According to the research report from China Securities Co., Ltd., sales growth slowed down after the end of the 618 promotion. Based on Xingtudata, the overall online sales during the 618 period in 2024 was 742.8 billion yuan (79.87 billion yuan during the 2023 618 period), of which all categories of comprehensive e-commerce sales (including Tmall, JD.com, PDD Holdings) were 571.7 billion yuan, a year-on-year decrease of 6.9%, while live streaming e-commerce (including Douyin, Kuaishou, Diantao) was 206.8 billion yuan, a year-on-year increase of 12.1%. On the one hand, the slowing down of sales during the 618 promotion is related to changes in consumer shopping behavior, as consumers are more cautious in spending and there is greater pressure on optional categories. On the other hand, industry competition is intensifying, and daily promotions are becoming more frequent, which also leads to some diversion for the 618 promotion.