Shanghai Ganglian(SZ:300226)2022-12-08 09:34Group 1: Market Overview - China's annual crude steel production is 800 million tons, and steel product output is 1.2 billion tons, with approximately 50% circulating through social channels [3] - The tightening of credit and declining steel prices have compressed the space for first-level agents, who previously acted as a reservoir [3] Group 2: E-commerce and Supply Chain Integration - Shanghai Steel Union is developing an ecosystem around steel e-commerce, including payment, warehousing, logistics, and financing supervision [2] - The steel trading system is characterized by a top-level futures market and a bottom-level spot distribution market, with OTC markets connecting the two [3] - The internet platform efficiently handles fragmented purchasing needs from downstream users, significantly improving sales efficiency compared to traditional channels [3] Group 3: Business Model and Opportunities - The business model of Shanghai Steel Union is difficult to find parallels in foreign markets, as Japan lacks such a large distribution network [4] - The overcapacity and sluggish market conditions in the steel industry provide opportunities for e-commerce platforms to reconstruct the distribution system [4] - The integration of financing and supply chain activities is crucial for supply chain finance, with the e-commerce service system providing data support for financing [4]