跨境电商企业千岸科技在北交所挂牌上市 总市值超58亿元

This article focuses on core information regarding the listing of Shenzhen-based cross-border e-commerce firm Qianan Technology on the Beijing Stock Exchange (BSE), and discloses key operational insights as follows:

1. Basic listing details: The company officially listed on July 29 with the stock code 920065 and an issue price of RMB 24.30 per share. Its share price climbed to a high of RMB 60.30 after listing, representing a 148.15% jump from the issue price, giving it a total market capitalization of approximately RMB 5.866 billion. Founded in 2010, Qianan is an integrated cross-border e-commerce player covering R&D, production, sales and services, owns multiple independent brands, and sells products globally.

2. Growth performance: Its revenue grew from RMB 1.4 billion in 2023 to RMB 1.981 billion in 2025, representing a compound annual growth rate (CAGR) of 18.95%. Net profit growth has accelerated year over year, hitting 52.24% in 2025, indicating a solid growth trajectory.

3. Core corporate strategies: Qianan has proactively adjusted its product portfolio to focus on high-growth core categories, advanced brand building, and diversified sales channels to mitigate risks. Proceeds from the IPO will be allocated to product R&D, supply chain upgrades and brand promotion.

This article offers first-hand reference on brand-driven development for cross-border brands, with key insights below:

1. Product R&D approach: Qianan adopts three product development models: in-house R&D, collaborative development and direct third-party product sourcing. During the reporting period, the share of direct sourcing declined steadily while the share of collaborative development increased. The company maintains a user-centric, long-term approach to R&D investment and will further scale up R&D spending after its listing.

2. Product and brand operations: Qianan has proactively streamlined low-margin products to concentrate resources on expanding its core competitive categories. Its art creation brand Ohuhu has become the core growth engine. As brand equity grows, organic traffic and repeat purchase rates have risen while the share of marketing expenses has continued to fall, creating a positive, self-reinforcing brand growth cycle.

3. Channel development and trends: While Amazon remains Qianan’s core channel, the company has proactively reduced its dependence on the platform and expanded into diversified channels such as self-operated websites to lower concentration risk. Nearly 8% of the IPO proceeds will be allocated to brand building and channel promotion. Meanwhile, cross-border art creation products have recorded over 50% growth for two consecutive years, making this a high-potential emerging category to watch.

This article provides reference on growth paths, risk mitigation and market opportunities for cross-border sellers, with key takeaways below:

1. Market and category opportunities: North America and Europe are currently the core markets for cross-border e-commerce, accounting for nearly 90% of total combined revenue with stable market demand. The art creation category is a fast-growing vertical segment that has posted over 50% revenue growth for two consecutive years. It also boasts high user repeat purchase rates and declining customer acquisition costs as brand awareness grows, making it an attractive segment for sellers to enter.

2. Risk mitigation experience: Qianan proactively recognized the risks of over-reliance on a single platform, reduced its share of revenue from Amazon year over year, and actively built a diversified channel portfolio. This approach is a valuable reference for all cross-border sellers, as it effectively mitigates operational disruptions caused by changes in platform policies.

3. Growth path reference: High-quality independent cross-border brands can pursue an IPO on the Beijing Stock Exchange for financing. Proceeds can then be reinvested in product development, supply chain upgrades and brand building to unlock further growth. The long-term strategy of prioritizing brand building and product portfolio adjustment also offers a valuable lesson for small and medium-sized sellers.

This article outlines demand trends, business opportunities and insights on digital transformation for manufacturers that work with cross-border brands, with key takeaways below:

1. Shifts in product production and design demand: As Qianan adjusted its product structure, the share of art creation products in its portfolio rose from 24.87% to 41.93%, with growth exceeding 50% for two consecutive years. Demand for the production and design of related categories will continue to grow, and factories can adjust their production capacity and R&D focus accordingly to tap into this segment.

2. Opportunities for in-depth collaboration: As Qianan reduced the share of direct third-party sourcing and increased the share of collaborative product development, this creates opportunities for factories to form deep, long-term partnerships with brands. Factories can leverage their supply chain advantages to co-develop products with brands, share in the benefits of brand growth, and secure more stable order flow.

3. Insights on transformation: 33% of Qianan’s IPO proceeds will be allocated to supply chain and operational system development. This reflects growing demand from cross-border brands for digitalized supply chains. Factories need to accelerate their own digital upgrades to improve operational efficiency, meet the collaboration requirements of leading brands, and secure more high-quality orders.

This article outlines current development trends and core pain points in the cross-border brand出海 industry, and highlights key business opportunities for service providers, with key takeaways below:

1. Overall industry trends: The cross-border e-commerce industry has moved beyond its early phase of mass low-margin product distribution, and is now shifting towards a brand-driven upgrade. More and more sellers are moving from generic white-label product sourcing to in-house and collaborative R&D, pursuing a long-term brand-focused strategy. High-quality brands can now access domestic capital markets for financing, and this industry upgrade has generated substantial new demand for professional services.

2. Core pain points for brands: First, over-concentration on a single third-party platform creates high risk, driving demand for channel diversification. Second, low levels of supply chain digitalization create demand for system upgrades to improve operational efficiency. Third, many brands lack sufficient in-house product R&D capacity and need external support. Fourth, cross-border brand promotion requires specialized professional services.

3. Business opportunities: Service providers can cater to sellers’ demand for multi-channel expansion by offering services such as self-operated website development and multi-platform operation management. For sellers seeking supply chain upgrades, they can offer digital supply chain system solutions. They can also expand into related services such as product trend research and cross-border brand marketing to match the demand from industry upgrading.

This article outlines shifting demand from cross-border brand sellers, and provides reference for operation and merchant recruitment strategies for cross-border platforms, with key takeaways below:

1. Shifting merchant demand: Leading high-quality cross-border brands have an increasingly clear demand to reduce reliance on a single platform. Large brands are proactively diversifying their channel布局 to lower operational risk. Platforms need to recognize this trend, optimize their merchant service policies, strengthen support for brand sellers, and prevent the loss of top-tier merchants.

2. Adjustments to recruitment priorities: Brands with independent intellectual property and high-performing vertical large single products deliver stronger growth and profitability. For example, Qianan’s Ohuhu brand drove the company’s accelerating net profit growth. Platforms should prioritize recruiting these brand merchants to improve the platform’s overall revenue and profitability quality.

3. New growth opportunities: Vertical categories such as art creation have recorded rapid growth in recent years with strong user demand. Platforms can launch targeted support programs for vertical-category merchants, build dedicated vertical traffic pools to unlock new growth. They should also respond to merchants’ demand for channel diversification and optimize platform rules to retain merchants.

This article provides the latest first-hand case study and industry insights for cross-border e-commerce industry research, with key takeaways below:

1. New trends in industry capitalization: High-quality independent cross-border e-commerce brands can now complete IPO financing on the Beijing Stock Exchange, forming a complete closed loop of "brand出海 – performance growth – domestic capital market financing – further expansion". This marks a new milestone in the capitalization of the cross-border e-commerce industry and offers a new growth path for the sector.

2. New characteristics of business model iteration: The cross-border e-commerce industry has evolved from its early model of mass product distribution and white-label出海 to multi-category independent brand operation. Product development has shifted from third-party sourcing to collaborative and in-house R&D. Brand owners now generally position themselves as user-value-focused tech consumer companies that prioritize long-term R&D investment.

3. Core existing industry issues: Leading cross-border brands still generally face the problem of excessive revenue concentration on a single third-party platform. Although Qianan has reduced its reliance on Amazon year over year, the platform still accounts for over 85% of its revenue. Channel concentration risk remains a core issue for the industry to address. Meanwhile, proactive product portfolio adjustment and streamlining of low-profit products by brand owners has become a key feature of the ongoing industry structure upgrade.