业务方面，于相关期间，集团新拓展5个自营海外仓，分别位美国、加拿大及英国，总面积增加约11万 平方米。公司持续优化仓网布局，以降低客户的履约成本，提升订单的履约时效，改善消费者购物体 验。随着集团品牌价值及客户品牌力日益提升，公司对服务品质要求亦不断提高。基于集团长远发展角 度考虑，长期稳定且可自主运营的仓储网络，将为集团于未来引入物流机器人等智能化设备提供可靠基 础，从而有序推动仓储网络的智能化升级。截至2025年6月30日，集团共承包61个海外仓，覆盖全球三 大洲及40多个城市。 格隆汇8月22日丨EDA集团控股(02505.HK)公告，截至2025年6月30日止6个月的中期业绩，收入增加 23.2%至人民币9.19亿元；相关期间利润减少35.6%至人民币1930万元；每股基本盈利及每股摊薄盈利为 人民币0.04元；董事会已议决宣派截至2025年6月30日止6个月中期股息每股3.5港仙。 ...

Core Insights - The article discusses the emergence of a "shadow world" in globalization, highlighting how various Chinese companies have built essential infrastructure that supports global commerce, including logistics, payment, and marketing services [4][5]. Logistics: Time and Space Compression - Companies like Zongteng and Wanyitong have established themselves as key players in cross-border logistics by investing in heavy assets such as overseas warehouses and dedicated transportation routes, which provide competitive advantages in cost and efficiency [9][11]. - Zongteng, founded in 2007, transitioned from e-commerce to logistics, focusing on overseas warehousing and specialized transportation, which allowed it to thrive during the e-commerce boom [8][10]. - Wanyitong has also adapted by investing in automated warehouses and self-built routes to enhance delivery efficiency, achieving a 95% order delivery rate within three days across the U.S. [11][12]. Payment: The Payment Revolution - The article outlines the rise of fintech companies like Airwallex and PingPong, which emerged to address the high costs and inefficiencies of traditional cross-border payment systems [20][21]. - These companies have introduced innovative pricing models and streamlined processes, significantly reducing transaction fees and improving service speed for small and medium enterprises [22][23]. - The competitive landscape in cross-border payments is evolving, with companies focusing on comprehensive financial ecosystems and compliance capabilities to differentiate themselves [25][30]. Marketing: Unlocking Overseas Traffic - The marketing sector is represented by companies like Taitong Technology, which has developed a data-driven approach to optimize advertising for Chinese businesses entering overseas markets [32][33]. - Taitong's platform integrates various media resources and advertising technologies, allowing clients to manage global campaigns efficiently [34][35]. - The article emphasizes the importance of marketing in driving sales for intangible products, where marketing costs can reach up to 50% of revenue [33]. Future Variables in the Shadow World - The article concludes that the "shadow world" of globalization is characterized by a growing number of specialized service companies that address specific pain points in cross-border trade, such as high payment fees and complex compliance issues [40][41]. - The competitive landscape is shifting towards integrated ecosystems, where logistics, payment, and marketing services are increasingly interconnected, enhancing the overall efficiency of global operations [42].

Core Viewpoint - The article explores the emergence of "shadow companies" in China's globalization efforts, highlighting their roles in logistics, payment, and marketing as essential infrastructure supporting global trade [2]. Group 1: Logistics - The logistics sector has seen the rise of companies like Zongteng Group, which established overseas warehouses early on, differentiating itself from competitors by focusing on direct shipping and logistics infrastructure [5][6]. - Zongteng's strategic investments in heavy assets, such as cargo planes and automated warehouses, have created significant barriers to entry, allowing it to control costs and improve service efficiency [7][8]. - Other logistics companies, like Wanyitong and Fanding, have adapted their strategies to focus on automation and industry-specific solutions, reflecting a shift towards more integrated logistics services [9][10]. Group 2: Payment - The payment sector has been revolutionized by companies like Airwallex and PingPong, which address the high costs and inefficiencies of traditional cross-border payment systems [16][17]. - These companies have emerged in response to the pain points faced by small and medium enterprises in cross-border transactions, offering lower fees and faster processing times [18]. - The competitive landscape in cross-border payments is evolving, with firms focusing on comprehensive financial ecosystems and compliance capabilities to differentiate themselves [20][21]. Group 3: Marketing - The marketing landscape for overseas expansion is characterized by companies like Taitong Technology, which leverage data-driven strategies to optimize advertising and improve ROI for clients [25][26]. - Taitong's innovative platform integrates various marketing services, allowing clients to manage global campaigns efficiently [27][28]. - The marketing sector is witnessing a shift towards AI-driven solutions, enhancing the effectiveness of campaigns and enabling better targeting of audiences [31]. Group 4: Future Variables in the Shadow World - The "shadow world" of globalization is driven by specific pain points, such as high payment fees and inefficient logistics, leading to the emergence of specialized service providers [34][35]. - The competitive dynamics are changing, with geopolitical factors and technological advancements introducing new variables that will shape the future of these industries [35][36]. - The integration of services across logistics, payment, and marketing is creating a more complex ecosystem, where companies must adapt to survive in a rapidly evolving global landscape [35].

Core Viewpoint - The Southeast Asian e-commerce market is experiencing explosive growth, with annual sales projected to increase from $4 billion in 2012 to $184 billion by 2024, attracting significant attention from Chinese companies [2][4]. Group 1: Market Growth and Opportunities - The e-commerce platforms in Southeast Asia, such as Lazada, are evolving through substantial investments from Alibaba and leveraging the entire Alibaba ecosystem for digital transformation [4]. - Chinese companies are increasingly entering the Southeast Asian market, shifting from merely selling products to offering services, thereby reshaping the e-commerce landscape [5]. - Southeast Asia, with nearly 700 million people and a high percentage of young consumers, presents a significant opportunity for e-commerce growth, as internet penetration rates exceed 70% in most countries [5][6]. Group 2: Consumer Preferences and Trends - The most notable e-commerce growth is observed in Indonesia, Thailand, and Vietnam, where consumers prefer visually appealing, low-decision, and high-repeat purchase products [6]. - Chinese sellers have a competitive advantage in understanding local demands and product selection, becoming a dominant seller group on Southeast Asian e-commerce platforms [6][10]. - The rise of content-driven e-commerce, particularly through platforms like TikTok Shop, is changing consumer purchasing behavior, with 75% of consumers more willing to buy products recommended by influencers [8][9]. Group 3: Technological Advancements - E-commerce platforms in Southeast Asia are benefiting from technological upgrades, with Lazada being a pioneer in applying AI for personalized recommendations and operational efficiency [7]. - The integration of AI has led to a 46% increase in user interaction with the platform during peak shopping events [7]. Group 4: Infrastructure Development - The logistics and payment infrastructure in Southeast Asia is improving, with significant investments from Chinese logistics companies to enhance delivery efficiency [12][13]. - The electronic payment adoption rate has surpassed 50%, with mobile payments in Thailand projected to account for 55% of e-commerce transactions by 2024 [13][14]. - Despite the growth in electronic payments, cash transactions remain prevalent due to cultural preferences and the limited issuance of debit and credit cards [13][14]. Group 5: Cross-Border Payment Solutions - Chinese payment service providers are capitalizing on the opportunity to address payment challenges in Southeast Asia, offering localized services and cross-border payment solutions [14]. - Successful collaborations, such as UnionPay's partnership with Laos' national payment network, highlight the potential for Chinese payment services to enhance local payment ecosystems [14].

Group 1: Market Growth and Trends - Southeast Asia's e-commerce market is experiencing explosive growth, with annual sales projected to rise from $4 billion in 2012 to $184 billion by 2024 [1] - The region has a population of nearly 700 million, with a significant proportion of young consumers, and internet penetration rates exceeding 70% in most countries [2] - Indonesia, Thailand, and Vietnam are leading in e-commerce consumption growth, with consumers favoring visually appealing and easily purchasable products [3] Group 2: Role of Chinese Companies - Chinese companies are increasingly collaborating with local e-commerce platforms to enhance shopping experiences and establish logistics and payment services [1][2] - The shift from "selling products" to "selling services" is evident as Chinese firms adapt to local market needs and preferences [1] - Chinese sellers leverage their supply chain advantages to become a dominant seller group on Southeast Asian e-commerce platforms [3] Group 3: Technological Advancements - Lazada is at the forefront of applying AI in Southeast Asia's e-commerce, enhancing user experience and operational efficiency through personalized recommendations [4] - The rise of live streaming and short videos as new consumer entry points is reshaping shopping behaviors in the region [5] - Approximately 75% of Southeast Asian consumers prefer products recommended by influencers, with TikTok being a primary channel for influencer marketing [6] Group 4: Infrastructure Development - The logistics landscape in Southeast Asia is evolving, with Chinese logistics companies establishing a presence to meet growing demand [8][9] - JD Logistics continues to focus on overseas warehouse services, significantly reducing shipping times for e-commerce [9] - Electronic payment adoption is increasing, with over 50% penetration in Southeast Asia, although cash transactions remain prevalent due to various barriers [10] Group 5: Payment Solutions - Companies like PingPong are addressing payment challenges in Southeast Asia by providing localized services and facilitating cross-border payments for e-commerce businesses [11] - The collaboration between Chinese payment service providers and local networks is enhancing payment infrastructure and efficiency in the region [11]

Core Insights - The international trade and global supply chain landscape is undergoing significant changes due to globalization trends, necessitating operational adjustments for cross-border e-commerce sellers and logistics companies [1] - Chinese cross-border logistics companies are expected to transition from a "cost-dependent" model to a "value-creating" model in the Americas market, driven by technological empowerment and compliance foundations [1] Group 1: Industry Trends - The rapid development of China's cross-border e-commerce has introduced innovative business models that provide diverse and cost-effective options for global consumers, altering the existing market dynamics [1] - Macro policy adjustments, such as upgraded environmental requirements, are pressuring companies to optimize product structures, particularly affecting low-margin seasonal goods and low-end electronics [1] - Companies are enhancing their competitiveness by building and integrating global logistics information systems and localizing supply chains through overseas warehouses [1] Group 2: Operational Strategies - Logistics companies are responding to changing demands from cross-border e-commerce businesses by adjusting their operational strategies, utilizing overseas warehouses as strategic pivots, and leveraging digital tools to improve efficiency [2] - The distinction between contract logistics and cross-border e-commerce logistics is highlighted, with contract logistics focusing on production enterprises and supply chain stability, while cross-border logistics caters to e-commerce sellers with small, frequent, and rapid delivery needs [2] Group 3: Future Directions - The company plans to enhance its market presence in the Americas by increasing investments in overseas warehouses and collaborating with local logistics providers to create a responsive network across the U.S. [3] - The strategy includes upgrading warehouses to "one-stop comprehensive" facilities that integrate various value-added services, thereby increasing customer loyalty through differentiated and personalized offerings [3] - The company aims to strengthen its global logistics information system, incorporating technologies like AGV robots and IoT monitoring to optimize sorting efficiency and utilizing blockchain for product traceability to reduce compliance risks and enhance consumer trust [3]

Core Viewpoint - The shift towards "localization" has become a crucial strategy for cross-border e-commerce platforms, with overseas warehouses emerging as a key focus for competition [2][4]. Group 1: Overseas Warehouse Strategy - AliExpress, one of the "four small dragons" of overseas expansion, has seen significant sales growth in its Brazilian overseas warehouse during the recent overseas 618 shopping festival, achieving a 4.3 times increase in daily sales compared to previous periods [2]. - The top three categories driving this growth were consumer electronics, computer office supplies, and outdoor sports [2]. - AliExpress is investing heavily in local shipping in Latin American markets to enhance delivery efficiency and improve consumer purchasing experiences [2][4]. Group 2: Support Policies for Merchants - Since June, AliExpress has intensified support for merchants in its Brazilian overseas warehouse, aiming to attract more sellers [2]. - Specific measures include substantial subsidies for brands, resource allocation for in-platform promotion, and dedicated support from local influencers [2]. - A recent live-streaming event for a consumer electronics brand on AliExpress in Brazil resulted in a GMV increase of over 10 times compared to regular sales, with significant viewer engagement [3]. Group 3: Shift Towards High-Value Strategies - The global trade landscape is shifting from aggressive growth to a focus on profitability, with cross-border e-commerce moving from low-cost exports to high-value branding strategies [4]. - During the overseas 618 period, several high-value Chinese brands experienced explosive growth in Brazil, with products like gaming controllers and high-end cycling equipment selling out rapidly [4]. - AliExpress has expanded its localization efforts beyond Brazil, partnering with over ten leading overseas warehouse service providers in various markets, including the U.S. and Europe [5][6]. Group 4: Operational Strategies - AliExpress has adopted a dual-track strategy of "self-operation + management" to enhance its overseas business, supporting various operational models for merchants [7]. - The platform's multi-modal operation and localization strategy position it well for competition in the evolving cross-border e-commerce landscape [8].

Core Insights - The global cross-border e-commerce market is expanding at an annual growth rate of 18%, with overseas warehouse users experiencing a 67% improvement in logistics efficiency and a 40% reduction in return rates, indicating that overseas warehouses have become a fundamental infrastructure for international e-commerce [1]. Operational Framework: Five-Dimensional Precision Collaboration System - **Intelligent Warehousing**: Achieves 48-hour container clearance and 24-hour rapid shelving for loose goods, with an error rate below 0.1% due to comprehensive laser scanning and AI volume measurement technology [2]. - **Dynamic Storage**: Increases storage density by 50% through dynamic zoning based on SKU sales index, with specialized storage solutions reducing damage rates to one-third of traditional warehousing [3]. - **Intelligent Sorting**: Retail orders can achieve over 300 orders per hour with AGV robots, while FBA pre-labeling service shortens warehouse entry cycles by 72 hours, maintaining an order error rate below 0.05% [4]. - **Three-Dimensional Inventory Management**: Utilizes RFID technology to achieve an inventory accuracy rate of 99.99%, improving capital turnover efficiency by 40% [4]. - **Reverse Logistics Revolution**: 95% of returned goods are re-shelved within 72 hours after professional refurbishment, reducing return costs by 60% and exceeding the industry average for secondary sales by 25 percentage points [5]. Strategic Value: Six Major Competitive Barriers Reshaping Market Landscape - **Efficiency Revolution**: Local delivery achieves 95% of orders within three days, reducing logistics cycles by 10-15 days compared to direct mail [8]. - **Quality Control Upgrade**: Pre-shipment quality checks intercept 15% of defective products, leading to a 52% decrease in customer complaints and an 8-12% increase in average order value [9]. - **Market Penetration Accelerator**: New store startup cycles are reduced to two weeks, and a multi-store inventory sharing system decreases unsold inventory by 28% [10]. - **Traffic Breakthrough**: The "local shipping" label boosts product click-through rates by 130%, with top sellers' overseas warehouse penetration reaching 89% [11]. - **Reputation Compounding Cycle**: Improved delivery times increase review rates by 40% and repurchase rates by 25%, with overseas warehouse users averaging a store rating of 4.8 stars compared to 4.2 stars for direct mail sellers [12]. - **Compliance Moat**: B2B2C customs clearance achieves 100% compliance, with a 90% increase in the acceptance rate for sensitive products, reducing annual customs disputes by 76% [13]. Evolution: From Storage Nodes to Digital Ecosystem - Modern overseas warehouses are undergoing a transformation into intelligent IoT hubs, supply chain financial carriers, and data-driven decision engines, with projections indicating that by 2025, overseas warehouses will handle 35% of cross-border transaction volume [14].

Core Viewpoint - The logistics company Shunyou Logistics is preparing for an IPO in Hong Kong, driven by the booming cross-border e-commerce market, despite facing challenges from U.S. tariffs and trade policies [1][2]. Company Overview - Shunyou Logistics operates globally, covering 220 countries and regions, handling over 500,000 packages daily, and serving 100,000 cross-border e-commerce businesses [1]. - The company was founded in Hong Kong in 2008 and has since established branches in major cities worldwide, including Los Angeles, Kuala Lumpur, and Shanghai [2]. Financial Performance - Shunyou Logistics reported revenues of 1.184 billion, 1.506 billion, and 1.522 billion yuan for the years 2022, 2023, and 2024, respectively, with a heavy reliance on direct shipping logistics [5]. - The company experienced a 40.27% decline in net profit in 2024, attributed to increased sales costs and investments in overseas warehouse services [7]. - The net profit figures for the reporting period were 31.88 million, 73.47 million, and 43.88 million yuan, indicating a significant drop in profitability [7]. Shareholder Structure - The major shareholders include Anyun Investment, controlled by founder Yao Yun and his spouse, holding 53.32% of the shares, while Yao Yun personally holds 24.1% [3][4]. - The company has distributed a total of 83 million yuan in cash dividends from 2022 to 2024, reflecting its family business characteristics [4]. Market Position - Shunyou Logistics ranks 9th in the domestic cross-border e-commerce logistics market with a market share of 0.5%, amidst intense competition with over 5,000 service providers [8]. - The company aims to expand its market share and brand recognition through its upcoming IPO [8]. Strategic Focus - The company plans to shift its focus towards developing overseas warehouse services, which are expected to become a key business area, despite the potential risks associated with a heavy asset model [7].

Group 1 - The 2025 Zhejiang International E-commerce Expo was held in Yiwu, featuring over 2,200 international standard booths and covering more than 50,000 square meters, with eight major exhibition areas showcasing the latest e-commerce applications and services [1] - The expo attracted 1,182 domestic and foreign enterprises from various countries and regions, aiming to create a comprehensive international service platform for the global e-commerce industry [1] - Yiwu has seen rapid growth in cross-border e-commerce, achieving a transaction volume of 73.645 billion yuan in the first five months of this year, representing a year-on-year increase of 16.29% [4][5] Group 2 - The expo emphasized cross-border e-commerce, gathering major global platforms like Amazon, TikTok, and Walmart, and introducing nearly 20 international cross-border e-commerce platforms to help sellers reach the "Belt and Road" market [5] - Nearly 200 cross-border e-commerce service providers participated, covering logistics, overseas warehouses, and financial services, enhancing the cross-border e-commerce ecosystem [5] - The event featured a special area for global overseas warehouse and logistics solutions, showcasing diverse and compliant overseas warehouse networks to support small and medium-sized enterprises [5] Group 3 - Yiwu's e-commerce market is supported by a robust supply chain, attracting numerous influencers and sellers to source products, with about 80% of goods coming from industrial clusters and source factories [7] - The expo served as a "supermarket" for e-commerce sellers and influencers, facilitating direct sales and promoting the integration of local industries with cross-border e-commerce [7] - The event included a dedicated agricultural product exhibition area to enhance rural e-commerce development through digital sales channels [8] Group 4 - The expo aimed to connect potential buyers from emerging markets in Africa and Asia, inviting procurement teams from countries like Ethiopia and Nigeria to explore sourcing opportunities [9] - Innovative features like a "global good showcase" were introduced to connect quality products with global buyers, enhancing visibility for small and medium-sized sellers [9] - The event highlighted the use of AI and digital tools in e-commerce, with nearly 30,000 merchants in Yiwu utilizing various AI technologies for business operations [11] Group 5 - High-level forums were held to discuss the role of artificial intelligence and digital economy in empowering cross-border trade, focusing on sustainable development in the e-commerce sector [13] - The expo included multiple sessions for brand e-commerce platforms to facilitate deeper connections and collaborations among participating enterprises [13]