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]

本次活动将以网络远程方式举行，投资者可登录"全景路演"网站 （https://rs.p5w.net）、关注微信公众号"全景财经"或下载全景路演 APP 参与本次互动交流。活动时间为 2025 年 9 月 19 日（周五）15:30-17:00。 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 为进一步加强与投资者的互动交流，青木科技股份有限公司（以下简称 "公司"）将参加由中国证券监督管理委员会广东监管局、广东上市公司协会 联合举办的"向新提质 价值领航——2025 年广东辖区上市公司投资者网上集 体接待日暨中报业绩说明会"活动，现将相关事项公告如下： 证券代码：301110 证券简称：青木科技 公告编号：2025-057 届时公司董事长吕斌先生、董事兼总经理卢彬先生、副总经理、董事会秘 书兼财务总监李克亚先生（具体以当天实际参会人员为准）将通过网络在线方 式，与投资者就公司治理、经营情况及发展战略等问题进行沟通与交流，欢迎 广大投资者积极参与。 特此公告。 青木科技股份有限公司 董事会 2025 年 9 月 16 日 ...

Market Overview - On September 16, the internet e-commerce sector rose by 4.18% compared to the previous trading day, with Liren Lizhuang leading the gains [1] - The Shanghai Composite Index closed at 3861.87, up 0.04%, while the Shenzhen Component Index closed at 13063.97, up 0.45% [1] Top Performers - Liren Lizhuang (code: 605136) closed at 11.20, up 10.02% with a trading volume of 544,000 shares and a transaction value of 600 million [1] - Qiangmu Technology (code: 301110) closed at 78.75, up 7.83% with a trading volume of 87,700 shares and a transaction value of 683 million [1] - Kuaijingtong (code: 002640) closed at 6.03, up 7.49% with a trading volume of 5,397,900 shares and a transaction value of 3.257 billion [1] Fund Flow Analysis - The internet e-commerce sector saw a net inflow of 1.27 billion from main funds, while retail funds experienced a net outflow of 797 million [2][3] - Main funds showed significant net inflow in Kuaijingtong (7.88 million) and Liren Lizhuang (2.21 million), while retail funds had notable outflows in the same stocks [3] Individual Stock Performance - Liren Lizhuang had a main fund net inflow of 2.21 million, accounting for 36.79% of its trading volume, but retail funds saw a net outflow of 124 million [3] - Kuaijingtong experienced a main fund net inflow of 7.88 million, representing 24.20% of its trading volume, while retail funds had a net outflow of 404 million [3]

Group 1 - The stock price of Qingmu Technology reached a historical high, increasing by 10.12% to 80.42 yuan, with a trading volume of 5.3982 million shares and a transaction amount of 416 million yuan, resulting in a turnover rate of 8.26% [2] - The latest total market capitalization of Qingmu Technology in A-shares is 7.442 billion yuan, with a circulating market value of 5.257 billion yuan [2] - The retail industry, to which Qingmu Technology belongs, has an overall increase of 0.94%, with 64 stocks rising and 3 stocks hitting the daily limit, while 28 stocks declined [2] Group 2 - As of September 15, the margin balance for Qingmu Technology is 272 million yuan, with a financing balance of 272 million yuan, reflecting a recent increase of 27.4635 million yuan, or 11.21% [2] - In the past 10 days, one institution rated the stock, with Guotai Haitong Securities setting a target price of 78.30 yuan on September 4 [2] - The company's semi-annual report shows a revenue of 668 million yuan for the first half of the year, a year-on-year increase of 22.75%, while net profit was 51.657 million yuan, a year-on-year decrease of 22.96%, with basic earnings per share of 0.5582 yuan and a weighted average return on equity of 3.59% [2]

Group 1 - The core point of the article is that Qingmu Technology's stock price increased by 10.2%, reaching a new high of 80.48 yuan per share, with a total market value surpassing 7.447 billion yuan [2] - The trading volume for Qingmu Technology reached 410 million yuan [2]