证券之星消息，11月24日互联网电商板块较上一交易日上涨2.84%，丽人丽妆领涨。当日上证指数报收 于3836.77，上涨0.05%。深证成指报收于12585.08，上涨0.37%。互联网电商板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 301110 | 育木科技 | 73.55 | -2.06% | 5.11万 | 3.67亿 | | 002024 | ST易购 | 1.72 | 0.58% | 31.14万 | 5342.60万 | | 600539 | 狮头股份 | 10.74 | 0.66% | 5.31万 | 5725.84万 | | 300518 | 新迅达 | 15.42 | 0.85% | 1 7.82万 | 1.20亿 | | 603613 | 国联股份 | 27.26 | 0.96% | 6.73万 | 1.82 乙 | | 300592 | 华凯易佰 | 11.75 | 1.47% | 30.28万 | 3.54亿 | | 300464 | 星徽股份 ...

Core Insights - The company is a leading domestic e-commerce operation service provider established in 2012, focusing on providing professional e-commerce retail services to major brands in the fast-moving consumer goods sector, including beauty, personal care, and health products [1] - The company has initiated an AI e-commerce strategy, aiming to leverage AI technology to enhance operational efficiency and reduce costs, with initial financial improvements already visible [2] Company Overview - The company employs nearly 1,300 staff across major cities in China and operates under a dual strategy of "full-service e-commerce provider + new consumer brand accelerator" [1] - Key brand clients include Procter & Gamble, Shiseido, Amorepacific, Yili Group, and Mao Geping, among nearly a hundred others [1] Industry Dynamics - The e-commerce operation industry has undergone a 3-4 year adjustment period, transitioning towards self-owned brands and AI integration [1] - Alibaba's e-commerce business has refocused on growth as a core strategy, shifting from a "live streaming + low-price strategy" to activating core customer groups and enhancing platform performance [1] AI Strategy and Implementation - The company has launched several AI systems, including cloud-based solutions and intelligent customer service, which are expected to drive a shift from a labor-intensive to a technology-intensive model [2] - The company is part of Alibaba's first batch of AI Agent co-creation projects, indicating a strong partnership and resource sharing within the Alibaba ecosystem [2] Financial Outlook - The company anticipates a significant performance turnaround in 2025, driven by the recovery of the Tmall market and the implementation of AI applications [2] - Profit forecasts for the company are projected at 110 million, 160 million, and 190 million yuan for the years 2025, 2026, and 2027, respectively, with a strong recommendation for investment [2]

Core Insights - The internet e-commerce sector experienced a 2.6% increase on November 18, with Liren Lizhuang leading the gains [1] - The Shanghai Composite Index closed at 3939.81, down 0.81%, while the Shenzhen Component Index closed at 13080.49, down 0.92% [1] E-commerce Sector Performance - Liren Lizhuang (605136) closed at 11.04, up 9.96% with a trading volume of 312,100 shares [1] - Yiwang Yichuang (300792) closed at 30.55, up 5.86% with a trading volume of 238,500 shares [1] - ST Yigou (002024) closed at 1.85, up 5.11% with a trading volume of 930,900 shares [1] - Other notable performers include Kaichun Co. (301001) up 5.05%, and Qingmu Technology (301110) up 4.62% [1] Capital Flow Analysis - The internet e-commerce sector saw a net inflow of 352 million yuan from institutional investors, while retail investors experienced a net outflow of 314 million yuan [2] - Major stocks like Liren Lizhuang had a net inflow of 151 million yuan from institutional investors, but a net outflow from retail investors of 83.42 million yuan [3] - Yiwang Yichuang also saw a net inflow of 62.44 million yuan from institutional investors, with retail investors withdrawing 48.41 million yuan [3]

Group 1 - The beauty and personal care sector has shown a recovery in 2025, with the SW Beauty Index rebounding after a decline from 2022 to 2024, achieving a maximum increase of over 15% and becoming a key area in new consumption [3][9][10] - The cosmetics segment is characterized by intense competition among brands, with domestic brands making significant strides in R&D and distribution, while international brands are adopting localized strategies to regain market share [3][20][25] - The medical beauty market is transitioning from a blue ocean to a red ocean, with domestic companies expected to become major competitors by focusing on affordable and specialized products [3][19][24] Group 2 - The e-commerce operation sector is undergoing a transformation, with companies like RuYuchen and Shuiyang Co. leveraging brand incubation and AI to create new growth avenues [3][19] - Key investment recommendations include domestic brands with strong channel and brand matrices such as MaoGePing, ShangMei Co., and PoLaiYa, as well as companies in the medical beauty sector like AiMeiKe and LongZi Co. [3][19][24] - The report emphasizes the importance of brand matrix construction and product innovation in the cosmetics industry, with companies like ShangMei Co. and PoLaiYa leading the way [3][31][40] Group 3 - The skincare and makeup market is expected to enter a phase of consolidation, with strong brands likely to thrive while weaker ones may struggle [23][24] - The market share of domestic brands is increasing, with a notable decline in the market share of international brands, indicating a significant opportunity for domestic players [25][30] - The report highlights the importance of adapting to changing consumer preferences and channel dynamics, with a focus on online platforms and promotional strategies to enhance brand visibility [48][52][53]

证券之星消息，11月14日互联网电商板块较上一交易日下跌1.29%，壹网壹创领跌。当日上证指数报收 于3990.49，下跌0.97%。深证成指报收于13216.03，下跌1.93%。互联网电商板块个股涨跌见下表： 从资金流向上来看，当日互联网电商板块主力资金净流出9298.75万元，游资资金净流入1.04亿元，散户 资金净流出1124.6万元。互联网电商板块个股资金流向见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 ...

证券日报网讯11月12日晚间，壹网壹创（300792）发布公告称，公司分别于2025年9月29日、2025年10 月15日召开第四届董事会第八次会议、2025年第四次临时股东会，分别审议通过了《关于增加经营范围 暨修订 <公司章程> 并办理工商变更登记的议案》。公司已于近日完成了工商变更登记手续，并取得了 由浙江省市场监督管理局换发的《营业执照》。 ...

证券代码：300792 证券简称：壹网壹创 公告编号：2025-086 杭州壹网壹创科技股份有限公司 关于完成工商变更登记并换发营业执照的公告 杭州壹网壹创科技股份有限公司（以下简称"公司"）分别于 2025 年 9 月 29 日、2025 年 10 月 15 日召开第四届董事会第八次会议、2025 年第四次临时股 东会，分别审议通过了《关于增加经营范围暨修订<公司章程>并办理工商变更登 记的议案》，具体内容详见公司于中国证监会指定创业板信息披露网站巨潮资讯 网(www.cninfo.com.cn)披露的相关公告。 一、关于变更公司经营范围、修订《公司章程》的工商变更登记基本情况 公司已于近日完成了工商变更登记手续，并取得了由浙江省市场监督管理局 换发的《营业执照》，经浙江省市场监督管理局核定的公司经营范围变更如下: | 前次公告拟变更后的公司经营 | 经浙江省市场监督管理局核定的公司经营范围 | | --- | --- | | 范围 | | | 一般项目：服务：计算机软硬件、 | 一般项目：技术服务、技术开发、技术咨询、技术交 | | 电子产品的技术开发，品牌策 | 流、技术转让、技术推广；品牌管理；市场营 ...

1. Report Industry Investment Rating - The industry rating is "Bullish" [1] 2. Core Views of the Report - The cosmetics industry continues to show differentiation, with brand demand being weak in the off - season, agents seeking change in difficult situations, and producers seizing supply - chain reconstruction opportunities. The medical aesthetics industry has new entrants with better - than - expected shipments, and new product catalysts are worth attention [3][4] 3. Summaries According to Relevant Catalogs 3.1 Cosmetics: Continued Differentiation 3.1.1 Brand Merchants - In 1 - 3Q25, beauty brand merchants' revenue was 28.4 billion yuan, a year - on - year decrease of 0.6%; personal care brand merchants' revenue was 5.7 billion yuan, a year - on - year increase of 12.4%. In 3Q25, beauty and personal care brand merchants' revenues were 8.05 billion and 1.805 billion yuan, a year - on - year decrease of 1.3% and an increase of 7.6% respectively. Beauty revenue weakened quarter - on - quarter, while personal care remained flat [18] - Beauty: Affected by the earlier Double Eleven promotion, consumer enthusiasm declined in September, and brands reduced live - streaming activities. In terms of single - quarter revenue growth, Shuiyang Co., Ltd. and Shanghai Jahwa increased by over 20%, Marubi Co., Ltd. had double - digit growth, Proya had low - double - digit decline, and Betaine and Freda had high - single - digit decline [18] - Personal care: Runben Co., Ltd.'s Q3 revenue increased by 17% year - on - year, with a slight increase in growth rate quarter - on - quarter. Baiya Co., Ltd.'s 3Q25 revenue improved, and Dengkang Oral Care had steady growth [18] - In 1 - 3Q25, beauty brand merchants' net profit after non - recurring items was 2.33 billion yuan, a year - on - year decrease of 15%; personal care brand merchants' was 604 million yuan, a year - on - year decrease of 3.4%. Some companies showed initial cost - control effects [24] 3.1.2 Agents - Agents are seeking change in difficult situations by exploring three paths: incubating self - owned brands (represented by Ruoyuchen), using AI to reduce costs and increase efficiency (represented by Yiwow), and expanding high - growth categories (such as Qingmu Technology expanding into trendy toy agency operations) [30] - Ruoyuchen's self - owned brands Feicui and Zhanjia continued to gain momentum. In Q3, self - owned brand revenue was 451 million yuan, a year - on - year increase of 344.5%, accounting for 55.1%. Zhanjia's Q3 revenue was 227 million yuan, a year - on - year increase of 119%, and 1 - 3Q revenue was 680 million yuan. Feicui's Q3 revenue was 203 million yuan, a quarter - on - quarter increase of over 98.8%, and 1 - 3Q revenue was 362 million yuan [30] 3.1.3 Producers - Demand continued to recover, and the revenue of the producer sector increased by 9%, 17%, and 30% year - on - year from Q1 to Q3, with the growth rate increasing quarter by quarter [33] - QingSong Co., Ltd. focused on optimizing customers and product structure, and its profit turned positive for four consecutive quarters from 2Q24 to 1Q25. Jieya Co., Ltd. had increasing orders from overseas big customers, and its Q3 performance growth accelerated. Jiaheng Home Co., Ltd. increased revenue but not profit, mainly due to the short - term impact of the Huzhou base's capacity ramp - up [33] 3.2 Medical Aesthetics: New Entrants with Better - than - Expected Shipments 3.2.1 Upstream Consumables - The growth rate of demand expansion slowed down, and supply - side competition intensified. In terms of the cumulative number of Class III medical device approvals, hyaluronic acid > regenerative (Sculptra/Poly - L - Lactic Acid) > botulinum toxin > recombinant collagen. Old products of hyaluronic acid and regenerative types faced growth pressure, and the growth rate of recombinant collagen Class III medical device products slowed down significantly quarter - on - quarter [38] - Hyaluronic acid: Aimeike's revenue growth rate from 24Q1 to 25Q3 was + 28.2%/+2.3%/+1.1%/ - 7%/ - 18%/ - 25%/ - 21% year - on - year, showing a quarterly decline since 24Q2 [38] - Collagen: Jinbo Biotech's revenue growth rate from 24Q1 to 25Q1 was + 76%/+100%/+92%/+73%/+63% year - on - year, and in 2Q25/3Q25, it was + 30%/+13% year - on - year. On October 23, the "Recombinant Type I α1 Subtype Collagen Freeze - Dried Fiber" Class III medical device certificate of Giant Biogene was approved by NMPA [38] - Leapmed Medical's medical aesthetics shipments were better than expected, with Q3 medical service and health management business revenue of 320 million yuan, a year - on - year increase of 28%, and the revenue of Sculptra and Hydrodermabrasion reaching 86.1367 million yuan [36] 3.2.2 Downstream - The new model of Xinoxygen Medical Clinics showed high - growth potential. The Q3 revenue guidance was 150 - 170 million yuan, a year - on - year increase of 231% - 275%, and a quarter - on - quarter increase of 4% - 18%. It plans to implement the "100 - City, 1000 - Store" plan in the long term [40] - Stores are expanding from first - tier cities to new first - tier and second - tier cities. As of November 6, it covered 42 stores in 10 cities. The promotion of self - owned brands was remarkable, and it cooperated with Xihong Miracle Sculptra 3.0, priced at 2999 yuan, which was officially launched on September 25 [43] 3.3 Investment Recommendations - Brands with upward potential and both growth and certainty: Recommend Maogeping (Oriental aesthetics, dual - wheel drive of makeup and skincare, and the second - curve of perfume is worth looking forward to) and Shangmei Co., Ltd. (with one cornerstone brand, five growth brands, and N seed businesses) [8][46] - Companies with new product pipelines and expected performance elasticity: Pay attention to Giant Biogene and Leapmed Medical [8][46] - Companies in strategic adjustment and expected to reach an inflection point: Recommend Shuiyang Co., Ltd. (the effect of high - end transformation is gradually emerging), and pay attention to Shanghai Jahwa, Betaine, and Freda [8][46]

Core Insights - The internet e-commerce sector experienced a decline of 2.06% on November 4, with Jihong Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 3960.19, down 0.41%, while the Shenzhen Component Index closed at 13175.22, down 1.71% [1] Market Performance - Jihong Co., Ltd. saw a significant drop of 5.82%, closing at 17.00, with a trading volume of 239,000 shares and a transaction value of 409 million [2] - Other notable declines included Ruoyuchen at -5.01% and Qingmu Technology at -4.08% [2] - The overall net outflow of main funds in the internet e-commerce sector was 233 million, while retail investors saw a net inflow of 239 million [2][3] Individual Stock Analysis - Star徽股份 had a net inflow of 17.84 million from main funds, but a net outflow of 27.57 million from retail investors [3] - Focus Technology experienced a net inflow of 15.55 million from main funds, with a net outflow of 1.25 million from retail investors [3] - Liren Liyang saw a net inflow of 7.21 million from main funds, while retail investors contributed a net inflow of 194.66 million [3]

Market Performance - The internet e-commerce sector rose by 0.53% on November 3, with Guolian Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3976.52, up 0.55%, while the Shenzhen Component Index closed at 13404.06, up 0.19% [1] Stock Performance - Guolian Co., Ltd. (603613) closed at 29.39, with a gain of 3.49% and a trading volume of 159,500 shares, amounting to 467 million yuan [1] - Other notable performers included: - Shitou Co., Ltd. (600539) at 10.93, up 2.15% [1] - ST Tongpu (600365) at 3.36, up 2.13% [1] - Liren Lizhuang (605136) at 9.84, up 2.07% [1] - Jiao Dian Technology (002315) at 48.20, up 1.80% [1] Capital Flow - The internet e-commerce sector experienced a net outflow of 66.54 million yuan from institutional investors and 52.86 million yuan from retail investors, while individual investors saw a net inflow of 119 million yuan [2] - The capital flow for key stocks included: - Guolian Co., Ltd. had a net inflow of 55.05 million yuan from institutional investors [3] - Jiao Dian Technology saw a net inflow of 14.74 million yuan from institutional investors [3] - Star徽股份 (300464) had a net inflow of 12.41 million yuan from institutional investors [3]