SHEIN港股上市：一个“游牧企业”的第四次出发 - 亿邦动力

SHEIN港股上市：一个“游牧企业”的第四次出发 向光 2026-07-17 13:40 向光 2026/07/17 13:40 邦小白快读 EN 全文速览 本文核心讲述了全球快时尚巨头SHEIN第四次冲击上市，最终转道港股获得中国证监会备案的全过程，梳理了SHEIN的发展历程和当前行业现状，能给普通读者带来清晰的信息和经验参考。 1.核心信息梳理：SHEIN2008年在南京起家，靠SEO优化和婚纱销售挖到第一桶金，2012年转型快时尚女装将总部搬至广州，2015年首创“小单快反”柔性供应链模式迎来爆发，先后尝试赴美、伦敦上市均遇阻，本次转道港股估值约400亿美元，较巅峰的千亿美元缩水六成。 2.可参考的经验：SHEIN的发展核心是“主动求变”的哲学，每次遇到外部阻力都会比对手更快调整方向，这种灵活应变的思路对普通人应对创业、职场变化都有启发。 3.当前行业现状：跨境电商已经从蓝海变为红海，SHEIN正面临Temu、TikTok Shop在用户、商家等多维度的竞争，原有的小包直邮模式受关税政策冲击，优势正在逐步削弱。 本文梳理了SHEIN的全球化发展和上市路径，能给出海品牌带来多方面的干货参考，涵盖品牌布局、供应链建设、合规运营等多个维度。 1.可借鉴的成功经验：SHEIN首创“小单快反”柔性供应链模式，单个SKU以100-200件起订测试市场，7天上架，爆款快速返单，既降低了库存风险，又能快速响应市场需求，靠这套模式成功超越ZARA和H&M成为全球第三大时尚零售商，值得品牌学习。 2.全球化布局参考：SHEIN多次根据不同市场的监管环境调整上市地点和总部布局，为适配合规要求构建全球化品牌矩阵，推出环保线完成ESG整改，这种灵活适配外部环境的思路值得全球化品牌参考。 3.需要警惕的行业挑战：当前跨境快时尚已经进入红海竞争，关税政策抬高了小包直邮的成本，原有低价优势被削弱，品牌需要明确自身清晰定位，避免模糊定位影响资本市场和用户的认知。 本文梳理了当前跨境出海电商的行业变化、政策环境和竞争格局，能给出海卖家带来机会提示和风险预警，干货内容丰富。 1.核心政策变化解读：美国已经取消800美元以下进口小包裹免税政策，欧盟也取消了150欧元以下包裹免税政策，这两项政策直接冲击了行业原有的小包直邮低价模式，大幅抬高了运营成本，卖家需要提前应对这个政策风险。 2.行业竞争格局变化：跨境电商已经从蓝海变为红海，Temu、TikTok Shop和SHEIN已经展开全维度竞争，在用户、商家、人才、流量四个层面争夺，行业获客成本和人力成本都在上涨，卖家需要做好成本控制。 3.机会提示：当前拉美、非洲等新兴市场仍有增长空间，SHEIN的独立站模式在这些区域仍保持快速增长，“小单快反”的小批量测试快速翻单的模式依然值得卖家借鉴，同时越来越多全球化企业选择香港对接国际资本，想要对接资本的卖家可以关注这个渠道方向。 4.风险提示：合规成本正在持续抬高，模糊的业务定位会影响资本认可度，卖家需要尽早明确自身定位，应对行业变化。 本文梳理了当前跨境供应链的变化和需求，能给出海代工工厂带来商业机会和转型方向的启示，干货内容清晰。 1.生产需求变化：SHEIN的“小单快反”模式要求工厂适配小批量起订、快速翻单的生产需求，当前头部跨境平台都在争抢核心区域的供应链产能，工厂可以灵活选择合作方，根据订单量选择合作平台，获得更多订单机会。 2.数字化转型启示：SHEIN宣布投资100亿在广东建设智慧供应链，说明未来跨境供应链的数字化、智能化是明确的发展方向，工厂想要拿到头部品牌和平台的订单，需要加快推进数字化改造，提升快速响应能力，才能跟上行业要求，提升自身竞争力。 3.机会与风险提示：跨境电商整体仍保持增长，头部平台对供应链的争夺给工厂带来了更多合作选择，但是也要注意分散风险，如果SHEIN上市后业绩不及预期，可能会影响供应商订单和信心，工厂不要过度依赖单一核心客户，需要多布局合作渠道降低风险。 本文梳理了当前跨境电商行业的转型趋势和企业痛点，能给跨境相关服务商指明新的业务方向，干货内容明确。 1.行业发展趋势：当前跨境电商已经从蓝海进入红海，头部出海企业普遍在推进平台化转型、全球化布局，对接国际资本的需求明显提升，香港已经成为连接中国企业和国际资本的核心枢纽，行业整体处于转型调整期，催生了很多新的服务需求。 2.客户核心痛点梳理：第一，出海企业需要适配不同国家的监管要求，在供应链透明度、ESG整改、税务合规等方面都存在痛点，需要专业服务支持；第二，头部企业都在推进智慧供应链建设，对数字化技术服务有大量需求；第三，企业对接全球资本市场，需要熟悉多地监管规则的上市辅导等服务支持；第四，行业人才缺口大，跨境运营、供应链管理等核心岗位薪资两年翻倍，人力资源服务存在很大市场。 3.业务方向启示：服务商可以针对出海企业的合规、ESG、数字化、资本对接、人才服务等核心需求，开发对应的产品和服务，抓住行业转型的红利。 本文梳理了SHEIN的平台化转型历程和当前跨境平台行业的竞争现状，能给跨境平台商带来运营、招商、风险规避等多方面的参考。 1.行业最新动态：SHEIN已经完成从自营品牌到开放平台的转型，吸引第三方商家入驻，当前头部跨境平台已经进入全面竞争阶段，核心供应链区域比如广州番禺已经成为各大平台争夺的核心地带，竞争覆盖用户、商家、人才、流量全维度。 2.平台商家和用户的需求变化：当下跨境商家和用户都更关注供应链效率、运营合规性和成本控制，平台需要围绕这些需求调整自身的招商和运营策略，才能吸引更多商家和用户。 3.风险规避提示：第一，需要提前关注不同国家的关税和监管政策变化，小包直邮免税政策取消大幅抬高了行业成本，平台需要提前调整物流和商业模式，应对政策变动；第二，需要明确自身清晰定位，模糊的定位会影响资本和用户的认知，要建立清晰的价值坐标系；第三，当前行业人才争夺激烈，核心岗位人才流失会影响平台运营，需要建立合理的薪酬激励体系留住核心人才。 本文以SHEIN四次冲击上市的历程为样本，展现了中国全球化跨境企业的发展现状，梳理了产业新动向和新问题，对产业研究有很高的参考价值。 1.产业新动向梳理：当前越来越多中国出海全球化企业选择香港作为对接国际资本的窗口，这已经成为一个明确的新趋势；跨境电商行业已经进入同质化竞争的红海阶段，头部出海企业普遍从自营品牌向开放平台转型，会根据外部环境不断调整战略布局。 2.产业新问题总结：第一，欧美陆续取消跨境小包直邮的免税政策，整个行业都面临合规成本上涨、利润被压缩的问题，原有商业模式需要系统性调整；第二，头部企业频繁调整战略容易带来定位模糊的问题，比如SHEIN同时布局品牌和平台，估值逻辑不清晰，影响资本市场的认可度；第三，头部企业的竞争已经延伸到用户、商家、人才、流量全链条，彻底改变了跨境电商的原有产业格局。 3.商业模式研究价值：SHEIN的“游牧式”灵活发展模式，以及“小单快反”柔性供应链模式，都是中国企业全球化进程中出现的新商业模式，是非常值得深入研究的产业样本。 返回默认 声明：快读内容全程由AI生成，请注意甄别信息。如您发现问题，请发送邮件至 run@ebrun.com 。 我是 品牌商 卖家 工厂 服务商 平台商 研究者 帮我再读一遍。 更多推荐 新拼姆会是大号版“SHEIN”吗？ 单条视频播放超6000万 会“跳舞”的裙子风靡TikTok Quick Summary This article details the full process of global fast fashion giant SHEIN’s fourth attempt to go public, which ultimately succeeded after shifting to the Hong Kong Stock Exchange and securing regulatory approval from the China Securities Regulatory Commission. It also outlines the company’s development trajectory and the current state of the industry, providing clear information and actionable insights for general readers. 1. Core key takeaways: Founded in Nanjing in 2008, SHEIN earned its first profits through SEO optimization and wedding dress sales. It pivoted to fast fashion women’s apparel and moved its headquarters to Guangzhou in 2012, then pioneered the "small-batch quick response" flexible supply chain model in 2015, which drove explosive growth. After previous failed attempts to list in the U.S. and London, the company’s Hong Kong listing is valued at approximately $40 billion, a 60% drop from its peak valuation of $100 billion. 2. Actionable insights: SHEIN’s core growth philosophy is "proactive adaptation": the company has consistently adjusted its strategy faster than competitors when facing external headwinds. This agile approach offers valuable inspiration for professionals and entrepreneurs navigating change in their own careers and ventures. 3. Current industry landscape: Cross-border e-commerce has shifted from a blue ocean to a red ocean market. SHEIN now faces multi-dimensional competition from Temu and TikTok Shop for users and merchants, while its original small-parcel direct shipping model has been hit by new tariff policies that are gradually eroding its historic advantages. This article outlines SHEIN’s global growth and listing journey, offering practical insights for cross-border brands across brand positioning, supply chain development, and compliance operations. 1. Producible success factors: SHEIN’s pioneering "small-batch quick response" flexible supply chain model starts with an initial order of 100–200 items per SKU to test market demand, delivers new products to market in 7 days, and quickly reorders top-performing styles. This approach reduces inventory risk while enabling rapid responses to shifting consumer preferences, helping SHEIN surpass Zara and H&M to become the world’s third-largest fashion retailer — a framework worth emulating for other brands. 2. Global expansion insights: SHEIN has repeatedly adjusted its listing venue and headquarters footprint to align with regulatory requirements across different markets, built a global brand portfolio to meet compliance rules, and launched an eco-friendly product line to complete ESG adjustments. This flexible approach to adapting to external conditions is a valuable reference for global brands. 3. Key industry challenges to watch: Cross-border fast fashion is now a red ocean market. Tariff policies have pushed up costs for small-parcel direct shipping, eroding brands’ historic low-price advantages. Brands must establish a clear positioning to avoid confusing both capital markets and consumers. This article breaks down ongoing industry changes, the policy environment, and the competitive landscape of cross-border e-commerce, providing opportunity outlooks and risk warnings for cross-border sellers with rich actionable content. 1. Core policy change analysis: The U.S. has eliminated tax exemptions for imported small parcels under $800, and the EU has ended equivalent exemptions for parcels under €150. These changes directly disrupt the industry’s traditional low-cost small-parcel direct shipping model and significantly raise operating costs, requiring sellers to prepare for this policy risk in advance. 2. Shifting competitive landscape: Cross-border e-commerce has transitioned from a blue ocean to a red ocean, with Temu, TikTok Shop, and SHEIN engaged in full-scale competition for users, merchants, talent, and traffic. Both customer acquisition and labor costs are rising across the industry, so sellers must prioritize strict cost control. 3. Opportunity outlook: Emerging markets in Latin America, Africa, and other regions still offer strong growth potential, and SHEIN’s independent site model continues to grow rapidly in these regions. Its "small-batch quick response" approach of testing demand with small batches and rapidly reordering hits remains a valuable framework for sellers. Meanwhile, more global companies are using Hong Kong to access international capital, so sellers seeking capital should consider this channel. 4. Risk warning: Compliance costs are continuing to rise, and unclear business positioning hurts appeal to investors. Sellers should define their positioning early to prepare for ongoing industry changes. This article outlines shifting demands and trends in cross-border supply chains, offering insights into new business opportunities and transformation directions for export-focused contract manufacturers with clear, practical takeaways. 1. Shifting production requirements: SHEIN’s "small-batch quick response" model requires factories to accommodate small minimum order quantities and rapid reorders. Today, leading cross-border platforms are competing heavily for supply chain capacity in core production regions, giving factories more flexibility to choose partners and select platforms based on order size to unlock more order opportunities. 2. Digital transformation insights: SHEIN has announced a $1.4 billion investment to build a smart supply chain hub in Guangdong, confirming that digitalization and intelligent manufacturing are clear future trends for cross-border supply chains. To secure orders from leading brands and platforms, factories must accelerate digital upgrades to improve response speed and meet new industry requirements, boosting their competitiveness. 3. Opportunity and risk notes: The overall cross-border e-commerce market continues to grow, and competition among leading platforms for supply chain partners gives factories more options for collaboration. However, factories should diversify risk: if SHEIN fails to meet performance expectations after listing, it could reduce orders and hurt supplier confidence. Factories should avoid over-reliance on a single core client and expand their partnership network to reduce risk. This article summarizes the ongoing transformation trends and core pain points of the cross-border e-commerce industry, pointing out new business opportunities for cross-border service providers with clear, practical insights. 1. Industry development trends: Cross-border e-commerce has transitioned from a blue ocean to a red ocean. Leading cross-border companies are broadly pursuing platform transformation and global expansion, with sharply rising demand for access to international capital. Hong Kong has emerged as a core hub connecting Chinese companies with global capital, and the ongoing industry-wide transformation has created strong new demand for professional services. 2. Core client pain points: First, cross-border companies need to align with regulatory requirements in multiple markets, and face unmet demand for professional support in supply chain transparency, ESG compliance, and tax compliance. Second, leading companies are building out smart supply chains, creating large demand for digital technology services. Third, companies accessing global capital markets need listing advisory services from providers familiar with regulatory rules across multiple jurisdictions. Fourth, the industry faces a severe talent shortage: salaries for core roles in cross-border operations and supply chain management have doubled in two years, creating large untapped demand for human resources services. 3. New business direction insights: Service providers can develop tailored products and services to address core client needs around compliance, ESG, digitalization, capital access, and talent services to capture the dividends of industry transformation. This article outlines SHEIN’s transition to an open platform model and the current competitive landscape of the cross-border platform industry, offering references for cross-border platforms on operations, merchant acquisition, and risk mitigation. 1. Latest industry updates: SHEIN has completed its transition from a private-label brand to an open platform that welcomes third-party sellers. Leading cross-border platforms have entered a phase of full-scale competition, with core supply chain hubs such as Panyu District in Guangzhou becoming the focal point of competition that spans users, merchants, talent, and traffic across every dimension. 2. Shifting demands from merchants and consumers: Today, cross-border merchants and consumers prioritize supply chain efficiency, operational compliance, and cost control. Platforms must adjust their merchant acquisition and operating strategies around these priorities to attract more participants and users. 3. Risk mitigation insights: First, platforms must proactively monitor changes to tariff and regulatory policies in different markets. The elimination of small-parcel tax exemptions has significantly raised industry-wide costs, so platforms need to adjust their logistics and business models early to adapt to policy shifts. Second, platforms must establish clear positioning; vague positioning confuses both investors and users, so building a distinct value proposition is critical. Third, competition for top talent is intense across the industry, and turnover in core roles can disrupt operations, so platforms need to build competitive compensation and incentive frameworks to retain key employees. This paper uses SHEIN’s four attempts to go public as a case study to illustrate the current state of Chinese global cross-border enterprises, sort out new industry trends and emerging challenges, and offers high reference value for industry research. 1. New industry trends: A growing number of Chinese global cross-border enterprises are choosing Hong Kong as a gateway to international capital, which has emerged as a clear new industry trend. The cross-border e-commerce industry has entered a red ocean phase of homogenized competition, and leading cross-border companies are broadly transitioning from private-label brands to open platforms, continuously adjusting their strategic positioning in response to external conditions. 2. New emerging industry challenges: First, Western markets have progressively eliminated tax exemptions for cross-border small-parcel shipments, leaving the entire industry facing rising compliance costs and compressed profit margins, requiring systemic adjustments to existing business models. Second, frequent strategic adjustments by leading companies often lead to vague positioning: for example, SHEIN operates both as a brand and an open platform, creating unclear valuation logic that hurts its appeal to capital markets. Third, competition among leading players now extends across the entire value chain — users, merchants, talent, and traffic — which has fundamentally reshaped the original industry structure of cross-border e-commerce. 3. Value for business model research: SHEIN’s "nomadic" agile development model, paired with its "small-batch quick response" flexible supply chain system, are new business models that emerged during Chinese enterprises’ global expansion, making the company an extremely valuable case for in-depth industry research. Disclaimer: The "Quick Summary" content is entirely generated by AI. Please exercise discretion when interpreting the information. For issues or corrections, please email run@ebrun.com . I am a Brand Seller Factory Service Provider Marketplace Seller Researcher Read it again. More Recommend Will Xinpinmu Become a Large-Scale Version of SHEIN? A Single Video Got Over 60 Million Views, the "Dancing" Dress Went Viral on TikTok 7月10日，中国证监会一纸备案通知，为SHEIN（希音）的第四次上市尝试按下了确认键。这家全球快时尚巨头拟发行不超过3.42亿股，登陆港交所。 这不是希音第一次站在资本市场的门口，从2022年首次传出赴美上市计划至今，这条路走了近四年。纽约、伦敦、香港，三次叩门，三次转身，上市地换了一轮，估值也从巅峰时的千亿美元缩至如今的400亿美元左右。 希音的上市路径，折射出一家有志于全球化的企业，在不同市场规则下的探索与适应。每次调整方向，都是对外部环境变化的回应。当再次站在港交所的门口，这家独角兽公司似乎终于要拿到通往资本市场的最后一张门票了。 希音从来不是一家坐等命运安排的公司。回顾它的发展史，几乎每一次外部受阻，都会催生一次内部调整。市场不对，就换一个市场再试；模式迭代，就换一种方式重来。 400亿美元的估值，是市场给这个“游牧企业”开出的最新报价，但这一次，资本市场要看的不是“你以前多成功”，而是“你现在还能讲出什么新故事”？ 希音的发展史，是一部“变”的历史。 变，是希音的发展哲学。每次受阻，它都比对手快一步找到新方向。 2008年，许仰天在江苏南京起家，早期靠SEO优化和跨境婚纱销售赚到第一桶金。 四年后他做了一个关键决定，放弃婚纱生意，收购Sheinside.com网站转型快时尚女装，把总部从南京搬到广州番禺，一头扎进珠三角的服装产业集群。 2015年，品牌重塑为SHEIN，聚焦快时尚，首创“小单快反”柔性供应链模式：单个SKU以100-200件起订测试市场，7天上架，爆款快速返单。这个模式让它在2020年疫情中爆发，销售额突破100亿美元，被人称为“线上ZARA”。到2024年，它已超越ZARA和H&M，成为全球第三大时尚零售商，业务覆盖160多个国家和地区。 但希音真正的特点是，它从未在一个固定的模式里停留太久。 2022年，希音首次传出赴美上市计划；2023年11月，希音秘密向美国证券交易委员会（SEC）递交IPO申请，目标估值约900亿美元。但由于美国政界和监管机构对供应链透明度、劳工问题不断施压，叠加美国取消800美元以下进口小包裹免税政策，直接冲击希音低价直邮的核心商业模式。上市计划搁浅。 希音的应对是加速转型。2023年正式推出平台模式，从“卖自己的衣服”转变为“让别人来我的平台卖万物”。同时，将总部搬迁至新加坡，组织国际化团队，试图以更开放的姿态对接全球资本市场。 2024年6月，希音转战伦敦，向英国金融行为监管局（FCA）提交了在伦敦上市的申请，次年3月获得批准。但FCA对其供应链劳工透明度、环保整改方案提出严苛要求，加上总部新加坡、供应链在中国的特殊架构，希音未能及时获得中国证监会备案支持。伦敦之路再遇障碍。 这一次，希音做了两件事：品牌矩阵和ESG整改。先后与Forever21合作、收购Missguided，构建了全球化“品牌矩阵”；同时推出“evoluSHEIN”环保线。只是市场的反馈依旧不乐观。 2025年6月，希音转向香港。2026年2月，许仰天在 广东省高质量发展大会 上公开说“广东是希音的根”，宣布在广东投资100亿建设智慧供应链。7月10日，希音获中国证监会备案。 回头看，希音的每一步调整，在当时都是最优解。从婚纱到女装、从南京到番禺、从品牌到平台、从纽约到香港…… 但这一次，赛道本身变了。 曾经的希音并没有明确的强劲对手，2023年推出平台模式时，跨境电商还算得上各走各路。希音做快时尚，拼多多旗下的Temu还没上线，TikTok Shop刚起步，大家各有各的盘子，还算相安无事。 但仅仅两年后，所有人都挤进了同一条赛道。 一是抢用户。据公开数据，用三年时间，Temu的全球MAU（月活用户）规模已突破5.3亿，TikTok Shop本身作为电商功能模块并不单独统计MAU，但2026年第一季度，TikTok用户规模已超20亿。 希音凭借独立站模式在拉美、非洲等新兴市场还在快速增长，后来者Temu和TikTok也不甘落后。 区别于希音主动搜索购买的逻辑，TikTok Shop凭借TikTok的生态模式，已形成“刷视频—看直播—下单”的完整消费链路，另一边的Temu，复刻拼多多的打法，凭借低价优势，早已起势。 二是抢商家。据英国《金融时报》走访番禺八家工厂的报道，Temu已在番禺设立办事处，有番禺工厂经理表示：“无论是希音还是Temu付款，哪里有订单，我们就去哪里。” 三是抢人才。同行之间相互抢人才本也不是什么稀奇事，据《晚点LatePost》报道，有员工推测希音一位资深买手总监或被Temu挖走，还带走了多位买手。有些跨境运营、供应链管理岗位薪资两年翻了一倍不止。 四是抢流量。今年7月，欧盟取消150欧元以下包裹免税，叠加美国此前已取消800美元以下免税，希音“小包直邮”的成本优势遭到了挑战，Temu在Google Shopping的广告曝光同样在新政后下降约一半。 多种因素叠加之下，跨境电商早已从蓝海变成一片红海。 而希音的特殊之处在于，它的商业模式对“跨境直邮”和“小额免税”的依赖度最高，野村证券研报，2025年希音GMV约为675亿美元，同比增长22.7%；去退货后的GMV为525亿美元，退货率为22%。 当然，这不是希音一家的问题，而是全球跨境电商走过青春期面临的集体焦虑，合规在抬高每一家平台的成本，关税在吃掉每一家平台的利润，希音的“小单快反”曾是独门武器，但现在竞争加剧，独门武器的相对优势正在被削弱。 港股上市，对希音来说是一个新的起点。 总部迁至新加坡，引入国际高管，将部分产能转移至越南和土耳其…… 这些在不同市场规则下的积极探索动作，都表明希音作为一家有志于全球化的企业。 如今，越来越多的企业选择香港作为连接国际资本的桥梁，希音的加入，也是这一趋势的体现。 但更重要的是，它要向港股市场讲述一个什么样的新故事？ 过去几年，希音的叙事在不断迭代。从快时尚到平台化电商，从中国企业到全球化品牌，再到如今强调“根在中国”。每一次叙事调整，都对应着外部环境的变化。 但这一次，站在港交所的门口，希音需要一套更清晰、更稳定的定位。 不断调整的策略帮希音抓住了许多风口，但同样的也有代价：投资者很难用一个固定的框架去理解希音。 希音到底是一家品牌公司，还是一家平台公司？ 这直接决定了希音的估值坐标系。作为品牌商对标ZARA，希音约400亿美元的估值并不算高；但若作为平台商对标阿里、京东，粗略估算希音PE将处于偏高位置。 两种模式都在跑，但又都没法跑到极致。这种模糊性，恰恰是投资者最大的困惑。 希音手里还有几张牌是别人拿不走的：番禺的产业集群、“小单快反”系统、全球4.4亿月活用户。 但港股投资者更为务实，他们看的是业绩，不是情怀。他们真正关心的是：企业的阵痛期还有多长？利润增速什么时候能回正？在关税和合规成本不断抬高的今天，那套“小单快反”的打法还能维持多久？ 400亿美元的估值，较巅峰期缩水60%。如果上市后成绩不理想，对投资者、对品牌、对员工士气、对供应商信心的打击将产生连锁反应。 上市是一个新起点。 国际局势风云变幻，香港作为连接中国与全球的共同港湾，为有志于全球化的企业提供了新的可能性。希音能否在这里讲出一个让资本市场买单的新故事，取决于它能否回答那个本质问题： 不是“我曾经多成功”，而是“我现在还能创造什么价值”。 参考资料： 凤凰网科技：英媒探访“希音村”：中国快时尚巨头是如何打造出来的？ 晚点LatePost：出海 “三国杀”：Temu、Shein、TikTok的内战和外战 注：文/向光，文章来源：财经无忌(公众号ID：caijwj)，本文为作者独立观点，不代表亿邦动力立场。 文章来源：财经无忌 单篇购买 点击查看全文