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年入44亿!福建大卖即将上市

AMZ123 2026-06-29 09:41
AMZ123 2026/06/29 09:41

邦小白快读

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本文介绍了即将上市的福建跨境汽配大卖扬腾创新的发展情况与核心增长经验,核心干货如下:

1. 核心基础信息:扬腾创新2019年成立,深耕汽车后市场跨境电商,2025年营收达44.4亿元,三年营收年均复合增长率58.73%,获得腾讯投资、高瓴资本等头部机构超1亿美元融资,从提交IPO申请到进入深交所问询仅用时18天,目前拟募资8.02亿元。

2. 可参考的实操经验:选品上抓住汽配长尾适配特性,做海量SKU布局覆盖全球主流车型需求,靠数智化体系解决传统铺货模式的死库存问题;运营上采用多品牌矩阵适配不同区域市场,亚马逊端靠精准关键词投流配合品控打造引流转化复购的正向循环,同时布局独立站沉淀私域。

3. 需要警惕的风险:该模式存在高库存占用资金、过度依赖亚马逊平台、缺乏品牌技术壁垒等问题。

本文拆解了出海汽配品牌扬腾创新的增长逻辑,对布局跨境业务的汽配品牌商有较多参考,核心内容如下:

1. 赛道与消费趋势:汽配天生具备长尾属性,海量差异化需求无法被线下门店满足,是跨境电商的优质增长赛道,行业核心逻辑是做需求匹配而非打造爆款,能承接更多分散需求就能获得更大市场份额。

2. 品牌与渠道建设经验:采用“主品牌打基本盘+区域品牌做本土化+垂直品牌切细分赛道”的矩阵布局,最大化复用供应链与运营能力,不同市场形成协同效应;渠道以亚马逊第三方平台为核心流量入口,搭配独立站做品牌自留地,沉淀私域用户降低平台依赖。

3. 品牌营销经验:亚马逊站内主打精准关键词广告投放,配合稳定品控积累高用户评分,形成“引流-转化-口碑”的正向循环,品牌复购率逐年提升至34%。

4. 需要警惕的风险:海量SKU带来高库存跌价风险,过度依赖平台会挤压研发投入,难以构建真正的品牌护城河。

本文拆解了跨境汽配大卖扬腾创新的出海打法,点明了赛道的机会与风险,对跨境卖家的干货内容如下:

1. 赛道机会:汽配是适配跨境电商的优质增长赛道,线下无法满足的海量长尾需求给卖家留下了充足增长空间,哪怕是重资产、慢回报的赛道,只要方法正确也能跑出高增长,扬腾创新三年营收翻2.5倍就是典型案例。

2. 可学习的实操方法:选品端做海量SKU布局覆盖差异化需求,依托数智化体系实现新品精准开发、动态库存优化和高效订单履约,解决传统铺货模式死库存多、动销率低的痛点;品牌端做差异化多品牌布局适配不同区域,流量端靠亚马逊精准关键词投流配合品控提升复购。

3. 风险与机会提示:要警惕海量SKU带来的资金占用风险,扬腾存货周转率仅1.88次,远低于行业平均水平,存货跌价损失三年翻4.5倍;同时要避免过度依赖单一平台,提前布局独立站搭建私域,降低平台规则变动与成本上涨的风险。

本文对出海汽配工厂转型做自有品牌电商有较多启示,核心干货内容如下:

1. 产品需求与商业机会:海外汽配市场存在大量未被满足的长尾差异化需求,不同车型、年份的适配需求分散,线下门店无法覆盖,给工厂转型自有品牌出海带来了新的增长机会,赛道不需要依赖爆品,只要能覆盖更多适配需求就能获得市场份额。

2. 数字化与电商转型启示:传统铺货型玩家容易陷入死库存的死胡同,工厂做电商可借鉴扬腾创新的数智化路径,在新品开发端依托市场大数据分析选品,在供应链端搭建需求驱动的动态库存优化管理体系,在运营端用技术提升订单履约效率,把SKU规模优势转化为实际销量。

3. 产品布局参考:可优先聚焦底盘零部件、发动机零部件等核心高需求品类,这两大品类已经贡献了扬腾超65%的销售收入增长;同时可针对不同区域市场做本土化产品适配,也可以切入越野改装等细分赛道获取增量。

4. 需要注意的风险:大规模SKU布局会占用大量资金,要提前做好库存管控,避免库存跌价风险。

本文分析了跨境汽配出海行业的现状与痛点,对服务跨境行业的服务商来说,核心干货内容如下:

1. 行业发展趋势:当前跨境汽配赛道增长强劲,头部企业年均营收复合增长率接近60%,越来越多卖家开始布局自有品牌出海,卖家普遍在做海量SKU布局,同时逐步从单一第三方平台向多渠道布局转型,越来越重视私域沉淀和数智化运营,对相关服务的需求持续提升。

2. 客户核心痛点:铺货型汽配卖家普遍存在死库存多、动销率低、资金周转慢的痛点,大量SKU带来高额库存跌价损失,多数卖家的存货周转率远低于行业平均水平;依赖第三方平台的卖家面临平台佣金、广告成本持续上涨的压力,缺乏私域沉淀,品牌话语权弱;多数中小卖家没有成熟的数智化体系,无法支撑海量SKU高效运转。

3. 市场机会:可针对卖家痛点,开发汽配适配大数据分析、动态库存管理、数智化供应链管控这类工具,帮助卖家提升运营效率降低库存风险;也可拓展独立站搭建、站外精准引流等服务,满足卖家多渠道布局、沉淀私域的需求。

本文通过扬腾创新的案例反映了跨境大卖对平台的需求与行业现存问题,对平台商的干货内容如下:

1. 卖家对平台的核心需求:第三方平台仍是当前跨境大卖的核心流量来源,卖家需要平台提供稳定的流量入口、成熟高效的广告投放工具,帮助卖家匹配精准的需求;同时卖家普遍希望平台降低佣金与广告费率,缓解不断上涨的成本压力。

2. 平台运营与招商方向:汽配是当前增速较快的优质垂直赛道,平台可以针对性开展招商,引入更多垂直品类的优质大卖,丰富平台的品类供给;针对汽配长尾品类的特性,可以优化完善搜索、广告投放体系,帮助卖家更精准的触达目标用户,也可以给垂直品类头部卖家更多品牌推广资源,扶持卖家成长。

3. 风险规避方向:要关注卖家过度依赖平台、过度铺货带来的经营风险,可引导卖家多渠道布局,也可以推出独立站配套服务,满足卖家沉淀私域的需求;同时可以通过相关规则引导卖家合理管控库存,提升卖家整体经营健康度,降低大规模经营风险传导到平台的可能。

本文为跨境电商出海产业研究提供了典型的新锐案例,核心干货内容如下:

1. 产业新动向:当前跨境电商出海逐步向纵深发展,开始切入汽车后市场这类传统重垂直赛道,诞生了增速极快的头部企业,赛道的增长逻辑不同于标品类目,不依赖打造爆款,核心是依托汽配的长尾特性,靠数智化运营能力构建竞争壁垒,商业模式也从早期的铺货卖货逐步向自有品牌多渠道运营转型。

2. 产业新问题:海量SKU模式存在明显的增长悖论,规模扩张的同时带来了极高的库存压力,头部企业的存货周转率也远低于行业平均水平,大量利润沉淀在库存中,一旦下游需求出现波动,就可能引发经营风险;同时多数跨境大卖存在严重的平台依赖问题,平台佣金和广告成本占比过高,挤压了研发投入空间,多数品牌仍停留在性价比竞争阶段,缺乏技术壁垒,难以构建真正的品牌护城河。

3. 产业研究启示:未来跨境垂直品类大卖要实现可持续增长,需要逐步解决规模与效率的平衡问题,加大研发投入构建技术壁垒,降低对第三方平台的依赖,通过私域运营提升品牌认同。

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Quick Summary

This article outlines the growth trajectory and key success strategies of Yangteng Innovation, a Fujian-based cross-border automotive aftermarket seller set to go public. Key takeaways are as follows:

1. Core background: Founded in 2019, Yangteng Innovation focuses on cross-border e-commerce in the automotive aftermarket. It posted 4.44 billion yuan in revenue in 2025, with a three-year compound annual growth rate (CAGR) of 58.73%. The company has raised over $100 million from leading investors including Tencent and Hillhouse Capital. It took only 18 days from its IPO filing to receiving the Shenzhen Stock Exchange’s inquiry, and it is seeking to raise 802 million yuan through the offering.

2. Actionable takeaways: For product selection, Yangteng leverages the long-tail fit nature of automotive parts, deploying a massive SKU portfolio to cover demand for major global vehicle models, and uses a digital intelligence system to eliminate the dead inventory problem that plagues traditional mass-listings models. For operations, it uses a multi-brand matrix to adapt to different regional markets. On Amazon, it combines precise keyword advertising with strict quality control to build a positive cycle of traffic acquisition, conversion and repurchase, while also operating independent sites to build its private domain traffic pool.

3. Key risks to note: This business model faces risks including high capital tied up in inventory, over-reliance on Amazon, and a lack of brand and technical barriers.

This article breaks down the growth logic of cross-border automotive brand Yangteng Innovation, offering key insights for auto parts brands expanding cross-border business:

1. Category landscape and consumer trends: Automotive parts naturally have long-tail attributes. Massive differentiated demand cannot be met by physical offline stores, making it a high-growth vertical track for cross-border e-commerce. The core rule of the market is demand matching, rather than building hit products, so players that can absorb more scattered demand will capture larger market share.

2. Brand and channel building experience: Yangteng uses a matrix layout of "core brand for core market share, regional brands for localization, vertical brands for niche segments" to maximize reuse of supply chain and operational capabilities, creating synergies across different markets. It uses Amazon as its core traffic channel, while operating independent sites as a brand-owned space to accumulate private domain users and reduce platform dependency.

3. Brand marketing experience: On Amazon, Yangteng focuses on precise keyword advertising, and pairs this with consistent quality control to accumulate high user ratings, forming a positive "traffic acquisition-conversion-word of mouth" cycle that has lifted its brand repurchase rate to 34% year over year.

4. Key risks to note: Massive SKU portfolios carry high inventory depreciation risk, while over-reliance on platforms crowds out R&D investment, making it difficult to build true brand moats.

This article breaks down the go-global playbook of leading cross-border auto parts seller Yangteng Innovation, outlining opportunities and risks in the sector for cross-border sellers:

1. Track opportunities: Automotive parts is a high-growth vertical well-suited for cross-border e-commerce. The massive unmet long-tail demand that offline channels cannot serve leaves ample room for growth for sellers. Even as a capital-heavy, slow-return track, it can deliver strong growth when executed correctly, as proven by Yangteng’s 2.5x revenue growth over three years.

2. Actionable best practices: For product selection, deploy a massive SKU portfolio to cover differentiated demand, and leverage a digital intelligence system to enable accurate new product development, dynamic inventory optimization and efficient order fulfillment, solving the pain points of high dead inventory and low sell-through rates that plague traditional mass-listings models. For branding, adopt a differentiated multi-brand strategy to adapt to different regional markets, and use precise keyword advertising on Amazon paired with quality control to boost repurchase rates.

3. Risk and opportunity alerts: Be wary of capital tied up in inventory from large SKU portfolios. Yangteng’s inventory turnover rate is only 1.88 turns per year, far below the industry average, and its inventory depreciation loss has grown 4.5x over three years. Sellers should also avoid over-reliance on a single platform, and proactively build independent sites and private domain traffic to mitigate risks from platform rule changes and rising costs.

This article offers key insights for auto parts factories transitioning to own-brand cross-border e-commerce:

1. Product demand and business opportunities: The overseas auto parts market has massive unmet long-tail differentiated demand. Fit requirements for different vehicle models and production years are highly scattered and cannot be covered by offline stores, creating new growth opportunities for factories transitioning to own-brand go-global strategies. This track does not rely on hit products — players can gain market share simply by covering more fit requirements.

2. Insights for digital and e-commerce transformation: Traditional mass-listing players often get stuck with crippling dead inventory. Factories can follow Yangteng Innovation’s digital-led path: use big data market analysis for new product selection, build a demand-driven dynamic inventory optimization and management system for the supply chain, and use technology to improve order fulfillment efficiency, turning SKU scale advantages into actual sales growth.

3. Product layout reference: Factories can prioritize core high-demand categories such as chassis components and engine components, which contributed over 65% of Yangteng’s revenue growth. They can also build localized product adaptations for different regional markets, or enter niche segments such as off-road modification to capture incremental growth.

4. Key risks to note: Large-scale SKU deployment ties up significant amounts of capital, so factories should implement strict inventory control in advance to avoid inventory depreciation risk.

This article analyzes the current status and pain points of the cross-border auto parts go-global industry, with key takeaways for cross-border service providers:

1. Industry trends: The cross-border auto parts track is currently growing strongly, with leading players posting nearly 60% annual revenue CAGR. More and more sellers are launching own-brand go-global strategies, deploying massive SKU portfolios, and transitioning from single third-party platform operations to multi-channel layout. Sellers are increasingly prioritizing private domain accumulation and digital intelligence operations, driving sustained growth in demand for related services.

2. Core customer pain points: Mass-listing auto parts sellers generally face high dead inventory, low sell-through rates and slow capital turnover, with massive SKUs leading to high inventory depreciation losses. Most sellers have inventory turnover rates far below the industry average. Sellers reliant on third-party platforms face constant pressure from rising platform commissions and advertising costs, lack private domain accumulation, and have weak brand bargaining power. Most small and medium-sized sellers do not have mature digital intelligence systems to support efficient operations for massive SKU portfolios.

3. Market opportunities: Service providers can develop tools targeting these pain points, such as auto parts fit big data analytics, dynamic inventory management, and digital supply chain control, to help sellers improve operational efficiency and reduce inventory risk. They can also expand services such as independent site development and off-platform precise traffic acquisition to meet sellers’ demand for multi-channel layout and private domain accumulation.

This article uses the Yangteng Innovation case to illustrate cross-border giants’ demand for platforms and existing industry problems, with key takeaways for marketplace operators:

1. Sellers’ core demand from platforms: Third-party marketplaces remain the core traffic source for leading cross-border sellers. Sellers need platforms to provide stable traffic access and mature, efficient advertising tools to help them match with precise demand. Sellers also widely expect platforms to lower commission and advertising rates to ease growing cost pressure.

2. Platform operation and sourcing direction: Automotive parts is currently a high-growth quality vertical track. Platforms can conduct targeted sourcing to attract more high-quality large sellers in vertical categories, enriching platform product selection. To accommodate the long-tail nature of auto parts, platforms can optimize search and advertising systems to help sellers reach target users more accurately, and allocate more brand promotion resources to leading vertical sellers to support their growth.

3. Risk mitigation direction: Platforms should pay attention to operational risks brought by sellers’ over-reliance on platforms and over-expansion of SKU listings. They can guide sellers to adopt multi-channel layouts, and launch supporting independent site services to meet sellers’ demand for private domain accumulation. Platforms can also introduce rules to encourage sellers to manage inventory rationally, improve overall seller operational health, and reduce the risk of large-scale operational risk spreading to the platform.

This article presents a typical emerging case for industry research on cross-border e-commerce go-global, with key takeaways:

1. New industry trends: Cross-border e-commerce go-global is now developing in depth, expanding into traditional capital-heavy vertical tracks such as the automotive aftermarket, and has produced fast-growing leading players. The growth logic of this track differs from that of commodity categories: it does not rely on building hit products, and instead builds competitive barriers through digital operations, leveraging the long-tail nature of auto parts. Business models have also gradually shifted from early mass-listings reselling to own-brand multi-channel operations.

2. New industry challenges: The massive SKU model has a clear growth paradox: scaling up comes with extremely high inventory pressure. Even leading players have inventory turnover rates far below the industry average, with large shares of profits tied up in inventory. If downstream demand fluctuates, it could trigger operational risk. At the same time, most leading cross-border sellers face severe over-reliance on platforms. High platform commission and advertising costs crowd out R&D investment, leaving most brands stuck in price-based competition, lacking technical barriers, and unable to build true brand moats.

3. Insights for industry research: For leading cross-border vertical sellers to achieve sustainable growth in the future, they need to gradually resolve the balance between scale and efficiency, increase R&D investment to build technical barriers, reduce reliance on third-party platforms, and build brand recognition through private domain operations.

Disclaimer: The "Quick Summary" content is entirely generated by AI. Please exercise discretion when interpreting the information. For issues or corrections, please email run@ebrun.com .

I am a Brand Seller Factory Service Provider Marketplace Seller Researcher Read it again.

来自福建福州的跨境“黑马”,在汽车后市场跑出了“加速度”。

据深交所披露,5月10日,扬腾创新(福建)信息科技股份有限公司(简称“扬腾创新”)创业板IPO已进入问询阶段,拟募资8.02亿元。

公开信息显示,扬腾创新成立于2019年,是一家深耕汽配产品销售的跨境电商企业,从4月22日提交上市申请到进入问询阶段,用时仅18天。截至2024年,其累计融资额已超过1亿美元,投资方包括腾讯投资、高瓴资本、顺为资本、鼎晖投资等机构。

扬腾创新的IPO推进速度为何如此之快?又是凭什么获得了资本市场青睐?

本文将从品类布局、渠道运营等维度,深入拆解这家福建汽配大卖的出海路径。

根据招股书,2023年至2025年,扬腾创新营业收入分别为17.62亿元、32.71亿元和44.40亿元,年均复合增长率达58.73%;扣非净利润分别为1.31亿元、2.90亿元和3.46亿元,年均复合增长率高达62.73%。

三年营收规模翻2.5倍,利润增速跑赢营收增速,对于一家主营跨境电商业务的企业来说,这份成绩单足够亮眼。而进一步拆解这份成绩单背后的增长逻辑,要从其所选择的汽配赛道说起。

一个常被忽略的事实是:汽配天生具备的“长尾基因”,实际上特别适配跨境电商。

一辆汽车由成千上万个独立零部件组装而成,不同品牌、车型、生产年份、排量又会衍生出海量适配组合……导致汽配的SKU通常数量较多且分散,而线下店受空间限制往往无法满足如此庞大的需求,拥有无限货架的跨境电商便成为了汽配最肥沃的“增长土壤”。

但不同于依赖爆款模式的服饰、美妆等品类,汽配的强适配性,又决定了其核心增长逻辑不是“造爆品”,而是“做匹配”:谁能承接更多分散的长尾需求,谁就能拿到更大的市场份额。

扬腾创新显然吃透了这一逻辑。截至2025年末,其在售自有品牌汽配SKU数量达约17.21万个,SPU数量超500个,覆盖雪佛兰、凯迪拉克、别克、福特等全球主流车型,涵盖底盘零部件、发动机零部件、车身及附件、电子电气零部件四大品类。

其中,底盘零部件和发动机零部件为核心品类,2023年至2025年,二者合计贡献了超过65%的销售收入增长。以底盘零部件为例,其产品包括控制臂部件、半轴、制动卡钳、传动轴等众多细分SPU,2025年销量超300万件,营收达16.09亿元。

但真正令其与同行拉开差距的,并非单纯的SKU数量。过去行业内不乏动辄铺数十万SKU的铺货型卖家,但大多都陷入了“死库存多、动销率低、资金周转慢”的死胡同。

扬腾创新的核心优势,源自其在招股书中反复提及的“数智化”——在新品开发端基于市场洞察对细分汽配产品进行分析,在供应链管理端构建需求驱动的动态库存优化机制、仓储管理以及物流跟踪系统,在多渠道运营端引入大数据、人工智能等新兴技术提高订单履约效率。

简而言之,扬腾创新已形成了一套能够支撑海量SKU高效运转的体系,让“铺得多”真正转化为了“卖得动”。并且依托于这套体系,其得以保持年均开发数万个自有品牌汽配SKU的速度,在满足全球消费者差异化需求的同时,进一步巩固了产品覆盖面的竞争优势。

因此站在跨境卖家的角度来看,其最值得深剖的已不是“它为何能获得资本青睐”,而是:在汽配这个重资产、慢回报的赛道,它是如何通过跨境电商渠道,精准匹配海外市场的长尾需求的。

翻开招股书看,亚马逊、eBay等第三方电商平台是扬腾创新近三年营收的绝对主力。

2025年,扬腾创新线上B2C渠道合计贡献40.70亿元营收,占总营收比为91.68%,其中亚马逊渠道的收入达29.34亿元,占总营收比为66.09%,连续三年稳居其产品的第一大流量入口。

下面从产品与流量两大核心维度,深入拆解其在亚马逊的打法。

先说产品端,扬腾创新旗下拥有三大品牌:A-Premium、Frankberg和YHTAUTO。

其中,A-Premium是其主品牌,主攻北美市场,覆盖汽配全品类,凭借极高的车型适配率与稳定品控,在亚马逊美国、加拿大市场中长期排名前列,并且稳居亚马逊汽车配件垂直品类第一。涡轮增压器、汽车撑杆等多款产品曾拿下Best Seller与Amazon's Choice标识。

数据显示,近30天内,A-Premium在美国站售出约15.24万件(仅统计18个产品链接),销售额超730万美元。其中一款刹车卡钳位居所在汽配细分类目Best Sellers榜第九,评分高达4.8。

同时,Frankberg深耕欧洲市场,针对德、英、法等欧洲消费者的需求偏好做产品适配;YHT AUTO则聚焦越野改装赛道,主打皮卡、越野车的性能配件,布局欧洲、澳洲、日本等市场。

从一定程度上而言,这种“主品牌打基本盘+区域品牌做本土化+垂直品牌切细分赛道”的矩阵布局,最大化地复用了其供应链与运营能力,在不同市场形成了协同效应。

再看流量端,扬腾创新在亚马逊渠道的增长与其广告投放量呈高度正相关。2023年至2025年,其广告流量推广费用分别为4978.79万元、1.43亿元、1.70亿元,与营收增长同步,逐年攀升。

据招股书披露,其站内主要通过商品推广广告、关键词广告、促销活动报名等方式进行推广。以上述提到的刹车卡钳为例,A-Premium针对brake caliper、rear brake caliper等关键词投放SP广告,抢占搜索结果页广告位。

数据显示,3月第二周,其SP广告流量指数同比上涨100%,带动总流量指数增长25.68%,而到了4月的第二周,SP广告停投后,总流量指数直接暴跌。

这一策略,在一定程度上让A-Premium在关键词搜索中占据优势,配合评分较高的产品评价,形成了“引流进店-高效转化-口碑积累”的正向循环。招股书显示,其亚马逊主店铺的复购率从2023年的19%、2024年的28%持续增长至2025年的34%,侧面印证其品牌认知度已有了一定的积累。

而在第三方电商平台之外,独立站也是扬腾创新品牌化布局的重要渠道。

招股书显示,其2025年独立站业务实现收入4.11亿元,虽然发展时间较短,规模尚小,但增速显著,占总营收比已从2023年的5.57%稳步提升至2025年的9.26%。

调查发现,其独立站同样试图沿用多品牌策略:A-Premium独立站面向美国市场,月访问量约316万,流量来源以付费搜索与展示广告为主,承接站外引流的精准用户;Frankberg独立站布局欧洲,目前仍处于起步阶段,月访问量仅有数千;而YHTAUTO独立站则仅完成注册,尚未正式运营。

对于扬腾创新而言,其上线独立站更像是为了打造一个“品牌自留地”——不受平台规则约束,能沉淀用户数据,搭建私域流量池,同时摆脱平台佣金与广告费率持续上涨的压力。随着独立站收入占比逐年提升,其或有望从“平台卖家”向“品牌企业”转型。

不过,光鲜的增长曲线之下,扬腾创新的隐忧也从未消失。

“成也SKU、败或也SKU”是跨境电商领域的经典悖论,也是扬腾创新的第一重隐忧。

17万SKU在构筑竞争壁垒的同时,形成了庞大的资金占用。招股书显示,2023年至2025年,扬腾创新的存货账面价值分别为6.61亿元、11.93亿元与13.81亿元,占流动资产比例常年维持在45%以上;存货跌价损失从2023年的1215万元升至2025年的5448万元,三年间翻了4.5倍。

与之形成对比的是偏低的周转效率。2025年扬腾创新存货周转率仅为1.88次,显著低于同行业平均4.02次的水平 。这意味着,其利润有很大一部分沉淀在了仓库里——2025年扣非净利润3.46亿元,但经营活动现金流净额仅1.39亿元,净现比只有约0.4。

这一巨大落差,本质上是其“用库存换市场份额”的必然代价。同时也意味着,一旦下游需求波动明显,高库存就可能从原本的“竞争壁垒”变成“经营堰塞湖”。

与此同时,和诸多在亚马逊跑出增长的卖家一样,扬腾创新也有着“平台依赖症”。2025年,其销售平台服务费高达6.10亿元,占销售费用的50.74%,加上1.70亿元的广告推广费用,仅“平台佣金+广告投流”两项就吃掉了超六成销售费用。

这在一定程度上也限制了其研发投入。2024年和2025年,扬腾创新研发费用分别为2849.82万元、5967.06万元,占营收比分别为0.87%、1.34%,不足销售费用的二十分之一。

因此从目前来看,扬腾创新尚未建立真正的品牌护城河——产品仍以通用替换件为主,缺乏技术壁垒与独家专利,用户选择的核心驱动力依然是“适配、便宜”,而非真正的品牌认同。

AMZ123简评

对于扬腾创新来说,冲刺IPO或许将是一个新的起点。招股书显示,其上市募资拟投资于新品开发、品牌建设与渠道推广升级、数智化供应链及运营管理平台建设升级等项目。

迈入出海的下一阶段,扬腾创新要讲的将不再是单纯的规模增长故事,而是如何转向真正的价值创造。

注:文/AMZ123,文章来源:AMZ123跨境电商(公众号ID:amz123net),本文为作者独立观点,不代表亿邦动力立场。

文章来源:AMZ123跨境电商

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