Core Insights - The company reported a revenue of 670 million yuan for the first half of 2025, representing a year-on-year increase of 22.8%, while the net profit attributable to shareholders was 52 million yuan, a decrease of 23.0% year-on-year [1] Revenue Breakdown - In the first half of 2025, the revenue from e-commerce operations, brand incubation and management, and distribution agency was 300 million, 230 million, and 90 million yuan respectively, with year-on-year growth rates of 7.2%, 86.5%, and 11.9% [2] - The gross profit margins for these segments were 47.0%, 79.6%, and 37.4% respectively, with changes in gross margin of -1.2 percentage points, +0.6 percentage points, and +12.5 percentage points year-on-year [2] Channel Performance - Revenue from Tmall and Douyin in the first half of 2025 was 190 million and 95 million yuan respectively, with year-on-year growth of 8.3% and 144.6% [3] - During the 618 shopping festival in 2025, the company's subsidiary "Wangtu Bai" achieved a total GMV growth of 80% year-on-year, with Douyin mall GMV doubling year-on-year [3] Profitability Metrics - The gross profit margin for the first half of 2025 was 57.0%, an increase of 5.4 percentage points year-on-year, while the net profit margin was 7.7%, a decrease of 4.6 percentage points year-on-year [4] - The operating expense ratio for the first half of 2025 was 47.7%, up 7.4 percentage points year-on-year, primarily due to increased sales expenses [4] Profit Forecast and Investment Rating - The company is diversifying its e-commerce services and enhancing collaborations with quality brands, with a projected net profit of 110 million yuan for 2025, down from a previous estimate of 120 million yuan [5] - The net profit for 2025-2027 is expected to grow by 16%, 43%, and 47% respectively, with corresponding PE ratios of 60, 42, and 28 times [5]

Core Viewpoint - Qingmu Technology (301110) reported mixed financial results for the first half of 2025, with revenue growth but a significant decline in net profit [1] Financial Performance - Total revenue for the first half of 2025 reached 668 million yuan, a year-on-year increase of 22.75% compared to 544 million yuan in 2024 [1] - Net profit attributable to shareholders was 51.657 million yuan, down 22.96% from 67.053 million yuan in the previous year [1] - The second quarter saw total revenue of 394 million yuan, up 23.81% year-on-year, while net profit for the quarter was 41.641 million yuan, a decrease of 2.9% [1] - Gross margin improved to 57.03%, an increase of 10.54% year-on-year, while net margin fell to 7.17%, down 38.75% [1] - Total operating expenses (sales, management, and financial expenses) amounted to 298 million yuan, representing 44.61% of revenue, an increase of 24.52% year-on-year [1] Balance Sheet and Cash Flow - Accounts receivable increased to 203 million yuan, a 6.06% rise from 191 million yuan in 2024, with accounts receivable to net profit ratio at 224.21% [1][2] - Interest-bearing debt rose significantly by 104.84% to 43.016 million yuan from 20.9998 million yuan [1] - Operating cash flow per share dropped dramatically by 86.89% to 0.14 yuan from 1.07 yuan [1] Investment Metrics - Return on Invested Capital (ROIC) for the previous year was 5.45%, indicating average capital returns [1] - Historical median ROIC since the company's listing stands at 28.95%, with the lowest recorded ROIC in 2023 at 2.29% [1] Business Model - The company's performance is primarily driven by marketing efforts, necessitating a thorough examination of the underlying factors [2] Fund Holdings - The largest fund holding Qingmu Technology is the Xin'ao Youxiang Life Mixed A fund, with 382,400 shares, newly entering the top ten holdings [3] - Other funds that have recently increased their holdings include the Industrial Bank Consumer Service Mixed A and the Industrial Bank New Generation Consumer Mixed [3]

证券代码：301110 证券简称：青木科技 公告编号：2025-053 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。 根据中国证券监督管理委员会《上市公司募集资金监管规则》、深圳证券 交易所印发的《上市公司自律监管指引第 2 号——创业板上市公司规范运作》 和《深圳证券交易所创业板上市公司自律监管指南第 2 号——公告格式第 21 号 上市公司募集资金年度存放、管理与使用情况的专项报告格式》相关格式指引 的规定，本公司就 2025 年半年度募集资金存放与使用情况报告如下： 一、募集资金基本情况 （一）实际募集资金金额和资金到位情况 根据中国证券监督管理委员会核发的《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），公司以首次公开 发行方式向社会公众发行人民币普通股（A）股 16,666,667 股，发行价格为 63.10 元/股，募集资金总额为人民币 105,166.67 万元，扣除各项不含增值税的 发行费用后的募集资金净额为 95,111.24 万元。上述募集资金经天健会计师事务 所（特殊普通合伙）验证、出具 ...

证券代码：301110 证券简称：青木科技 公告编号：2025-052 青木科技股份有限公司（以下简称"公司"）于2025年8月28日召开了第三届董 事会第十一次会议，审议通过了《关于<2025年半年度报告>及其摘要的议案》。 为使投资者全面了解公司的经营情况、财务状况等，公司2025年半年度报告全文 及其摘要将于2025年8月29日在中国证监会指定的创业板信息披露网站巨潮资讯网 （www.cninfo.com.cn）上披露，敬请投资者注意查阅。 特此公告。 青木科技股份有限公司 董事会 2025年8月29日 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。 ...

2025 年半年度非经营性资金占用及其他关联资金往来情况汇总表 2025 年 6 月 编制单位：青木科技股份有限公司 单位：人民币万元 | 非经营性资金占用 | 资金占用方名称 | 占用方 与上市 公司的 | 上市公 司核算 的会计 | 2025 年期 初占用资金 | 2025 年 1-6 月占用累计 发生金额（不 | 2025 年 1-6 月占 用资金的 | 2025 年 1-6 月偿还累计 | 2025 年 06 月期末占用 | 占用 形成 | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 关联关 | | 余额 | | 利息（如 | 发生金额 | 资金余额 | 原因 | | | | | 系 | 科目 | | 含利息） | 有） | | | | | | 控股股东、实际控制 | | | | | | | | | | 非经营性占用 | | 人及其附属企业 | | | | | | | | | | 非经营性占用 | | 小 计 | - | - | - | | | | | | | - | | 前控股股东、 ...

证券代码：301110 证券简称：青木科技 公告编号：2025-054 公司严格按照《证券法》及《深圳证券交易所创业板股票上市规则》等规 定，并根据自身实际情况，完成了公司《2025 年半年度报告》及《2025 年半年 度报告摘要》的编制工作。报告内容真实、准确、完整地反映了公司实际情况， 不存在任何虚假记载、误导性陈述或者重大遗漏。半年度报告编制期间，未有 泄密及其他违反法律法规、《公司章程》或损害公司利益的行为发生。 一、董事会会议召开情况 具体内容详见公司同日在中国证监会指定创业板信息披露网站巨潮资讯网 （http://www.cninfo.com.cn）披露的《2025 年半年度报告》《2025 年半年度 报告摘要》。 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。 青木科技股份有限公司（以下简称"公司"）第三届董事会第十一次会议 于 2025 年 8 月 18 日以书面方式发出会议通知，会议于 2025 年 8 月 28 日 10:00 在公司会议室以现场结合通讯方式召开。本次会议由公司董事长吕斌先 生召集并主持。会议应出席董事 7 人，实际出席董事 ...

青木科技公告，2025年上半年营业收入6.68亿元，同比增长22.75%。净利润5165.7万元，同比下降 22.96%。公司计划不派发现金红利，不送红股，不以公积金转增股本。 ...

青木科技股份有限公司 2025 年半年度报告全文 青木科技股份有限公司 2025 年半年度报告 2025-051 2025 年 8 月 1 青木科技股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人吕斌、主管会计工作负责人李克亚及会计机构负责人(会计主 管人员)粟浩声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本年度报告所涉及的公司未来发展展望、经营计划等前瞻性陈述，不构成 对投资者的实质承诺，请投资者认真阅读，注意投资风险。投资者及相关人 士均应对此保持足够的风险认识，并应理解计划、预测与承诺之间的差异。 公司已在本年度报告第三节"管理层讨论与分析"的第十项"公司面临的风 险及应对措施"章节中，详细阐述了公司经营中可能存在的风险，敬请广大 投资者留意查阅。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 第二节 | 公司简介和主要财务指标 6 | | ...

Market Overview - On August 26, the internet e-commerce sector rose by 0.86% compared to the previous trading day, with Jihong Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3868.38, down 0.39%, while the Shenzhen Component Index closed at 12473.17, up 0.26% [1] Top Performers - Jihong Co., Ltd. (002803) closed at 18.78, up 4.10% with a trading volume of 419,500 shares and a transaction value of 784 million [1] - Other notable gainers include: - Yiwang Yichuang (300792) at 30.08, up 2.84% [1] - Shitou Co., Ltd. (600539) at 12.30, up 2.76% [1] - Huakai Yidan (300592) at 12.18, up 2.61% [1] Market Capital Flow - The internet e-commerce sector experienced a net outflow of 173 million from institutional investors, while retail investors saw a net inflow of 145 million [2] - The sector's overall capital flow indicates a mixed sentiment among different investor types [2] Individual Stock Capital Flow - Notable capital flows for specific stocks include: - Yiwang Yichuang saw a net inflow of 62.69 million from institutional investors [3] - Jihong Co., Ltd. had a net inflow of 47.89 million from institutional investors [3] - Guolian Co., Ltd. (603613) experienced a net inflow of 18.66 million from institutional investors [3]

证券之星消息，8月20日互联网电商板块较上一交易日上涨1.96%，若羽臣领涨。当日上证指数报收于 3766.21，上涨1.04%。深证成指报收于11926.74，上涨0.89%。互联网电商板块个股涨跌见下表： 从资金流向上来看，当日互联网电商板块主力资金净流入1.31亿元，游资资金净流入81.02万元，散户资 金净流出1.32亿元。互联网电商板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 003010 | 若羽臣 | 1.021Z | 13.15% | -3302.19万 | -4.24% | -6942.66万 | -8.91% | | 002640 | 跨境通 | 5960.45万 | 3.76% | 213.75万 | 0.13% | -6174.20万 | -3.90% | | 301110 青木科技 | | 3289.47万 | 5.12% | -900.97万 | -1.40% ...