Group 1 - The core point of the news is that Qingmu Technology's stock price has dropped by 5.01%, currently trading at 64.50 yuan per share, with a total market capitalization of 5.969 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 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 (2.02%) [1] Group 2 - The fund "Xinda Australia Fund" has a position in Qingmu Technology, with the "Xinao Enjoy Life Mixed A" fund holding 382,400 shares, accounting for 0.79% of the circulating shares [2] - The "Xinao Enjoy Life Mixed A" fund was established on March 14, 2023, with a current scale of 279 million yuan and has achieved a return of 69.56% this year [2] - The fund manager, Yang Ke, has a tenure of 5 years and 114 days, with the fund's total asset scale at 1.445 billion yuan [2]

Group 1 - The core viewpoint of the news is that Qingmu Technology's stock has experienced a decline of 5.01%, with a current price of 64.50 CNY per share and a total market capitalization of 5.969 billion CNY [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 e-commerce agency services (44.93%), brand incubation and management (34.83%), distribution agency services (14.18%), technical solutions and consumer operation services (4.05%), and brand digital marketing (2.02%) [1] Group 2 - According to data, Huazheng Fund holds a significant position in Qingmu Technology through its fund, Huazheng Growth Two-Year Open Mixed Fund (160425), which has maintained its holding of 105,400 shares, accounting for 4.17% of the fund's net value [2] - The fund has a total scale of 142 million CNY and has achieved a return of 35.01% this year, ranking 1764 out of 8261 in its category [2] - The fund manager, Jiang Qiu, has a tenure of 10 years and has achieved a best fund return of 256.25% during his management period [3]

Group 1 - The core viewpoint of the news is that Qingmu Technology has shown significant trading activity and financial performance, with a notable increase in shareholder numbers and a mixed performance in revenue and net profit [1][2][3] Group 2 - On August 29, Qingmu Technology's stock rose by 2.72%, with a trading volume of 611 million yuan. The margin trading data indicated a net margin buy of -15.5 million yuan for the day, with a total margin balance of 262 million yuan, representing 7.48% of the circulating market value [1] - As of June 30, the number of shareholders for Qingmu Technology reached 20,100, an increase of 49.92%, while the average circulating shares per person decreased by 33.30% to 2,420 shares [2] - For the first half of 2025, Qingmu Technology reported a revenue of 668 million yuan, a year-on-year increase of 22.75%, while the net profit attributable to shareholders decreased by 22.96% to 51.7 million yuan [2] - Since its A-share listing, Qingmu Technology has distributed a total of 194 million yuan in dividends, with 154 million yuan distributed in the last three years [3] - As of June 30, 2025, the top ten circulating shareholders included a new shareholder, Xin'ao Youxiang Life Mixed A, holding 382,400 shares, while Guangda Baodexin Advantage Configuration Mixed A exited the top ten list [3]

Group 1 - The report highlights the growth trend in the treatment of hemorrhoids products and the potential for expanding into wet wipes business, with a focus on the company's strong performance in the first half of 2025 [5][6][7] - The company achieved a revenue of 1.949 billion yuan in H1 2025, a year-on-year increase of 1.11%, and a net profit of 343 million yuan, up 10.04% year-on-year [6][7] - The company is extending its product line into the field of anal health, with rapid growth in wet wipes, leveraging its established brand recognition and user base [7] Group 2 - The report discusses the strategic focus on financial technology and the acceleration of AI model applications by the company, which reported a revenue of 1.208 billion yuan in H1 2025, a decrease of 48.55% year-on-year [8][9] - The company is narrowing its business focus to financial technology, reducing non-financial IT business, while maintaining investment in core technology and product areas [9][10] - The new generation of core products is being developed to enhance self-operated technology services, with significant investments in AI [11][12] Group 3 - The report indicates that the secondary market is under pressure, with new infrastructure turnover rates leading the market, as evidenced by the issuance of 14 public REITs in 2025, a decrease from the previous year [13][14] - The REITs index has faced declines, with the market's total value dropping to 215.894 billion yuan, while the trading activity has increased slightly [14][15] - New infrastructure sectors are showing higher turnover rates, particularly in park infrastructure, which is leading in transaction volume [15] Group 4 - The report notes that competition in the food delivery sector is intensifying, leading to significant pressure on profits, with the company reporting a revenue of 91.8 billion yuan in Q2 2025, a year-on-year increase of 12% [18][19] - The core local business revenue grew by 8% to 65.3 billion yuan, but operating profits fell sharply due to increased delivery subsidies and marketing expenses [19][20] - The company is optimistic about its long-term growth potential in instant delivery and overseas expansion despite short-term profit pressures [21][22] Group 5 - The report highlights the company's investments in digital and cultural sectors, with a stable revenue of 1.179 billion yuan in H1 2025, and a focus on expanding its digital technology and cultural offerings [23][24] - The online gaming segment showed a revenue increase of 9% to 706 million yuan, while the digital marketing services revenue grew by 14% [24][25] - The company is actively investing in various innovative business areas, including digital sports and arts, to enhance its market presence [25][26] Group 6 - The report indicates that the company achieved a revenue of 13.38 billion yuan in H1 2025, a year-on-year increase of 27.9%, with a significant rise in overseas sales [31][32] - The company is focusing on expanding its IP matrix and targeting a broader age demographic, with a notable increase in sales from online channels [33][34] - The company is adjusting its revenue forecasts for 2025-2027, expecting revenues of 34.18 billion yuan, 47.16 billion yuan, and 57.25 billion yuan respectively [36]

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 ...