更值得注意的是,抖音算法对素材生命周期的不同阶段采用差异化的权重策略。当新素材刚刚上线,系统会分配一定量级的探索性流量,这个阶段点击率的权 重占比会被放大到80%甚至更高。如果素材在冷启动期展现出良好的用户反馈,系统会逐步扩大流量分配,同时转化率的权重会相应提升。进入成熟稳定期 后,点击率与转化率会形成相对均衡的权重配比,通常维持在6:4左右。根据青瓜传媒的最新报道,2025年2月抖音算法架构重构之后,这种分阶段权重调配机制 的颗粒度变得更加精细。 那些在ECPM指标上持续领先的商家,普遍掌握了一套行之有效的方法论:在正式批量投放之前,必须完成充分的素材测试环节。他们通常会制作十几条甚至 数十条不同版本的素材,通过控制预算规模进行小范围测试,筛选出点击率表现最优的几条,再集中资源进行规模化投放。这套流程虽然被验证有效,但人工执 行的效率问题始终难以解决,而且判断的准确性高度依赖个人经验。杭州某服装电商团队的负责人透露,他们每个月仅在素材测试环节就要消耗超过200个小 时的人力成本。 在抖音电商圈子里流传着一个现象：很多商家投入了大量预算，出价也不比同行低，但ECPM数据就是追不上竞争对手。有人尝试不断调整出价 ...

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]

Core Insights - The core business of the company, "What Worth Buying," has facilitated 42 brands to achieve over 10 million GMV (Gross Merchandise Volume) during the 618 shopping festival, with content publication volume increasing by 17.28% year-on-year [1] - The 618 shopping festival this year, which started on May 13, is the longest in history, focusing on long-term operations and easing shopping pressure, reflecting a shift towards quality and interest-driven consumption [1][2] Group 1: Sales Performance - The top five GMV categories on the "What Worth Buying" platform during the 618 period were mobile communication, home appliances, computer systems, household electrical appliances, and computer accessories [1] - The fastest-growing categories in terms of GMV year-on-year were gaming hardware (180.18%), dining and food (91.37%), office equipment (35.04%), electronic education (33.11%), and smart devices (24.60%) [1] Group 2: Consumer Trends - Consumers are increasingly opting for "upgrading" products with better features and specifications, driven by government subsidies and promotional events [2] - The "old for new" program has significantly boosted sales in categories like computers, home appliances, and home decor, with a year-on-year GMV increase of 12.82% [2] Group 3: Brand Engagement - The LABUBU brand saw a GMV increase of 53.60% on the "What Worth Buying" platform during the 618 period, with a notable spike of 231.91% in interest following a viral auction event [3] - The 618 shopping festival serves as a critical platform for brands and platforms to deepen user connections and test their comprehensive capabilities [3][4] Group 4: Market Outlook - The 618 festival is viewed as a key indicator of consumer resilience and innovation in China, with the explosive growth of interest-driven consumption highlighting the ongoing demand for new business models [4]

Core Insights - The article outlines seven key trends for the 618 shopping festival, including the integration of national and local subsidies, comprehensive traffic integration, and the emergence of new e-commerce flows [1] - Brands are advised to adopt four targeted strategies to effectively leverage the business opportunities presented by the 618 festival [1] Group 1: Trends and Strategies - The "Double Subsidy" policy is expected to stimulate consumer enthusiasm, with the expansion of subsidized appliance categories from 8 to 12 by the government [2] - E-commerce platforms are responding with differentiated strategies, such as JD's integration of national subsidies with its own promotional resources [2] - Brands must accurately seize the window of opportunity and systematically explore the growth potential of e-commerce platforms [3] Group 2: Marketing Innovations - Brands are encouraged to adopt an integrated marketing approach that transcends traditional advertising boundaries, focusing on building trust and community with consumers [4] - Utilizing big data and algorithm models is essential for brands to gain deep insights into user behavior and adjust marketing strategies in real-time [5] - The shift in consumer behavior towards emotional and value-driven purchases necessitates the creation of diverse shopping scenarios to meet varying consumer needs [8] Group 3: Competitive Landscape - As the 618 shopping battle intensifies, brands must navigate a rapidly changing e-commerce landscape and adapt to new marketing dynamics [9] - The ability to capture industry trends and innovate in response to market demands will be crucial for brands to stand out in the competitive environment [9]