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00:00:00","BUSINESS_REVIEW":"(一)主营业务公司正逐渐转型为以“专家+AIAgent”模式为品牌提供全域电商服务的品牌数字资产管理公司。报告期内,公司在2025年完成AIAgent产品矩阵搭建与商用落地的基础上,持续深化“专家+AI”服务模式的规模化应用,通过AI化、轻资产化的运营模式升级,帮助品牌客户提升线上经营的效率与效果,并持续为消费者创造更优质的产品与消费体验。在渠道覆盖方面,公司已实现主流电商及内容平台的全域布局,合作渠道涵盖天猫、抖音、小红书、京东、唯品会、拼多多、得物、微信小程序等主要平台,能够满足品牌客户多渠道、全场景的线上经营需求。在服务能力方面,公司作为品牌方的重要战略合作伙伴,围绕品牌线上经营全链路,提供包括品牌形象塑造、产品设计策划、整合营销策划、视觉创意设计、大数据分析、线上店铺运营、精准广告投放、CRM管理、售前售后服务及仓储物流在内的一站式综合服务,助力品牌方提升品牌知名度与市场份额,实现与品牌方的协同发展。在技术创新方面,公司依托多年电商运营积累的数据资产与行业专家经验(“Know-how”),持续推进人工智能技术与业务场景的深度融合,面向垂直服务场景形成了云见(数据洞察平台)、热视动力(AI视觉生成,原名“大师视觉”)、数素投(智能广告投放)、网创智服(智能客户服务,原名“AI客服”)等AIAgent产品矩阵。上述系统既可独立运作,亦可多系统协同,形成从数据洞察到视觉生成、再到投放落地与销售转化的完整服务闭环。报告期内,公司进一步推进GEO(生成式引擎优化)相关能力建设,拓展AI应用在更多服务场景与业务链路中的覆盖,服务边界与价值空间进一步延伸。(二)主要经营模式公司的主要经营模式为:品牌线上服务、线上分销及内容电商服务。其中,品牌线上服务是公司最主要的业务,细分为品牌线上营销服务和品牌线上管理服务。1、品牌线上管理服务品牌线上管理服务是指与品牌确立合作关系后,经品牌方授权,为品牌方在天猫、京东、抖音等第三方平台上的官方直营旗舰店提供综合运营服务,通过线上销售直接将商品销售给终端消费者。服务内容包括品牌形象塑造、产品设计策划、整合营销策划、大数据分析、精准广告投放、仓储物流等(品牌方可根据自身需求选择上述服务中的单环节、多环节或全链路服务)。公司在分析品牌方产品的特点、现状的基础上,为品牌方量身定制线上运营服务并执行,从而助力品牌方提升知名度、达成销售目标,公司根据服务效果向品牌方收取服务费用。2、品牌线上营销服务品牌线上营销服务是指在与品牌确立合作关系后,公司以货品买断的形式向品牌方进行采购,经品牌方授权,为品牌方在天猫、京东、抖音等第三方平台上的官方直营旗舰店提供综合运营服务,通过线上销售直接将产品销售给终端消费者。品牌线上营销服务除品牌线上管理服务的职能外,公司还向品牌方采购货品并销售,公司的服务价值体现为线上商品的销售收入与营销成本(包括采购成本及各项费用等)的差额。3、线上分销线上分销指公司基于品牌方分销业务授权,以货品买断的形式向品牌方进行采购后,再分销给天猫、淘宝的卖家或其他第三方B2C平台,再由上述分销商销售给终端消费者,这种模式下的利润来源于销售收入与采购成本及各项费用的差额。4、内容电商服务内容电商服务是指与品牌确立合作关系后,经品牌方授权,为品牌在抖音、快手等第三方平台上的品牌官方账号及品牌小店提供综合运营服务。服务内容包括:头部及腰部达人直播带货统筹、短视频内容制作、蓝V账号直播间运营及代播、直播及短视频精准广告投放、整合营销策划、客服、仓储物流等。公司根据服务效果向品牌方收取服务费用以及销售提点。(三)主要业务流程1、品牌线上服务(1)服务内容公司的业务以品牌形象塑造等创意模块为先导,大数据分析等运营模块为有效的服务手段,及时的售前售后、仓储物流服务为公司业务提供有力支撑。品牌形象塑造:公司会根据市场实际需求,进行优化产品组合、增加消费者互动、提升品牌文化价值等工作,帮助品牌年轻化,适应网络渠道市场的需求。产品设计策划:从选品、成份、工艺、视觉设计、工业设计等环节切入,根据品牌定位,结合目标消费者的需求,帮助品牌方开发具有竞争力的商品。整合营销策划:针对目标受众,有计划和节奏地通过创造性活动策划,最大化整合社交媒体和平台流量,使其同一时间引发参与,以完成销售目标。视觉设计:在电子商务平台,针对目标消费者特点,以产品销售和品牌形象表达为目的,进行用户体验设计,以达到吸引消费者、促进点击和购买的目的。大数据分析:公司基于大数据分析,改进产品策略、优化产品组合、调整市场定价策略、预测后续营销及市场走向,实现消费者精准营销,不断优化运营战略和战术,确保竞争优势。数据银行服务:通过对阿里大数据平台(数据银行、策略中心、新客策、生意参谋等)数字分析,管理及运用。梳理现在品牌消费者资产,洞察痛点,挖掘机会点,帮助品牌在人,货,场三个维度提升运营效率。最终实现利润增收,提高客户满意度,同时提升公司核心竞争力。线上品牌运营:以4P经营为核心,即选品、定价、促销、流量渠道,通过获取流量、提高转化、提升客单、精准营销、优化消费者购物体验、增加复购等整合性运作方式,帮助品牌在电商平台建设销售渠道。精准广告投放:基于钻展、直通车、明星店铺等天猫平台固有的推广工具或其他流量渠道,为旗舰店提供所需流量,并以专业的推广能力,优化投入产出比,实现流量资源的价值最大化。电商直播:在直播电商平台,向客户提供主播讲解、推广引流、后台运营、客服物流等一系列服务,实现客户从货架电商到内容电商的全渠道销售布局。CRM管理:利用信息技术和数据库管理,增加品牌和消费者交互,实现吸引新客户、维护老客户、提升会员忠诚度,最终实现增加收入、提高客户满意度。售前售后服务:公司配备了专业的售前服务团队和售后服务团队,售前服务为客户在购买前解答咨询,激发客户购买欲望。售后服务为客户在购买后解决问题。仓储物流:具体包括货品的储存、保管、分拣、打包、第三方配送等服务。(2)业务流程公司品牌线上营销服务业务流程主要包含了货品采购、品牌表达、线上品牌运营、整合营销、新媒体传播、客户服务、仓储物流等。而品牌线上管理服务则不包含货品采购环节。2、线上分销线上分销业务流程主要包含了货品采购、品牌表达、线上品牌运营等。3、内容电商服务(四)经营情况讨论分析报告期内,AI在电商服务领域的应用从“能力搭建”进入“商业化应用”阶段。公司在2025年完成向品牌数字资产管理公司转型的基础上,围绕“巩固存量、拓展垂类、延伸品类、布局GEO”的年度经营主线推进各项工作,并继续收缩品牌线上营销服务和线上分销业务。报告期内,公司营业收入及GMV同比下降,主要系公司持续推进轻资产运营战略,主动调整部分品牌线上营销服务和线上分销业务规模所致;同时,“618”大促期间行业整体不及同期,亦对报告期内的经营规模产生一定影响。报告期内,公司各项经营策略稳步落地,具体进展如下:1、“专家+AI”模式持续深化,AIAgent产品矩阵完成迭代升级报告期内,公司延续“共创+自研”的AI能力建设路径,持续推动AIAgent产品矩阵的迭代优化与多系统协同能力升级。截至报告期末,公司已构建涵盖云见(数据洞察平台)、热视动力(AI视觉生成,原名“大师视觉”)、数素投(智能广告投放)、网创智服(智能客户服务,原名“AI客服”)在内的AIAgent产品矩阵,覆盖数据洞察、视觉生成、广告投放与客户服务等电商运营核心场景,并已在多个品牌客户的实际运营中投入应用。上述系统既可独立运作,亦可多系统协同,形成从数据洞察到视觉生成、再到投放落地与销售转化的服务闭环,推动“专家+AIAgent”模式在日常运营链路中的具体落地。在平台生态共创方面,公司作为阿里首批AIAgent共创成员,持续参与平台AI生态建设并开展SKILL共创,与平台共同探索AIAgent在电商场景下的应用模式。报告期内,公司自主研发的AIAgent产品热视动力(HOTVISIONDRIVE)在2026“生意管家杯”电商AI挑战赛中,荣获专项奖“最佳实战奖”,公司AIAgent的商业化落地能力获得平台生态的权威认可。2、AI垂类服务客户持续拓展报告期内,公司AI垂类业务客户拓展工作有序开展,垂类服务合作品牌数量延续过往增长态势。客户合作主要分为两类:一类是以无穷、Swisse等品牌为代表的全链路服务存量客户,AI能力深度融入既有合作体系,丰富和扩展现有项目的服务内容;另一类为以伊利等品牌为代表的新增垂类AI服务客户,双方围绕AI工具应用开展专项业务合作。3、布局GEO能力建设,探索AI营销新方向报告期内,公司持续推进GEO(生成式引擎优化)领域的能力建设与商业化探索,已启动专门团队建设,并推出第一代GEO产品,涵盖品牌监测、单品监测及GEO优化等核心功能,相关产品仍在持续迭代优化中。公司具备将多年积累的品牌服务经验与SEO投放方法论向GEO平移的能力:一方面能够精准提炼消费者需求与产品卖点,生成适配生成式引擎的高质量内容;另一方面依托与平台多年的生态合作关系,在模型解读与场景资源获取方面具备一定先发优势。4、持续践行轻资产战略,业务结构与资产质量进一步优化报告期内,公司继续推进轻资产运营战略,在品牌线上营销服务和线上分销业务的选择上保持审慎,主动调整部分品牌线上营销服务和线上分销业务,有效减少资产占用与资金沉淀。报告期内,品牌线上管理服务与内容电商服务合计实现收入2.04亿元,占营业收入比重由上年同期的34.67%提升至47.44%,收入结构进一步向轻资产、高毛利的服务型业务倾斜;存货较上年末减少2,538.42万元,变动-11.10%;经营活动产生的现金流量净额13,609.87万元。截至报告期末,公司资产负债率保持在较低水平,财务结构稳健,资金使用效率与抗风险能力进一步增强。5、组织结构保持稳定,AI人才培养持续推进报告期内,公司人员规模与人才结构较上年同期基本保持稳定,“专家驱动决策、AI赋能执行”的组织模式延续运行。在人才培养方面,公司围绕AI知识前沿分享、AI与工作场景结合及核心人员能力建设持续开展内部培训,帮助员工从感知层、执行层、决策层理解并应用AI工具,为AIAgent在各业务环节的深入应用提供组织保障。(五)公司所处行业概况及公司地位1、公司所处行业概况2026年上半年,我国消费市场继续扩容,网络消费保持稳健增长。根据国家统计局数据,2026年上半年社会消费品零售总额248,722亿元,同比增长1.3%;全国网上商品和服务零售额100,715亿元,同比增长5.2%,其中网上商品零售额64,296亿元,增长4.8%,网上服务零售额36,419亿元,增长6.0%。网络零售增速继续快于整体消费市场,线上消费在提振内需中的带动作用进一步凸显。从行业趋势看,2026年上半年电子商务服务行业呈现以下特征:一是AI在电商领域的渗透由工具应用走向经营决策,智能客服、智能导购、个性化推荐、AI内容生成等能力在各主流平台加速普及,平台方与服务商围绕AIAgent的生态共建持续深化;二是随着生成式引擎逐步成为消费者获取商品信息的新入口,GEO成为品牌线上经营关注的新方向,行业整体尚处于概念验证与能力储备阶段;三是行业增长模式持续从“规模扩张”向“存量深耕+质量驱动”转型,存量用户的消费频次、客单价及复购意愿成为支撑增长的核心动力;四是行业竞争进一步向综合服务能力与技术能力集中,具备数据积累、专家经验与AI应用能力的服务商在新一轮竞争格局中更具优势。2、公司地位公司深耕互联网电商行业十余年,依托天猫、抖音、小红书、京东、拼多多、唯品会等平台,秉承“为品牌提供更好的服务,为消费者提供更好的购物体验和传递美好事物”的服务宗旨,已完成由传统电子商务服务商向AI驱动的品牌数字资产管理公司的转型升级。目前,电子商务服务行业呈现多元化发展趋势,行业内较为出众的服务提供商,除本公司实现AI化转型升级外,宝尊电商(HK:09991、US:BZUN)、丽人丽妆(SH:605136)、若羽臣(SZ:003010)、凯淳股份(SZ:301001)、青木科技(SZ:301110)等也都有着各自的发展和转型路径。报告期内,公司在平台生态认证与行业评价方面持续获得认可。2026年2月,公司蝉联天猫生态2026年度「行业认证」中的快消行业认证;2026年3月,公司获评2026天猫生态「六星经营服务商」,并在2026阿里妈妈生态认证中获得「全域六星超级营销伙伴」认证及淘内效果赛道「超级营销伙伴-智能投放之星」认证;同期,公司通过天猫2026年度生态认证中的「数智能力认证」与「服务体验能力认证」,成为在数据策略与服务体验两大关键维度均获平台官方认可的服务商。报告期内,公司合计获得六项平台核心认证,涵盖生态星级、专业赛道及营销伙伴等多个维度,平台生态体系对公司全域经营与数字化服务能力的认可度持续提升。"}]}