Zhiou Technology: Reform Payoff Period, Strong Operational Trend, Focus on Layout on Pullback

English summary

### Zhiou Technology: Reform Payoff Period, Strong Operational Trend, Focus on Layout on Pullback

Time: 2026-07-30 21:01:24

Content: [Key Recommendation] Zhiou Technology: Reform payoff period, strong operational trend, focus on layout on pullback. #Operational trend unchanged, focus on layout. Today the company saw a significant pullback. We track that Q2 operational trends are improving. Considering VC/VOC model revenue concessions, the actual GMV growth rate is better; the European foundation is stable, and an inflection point has appeared in the US. The previously recommended logic continues to be realized. #High certainty of full-year performance growth. Although July was affected by the Prime Day timing shift, the strong operational trend continues, and after strategic adjustments, the success rate of product expansion has improved. The contribution of new product sales in 2026 is significantly better than in 2025, and the company has re-entered the stage of launching new products and expanding categories to gain market share. #Growth is smooth, maintain recommendation. The company currently only covers about 10% of Amazon's home three-level categories. There is still ample room for new category expansion, US share recovery, and multi-channel layout. ...