Core Viewpoint - The article discusses the challenges faced by the live-streaming e-commerce industry, particularly focusing on the performance decline of Yaowang Technology, despite its extensive roster of celebrity endorsements and attempts to pivot towards new business models [5][14][31]. Company Overview - Yaowang Technology is the largest live-streaming company in China, having gained significant attention through its celebrity partnerships and a documentary titled "The Era of Rapid Currents" produced by Tencent [3][4]. - The company's stock price surged sevenfold within three months after entering the live-streaming market in 2019 but has since plummeted by 80%, returning to levels seen six years ago [5]. Financial Performance - In the third quarter of 2025, Yaowang reported a revenue of 717 million yuan and a net loss of 162 million yuan, ranking at the bottom of the industry [16]. - The company has incurred net losses for four consecutive years, totaling over 3 billion yuan [17]. - Key revenue streams, including new media advertising and social e-commerce, have seen significant declines, with drops of 52.69% and 19.83% respectively in the first half of 2025 [20]. Industry Challenges - The live-streaming e-commerce sector has shifted from explosive growth to a phase of stock competition, with a projected total transaction volume of 5.8 trillion yuan in 2024, reflecting a slowdown in growth [36]. - The traditional revenue model based on placement fees is being replaced by a commission-based model, which reduces stable income for live-streaming agencies [42][44]. - Increased competition and rising customer acquisition costs have made profitability more challenging for companies like Yaowang [22][46]. Strategic Initiatives - To counteract declining performance, Yaowang is exploring new business avenues, including the transformation of physical spaces into commercial complexes and launching proprietary products [22][24]. - The company has partnered with celebrities to create new brands, such as the sanitary napkin brand "Domyway," which achieved sales of approximately 125 million yuan shortly after launch [27]. - Yaowang is also adapting to technological advancements, such as AI integration in live-streaming, which could enhance operational efficiency and customer engagement [48][52]. Future Outlook - The future of Yaowang Technology and the broader live-streaming industry hinges on successful strategic transformations and the establishment of sustainable profit models [56]. - The company is currently facing execution challenges in its transition from a service-oriented model to brand incubation, which will be critical for its long-term success [56].