随着互联网技术的持续进步与普及、网民规模的不断扩大，网红经济作为一种新兴经济类型受到广泛关注。从2016网红元年开始，到2020年受新冠疫情影响，网红经济得以迅速发展。

当前网红经济与各个社交媒体平台相辅相成，获得了庞大的流量，也因此形成了常态化的交易和商品变现。

如涵控股作为最早成立并上市的网红经济公司，研究其盈利模式具有一定代表性。而且目前对于网红经济盈利模式的相关研究较少，网红盈利模式也逐渐多元化，因此本文希望通过研究如涵控股的盈利模式，提出相关问题和优化措施，为如涵及行业内其他公司提供参考和借鉴。

本文运用案例分析和对比分析方法，以盈利模式五要素为基础，从利润点、利润对象、利润来源、利润杠杆和利润屏障五个方面具体分析了如涵控股的盈利模式，得出如涵的主要盈利模式是自营模式下电商店铺产品的销售及平台模式下网红广告及代销服务。另外，以2017-2020财年财务数据为基础，对如涵控股业绩状况、盈利能力、营运能力、偿债能力和投资回报能力进行具体分析，发现其盈利模式存在以下问题：利润点及利润对象局限单一、业务结构不平衡、盈利能力不足、财务风险较大。基于以上问题，提出优化建议，即拓宽业务渠道、优化业务结构、增加盈利点，并且减少网红孵化数量、降低孵化成本，注重风险管理，提高自身盈利能力、营运能力等。希望通过以上研究，为如涵控股未来发展提供参考，也为同类型企业的优化提供一些路径。

With the continuous progress and popularization of Internet technology and the continuous expansion of the scale of netizens, the Internet celebrity economy, as an emerging economic type, has attracted widespread attention. Affected by the epidemic in 2020, the Internet celebrity economy has developed rapidly. At present, the celebrity economy is closely related to the various social media platforms. It has gained a huge flow, and therefore forms a normal transaction and commodity realization.

Ruhnn is the earliest establishment and listed celebrity economic company. Studying its profit model has certain representation. Moreover, there are few relevant studies on the profit model of Internet celebrity economy, and the profit model of Internet celebrity is gradually diversified. Therefore, this article hopes to provide reference for Ruhnn and other companies in the industry by studying the profit model of Ruhnn and putting forward relevant problems and optimization measures.

This article uses case analysis and comparison analysis methods, based on profit model five elements, including profit points, profitable objects, profit sources, profit leverages and profit barriers. As a result, Ruhnn's main profit model is the sales of e-commerce store products under the self-operated model and the online celebrity advertising and agency sales services under the platform model. In addition, based on the financial data of the 2017-2020 fiscal year, this paper makes a detailed analysis of Ruhnn Holdings' performance, profitability, operating ability, liquidity and ROI capability, and finds that its profit model has the following problems. Ruhnn’s profit point and object are limited and single, the business structure is unbalanced, the profitability is insufficient, and the financial risk is very high. Based on the above problems, this paper proposes optimization suggestions. Ruhnn need to broaden business channels, optimize business structure, increase profit points, reduce the number of celebrity and focus on risk management. This article hopes to provide a reference for the future development of Ruhnn Holding and also provide some paths for the optimization of similar enterprises.