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]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future stock performance [4][7]. Core Insights - The company's profitability has significantly improved due to cost reduction and efficiency enhancement measures. In Q3 2025, the company achieved revenue of 230 million yuan, a decrease of 11.32%, while net profit attributable to the parent company was 28 million yuan, a slight decrease of 0.58%. The net profit margin increased to 12.07%, up by 1.30 percentage points [1]. - The introduction of AI technology has enhanced service capabilities and operational efficiency, leading to a notable improvement in internal processes and a reduction in personnel needs. The company has successfully integrated AI into various operational areas, resulting in increased gross margins for online brand management and content e-commerce services [2][3]. - The company has expanded its client base, adding five well-known brands while maintaining stability with existing clients. This has contributed to a year-on-year growth of 14.86% in GMV for Q3 2025 [2]. Financial Summary - For the fiscal year 2023, the company reported a revenue of 1.288 billion yuan, a decrease of 16.31%, and a net profit of 108 million yuan, down by 40.05%. Projections for 2025 estimate revenue at 1.081 billion yuan and net profit at 145 million yuan, reflecting a significant recovery with a growth rate of 91.05% [5][11]. - The company's earnings per share (EPS) is projected to increase from 0.32 yuan in 2024 to 0.91 yuan in 2027, indicating a positive growth trajectory [5][11]. - The price-to-earnings (P/E) ratio is expected to decrease from 75.00 in 2024 to 33.38 in 2027, suggesting an improving valuation as earnings grow [5][11].

Market Overview - On October 31, the internet e-commerce sector rose by 2.4%, led by JiaoDian Technology [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Stock Performance - JiaoDian Technology (002315) closed at 47.35, up 7.83% with a trading volume of 180,800 shares [1] - Xinghui Co., Ltd. (300464) closed at 7.36, up 5.14% with a trading volume of 390,000 shares [1] - Yiwan Yichuang (300792) closed at 30.53, up 4.48% with a trading volume of 128,300 shares [1] - Other notable performers include Nanji E-commerce (002127) up 3.82% and Liren Lizhuang (605136) up 3.77% [1] Capital Flow - The internet e-commerce sector saw a net inflow of 80.17 million yuan from institutional investors, while retail investors contributed a net inflow of 11 million yuan [2] - However, speculative funds experienced a net outflow of 190 million yuan [2] Individual Stock Capital Flow - JiaoDian Technology had a net outflow of 45.58 million yuan from institutional investors, while retail investors contributed a net inflow of 29.81 million yuan [3] - Guolian Co., Ltd. (603613) saw a net inflow of 22.78 million yuan from institutional investors [3] - Yiwan Yichuang experienced a net inflow of 21.93 million yuan from institutional investors [3]

Core Insights - The company reported a net profit attributable to shareholders of 30.5 million yuan in Q3 2025, representing a year-on-year increase of 26.97%, while the non-recurring net profit was 29.84 million yuan, up 43.66% year-on-year, indicating ongoing success in cost reduction and efficiency improvement [1] - The company's gross margin reached 30.39% in Q3 2025, an increase of 4.00 percentage points year-on-year, driven by significant revenue growth in high-margin online brand management services and content e-commerce services, which rose by 28.80% and 6.20% respectively [1] - The company continues to advance its AI strategy, with the development and application of AI assistants and agents in various operational areas, enhancing efficiency and supporting business growth through intelligent analysis and precise strategies [1] Financial Performance - The company incurred share-based payment expenses of 3.6205 million yuan, impacting the non-recurring net profit by 2.7384 million yuan [1] - Selling, administrative, and research expense ratios were 10.09% (-0.60 percentage points), 8.91% (+1.61 percentage points), and 0.90% (-0.03 percentage points) respectively, reflecting increased AI investment and share-based payments [1] - The net profit margin attributable to shareholders was 12.07%, an increase of 1.30 percentage points year-on-year [1] Operational Efficiency - The company’s self-developed AI systems, including "Yun Jian," "Master Student Image," and "Shu Su Tou," have shown improvements, leading to a more refined AI e-commerce solution [2] - The gross margins for online brand management services and content e-commerce services increased by 9.04% and 10.65% respectively, while inventory, accounts receivable, and accounts payable decreased by 5.25%, 10.88%, and 20.42%, indicating significant operational efficiency improvements [2]

Core Viewpoint - 壹网壹创 has shown a mixed performance in stock price and financial metrics, with a notable increase in stock price year-to-date but a decline in revenue for the recent quarter [1][2]. Group 1: Stock Performance - On October 28, 壹网壹创's stock rose by 2.01%, reaching 30.47 CNY per share, with a trading volume of 96.37 million CNY and a turnover rate of 1.51%, resulting in a total market capitalization of 7.22 billion CNY [1]. - Year-to-date, the stock price has increased by 27.49%, but it has seen a decline of 1.90% over the last five trading days and 3.30% over the last twenty days [1]. - The company has appeared on the龙虎榜 three times this year, with the most recent appearance on January 17, where it recorded a net purchase of 97.22 million CNY [1]. Group 2: Financial Performance - For the period from January to September 2025, 壹网壹创 reported a revenue of 763 million CNY, reflecting a year-on-year decrease of 13.42%, while the net profit attributable to shareholders increased by 3.94% to 98.46 million CNY [2]. - Since its A-share listing, the company has distributed a total of 310 million CNY in dividends, with 91.26 million CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for 壹网壹创 was 32,700, a decrease of 0.90% from the previous period, with an average of 6,495 circulating shares per person, which is an increase of 0.91% [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the sixth largest, holding 2.11 million shares, an increase of 426,700 shares compared to the previous period [3].