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另一个原因则源于内部的扩张思路，电商代运营企业正在消化非经常性损益带来的短期业绩波动。头部代运营商的扩张思路，主要可分为两类：一是通过花钱投资孵化或并购新品牌，二是通过资本化手段，投资或参股企业，通过公允价值变动收益优化利润表。Another reason is due to internal expansion thinking, as e-commerce operators are digesting short-term performance fluctuations caused by non recurring gains and losses. The expansion ideas of top generation operators can be mainly divided into two categories: one is to incubate or acquire new brands through investment, and the other is to optimize the income statement through capitalization means, investment or equity participation in enterprises, and changes in fair value income.

后者典型案例则为宝尊与丽人丽妆。2022年，宝尊净亏损超一半来自公允价值变动损失，达3.648亿元。在2021年，阿里旗下菜鸟智慧物流以2.179亿美元收购了宝尊旗下从事仓储和配送的子公司宝通股份30%股权。根据当时的协议，倘发生若干触发事件，菜鸟有权要求宝尊以相等于初始投资的价格加上每年6%的内部回报率赎回其股份。The typical cases of the latter are Baozun and Beauty Beauty. In 2022, over half of Baozun's net loss came from changes in fair value, reaching 364.8 million yuan. In 2021, Alibaba's Cainiao Smart Logistics acquired a 30% stake in Baotong, a subsidiary of Baozun engaged in warehousing and distribution, for $217.9 million. According to the agreement at the time, if several triggering events occur, Cainiao has the right to request Baozun to redeem its shares at a price equal to the initial investment plus an annual internal return rate of 6%.

投资界有一个“黄金三角”理论，判断一个企业是否具备成长性，主要看三点：好时机、好赛道与好公司。好时机能够帮助企业赢得时间窗口，取得一定的先发优势；好赛道能吸纳足够的“钱”景，享受估值溢价；好公司则以好的商业模式实现稳健的经营。There is a "Golden Triangle" theory in the investment community, which judges whether a company has growth potential mainly based on three points: good timing, good track, and good company. Good timing can help enterprises win the time window and gain a certain first mover advantage; A good track can absorb enough 'money' and enjoy a valuation premium; Good companies achieve stable operations with good business models.

通过多年的探索和教学积淀，我们构建了“定位+规则+策划+运营”的实战教学课程体系，培训领域有电商美工视觉培训、电商运营培训、电商全能培训、全网营销培训、SEO/SEM培训、移动营销培训、网站策划与建设培训等全方位全流程服务，致力打造良性互联网营销服务生态圈。learned is what is needed", and puts the practical training and employment issues of students first. Since its establishment, it has received widespread praise from society and has become a leading training institution in the region. Faced with the serious shortage of internet talents in today's society, we are fully confident in entering the national IT vocational education and training market.

此外，在电商新模式中，品牌及入驻企业会兼顾“货品”和“内容”运营，以内容为纽带触达更广泛人群，直面消费者、创造新消费。例如，在以抖音电商代表的兴趣电商、内容电商模式下，消费者采用的是“内容/兴趣—激活需求—购买—展示分享”模式，电商新模式借助维度更丰富的信息线索，实现从被动等待用户搜索转变为主动预判用户偏好，实现了“货找人”。