The regulation of the live streaming e commerce industry continues to tighten, and the pet consumption market continues to expand. MCN institutions act as an intermediary bridge between brands, platforms, and pet bloggers. Little Red Book pet bloggers generally rely on physical exchanges to complete commercial monetization. The cooperation conflicts between institutions and bloggers are increasing, mainly divided into four categories uneven resource allocation, incomplete cooperation agreements, large differences in discourse power between both parties, and two way speculative performance. This article takes the physical placement of Vcare pets as a research case, and combines three research methods literature, case studies, and interviews. Based on resource exchange, transaction costs, and agency theory, the complete process of replacement cooperation is sorted out, and the influencing conditions and management deficiencies of cooperation stability are analyzed. Research has found that the number of followers of a blogger determines the initiative in negotiations, and exchange cooperation without standardized agreements will increase communication and rights protection costs. Existing industry rules only apply to cash advertising and lack exchange related constraints. This article proposes standardized improvement methods for MCN, pet bloggers, and Xiaohongshu platform to fill the research gap in physical exchange of pet racing tracks and provide reference for optimizing industry cooperation order. live streaming e commerce MCN organization Pet blogger Physical exchange Cooperative Management. 1031-1033 Issue-4 Volume-10 Zhang Xinyue