AI 赋能跨境电商降本，全链路渗透驱动成本曲线下行。AI 技术已从跨境电商的辅助工具升级为核心降 本引擎，通过对运营、供应链、客服等核心环节的全链路优化，推动行业从单点成本控制向系统性效率 提升转型。 与华为云联合打造AI 视频生成大模型。2025 年4 月，公司全资子公司易佰网络与华为云计算技术有限 公司正式签署全面合作协议。双方将在跨境电商视觉模型领域展开首家深度合作，基于华为云盘古大模 型和昇腾AI 云服务创新打造"易智万象"视频模型。依托华为云盘古大模型L0 底座，融合跨境电商行业 海量数据，训练生成针对性更强的L1 模型。后续，易佰网络还将基于自身丰富的业务场景和个性化需 求，进一步训练出适用于垂直领域的行业L2 模型。 AI 技术赋能，提升运营效能。公司通过AI 技术应用，实现信息传递效率提升，有效降低运营和管理成 本。在数据分析环节，应用AI 模型精准分析市场趋势和消费者偏好，为选品决策提供有力依据；预测 模型提前预判销售高峰和库存需求，避免缺货与存货积压；自动化流程管理使订单处理、发货等环节更 加高效，大幅提升运营全流程数字化和信息化管理水平。截至2024 年12月31 日，公司技术人员共计2 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company is leveraging AI technology to enhance operational efficiency and reduce costs in cross-border e-commerce, transitioning from point cost control to systematic efficiency improvement [9] - A partnership with Huawei Cloud has been established to develop an AI video generation model, which aims to create tailored models for the cross-border e-commerce sector [9] - The company anticipates revenue growth from 98.8 billion RMB in 2025 to 115.5 billion RMB in 2027, with net profit expected to rise from 1.0 billion RMB to 3.1 billion RMB during the same period [9] Financial Performance Summary - Revenue projections are as follows: 6,518 million RMB in 2023, 9,022 million RMB in 2024, 9,875 million RMB in 2025, 10,674 million RMB in 2026, and 11,545 million RMB in 2027, with growth rates of 47.6%, 38.4%, 9.4%, 8.1%, and 8.2% respectively [7][10] - Net profit is forecasted to decline from 332 million RMB in 2023 to 101 million RMB in 2025, before recovering to 205 million RMB in 2026 and 305 million RMB in 2027, reflecting growth rates of 53.1%, -48.8%, -40.9%, 103.7%, and 48.8% respectively [7][10] - Earnings per share (EPS) are projected to decrease from 0.88 RMB in 2023 to 0.25 RMB in 2025, then increase to 0.51 RMB in 2026 and 0.75 RMB in 2027 [7][10] Operational Efficiency - The company has a workforce of 281 technical personnel, accounting for 8.08% of total employees, focusing on enhancing digital and information management across operations [9] - AI applications are expected to improve information transmission efficiency and reduce operational and management costs, aiding in market trend analysis and inventory management [9]