New stock Outlook | AI technology reconstruction of consumer services, Baiqiu Shangmei unique competitive advantage to build a new online retail barrier.

The retail industry of e-commerce in China is undergoing a profound transition from "traffic dividend" to "technology dividend" and "efficiency dividend". The saturation of traffic and intensifying competition, coupled with increasingly diversified and refined user demands, have made the traditional approach of early e-commerce operators relying on volume sales no longer viable. Brands are finding it increasingly difficult to achieve high returns, and the pursuit of a certain return on investment has replaced the previous impulse for massive expansion at all costs. In the face of this great change, service providers who can directly deliver quantifiable and sustainable business results for brands are becoming more and more valuable. Baichu Shangmei, which recently submitted its listing application to the Hong Kong Stock Exchange, is not a traditional e-commerce agency. Based on years of accumulated digital infrastructure, Baichu Shangmei is striving to build a retail AI intelligence body, helping international brands fully integrate the "last mile AI landing". It can be considered a pioneer in the large-scale industrial application of AI in the e-commerce retail service field in China. According to Frost & Sullivan data, Baichu Shangmei ranks second among comprehensive online retail operation service providers for Chinese brands, and ranks first in serving overseas brand niche markets, with corresponding market shares of 2.7% and 8.8%. The essence of Baichu Shangmei's AI industrialization practice is a paradigm shift from "selling tools" to "selling results". As a recent groundbreaking prediction from a partner at Sequoia Capital stated: the next trillion-dollar company will be an "AI company disguised as a service company", and the core logic behind this prediction is that selling tools to enhance effectiveness (Copilot) is no longer suitable for the new normal, while selling results to customers (Autopilot) can better meet their needs. GMTEight believes that Baichu Shangmei is a vivid example of the "Autopilot" model described by Sequoia in the e-commerce retail field: it is not just selling software accounts to brand merchants, but using its independently developed Futail digital retail system to deeply embed AI throughout the e-commerce operation chain, and ultimately deliver quantifiable business results. Understanding both consumer behavior and technology, Baichu Shangmei's "all-star" client lineup demonstrates its strength. Its history can be traced back to 2010, and over 15 years of development, Baichu Shangmei has become a digital retail operations service provider focused on middle to high-end brands in China. Focusing on the category of "beauty", Baichu Shangmei has established a strong moat in segments such as fashion, jewelry, outdoor sports, and beauty, and is one of the few enterprises in the industry that provides services to leading brands on all major e-commerce platforms such as Tmall, Douyin, and JD.com. By 2025, Baichu Shangmei achieved a GMV of 39.7 billion yuan in the e-commerce operation services field, maintaining a leading position in the industry. Reflecting on financial data, from 2023 to 2025, Baichu Shangmei's revenue steadily increased from 1.318 billion yuan to 1.587 billion yuan, achieving counter-cyclical growth against the backdrop of pressure on middle to high-end optional consumption. Focusing on high-end markets in segmented areas and building a strong barrier, Baichu Shangmei distinguishes itself from other service providers. Since its establishment, Baichu Shangmei has always focused on high-value categories such as fashion, jewelry, outdoor sports, and beauty. With over 15 years of experience and accumulation, Baichu Shangmei has developed a systematic professional capability in industry understanding, consumer insights, and category operations. Looking at Baichu Shangmei's client list, it is truly a "luxury all-star" lineup. Data show that by the end of 2025, Baichu Shangmei had provided services to 151 brands through e-commerce operations services, with more than 95% of them being middle to high-end brands; according to publicly available information, LVMH Group, Richemont Group, and Kering Group are all listed among them, with Baichu Shangmei serving clients covering 70% of the world's top twenty high-end fashion groups.