Core Insights - The e-commerce industry is entering a "true accounting" era, where transparency and compliance with tax regulations are becoming essential for businesses [2][8][30] - The shift from a focus on rapid growth through subsidies and traffic to a more stable and efficient operational model is evident [3][4][12] - Companies are now required to demonstrate genuine profitability rather than relying on inflated metrics like GMV [8][14][22] Group 1: Industry Transformation - The arrival of the "true accounting" era signifies a fundamental restructuring of the e-commerce landscape, emphasizing operational efficiency and financial transparency over mere traffic acquisition [3][30] - Data shows that over 6,500 internet platforms have completed tax-related information reporting, marking the beginning of a data transparency era in the platform economy [2][5] - The number of e-commerce-related enterprises in China exceeds 3.78 million, with 69% registered under 2 million yuan, indicating a large number of low-margin, small-scale players in the market [3][5] Group 2: Financial Pressures - In the first three quarters of this year, China's online retail sales grew by 6.4% year-on-year, while the cost index for e-commerce services rose by nearly 12% [5] - The rise in costs, particularly in live-streaming e-commerce, has led to declining profit margins for many mid-tier brands [6][12] - Companies are increasingly facing pressure to return to "true profit" competition, as the implementation of e-commerce taxes makes financial performance more visible [8][10] Group 3: Competitive Dynamics - The competition is shifting from a focus on traffic to a focus on operational efficiency and financial health, with companies needing to adapt their strategies accordingly [12][30] - Major platforms like Alibaba, Pinduoduo, and Douyin are tightening incentive policies and adjusting commission structures to reflect the new competitive landscape [7][12] - The average advertising cost for brands on platforms like Douyin and Kuaishou has increased by 28% year-on-year, while conversion rates have only improved by 5% [25][26] Group 4: Future Outlook - The next phase of competition in e-commerce will center around efficiency and trust, with companies needing to establish transparent and reliable relationships with consumers [30][36] - The importance of financial systems is growing, as they transition from backend operations to central decision-making tools [32][34] - The ability to accurately account for costs and profits will become a key competitive advantage in the evolving e-commerce landscape [14][42]