直播电商背景下南极电商轻资产运营管理绩效分析

Analysis of the Operational Management Performance of Nanji E-Commerce’s Asset-Light Model in the Context of Livestreaming E-Commerce

摘要: 随着直播电商、社交电商及平台经济快速发展，电商行业竞争逐渐由流量扩张转向品牌价值、供应链效率和运营质量竞争。南极电商作为典型的轻资产品牌授权型企业，其“品牌授权 + 供应链服务”模式曾具有较强扩张优势，但近年来受平台流量成本上升、内容电商冲击及消费者偏好变化等因素影响，公司盈利能力和经营现金流出现明显波动。文章以南极电商为研究对象，基于杜邦分析法，对其2021~2025年财务数据进行分析，并结合偿债能力、营运能力、发展能力与盈利能力等指标，对企业轻资产运营管理绩效进行评价。研究发现，南极电商净资产收益率整体下降，毛利率和净利率持续承压，经营现金流稳定性不足，品牌授权模式优势逐渐减弱。针对上述问题，文章提出加强现金流管理、优化品牌授权模式、提升资产运营效率和完善成本费用控制体系等建议，以期为轻资产电商企业运营绩效优化提供参考。

Abstract: With the rapid development of livestream e-commerce, social e-commerce, and platform economies, competition in the e-commerce industry has gradually shifted from traffic expansion to competition in brand value, supply chain efficiency, and operational quality. As a typical asset-light enterprise adopting a brand authorization model, Nanji E-commerce once had strong expansion advantages through its “brand authorization + supply chain service” business model. However, in recent years, rising platform traffic costs, the emergence of content-driven e-commerce, and changing consumer preferences have led to significant fluctuations in the company’s profitability and operating cash flow. This study takes Nanji E-commerce as a case company and evaluates its asset-light operational management performance based on the DuPont Analysis Method. Using financial data from 2021 to 2025, the study comprehensively analyzes the company’s solvency, operating capability, development capability, and profitability. The results indicate that the company’s return on equity has shown an overall downward trend, while gross profit margin and net profit margin have remained under pressure. In addition, the stability of operating cash flow is insufficient, and the competitive advantage of the brand authorization model has gradually declined. To address these issues, this paper proposes several measures, including strengthening cash flow management, optimizing the brand authorization model, improving asset utilization efficiency, and enhancing cost and expense control systems. The findings provide useful references for improving the operational performance of asset-light e-commerce enterprises.