Empowering 70% of the world's high-end fashion brands, Baiqiu Shangmei impacts the Hong Kong stock market as the leader in e-commerce retail AI services.

On April 29, Shanghai Baiqiu Shangmei Technology Service Group Co., Ltd. (hereinafter referred to as "Baiqiu Shangmei") officially submitted its prospectus to the Hong Kong Stock Exchange to apply for listing on the main board of the Hong Kong Stock Exchange. CITIC SEC serves as its exclusive sponsor. The prospectus shows that Baiqiu Shangmei has been deeply involved in the brand's online retail comprehensive operation service market for over 15 years. By combining consumer insights, aesthetic capabilities, digital technology, and systematic operations, and utilizing AI-enabled tools, it provides brand merchants with measurable, intelligent retail solutions that cover the entire chain and multiple channels. According to Frost & Sullivan, the company currently ranks second among brand online retail comprehensive operation service providers in China, ranks first in the sub-sector of serving overseas brands, and is also the largest DP operation service provider in China. The high-end brand operation moat is deep, with GMV doubling In recent years, the size of the Chinese consumer goods market has been gradually increasing, and the scale of the Chinese brand online retail comprehensive operation service market is experiencing structural expansion opportunities. By 2025, the scale of the Chinese brand online retail comprehensive operation service market has reached RMB 1,463.4 billion (based on GMV statistics), and is expected to expand at a compound annual growth rate of 10.8% from 2026 to RMB 2,494.4 billion in 2030. The sub-sector of serving overseas brands has particularly rapid growth due to higher barriers and obstacles. Against this background, leading service providers represented by Baiqiu Shangmei have gradually established competitive advantages in the industry through their cross-channel delivery capabilities, coordination of content and media placement, service quality control, and digital operation capabilities. With integrated operation capabilities and services for high-end brands, Baiqiu Shangmei maintains a leading position in GMV of e-commerce operation services. In 2025, the company's GMV of e-commerce operation services reached RMB 39.67 billion, nearly doubling from RMB 23.39 billion in 2023, with a compound annual growth rate of over 30% in two years. The GMV of DP business increased from RMB 3.79 billion in 2023 to RMB 8.93 billion in 2025, an increase of over 135%, reflecting the company's gradual formation of scaled growth momentum on emerging platforms such as Douyin. In terms of performance data, Baiqiu Shangmei's operating income in 2023, 2024, and 2025 was RMB 1.32 billion, RMB 1.42 billion, and RMB 1.59 billion, respectively, showing a trend of contrarian growth despite the overall pressure on mid-to-high-end consumption. In terms of profitability, the company's gross profit margin was 33.4% in 2025, with adjusted net profit increasing significantly by 46% year-on-year to RMB 248 million, indicating the gradual optimization of the company's profit structure with the scale-up of DP and other emerging businesses, operational efficiency improvement, and AI cost reduction. According to Frost & Sullivan, Baiqiu Shangmei currently ranks second among brand online retail comprehensive operation service providers in China with a market share of approximately 2.7%; it ranks first in the sub-sector of serving overseas brands with a market share of 8.8%; and it is also the largest DP operation service provider in China, covering 4.6% of the market share, also leading the industry. Stable and growing customer base, parallel TP and DP engines As a globally leading brand online retail comprehensive operation service provider, Baiqiu Shangmei has been deeply involved in the operation of mid-to-high-end brand for over 15 years, accumulating multi-dimensional and deep competitive barriers. The company strategically focuses on high-value categories such as fashion, jewelry, sports, outdoor, and cosmetics, making it one of the few companies in the industry that are leading digital retail comprehensive operation service providers on major platforms such as Tmall, Douyin, and JD.com. The number of serviced clients is the most direct manifestation of the company's professional barriers. As of the prospectus disclosure, Baiqiu has covered 70% of the world's top 20 high-end fashion groups. The company has provided services to 151 brands, with over 95% of them being mid-to-high-end brands. Mid-to-high-end brands often set high standards for the professionalism of service providers and consistency in their brand image. With its internally built full-chain, cross-platform business infrastructure and supporting systems, Baiqiu Shangmei has become the preferred solution provider for mid-to-high-end brands and maintains long-term, stable, and mutually trusting relationships with many of them. It is worth noting that Baiqiu Shangmei's brand customer base is not only structurally stable but also continuously expanding. According to the prospectus, the number of brands cooperating with e-commerce operation services increased from 115 at the end of 2022 to 151 at the end of 2025, with 33 new brands added in 2025. This demonstrates the company's continued attractiveness to brand merchants. As of the end of 2025, there were 68 brands that had been serviced by the company for over 3 years, accounting for approximately 45% of the total brands serviced. The continuous introduction of new customers and high retention rates of existing customers effectively reduce dependence on a single customer and build a diverse and stable customer base. At the same time, industry consolidation is accelerating. According to Frost & Sullivan data, the combined market share of the top five service providers is only about 14.4%, indicating a highly fragmented market with significant consolidation potential and increasing dominance of leading players. With intensifying competition, some participants with weaker competitiveness or facing profit pressure have gradually reduced related businesses or exited the market, leading resources to concentrate on top service providers with comprehensive delivery capabilities. The prospectus shows that Baiqiu Shangmei has established a dual-engine structure of TP and DP in this trend. In particular, the emerging DP business has experienced rapid growth, with its income increasing by 52.6% year-on-year from 2023 to 2024, the number of serviced brands expanding from 29 to 37, and DP income reaching RMB 350 million in 2025; TP business generated income of RMB 1.04 billion in 2025, a year-on-year increase of 12.7%, with a gross profit margin of 35.6%. The synergy of these two business lines enables the company to have stable delivery capabilities on different platforms in the changing landscape. From "Aesthetic Infrastructure" to "AI Engine," Baiqiu Shangmei Defines a New Paradigm for High-end Brand Operations In the context of the industry's evolution from single-platform execution to cross-platform, systematic operations in brand online retail operations, the value of comprehensive online retail operation services increasingly focuses on meeting higher requirements in brand management, content expression, service experience, and full-chain coordination in operational scenarios, especially in the core competitive advantages of "aesthetic" content output for serving brands and more efficient and intelligent operational service efficiency. Distinguishing itself from general service providers, Baiqiu Shangmei has established an internal aesthetic infrastructure centered on creative studios, design centers, and professional anchor teams. The design center, relying on deep UI/UX experience, has built online visual systems for over 100 brands and has been recognized as a Shanghai Design Innovation Center. Its visual works have even been adopted by several luxury brands overseas and displayed on global websites. In terms of anchor teams, the company currently has 208 full-time anchors, 140 of whom have bachelor's degrees or above in fields such as broadcasting, providing professional, stable, and high-quality live streaming services for mid-to-high-end brands. This internal aesthetic and content infrastructure ensures consistency in service quality and forms competitive barriers that are difficult to replicate quickly externally. Behind this full-chain operation scenario, Baiqiu Shangmei has independently developed the full-chain, multi-channel digital retail system Futail. The prospectus shows that Futail can cover mainstream e-commerce platforms such as Tmall, Douyin, JD.com, and VIPshop, achieving digital and intelligent management of products, design, operation, live streaming, membership and audience, customer service, warehousing, logistics, and other aspects across the entire chain. At the same time, Futail enables global inventory sharing and flexible scheduling, as well as a unified multi-channel membership system, providing brands with precise and efficient data analysis and insights. Currently, Baiqiu Shangmei has fully embedded AI-enabled features into Futail to enhance operational efficiency and quality. Futail includes modules such as automatic identification of category attributes and compliance semantics, visual material creation for cross-channel marketing, AI-assisted customer service scripts, industry and business data intelligent decision support, AI-enabled live streaming screen and voice compliance monitoring, etc., to comprehensively improve operational efficiency. With the continuous innovation and commercial application of AI in the fashion retail sector, the company's AIGC Retail Full-chain Data Insight Platform was presented as a typical demonstration application at the 2024 World Artificial Intelligence Conference (WAIC), endorsed as a key project for enabling large models for productive internet services in Shanghai, and in the "AI Fashion" application scenario. The platform has also received multiple industry award qualifications, fully demonstrating the company's technological strength in combining AI application in the industry. To continuously strengthen its platform operation capabilities, the company has maintained stable research and development investment over the past three years. Research and development expenditures from 2023 to 2025 amounted to RMB 67 million, RMB 69 million, and RMB 78 million respectively, with the proportion of spending on research and development as a percentage of income remaining stable at approximately 5% for all three years. Looking ahead, the company plans to increase investment in independent research and development of operating platforms in the next 3 to 5 years, expand data processing capabilities, extend the application of AI throughout the entire digital retail operation service value chain, broaden multi-scenario functionalities, and increase the development efforts of AI Agents to accelerate brand and channel coverage, ultimately achieving AI-driven "unmanned stores" for multi-channel retail operations. Conclusion: It is worth noting that since its founding in 2010, Baiqiu Shangmei has gone through multiple rounds of capital recognition. In 2020, Sequoia Capital led the A-round financing; at the same time, A-share listed companies Shenzhen Ellassay Fashion, Hangzhou Jiebai Group, and Morning Fund continue to hold shares as long-term strategic shareholders. The dual endorsement of top financial capital and industrial capital not only validates the company's business model but also provides a solid market credit foundation for the company to enter the international capital market. With the Chinese brand online retail comprehensive operation service market expected to continue expanding at a compound annual growth rate of approximately 10.8%, Baiqiu Shangmei's submission to the Hong Kong Stock Exchange this time will provide a capital platform for accelerated strategic expansion. With its leading position as the top service provider for overseas brand operations, continuous deepening of technological investment, and proven ability in all-channel services, Baiqiu Shangmei is poised at a promising new starting point for growth and is expected to continuously provide measurable, intelligent retail solutions that cover the entire chain and multiple channels for more domestic and international brand merchants in the future.