{"zyfw":[{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","BUSINESS_SCOPE":"网络技术服务;计算机系统服务;信息技术咨询服务;软件开发;技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广;教育咨询服务(不含涉许可审批的教育培训活动);技术进出口;互联网销售(除销售需要许可的商品);企业管理咨询;信息咨询服务(不含许可类信息咨询服务);市场营销策划;广告设计、代理;广告制作;广告发布;数字广告发布;数字广告设计、代理;企业形象策划;咨询策划服务;国内贸易代理;运输货物打包服务;装卸搬运;国内货物运输代理;普通货物仓储服务(不含危险化学品等需许可审批的项目);货物进出口;第二类增值电信业务;互联网信息服务。"}],"zygcfx":[{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2026-06-30 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"电商代运营服务","MAIN_BUSINESS_INCOME":318101982.4,"MBI_RATIO":0.43644,"MAIN_BUSINESS_COST":158493086.73,"MBC_RATIO":0.512711,"MAIN_BUSINESS_RPOFIT":159608895.67,"MBR_RATIO":0.380267,"GROSS_RPOFIT_RATIO":0.501754,"RANK":1},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2026-06-30 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"品牌孵化与管理业务","MAIN_BUSINESS_INCOME":254838773.17,"MBI_RATIO":0.349642,"MAIN_BUSINESS_COST":64333880.92,"MBC_RATIO":0.208114,"MAIN_BUSINESS_RPOFIT":190504892.25,"MBR_RATIO":0.453876,"GROSS_RPOFIT_RATIO":0.747551,"RANK":2},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2026-06-30 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"品牌经销业务","MAIN_BUSINESS_INCOME":110481233.22,"MBI_RATIO":0.151582,"MAIN_BUSINESS_COST":61496184.27,"MBC_RATIO":0.198935,"MAIN_BUSINESS_RPOFIT":48985048.95,"MBR_RATIO":0.116706,"GROSS_RPOFIT_RATIO":0.443379,"RANK":3},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2026-06-30 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"AI智能营销与技术服务","MAIN_BUSINESS_INCOME":45434394.55,"MBI_RATIO":0.062337,"MAIN_BUSINESS_COST":24804309.09,"MBC_RATIO":0.08024,"MAIN_BUSINESS_RPOFIT":20630085.46,"MBR_RATIO":0.049151,"GROSS_RPOFIT_RATIO":0.454063,"RANK":4},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2026-06-30 00:00:00","MAINOP_TYPE":"3","ITEM_NAME":"境内","MAIN_BUSINESS_INCOME":667040558.04,"MBI_RATIO":0.915188,"MAIN_BUSINESS_COST":285718736.67,"MBC_RATIO":0.924275,"MAIN_BUSINESS_RPOFIT":381321821.37,"MBR_RATIO":0.908495,"GROSS_RPOFIT_RATIO":0.571662,"RANK":1},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2026-06-30 00:00:00","MAINOP_TYPE":"3","ITEM_NAME":"境外","MAIN_BUSINESS_INCOME":61815825.3,"MBI_RATIO":0.084812,"MAIN_BUSINESS_COST":23408724.34,"MBC_RATIO":0.075725,"MAIN_BUSINESS_RPOFIT":38407100.96,"MBR_RATIO":0.091505,"GROSS_RPOFIT_RATIO":0.621315,"RANK":2},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2025-12-31 00:00:00","MAINOP_TYPE":"1","ITEM_NAME":"电商服务业","MAIN_BUSINESS_INCOME":1414839269.63,"MBI_RATIO":1,"MAIN_BUSINESS_COST":632860026.83,"MBC_RATIO":1,"MAIN_BUSINESS_RPOFIT":781979242.8,"MBR_RATIO":1,"GROSS_RPOFIT_RATIO":0.552698,"RANK":1},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2025-12-31 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"电商代运营服务","MAIN_BUSINESS_INCOME":634460354.77,"MBI_RATIO":0.448433,"MAIN_BUSINESS_COST":351501732.77,"MBC_RATIO":0.555418,"MAIN_BUSINESS_RPOFIT":282958622,"MBR_RATIO":0.361849,"GROSS_RPOFIT_RATIO":0.445983,"RANK":1},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2025-12-31 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"品牌孵化与管理","MAIN_BUSINESS_INCOME":474447284.6,"MBI_RATIO":0.335337,"MAIN_BUSINESS_COST":97852381.72,"MBC_RATIO":0.154619,"MAIN_BUSINESS_RPOFIT":376594902.88,"MBR_RATIO":0.481592,"GROSS_RPOFIT_RATIO":0.793755,"RANK":2},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2025-12-31 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"经销代理","MAIN_BUSINESS_INCOME":193847072.51,"MBI_RATIO":0.13701,"MAIN_BUSINESS_COST":121015520.78,"MBC_RATIO":0.19122,"MAIN_BUSINESS_RPOFIT":72831551.73,"MBR_RATIO":0.093137,"GROSS_RPOFIT_RATIO":0.375717,"RANK":3},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2025-12-31 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"技术解决方案及消费者运营服务","MAIN_BUSINESS_INCOME":75252867.76,"MBI_RATIO":0.053188,"MAIN_BUSINESS_COST":25080071.17,"MBC_RATIO":0.03963,"MAIN_BUSINESS_RPOFIT":50172796.59,"MBR_RATIO":0.064161,"GROSS_RPOFIT_RATIO":0.666723,"RANK":4},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2025-12-31 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"品牌数字营销","MAIN_BUSINESS_INCOME":36831689.99,"MBI_RATIO":0.026032,"MAIN_BUSINESS_COST":37410320.39,"MBC_RATIO":0.059113,"MAIN_BUSINESS_RPOFIT":-578630.4,"MBR_RATIO":-0.00074,"GROSS_RPOFIT_RATIO":-0.01571,"RANK":5},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2025-12-31 00:00:00","MAINOP_TYPE":"3","ITEM_NAME":"境内","MAIN_BUSINESS_INCOME":1362126904.06,"MBI_RATIO":0.962743,"MAIN_BUSINESS_COST":601290515.24,"MBC_RATIO":0.950116,"MAIN_BUSINESS_RPOFIT":760836388.82,"MBR_RATIO":0.972962,"GROSS_RPOFIT_RATIO":0.558565,"RANK":1},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2025-12-31 00:00:00","MAINOP_TYPE":"3","ITEM_NAME":"境外","MAIN_BUSINESS_INCOME":52712365.57,"MBI_RATIO":0.037257,"MAIN_BUSINESS_COST":31569511.59,"MBC_RATIO":0.049884,"MAIN_BUSINESS_RPOFIT":21142853.98,"MBR_RATIO":0.027038,"GROSS_RPOFIT_RATIO":0.401099,"RANK":2},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2025-06-30 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"电商代运营服务","MAIN_BUSINESS_INCOME":300141068.01,"MBI_RATIO":0.449259,"MAIN_BUSINESS_COST":159190110.68,"MBC_RATIO":0.554476,"MAIN_BUSINESS_RPOFIT":140950957.33,"MBR_RATIO":0.36997,"GROSS_RPOFIT_RATIO":0.469616,"RANK":1},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2025-06-30 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"品牌孵化与管理业务","MAIN_BUSINESS_INCOME":232686388.73,"MBI_RATIO":0.348291,"MAIN_BUSINESS_COST":47412568.5,"MBC_RATIO":0.165143,"MAIN_BUSINESS_RPOFIT":185273820.23,"MBR_RATIO":0.486309,"GROSS_RPOFIT_RATIO":0.796238,"RANK":2},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2025-06-30 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"经销代理业务","MAIN_BUSINESS_INCOME":94723992.19,"MBI_RATIO":0.141785,"MAIN_BUSINESS_COST":59297642.23,"MBC_RATIO":0.20654,"MAIN_BUSINESS_RPOFIT":35426349.96,"MBR_RATIO":0.092987,"GROSS_RPOFIT_RATIO":0.373996,"RANK":3},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2025-06-30 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"技术解决方案及消费者运营服务","MAIN_BUSINESS_INCOME":27049555.27,"MBI_RATIO":0.040489,"MAIN_BUSINESS_COST":8720444.17,"MBC_RATIO":0.030374,"MAIN_BUSINESS_RPOFIT":18329111.1,"MBR_RATIO":0.04811,"GROSS_RPOFIT_RATIO":0.677612,"RANK":4},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2025-06-30 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"品牌数字营销服务","MAIN_BUSINESS_INCOME":13478825.67,"MBI_RATIO":0.020175,"MAIN_BUSINESS_COST":12479140.8,"MBC_RATIO":0.043466,"MAIN_BUSINESS_RPOFIT":999684.87,"MBR_RATIO":0.002624,"GROSS_RPOFIT_RATIO":0.074167,"RANK":5},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2025-06-30 00:00:00","MAINOP_TYPE":"3","ITEM_NAME":"境内","MAIN_BUSINESS_INCOME":649150269.51,"MBI_RATIO":0.971666,"MAIN_BUSINESS_COST":278584527.67,"MBC_RATIO":0.97034,"MAIN_BUSINESS_RPOFIT":370565741.84,"MBR_RATIO":0.972665,"GROSS_RPOFIT_RATIO":0.570847,"RANK":1},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2025-06-30 00:00:00","MAINOP_TYPE":"3","ITEM_NAME":"境外","MAIN_BUSINESS_INCOME":18929560.36,"MBI_RATIO":0.028334,"MAIN_BUSINESS_COST":8515378.71,"MBC_RATIO":0.02966,"MAIN_BUSINESS_RPOFIT":10414181.65,"MBR_RATIO":0.027335,"GROSS_RPOFIT_RATIO":0.550154,"RANK":2},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2024-12-31 00:00:00","MAINOP_TYPE":"1","ITEM_NAME":"电商服务业","MAIN_BUSINESS_INCOME":1153155310.05,"MBI_RATIO":1,"MAIN_BUSINESS_COST":575074690.03,"MBC_RATIO":1,"MAIN_BUSINESS_RPOFIT":578080620.02,"MBR_RATIO":1,"GROSS_RPOFIT_RATIO":0.501303,"RANK":1},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2024-12-31 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"电商代运营服务","MAIN_BUSINESS_INCOME":565122559.64,"MBI_RATIO":0.490066,"MAIN_BUSINESS_COST":333700851.7,"MBC_RATIO":0.580274,"MAIN_BUSINESS_RPOFIT":231421707.94,"MBR_RATIO":0.400328,"GROSS_RPOFIT_RATIO":0.409507,"RANK":1},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2024-12-31 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"品牌孵化与管理业务","MAIN_BUSINESS_INCOME":306673811.28,"MBI_RATIO":0.265943,"MAIN_BUSINESS_COST":62421270.99,"MBC_RATIO":0.108545,"MAIN_BUSINESS_RPOFIT":244252540.29,"MBR_RATIO":0.422523,"GROSS_RPOFIT_RATIO":0.796457,"RANK":2},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2024-12-31 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"经销代理业务","MAIN_BUSINESS_INCOME":167475774.31,"MBI_RATIO":0.145233,"MAIN_BUSINESS_COST":119688935.26,"MBC_RATIO":0.208128,"MAIN_BUSINESS_RPOFIT":47786839.05,"MBR_RATIO":0.082665,"GROSS_RPOFIT_RATIO":0.285336,"RANK":3},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2024-12-31 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"技术解决方案及消费者运营服务","MAIN_BUSINESS_INCOME":65816907.55,"MBI_RATIO":0.057075,"MAIN_BUSINESS_COST":20183746.97,"MBC_RATIO":0.035098,"MAIN_BUSINESS_RPOFIT":45633160.58,"MBR_RATIO":0.078939,"GROSS_RPOFIT_RATIO":0.693335,"RANK":4},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2024-12-31 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"品牌数字营销","MAIN_BUSINESS_INCOME":48066257.27,"MBI_RATIO":0.041682,"MAIN_BUSINESS_COST":39079885.11,"MBC_RATIO":0.067956,"MAIN_BUSINESS_RPOFIT":8986372.16,"MBR_RATIO":0.015545,"GROSS_RPOFIT_RATIO":0.186958,"RANK":5},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2024-12-31 00:00:00","MAINOP_TYPE":"3","ITEM_NAME":"境内","MAIN_BUSINESS_INCOME":1124204965.64,"MBI_RATIO":0.974895,"MAIN_BUSINESS_COST":555607004.18,"MBC_RATIO":0.966148,"MAIN_BUSINESS_RPOFIT":568597961.46,"MBR_RATIO":0.983596,"GROSS_RPOFIT_RATIO":0.505778,"RANK":1},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2024-12-31 00:00:00","MAINOP_TYPE":"3","ITEM_NAME":"境外","MAIN_BUSINESS_INCOME":28950344.41,"MBI_RATIO":0.025105,"MAIN_BUSINESS_COST":19467685.85,"MBC_RATIO":0.033852,"MAIN_BUSINESS_RPOFIT":9482658.56,"MBR_RATIO":0.016404,"GROSS_RPOFIT_RATIO":0.327549,"RANK":2},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2024-06-30 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"电商代运营服务","MAIN_BUSINESS_INCOME":279951748.56,"MBI_RATIO":0.514391,"MAIN_BUSINESS_COST":145058752.03,"MBC_RATIO":0.550549,"MAIN_BUSINESS_RPOFIT":134892996.53,"MBR_RATIO":0.480459,"GROSS_RPOFIT_RATIO":0.481844,"RANK":1},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2024-06-30 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"品牌孵化与管理业务","MAIN_BUSINESS_INCOME":124789717.39,"MBI_RATIO":0.229292,"MAIN_BUSINESS_COST":26115216.04,"MBC_RATIO":0.099116,"MAIN_BUSINESS_RPOFIT":98674501.35,"MBR_RATIO":0.351457,"GROSS_RPOFIT_RATIO":0.790726,"RANK":2},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2024-06-30 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"经销代理业务","MAIN_BUSINESS_INCOME":84688898.24,"MBI_RATIO":0.15561,"MAIN_BUSINESS_COST":63590190.32,"MBC_RATIO":0.241347,"MAIN_BUSINESS_RPOFIT":21098707.92,"MBR_RATIO":0.075149,"GROSS_RPOFIT_RATIO":0.249132,"RANK":3},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2024-06-30 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"技术解决方案及消费者运营服务","MAIN_BUSINESS_INCOME":30250486.41,"MBI_RATIO":0.055583,"MAIN_BUSINESS_COST":8268042.84,"MBC_RATIO":0.03138,"MAIN_BUSINESS_RPOFIT":21982443.57,"MBR_RATIO":0.078297,"GROSS_RPOFIT_RATIO":0.726681,"RANK":4},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2024-06-30 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"品牌数字营销服务","MAIN_BUSINESS_INCOME":24557881.9,"MBI_RATIO":0.045123,"MAIN_BUSINESS_COST":20448203.93,"MBC_RATIO":0.077608,"MAIN_BUSINESS_RPOFIT":4109677.97,"MBR_RATIO":0.014638,"GROSS_RPOFIT_RATIO":0.167347,"RANK":5},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2024-06-30 00:00:00","MAINOP_TYPE":"3","ITEM_NAME":"境内","MAIN_BUSINESS_INCOME":527730217.2,"MBI_RATIO":0.969667,"MAIN_BUSINESS_COST":254426005.77,"MBC_RATIO":0.965635,"MAIN_BUSINESS_RPOFIT":273304211.43,"MBR_RATIO":0.97345,"GROSS_RPOFIT_RATIO":0.517886,"RANK":1},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2024-06-30 00:00:00","MAINOP_TYPE":"3","ITEM_NAME":"境外","MAIN_BUSINESS_INCOME":16508515.3,"MBI_RATIO":0.030333,"MAIN_BUSINESS_COST":9054399.39,"MBC_RATIO":0.034365,"MAIN_BUSINESS_RPOFIT":7454115.91,"MBR_RATIO":0.02655,"GROSS_RPOFIT_RATIO":0.451532,"RANK":2},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2023-12-31 00:00:00","MAINOP_TYPE":"1","ITEM_NAME":"电商服务业","MAIN_BUSINESS_INCOME":967446047.98,"MBI_RATIO":1,"MAIN_BUSINESS_COST":561923806.73,"MBC_RATIO":1,"MAIN_BUSINESS_RPOFIT":405522241.25,"MBR_RATIO":1,"GROSS_RPOFIT_RATIO":0.419168,"RANK":1},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2023-12-31 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"电商代运营服务","MAIN_BUSINESS_INCOME":486504090.68,"MBI_RATIO":0.502875,"MAIN_BUSINESS_COST":270900565.42,"MBC_RATIO":0.482095,"MAIN_BUSINESS_RPOFIT":215603525.26,"MBR_RATIO":0.531669,"GROSS_RPOFIT_RATIO":0.443169,"RANK":1},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2023-12-31 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"电商渠道零售","MAIN_BUSINESS_INCOME":195115706.79,"MBI_RATIO":0.201681,"MAIN_BUSINESS_COST":73441349.44,"MBC_RATIO":0.130696,"MAIN_BUSINESS_RPOFIT":121674357.35,"MBR_RATIO":0.300044,"GROSS_RPOFIT_RATIO":0.623601,"RANK":2},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2023-12-31 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"渠道分销","MAIN_BUSINESS_INCOME":164813526.59,"MBI_RATIO":0.170359,"MAIN_BUSINESS_COST":141697353.87,"MBC_RATIO":0.252165,"MAIN_BUSINESS_RPOFIT":23116172.72,"MBR_RATIO":0.057003,"GROSS_RPOFIT_RATIO":0.140257,"RANK":3},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2023-12-31 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"品牌数字营销","MAIN_BUSINESS_INCOME":66804981.27,"MBI_RATIO":0.069053,"MAIN_BUSINESS_COST":57587861.94,"MBC_RATIO":0.102483,"MAIN_BUSINESS_RPOFIT":9217119.33,"MBR_RATIO":0.022729,"GROSS_RPOFIT_RATIO":0.137971,"RANK":4},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2023-12-31 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"技术解决方案及消费者运营服务","MAIN_BUSINESS_INCOME":54207742.65,"MBI_RATIO":0.056032,"MAIN_BUSINESS_COST":18296676.06,"MBC_RATIO":0.032561,"MAIN_BUSINESS_RPOFIT":35911066.59,"MBR_RATIO":0.088555,"GROSS_RPOFIT_RATIO":0.662471,"RANK":5},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2023-12-31 00:00:00","MAINOP_TYPE":"3","ITEM_NAME":"境内","MAIN_BUSINESS_INCOME":939333448.01,"MBI_RATIO":0.970941,"MAIN_BUSINESS_COST":543828000.84,"MBC_RATIO":0.967797,"MAIN_BUSINESS_RPOFIT":395505447.17,"MBR_RATIO":0.975299,"GROSS_RPOFIT_RATIO":0.421049,"RANK":1},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2023-12-31 00:00:00","MAINOP_TYPE":"3","ITEM_NAME":"境外","MAIN_BUSINESS_INCOME":28112599.97,"MBI_RATIO":0.029059,"MAIN_BUSINESS_COST":18095805.89,"MBC_RATIO":0.032203,"MAIN_BUSINESS_RPOFIT":10016794.08,"MBR_RATIO":0.024701,"GROSS_RPOFIT_RATIO":0.35631,"RANK":2},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2023-06-30 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"电商代运营服务","MAIN_BUSINESS_INCOME":223053965.51,"MBI_RATIO":0.490516,"MAIN_BUSINESS_COST":119211537.31,"MBC_RATIO":0.462184,"MAIN_BUSINESS_RPOFIT":103842428.2,"MBR_RATIO":0.527649,"GROSS_RPOFIT_RATIO":0.465548,"RANK":1},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2023-06-30 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"电商渠道零售","MAIN_BUSINESS_INCOME":102158708.89,"MBI_RATIO":0.224657,"MAIN_BUSINESS_COST":42392751.58,"MBC_RATIO":0.164357,"MAIN_BUSINESS_RPOFIT":59765957.31,"MBR_RATIO":0.303686,"GROSS_RPOFIT_RATIO":0.58503,"RANK":2},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2023-06-30 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"渠道分销","MAIN_BUSINESS_INCOME":82624562.89,"MBI_RATIO":0.181699,"MAIN_BUSINESS_COST":65607033.63,"MBC_RATIO":0.254359,"MAIN_BUSINESS_RPOFIT":17017529.26,"MBR_RATIO":0.08647,"GROSS_RPOFIT_RATIO":0.205962,"RANK":3},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2023-06-30 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"品牌数字营销","MAIN_BUSINESS_INCOME":27860905.78,"MBI_RATIO":0.061269,"MAIN_BUSINESS_COST":22908911.35,"MBC_RATIO":0.088818,"MAIN_BUSINESS_RPOFIT":4951994.43,"MBR_RATIO":0.025162,"GROSS_RPOFIT_RATIO":0.17774,"RANK":4},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2023-06-30 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"技术解决方案及消费者运营服务","MAIN_BUSINESS_INCOME":19034745.88,"MBI_RATIO":0.041859,"MAIN_BUSINESS_COST":7810609.58,"MBC_RATIO":0.030282,"MAIN_BUSINESS_RPOFIT":11224136.3,"MBR_RATIO":0.057033,"GROSS_RPOFIT_RATIO":0.589666,"RANK":5},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2023-06-30 00:00:00","MAINOP_TYPE":"3","ITEM_NAME":"境内","MAIN_BUSINESS_INCOME":439667768.67,"MBI_RATIO":0.96687,"MAIN_BUSINESS_COST":null,"MBC_RATIO":null,"MAIN_BUSINESS_RPOFIT":null,"MBR_RATIO":null,"GROSS_RPOFIT_RATIO":null,"RANK":1},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2023-06-30 00:00:00","MAINOP_TYPE":"3","ITEM_NAME":"境外","MAIN_BUSINESS_INCOME":15065120.28,"MBI_RATIO":0.03313,"MAIN_BUSINESS_COST":null,"MBC_RATIO":null,"MAIN_BUSINESS_RPOFIT":null,"MBR_RATIO":null,"GROSS_RPOFIT_RATIO":null,"RANK":2},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2022-12-31 00:00:00","MAINOP_TYPE":"1","ITEM_NAME":"电商服务业","MAIN_BUSINESS_INCOME":846627097.45,"MBI_RATIO":1,"MAIN_BUSINESS_COST":502460102.3,"MBC_RATIO":1,"MAIN_BUSINESS_RPOFIT":344166995.15,"MBR_RATIO":1,"GROSS_RPOFIT_RATIO":0.406515,"RANK":1},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2022-12-31 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"电商代运营服务","MAIN_BUSINESS_INCOME":395906107.63,"MBI_RATIO":0.467627,"MAIN_BUSINESS_COST":230335171.55,"MBC_RATIO":0.458415,"MAIN_BUSINESS_RPOFIT":165570936.08,"MBR_RATIO":0.481077,"GROSS_RPOFIT_RATIO":0.418208,"RANK":1},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2022-12-31 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"渠道分销","MAIN_BUSINESS_INCOME":196756780.05,"MBI_RATIO":0.232401,"MAIN_BUSINESS_COST":132229237.74,"MBC_RATIO":0.263164,"MAIN_BUSINESS_RPOFIT":64527542.31,"MBR_RATIO":0.187489,"GROSS_RPOFIT_RATIO":0.327956,"RANK":2},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2022-12-31 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"电商渠道零售","MAIN_BUSINESS_INCOME":158763648.5,"MBI_RATIO":0.187525,"MAIN_BUSINESS_COST":79708242.32,"MBC_RATIO":0.158636,"MAIN_BUSINESS_RPOFIT":79055406.18,"MBR_RATIO":0.229701,"GROSS_RPOFIT_RATIO":0.497944,"RANK":3},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2022-12-31 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"技术解决方案及消费者运营服务","MAIN_BUSINESS_INCOME":56351423.3,"MBI_RATIO":0.06656,"MAIN_BUSINESS_COST":31543159.05,"MBC_RATIO":0.062777,"MAIN_BUSINESS_RPOFIT":24808264.25,"MBR_RATIO":0.072082,"GROSS_RPOFIT_RATIO":0.440242,"RANK":4},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2022-12-31 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"品牌数字营销","MAIN_BUSINESS_INCOME":38849137.97,"MBI_RATIO":0.045887,"MAIN_BUSINESS_COST":28644291.64,"MBC_RATIO":0.057008,"MAIN_BUSINESS_RPOFIT":10204846.33,"MBR_RATIO":0.029651,"GROSS_RPOFIT_RATIO":0.262679,"RANK":5},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2022-12-31 00:00:00","MAINOP_TYPE":"3","ITEM_NAME":"境内","MAIN_BUSINESS_INCOME":807150505.3,"MBI_RATIO":0.953372,"MAIN_BUSINESS_COST":478412683.96,"MBC_RATIO":0.952141,"MAIN_BUSINESS_RPOFIT":328737821.34,"MBR_RATIO":0.95517,"GROSS_RPOFIT_RATIO":0.407282,"RANK":1},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2022-12-31 00:00:00","MAINOP_TYPE":"3","ITEM_NAME":"境外","MAIN_BUSINESS_INCOME":39476592.15,"MBI_RATIO":0.046628,"MAIN_BUSINESS_COST":24047418.34,"MBC_RATIO":0.047859,"MAIN_BUSINESS_RPOFIT":15429173.81,"MBR_RATIO":0.04483,"GROSS_RPOFIT_RATIO":0.390844,"RANK":2},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2022-06-30 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"电商代运营服务","MAIN_BUSINESS_INCOME":174983207.18,"MBI_RATIO":0.450904,"MAIN_BUSINESS_COST":106862595.78,"MBC_RATIO":0.44941,"MAIN_BUSINESS_RPOFIT":68120611.4,"MBR_RATIO":0.453268,"GROSS_RPOFIT_RATIO":0.389298,"RANK":1},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2022-06-30 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"渠道分销","MAIN_BUSINESS_INCOME":99413901.79,"MBI_RATIO":0.256174,"MAIN_BUSINESS_COST":70571773.86,"MBC_RATIO":0.296789,"MAIN_BUSINESS_RPOFIT":28842127.93,"MBR_RATIO":0.191913,"GROSS_RPOFIT_RATIO":0.290122,"RANK":2},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2022-06-30 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"电商渠道零售","MAIN_BUSINESS_INCOME":74081097.86,"MBI_RATIO":0.190895,"MAIN_BUSINESS_COST":37875294.96,"MBC_RATIO":0.159284,"MAIN_BUSINESS_RPOFIT":36205802.9,"MBR_RATIO":0.24091,"GROSS_RPOFIT_RATIO":0.488732,"RANK":3},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2022-06-30 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"技术解决方案及消费者运营服务","MAIN_BUSINESS_INCOME":25893587.69,"MBI_RATIO":0.066724,"MAIN_BUSINESS_COST":13621229.18,"MBC_RATIO":0.057284,"MAIN_BUSINESS_RPOFIT":12272358.51,"MBR_RATIO":0.081659,"GROSS_RPOFIT_RATIO":0.473954,"RANK":4},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2022-06-30 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"品牌数字营销","MAIN_BUSINESS_INCOME":13700239.65,"MBI_RATIO":0.035303,"MAIN_BUSINESS_COST":8853382.1,"MBC_RATIO":0.037233,"MAIN_BUSINESS_RPOFIT":4846857.55,"MBR_RATIO":0.032251,"GROSS_RPOFIT_RATIO":0.353779,"RANK":5},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2021-12-31 00:00:00","MAINOP_TYPE":"1","ITEM_NAME":"电商服务行业","MAIN_BUSINESS_INCOME":879526064.93,"MBI_RATIO":1,"MAIN_BUSINESS_COST":464004860.42,"MBC_RATIO":1,"MAIN_BUSINESS_RPOFIT":415521204.51,"MBR_RATIO":1,"GROSS_RPOFIT_RATIO":0.472438,"RANK":1},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2021-12-31 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"电商代运营服务","MAIN_BUSINESS_INCOME":426980913.24,"MBI_RATIO":0.485467,"MAIN_BUSINESS_COST":179120779.46,"MBC_RATIO":0.386032,"MAIN_BUSINESS_RPOFIT":247860133.78,"MBR_RATIO":0.596504,"GROSS_RPOFIT_RATIO":0.580495,"RANK":1},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2021-12-31 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"渠道分销","MAIN_BUSINESS_INCOME":206170492.9,"MBI_RATIO":0.234411,"MAIN_BUSINESS_COST":148625691.82,"MBC_RATIO":0.320311,"MAIN_BUSINESS_RPOFIT":57544801.08,"MBR_RATIO":0.138488,"GROSS_RPOFIT_RATIO":0.279113,"RANK":2},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2021-12-31 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"电商渠道零售","MAIN_BUSINESS_INCOME":146172987.55,"MBI_RATIO":0.166195,"MAIN_BUSINESS_COST":70538393.99,"MBC_RATIO":0.152021,"MAIN_BUSINESS_RPOFIT":75634593.56,"MBR_RATIO":0.182023,"GROSS_RPOFIT_RATIO":0.517432,"RANK":3},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2021-12-31 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"技术解决方案及消费者运营服务","MAIN_BUSINESS_INCOME":54573184.93,"MBI_RATIO":0.062048,"MAIN_BUSINESS_COST":31415996.52,"MBC_RATIO":0.067706,"MAIN_BUSINESS_RPOFIT":23157188.41,"MBR_RATIO":0.05573,"GROSS_RPOFIT_RATIO":0.424333,"RANK":4},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2021-12-31 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"品牌数字营销","MAIN_BUSINESS_INCOME":45628486.31,"MBI_RATIO":0.051878,"MAIN_BUSINESS_COST":34303998.63,"MBC_RATIO":0.07393,"MAIN_BUSINESS_RPOFIT":11324487.68,"MBR_RATIO":0.027254,"GROSS_RPOFIT_RATIO":0.248189,"RANK":5},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2021-12-31 00:00:00","MAINOP_TYPE":"3","ITEM_NAME":"境内","MAIN_BUSINESS_INCOME":826153581.44,"MBI_RATIO":0.939317,"MAIN_BUSINESS_COST":432958917.27,"MBC_RATIO":0.933091,"MAIN_BUSINESS_RPOFIT":393194664.17,"MBR_RATIO":0.946269,"GROSS_RPOFIT_RATIO":0.475934,"RANK":1},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2021-12-31 00:00:00","MAINOP_TYPE":"3","ITEM_NAME":"境外","MAIN_BUSINESS_INCOME":53372483.49,"MBI_RATIO":0.060683,"MAIN_BUSINESS_COST":31045943.15,"MBC_RATIO":0.066909,"MAIN_BUSINESS_RPOFIT":22326540.34,"MBR_RATIO":0.053731,"GROSS_RPOFIT_RATIO":0.418316,"RANK":2},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2021-06-30 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"电商销售服务","MAIN_BUSINESS_INCOME":394499698.04,"MBI_RATIO":0.917636,"MAIN_BUSINESS_COST":199489039.21,"MBC_RATIO":0.89472,"MAIN_BUSINESS_RPOFIT":195010658.83,"MBR_RATIO":0.942327,"GROSS_RPOFIT_RATIO":0.494324,"RANK":1},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2021-06-30 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"技术解决方案及消费者运营服务","MAIN_BUSINESS_INCOME":24109497.98,"MBI_RATIO":0.056081,"MAIN_BUSINESS_COST":14445483.66,"MBC_RATIO":0.064789,"MAIN_BUSINESS_RPOFIT":9664014.32,"MBR_RATIO":0.046698,"GROSS_RPOFIT_RATIO":0.400838,"RANK":2},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2021-06-30 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"品牌数字营销","MAIN_BUSINESS_INCOME":11299333.69,"MBI_RATIO":0.026283,"MAIN_BUSINESS_COST":9028071.92,"MBC_RATIO":0.040491,"MAIN_BUSINESS_RPOFIT":2271261.77,"MBR_RATIO":0.010975,"GROSS_RPOFIT_RATIO":0.201008,"RANK":3},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2021-06-30 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"其中:电商代运营服务","MAIN_BUSINESS_INCOME":188294719.79,"MBI_RATIO":0.437988,"MAIN_BUSINESS_COST":72142872.12,"MBC_RATIO":0.323565,"MAIN_BUSINESS_RPOFIT":116151847.67,"MBR_RATIO":0.561267,"GROSS_RPOFIT_RATIO":0.616862,"RANK":4},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2021-06-30 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"其中:渠道分销","MAIN_BUSINESS_INCOME":132041875.49,"MBI_RATIO":0.307139,"MAIN_BUSINESS_COST":90384611.05,"MBC_RATIO":0.40538,"MAIN_BUSINESS_RPOFIT":41657264.44,"MBR_RATIO":0.201295,"GROSS_RPOFIT_RATIO":0.315485,"RANK":5},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2021-06-30 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"其中:电商渠道零售","MAIN_BUSINESS_INCOME":74163102.76,"MBI_RATIO":0.172509,"MAIN_BUSINESS_COST":36961556.04,"MBC_RATIO":0.165775,"MAIN_BUSINESS_RPOFIT":37201546.72,"MBR_RATIO":0.179765,"GROSS_RPOFIT_RATIO":0.501618,"RANK":6},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2021-06-30 00:00:00","MAINOP_TYPE":"3","ITEM_NAME":"境内","MAIN_BUSINESS_INCOME":403690007.11,"MBI_RATIO":0.939014,"MAIN_BUSINESS_COST":null,"MBC_RATIO":null,"MAIN_BUSINESS_RPOFIT":null,"MBR_RATIO":null,"GROSS_RPOFIT_RATIO":null,"RANK":1},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2021-06-30 00:00:00","MAINOP_TYPE":"3","ITEM_NAME":"境外","MAIN_BUSINESS_INCOME":26218522.6,"MBI_RATIO":0.060986,"MAIN_BUSINESS_COST":null,"MBC_RATIO":null,"MAIN_BUSINESS_RPOFIT":null,"MBR_RATIO":null,"GROSS_RPOFIT_RATIO":null,"RANK":2},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2020-12-31 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"电商销售服务","MAIN_BUSINESS_INCOME":565318283.65,"MBI_RATIO":0.871461,"MAIN_BUSINESS_COST":284562481.21,"MBC_RATIO":0.851019,"MAIN_BUSINESS_RPOFIT":280755802.44,"MBR_RATIO":0.893207,"GROSS_RPOFIT_RATIO":0.496633,"RANK":1},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2020-12-31 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"技术解决方案及消费者运营服务","MAIN_BUSINESS_INCOME":46838017.4,"MBI_RATIO":0.072203,"MAIN_BUSINESS_COST":25429399.26,"MBC_RATIO":0.07605,"MAIN_BUSINESS_RPOFIT":21408618.14,"MBR_RATIO":0.06811,"GROSS_RPOFIT_RATIO":0.457078,"RANK":2},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2020-12-31 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"品牌数字营销","MAIN_BUSINESS_INCOME":36545679.34,"MBI_RATIO":0.056337,"MAIN_BUSINESS_COST":24386756.17,"MBC_RATIO":0.072932,"MAIN_BUSINESS_RPOFIT":12158923.17,"MBR_RATIO":0.038683,"GROSS_RPOFIT_RATIO":0.332705,"RANK":3},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2020-12-31 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"其中:电商代运营服务","MAIN_BUSINESS_INCOME":289267471.68,"MBI_RATIO":0.445917,"MAIN_BUSINESS_COST":108795417.38,"MBC_RATIO":0.325366,"MAIN_BUSINESS_RPOFIT":180472054.3,"MBR_RATIO":0.574161,"GROSS_RPOFIT_RATIO":0.623893,"RANK":4},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2020-12-31 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"其中:渠道分销","MAIN_BUSINESS_INCOME":182781115.42,"MBI_RATIO":0.281764,"MAIN_BUSINESS_COST":133049302.5,"MBC_RATIO":0.3979,"MAIN_BUSINESS_RPOFIT":49731812.92,"MBR_RATIO":0.158219,"GROSS_RPOFIT_RATIO":0.272084,"RANK":5},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2020-12-31 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"其中:电商渠道零售","MAIN_BUSINESS_INCOME":93269696.55,"MBI_RATIO":0.143779,"MAIN_BUSINESS_COST":42717761.33,"MBC_RATIO":0.127753,"MAIN_BUSINESS_RPOFIT":50551935.22,"MBR_RATIO":0.160828,"GROSS_RPOFIT_RATIO":0.541997,"RANK":6},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2020-12-31 00:00:00","MAINOP_TYPE":"3","ITEM_NAME":"境内","MAIN_BUSINESS_INCOME":597767594.89,"MBI_RATIO":0.921483,"MAIN_BUSINESS_COST":null,"MBC_RATIO":null,"MAIN_BUSINESS_RPOFIT":null,"MBR_RATIO":null,"GROSS_RPOFIT_RATIO":null,"RANK":1},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2020-12-31 00:00:00","MAINOP_TYPE":"3","ITEM_NAME":"境外","MAIN_BUSINESS_INCOME":50934385.5,"MBI_RATIO":0.078517,"MAIN_BUSINESS_COST":null,"MBC_RATIO":null,"MAIN_BUSINESS_RPOFIT":null,"MBR_RATIO":null,"GROSS_RPOFIT_RATIO":null,"RANK":2},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2020-06-30 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"电商销售服务","MAIN_BUSINESS_INCOME":175406513.08,"MBI_RATIO":0.858727,"MAIN_BUSINESS_COST":89214025.37,"MBC_RATIO":0.834506,"MAIN_BUSINESS_RPOFIT":86192487.71,"MBR_RATIO":0.885324,"GROSS_RPOFIT_RATIO":0.491387,"RANK":1},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2020-06-30 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"技术解决方案及消费者运营服务","MAIN_BUSINESS_INCOME":15435879.9,"MBI_RATIO":0.075568,"MAIN_BUSINESS_COST":8627435.33,"MBC_RATIO":0.080701,"MAIN_BUSINESS_RPOFIT":6808444.57,"MBR_RATIO":0.069933,"GROSS_RPOFIT_RATIO":0.441079,"RANK":2},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2020-06-30 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"品牌数字营销","MAIN_BUSINESS_INCOME":13421063.35,"MBI_RATIO":0.065705,"MAIN_BUSINESS_COST":9064942.26,"MBC_RATIO":0.084793,"MAIN_BUSINESS_RPOFIT":4356121.09,"MBR_RATIO":0.044744,"GROSS_RPOFIT_RATIO":0.324573,"RANK":3},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2020-06-30 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"其中:电商代运营服务","MAIN_BUSINESS_INCOME":109472151.78,"MBI_RATIO":0.535936,"MAIN_BUSINESS_COST":43933354.8,"MBC_RATIO":0.410952,"MAIN_BUSINESS_RPOFIT":65538796.98,"MBR_RATIO":0.67318,"GROSS_RPOFIT_RATIO":0.59868,"RANK":4},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2020-06-30 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"其中:渠道分销","MAIN_BUSINESS_INCOME":41319417.2,"MBI_RATIO":0.202285,"MAIN_BUSINESS_COST":35216314.82,"MBC_RATIO":0.329413,"MAIN_BUSINESS_RPOFIT":6103102.38,"MBR_RATIO":0.062688,"GROSS_RPOFIT_RATIO":0.147705,"RANK":5},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2020-06-30 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"其中:电商渠道零售","MAIN_BUSINESS_INCOME":24614944.1,"MBI_RATIO":0.120506,"MAIN_BUSINESS_COST":10064355.75,"MBC_RATIO":0.094142,"MAIN_BUSINESS_RPOFIT":14550588.35,"MBR_RATIO":0.149456,"GROSS_RPOFIT_RATIO":0.591128,"RANK":6},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2020-06-30 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"其中:消费者运营服务","MAIN_BUSINESS_INCOME":10282200,"MBI_RATIO":0.050338,"MAIN_BUSINESS_COST":6726400,"MBC_RATIO":0.062919,"MAIN_BUSINESS_RPOFIT":3555800,"MBR_RATIO":0.036523,"GROSS_RPOFIT_RATIO":0.345821,"RANK":7},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2020-06-30 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"其中:技术解决方案","MAIN_BUSINESS_INCOME":5153700,"MBI_RATIO":0.025231,"MAIN_BUSINESS_COST":1901000,"MBC_RATIO":0.017782,"MAIN_BUSINESS_RPOFIT":3252700,"MBR_RATIO":0.03341,"GROSS_RPOFIT_RATIO":0.631139,"RANK":8},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2020-06-30 00:00:00","MAINOP_TYPE":"3","ITEM_NAME":"境内","MAIN_BUSINESS_INCOME":194529556.8,"MBI_RATIO":0.952346,"MAIN_BUSINESS_COST":null,"MBC_RATIO":null,"MAIN_BUSINESS_RPOFIT":null,"MBR_RATIO":null,"GROSS_RPOFIT_RATIO":null,"RANK":1},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2020-06-30 00:00:00","MAINOP_TYPE":"3","ITEM_NAME":"境外","MAIN_BUSINESS_INCOME":9733899.53,"MBI_RATIO":0.047654,"MAIN_BUSINESS_COST":null,"MBC_RATIO":null,"MAIN_BUSINESS_RPOFIT":null,"MBR_RATIO":null,"GROSS_RPOFIT_RATIO":null,"RANK":2},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2019-12-31 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"电商销售服务","MAIN_BUSINESS_INCOME":314074640.21,"MBI_RATIO":0.869496,"MAIN_BUSINESS_COST":174268583.55,"MBC_RATIO":0.854722,"MAIN_BUSINESS_RPOFIT":139806056.66,"MBR_RATIO":0.888641,"GROSS_RPOFIT_RATIO":0.445136,"RANK":1},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2019-12-31 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"品牌数字营销","MAIN_BUSINESS_INCOME":27741578.51,"MBI_RATIO":0.076801,"MAIN_BUSINESS_COST":18316684.51,"MBC_RATIO":0.089836,"MAIN_BUSINESS_RPOFIT":9424894,"MBR_RATIO":0.059907,"GROSS_RPOFIT_RATIO":0.339739,"RANK":2},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2019-12-31 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"技术解决方案及消费者运营服务","MAIN_BUSINESS_INCOME":19398574.14,"MBI_RATIO":0.053704,"MAIN_BUSINESS_COST":11303907.93,"MBC_RATIO":0.055441,"MAIN_BUSINESS_RPOFIT":8094666.21,"MBR_RATIO":0.051452,"GROSS_RPOFIT_RATIO":0.417282,"RANK":3},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2019-12-31 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"其中:电商代运营服务","MAIN_BUSINESS_INCOME":207190980.32,"MBI_RATIO":0.573595,"MAIN_BUSINESS_COST":89565653.6,"MBC_RATIO":0.439286,"MAIN_BUSINESS_RPOFIT":117625326.72,"MBR_RATIO":0.747655,"GROSS_RPOFIT_RATIO":0.567715,"RANK":4},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2019-12-31 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"其中:渠道分销","MAIN_BUSINESS_INCOME":84768165.58,"MBI_RATIO":0.234675,"MAIN_BUSINESS_COST":73657664.96,"MBC_RATIO":0.361263,"MAIN_BUSINESS_RPOFIT":11110500.62,"MBR_RATIO":0.070621,"GROSS_RPOFIT_RATIO":0.131069,"RANK":5},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2019-12-31 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"其中:电商渠道零售","MAIN_BUSINESS_INCOME":22115494.31,"MBI_RATIO":0.061225,"MAIN_BUSINESS_COST":11045264.99,"MBC_RATIO":0.054173,"MAIN_BUSINESS_RPOFIT":11070229.32,"MBR_RATIO":0.070365,"GROSS_RPOFIT_RATIO":0.500564,"RANK":6},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2019-12-31 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"其中:消费者运营服务","MAIN_BUSINESS_INCOME":13578600,"MBI_RATIO":0.037591,"MAIN_BUSINESS_COST":9279800,"MBC_RATIO":0.045514,"MAIN_BUSINESS_RPOFIT":4298800,"MBR_RATIO":0.027324,"GROSS_RPOFIT_RATIO":0.316586,"RANK":7},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2019-12-31 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"其中:技术解决方案","MAIN_BUSINESS_INCOME":5819900,"MBI_RATIO":0.016112,"MAIN_BUSINESS_COST":2024100,"MBC_RATIO":0.009927,"MAIN_BUSINESS_RPOFIT":3795800,"MBR_RATIO":0.024127,"GROSS_RPOFIT_RATIO":0.652211,"RANK":8},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2019-12-31 00:00:00","MAINOP_TYPE":"3","ITEM_NAME":"境内","MAIN_BUSINESS_INCOME":352316900,"MBI_RATIO":0.975367,"MAIN_BUSINESS_COST":null,"MBC_RATIO":null,"MAIN_BUSINESS_RPOFIT":null,"MBR_RATIO":null,"GROSS_RPOFIT_RATIO":null,"RANK":1},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2019-12-31 00:00:00","MAINOP_TYPE":"3","ITEM_NAME":"境外","MAIN_BUSINESS_INCOME":8897900,"MBI_RATIO":0.024633,"MAIN_BUSINESS_COST":null,"MBC_RATIO":null,"MAIN_BUSINESS_RPOFIT":null,"MBR_RATIO":null,"GROSS_RPOFIT_RATIO":null,"RANK":2},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2018-12-31 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"电商销售服务","MAIN_BUSINESS_INCOME":287412657.91,"MBI_RATIO":0.940657,"MAIN_BUSINESS_COST":165170440.57,"MBC_RATIO":0.939055,"MAIN_BUSINESS_RPOFIT":122242217.34,"MBR_RATIO":0.94283,"GROSS_RPOFIT_RATIO":0.42532,"RANK":1},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2018-12-31 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"品牌数字营销","MAIN_BUSINESS_INCOME":10125759.44,"MBI_RATIO":0.03314,"MAIN_BUSINESS_COST":6796624.14,"MBC_RATIO":0.038641,"MAIN_BUSINESS_RPOFIT":3329135.3,"MBR_RATIO":0.025677,"GROSS_RPOFIT_RATIO":0.328779,"RANK":2},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2018-12-31 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"技术解决方案及消费者运营服务","MAIN_BUSINESS_INCOME":8006228.9,"MBI_RATIO":0.026203,"MAIN_BUSINESS_COST":3923077.16,"MBC_RATIO":0.022304,"MAIN_BUSINESS_RPOFIT":4083151.74,"MBR_RATIO":0.031493,"GROSS_RPOFIT_RATIO":0.509997,"RANK":3},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2018-12-31 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"其中:电商代运营服务","MAIN_BUSINESS_INCOME":176692461.6,"MBI_RATIO":0.578287,"MAIN_BUSINESS_COST":74462449.66,"MBC_RATIO":0.423346,"MAIN_BUSINESS_RPOFIT":102230011.94,"MBR_RATIO":0.78848,"GROSS_RPOFIT_RATIO":0.578576,"RANK":4},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2018-12-31 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"其中:渠道分销","MAIN_BUSINESS_INCOME":97198526.9,"MBI_RATIO":0.318116,"MAIN_BUSINESS_COST":83672634.42,"MBC_RATIO":0.47571,"MAIN_BUSINESS_RPOFIT":13525892.48,"MBR_RATIO":0.104323,"GROSS_RPOFIT_RATIO":0.139157,"RANK":5},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2018-12-31 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"其中:电商渠道零售","MAIN_BUSINESS_INCOME":13521669.41,"MBI_RATIO":0.044254,"MAIN_BUSINESS_COST":7035356.49,"MBC_RATIO":0.039999,"MAIN_BUSINESS_RPOFIT":6486312.92,"MBR_RATIO":0.050028,"GROSS_RPOFIT_RATIO":0.479698,"RANK":6},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2018-12-31 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"其中:消费者运营服务","MAIN_BUSINESS_INCOME":6486500,"MBI_RATIO":0.021229,"MAIN_BUSINESS_COST":3923100,"MBC_RATIO":0.022304,"MAIN_BUSINESS_RPOFIT":2563400,"MBR_RATIO":0.019771,"GROSS_RPOFIT_RATIO":0.39519,"RANK":7},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2018-12-31 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"其中:技术解决方案","MAIN_BUSINESS_INCOME":1519700,"MBI_RATIO":0.004974,"MAIN_BUSINESS_COST":0,"MBC_RATIO":null,"MAIN_BUSINESS_RPOFIT":1519700,"MBR_RATIO":0.011721,"GROSS_RPOFIT_RATIO":null,"RANK":8},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2018-12-31 00:00:00","MAINOP_TYPE":"3","ITEM_NAME":"境内","MAIN_BUSINESS_INCOME":301368500,"MBI_RATIO":0.986332,"MAIN_BUSINESS_COST":null,"MBC_RATIO":null,"MAIN_BUSINESS_RPOFIT":null,"MBR_RATIO":null,"GROSS_RPOFIT_RATIO":null,"RANK":1},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2018-12-31 00:00:00","MAINOP_TYPE":"3","ITEM_NAME":"境外","MAIN_BUSINESS_INCOME":4176200,"MBI_RATIO":0.013668,"MAIN_BUSINESS_COST":null,"MBC_RATIO":null,"MAIN_BUSINESS_RPOFIT":null,"MBR_RATIO":null,"GROSS_RPOFIT_RATIO":null,"RANK":2},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2017-12-31 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"电商销售服务","MAIN_BUSINESS_INCOME":202065267.19,"MBI_RATIO":0.933776,"MAIN_BUSINESS_COST":92451864.32,"MBC_RATIO":0.91816,"MAIN_BUSINESS_RPOFIT":109613402.87,"MBR_RATIO":0.947366,"GROSS_RPOFIT_RATIO":0.542465,"RANK":1},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2017-12-31 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"品牌数字营销","MAIN_BUSINESS_INCOME":10474038.04,"MBI_RATIO":0.048402,"MAIN_BUSINESS_COST":6177349.66,"MBC_RATIO":0.061349,"MAIN_BUSINESS_RPOFIT":4296688.38,"MBR_RATIO":0.037135,"GROSS_RPOFIT_RATIO":0.410223,"RANK":2},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2017-12-31 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"技术解决方案及消费者运营服务","MAIN_BUSINESS_INCOME":3856584.4,"MBI_RATIO":0.017822,"MAIN_BUSINESS_COST":2063368.56,"MBC_RATIO":0.020492,"MAIN_BUSINESS_RPOFIT":1793215.84,"MBR_RATIO":0.015498,"GROSS_RPOFIT_RATIO":0.464975,"RANK":3},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2017-12-31 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"其中:电商代运营服务","MAIN_BUSINESS_INCOME":166197740.23,"MBI_RATIO":0.768026,"MAIN_BUSINESS_COST":63333791.74,"MBC_RATIO":0.628982,"MAIN_BUSINESS_RPOFIT":102863948.49,"MBR_RATIO":0.889032,"GROSS_RPOFIT_RATIO":0.618925,"RANK":4},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2017-12-31 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"其中:渠道分销","MAIN_BUSINESS_INCOME":33893301.12,"MBI_RATIO":0.156626,"MAIN_BUSINESS_COST":28270484.83,"MBC_RATIO":0.28076,"MAIN_BUSINESS_RPOFIT":5622816.29,"MBR_RATIO":0.048597,"GROSS_RPOFIT_RATIO":0.165898,"RANK":5},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2017-12-31 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"其中:消费者运营服务","MAIN_BUSINESS_INCOME":2925000,"MBI_RATIO":0.013517,"MAIN_BUSINESS_COST":2063400,"MBC_RATIO":0.020492,"MAIN_BUSINESS_RPOFIT":861600,"MBR_RATIO":0.007447,"GROSS_RPOFIT_RATIO":0.294564,"RANK":6},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2017-12-31 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"其中:电商渠道零售","MAIN_BUSINESS_INCOME":1974225.84,"MBI_RATIO":0.009123,"MAIN_BUSINESS_COST":847587.75,"MBC_RATIO":0.008418,"MAIN_BUSINESS_RPOFIT":1126638.09,"MBR_RATIO":0.009737,"GROSS_RPOFIT_RATIO":0.570673,"RANK":7},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2017-12-31 00:00:00","MAINOP_TYPE":"2","ITEM_NAME":"其中:技术解决方案","MAIN_BUSINESS_INCOME":931600,"MBI_RATIO":0.004305,"MAIN_BUSINESS_COST":0,"MBC_RATIO":null,"MAIN_BUSINESS_RPOFIT":931600,"MBR_RATIO":0.008052,"GROSS_RPOFIT_RATIO":null,"RANK":8},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2017-12-31 00:00:00","MAINOP_TYPE":"3","ITEM_NAME":"境内","MAIN_BUSINESS_INCOME":213485100,"MBI_RATIO":0.986549,"MAIN_BUSINESS_COST":null,"MBC_RATIO":null,"MAIN_BUSINESS_RPOFIT":null,"MBR_RATIO":null,"GROSS_RPOFIT_RATIO":null,"RANK":1},{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2017-12-31 00:00:00","MAINOP_TYPE":"3","ITEM_NAME":"境外","MAIN_BUSINESS_INCOME":2910800,"MBI_RATIO":0.013451,"MAIN_BUSINESS_COST":null,"MBC_RATIO":null,"MAIN_BUSINESS_RPOFIT":null,"MBR_RATIO":null,"GROSS_RPOFIT_RATIO":null,"RANK":2}],"jyps":[{"SECUCODE":"301110.SZ","SECURITY_CODE":"301110","REPORT_DATE":"2026-06-30 00:00:00","BUSINESS_REVIEW":"2026年上半年,根据国家统计局发布的数据,我国国内生产总值(GDP)初步核算为695,704亿元,扣除价格因素后的实际增长4.7%;其中,第一季度同比增长5.0%,第二季度同比增长4.3%。在居民收入与消费方面,上半年全国居民人均可支配收入为22,981元,扣除价格因素后的实际增长为4.2%;全国居民人均消费支出为14,836元,扣除价格因素后的实际增速为2.7%。另外,上半年社会消费品零售总额达到248,722亿元,同比增长1.3%。其中扣除汽车以外的消费品零售总额为229,034亿元,增长2.8%。从商品类型来看,服装、鞋帽、针纺织品类零售总额为7,709亿元,同比增长6.7%,增速显著高于整体社零的增长。按零售业态和渠道看,上半年全国网上商品和服务零售额达到100,715亿元,同比增长5.2%。其中,网上商品零售额中,吃、穿、用类商品分别增长16.8%、6.2%和1.3%。综合来看服装鞋帽类消费和网上零售的同比增长速度均高于整体社零数据的增长。2026年4月份,商务部会同中央网信办、工信部等共计六部门联合印发了《关于更好服务实体经济推进电子商务高质量发展的指导意见》。该指导意见的发布,为国内电子商务行业下一阶段的行业发展方向和规范运作提供了指引。该指导意见明确了包括:(1)助力中小企业转型:引导电商企业推出“小快轻准”数字化产品和解决方案,向品牌商家、中小企业和个体工商户开放数据、渠道、技术等,为企业门店选址、新品开发、商品陈列和库存管理等工作提供支持;(2)加快技术创新应用:发展“人工智能+电商”,引导电商企业加强人工智能大模型技术研发应用,优化消费体验、降低运营成本、提升流通效能;(3)大力发展品质消费:实施品质电商培育行动,构建标准体系,推动电商平台优化流量分配、搜索排名等机制,提升商品质量、服务口碑等指标权重,将质量管理、品牌建设等纳入培训课程,培育品质商家和优质品牌;(4)优化金融产品供给:鼓励金融机构与电商企业合作,创新信贷产品和服务。支持符合条件的电商企业发行债券融资,优化融资等政策流程,支持符合条件的电商企业在境内外上市融资等共计十六条举措。2026年上半年,电商行业结构性变化显著。据国家统计局发布的半年经济数据,上半年直播电商交易规模首次突破1万亿元,但增速放缓至6.5%,行业从\"流量红利期\"进入\"精细化运营+数据智能驱动\"阶段。即时零售增速超20%,成为增长最快的细分赛道之一。平台竞争格局继续多元化发展趋势,品牌需同时布局天猫、京东、抖音、小红书、微信等多渠道运营,数据打通与协同运营需求进一步凸显。AI技术在电商领域的渗透正从\"工具辅助\"向\"决策赋能\"加速演进。AIGC在内容生产(文案、图片、短视频)、智能投放(出价优化、素材优选、人群定向)、客户服务(智能客服、VOC分析)等环节的渗透率快速提升。行业领先企业已开始将AI技术系统性地嵌入运营全链路,从单点工具应用升级为\"AI操作系统+数据基建+Agent工具集\"的体系化部署,推动运营模式从\"人力密集型\"向\"AI+业务专家协同\"升级。(一)公司主营业务公司是国内领先的品牌电商运营和零售服务专家,拥有专业的全域全链一站式品牌电商运营管理体系和全域全链技术工具体系,形成了“技术与数据驱动运营+运营强化技术与数据”的“业务+技术”能力成长飞轮。具备跨渠道数据打通能力和全域全链路运营管理优势,形成了从品牌战略定位、全渠道运营实施到电商技术解决方案为一体的一站式闭环服务模式。主营业务覆盖电商代运营、品牌孵化与管理、品牌经销,以及AI智能营销与技术服务四大板块。公司拥有覆盖天猫、抖音、京东、小红书、微信、唯品会、得物等全域关键平台的全链路一站式服务能力,服务涵盖战略定位、运营策略、数字营销、商品规划、视觉设计、店铺运营、智能投放、GEO、店铺直播、内容制作、达人营销、人群运营、私域运营、客户服务、仓储供应链管理及品牌电商技术解决方案等全环节。公司以“用户为先、科技驱动、成为专业领先、值得信赖的行业领航者”为愿景,通过应用AI等行业最新技术,深度洞察行业发展趋势和消费者需求,依托行业领先的技术能力、服务能力、管理能力和组织效率,为客户创造真实、长期、可持续的价值,助力品牌提升知名度和美誉度,实现品牌业绩增长。2026年,基于公司在电商运营管理体系和技术数据资产上长期积累的相对竞争优势,以及对AI时代商业模式、业务价值链、组织能力、技术工具和人才管理的深度思考,确定了向“AI原生性组织”快速演进的组织战略和向“AI驱动的品牌零售运营商”快速迭代的业务战略。在商业模式层:公司秉承“客户第一、持续进化、长期主义”的创业初心和核心价值观,紧跟技术与市场的发展趋势,从“通过数据和技术驱动的全链路精细化运营为客户交付商业结果”向“通过AI化全栈服务使能客户成长+交付商业结果”演进。在业务价值链层:在已有全域、全链路电商运营管理体系和技术工具体系的基础上,服务能力向品牌电商AI化运营的基础设施层和AI知识资产治理层深化,通过“电商AI基础设施搭建+AI知识资产治理+AI工具开发与应用”的系统性电商AI化运营能力为客户交付商业结果。在组织能力建设层:基于“激发FDE人才涌现的AI原生性组织”定位和“业务专家+AIAgent”的组织模式,成立了“AI效率实验室”,组织实施了“AI先锋大赛”“AI小课堂”,搭建了“AI陪练”助手体系,试点新型团队架构,持续迭代业务流,为AIFirst员工制定专项绩效激励和晋升机制等等,有力推动了FDE人才(专指:懂业务和强AI思维,能为所在实体业务提供闭环AI解决方案的复合型人才,下同)的涌现和成长,探索出了AI时代组织能力建设的有效路径。在技术工具层:基于公司过去十余年来在电商技术和数据上的持续投入与积累,在利用最新AI技术对原有全链路系统工具进行AI化改造的基础上,初步构建了“1+6+N”的AI技术工具体系,成为业务专家进行高效工作的AI能力保障。“1”是作为公司操作系统的青灵AI,由原来的青灵AI中台升级而来;“6”是AI化运营的六大关键数据基建设施,基于公司已自研的全链路系统工具进行分阶段AI化升级、改造和扩充而构建,逐步实现全域数据实时互通、业务规则统一内嵌,分别为:经营数据舱、商品内容舱、全域流量舱、用户资产舱、GEO语料舱、和供应链履约舱;“N”是各业务模块不断开发、使用和持续迭代的N个Agent工具集。在管理理念层:基于AI时代的商业、组织和人才特征,系统性升级了组织的使命、愿景和价值观。在继承和发扬公司“尊重人、信任人、成就人”“奋斗为本、专业为荣”“正直诚信、高效协作”理念的基础上,升级校招生的质量和规模,聚焦于发现、激发和成就“AIFirst员工”,持续优化组织的人才标准、团队架构、业务流程、绩效激励、晋升等制度,逐步演进成为“激发FDE人才涌现的AI原生性组织”,探索AI时代的品牌和零售边界,成为用户为先、科技驱动、专业领先、值得信赖的行业领航者。公司长期服务于众多国内外知名品牌,覆盖大服饰(ECCO、Lacoste、EmporioArmani、Samsonite、Skechers、比音勒芬、Toteme、ACNEStudios、moodytiger、MUJI等)、运动户外(KOLONSPORT、萨洛蒙、探路者、UnderArmour、FILA、李宁、狼爪、小鹰Osprey等)、潮玩(泡泡玛特、Jellycat等)、健康消费品(博士伦、硅基动感、CumlaudeLab、Zuccari、Doctor\u0027sBest、Stada等)等品类。报告期内,公司获得了“天猫生态六星服务商”“2025年阿里妈妈AI创变年度全域经营伙伴奖-全域六星生态伙伴”“2025阿里妈妈无界共赢经济伙伴-AI赢无界”“2025-2026阿里妈妈未来商业奖”“2026阿里妈妈全域六星超级营销伙伴”“阿里妈妈年度行业领航品牌奖”“阿里妈妈年度AIGC创意突破奖”“2026天猫生态认证数智经营能力vpartner”“2026天猫生态认证服务体验超级v-partner”“2025年度天猫生态卓越服务奖”“2025年度店小蜜官方服务商认证(S级服务商)”等,以及京东“京旗数智金奖”和“ROI-2025FESTIVAL金投赏商业创意奖”等,以及抖音“增速突破奖”等奖项和认证。(二)公司主要产品和服务1、电商代运营服务公司自2011年开始电商代运营业务,是行业内早期成立的专业服务商之一。公司电商代运营业务全面覆盖电商业务的所有环节,涵盖品牌和商品的电商策略制定、数字营销、视觉设计、店铺和商品运营、智能投放、人群运营、店铺直播、内容运营、客户服务、仓储物流服务等,覆盖天猫、抖音、京东、小红书、微信、唯品会、得物等主要电商平台。公司电商代运营业务可分为货架电商代运营服务和内容电商代运营服务:(1)货架电商代运营服务货架电商代运营指公司为合作品牌在天猫、京东、唯品会、微信小店、得物等货架式电商平台上的单个或多个店铺提供全链路或模块化的电商品牌运营服务。(2)内容电商代运营服务内容电商代运营服务指公司为合作品牌在抖音、天猫、京东、小红书、微信视频号、微信小店等电商平台上提供店铺直播代运营服务,内容包括提供直播间创意打造、货品规划、店铺直播、短视频内容制作、营销推广、主播培育、客服管理、会员运营、外部达人红人商务合作对接、以及商品仓储物流等业务。在此类服务模式下,品牌店铺的所有权、商品所有权和营销推广费用归属于合作品牌;公司无需向品牌方采购商品,即不承担库存风险,也不承担营销推广成本。2、品牌孵化与管理业务得益于在品牌电商代运营领域积累的技术、运营和管理能力,公司对于消费行业发展趋势、电商各平台的运营规则、流量分发机制、品牌定位打造方法论以及品牌成长路径都形成了自身的深刻认知和能力体系。公司通过与境内外优质品牌设立合资公司、签署长期协议等方式,将境外优质品牌引入中国市场或将中国优质品牌引入国际市场,充分发挥公司的零售与技术优势和品牌方的产品与品牌优势,共同拓展品牌的目标市场份额。区别于传统\"流量型\"品牌孵化模式,公司依托AI基建+全域运营+达人营销矩阵三引擎协同,以数据驱动精准定位和AI工具赋能全链路运营,使新品牌冷启动成本显著降低、市场验证周期有效缩短。公司于2022年开始着力布局品牌孵化与管理这一业务板块,其中CUMLAUDELAB珂蔓朵已经成为女性私护健康进口领导品牌。CUMLAUDELAB珂蔓朵是源自西班牙的女性私护品牌,由妇科医生和药剂师于1998年创立,致力于为女性提供覆盖全年龄段的私护健康解决方案。珂蔓朵建立了参照医药研发标准的产品研发体系,通过妇科科研和临床试验支持产品开发,并与西班牙妇产科学会、公立医院以及实验室等科研机构合作,持续探索将医药和护肤领域的前沿技术和成分应用至私护场景。ZUCCARI意卡莉是源自意大利的膳食营养品牌,创立于1993年,致力于通过天然成分为基础的自然膳食营养产品,为消费者带来全生命周期的健康膳食管理方案。3、品牌经销业务品牌经销业务合作的对象是国内外的成熟品牌。公司代理品牌客户部分渠道的分销或电商零售业务。公司与品牌方或其代理商达成分销授权协议,向其采购商品后,在天猫、京东等平台通过品牌旗舰店进行销售,或分销给唯品会、京东自营等第三方B2C电商平台或其他分销卖家。当分销的下游对象为B2C电商平台时,公司通常需要提供整合营销、店铺运营和客服管理等服务。当分销对象为其他分销卖家时,公司仅向其分销商品,不提供运营支持服务。在品牌经销的业务模式下,公司需要向品牌方或其代理商采购商品并承担库存风险。4、AI智能营销与技术服务(1)AI智能营销业务AI智能营销业务是公司基于十余年品牌电商运营经验和经营数据沉淀,在原有数字营销业务与智能投放业务的基础上,将\"数字营销与创意服务\"、\"电商智能投放\"两大核心能力进行有机整合,以自研\"啄木鸟智能投放系统\"和AIAgent工具为技术底座,为品牌客户提供覆盖\"策略洞察—创意生产—精准投放—内容运营—效果归因\"全链路的AI驱动智能营销解决方案和模块化AI智能营销服务。服务内容包括:1)数字营销与创意服务:公司依托全域全链路的电商运营经验和对消费者行为的深度理解,为品牌客户提供涵盖策略规划、创意内容生产、社媒运营、整合营销活动、品牌直播、拍摄制作、品牌公关与艺人合作、KOL/KOC达人营销、搜索优化(SEO/SMO)、AI推荐优化(GEO/GEM)等在内的全栈式数字营销与创意服务。2)整合营销与品牌活动:公司为品牌策划和执行从概念创意到落地上线的全流程整合营销活动,涵盖天猫超级品牌日、抖音电商IP合作、品牌周年庆典、新品首发上市、节日营销大促等多元场景,服务范围包括:创意概念开发、视觉设计、互动体验开发(小程序/H5/AR)、明星/KOL联动策划、全渠道传播执行、项目效果追踪与归因分析。3)品牌视觉与创意制作:公司配备专业拍摄制作团队和影棚资源,为品牌提供涵盖平面拍摄(模特/静物/场景)、视频拍摄(TVC/社交媒体短视频/产品演示)、后期制作(精修/剪辑/特效)等全流程视觉创意服务,确保品牌内容资产的统一调性与高品质输出。4)智能投放服务:报告期内,公司针对“青木啄木鸟”智能广告投放系统进行了持续性AI化升级,构建了“策略+实施+诊断”的闭环Agent工具集,通过“投放专家+Agent工具”为品牌客户提供基于AI和大数据驱动的电商平台付费推广策略与智能投放服务。核心能力包括:数据洞察与策略规划、精准人群定向、智能出价与预算优化、创意素材动态生成与优选、跨平台投放管理、效果归因与策略迭代等,以持续提升投放效率和投放效果。报告期内,公司AI智能营销业务服务品牌累计超过80个,覆盖大服饰、美妆、大健康、快消、3C电子、具身智能等多个行业赛道,深度运营天猫、京东、抖音、小红书、微信、得物等主流电商平台和抖音、微信、微博、B站、小红书等社媒平台,并延伸至海外社交媒体(Instagram、TikTok、Facebook等)的内容运营与投放。服务品牌包括:巴黎欧莱雅、理肤泉、修丽可、蜜丝婷、OPPO、山姆、迪卡侬、新百伦、凯乐石Kailas、GNC、MUJI、科赴Kenvue、惠氏wyeth、蔚来汽车、爱步、传音、同仁堂、帝亚吉欧、GNC、拉科斯特Lacoste、诺华、汉斯格雅、亚马逊等行业领导品牌,内容质量、互动数据和投放效果都稳居行业前列。报告期内,公司获得了由阿里妈妈、抖音、京东及行业的多个顶级奖项,体现了公司在全域营销服务领域的综合实力与行业领导地位。(2)技术服务公司基于业务实战需求和十余年来对技术的持续投入和积累,构建了“品牌电商综合运营能力+数据与技术能力”相互促进强化的能力成长体系。公司基于实战需求、围绕电商运营生态的关键环节,自主研发并持续优化了一系列信息系统和技术工具,协助品牌客户和公司团队实现精细化和数字化的运营协作与管理,持续提升工作效率、协作效率和管理效率;同时,实战需求的升级和实践数据的反馈,又促进了系统技术工具的不断迭代和升级,形成了“技术驱动业务,业务强化技术”的“业务+技术”能力成长飞轮。公司自主研发的技术系统包括:电商全域数据中台“青木数据中心”、商品与内容素材管理系统“青木小白”、智能广告投放系统“青木啄木鸟”、消费者洞察和运营系统“数据磨坊”、以及品牌微商城系统和企微SCRM系统、订单管理系统“青木OMS”等。公司可根据客户的定制化需求提供模块化技术解决方案服务,协助客户搭建品牌电商运营所需的信息化管理体系,以及实现全渠道系统集成。这些数字化系统工具,在经过AI技术升级后,也成为品牌电商AI化运营的关键基础设施。报告期内,技术服务所合作的品牌客户包括Jellycat、迪士尼、H\u0026M、富思集团、ECCO、TOTEME、五粮液、BIRKENSTOCK勃肯、康仕广告、等国内外知名企业。公司需遵守《深圳证券交易所上市公司自律监管指引第4号——创业板行业信息披露》中的“电子商务业务”的披露要求:(三)报告期内主要经营措施回顾报告期公司营业收入同比增加9.10%,其中电商代运营服务收入增加5.98%,主要来自电商直播的业务增长,以及运动户外、潮玩等类目的业绩增长;品牌孵化与管理业务收入同比增加9.52%;品牌经销业务收入同比增加16.63%。报告期,公司整体毛利率57.58%,与上年水平相当。电商代运营服务毛利率同比增长了3.21个百分点,主要系收入规模效应增加所致。经销业务毛利率同比上升6.94个百分点,主要系产品结构变化的影响。报告期,销售费用同比增长7.63%,与品牌孵化与管理业务收入增速相当。管理费用同比减少10.60%,主要系上期搬迁新办公场地的租金、装修支出、搬迁支出等因素消除所致。研发投入同比增长18.60%,主要系研发人员费用和其他相关费用增加所致。(1)电商代运营业务1)公司继续提升电商代运营业务的运营效率,借助公司系统AI化升级和AI工具相结合的方式不断强化团队在商品规划、视觉、内容、营销和流量运营等方面的运营管理能力,为客户的生意挖掘新的增长点和生意机会,提升运营效率和管理水平。得益于AI工具在运营场景的持续渗透,报告期内电商代运营业务毛利率同比提升3.21个百分点。2)优化电商直播业务水平。公司积极培养、引进和优化运营管理团队,深化AI工具的使用和渗透,通过把握抖音电商全域经营趋势,提升内容种草、直播运营、千川投放、商城转化全链路运营能力,以精细化运营策略、高质量内容创意、高效流量转化能力,推动品牌GMV实现爆发式增长。3)继续强化AI人才梯队建设。在加强对内部AIFirst员工的培养和FDE人才的激发的同时,持续寻求从外部引入优秀业务骨干和技术骨干加入公司,不断优化公司的梯队人才结构,加强“AI原生性组织”的机制优化和改进。(2)AI智能营销和技术服务1)AI智能营销业务。报告期内,一是完成对啄木鸟智能投放工具的AI改造,并持续构建和迭代智能投放Agent工具集,持续提升投放的ROI和效率;二是在深化原有赛道客户服务的同时,积极拓展至其他业务领域,报告期内新增了蔚来汽车等客户。2)技术服务。公司围绕构建“品牌电商AI化运营全栈解决方案”的目标,利用最新AI技术持续迭代升级“1+6+N”AI技术工具体系,提升公司和客户的服务能力、管理能力和组织效能与效率。(3)AI技术应用情况报告期内,公司研发了由AI驱动的电商运营协作平台。通过将电商的日常操作、商品分析、目标拆解、投放、策略内容制作、营销内容制作等各类电商运营场景AI化,逐步形成运营专家+AIAgent的协作模式。目前已经完成40+AI驱动的电商运营操作和分析场景上线。AI能力和管理协作模式的升级应用,能有效减低公司的运营成本,提升运营效率和效果。在试点电商代运营项目中,基础运营人员编制减少了约25%;在试点短视频运营项目中,短视频制作成本降低了80%,短视频成交提升了约6%;在试点推广项目中,AI生成的Top5单元采纳率超过90%。后续,公司将继续推进AI试点成果在更多项目中的应用落地。(四)公司AI体系建设情况(1+6+N)随着AI模型和工程技术的发展,公司在原有数据产品系统的基础上,基于“AI原生性组织”和“AI驱动的品牌零售运营商”的目标定位,初步构建了“1+6+N”的AI智能运营体系并持续深化完善,通过青灵AI操作系统,逐步实现AIAgent在企业核心流程中稳定、可审计、可计量地规模化运行,分阶段形成可验证、可治理、可复制的AI运营交付体系,为“业务专家+Agent”的人机协作提供全面专业的AI能力保障。“1+6+N”的AI智能运营体系包括:“1”是青灵AI操作系统:公司的AI应用入口和AI管理平台。作为AI应用入口,支持用户进行不同AIAgent的调用,同时在工程上解决多团队多任务稳定应用的问题,以及AIAgent的Harness约束。作为企业AI管理平台:负责模型管理与调度、工程管控策略、Token使用管理、数据合规与风险管控、使用行为沉淀与迭代等,并沉淀和管理企业内的Skill,分发到企业AI工作台。“6”是指6个AI基建模块:原有的数据工具系统,逐步实现全域数据实时互通、业务规则统一内嵌,转化成AIAgent的事实数据源,实现MCP/CLI模式的调用;同时对原有数据工具系统进行AIAgent化,实现系统的智能化;包括:经营数据舱、商品内容舱、全域流量舱、用户资产舱、GEO语料舱、供应链履约舱。“N”是指AI工作台上运行的N个Agent工具:青木AIAgent运行平台,实现电商各类运营场景的Agent覆盖;将电商运营各模块、职能管理涉及的各类操作工作、策略制定、分析报告等Agent化,跟人类专家员工协作,高效完成工作。报告期内,公司完成了部分电商高频运营场景的AI化,并初步实现了一套稳定有效的AI管控能力。例如,针对活动报名、优惠设置、短视频制作与发布、投放素材制作、直播剪辑合成、品牌素材制作、电商详情页和二级页制作、客服VOC、客服日常分析、店铺销售/投放等目标拆解、商品诊断、单品分析、活动复盘、私域运营、投放诊断和投放关键词增删调等部分场景,形成了较为稳定、增效、可复用的AIAgent工具集和管控优化体系。并随着AI技术的进步和渗透率的提升进行快速的迭代和扩展。(五)信息安全与数据保护公司建立了较为完善的信息安全管理体系,以保证系统稳定性和数据安全,支持其日常经营。报告期内,公司进一步加强了内部信息网络的安全升级和改造。公司实施的系统运维管控措施包括:(1)使用工具实时监控服务器的运行状态,并及时跟进异常情况;(2)实行定期备份策略,及时跟进和解决数据传输过程中出现的问题;(3)建立了《运维管理制度》,明确机房管理规定;(4)公司在服务条款中明确规定了服务器供应商对于数据库的数据安全及灾难备份的职责与义务,且公司运维工程师负责与供应商对接,以确保供应商履行相关责任与义务。公司实施的数据与访问控制方面的管控措施包括:(1)制定了应用系统、数据库和操作系统的用户账号管理方法,确保账号及其权限的新增、修改、删除需经恰当审核,并由对应系统管理员进行操作;(2)建立了账号权限管理体系,确保不相容职责的人员、账号及权限分离;(3)设立了用户权限进行定期复核机制,确保风险事项得以及时被发现和解决;(4)制定了完善的数据库管理办法,从技术上和流程上降低公司数据被非法篡改的风险;(5)公司开启了数据库的日志功能,记录数据库层面的操作行为,并由专人定期复核。公司实施的个人信息保护管控措施还包括:(1)在与品牌客户建立合作时,签署《数据处理协议》等,获得品牌客户的委托或授权;(2)收集个人信息时,提示隐私政策并获得该等个人同意;(3)与员工签署保密协议并开展相关培训;(4)采取加密措施;(5)与供应商签署数据处理协议并评估供应商的信息保护水平等管控手段。公司还建立了有效的AI安全运营管理体系,包括:(1)完善《AI安全合规治理框架》,构建覆盖组织、制度、技术、流程的全方位AI治理体系,确保AI应用在公司战略下安全、合规、可持续运行;(2)建立《运营团队AI大模型工具使用规范》,积极促进运营团队利用AI工具进行内容创新,有效沉淀数据分析策略,实现AI赋能团队降本增效;(3)制定实施《开发使用AI辅助工具规范》,引导工程师规范使用AI工具,安全可控的提升开发团队的整体效率。二、核心竞争力分析(一)“技术驱动业务+业务强化技术”的“业务+技术”能力成长飞轮公司作为多个主流电商平台的核心服务商,经过十余年的持续投入,构建了三个全覆盖的能力体系:一是覆盖了天猫、抖音、京东、小红书、微信、唯品会、得物等全域关键渠道;二是覆盖了终端消费者在电商消费场景中触及的全链路关键环节;三是覆盖了“经营、商品、内容、流量、会员、社交、供应链履约”全链路关键模块的完整技术工具系统。这些技术工具的开发迭代源自业务一线的实战需求和实践反馈,与多个主流电商平台实现了数据端口打通,具备跨渠道的数据获取、清洗、整合和挖掘能力,成为品牌电商生态的数据底座,为业务的精细化管理运营提供了技术和数据支持。同时,业务一线的实战需求升级与实践数据的反馈,又反向推进技术工具体系的不断迭代升级,形成了“技术与数据驱动业务、业务强化技术与数据”的“业务+技术”能力成长飞轮。“业务+技术”的能力成长体系保障了公司可以为品牌提供“全域全链路电商运营+技术解决方案”的一站式服务,具有独特的竞争优势。(二)成熟的品牌孵化体系和快速突破市场的能力经过在品牌电商行业十余年的持续积累,公司在消费趋势洞察、电商平台运营以及品牌成长路径等方面形成了成熟的方法论和认知能力体系。品牌孵化业务经过早期在健康消费品、女性私护以及宠物食品等领域的持续探索,逐步建立起完善的品牌业务发展体系和能力模块体系。区别于传统的\"流量型\"品牌孵化模式,公司依托自研AI基建和全域运营体系,以数据驱动精准定位替代\"广撒网试错\",以AI工具赋能全链路运营替代\"人力堆叠\",使新品牌冷启动成本有效降低、市场验证周期显著缩短,提升了品牌孵化的成功率。极大降低了新品牌启动成本和运营成本,提升了新品牌孵化的成功率和运营效率。在资源建设方面,公司组建了完善的海外商务团队和战略投资团队,在内部形成了成熟的新品牌评估、落地与引入流程。依托公司的AI智能营销、电商运营、品牌直播、客户服务、仓储物流等业务能力模块,和AI基建与AI能力体系,以及公司积累的线上线下销售渠道资源、达人营销资源,实现对目标消费者的高效精准触达,快速建立品牌市场认知和扩大品牌声量,实现新品牌的快速破局。公司孵化的CumlaudeLab已成为女性私护健康进口领导品牌。(三)与品牌运营管理实践深度融合的AI“操作系统+数字基建+工具应用”能力公司在AI能力方面的核心竞争力,不在于拥有某项单一的AI技术或工具——而在于打造了一个\"电商运营经验+数据资产+AI技术\"三者深度耦合、相互增强的复合壁垒,这是传统电商服务商和纯AI技术公司均难以复制的:①对比传统电商服务商:传统电商代运营依赖人力驱动,运营人员在不同项目间积累的经验难以系统化和规模化复用。公司通过自研覆盖电商全链路的信息系统工具,将十余年在核心品类(大服饰、美妆、健康消费等)积累的运营经验、超过1000亿GMV的交易数据以及品类Know-how,沉淀为AI可调用、可学习的结构化数据基建。AIAgent工具集将这些数据资产转化为可量化的决策辅助能力(如选品策略、投放优化、人群洞察),使运营从\"经验主义\"升级为\"数据+AI双驱动\"。②对比纯AI技术公司:纯技术公司虽然掌握AI模型和算法,但缺乏电商实际经营场景的业务理解、平台规则研判和消费者行为数据闭环。公司的AI能力源自10万+日均投放计划的实战锤炼、70+品牌全链运营的场景验证、\"业务专家+AIAgent\"混合工作流的持续迭代——每一组AI模型的优化都有真实的经营数据来验证和改进。这种\"技术从业务中生长出来\"的路径,使得公司的AI能力在电商运营场景中具有更高的准确度、可用性和持续进化能力。③体系化交付能力:公司已初步形成\"1个操作系统(青灵AI)+6个AI数据基建+N个Agent工具集\"的智能运营体系,而非停留在单点AI工具的碎片状态。青灵AI操作系统作为底层治理平台,实现了模型管理、工程管控、合规风控、Skill治理等统一管控能力,使AIAgent可以在企业核心流程中稳定、可审计、可计量地规模化运行——这是从\"AI试点\"跨越到\"AI基础设施\"的关键分水岭。(四)激发FDE人才涌现的AI原生性文化和组织能力公司创立伊始,就确立并长期践行\"信任人、尊重人、成就人\"的人才观和\"客户第一、高效协作、持续进化\"的组织理念。基于该理念和对技术、市场、社会发展趋势的认知更新,公司持续迭代人才标准、招聘体系、培养体系、评估体系、晋升体系、激励方案、薪酬制度、文化体系等,形成了\"简单、开放、专业、高效\"的组织氛围。这一文化基因为AIFirst员工自下而上地涌现、创新、被看见、被激励提供了良好的土壤和组织支持。报告期内,公司围绕\"AI原生性组织\"方向,在组织能力建设上取得显著进展:成立了\"AI效率实验室\",组织实施了\"AI先锋大赛\"\"AI小课堂\",搭建了\"AI陪练\"助手体系,试点新型团队架构,为AIFirst员工制定专项绩效激励和晋升机制,有力推动了复合型人才(FDE人才,即懂业务逻辑、强AI思维、能为业务闭环提供AI解决方案的人才)的涌现和成长。在人才引入方面,公司在通过高质量校招生、内部AIFirst员工培养和FDE人才激发来拓展AI应用深度和广度的同时,持续进行外部优秀AI人才的高强度吸纳和个性化留存,从飞书、华为等AI行业领先组织引入多位优秀AI人才,为AI能力体系的迭代和品牌电商AI化运营全栈解决方案能力的演进提供了有力的认知和技术保障。(五)优质品牌长期合作背书所构筑的信任壁垒公司自成立伊始,就将大服饰(女装、男装、童装、运动、户外、鞋履、箱包、配饰等)赛道作为切入点,开展电商代运营业务。公司已与多家合作品牌实现了从千万元级至数十亿元规模的陪伴成长,形成了长期的客户信任和优质的行业口碑。在此基础上,公司业务逐步拓展至珠宝饰品、潮玩、保健品、医疗器械、个护及宠物食品等多个行业,不断培育新品类运营能力和拓展业务边界。公司已与国内外众多知名品牌建立了长期业务合作关系,涵盖大服饰、运动户外、潮玩、健康消费品等多个品类,代表性品牌包括ECCO、Lacoste、EmporioArmani、李宁、泡泡玛特、Jellycat、CumlaudeLab、硅基动感等。与上述知名品牌长期合作所建立的信任,以及公司多年积累的优质口碑,为公司新项目和新类目的拓展提供了强有力的信任背书,是公司的护城河。"}]}