兴业证券股份有限公司 关于青木科技股份有限公司 首次公开发行前已发行股份上市流通的核查意见 兴业证券股份有限公司（以下简称"兴业证券"或"保荐机构"）作为青木 科技股份有限公司（以下简称"青木科技"或"公司"）首次公开发行股票并在 创业板上市的保荐机构，根据《证券发行上市保荐业务管理办法》《深圳证券交 易所创业板股票上市规则》《深圳证券交易所上市公司自律监管指引第 2 号—— 创业板上市公司规范运作》等相关规定，对青木科技首次公开发行前已发行股份 上市流通的事项进行了审慎核查，具体情况如下： 一、公司股票发行和股本变动情况 （一）首次公开发行股份情况 经中国证券监督管理委员会核发《关于同意青木数字技术股份有限公司首次 公开发行股票注册的批复》（证监许可[2022]202 号），青木科技股份有限公司1 （以下简称"公司"）首次公开发行人民币普通股（A 股）股票 16,666,667 股，上 市后公司总股本为 66,666,667 股。有限售条件的股份数量为 51,475,416 股，占公 司总股本的 77.21%；无限售条件流通股 15,191,251 股，占公司总股本的 22.79%。 （二）公司上市后股本变 ...

Core Viewpoint - The A-share market will see a significant unlock of restricted shares, totaling approximately 966.01 billion yuan, with 40 stocks experiencing share unlocks next week [2]. Group 1: Stock Unlock Details - 40 stocks will have their restricted shares unlocked from September 8 to 12, with a total unlock market value of 966.01 billion yuan [2]. - Among these, 12 stocks have an unlock market value exceeding 10 billion yuan, with notable mentions including Times Electric (278.23 billion yuan), Southern Network Storage (230.81 billion yuan), and BGI Genomics (133.82 billion yuan) [2][4]. - Southern Network Storage and Western Gold are among the stocks with restricted shares unlocked from directed placements, while the other three are from the initial public offering (IPO) original shareholders [2]. Group 2: Unlock Proportions - A total of 13 stocks have an unlock proportion exceeding 10%, indicating a potential impact on their stock prices [5]. - Stocks such as Minshida, Southern Network Storage, Sairun Bio, and Zhejiang Hengwei have unlock proportions above 50% [5]. - The detailed table lists various stocks, their unlock dates, market values, and the proportion of shares being unlocked [7]. Group 3: Company Performance Insights - Times Electric's largest shareholder, CRRC Zhuzhou Electric Locomotive Research Institute, will unlock approximately 590 million shares, accounting for 43.42% of the total share capital [4]. - Times Electric reported a revenue of 12.214 billion yuan for the first half of 2025, reflecting a year-on-year growth of 17.95%, with a net profit of 1.672 billion yuan, up 12.93% [4]. - Minshida, listed on the Beijing Stock Exchange, achieved a revenue of 237 million yuan in the first half of 2025, marking a year-on-year increase of 27.91%, with a net profit of 63.03 million yuan, up 42.28% [8]. Group 4: Institutional Investment Insights - Institutions that participated in the directed placements of stocks like Western Gold and Southern Network Storage are expected to see positive returns from the unlocks, with Western Gold's return exceeding 180% and Southern Network Storage's over 70% [8]. - Among the 40 stocks, 15 are categorized as general equity incentive shares or restricted shares, with companies like Sany Heavy Energy and Zhaoyi Innovation having unlock market values exceeding 1 billion yuan [8].

Core Viewpoint - Qingmu Technology (301110) announced that neither the company nor its subsidiaries have overdue guarantees, are involved in any litigation related to guarantees, or have incurred losses due to being ruled against in guarantee-related cases [1] Group 1 - The company confirmed the absence of overdue guarantees [1] - There are no ongoing litigations involving guarantees [1] - The company has not faced any losses from guarantee-related judgments [1]

证券代码：301110 证券简称：青木科技 公告编号：2025-055 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。 一、担保情况概述 青木科技股份有限公司（以下简称"公司"）分别于2025年4月28日召开了 第三届董事会第九次会议和第三届监事会第九次会议，审议通过《关于控股子 公司向银行申请授信额度并由公司为其提供担保的议案》，同意境内子公司广 州美魄品牌管理有限公司（以下简称"广州美魄"）向广发银行申请不超过人民 币1,000万元（含1,000万元）的授信，并由公司为上述授信提供合计最高不超 过1,000万元人民币的连带责任担保；于2025年6月23日召开了第三届董事会第 十次会议，审议通过《关于控股子公司向银行申请授信额度并由公司为其提供 担保的议案》，同意广州美魄向招商银行申请不超过人民币3,000万元（含 3,000万元）的授信，由公司为上述授信提供合计最高不超过2,550万元人民币 的连带责任担保。 公司于近日与广发银行股份有限公司广州分行（以下简称"广发银行广州分 行"）签署《最高额保证合同》，约定公司向广发银行连带保证控股子公司广州 美魄按时 ...

Group 1 - The internet e-commerce sector rose by 2.15% on September 5, with 壹网壹创 leading the gains [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] - Key stocks in the internet e-commerce sector showed significant price increases, with 壹网壹创 rising by 7.90% to a closing price of 30.33 [1] Group 2 - The internet e-commerce sector experienced a net outflow of 49.52 million yuan from institutional investors, while retail investors saw a net inflow of 51.45 million yuan [2] - The trading volume for key stocks included 国联股份 with a closing price of 28.70, up 5.05%, and a trading volume of 237,100 shares [2] - The stock 跨境通 had a closing price of 5.50, with a trading volume of 1,495,500 shares and a net inflow of 8.03 billion yuan [2][3] Group 3 - 主力资金流向 indicated that 国联股份 had a net inflow of 60.73 million yuan, while 壹网壹创 had a net outflow of 23.86 million yuan [3] - 散户资金流入 for 三态股份 was 1.01 million yuan, while the net outflow for ST易购 was 3.11 million yuan [3] - The overall market sentiment showed mixed results, with some stocks experiencing significant retail interest despite institutional outflows [3]

Group 1 - The company announced the completion of the use of raised funds deposited in a specific account at China Merchants Bank, which has now been fully utilized [1] - The company has completed the cancellation procedures for the special account for raised funds and has notified the sponsor institution and representative accordingly [1] - The corresponding tripartite supervision agreement related to the raised funds has been terminated as a result of these actions [1]

Core Insights - The e-commerce agency industry is experiencing a "polarized" development trend in the first half of 2025, with significant performance disparities among listed companies [1][2] - Companies like Ruoyuchen have shown remarkable growth, while others like Liren Lizhuang and Baozun E-commerce are facing severe losses [1][8] Company Performance - Ruoyuchen reported a revenue growth of 67.55% year-on-year, reaching 1.319 billion yuan, with a net profit increase of 85.60% to 72 million yuan [10] - Liren Lizhuang's revenue fell by 13.98% to 830 million yuan, with a net loss of approximately 33 million yuan, marking a staggering decline of 1315.98% [7][8] - Baozun E-commerce achieved a revenue of about 4.6 billion yuan, a 5.63% increase, but reported a net loss of 97 million yuan, widening from a loss of 87 million yuan in the previous year [8] - Yiwang Yichuang's revenue decreased by 14.3% to 530 million yuan, while its net profit increased by 5.83% to 71 million yuan [11] - Qingmu Technology's revenue grew by 22.75% to 668 million yuan, but its net profit fell by 22.96% to 51.7 million yuan due to increased marketing expenses [11] - Kaichun's revenue dropped by 21.67% to 162 million yuan, with a net profit decline of 16.17% to 300,890 yuan [11] Industry Trends - The e-commerce user growth rate is slowing, leading to intensified competition for traffic and rising customer acquisition costs [2][12] - The fragmentation of traffic sources, with the rise of platforms like Douyin and Xiaohongshu, is impacting traditional e-commerce models [2][12] - Companies that fail to adapt to the shift towards comprehensive operations may struggle to survive in the evolving market landscape [2][12] Strategic Shifts - The transition from traditional e-commerce to a focus on self-owned brands is becoming crucial for survival and growth [13][16] - Ruoyuchen's self-owned brand business saw a significant revenue increase of 242.42%, contributing to 45.75% of its total revenue [10][13] - Liren Lizhuang's reliance on traditional e-commerce platforms has hindered its ability to innovate and grow, with over 91% of its revenue still tied to platform sales [13][14] Market Outlook - The overall online retail sales in China reached 74.295 billion yuan in the first half of 2025, growing by 8.5%, indicating that e-commerce still plays a vital role in the consumer market [14] - The future competitive edge will rely on enhancing operational efficiency through digital means and building strong brand management capabilities [16]

Core Viewpoint - The e-commerce agency industry is experiencing a "dual climate" in the first half of 2025, with significant performance divergence among listed companies, highlighting the need for transformation and adaptation to new market dynamics [1][2][12]. Group 1: Company Performance - Ruoyuchen achieved a remarkable revenue growth of 67.55% year-on-year, reaching 1.319 billion yuan, driven by a strong performance in its self-owned brand business [9][13]. - Liren Lizhuang reported a revenue decline of 13.98% to 830 million yuan, with a net loss of approximately 33.76 million yuan, marking a staggering year-on-year decrease of 1315.98% [6][12]. - Baozun E-commerce maintained a revenue increase of 5.63% to around 4.6 billion yuan but faced a net loss of 97.04 million yuan, which widened by 6.23% compared to the previous year [7][12]. - Yiwang Yichuang experienced a revenue drop of 14.3% to about 530 million yuan, while its net profit increased by 5.83% to approximately 71 million yuan [9][10]. - Qingmu Technology's revenue rose by 22.75% to 668 million yuan, but its net profit decreased by 22.96% to about 51.66 million yuan due to increased marketing expenses [10][12]. - Kaichun Co. reported a revenue decline of 21.67% to 162 million yuan, with a net profit decrease of 16.17% to approximately 300,890 yuan [10][12]. Group 2: Industry Trends - The e-commerce user growth rate is slowing, and competition for platform traffic is intensifying, leading to rising customer acquisition costs (CAC) and squeezing profit margins for agencies [2][11]. - The fragmentation of traffic sources, with the rise of platforms like Douyin and Xiaohongshu, has made it essential for agencies to adapt their service models beyond traditional "shelf e-commerce" [2][11]. - The shift towards a "stock era" in e-commerce emphasizes the importance of transformation and innovation for survival and growth, as evidenced by the performance disparities among companies [12][13]. - The overall online retail sales in China reached 74.295 billion yuan in the first half of 2025, growing by 8.5%, indicating that e-commerce still plays a crucial role in the consumer market [14][16]. Group 3: Strategic Insights - Companies that successfully transition to self-owned brand operations and diversify their business models are likely to thrive, as seen with Ruoyuchen's significant growth in self-owned brands [9][13]. - The ability to leverage accumulated data and identify new market segments will be critical for agencies to navigate the evolving landscape and capitalize on emerging opportunities [16]. - The government's push for healthy e-commerce development aligns with the industry's need for innovation, suggesting a favorable environment for companies that can adapt quickly [14][16].

Core Insights - The e-commerce operation industry is experiencing a "ice and fire" development trend in the first half of 2025, with significant performance differentiation among listed companies [1] - Companies like Ruoyuchen show remarkable growth, while others like Liren Lizhuang face severe revenue decline and substantial losses [1][6] - The overall e-commerce user growth is slowing, leading to increased customer acquisition costs and fragmented traffic patterns [2] Company Performance - Ruoyuchen achieved a revenue growth of 67.55% year-on-year, with a net profit increase of 85.60% [8] - Liren Lizhuang reported a revenue of 830 million yuan, down 13.98% year-on-year, and a net loss of approximately 33.76 million yuan, a staggering decline of 1315.98% [5][6] - Baozun maintained revenue growth of 5.63% year-on-year, but reported a net loss of 97.04 million yuan, widening from a loss of 87.28 million yuan in the previous year [6] - Yiwang Yichuang's revenue decreased by 14.3% to approximately 530 million yuan, while net profit increased by 5.83% to about 71 million yuan [8] - Qingmu Technology's revenue grew by 22.75% to 668 million yuan, but net profit fell by 22.96% to 51.66 million yuan [9] - Kaichun's revenue dropped by 21.67% to 162 million yuan, with a net profit decline of 16.17% to 3.01 million yuan [9] Industry Trends - The e-commerce operation industry is transitioning from a focus on traditional "shelf e-commerce" to a more comprehensive operational model [2][10] - The rise of content and interest-based e-commerce platforms like Douyin and Xiaohongshu is fragmenting traffic, impacting traditional e-commerce operators [2] - The overall online retail sales in China reached 74.295 billion yuan, growing by 8.5% year-on-year, indicating the continued importance of e-commerce in the consumer market [11] Strategic Insights - Companies that successfully innovate and extend their business models beyond traditional operations are more likely to survive and thrive [10][12] - Ruoyuchen's self-owned brand business saw a significant revenue increase of 242.42%, indicating a successful pivot towards brand management [10] - Liren Lizhuang's heavy reliance on platform sales (91.12% of revenue) highlights the risks of not diversifying revenue streams [11]

Market Overview - On September 3, the internet e-commerce sector declined by 2.72% compared to the previous trading day, with Liren Lizhuang leading the decline [1] - The Shanghai Composite Index closed at 3813.56, down 1.16%, while the Shenzhen Component Index closed at 12472.0, down 0.65% [1] Individual Stock Performance - Liren Lizhuang (code: 605136) closed at 9.57, down 4.40% with a trading volume of 169,700 shares and a transaction value of 1.66 billion [1] - Qiangmu Technology (code: 301110) closed at 62.30, down 4.37% with a trading volume of 30,500 shares and a transaction value of 195 million [1] - JiaoDian Technology (code: 002315) closed at 47.86, down 4.15% with a trading volume of 70,600 shares and a transaction value of 344 million [1] - Other notable declines include Lianghui Co. (down 3.90%), Kaichun Co. (down 3.16%), and Kuaijingtong (down 3.09%) [1] Capital Flow Analysis - The internet e-commerce sector experienced a net outflow of 260 million from main funds, while retail investors saw a net inflow of 284 million [1] - The table of capital flow indicates that major funds had a negative net inflow in several companies, including ST Tongpu and ST Yigou, while retail investors showed positive net inflows in companies like Kaichun Co. and others [2]