喧嚣散尽，虚拟数字人正在技术迭代中酝酿重生。在AI浪潮的托举下，其悄然转身潜入产业后台。产 业界逐步形成共识：未来五年，虚拟数字人将摆脱"花瓶"标签，走向"实质性赋能"，撬动智能制造、文 娱消费的新增长极，成为企业数字化转型的重要工具和经济增长新变量。 近日，《证券日报》记者深入一线调研，了解虚拟数字人深耕产业需求的转型路径，探索其如何助力企 业降本增效，书写"虚实共生"的新篇章。 从火爆到降温 2021年初，虚拟美妆数字人"柳夜熙"的亮相点燃了整个产业圈，精致的妆容、流畅的互动，"柳夜熙"在 抖音上线48小时便斩获百万粉丝。一时间，资本竞相追逐，虚拟数字人的商业价值一度被推至顶峰。 此后，企业纷纷跟进，推出自家"虚拟数字代言人"。例如，屈臣氏推出"屈晨曦"，花西子发布"花西子 虚拟人"，招商银行上线"AI小招"，各方密集发力，试图在虚拟数字人市场抢占先机。 彼时，"3个月造星、6个月回本"成为行业口号。从上海的咖啡馆到北京的投资路演，再到广州的拍摄 棚，几乎所有从业者都相信，只要整合算法、美术和营销，数字虚拟偶像就能批量化生产并产生巨大商 业回报。 然而，表面繁荣难掩现实困境。虚拟数字人高昂的制播与运营成本 ...

24小时在线不停播、成本仅为真人1/10、平均带来30%转化提升，京东言犀数字人已经成为巴拉巴 拉、安踏、汤臣倍健等头部品牌的增长新动力。数据显示，超9000家品牌都选了言犀数字人入驻带货， GMV增量超140亿。在言犀数字人宣布接入DeepSeek后，已有200余家品牌正在使用DeepSeek辅助生成 数字人直播脚本，文案参考率高达90%。 直播下半场破局：9000+品牌借力京东言犀数字人 实现逆势增长 2025年，直播行业正经历流量内卷、转化疲软的阵痛期，但京东数据显示，数字人直播商家数却以 同比超200%的增速逆势突围，孕育出更广阔的增长空间。 现场试妆、双人互动接捧哏、总裁上阵、模特走秀、抱着玩偶坐播、现场品酒...这届数字人直播间 的玩法也已超出想象，与品牌一起为消费者带来千人千面的交互体验。 巴拉巴拉用言犀数字人，矩阵直播捕获"深夜育儿经济" 童装行业一直有着独特的消费痛点。首先，童装消费决策链长，宝妈宝爸在选购时往往需要花费大 量时间进行比较和咨询。其次，他们常在深夜刷视频看直播，给孩子购入应季新衣，而真人主播难以覆 盖全时段的碎片化需求。此外，直播间里还会面临面料、尺码等专业问题，真人主播在专 ...

Investment Rating - The report maintains a "Buy" rating for JD [4][14] Core Insights - JD reported a revenue of RMB 347 billion for Q4 FY24, representing a year-on-year growth of 13.4%, exceeding expectations [8][9] - Non-GAAP net profit reached RMB 11.3 billion, up 34.2% year-on-year, indicating improved profitability [12][14] - The company is expanding its trade-in policy and investing in its merchant ecosystem, which is expected to drive demand in electrical appliance categories [14] Financial Data and Profitability Forecast - Revenue projections for JD are as follows: - 2023: RMB 1,084,662 million - 2024: RMB 1,158,819 million - 2025E: RMB 1,247,550 million - 2026E: RMB 1,310,176 million - 2027E: RMB 1,357,656 million - Non-GAAP net profit forecasts are adjusted to: - 2025E: RMB 51,614 million - 2026E: RMB 55,319 million - 2027E: RMB 58,000 million [17][14] - The company achieved a gross margin of 15.3% and a fulfillment gross margin of 9.5% in Q4 FY24, both showing year-on-year improvements [10][12] Business Expansion and Strategic Initiatives - JD is entering the food delivery market to synergize with its core retail business, enhancing user engagement and expanding consumption scenarios [13][14] - The company has initiated a share repurchase program, buying back approximately 255 million Class A ordinary shares for a total of USD 3.6 billion, which is about 8.1% of its outstanding shares [13][14] - The platform is expected to continue investing in high-potential categories such as apparel and beauty, which will enhance user appeal and drive scale expansion [9][14]