Core Viewpoint - Qingmu Technology reported significant year-on-year growth in Q3 2025, with a focus on the upcoming Double Eleven sales performance in Q4 2025 [1][2]. Financial Performance - In Q3 2025, the company achieved revenue of 350 million yuan, representing a year-on-year increase of 34% - The net profit attributable to the parent company was 28 million yuan, up 440% year-on-year - The net profit excluding non-recurring items was 26 million yuan, reflecting a year-on-year increase of 1217% - The net profit margin stood at 7.5%, while the gross profit margin was 55% - The expense ratio was 49%, a decrease of 0.75 percentage points year-on-year, with sales expenses at 117 million yuan (up 43% year-on-year), management expenses at 46 million yuan (up 17% year-on-year), and R&D expenses at 10 million yuan (down 10% year-on-year) [2]. Year-to-Date Performance - For the first three quarters of 2025, the company reported total revenue of 1.02 billion yuan, a year-on-year increase of 26% - The net profit attributable to the parent company was 80 million yuan, up 10% year-on-year - The net profit excluding non-recurring items was 75 million yuan, reflecting a year-on-year increase of 19% - Sales expenses totaled 325 million yuan (up 57% year-on-year), management expenses were 136 million yuan (up 21% year-on-year), and R&D expenses were 30 million yuan (down 13% year-on-year) [2]. Profit Forecast and Investment Rating - The company is projected to achieve revenues of 1.5 billion yuan, 2.1 billion yuan, and 2.8 billion yuan for the years 2025, 2026, and 2027, respectively - The net profit attributable to the parent company is expected to be 130 million yuan, 210 million yuan, and 360 million yuan for the same years - Corresponding price-to-earnings ratios are forecasted to be 54.7, 34.4, and 20.1 times - As a leading e-commerce service provider, the company offers comprehensive e-commerce services and has advantages in the large apparel category, with recent expansions into trendy toy sectors, serving clients like Jellycat and Pop Mart - The rapid growth of brand incubation and management services is noted, along with the benefits from AI applications in e-commerce, which are expected to enhance efficiency and reduce costs [3].

Group 1 - The changes in heavy holdings of social security funds and public funds are closely monitored as they represent core forces in the capital market [1] - As of October 29, 3108 stocks have public funds among their top ten circulating shareholders, with Ningde Times, Kweichow Moutai, and Zhongji Xuchuang being the top three by market value [1] - Social security funds are present in the top ten circulating shareholders of 456 stocks, with a total holding market value of 117.77 billion yuan, including 19 stocks with holdings exceeding 1 billion yuan [1] Group 2 - Social security funds show a preference for leading companies, concentrating on them to enhance portfolio stability, reflecting a long-term value investment philosophy [1] - The technology innovation sector has become a new allocation direction, with significant increases in industries like communications and electronics that align with industrial upgrades [1][2] - Both social security and public funds have shown a strong interest in the electronics industry, with notable increases in holdings of companies like Xinwei Communication and Yilian Network [2] Group 3 - The commonality between social security funds and public funds lies in their core demand for long-term asset preservation and appreciation, though their operational styles differ [3] - Public funds tend to be more flexible in seizing investment opportunities due to dual pressures of assessment and scale, leading to higher concentration in their investment portfolios [3] - Social security funds focus on long-term performance benchmarks and have a more stable investment style, often holding stocks for longer periods [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported significant year-on-year growth in Q3 2025, with operating revenue of 350 million yuan, up 34% year-on-year, and a net profit attributable to shareholders of 28 million yuan, up 440% year-on-year [5][6] - The company is expected to benefit from the upcoming Double Eleven shopping festival in Q4 2025, which is a key focus for performance [6] - The company has a strong position as a leading e-commerce service provider, offering comprehensive services and has expanded into trendy toy categories, with notable clients like Jellycat and Pop Mart [6] Financial Performance Summary - In Q3 2025, the company achieved an operating revenue of 350 million yuan, with a net profit margin of 7.5% and a gross margin of 55% [6] - For the first three quarters of 2025, the company reported total operating revenue of 1.02 billion yuan, a 26% increase year-on-year, and a net profit of 80 million yuan, a 10% increase year-on-year [6] - The company’s sales expenses increased by 57% year-on-year to 325 million yuan, primarily due to market promotion costs associated with brand incubation [6] Earnings Forecast - The company is projected to achieve operating revenues of 1.5 billion yuan in 2025, 2.1 billion yuan in 2026, and 2.8 billion yuan in 2027, with corresponding net profits of 131 million yuan, 208 million yuan, and 356 million yuan respectively [7][8] - The expected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 54.7, 34.4, and 20.1 respectively [6][8]

Core Viewpoint - Qingmu Technology's stock rose by 5.2% to 75.43 yuan per share, with a total market capitalization of 6.98 billion yuan, indicating positive market sentiment towards the company [1] Company Overview - Qingmu Technology Co., Ltd. was established on August 5, 2009, and went public on March 11, 2022. The company is headquartered in Guangzhou, Guangdong Province [1] - The main business involves providing comprehensive e-commerce services for globally recognized brands, with revenue composition as follows: e-commerce operation services 44.93%, brand incubation and management 34.83%, distribution agency 14.18%, technical solutions and consumer operation services 4.05%, and brand digital marketing services 2.02% [1] Shareholder Insights - Huazhang Fund's Huazhang Media Internet Mixed A (001071) has entered the top ten circulating shareholders of Qingmu Technology, holding 1.0083 million shares, which is 1.54% of the circulating shares. The estimated floating profit today is approximately 3.7611 million yuan [2] - The fund was established on May 15, 2015, with a latest scale of 4.484 billion yuan. Year-to-date return is 37.12%, ranking 2333 out of 8155 in its category, while the one-year return is 44.16%, ranking 1399 out of 8029 [2] Fund Performance - Huazhang Media Internet Mixed A (001071) is managed by Hu Yibin, who has a tenure of 9 years and 340 days. The total asset scale of the fund is 16.472 billion yuan, with the best return during his tenure being 276.4% and the worst being 2.7% [3] - Another fund, Huazhang Growth Two-Year Open Mixed (160425), holds 105,400 shares of Qingmu Technology, unchanged from the previous period, representing 4.17% of the fund's net value. The estimated floating profit today is about 393,100 yuan [4] - This fund was established on September 3, 2020, with a latest scale of 142 million yuan. Year-to-date return is 40.83%, ranking 1743 out of 8233, while the one-year return is 41.84%, ranking 1517 out of 8103 [4] Fund Manager Insights - Huazhang Growth Two-Year Open Mixed (160425) is managed by Jiang Qiu, who has a tenure of 10 years and 138 days. The total asset scale of the fund is 5.253 billion yuan, with the best return during his tenure being 264.36% and the worst being -29.45% [5]

Investment Rating - The report maintains an "Accumulate" rating for Qingmu Technology [3] Core Views - Qingmu Technology is expanding its e-commerce service offerings, maintaining a leading position in the large apparel brand operation while deepening collaborations with quality brands. The company is also exploring the trendy toy industry to uncover new profit sources in operational categories. The brand incubation business is positioned in the health and pet food sectors, which are expected to grow significantly. The net profit forecasts for 2025-2027 have been revised upwards to 1.2 billion, 1.9 billion, and 2.6 billion respectively, representing year-on-year growth of 31%, 57%, and 40%. The corresponding latest closing price P/E ratios are 56, 36, and 26 [3] Financial Performance Summary - For the first three quarters of 2025, Qingmu Technology achieved revenue of 1.02 billion, a year-on-year increase of 26.3%, and a net profit attributable to shareholders of 79.62 million, up 10.2%. In Q3 alone, revenue reached 350 million, a year-on-year increase of 33.7%, with net profit soaring to 27.96 million, a remarkable increase of 439.7% [10] - The sales net profit margin improved significantly, with the gross margin for the first three quarters of 2025 at 56.3%, up 5.3 percentage points year-on-year. The Q3 gross margin was 55.0%, also up 5.0 percentage points year-on-year. The operating expense ratio for the first three quarters was 48.3%, up 4.8 percentage points year-on-year, while the Q3 operating expense ratio was 49.4%, down 0.7 percentage points year-on-year [10] - The brand incubation and management business continues to grow rapidly, driven by partnerships with European health brands. A strategic cooperation agreement was signed with Dermofarm to explore the Chinese health market, leveraging previous successes in brand growth [10] - The e-commerce operation business is synergistically enhancing its services, including traditional e-commerce operations and live streaming services across major platforms. The company is also advancing AI technology to improve digital service levels [10]

Summary of Newmu Technology Conference Call Industry and Company Overview - **Company**: Newmu Technology - **Industry**: Health and Pet Food Consumption Key Points and Arguments 1. **Business Transformation**: Newmu Technology is transitioning from a distribution agency model to a joint venture model, holding 70% equity to ensure long-term partnerships and attract talent through equity incentives, aiming to create multiple brands with annual revenues exceeding 1 billion yuan [2][5][13] 2. **AI Investment**: The company has invested approximately 150 million yuan in AI technology for applications such as intelligent customer service, image processing, and short video generation, resulting in a 20% year-on-year increase in technical service revenue [2][6][14] 3. **2025 Performance Outlook**: Newmu Technology expects overall performance in 2025 to exceed last year's results, with the agency business maintaining a growth rate of 15-20%, and technical services projected to grow by about 20% [2][7][8] 4. **Brand Development**: The company plans to develop 5 to 10 brands with annual revenues exceeding 1 billion yuan within the next 5 to 10 years, utilizing a joint venture model to rapidly establish brands like Keman Duo and Youka Rui [2][9][12] 5. **Revenue Growth**: In Q3 2025, Newmu Technology reported a 26% year-on-year revenue increase and a nearly 50% increase in net profit, driven by strong growth from leading brands and AI investments [3][4] 6. **Marketing Efficiency**: The company has improved marketing efficiency through AI, with promotional expenses increasing by about 50% in the first nine months of the year, but revenue growth outpacing this increase [4][25] 7. **Product Diversification**: Newmu Technology plans to launch new products across different price ranges in the health and pet food sectors and is considering acquiring established overseas brands using approximately 800 million yuan in cash [4][13] 8. **Brand Comparison**: Keman Duo, a leading foreign brand, focuses on preventive care, while domestic brand Fu Yan Jie is more treatment-oriented, indicating a strategic differentiation in market positioning [17][20] 9. **Employee Incentives**: The company plans to implement a stockholding model to incentivize employees, aligning the interests of shareholders, the company, and core employees to drive performance and share growth [23] Additional Important Information 1. **Channel Distribution**: Keman Duo and Youka Rui have a sales distribution of approximately 30% on Tmall and 30-40% on Douyin, with an expected net profit margin of 7-8% for the year [11] 2. **Future Brand Potential**: Newmu Technology anticipates that emerging brands will significantly improve profitability as they scale, with net profit margins reaching 10% when revenues hit 300-500 million yuan [12] 3. **AI Applications**: Specific applications of AI include customer service automation and data-driven marketing, which have improved operational efficiency by 30% [16][19] 4. **Pet Food Market**: The company is focusing on high-margin functional pet food products and plans to expand into the pet health product market [22] 5. **Q4 and Future Revenue Goals**: The company expects strong performance in Q4 2025, with internal revenue targets set at over 200 million yuan for the year [24]

Core Insights - Qingmu Technology (301110.SZ) reported its Q3 2025 results on October 27, 2025, revealing that 8 institutional investors hold a total of 14.1285 million A-shares, accounting for 15.27% of the company's total share capital [1] - The institutional holding percentage decreased by 2.59 percentage points compared to the previous quarter [1] Institutional Holdings - The institutional investors include Ningbo Yunyi Investment Partnership, Dongtai Qian Duoyue Enterprise Management Partnership, Dongtai Yishan Enterprise Management Partnership, Dongtai Yiqian Enterprise Management Partnership, Industrial and Commercial Bank of China - Huashan Media Internet Mixed Securities Investment Fund, National Social Security Fund 111 Portfolio, Galaxy Cultural and Sports Entertainment Mixed A, and Galaxy Consumer Mixed A [1] - The total institutional holding percentage is now at 15.27%, down from the previous quarter [1] Public Fund Disclosures - Three new public funds disclosed their holdings in Qingmu Technology this quarter, including Huashan Media Internet Mixed A, Galaxy Cultural and Sports Entertainment Mixed A, and Galaxy Consumer Mixed A [1] - A total of 49 public funds that previously disclosed their holdings did not do so this quarter, including Xinao Youxiang Life Mixed A, Xinhua Preferred Dividend Mixed A, Dongfanghong Ruihe Three-Year Holding Mixed A, Huaxia Xingyang One-Year Holding Mixed, and Huashan Cultural and Sports Health Flexible Allocation Mixed A [1] Social Security Fund - One new social security fund disclosed its holdings in Qingmu Technology this quarter, specifically the National Social Security Fund 111 Portfolio [1]

Core Viewpoint - Qingmu Technology (301110.SZ) reported a significant increase in revenue and net profit for the first three quarters of 2025, indicating strong financial performance and growth potential [1] Financial Performance - The company's operating revenue for the first three quarters reached 1.021 billion yuan, representing a year-on-year growth of 26.34% [1] - The net profit attributable to shareholders of the listed company was 79.6168 million yuan, showing a year-on-year increase of 10.22% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 74.6778 million yuan, reflecting a year-on-year growth of 19.49% [1] - Basic earnings per share stood at 0.8604 yuan [1]

Core Viewpoint - Qingmu Technology reported a significant increase in both revenue and net profit for the third quarter of 2025, indicating strong financial performance and growth potential [1] Financial Performance - The company achieved an operating revenue of 353 million yuan, representing a year-on-year growth of 33.73% [1] - The net profit attributable to shareholders reached 27.96 million yuan, showing a remarkable year-on-year increase of 439.71% [1] - Basic earnings per share were reported at 0.3022 yuan [1]

Group 1 - Company Aoki Technology reported a revenue of approximately 1.021 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 26.34% [1] - The net profit attributable to shareholders of the listed company was approximately 79.62 million yuan, reflecting a year-on-year increase of 10.22% [1] - Basic earnings per share were 0.8604 yuan, which is a year-on-year increase of 10.46% [1] Group 2 - As of the report, Aoki Technology has a market capitalization of 6.6 billion yuan [2]