Reducing Reliance on Top Streamers and R Diagram

Strengths

• Significant net profit recovery after breaking away from streamer dependence
• Increased proportion of private labels enhances pricing power and brand mindset

Weaknesses

• Challenges still exist in private-label quality control and member conversion
• Growth is highly dependent on category expansion and channel operation capabilities

Opportunities

• Multi-channel distribution via proprietary apps, Taobao, JD.com, and others expands the customer base
• Supply-chain-driven model verified by more merchants

Threats

• Siphon effect of top streamers and short-video traffic still persists
• Increased competition in live-streaming e-commerce leads to rising customer acquisition costs