Core Points - Ampron announced the establishment of its subsidiary in Thailand, AMPRON TECHNOLOGY (THAILAND) CO., LTD., on September 24, 2025, with a registered capital of 230 million Thai Baht [1] - The company aims to build a sensor manufacturing base in Thailand, complying with local investment policies [1] - The ownership structure includes NEXA Sens Technology (Hong Kong) Limited holding 95% and TS MOLYMER COMPANY LIMITED holding 4.9999%, with two Thai individuals holding a combined 0.0001% [1] Company Structure - The registered capital of the Thai subsidiary is 230 million Thai Baht, with shares priced at 10 Thai Baht each [1] - NEXA Sens Technology (Hong Kong) Limited subscribed to 21,850,000 shares, while TS MOLYMER COMPANY LIMITED subscribed to 1,149,980 shares [1] - Two Thai natural persons, Miss Sunan Thongsong and Fs.3 Yoel Saengkhunthod, each subscribed to 10 shares, totaling 20 shares [1] Regulatory Compliance - The establishment of the company required at least two natural persons to jointly initiate the process, which is why the two Thai individuals are involved [1] - There are plans for the two Thai shareholders to transfer their combined 20 shares to TS MOLYMER COMPANY LIMITED, maintaining NEXA Sens Technology's 95% ownership [1]

Core Insights - Company reported a net profit growth of 169.76% year-on-year for the first three quarters of 2024, with a 135.66% increase in net profit for the third quarter [2] Group 1: Financial Performance - The net profit attributable to shareholders for the first three quarters of 2024 reached a significant increase of 169.76% compared to the previous year [2] - The third quarter alone saw a net profit increase of 135.66% year-on-year [2] Group 2: AI and Technology Application - The company has implemented AI agents in data analysis and intelligent customer service systems, enhancing operational efficiency [2] - In data analysis, AI agents are primarily used for automatic report summarization and generation [2] - In customer service, AI agents provide detailed product information, comparison of selling points, and responses to other product inquiries [2] - The company is still in the early stages of applying AI technology and is exploring its potential [2]

Group 1 - The core point of the article highlights the recent performance of Qingmu Technology, which saw a 5.09% increase in stock price, reaching 76.20 yuan per share, with a total market capitalization of 7.051 billion yuan [1] - Qingmu Technology was established on August 5, 2009, and went public on March 11, 2022. The company provides comprehensive e-commerce services for globally recognized brands [1] - The revenue composition of Qingmu Technology includes: 44.93% from e-commerce operation services, 34.83% from brand incubation and management, 14.18% from distribution agency services, 4.05% from technical solutions and consumer operation services, and 2.02% from brand digital marketing services [1] Group 2 - From the perspective of major shareholders, the Xinda Australia Fund has a fund that ranks among the top ten circulating shareholders of Qingmu Technology, with the Xin'ao Youxiang Life Mixed A Fund (017977) newly entering the list in the second quarter, holding 382,400 shares, accounting for 0.79% of circulating shares [2] - The Xin'ao Youxiang Life Mixed A Fund has achieved a year-to-date return of 58.45%, ranking 716 out of 8173 in its category, and a one-year return of 68.52%, ranking 1645 out of 8003 [2] - The fund manager of Xin'ao Youxiang Life Mixed A is Yang Ke, who has a total fund asset scale of 1.445 billion yuan, with the best fund return during his tenure being 55.92% [3] Group 3 - The Xin'ao Youxiang Life Mixed A Fund holds 382,400 shares of Qingmu Technology, which represents 2.8% of the fund's net value, making it the ninth largest holding [4] - The estimated floating profit from this holding is approximately 1.4111 million yuan [4]

Core Insights - The company hosted an investor reception event on September 19, 2023, where key executives addressed investor inquiries regarding business performance and future strategies [1] - The brand incubation business showed significant growth, with revenue of approximately 230 million yuan in the first half of 2025, representing an 86.5% year-on-year increase, and its contribution to overall revenue rose from 22.9% in the first half of 2024 to 34.8% [1] - The company plans to enhance brand building and marketing efforts, expand its team, and diversify sales channels, with future intentions to invest in or acquire more overseas premium brands [1] Revenue and Profit Analysis - The operational business generated approximately 300 million yuan in revenue in the first half of the year, reflecting a 7.2% year-on-year increase, while the brand incubation business revenue was about 230 million yuan, up 86.5% [2] - Net profit decreased by 22% due to increased promotional efforts for incubated brands, a decline in bank deposit interest rates, and reduced investment income from joint ventures, although operational cost changes did not adversely affect the main business [2] - The company aims to strengthen its brand incubation and management business as a key growth driver while continuing to develop its e-commerce operational services [2] Strategic Development - The company is committed to becoming a "data and technology-driven retail service expert," focusing on the application of new technologies like AI to enhance operational efficiency [2] - Future strategies will involve continuous efforts in service categories, e-commerce platforms, and service capability development [2]

Group 1: Financial Performance - The company's brand incubation business achieved a revenue of approximately 230 million yuan in the first half of 2025, representing a year-on-year growth of 86.5%, increasing its share of total revenue from 22.9% in the first half of 2024 to 34.8% in 2025 [2][3] - The overall revenue growth for the first half of 2025 was 22%, while net profit decreased by 22% due to increased promotional expenses and reduced financial income from bank deposits and investments [3][4] - The agency operation business generated approximately 300 million yuan in revenue, with a year-on-year increase of 7.2% [3] Group 2: Brand Development and Strategy - Key brands, Cumlaude Lab and ZUCCARI, saw revenue growth exceeding 70% and 95% respectively during the reporting period [3][4] - The company plans to enhance its investment in brand incubation and management, focusing on health consumer products and exploring partnerships with overseas brands through various strategies such as joint ventures and acquisitions [4] - The company aims to become a "data and technology-driven retail service expert," leveraging AI and new technologies to improve operational efficiency [4]

Core Viewpoint - Qingmu Technology is a leading e-commerce service provider offering comprehensive one-stop e-commerce services, with a strong advantage in the apparel category and recent expansion into trendy toys [1] Group 1: Business Overview - The core business of e-commerce operation has a competitive edge in the apparel sector, with clients including Jellycat and Pop Mart [1] - The brand incubation business is experiencing rapid growth, forming a second growth curve for the company [1] Group 2: Technological Advantage - The company possesses advanced AI capabilities, benefiting from the application of AI in e-commerce to reduce costs and improve efficiency, gradually reconstructing traditional business models [1] Group 3: Financial Projections - Revenue projections for 2025-2027 are estimated at 1.39 billion, 1.75 billion, and 2.21 billion yuan, respectively, with net profit attributable to the parent company projected at 100 million, 160 million, and 260 million yuan [1] - Corresponding price-to-earnings ratios (PE) are expected to be 71, 45, and 29 times for the respective years [1] - The company maintains a "buy" rating based on these projections [1]

Group 1: Macro Insights - The Federal Reserve has resumed interest rate cuts, lowering the federal funds rate target range to 4.00%-4.25% from 4.25%-4.5%, marking a shift towards a more accommodative monetary policy [4][5] - The Fed's dot plot indicates a downward revision in rate expectations, predicting two more rate cuts in 2025, with the median expected federal funds rate falling to 3.6% [4][6] - The Fed's internal divisions are evident, with varying opinions on the extent of rate cuts, reflecting differing views on economic conditions [5][6] Group 2: Company Overview - Qingmu Technology - Qingmu Technology is positioned as a leading e-commerce service provider, offering comprehensive services including operational management, brand incubation, and digital marketing [8][9] - The company has evolved from a footwear e-commerce operator to a diversified e-commerce service enterprise, with a significant focus on brand incubation and operational management [9][10] - The revenue composition for H1 2025 includes e-commerce operations (45%), brand incubation management (35%), and distribution agency (14%) [9][10] Group 3: Business Growth and Strategy - The e-commerce operational management segment has shown steady growth, particularly in the apparel sector, while also expanding into the trendy toy market, contributing to new revenue streams [10][12] - Qingmu Technology has successfully partnered with brands like Pop Mart and Jellycat, which have shown significant revenue growth, enhancing the company's market position [12][13] - The brand incubation segment is rapidly growing, focusing on health consumer products and pet food, with successful entries of brands like Cumlaude Lab and Zuccari into the Chinese market [13][14] Group 4: Industry Insights - Automotive Sector - The automotive industry has seen a 12.9% year-on-year increase in passenger car wholesale sales in H1 2025, driven by policies like trade-in programs and subsidies [17][18] - Despite revenue growth, profit margins are under pressure due to intensified competition, with the automotive sector's net profit declining by 1.8% year-on-year in H1 2025 [17][18] - The truck segment is experiencing a recovery in sales and profitability, with a slight improvement in gross margins, indicating a potential upward trend in market conditions [19][20] Group 5: Investment Recommendations - The report suggests a positive outlook for the automotive sector, driven by trade-in policies and a shift towards high-end and smart vehicle offerings [21][22] - Recommended companies include those positioned for high-end market growth and those benefiting from advancements in smart driving technologies [21][22] - The report emphasizes the importance of focusing on companies with strong operational cycles and those that are well-positioned in the supply chain for future growth [21][22]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The report highlights that the company, Aoki Technology, is a leading e-commerce service provider, offering a comprehensive range of services including operational agency, brand incubation, and digital marketing to enhance brand visibility and market share in China [10][12] - The company has a strong focus on the apparel sector and has recently expanded into the trendy toy market, with significant contributions from brands like Pop Mart and Jellycat [10][12] Summary by Sections Company Overview - Aoki Technology is positioned as a "service provider" for brands, offering tailored services based on the maturity of the brand [18] - The company has evolved from a footwear e-commerce operator to a comprehensive e-commerce service provider, with a history of partnerships with major brands [10][12] Business Model - The company generates revenue through service fees and distribution income by providing a range of e-commerce services [22][23] - The main business segments include e-commerce operations (45% of revenue), brand incubation (35%), distribution agency (14%), digital marketing (2%), and technology solutions (4%) [10][21] Financial Performance - Revenue projections for the company are as follows: 2025 estimated revenue of 1,387 million, 2026 estimated revenue of 1,751 million, and 2027 estimated revenue of 2,211 million, with corresponding net profits of 104 million, 163 million, and 256 million respectively [8] - The company is expected to benefit from AI applications in e-commerce, enhancing operational efficiency and cost reduction [10][12] Market Position - Aoki Technology has established a strong presence in the apparel sector, with partnerships with brands such as Skechers, ECCO, and Lacoste, and is expanding into the trendy toy market with Pop Mart and Jellycat [10][32] - The company has shown significant growth in revenue and profitability, particularly from its operational agency services [10][12]

Market Overview - On September 18, the internet e-commerce sector declined by 2.02%, with Qingmu Technology leading the drop [1] - The Shanghai Composite Index closed at 3831.66, down 1.15%, while the Shenzhen Component Index closed at 13075.66, down 1.06% [1] Stock Performance - Notable gainers included: - Jihong Co., Ltd. (002803) with a closing price of 18.15, up 2.54% [1] - Saiwei Times (301381) at 25.00, up 1.46% [1] - ST Yigou (002024) at 1.92, up 1.05% [1] - Significant decliners included: - Liren Lizhuang (605136) at 10.75, down 2.54% [1] - Yiwang Yichuang (300792) at 32.00, down 2.85% [1] - ST Tongpu (600365) at 3.40, down 2.86% [1] Capital Flow - The internet e-commerce sector experienced a net outflow of 512 million yuan from institutional investors, while retail investors saw a net inflow of 537 million yuan [2][3] - The overall capital flow indicates a shift in investor sentiment, with retail investors increasing their positions despite the sector's decline [2][3] Individual Stock Capital Flow - ST Yigou (002024) had a net outflow of 14.37 million yuan from institutional investors [3] - Saiwei Times (301381) saw a net inflow of 9.42 million yuan from institutional investors [3] - Jihong Co., Ltd. (002803) experienced a net inflow of 3.51 million yuan from institutional investors [3]

Group 1: Fiscal Revenue and Budget - In the first eight months of 2025, the national general public budget revenue reached 148198 billion yuan, showing a year-on-year growth of 0.3% [1] - Tax revenue amounted to 121085 billion yuan, with a slight increase of 0.02% year-on-year, while non-tax revenue was 27113 billion yuan, growing by 1.5% [1] - Central government budget revenue was 64268 billion yuan, reflecting a year-on-year decline of 1.7%, whereas local government budget revenue was 83930 billion yuan, increasing by 1.8% [1] Group 2: Smart Connected Vehicles - The Ministry of Industry and Information Technology is soliciting public opinions on mandatory national standards for smart connected vehicle combination driving assistance systems [2] - The proposed standards aim to establish a safety baseline for smart connected vehicle products, requiring systems to activate only under designed operating conditions [2] - The standards include comprehensive safety technical requirements covering human-machine interaction, functional safety, information security, and data recording, creating a "triple safety guarantee" [2] Group 3: Service Consumption Policies - The Ministry of Commerce plans to introduce a series of specialized documents to promote high-quality development in the accommodation industry and the integration of railways and tourism [3] - Over 30 policies have already been implemented to establish a "1+N" policy system for service consumption [3] Group 4: Financial Support for Consumption - The People's Bank of China is actively supporting qualified financial institutions to issue financial bonds and credit asset-backed securities to enhance consumer credit supply capacity [4] - From January to July this year, automotive financial companies issued financial bonds totaling 215 billion yuan and credit asset-backed securities amounting to 484 billion yuan [4] Group 5: Corporate News - Shanghai Construction Group reported that its gold business revenue constitutes a low proportion of total operating income [6] - NIO received an investment of 1.16 billion USD [6] - New materials company plans to reduce its stake by no more than 2% [6] - Huazhu Group intends to invest up to 10 billion yuan in financial products [6] - Several companies, including Maimai Bio and Xinyuan Technology, are involved in significant partnerships and developments [6]