壹网壹创点评：预计25年业绩稳健增长 AI垂类业务26年放量

申万宏源研究01-12

壹网壹创：代运营业务根基稳健，全面覆盖消费品各品类，深度合作阿里体系，乘借AI 东风，有望向上打开业绩天花板。公司2012 年在杭州成立，为品牌提供天猫运营代理服务。早期合作国货美妆百雀羚，助力百雀羚15-17 年实现天猫双11 美妆品类销售三连冠，服务口碑迅速破圈，后续开拓宝洁个护、毛戈平等知名品牌，并于2019 年成为天猫六星级服务商并卫冕至今。受行业等因素影响，20-24 年公司营收与归母...

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