动给出了答案。 澄迈重视数字经济产业发展，近两年累计签约数字经济项目33个，意向投资额47.367亿元，覆盖跨境人 工智能、游戏、跨境电商等多个赛道，为海南数字经济产业链注入了强劲动能。 作为海南省唯一连续2年跻身全国综合实力百强县市的县级行政区，澄迈全面实施"青年澄迈、文化澄 迈、数智澄迈、幸福澄迈"的"四个澄迈"发展战略，在数字经济领域已培育千亿级数字经济产业园区 ——海南生态软件园。 海南生态软件园已先后被认定为国家级科技企业孵化器、国家新型工业化产业示范基地、首批国家数字 服务出口基地，注册企业超17000家，2024年营收超2000亿元，税收120亿元。澄迈县副县长柴淼表示， 澄迈将不满足于简单的企业集聚，而是致力于打造一个不可替代的、富有生命力的"产业新生态"。 10月18日，海南自贸港游戏产业生态创新发展大会在海南澄迈启幕。 澄迈县委宣传部 供图 作为"2025中国·澄迈国际经济贸易洽谈会"的核 ...

Core Insights - Zhengzhou Airport's international cargo volume has surpassed 503,000 tons, marking a year-on-year increase of over 40% and exceeding the total for the previous year [1] - The airport has become the first in Central China to join the "10,000 flights club," with over 10,000 international cargo flights regulated [1] - The "air silk road" connecting Henan to Europe signifies the region's commitment to high-level openness and trade innovation [1] Group 1 - The export structure has shifted from primarily clothing and small goods to high-value products such as precision instruments and fresh cold chain goods, which require faster customs clearance [2] - Zhengzhou Airport Customs has implemented 24 special plans and 274 specific measures to optimize the business environment at the port, supporting the sustained high cargo volume [2] - Major e-commerce platforms like AliExpress, Shein, and Pinduoduo have established operations in Zhengzhou, attracted by its efficient customs environment and unique geographical advantages [2] Group 2 - The "double hub" model, exemplified by the Zhengzhou-Luxembourg route, is being replicated in more countries and regions, enhancing air logistics channels between China and Central and Eastern Europe, as well as ASEAN [3] - In the first three quarters of this year, Zhengzhou Customs regulated 135,000 tons of cargo from Zhengzhou to Luxembourg, Budapest, and Kuala Lumpur, accounting for 30% of the total international cargo volume [3] - Henan's total import and export value reached 643.18 billion yuan in the first three quarters, with a year-on-year growth of 18.7%, outpacing the national growth rate of 14.7% [3]

Core Viewpoint - The construction of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) is a significant national strategy aimed at fostering high-quality development and enhancing the practice of "one country, two systems" [1][2]. Development Stages - The development of the GBA can be divided into three stages: 1. Strategic planning phase (2017-2019) marked by the signing of the framework agreement and the issuance of the development plan [2]. 2. Comprehensive implementation phase (2019-2022) characterized by the introduction of supporting policies across various sectors [3]. 3. In-depth promotion phase (2023-present) where the GBA is positioned as a strategic support for new development patterns and high-quality development [3]. Economic and Open Reform - The GBA focuses on deepening reforms and expanding openness, enhancing internal economic connections, and promoting high-level external openness [4]. - Guangdong has been recognized for four consecutive years as having the best business environment in China [4]. - The region has over 290,000 enterprises, with foreign trade expected to exceed 9 trillion yuan in 2024, maintaining its position as the top in the country for 39 years [4]. Technological and Industrial Development - The GBA is fostering a new quality of productivity through industrial and technological synergy, with significant advancements in strategic emerging industries [5]. - The region has established nine major technological infrastructures and has seen a continuous rise in innovation capabilities, with Guangdong leading the nation in innovation for eight consecutive years [5]. Connectivity and Integration - The GBA is enhancing both "hard" and "soft" connectivity, with a focus on infrastructure and regulatory alignment to facilitate efficient flow of resources and services [6][7]. - The "one-hour living circle" has been largely established, improving transportation and accessibility across the region [15]. Talent Pool and Education - The GBA is actively building a talent pool through various initiatives, with significant numbers of skilled professionals and students from Hong Kong and Macau participating in the local economy [11]. - Collaborative projects between universities and enterprises are fostering innovation and entrepreneurship, with substantial funding allocated for talent development [11][12]. Financial Ecosystem - The GBA is developing a robust investment ecosystem, with a significant increase in venture capital and private equity funding supporting technological innovation [13]. - Shenzhen, Guangzhou, and Hong Kong are leading in risk capital investments, with a focus on sectors like smart manufacturing and biomedicine [13]. Quality of Life and Public Services - The GBA is committed to creating a high-quality living environment, with improvements in public services, social security, and cultural exchanges [14][19]. - Initiatives like "Bay Area Social Security" and "Bay Area Medical Access" are enhancing the quality of life for residents across the region [16][17].