Able View Global

Intangible assets: relationships with global beauty brands (e.g., Clarins contributed >10% of 2025 revenue) help access and credibility, but most IP and brand equity reside with partners, not Able View. Switching costs: moderate at best; brand owners can bring operations in‑house or multi‑source channel partners. Network effects: none.

Cost advantage: limited, as procurement scale is small relative to larger e‑commerce operators and category captains. Efficient scale: the cross‑border beauty enablement niche is competitive (brands, TP operators, distributors). Heavy dependence on Tmall/JD and social platforms increases channel risk and reduces bargaining leverage.

Overall, the moat is thin and potentially erodes if platforms tighten rules or brands internalize e‑commerce.