（一）业绩预告期间：2025 年 1 月 1 日至 2025 年 12 月 31 日 （二）业绩预告情况： | | | | 项 目 | 本报告期 | | | | 上年同期 | | --- | --- | --- | --- | --- | --- | | 归属于上市公司 | 盈利：11,770.18 万元 | - | 13,580.97 | 万元 | 盈利： | | 股东的净利润 | 比上年同期增长：30% | - | 50% | | 9,053.98 万元 | | 扣除非经常性损 | 盈利：10,151.59 万元 | - | 11,713.38 | 万元 | 盈利： | | 益后的净利润 | 比上年同期增长：30% | - | 50% | | 7,808.92 万元 | 证券代码：301110 证券简称：青木科技 公告编号：2026-006 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、本期业绩预计情况 公司业务稳步增长主要来自电商代运营业务的增长，原有项目及报告期内 部分新增的项目都取得了较好的业绩增长，以及经销代理项目和品牌孵化与管 理业务带来的 ...

Investment Rating - The report maintains a "Positive" outlook on the cosmetics and medical beauty industry, indicating strong performance compared to the market [2]. Core Insights - The cosmetics and medical beauty sector has outperformed the market recently, with the Shenwan Beauty Care Index rising by 2.0% from January 16 to January 23, 2026, surpassing the Shenwan A Index by 0.8 percentage points [4][5]. - December 2025 saw a significant increase in social retail sales for cosmetics, reaching 38 billion yuan, with a growth rate of 8.8%, indicating robust demand even in the off-season. The overall growth rate for Q4 was 9.9%, significantly higher than the annual growth of 5.1% for 2025, driven by promotional events like Double 11 [10][17]. - The report anticipates continued high consumer demand in Q1 2026, supported by new product launches and regulatory approvals in the medical beauty sector [10]. Summary by Sections Industry Performance - The cosmetics and medical beauty sector has shown strong performance, with the Shenwan Cosmetics Index increasing by 2.6% and the Shenwan Personal Care Index rising by 4.2%, both outperforming the Shenwan A Index [4][5]. Key Company Reviews - Lin Qingxuan (2657HK) is highlighted as a benchmark in the high-end domestic skincare market, with revenue projected to grow from 690 million yuan in 2022 to 1.21 billion yuan in 2024, representing a CAGR of 32.7%. The company is expected to turn a profit of 187 million yuan in 2024, a 120% increase year-on-year [11][12]. - Langzi Co., Ltd. (002612.SZ) forecasts a net profit of 900 million to 1.05 billion yuan for 2025, reflecting a year-on-year growth of 245.25% to 302.80% [4]. - Qingsong Co., Ltd. (300132.SZ) anticipates a net profit of 130 million to 165 million yuan for 2025, with a growth rate of 137.73% to 201.74% [4]. Market Trends - The report notes that the high-end skincare market is expanding, with the market size expected to reach 218.5 billion yuan by 2029. The concept of "oil-based skincare" is becoming mainstream, driving growth in the facial oil segment, which is projected to grow at a CAGR of 42.8% from 2019 to 2024 [12][14]. - E-commerce channels are increasingly important, with Lin Qingxuan achieving a 65.4% online revenue share in H1 2025, leveraging platforms like Douyin and Tmall for growth [13]. Sales Data - In December 2025, the total retail sales of cosmetics reached 38 billion yuan, with a year-on-year growth of 8.8%. The overall retail sales for cosmetics in 2025 were 465.3 billion yuan, reflecting a 5.1% increase [17][21].

Market Overview - On January 23, the internet e-commerce sector rose by 0.74% compared to the previous trading day, with Qingmu Technology leading the gains [1] - The Shanghai Composite Index closed at 4136.16, up 0.33%, while the Shenzhen Component Index closed at 14439.66, up 0.79% [1] Stock Performance - Notable gainers in the internet e-commerce sector included: - Yubuke Technology (301110) with a closing price of 79.22, up 4.11% [1] - Xinghui Co., Ltd. (300464) with a closing price of 6.80, up 3.82% [1] - Jihong Co., Ltd. (002803) with a closing price of 20.40, up 3.13% [1] - Other significant performers included: - New Xunda (300518) at 23.66, up 2.78% [1] - Kaichun Co., Ltd. (301001) at 34.22, up 2.00% [1] Capital Flow - The internet e-commerce sector saw a net inflow of 133 million yuan from institutional investors, while retail investors experienced a net outflow of 130 million yuan [2] - The main capital flow data indicated: - Focus Technology (002315) had a net outflow of 47.32 million yuan from main investors [3] - Huakai Yibai (300592) saw a net inflow of 24.34 million yuan from main investors [3] - Jihong Co., Ltd. (002803) had a net inflow of 17.27 million yuan from main investors [3]

Group 1 - The core viewpoint of the news is that Qingmu Technology's stock has seen a significant increase, with a rise of 5.03% to 79.92 CNY per share, and a total market capitalization of 7.395 billion CNY [1] - Qingmu Technology, established on August 5, 2009, and listed on March 11, 2022, provides comprehensive e-commerce services for globally recognized brands [1] - The company's revenue composition includes e-commerce agency 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 services (2.02%) [1] Group 2 - From the perspective of fund holdings, a fund under Yinhua Fund has Qingmu Technology as its top holding, with 60,600 shares representing 5.18% of the fund's net value [2] - The Yinhua Yongxiang Flexible Allocation Mixed Fund (180028) has generated a floating profit of approximately 231,900 CNY today [2] - The fund has a total scale of 77.4011 million CNY and has achieved a year-to-date return of 6.38%, ranking 3,747 out of 8,847 in its category [2]

Core Viewpoint - The major shareholders of Qingmu Technology have completed their share reduction plan, resulting in a significant decrease in their ownership percentage, which now stands at 42.51% of the total shares outstanding [1] Group 1: Share Reduction Details - The share reduction plan was initially announced on September 29, 2025, allowing for a maximum reduction of 2,776,000 shares, representing up to 3.00% of the total share capital [1] - The reduction was executed through various transactions: 1,647,000 shares were sold via block trading at an average price of 63.28 CNY per share, and 818,868 shares were sold through centralized bidding at an average price of 92.30 CNY per share [2][3] - The total cash generated from the share reduction is approximately 200 million CNY [3] Group 2: Company Background - Qingmu Technology was listed on the Shenzhen Stock Exchange's Growth Enterprise Market on March 11, 2022, with an initial public offering of 16.67 million shares at a price of 63.10 CNY per share [4] - The total funds raised from the IPO amounted to 1.052 billion CNY, with a net amount of 951 million CNY after expenses, exceeding the initial plan by 311 million CNY [4] - The funds raised are intended for various projects, including the construction of an e-commerce service operation center and upgrades to consumer data platforms [4]

南方财经1月22日电，青木科技(301110.SZ)发布公告称，公司控股股东、实际控制人吕斌及其一致行动 人允宜合伙已实施完毕减持计划。减持主体包括吕斌与允宜合伙，减持时间区间为2025年12月29日至 2026年1月20日，通过集中竞价交易和大宗交易方式合计减持277.0668万股，占公司总股本的2.99%。其 中，吕斌通过集中竞价减持81.8868万股，均价92.30元/股，通过大宗交易减持164.70万股，均价63.28 元/股；允宜合伙通过集中竞价减持10.11万股，均价80.71元/股，通过大宗交易减持20.37万股，均价 61.08元/股。减持完成后，吕斌及其一致行动人合计持有公司股份39,334,332股，占总股本的42.51%。 ...

（记者 曾健辉） 每经头条（nbdtoutiao）——特朗普强要格陵兰岛，丹麦一养老基金率先清仓美债，美国资产全线下 跌！欧洲手握"金融核按钮"，双方会"鱼死网破"吗？专家解读→ 每经AI快讯，青木科技1月21日晚间发布公告称，公司股东吕斌、允宜合伙减持计划实施完毕，共减持 公司股份约277万股，减持股份占公司总股份为2.99%。 ...

公司控股股东、实际控制人吕斌先生、卢彬先生及其一致行动人宁波允宜投资 合伙企业（有限合伙）保证向本公司提供的信息内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 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9月29日披露了《关于 控股股东、实际控制人及其一致行动人减持股份的预披露公告》，公司控股股 东、实际控制人吕斌先生及其一致行动人宁波允宜投资合伙企业（有限合伙） （以下简称"允宜合伙"）计划在减持计划公告之日起15个交易日之后的三个月 内（即2025年10月29日至2026年1月28日）内以集中竞价或大宗交易方式减持公 司股份合计不超过2,776,000股（占公司总股本比例不超过3.00%），以集中竞价 交易方式减持的，在任意连续90个自然日内减持股份的总数不超过公司总股本 的1%，以大宗交易方式减持的，在任意连续90个自然日内减持股份的总数不超 过公司总股本的2%。 公司收到吕斌先生、卢彬先生及允宜合伙联合出具的《关于减持计划实施 完毕的告知函》，获悉吕斌先生及其一致行动人允宜合伙的本次 ...

证券代码：301110 证券简称：青木科技 公告编号：2026-004 青木科技股份有限公司 关于持股 5%以上股东部分股份质押及解除质押的公告 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、股东股份质押的基本情况 青木科技股份有限公司（以下简称"公司"）近日接到公司5%以上股东孙建 龙先生的通知，获悉孙建龙先生将其所持有的本公司部分股份质押以及部分股份 解除质押，具体事项如下： | | 是否为 控股股 | | 占其 | 占公 | | 是 否 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股 | 东或第 | 本次质 | 所持 | 司总 | 是否 | 为 | | | | | | 东 | 一大股 | 押数量 | 股份 | 股本 | 为限 | 补 | 质押起始日 | 质押到 | 质权人 | 质押 | | 名 | 东及其 | （股） | 比例 | 比例 | 售股 | 充 | | 期日 | | 用途 | | 称 | 一致行 | | (%) | (%) ...

Core Viewpoint - The company is actively expanding its brand incubation business, which is expected to lead to operational leverage release and accelerate performance growth starting in 2026 [1] Financial Projections - The company maintains a "buy" rating, forecasting revenues of 1.54 billion, 2.47 billion, and 2.96 billion yuan for 2025-2027, representing year-on-year growth of 34%, 60%, and 20% respectively [2] - Projected net profits for the same period are 133 million, 247 million, and 302 million yuan, with year-on-year growth of 47%, 86%, and 22% respectively [2] - The target price for the company is set at 93.42 yuan, based on a 35x PE ratio for 2026 [2] Brand Incubation Business - The brand incubation and management business focuses on the health sector, primarily consisting of the brands Camanodo and Icarli, with plans to acquire the Norwegian health food brand Noromega by 2026 [3] - Camanodo's revenue grew over 70% year-on-year in the first half of 2025, while Icarli's revenue increased over 95%, contributing to a total revenue of 233 million yuan for this segment, with a high gross margin of 79.6% [3] - Revenue projections for the brand incubation segment are 600 million, 1.46 billion, and 1.88 billion yuan for 2025-2027, with year-on-year growth of 96%, 143%, and 29% respectively [3] E-commerce Operations - The e-commerce operation business is experiencing steady growth, with the apparel category being the largest segment, including brands like Skechers, ECCO, Samsonite, and Under Armour [3] - The company has started collaborations with leading brands in the trendy toy and plush toy sectors, such as Pop Mart and Jellycat, which are expected to contribute significantly to revenue growth due to the rise in emotional consumption [3]