Core Viewpoint - The article discusses the transformation of "What Worth Buying" (SMZDM) from a traditional e-commerce guide tool to an AI-driven interest-based consumption platform, emphasizing the need to balance efficiency with user trust and content quality [1][18][21]. Group 1: Company Background and Development - "What Worth Buying" started as a blog in 2010 by founder Sui Guodong, aimed at alleviating consumer fears about e-commerce and providing trustworthy product recommendations [2][4]. - The platform officially launched in October 2011, focusing on real recommendations and addressing information asymmetry in e-commerce [4][5]. - The company received its only funding of 100 million yuan from Huachuang Capital in September 2015 and went public in July 2019, becoming the first A-share e-commerce guide stock [4][7]. Group 2: Business Model and Revenue Structure - The primary revenue model is based on information promotion services, including commission from referrals and advertising, with referral commissions making up a significant portion of the income [7][8]. - From 2016 to 2018, the share of information promotion services in total revenue decreased from 98.91% to 80.22%, while advertising revenue increased significantly [7][8]. - User-generated content (UGC) has been a key advantage, with UGC accounting for over 70% of total content, leading to high trust and engagement among users [8][10]. Group 3: Market Position and Challenges - As of June 2024, the platform had approximately 29.64 million registered users, with a year-on-year growth of 7.02%, indicating a stable user base [8]. - The e-commerce guide market in China is projected to grow significantly, with a transaction scale of 433.1 billion yuan in 2022 [11]. - The platform faces challenges from increased competition, including social media platforms like Xiaohongshu and Douyin, which attract consumer attention through different engagement methods [10][13]. Group 4: Strategic Transformation and Future Outlook - The launch of the GEN2 version represents a strategic shift towards an interest-based community, focusing on personalized user needs and AI-driven content recommendations [18][19]. - The platform aims to enhance user engagement while maintaining trust, which is critical given the rise of AI-generated content and advertising [21]. - The future success of "What Worth Buying" hinges on its ability to adapt to the evolving e-commerce landscape and maintain a sustainable narrative amidst growing competition [21].

兴趣消费浪潮： 消费决策如何从 "需求" 滑向 "热爱"？ 兴趣消费，蔚然成风 越来越多的消费者，开始愿意为"兴趣"买单。 泡泡玛特的股价两年半时间内飙涨20倍，支撑估值逻辑变更的是，MOLLY和Labubu们激发出的、高达49%的惊人复购率；全国大型演唱会票房去年接近400 亿元，同比增长66%，追星热情驱动着演唱会经济高歌猛进；与虚拟偶像谈一场恋爱在女性游戏玩家中快速蔓延，女性向游戏这一看似细分的赛道，规模已 逼近千亿。 只要足够吸引人，再小的兴趣也能在中国孕育出一个体量可观的市场。而种种变化的背后，折射出的是人们对"消费"的重新定义。 过去的消费是"柴米油盐酱醋茶"，重在满足基本生活需求；如今的消费开始偏向"琴棋书画诗酒花"，为了迎合人们的兴趣爱好。 显然，消费正从"必需"走向"悦己"。 《2024中国青年消费趋势报告》的数据指出，已有37%的消费者明确表示他们的消费出于个人兴趣，这与以往有了很大的变化。更值得注意的是代际间的差 异：消费者越年轻，兴趣驱动消费的情况也就越明显，年轻人的消费观正在重塑未来市场的走向。 置身其中，企业需要适应性调整。 譬如，它们需要从"入眼"到"入心"。被消费者看到只是征途 ...

每经编辑 张锦河 4月24日，返利科技（600228.SH，股价3.62元，市值15.18亿元）公司发公告称，因公司股票将被实施退市风险警示，公司股票将于2025年4月25日停牌一 天，并于2025年4月28日起被实施退市风险警示，股票简称变更为*ST返利。 | 证券代码 证券简称 停复牌类型 停牌起始日 韶信 停牌终止日 复 | | --- | | 600228 返利科技 A 股 停牌 2025/4/25 全天 2025/4/25 2025/4/28 | 4月24日，返利科技公布2025年一季报，公司营业收入为5360万元，同比下降21.9%；归母净利润亏损1398万元，同比下降940.4%；扣非归母净利润亏损 1417万元，同比下降956.0%。 公司官网显示，返利网数字科技股份有限公司创立于2007年，总部位于上海，并在北京、广州等多地设有分支机构，于2021年4月登陆上海证券交易所A股 主板上市。 公司旗下拥有国内知名的导购平台返利网及返利APP，基于"为美好生活而省"的初心，为消费者提供360°全景式消费优惠服务。据艾瑞咨询报告，"返利网 APP"位列同类移动应用总使用次数No.1*、月平均活跃用户 ...

关于北京值得买科技股份有限公司 申请向不特定对象发行可转换公司债券 的审核问询函的回复 众环专字（2023）1100032号 _ 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn）" 书与编码: 关于北京值得买科技股份有限公司 申请向不特定对象发行可转换公司债券 的审核问询函的回复 众环专字(2023)1100032 号 深圳证券交易所: 根据贵所于 2023年 1 月 5 日出具的《关于北京值得买科技股份有限公司申 请向不特定对象发行可转换公司债券的审核问询函》（以下简称"《问询函》"） 的要求,中审众环会计师事务所(特殊普通合伙)(以下简称"会计师")作为北 京值得买科技股份有限公司(以下简称"值得买"、"公司"或"发行人")申请向不 特定对象发行可转换公司债券审计机构,对问询函所列相关问题逐项进行了落 实,现将《问询函》有关问题的落实情况汇报如下,请审核。 本问询函回复任何表格中若出现总数与表格所列数值总和不符,均为采取四 舍五入所致。 | An | | | --- | --- | | 4 | 1 | | . | | --- | | 月22日 | 2 ...