Core Insights - Qingmu Technology (301110.SZ) reported its Q3 2025 results on October 27, 2025, revealing that 8 institutional investors hold a total of 14.1285 million A-shares, accounting for 15.27% of the company's total share capital [1] - The institutional holding percentage decreased by 2.59 percentage points compared to the previous quarter [1] Institutional Holdings - The institutional investors include Ningbo Yunyi Investment Partnership, Dongtai Qian Duoyue Enterprise Management Partnership, Dongtai Yishan Enterprise Management Partnership, Dongtai Yiqian Enterprise Management Partnership, Industrial and Commercial Bank of China - Huashan Media Internet Mixed Securities Investment Fund, National Social Security Fund 111 Portfolio, Galaxy Cultural and Sports Entertainment Mixed A, and Galaxy Consumer Mixed A [1] - The total institutional holding percentage is now at 15.27%, down from the previous quarter [1] Public Fund Disclosures - Three new public funds disclosed their holdings in Qingmu Technology this quarter, including Huashan Media Internet Mixed A, Galaxy Cultural and Sports Entertainment Mixed A, and Galaxy Consumer Mixed A [1] - A total of 49 public funds that previously disclosed their holdings did not do so this quarter, including Xinao Youxiang Life Mixed A, Xinhua Preferred Dividend Mixed A, Dongfanghong Ruihe Three-Year Holding Mixed A, Huaxia Xingyang One-Year Holding Mixed, and Huashan Cultural and Sports Health Flexible Allocation Mixed A [1] Social Security Fund - One new social security fund disclosed its holdings in Qingmu Technology this quarter, specifically the National Social Security Fund 111 Portfolio [1]

Core Viewpoint - Qingmu Technology (301110.SZ) reported a significant increase in revenue and net profit for the first three quarters of 2025, indicating strong financial performance and growth potential [1] Financial Performance - The company's operating revenue for the first three quarters reached 1.021 billion yuan, representing a year-on-year growth of 26.34% [1] - The net profit attributable to shareholders of the listed company was 79.6168 million yuan, showing a year-on-year increase of 10.22% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 74.6778 million yuan, reflecting a year-on-year growth of 19.49% [1] - Basic earnings per share stood at 0.8604 yuan [1]

Core Viewpoint - Qingmu Technology reported a significant increase in both revenue and net profit for the third quarter of 2025, indicating strong financial performance and growth potential [1] Financial Performance - The company achieved an operating revenue of 353 million yuan, representing a year-on-year growth of 33.73% [1] - The net profit attributable to shareholders reached 27.96 million yuan, showing a remarkable year-on-year increase of 439.71% [1] - Basic earnings per share were reported at 0.3022 yuan [1]

每经头条（nbdtoutiao）——金价大"崩盘"：12年来最大单日跌幅背后，四大指标早已预警！后市怎么 走？华尔街吵翻了 （记者 曾健辉） 截至发稿，青木科技市值为66亿元。 每经AI快讯，青木科技（SZ 301110，收盘价：71.86元）10月26日晚间发布三季度业绩公告称，2025年 前三季度营收约10.21亿元，同比增加26.34%；归属于上市公司股东的净利润约7962万元，同比增加 10.22%；基本每股收益0.8604元，同比增加10.46%。 ...

证券代码：301110 证券简称：青木科技 公告编号：2025-059 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"）于2025年10月24日召开了第三届 董事会第十二次会议，审议通过了《关于<2025年第三季度报告>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年第三季度报告将于 2025年10月27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.cninf o.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10月27日 ...

证券代码：301110 证券简称：青木科技 公告编号：2025-060 青木科技股份有限公司 2025 年第三季度报告 青木科技股份有限公司 2025 年第三季度报告 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1.董事会及董事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担 个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 3.第三季度财务会计报告是否经过审计 □是 否 1 青木科技股份有限公司 2025 年第三季度报告 一、主要财务数据 □是 否 | | 本报告期 | 本报告期比上年同期 | 年初至报告期末比上 年初至报告期末 | | | --- | --- | --- | --- | --- | | | | 增减 | 年同期增减 | | | 营业收入（元） | 352,661,716.06 | 33.73% | 1,020,741, ...

Group 1 - The company's brand management business is expected to continue high growth, with revenue from brand incubation and management services in H1 2025 reaching 233 million yuan, a year-on-year increase of 86.46%. The core brand Cumlaude Lab saw over 70% growth in revenue during the same period and ranked first in the mid-to-high-end personal care category on Tmall and Douyin [1] - Third-party data indicates that Cumlaude Lab continued its high growth in Q3 2025, with a year-on-year GMV increase of approximately 94% on Tmall and Douyin platforms. Zuccari also experienced over 95% year-on-year revenue growth in H1 2025 [1] - The company signed a strategic cooperation agreement with Dermofarm in May, a well-known European pharmaceutical company focused on skin health, which is expected to further expand the existing collaboration with the Cumlaude Lab brand and enhance incremental changes from deepened cooperation [1] Group 2 - The company is actively embracing AI technology by establishing a dedicated AI team and building a series of data and technology platforms internally. It has developed various technical tools and systems, laying the foundation for the application of AI technology in e-commerce operations [2] - The investment suggestion highlights the dual-driven growth opportunity from brand management incubation and AI applications. The brand management business is anticipated to enter an explosive growth phase, with significant increases in the Cumlaude Lab and Zuccari brands, alongside the strategic cooperation with Dermofarm [2] - The company is recognized as one of the first ecological agent service providers for AI, with significant investments already yielding results. The focus is on the upward turning point in brand management and the cost-reduction and efficiency-enhancing potential of AI applications, with projected net profits of 130 million yuan and 180 million yuan for 2025 and 2026, respectively [2]

Growth - Yian Technology reported a net profit of 19.03 million yuan in Q3, a year-on-year increase of 10,957% [1] - Hwa Woo Co. achieved a net profit of 24.32 million yuan in Q3, up 4,202% year-on-year [1] - Zhuoyi Information's Q3 net profit reached 17.48 million yuan, reflecting a year-on-year growth of 2,074.65% [1] - Jingrui Electric Materials reported a net profit of 58.61 million yuan in Q3, marking a 938.99% increase year-on-year [1] - Hemei Group's Q3 net profit was 61.75 million yuan, up 706.3% year-on-year [1] - Kelin Electric's Q3 net profit was 56.52 million yuan, a year-on-year increase of 705.48% [1] - Hualu Biological's Q3 net profit reached 70.03 million yuan, reflecting a 619.37% year-on-year growth [1] - Triangle Defense reported a net profit of 105 million yuan in Q3, up 466.32% year-on-year [1] - New Meixing achieved a Q3 net profit of 38.44 million yuan, a year-on-year increase of 357.83% [1] - Hailanxin's Q3 net profit was 5.67 million yuan, reflecting a 342.12% year-on-year growth [1] - Zhenlei Technology reported a net profit of 38.64 million yuan in Q3, up 337.49% year-on-year [1] - Tovey Information's Q3 net profit reached 26.04 million yuan, a year-on-year increase of 239.19% [1] - Wanma Co. reported a net profit of 161 million yuan in Q3, reflecting a 227.70% year-on-year growth [1] - Juhua Co. achieved a Q3 net profit of 1.197 billion yuan, up 186.55% year-on-year [1] - Baofeng Energy reported a net profit of 3.232 billion yuan in Q3, marking a 162.34% increase year-on-year [1] - Sanfu Co. achieved a Q3 net profit of 25.68 million yuan, reflecting a 162.25% year-on-year growth [1] - Chuling Information's Q3 net profit was 248.72 million yuan, up 123.93% year-on-year [1] - Fujilai reported a net profit of 30.32 million yuan in Q3, a year-on-year increase of 113.62% [1] - San Sheng Guojian achieved a Q3 net profit of 209 million yuan, reflecting a 101.41% year-on-year growth [1] - Tianchen Medical reported a net profit of 23.73 million yuan in Q3, up 70.74% year-on-year [1] - Oke Yi's Q3 net profit was 50.35 million yuan, reflecting a 69.31% year-on-year growth [1] - Dingtai High-tech reported a net profit of 123 million yuan in Q3, up 47.05% year-on-year [1] - Yiwei Lithium Energy achieved a Q3 net profit of 1.211 billion yuan, reflecting a 15.13% year-on-year growth [1] - Anpeilong reported a net profit of 30.99 million yuan in Q3, up 14.09% year-on-year [1] - Shengtun Mining's Q3 net profit was 649 million yuan, reflecting an 11.32% year-on-year growth [1] - COSCO Shipping Special reported a net profit of 504 million yuan in Q3, up 6.62% year-on-year [1] - Deep Technology achieved a Q3 net profit of 41.45 million yuan, reflecting a 2.8% year-on-year growth [1] Decline and Loss - Qiaqia Food reported a Q3 net profit of 79.36 million yuan, a year-on-year decrease of 72.58% [2] - Ningbo Jingda's Q3 net profit was 10.83 million yuan, down 65.14% year-on-year [2] - Nanhua Futures reported a Q3 net profit of 120 million yuan, reflecting a year-on-year decline of 6.21% [2] - Zhongwen Online reported a Q3 net loss of 294 million yuan [2] - Tuolisi reported a Q3 net loss of 86.45 million yuan [2] - Taiping Bird reported a Q3 net loss of 49.45 million yuan [2] - COFCO Technology reported a Q3 net loss of 28.06 million yuan [2]

Market Overview - On October 23, the internet e-commerce sector declined by 0.48%, with Qingmu Technology leading the drop [1] - The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index closed at 13025.45, also up 0.22% [1] Stock Performance - Notable gainers in the internet e-commerce sector included: - Xinjinda (300518) with a closing price of 13.52, up 3.84% on a trading volume of 109,600 shares and a turnover of 146 million yuan [1] - Jiaodian Technology (002315) closed at 44.40, up 2.94% with a trading volume of 58,500 shares and a turnover of 255 million yuan [1] - Conversely, significant decliners included: - Yumu Technology (301110) which fell by 6.88% to a closing price of 70.49 with a trading volume of 55,000 shares and a turnover of 38.7 million yuan [2] - Yiwan Yichuang (300792) decreased by 3.52% to 29.34, with a trading volume of 129,700 shares and a turnover of 379 million yuan [2] Capital Flow - The internet e-commerce sector experienced a net outflow of 28.67 million yuan from institutional investors and 45.72 million yuan from speculative funds, while retail investors saw a net inflow of 74.39 million yuan [2] - Detailed capital flow for selected stocks showed: - Xinjinda (300518) had a net outflow of 21.82 million yuan from institutional investors [3] - Jiaodian Technology (002315) saw a net inflow of 18.16 million yuan from institutional investors [3] - Qingmu Technology (301110) had a net inflow of 14.98 million yuan from institutional investors [3]

Core Points - Qingmu Technology's stock dropped by 5.03% to 71.89 CNY per share, with a trading volume of 66.89 million CNY and a turnover rate of 1.40%, resulting in a total market capitalization of 6.652 billion CNY [1] - The company, established on August 5, 2009, and listed on March 11, 2022, provides comprehensive e-commerce services for globally recognized brands, with revenue breakdowns: 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] Shareholder Analysis - The top circulating shareholder of Qingmu Technology includes a fund from Xinda Australia Fund, specifically the Xin'ao Enjoy Life Mixed A (017977), which entered the top ten circulating shareholders in the second quarter with 382,400 shares, representing 0.79% of circulating shares [2] - The fund has experienced a floating loss of approximately 1.4569 million CNY today [2] Fund Performance - Xin'ao Enjoy Life Mixed A (017977) was established on March 14, 2023, with a latest scale of 279 million CNY, achieving a year-to-date return of 48.61% and ranking 912 out of 8159 in its category, while its one-year return is 42.36%, ranking 1161 out of 8030 [2] - The fund manager, Yang Ke, has a tenure of 5 years and 165 days, managing assets totaling 1.445 billion CNY, with the best fund return during his tenure being 47.74% and the worst being -13.42% [3] Fund Holdings - Xin'ao Enjoy Life Mixed A (017977) holds 382,400 shares of Qingmu Technology, accounting for 2.8% of the fund's net value, making it the ninth largest holding [4] - The fund has also incurred a floating loss of approximately 1.4569 million CNY today [4]