According to the Huatai Securities Research Report, China's clothing cross-border e-commerce relies on the advantages of industrial clusters and the dividends of the rapid rise of global online channels. In recent years, it has further consolidated flexible supply chains, localized implementation, digitalization and brand operation capabilities, and used data to organize global supply and demand. Leaders represented by SHEIN have built large-scale automated small order quick return systems and established deep barriers. Along with the cancellation or tightening of duty-free policies for low-value packages in the US and Europe, competitive elements have been rearranged, further testing comprehensive capabilities such as brand accumulation and local compliance. The leader is also moving towards platform-based empowerment and multi-regional layout. I am optimistic that Chinese leaders with end-to-end closed loop supply and demand capabilities will continue to expand their global share.

According to the Huatai Securities Research Report, China's clothing cross-border e-commerce relies on the advantages of industrial clusters and the dividends of the rapid rise of global online channels. In recent years, it has further consolidated flexible supply chains, localized implementation, digitalization and brand operation capabilities, and used data to organize global supply and demand. Leaders represented by SHEIN have built large-scale automated small order quick return systems and established deep barriers. Along with the cancellation or tightening of duty-free policies for low-value packages in the US and Europe, competitive elements have been rearranged, further testing comprehensive capabilities such as brand accumulation and local compliance. The leader is also moving towards platform-based empowerment and multi-regional layout. I am optimistic that Chinese leaders with end-to-end closed loop supply and demand capabilities will continue to expand their global share.