作者 | 泊如 编辑 | 侯恬 中国电商有两座著名的货架，一座在手机里，另一座也在手机里。 用户比较熟悉的，是淘宝京东拼多多构筑的传统货架帝国。用户不太熟悉的，是长在抖音快手上的新货架。 商家侧的变化更为直观。抖音2024年8月至2025年8月期间新增了536万商家，其中8万商家成交额突破百万，农特产品的商家数增长了51%。这一年，如果你 仔细观察，会发现新入局的不再只是那些想赚快钱的白牌，大量曾经对抖音持观望态度的KA（关键客户）品牌开始入场。优衣库们、雅诗兰黛们惊讶地发 现，原来在抖音，不直播也能卖货。 店播不仅仅是直播的延续，更成了货架的延伸。直播间成了橱窗，店铺成了库房，非直播时段的静默下单成了新的增长极。 快手也不甘示弱。 然而，就是这片你以为长不出庄稼的货架电商荒地，却在2025年被抖快硬生生垦出了超过三成的货架成交占比，并孕育出各自近万亿的电商交易大盘。 2025年第二季度，快手的泛货架电商GMV占比达到了32%，年货节期间增速高达71%。它用了一个更接地气的打法，百城万星计划和0元开店政策，直接把 门槛踏平，让小镇厂主也能轻松上车。这一招让快手的月均买家数冲到了1.21亿。 那么，这一切是怎么 ...

Core Insights - The annual Double Eleven shopping festival has evolved from a single-day promotion to an extended shopping season, reflecting deep changes in the industry [1][3] - This year's event features a longer promotional period, with platforms like Douyin and JD starting their sales earlier than last year, while Tmall maintains a 31-day promotion [3] - E-commerce platforms are simplifying discount strategies, moving away from complex rules to more transparent pricing methods, enhancing consumer experience [3][4] Group 1: Promotional Strategies - The promotional timeline has been extended, with Douyin and JD starting their sales earlier by 9 and 5 days respectively, while Tmall's overall promotion lasts 31 days [3] - Platforms are adopting a "simplified discount" approach, replacing complicated discount rules with straightforward reductions, improving consumer perception of discounts [3] - Cross-platform collaboration is emerging as a new highlight, with platforms like Tmall, Xiaohongshu, and JD working together to create a smoother shopping experience [3] Group 2: Consumer Behavior and Market Dynamics - The transformation in the industry is driven by structural changes in consumer demand, as e-commerce platforms shift towards instant retail as a new growth driver [4] - Alibaba's strategy includes expanding offline scenarios through its Gaode Street Ranking, combining instant retail and shelf e-commerce for a dual growth model [4] - The evolution of Double Eleven signifies a shift from short-term sales boosts to long-term strategic branding, as the market transitions from incremental competition to deepening existing consumer bases [6] Group 3: Future Trends - The rise of fresh e-commerce and instant retail is reshaping growth logic, with platforms aiming for faster delivery times and enhanced consumer experiences [6] - The potential for more product categories to achieve rapid delivery through streamlined channels indicates a new growth space beyond user scale limitations [6]

Core Viewpoint - The new brand strategy of the company is not merely a cost-intensive investment but a strategic reuse and upgrade of its existing core capabilities, including IP resources, marketing, and live streaming [1] Group 1 - The company aims to leverage its strong IP resources, event marketing capabilities, and live streaming abilities to brand high-quality supply chain white-label products [1] - There will be a deep integration of online sales with the brands, providing services such as live streaming, e-commerce shelf space, private domain sales, and content slicing [1] - The strategy is expected to enhance the overall live streaming duration, frequency, and efficiency of the company [1] Group 2 - The company plans to connect the brands with offline channels, establishing a multi-dimensional sales system through instant retail and traditional supermarkets [1]

Core Viewpoint - Oriental Selection (01797) has experienced a significant stock price fluctuation, with a drop of over 6% recently, despite having doubled in price since early July. As of the latest report, the stock is down 5.16% at HKD 26.08, with a trading volume of HKD 793 million [1]. Group 1: Market Reactions and Business Adjustments - Recent consumer dissatisfaction has emerged regarding Sam's Club's product adjustments, leading to criticism on social media [1]. - Hema's membership stores will cease operations, indicating a complete withdrawal from its Costco-like membership business [1]. Group 2: Company Strategy and Performance - Tianfeng Securities noted that Oriental Selection possesses attributes of both shelf e-commerce and social e-commerce, aiming to establish itself as an online version of Sam's Club, potentially leveraging market changes for further growth [1]. - Zheshang Securities highlighted that Oriental Selection, along with brands like Pang Donglai and Sam's, focuses on consumer-centric product development, offering high-quality and cost-effective products to meet health needs, which drives stable repurchase rates [1]. Group 3: Financial Performance - New Oriental reported its fourth-quarter earnings for the fiscal year 2025, with revenue of USD 150 million, reflecting a year-on-year decline of approximately 30%, although the decline rate has narrowed compared to the previous quarter [1]. - Non-GAAP operating profit was approximately RMB 79 million, with an operating profit margin of about 7%, showing a quarter-on-quarter improvement [1]. - The company is undergoing a transformation from being driven by influencers to focusing on product-driven strategies, following the challenges of talent departures and business restructuring [1].

Group 1 - The core viewpoint is that the live e-commerce sector in China is experiencing significant growth, with a GMV of 1.98 trillion yuan in the first nine months of the year, representing a year-on-year increase of 60.6% [1] - The live e-commerce accounted for 18.3% of the total online retail sales of 10.8 trillion yuan and 21.9% of the physical online retail sales of 904.35 billion yuan [1] - The growth rate of live e-commerce GMV is expected to be around 35-40% for the year, driven by emerging channels such as short video feeds, shelves, and search, rather than solely by live streaming [1][5] Group 2 - Kuaishou's GMV for the first half of 2023 was 490.2 billion yuan, with a year-on-year growth rate of 33.8%, and the GMV from live streaming is projected to grow at a rate of 15-20% for the year [3][5] - The growth of live e-commerce is anticipated to normalize, with the live streaming channel's growth rate expected to decline to around 10% as platforms shift focus to brand self-broadcasting [5][6] - The broader live e-commerce market, including shelf models, is expected to increase its market share to 30% over the next 3-5 years, with a potential market size of approximately 7 trillion yuan [5][6] Group 3 - The live e-commerce model is characterized by high operational costs, making it less favorable for small and medium-sized businesses, while the shelf model is seen as more accommodating for these merchants [7] - Instant retail, although not included in physical online retail statistics, is identified as a significant growth market for the next seven years [7]