Group 1 - The company expects a net profit attributable to shareholders for 2025 to be between 92.03 million and 120 million yuan, representing a year-on-year growth of 21.1% to 57.32% [4] - The forecasted net profit after deducting non-recurring gains and losses is estimated to be between 101 million and 131 million yuan, indicating a year-on-year increase of 30.35% to 69.32% [4] - As of January 30, the company's price-to-earnings ratio (TTM) is approximately 84.61 to 109.91 times, with a price-to-book ratio (LF) of about 3.46 times and a price-to-sales ratio (TTM) of around 9.05 times [4] Group 2 - The company's main business operates under a dual model of "e-commerce full-service provider + new consumer brand accelerator," offering comprehensive e-commerce services to brands [8] - During the reporting period, the company actively promoted a strategy to enhance productivity through technology, utilizing AI agents to improve operational efficiency and collaborating with platforms like Alibaba to expand business types [8] - The online management services for brands have seen year-on-year growth, which has contributed to improved profitability, while cost control in online marketing and content e-commerce has supported overall performance growth [8]

Core Viewpoint - The company expects a net profit attributable to shareholders for the year 2025 to be between 92.03 million yuan and 119.55 million yuan, representing a year-on-year increase of 21.10% to 57.32% [1] Group 1: Business Strategy - The company is actively promoting a strategy focused on enhancing productivity through technology [1] - The use of AI agents is aimed at improving operational efficiency [1] - The company collaborates with platforms like Alibaba to expand its business types through vertical applications of AI agents [1] Group 2: Operational Efficiency - The company continues to implement a light asset operation strategy to optimize its business structure [1] - Online brand management services have seen year-on-year growth, contributing to improved profitability [1] - Cost control measures in online marketing and content e-commerce have enhanced profit levels, supporting overall performance growth [1]

Core Viewpoint - The company expects a net profit attributable to shareholders of 92.03 million to 120 million yuan for 2025, representing a year-on-year growth of 21.1% to 57.32% [1] Group 1: Business Strategy - The company is actively promoting a strategy focused on enhancing productivity through technology improvements [1] - The use of AI agents is aimed at increasing operational efficiency and expanding business types in collaboration with platforms like Alibaba [1] - The company continues to implement a light asset operation strategy to further optimize its business structure [1] Group 2: Financial Performance - Online brand management services have seen year-on-year growth, contributing to improved profitability [1] - Cost control measures in online marketing and content e-commerce have enhanced profit levels, supporting overall performance growth [1]

证券代码：300792 证券简称：壹网壹创 公告编号：2026-007 杭州壹网壹创科技股份有限公司 2025 年度业绩预告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重 大遗漏。 重要提示： 一、本期业绩预计情况 （一）业绩预告期间：2025 年 1 月 1 日至 2025 年 12 月 31 日 （二）业绩预告情况：预计净利润为正值且属于同向上升情形 （1）以区间数进行业绩预告的 杭州壹网壹创科技股份有限公司 董事会 单位：万元 | 项 目 | | | 本报告期 | | 上年同期 | | --- | --- | --- | --- | --- | --- | | 归属于上市公司股 | 比上年同期 | 9,203 | ～ | 11,955 | 7,599.39 | | 东的净利润 | | 21.10% | ～ | 57.32% | | | | 增长 | | | | | | 扣除非经常性损益 | | 10,084 | ～ | 13,099 | | | 后的净利润 | 比上年同期 | 30.35% | ～ | 69.32% | 7,736.09 | | | 增长 | | ...

Core Viewpoint - The A-share market has seen a collective surge in "AI marketing (core stocks)" concept stocks, becoming one of the most prominent market themes, with companies like InSai Group, Zhejiang Wenlian, Tianlong Group, BlueFocus, Guangyun Technology, and Yidian Tianxia leading the charge. Company Summaries - **InSai Group (300781.SZ)**: Latest stock price is 54.18 CNY with a daily increase of +20.00%. The company has formed a joint venture with XinSuo Technology to launch a generative engine for reputation marketing and GEO optimization, supported by its self-developed InsightGPT for content production and distribution [1]. - **Zhejiang Wenlian (600986.SH)**: Latest stock price is 13.78 CNY with a daily increase of +9.98%. The company has released the "HochiGEO" intelligent agent to monitor mainstream AI search platforms and provide intelligent advertising and content distribution strategies across sectors like automotive and fast-moving consumer goods [2]. - **Tianlong Group (300063.SZ)**: Latest stock price is 6.13 CNY with a daily increase of +19.99%. The company has developed its own "PinXue·JianYou" AIGC tool matrix and AI engine, compatible with mainstream large models, enabling multi-modal material generation and intelligent advertising optimization [3]. - **BlueFocus (300058.SZ)**: Latest stock price is 8.00 CNY with a daily increase of +14.93%. The company has invested in PureblueAI, which focuses on GEO technology, quickly entering the generative engine optimization sector through model-driven content generation and distribution [4]. - **Guangyun Technology (688365.SH)**: Latest stock price is 9.80 CNY with a daily increase of +12.07%. The company offers products like "KuaiMai XiaoZhi" and "ShenHui MeiGong Robot," integrating multi-modal large models to provide comprehensive solutions for e-commerce customer service, shopping guidance, material generation, and advertising optimization [5]. - **Yidian Tianxia (301171.SZ)**: Latest stock price is 20.20 CNY with a daily increase of +9.69%. As a leader in cross-border marketing, the company has developed a GEO optimization framework compatible with overseas AI search platforms to enhance brand visibility in generative search results [6]. - **Lio Co., Ltd. (002131.SZ)**: Latest stock price is 2.39 CNY with a daily increase of +9.12%. The company has developed the LEOAIAD platform and unified model, leading the standardization of AIGC advertising materials and implementing MCP protocol tools [7]. - **Fushi Holdings (300071.SZ)**: Latest stock price is 3.14 CNY with a daily increase of +8.66%. The company has launched the FlinkAI full-link intelligent marketing platform and the Disi AI smart chain platform, covering multi-modal content generation, intelligent advertising, and digital marketing [8]. - **Zhidao Mai (300785.SZ)**: Latest stock price is 72.19 CNY with a daily increase of +8.20%. The company is advancing its "comprehensive AI" strategy by launching the "ZhiShu" AI full-domain content insight platform and other B-end marketing tools to empower content creation and data analysis [9]. - **Kunlun Wanwei (300418.SZ)**: Latest stock price is 37.60 CNY with a daily increase of +6.05%. The company’s DramaWave utilizes self-developed AI tools for batch generation of multi-language short video materials and intelligent advertising, establishing an "AI + marketing" growth cycle for overseas short drama marketing [10]. - **Yi Wang Yi Chuang (300792.SZ)**: Latest stock price is 19.21 CNY with a daily increase of +5.88%. As one of Alibaba's first AI Agent ecosystem partners, the company’s AI agents have been implemented in scenarios such as AI-generated images, content generation, and advertising optimization, while promoting SaaS subscription services [11]. - **Shengguang Group (002400.SZ)**: Latest stock price is 5.85 CNY with a daily increase of +6.05%. The company has developed the Lingxi AI marketing platform, integrating top large models to create vertical models covering full-link marketing, collaborating deeply with TikTok and Meta, serving over 300 benchmark clients [12]. - **Tianxia Xiu (600556.SH)**: Latest stock price is 6.15 CNY with a daily increase of +7.75%. The company has launched the AI product "Inspiration Island," leveraging AIGC to empower social media and short video content operations, enabling batch content generation, review, and digital IP creation [14].

Core Viewpoint - The internet e-commerce sector experienced a slight increase of 0.47% on January 29, with 壹网壹创 leading the gains, while the overall market showed mixed results with the Shanghai Composite Index rising by 0.16% and the Shenzhen Component Index declining by 0.3% [1]. Group 1: Market Performance - The internet e-commerce sector's performance was highlighted by 壹网壹创, which closed at 42.68 with a rise of 5.88% and a trading volume of 310,300 shares [1]. - Other notable performers included ST通葡, which increased by 2.33% to close at 3.07, and 凯淳股份, which rose by 1.65% to 36.39 [1]. - The overall trading volume for the internet e-commerce sector was significant, with individual stocks like 华凯易佰 and 焦点科技 achieving trading volumes of 327,100 and 141,200 shares respectively [1]. Group 2: Capital Flow - The net inflow of main funds into the internet e-commerce sector was 134 million yuan, while retail funds saw a net inflow of 989,400 yuan [2]. - Conversely, speculative funds experienced a net outflow of 135 million yuan, indicating a shift in investment strategies among different types of investors [2]. - The capital flow data showed that 壹网壹创 had a main fund net inflow of 125 million yuan, despite a net outflow from speculative and retail investors [3]. Group 3: Individual Stock Analysis - 壹网壹创 led the sector with a main fund net inflow of 125 million yuan, representing 9.24% of its trading volume [3]. - 焦点科技 and 青木科技 also saw significant main fund inflows of 45.09 million yuan and 26.03 million yuan respectively, indicating strong investor interest [3]. - In contrast, ST通葡 experienced a negative main fund flow of 1.20 million yuan, reflecting weaker investor confidence [3].

Investment Rating - The report rates the cosmetics and medical beauty industry as "Overweight" for 2025, indicating an expectation for the industry to outperform the overall market [2][11]. Core Insights - The demand side of the cosmetics and medical beauty sector is expected to accelerate, with retail sales of cosmetics projected to reach 465.3 billion yuan in 2025, a year-on-year growth of 5.1%, surpassing the overall retail growth by 1.4 percentage points [3]. - The performance of Hong Kong-listed beauty companies is strong, with significant growth in GMV (Gross Merchandise Volume) through platforms like Douyin, particularly during promotional events like Double Eleven [3]. - The A-share market shows a mixed performance, with companies like Ruoyuchen and Shanghai Jahwa experiencing substantial improvements in their earnings [3]. - The e-commerce operation sector is rebounding, with companies like Ruoyuchen and Yiwang Yichuang expected to see profit growth exceeding 50% in 2025 [3]. - The medical beauty segment is anticipated to face slight fatigue due to macroeconomic factors, but new product launches are expected to stimulate consumer interest in 2026 [3]. Summary by Sections Cosmetics Sector - Retail sales of cosmetics are projected to grow by 5.1% in 2025, with Q4 growth reaching 9.9% [3]. - Key companies such as Shiseido and Lin Qingxuan are expected to see significant GMV growth, with Lin Qingxuan projected to achieve triple-digit growth [3]. - Investment recommendations include companies with strong channel and brand matrices like Maogeping, Shiseido, and Lin Qingxuan, as well as those with improving earnings like Porlaia and Marubi [3]. Medical Beauty Sector - The medical beauty sector is expected to be impacted by macroeconomic conditions, with companies like Aimeike facing challenges [3]. - Recommendations focus on companies with strong R&D capabilities and broad product pipelines, such as Aimeike and Langzi [3]. E-commerce and Operations - The e-commerce operation sector is recovering, with companies like Ruoyuchen and Qingmu Technology expected to see significant profit growth [3]. - The report highlights the importance of self-operated brands and the potential for high growth in this segment [3]. Key Company Valuations - The report provides a valuation table for key companies, indicating a "Buy" rating for several firms including Porlaia, Maogeping, and Shiseido, with projected PE ratios reflecting growth expectations [5].

证券代码：300792 证券简称：壹网壹创 公告编号：2026-006 杭州壹网壹创科技股份有限公司 关于审计机构变更项目质量控制复核人的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 一、本次变更项目质量控制复核人的情况 天职国际会计师事务所（特殊普通合伙）作为公司聘任的 2025 年度审计机 构，因天职国际内部团队调整，天职国际原委派张定坤先生担任公司 2025 年度 审计业务项目质量控制复核人。变更后，付志成先生担任项目质量控制复核人。 二、变更后的项目质量控制复核人信息 （一）本次变更人员的基本信息 项目质量控制复核人：付志成，2009 年成为注册会计师，2012 年开始从事 上市公司审计，2009 年开始在天职国际执业，2025 年开始为本公司提供审计服 务，近三年签署上市公司审计报告 5 家，近三年复核上市公司审计报告 5 家。 （二）本次变更人员诚信和独立性情况 项目质量复核人付志成近三年不存在因执业行为受到刑事处罚，受到证监会 及其派出机构、行业主管部门等的行政处罚、监督管理措施，受到证券交易所、 行业协会等自律组织的自律监管措施、纪律处 ...

Group 1 - The internet e-commerce sector increased by 0.73% on January 27, with Kai Chun Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 4139.9, up 0.18%, while the Shenzhen Component Index closed at 14329.91, up 0.09% [1] - Key stocks in the internet e-commerce sector showed significant price movements, with Kai Chun Co., Ltd. rising by 11.40% to a closing price of 37.13 [1] Group 2 - The net inflow of main funds in the internet e-commerce sector was 181 million yuan, while retail investors experienced a net outflow of 301 million yuan [2] - The stock "Xin Xun Da" saw a decline of 4.84%, closing at 21.06 yuan, with a trading volume of 161,500 shares [2] - The stock "Hua Kai Yi Bai" had a net inflow of 65.46 million yuan from main funds, indicating strong institutional interest despite overall sector outflows [3]

Investment Rating - The report maintains a "Positive" outlook on the cosmetics and medical beauty industry, indicating strong performance compared to the market [2]. Core Insights - The cosmetics and medical beauty sector has outperformed the market recently, with the Shenwan Beauty Care Index rising by 2.0% from January 16 to January 23, 2026, surpassing the Shenwan A Index by 0.8 percentage points [4][5]. - December 2025 saw a significant increase in social retail sales for cosmetics, reaching 38 billion yuan, with a growth rate of 8.8%, indicating robust demand even in the off-season. The overall growth rate for Q4 was 9.9%, significantly higher than the annual growth of 5.1% for 2025, driven by promotional events like Double 11 [10][17]. - The report anticipates continued high consumer demand in Q1 2026, supported by new product launches and regulatory approvals in the medical beauty sector [10]. Summary by Sections Industry Performance - The cosmetics and medical beauty sector has shown strong performance, with the Shenwan Cosmetics Index increasing by 2.6% and the Shenwan Personal Care Index rising by 4.2%, both outperforming the Shenwan A Index [4][5]. Key Company Reviews - Lin Qingxuan (2657HK) is highlighted as a benchmark in the high-end domestic skincare market, with revenue projected to grow from 690 million yuan in 2022 to 1.21 billion yuan in 2024, representing a CAGR of 32.7%. The company is expected to turn a profit of 187 million yuan in 2024, a 120% increase year-on-year [11][12]. - Langzi Co., Ltd. (002612.SZ) forecasts a net profit of 900 million to 1.05 billion yuan for 2025, reflecting a year-on-year growth of 245.25% to 302.80% [4]. - Qingsong Co., Ltd. (300132.SZ) anticipates a net profit of 130 million to 165 million yuan for 2025, with a growth rate of 137.73% to 201.74% [4]. Market Trends - The report notes that the high-end skincare market is expanding, with the market size expected to reach 218.5 billion yuan by 2029. The concept of "oil-based skincare" is becoming mainstream, driving growth in the facial oil segment, which is projected to grow at a CAGR of 42.8% from 2019 to 2024 [12][14]. - E-commerce channels are increasingly important, with Lin Qingxuan achieving a 65.4% online revenue share in H1 2025, leveraging platforms like Douyin and Tmall for growth [13]. Sales Data - In December 2025, the total retail sales of cosmetics reached 38 billion yuan, with a year-on-year growth of 8.8%. The overall retail sales for cosmetics in 2025 were 465.3 billion yuan, reflecting a 5.1% increase [17][21].