12月11日，2025抖音电商千川大会在上海举办。本次大会以「The Next Wave · 千川涌新潮」为主题，通过深入解读电商未来营销风向，重磅发布全新营销产 品「千川・乘方」，围绕策略托管、动态智能服务、精准推荐三大能力，搭建起一站式智能营销体系，从成本管控、智能运营到增量获取，打通商家经营全 流程。 新变化与新趋势之下，千川定义3.0智能营销新范式 过去一年，大量新客涌入千川，新增店铺数量达到195万。 蓬勃态势之中，新变化不断涌现。抖音电商千川负责人卢忠浩指出，在时代变革与平台发展的融合演进下，用户习惯、平台生态和技术、商家经营方式都有 了新的定义。 首先，用户消费正在从"单点行为"演变为"全链路互动"。当前，平台短视频日均激发搜索达1.1亿次，30 天内复购的单数多达12单，使用优惠券的订单比例 提升至40%，单一的流量曝光已难以覆盖用户"看搜买晒"的复杂决策路径，营销触点需向全链路延伸。 同时，平台从"单次脉冲高地"转向"长效经营阵地"。过去，商家往往依赖头部达人或大促节点实现短时爆发。如今，超1亿用户每天在抖音下单，平台用户 购买心智日益成熟，通过做好平销期、日销自播、货架经营以及优质内容等多 ...

12月11日，2025抖音电商千川大会在上海举办。本次大会以「The Next Wave · 千川涌新潮」为主题，通过深入解读电商未来营销风向，重磅发布全新营销产 品「千川·乘方」，围绕策略托管、动态智能服务、精准推荐三大能力，搭建起一站式智能营销体系，从成本管控、智能运营到增量获取，打通商家经营全 流程。 新变化与新趋势之下，千川定义3.0智能营销新范式 过去一年，大量新客涌入千川，新增店铺数量达到195万。 蓬勃态势之中，新变化不断涌现。抖音电商千川负责人卢忠浩指出，在时代变革与平台发展的融合演进下，用户习惯、平台生态和技术、商家经营方式都有 了新的定义。 首先，用户消费正在从"单点行为"演变为"全链路互动"。当前，平台短视频日均激发搜索达1.1亿次，30 天内复购的单数多达12单，使用优惠券的订单比例 提升至40%，单一的流量曝光已难以覆盖用户"看搜买晒"的复杂决策路径，营销触点需向全链路延伸。 同时，平台从"单次脉冲高地"转向"长效经营阵地"。过去，商家往往依赖头部达人或大促节点实现短时爆发。如今，超1亿用户每天在抖音下单，平台用户 购买心智日益成熟，通过做好平销期、日销自播、货架经营以及优质内容等多 ...

12月11日，2025抖音电商千川大会在上海举办。本次大会以「The Next Wave · 千川涌新潮」为主题，通 过深入解读电商未来营销风向，重磅发布全新营销产品「千川・乘方」，围绕策略托管、动态智能服 务、精准推荐三大能力，搭建起一站式智能营销体系，从成本管控、智能运营到增量获取，打通商家经 营全流程。 新变化与新趋势之下，千川定义3.0智能营销新范式 过去一年，大量新客涌入千川，新增店铺数量达到195万。 为此，千川结合最新平台技术与AI能力重磅推出综合营销产品「千川・乘方」，依托策略托管、动态 智能服务与精准推荐三大核心能力搭建起一站式智能营销体系，全面落地「One budget，One AIGC， One LLM」理念，引领广大商家在复杂的经营环境中找到全局最优解，开启3.0智能营销新范式。 千川・乘方：科学规划每分钱，高效优化全局经营 "「干川·乘方」实现智能预算分配，让每一个经营动作强强联合，每一分钱更有分量。"千川客户策略 负责人肖子扬在大会上表示。 蓬勃态势之中，新变化不断涌现。抖音电商千川负责人卢忠浩指出，在时代变革与平台发展的融合演进 下，用户习惯、平台生态和技术、商家经营方式都有了新 ...

在成本管控方面，"千策"模块可实现预算与ROI（投入产出比）的一体化智能调度。商家无需再分别管 理营销广告、达人合作、技术服务费等多维度成本，只需设定整体预算与综合ROI目标，系统即可自动 完成预算分配、出价调控及选品匹配。针对达人合作这一关键场景，产品对星图和精选联盟做了升级， 将广告花费与达人佣金统一核算，优先放大高利润率内容的流量价值。 北京商报讯（记者 魏蔚）12月11日，抖音电商推出新营销产品"千川 乘方"，该产品围绕策略托管、动 态智能服务、精准推荐能力搭建起一站式智能营销体系，并叠加惠商扶持政策，为商家降本增收、长期 经营提供双重支撑。 ...

北京商报讯（记者 魏蔚）12月11日，抖音电商推出新营销产品"千川・乘方"，该产品围绕策略托管、 动态智能服务、精准推荐能力搭建起一站式智能营销体系，并叠加惠商扶持政策，为商家降本增收、长 期经营提供双重支撑。 在成本管控方面，"千策"模块可实现预算与ROI（投入产出比）的一体化智能调度。商家无需再分别管 理营销广告、达人合作、技术服务费等多维度成本，只需设定整体预算与综合ROI目标，系统即可自动 完成预算分配、出价调控及选品匹配。针对达人合作这一关键场景，产品对星图和精选联盟做了升级， 将广告花费与达人佣金统一核算，优先放大高利润率内容的流量价值。 ...

Core Insights - The article highlights a significant misunderstanding among practitioners regarding the core logic of Douyin's advertising system, emphasizing that material quality scores account for over 70% of the impact on ECPM, while bidding only contributes less than 30% [1][2][4] Group 1: Algorithm and Material Quality - Douyin has transitioned from traditional tagging to a neural network-based recommendation system, prioritizing user experience over commercial monetization [2][4] - The algorithm's scoring system places a high emphasis on click-through rates (CTR) and conversion rates, with CTR being the more critical metric [4] - New materials receive exploratory traffic, where CTR's weight can exceed 80%, and as materials mature, the weight balances to approximately 60% for CTR and 40% for conversion [4][9] Group 2: Testing and Efficiency - Successful merchants utilize a methodology of extensive material testing before large-scale deployment, often creating multiple versions to identify the best-performing ones [5][9] - AI-driven tools, such as those developed by Zhixing Qidian, enhance the efficiency of material testing, increasing hit rates from 20% to over 60% and improving ECPM by 40% [7][9] Group 3: Continuous Optimization - ECPM optimization is a comprehensive process influenced by various factors, but material quality remains the most critical element for maximizing ROI [9][11] - The rapid evolution of Douyin's algorithms necessitates that businesses adapt their strategies promptly to maintain effectiveness, with some companies reporting a 35% improvement in ROI through proactive adjustments [9][11] Group 4: Competitive Landscape - The competition in Douyin's e-commerce sector is intensifying, yet opportunities exist for those who understand the platform's operational mechanisms and focus on enhancing material quality rather than merely increasing bids [11]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown positive momentum in non-standard products and is actively expanding its multi-platform strategy [7] - The second quarter of 2025 saw a revenue increase of 9.6%, outperforming the industry despite challenging market conditions [7] - The company is focusing on optimizing costs and enhancing profitability through non-standard product offerings and improved operational efficiency [7] Financial Forecasts - Total revenue is projected to grow from 3,676 million RMB in 2024 to 4,731 million RMB in 2027, with a compound annual growth rate (CAGR) of approximately 13.03% [1][11] - Net profit attributable to shareholders is expected to increase from 260.17 million RMB in 2024 to 498.24 million RMB in 2027, reflecting a CAGR of 25.75% [1][11] - The earnings per share (EPS) is forecasted to rise from 0.36 RMB in 2024 to 0.69 RMB in 2027 [1][11] Sales and Profitability - The company achieved a gross margin of 23.0% in Q2 2025, with a net profit margin of 7.2% [7] - The sales net profit margin improved by approximately 1.0 percentage points year-on-year, driven by better management of costs and product mix [7] - The company is implementing a large product strategy and expanding its e-commerce partnerships to enhance sales performance [7] Market Position and Strategy - The company is actively exploring new channels, business models, and product innovations to capture market growth [7] - Strategic partnerships with leading e-commerce platforms and expansion into Southeast Asian markets are part of the company's growth strategy [7] - The focus on AI and data-driven operations is expected to enhance efficiency and automate core business processes [7]

Investment Rating - The report does not explicitly state an investment rating for the industry. Core Insights - The report emphasizes the importance of live streaming as a promotional tool in e-commerce, highlighting its effectiveness in driving sales and customer engagement. It outlines various strategies for optimizing live streaming campaigns, including pre-event marketing, real-time adjustments during the event, and post-event follow-ups to maximize ROI [80][109][154]. Summary by Sections Live Streaming Promotion Strategies - The report details a three-phase strategy for live streaming promotions: pre-event preparation, live event execution, and post-event follow-up. Each phase has specific budget allocations and goals to enhance viewer engagement and conversion rates [92][104][150]. - Pre-event strategies include creating anticipation through promotional content and setting clear GMV (Gross Merchandise Value) targets based on expected viewer numbers and conversion rates [88][141]. Budgeting and Forecasting - The report provides a formula for estimating live streaming GMV targets, which is based on expected viewer numbers, payment conversion rates, and average order values. It also outlines how to calculate advertising budgets based on these targets [88][141][142]. - Average costs for viewer acquisition are estimated to range from ¥7 to ¥12, with adjustments based on promotional events and competition [88][142]. Target Audience and Content Strategy - The report stresses the importance of defining target audiences through intelligent and advanced targeting methods. It suggests using historical data to refine audience segments and improve campaign effectiveness [65][49][60]. - Content creation is highlighted as a critical factor, with recommendations for using high-quality visuals and engaging narratives to attract viewers [54][66]. Case Studies and Examples - The report includes successful case studies demonstrating the effectiveness of live streaming in various industries, such as fashion and electronics. These examples illustrate how targeted strategies can lead to significant sales increases and brand visibility [80][109][112]. Operational Guidelines - Detailed operational guidelines are provided for executing live streaming campaigns, including the number of planned promotional posts, audience engagement tactics, and performance monitoring metrics [52][60][88]. - The report also discusses the importance of collaboration with influencers and brand ambassadors to enhance reach and credibility [117][118]. Conclusion - Overall, the report underscores the growing significance of live streaming in the e-commerce landscape, advocating for strategic planning and execution to leverage its full potential for driving sales and customer loyalty [80][109][154].

Core Viewpoint - The article discusses the emergence and evolution of the "Zhengzhou Gang," a group of grassroots e-commerce entrepreneurs who have developed unique marketing strategies to thrive in the competitive landscape of platforms like Xiaohongshu, despite facing significant scrutiny and challenges from these platforms [3][15][31]. Group 1: Zhengzhou Gang's Marketing Strategies - The Zhengzhou Gang employs a grassroots marketing approach, utilizing a large number of accounts to generate free traffic through mass content production, which has led to significant sales for many businesses [3][9]. - Their strategy includes creating a vast number of "pull" posts on Xiaohongshu, which has proven effective in driving sales, with some businesses reportedly generating over 1 million yuan in sales from a single post [7][12]. - The operational model of the Zhengzhou Gang is characterized by a high degree of efficiency, with a structured content production process that allows new employees to quickly become productive [10][11][27]. Group 2: Challenges and Controversies - The Zhengzhou Gang's methods have drawn criticism for potentially harming user experience and violating platform rules, leading to significant account bans and platform crackdowns [4][17][19]. - The article highlights the tension between the marketing strategies of the Zhengzhou Gang and the expectations of platforms like Xiaohongshu, which advocate for authentic and high-quality content [12][15][31]. - Despite the controversies, the Zhengzhou Gang has been able to adapt and evolve, with some members transitioning to more compliant and sustainable business practices [20][22][31]. Group 3: Transformation and Future Outlook - The Zhengzhou Gang is currently undergoing a transformation, focusing on improving content quality, embracing paid advertising, and developing better product offerings to align with platform standards [20][21][22]. - The group is also exploring brand-building opportunities, with some businesses successfully transitioning from white-label products to recognized brands [20][22]. - The article concludes that the Zhengzhou Gang's journey reflects broader trends in the e-commerce industry, where businesses must balance efficiency with compliance and quality to achieve long-term success [31].

Core Insights - The integration of brand, effect, and sales (品效销一体化) has become a necessary path for the marketing industry, driven by effect-oriented strategies and omnichannel collaboration [3][4] - The 618 shopping festival has entered its 17th year, serving as a critical opportunity for brands to test growth dynamics amid changing consumer behaviors and marketing environments [2][4] - The marketing focus has shifted towards effectiveness and sales, with consumers demanding higher conversion efficiency [2][5] Industry Trends - The marketing landscape is experiencing a systematic transformation, with brands needing to build systematic marketing capabilities to achieve sustainable growth in a competitive environment [3][4] - By 2025, the integration of brand, effect, and sales will become a core competitive pathway for companies, making it essential for survival [3][4] - The current marketing environment is characterized by increased uncertainty and cautious consumer spending, necessitating precise responses to consumer demand changes [4][5] Marketing Strategies - Brands are increasingly relying on data-driven optimization strategies, utilizing AI tools to enhance real-time monitoring and strategy iteration throughout the marketing process [2][5] - The traditional separation of brand marketing, effect marketing, and sales is being challenged, requiring a unified approach to effectively integrate these functions [7][8] - Companies must develop strong data processing and analysis capabilities to connect all marketing stages, from brand awareness to sales conversion [9]