Core Insights - The "Tmall Blue Star Program" has launched a new incentive policy to support high-quality new merchants, aiming to accelerate their growth in Q3 and build core competitiveness for Q4 [1] Group 1: Top New Merchant Plan - The "Top New Merchant Plan" targets three types of merchants: overseas well-known brands, domestic well-known brands, and leading e-commerce merchants [2] - Merchants can apply for "Top New Merchant" certification after joining, with a six-month assessment period, and can receive up to 2.5 million yuan in cash incentives based on sales performance [2] - Participation in this plan allows merchants to clarify their business goals and achieve a scientific growth rhythm, significantly reducing operational costs and promoting a positive growth cycle [2] Group 2: New Merchant Cold Start - The "Million New Merchant Ranking Competition" and various inclusive benefits are key tools for new stores to overcome the cold start phase [3] - New merchants participating for the first time in the competition receive a 1,000 yuan marketing management service incentive, which helps improve product conversion efficiency through intelligent traffic allocation [3] - After one month, top-performing new merchants can earn additional rewards, with the top 10 receiving 20,000 yuan and those ranked 11-100 receiving 10,000 yuan, valid for three months [3] - New merchants also receive a "Cold Start Gift Package" with over 20 entry rights, including exclusive growth services and basic traffic support, to help achieve sales over 200,000 yuan [3] Group 3: Advancement Breakthrough - After overcoming the cold start phase, new stores can focus on creating a "hot-selling product" to drive growth [4] - The program offers three traffic strategies: Taoke Speed Sales Treasure, New Enjoyment Cash, and Flash Sale Subsidy, catering to merchants with varying operational experience [4] - The Taoke Speed Sales Treasure provides a dedicated channel for new merchants to attract traffic through high commission rates, incentivizing affiliates to promote their products [4] - New Enjoyment Cash acts as a conversion accelerator by offering exclusive red envelopes to new customers, enhancing conversion rates for brands with some recognition [5][6] - The Flash Sale Subsidy provides price and promotional support for products in the flash sale channel, encouraging brands to boost sales quickly [6] Group 4: Q4 Performance Outlook - New merchants who have prepared comprehensively in terms of traffic, sales, and customer assets are more likely to excel in Q4 [7] - Despite facing competition from established merchants during the Double 11 shopping festival, the "Tmall Blue Star Program" is helping small and medium-sized businesses carve out a path for success [7] - Data indicates that in the 2024 Double 11 cycle, new merchants showed rapid performance growth, with five brands achieving over 100 million yuan in sales shortly after joining Tmall [7]

Core Insights - Kuaishou Mall held a merchant conference in Hangzhou, focusing on new growth strategies and opportunities for merchants in the second half of the year [1] - The platform aims to lower operational barriers for merchants and enhance support mechanisms to foster valuable collaborations [1][5] Group 1: Growth Metrics - During the 2025 618 shopping festival, Kuaishou's e-commerce platform saw a 44% increase in exposure for general merchandise card searches and a 53% increase in sales transaction value [1] - The transaction value generated per thousand exposures for merchandise cards increased by 32% [1] - The "川流计划" (Chuanliu Plan) contributed to a 22% share of GMV for merchants' general merchandise cards [7] Group 2: Merchant Support and Tools - Kuaishou Mall has implemented a "marketing management" capability to automate traffic and product operations, reducing the need for extensive manpower from merchants [3] - The platform has upgraded the "super link" feature to provide higher visibility and weight to quality products, facilitating their rapid market penetration [3][5] - Various tools such as the merchandise card Chuanliu Plan, super links, and AIGC tools are designed to help merchants optimize their operations and capitalize on market opportunities [5][7] Group 3: Case Studies - The brand "大嘴鳄" (Big Mouth Crocodile) utilized the super link for full-domain distribution, resulting in increased store distribution scale and sales [7] - "舞澜服饰旗舰店" (Wulan Clothing Flagship Store) achieved significant sales growth by leveraging a combination of product growth support and full-domain distribution strategies, reaching monthly sales of 27 million [7] - Both brands demonstrated metrics exceeding industry averages, indicating the effectiveness of Kuaishou Mall's support mechanisms [3][7]

Performance Forecast - The company expects a net loss attributable to shareholders of approximately 7 million to 13 million yuan for the reporting period, primarily due to a decline in main business revenue and a decrease in non-recurring gains [1][2] - The anticipated decrease in non-recurring gains is estimated to be around 31 million to 37 million yuan year-on-year, with a reduction in asset disposal gains of approximately 39 million yuan and an increase in investment income from the transfer of subsidiary equity of about 10.3 million yuan [2] Financial Metrics - The company projects a net profit loss, excluding non-recurring items, of 38 million to 50 million yuan, compared to a loss of 52.55 million yuan in the previous year [1] - Basic earnings per share are expected to be a loss of 0.0035 to 0.0065 yuan per share, contrasting with a profit of 0.01 yuan per share in the prior period [1] Operational Improvements - The company aims to achieve positive cash flow as a core operational goal, focusing on systematic improvements in operational quality through productization of services and scientific operations [1] - New services such as marketing management and new media have been launched to enhance project profitability, alongside optimizing business conditions and implementing a monthly fee charging model [1] - Management, research and development, and financial expenses have significantly decreased year-on-year, leading to improved operational efficiency and a slight improvement in gross profit margin [1]