"今年黑五促销，感觉比去年来得更早、更猛。"一位正在备战TikTok Shop的美区卖家这样感叹。 但与以往不同的是，今年的黑五，不再只是价格的战场。以TikTok Shop为代表的内容电商，正在成为 新的主导力量，让中国商家有机会跳出单纯的价格竞争，实现品牌价值与销售业绩的双重跃迁。 而这，正是所有TikTok Shop卖家在这个黑五最期待的。 "今年黑五我们要实现10倍增长" 在这场以内容为核心的黑五中，最早进入战斗状态的，是那些已经在TikTok Shop里找到节奏的卖家。 史可所在的创想三维，是深圳一家专注3D打印机研发和生产的公司，曾经靠着经销商和货架式电商在 海外打下一片市场。 早在2021年，创想三维便开始在TikTok Shop上运营品牌账号，一条给小狗打印腿部康复器的视频曾获 得数万点赞，几年间积累了200余万粉丝。 事实上，跨境圈的空气里早已弥漫着一股"黑五味儿"。 一位主攻亚马逊的卖家透露，今年的流量竞争压力空前，"广告成本涨得比往年快，几乎每天都在调预 算"，而在Temu，一些跨境工厂型卖家已经进入了促销状态，速卖通、沃尔玛也纷纷官宣了黑五大促日 期，社交平台上关于购物清单的视频正一条 ...

Core Viewpoint - The financial performance of Feike Electric (603868), known as the "King of Razors" in the A-share market, shows a decline in revenue and net profit for the first three quarters of 2025, indicating challenges in maintaining growth in a competitive market [1][4]. Financial Performance Summary - For the first three quarters of 2025, the company achieved operating revenue of 3.04 billion yuan, a year-on-year decrease of 8.46%. The net profit attributable to shareholders was 457 million yuan, down 1.61% year-on-year. The net profit after deducting non-recurring gains and losses was 407 million yuan, an increase of 8.13% year-on-year [1][3]. - In Q3 2025, the operating revenue was 924 million yuan, a year-on-year decrease of 7.75%. The net profit attributable to shareholders was 136 million yuan, down 8.76% year-on-year. The net profit after deducting non-recurring gains and losses was 113 million yuan, an increase of 10.64% year-on-year [3]. Business Overview - Feike Electric is a company that integrates the research, development, manufacturing, and sales of personal care appliances, household appliances, and kitchen appliances. It has a high level of recognition and market share in the personal care appliance sector [4]. - The company has been heavily reliant on electric shavers, which have historically accounted for 50%-60% of its revenue. However, this mature product category is facing limited growth potential due to high market penetration, especially in first- and second-tier cities [4]. Industry Challenges - The industry is experiencing intensified competition, particularly in the mid-to-low-end market, leading to price wars that compress profit margins. Feike has been forced to engage in price competition to maintain market share, which has weakened overall profitability [5]. - The company has attempted to upgrade its brand through strategies like "dual branding" to penetrate the high-end market, but consumer perception remains largely associated with "cost-effectiveness" rather than "high-end personal care" [5]. - The overall slowdown in e-commerce growth has reduced the online sales momentum that previously contributed to rapid revenue growth. Increased competition and rising platform traffic costs have diminished the marginal benefits of online channels [5]. - Feike Electric faces challenges related to its focus on marketing over research and development. Compared to international brands and tech companies, its investment in core technology, innovation, and product differentiation is relatively limited, relying more on design and marketing strategies [6].

Core Insights - Guangdong, known as the "world's factory," accounts for nearly one-fifth of China's foreign trade exports, with many small and medium-sized manufacturing enterprises relying on overseas orders for growth. However, these companies are now seeking new growth paths in the domestic market due to shifts in the global economic landscape [1][11] - The transition to domestic sales is challenging for these enterprises due to a lack of understanding of domestic consumer demand, unfamiliarity with e-commerce operations, and insufficient channel resources and brand influence. E-commerce platforms like JD's Jingxi are helping these companies overcome these obstacles by providing comprehensive support [1][4][11] Group 1: Transition to Domestic Sales - JD's Jingxi platform offers a full-chain solution that allows foreign trade enterprises to transition to domestic sales without starting from scratch. For example, Dongguan Baoxi Clothing, which previously relied heavily on exports, successfully pivoted to domestic sales with Jingxi's assistance [3][4] - Guangzhou Blanting, a leading manufacturer of bra accessories, also experienced a smooth transition to domestic sales after joining Jingxi, achieving significant sales growth shortly after launching on the platform [3][4] Group 2: Building Long-term Competitiveness - Many Guangdong foreign trade enterprises possess production capacity and quality advantages but are trapped in an "OEM mindset," lacking market insights and brand operation capabilities. Jingxi's self-operated model helps these companies shift from passive selling to proactive brand creation, enhancing their long-term competitiveness in the domestic market [4][6] - Jingxi provides tailored support, including optimizing product presentation, improving marketing strategies, and offering supply chain planning advice, enabling companies like Ruishen Biotechnology to effectively enter the online market [6][8] Group 3: Successful Case Studies - Dongguan Xinyongtai, a small appliance manufacturer, successfully opened its domestic market with Jingxi's help, achieving over 1 million GMV in sales and expanding its product categories [8][11] - The success of these case studies reflects a broader trend among foreign trade enterprises across China leveraging Jingxi to navigate the challenges of transitioning to domestic sales, with over 4,000 foreign trade merchants from Guangdong already onboarded [11]

Core Viewpoint - The Yiwu small commodity market demonstrates strong market adaptability, significant product advantages, and risk diversification, allowing it to respond relatively calmly to unprecedented tariff wars [2][51]. Group 1: Market Response to Tariff Wars - The Yiwu market has shown resilience despite the tariff wars, with a notable recovery in trade with the U.S. as tariffs were temporarily eased [8][51]. - In 2024, Yiwu's import and export volume with the U.S. reached 91.07 billion yuan, accounting for 13.6% of its total trade, with a growth rate of 42.8% [13]. Group 2: Business Strategies and Attitudes - Three main attitudes among Yiwu merchants include aggressive market transformation, confidence in product irreplaceability, and a general indifference to the U.S. market due to its relatively low share in their overall business [12][26]. - Merchants are actively seeking to pivot towards the EU market and other regions, with strategies such as lowering prices and increasing production volume to maintain sales [18][39]. Group 3: Market Diversification - Many Yiwu businesses report that their U.S. market share is low, typically between 10% and 20%, leading to a limited focus on U.S. trade [26][27]. - The Yiwu market is increasingly looking towards emerging markets, with significant growth in trade with Africa, Latin America, and ASEAN countries, which now surpasses the U.S. market in scale [65][67]. Group 4: Challenges and Opportunities - The transition to new markets presents challenges, including adapting to different consumer expectations and regulatory requirements [45][61]. - Despite the difficulties, the shift towards emerging markets is seen as a long-term growth strategy, with many businesses optimistic about future opportunities in these regions [62][68].