On April 29th, Xingyun Technology (formerly known as Youkuishu) released its annual report for 2025. The financial report showed that the company achieved a total operating income of 145 million yuan throughout the year, a year-on-year decrease of 62.57%; the net loss attributable to the parent company was 83 million yuan.

As a company that once ranked among the top domestic cross-border e-commerce companies, during the bankruptcy reorganization transition period, the cross-border e-commerce business showed three major characteristics: dramatic changes in channel structure, shift in category focus, and inward market layout. The traditional B2C business contracted significantly, and the new B2B supply chain business took over as the core, indicating that the company is deeply transforming from a mass merchandiser to a brand supply chain service provider.

1. Restructuring of Channel Pattern: B2C Plunges, B2B Raises the Cross-border Flag

During the reporting period, Xingyun Technology's cross-border e-commerce business structure underwent a subversive adjustment:

• Traditional B2C Business Contracts Significantly: B2C cross-border e-commerce revenue relying on third-party platforms such as Amazon, AliExpress, and Shopee was only 5.5629 million yuan, accounting for 3.84% of total revenue, a sharp decline of 98.16% year-on-year, and the once main business basically withdrew from the core stage.

• B2B Supply Chain Business Emerges: Achieved an annual revenue of 65.5726 million yuan, accounting for 45.29% of total revenue, becoming the first growth curve of the cross-border sector, mainly targeting e-commerce agents and channel merchants to carry out offline distribution, following a boutique, branded, and bulk supply route.

• Clear Trend from Online to Offline: Offline accounted for 96.33% of total sales, with only 3.67% online, completely breaking away from the past reliance on platform traffic patterns, and turning to a supply chain service model that emphasizes assets, channels, and performance.

2. Market Layout Shift: Domestic Market Explodes, Overseas Market Contracts and Focuses

Affected by restructuring and compliance, the company's market map shows a "strong domestic and weak overseas" pattern:

• Explosive Growth in the Domestic Market: Domestic trade revenue was 90.4084 million yuan, a sharp increase of 737.99% year-on-year, accounting for 62.45% of total revenue, becoming the basic plate.

• Significant Contraction in Overseas Market: Overseas revenue was 54.3621 million yuan, a decline of 85.54% year-on-year, with the proportion dropping sharply from 97.21% to 37.55%. Regionally, it focused on markets with good compliance and operational foundations such as Southeast Asia and Japan, and proactively reduced quantity and improved quality in traditional advantageous regions of Europe and America.

• Stable Performance of Newly Established Subsidiaries: Changsha Yueyun Shu, Changsha Xiangshuyun, and the Japanese subsidiary TIZA Co., Ltd., which officially operated in November 2025, met expectations and became new carriers for domestic and foreign trade and cross-border exports.

3. Optimization of Category Structure: Focus on High-margin Standard Products, Clear Low-efficiency Inventory

In terms of category operation, the company completed the switch from pan-product distribution to boutique supply chain:

• Focus on Core Categories: Locking in high-repurchase, high-margin standard products such as beauty and personal care, maternal and infant, food and health care, 3C digital, and home outdoor, relying on industrial belts such as the Pearl River Delta, Yangtze River Delta, Fujian, and Jiangxi for concentrated supply.

• Ultimate Simplification of Inventory Strategy: E-commerce business inventory was 19,300 pieces, a decrease of 74.69% year-on-year; inventory scale was only 4.3239 million yuan, a decrease of 83.73% year-on-year, significantly reducing slow-moving and expired goods, and significantly improving capital turnover efficiency.

• Upgrade of Service Capability: From pure sales to brand full-case agency + channel distribution + bonded warehouse performance integrated services, providing domestic and foreign brands with one-stop landing solutions for the Chinese market.

Industry analysts pointed out that Xingyun Technology's adjustment path reflects the new trend of the cross-border industry - the pure distribution model is gradually receding, and supply chain integration, channel distribution, and high-ticket category operation are becoming the new direction for companies to break through.

(Source: Hugo Cross-border Editorial Department)

Source: Hugo Cross-border Original link: https://www.cifnews.com/article/185572