Core Viewpoint - The rise of Generative Engine Optimization (GEO) is reshaping digital marketing strategies as user information acquisition methods evolve, with nearly 500 million monthly active users in China and over 1.27 billion globally [1][2] Group 1: GEO Overview - GEO focuses on whether brand content can be understood and recommended by AI models, contrasting with traditional SEO which optimizes keywords and rankings [1][2] - The implementation of GEO is expected to significantly enhance customer acquisition conversion rates, with a reported increase of 2.8 times compared to traditional search methods, and a 40% reduction in user decision-making cycles [3] Group 2: Market Trends - The Chinese GEO market is experiencing rapid growth, with a year-on-year increase of 215% projected for Q2 2025, and over 78% of enterprise decision-makers prioritizing AI search optimization in their digital transformation strategies [3] - Gartner predicts a 25% decline in traffic from traditional search engines by 2026, as AI chatbots and other virtual AI optimization methods capture more market share [3] Group 3: Impact on Marketing Strategies - The transformation in marketing models is compelling brands to adjust their advertising strategies, particularly affecting small and medium-sized brands that may lack the necessary technology and content production capabilities for GEO [4] - E-commerce operators that prioritize GEO are expected to benefit, as they can quickly establish GEO content generation capabilities and provide comprehensive services from semantic analysis to performance tracking [4] Group 4: Investment Recommendations - E-commerce operators are positioned to capitalize on the shift from SEO to GEO, with specific recommendations including RuYueChen (003010.SZ), YiWanYiChuang (300792.SZ), and ShuiYang Co. (300740.SZ) [5] - Related companies include QingMu Technology (301110.SZ), LiRenLiZhuang (605136.SH), BaoZun E-commerce (BZUN.US), and KaiChun Co. (301001.SZ) [5]

中国经济网北京1月13日讯 青木科技(301110.SZ)昨日晚间发布关于控股股东、实际控制人及一致行 动人股份权益变动触及1%整数倍的公告。 公司收到公司控股股东、实际控制人吕斌、卢彬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"）联合出具的《关于权益变动持股比例触及1%整数倍的告知函》。 2026年1月7日至2026年1月12日期间，吕斌、允宜合伙通过集中竞价及大宗交易方式累计减持公司 股份1,937,356股，占公司总股本的2.09%。本次权益变动后，信息披露义务人及其一致行动人合计持有 公司股份39,703,544股，占公司总股本42.91%，权益变动触及1%整数倍。本次权益变动不会导致公司控 股股东及实际控制人发生变化，不会影响公司的治理结构和持续经营。 2026年1月7日至2026年1月12日，青木科技的加权均价为61.469元。经计算，吕斌、允宜合伙减持 金额约为1.19亿元。 青木科技于2022年3月11日在深交所创业板上市，本次公开发行股票1666.67万股，发行价格为63.10 元/股，保荐机构为兴业证券股份有限公司，保荐代表人为林悦、王贤。 青木科技首次公开发行募 ...

Core Viewpoint - Several popular AI application companies have issued risk warnings regarding their AI-related revenues and business involvement [1] Group 1: Company-Specific Insights - BlueFocus: The revenue driven by AI remains a small proportion of overall operating income [1] - Qiming Technology: The controlling shareholder, Lv Bin, and associated parties sold company shares during stock fluctuations [1] - Hengwei Technology: The company does not engage in AI-related business [1] - Hand Information: The AI products and services business is still in its early stages [1] - Guangyun Technology: AI-related product revenue constitutes a small percentage of total income [1] - Zhuoyi Information: AI programming products are currently in the market introduction phase [1]

Macroeconomic Insights - The US unemployment rate fell to 4.4% in December, down from a revised 4.5% in November, indicating a temporary halt in concerns over job market deterioration[11] - The US manufacturing PMI declined while the services PMI increased, reflecting mixed economic signals[7] - Consumer confidence in the US continued to recover in January, with inflation expectations slightly rising[7] Market Trends - Risk assets generally rose in the week of January 2-9, 2026, with major economies' stock markets and commodity prices increasing[7] - The 10-year US Treasury yield rose by 5.7%, while domestic 10Y government bond futures prices fell by 0.1%[7] - The dollar index increased by 0.7%, with the USD/CNY exchange rate at 6.98, indicating a slight appreciation of the yuan[7] Sector Performance - The AI application sector is expected to see significant growth, with a projected compound annual growth rate (CAGR) of over 35% for the AI industry and over 63% for the large model market[23] - The consumer electronics sector, particularly smart glasses, is experiencing rapid growth, with a projected 110% year-on-year increase in global shipments in the first half of 2025[38] Investment Recommendations - It is advised to overweight A/H shares due to multiple factors supporting Chinese equity performance, including an expected expansion of the fiscal deficit and a more aggressive economic policy[18] - Gold is recommended for overweight allocation due to its strong resilience and safe-haven attributes amid rising geopolitical uncertainties[20] - The report suggests a cautious approach to oil investments, recommending a lower allocation due to expected price pressures from geopolitical events and US policy directions[20]

Investment Rating - The report assigns an "Outperform" rating to the company [4] Core Insights - The company is actively expanding its brand incubation business, which is expected to lead to the release of operational leverage and accelerate performance growth starting in 2026 [1][4] - Revenue and net profit are projected to grow significantly, driven by the rapid growth of the brand incubation business and stable growth in the e-commerce operation business [4][10] Financial Summary - Total revenue is forecasted to reach 15.4 billion, 24.7 billion, and 29.6 billion yuan for 2025, 2026, and 2027 respectively, with growth rates of 34%, 60%, and 20% [4][10] - Net profit attributable to the parent company is expected to be 1.33 billion, 2.47 billion, and 3.02 billion yuan for the same years, with growth rates of 47%, 86%, and 22% [4][12] - The company’s gross margin is projected to improve, reaching 57.4%, 64.8%, and 66.5% in 2025, 2026, and 2027 respectively [10][11] Business Overview - The company primarily provides e-commerce services and brand incubation and management services, collaborating with various well-known domestic and international consumer brands [16] - The brand incubation business focuses on health and pet food sectors, with significant contributions from brands like Keman Duo and Yikali [4][16][22] - The e-commerce operation business is expected to maintain steady growth, with major contributions from the apparel category and partnerships with brands like Skechers and ECCO [4][16][22] Revenue Breakdown - The brand incubation and management business is anticipated to grow rapidly, with projected revenues of 6.0 billion, 14.6 billion, and 18.8 billion yuan for 2025, 2026, and 2027, reflecting year-on-year growth rates of 96%, 143%, and 29% [4][10][12] - The e-commerce operation business is expected to generate revenues of 6.5 billion, 7.0 billion, and 7.3 billion yuan for the same years, with growth rates of 15%, 7%, and 5% [4][10][12] Valuation - The company is assigned a target price of 93.42 yuan based on a 35x PE ratio for 2026, reflecting a valuation discount compared to comparable companies [4][14]

Summary of Key Points Core Viewpoint - On January 12, several companies disclosed their shareholding changes, with notable increases in shareholdings from 恒实科技 and 奥锐特, while 16 A-share listed companies announced share reductions [1][2]. Group 1: Shareholding Increases - 恒实科技's controlling shareholder, 新基集团, plans to increase its stake by 1.5% to 3% [2]. - 奥锐特 intends to adjust its share repurchase price ceiling to no more than 35 yuan per share [2]. Group 2: Shareholding Reductions - 立中集团's five executives plan to reduce their holdings by no more than 0.0642% [2]. - 钧达股份's second largest shareholder, 控股股东锦迪科技, intends to reduce its stake by no more than 3% [2]. - 南兴股份's controlling shareholder, 南兴投资, has reduced its holdings by a total of 366,900 shares as of January 12 [2]. - 中国核建's second largest shareholder reduced its holdings by 7,866,600 shares from January 7 to 9, bringing its stake down to 10% [2]. - 天银机电's largest shareholder, 澜海瑞兴, reduced its holdings by 1,245,300 shares on January 12 [2]. - 信维通信's actual controller and chairman, 彭浩, plans to reduce his stake by no more than 1% [2]. - 中电港's fourth largest shareholder recently reduced its holdings by 7,596,900 shares, bringing its stake below 5% [2]. - 佰维存储's second largest shareholder, 国家集成电路基金二期, plans to reduce its stake by no more than 2% [2]. - 青木科技's largest and third largest shareholders recently reduced their holdings by a total of 1,937,400 shares [2]. - 长芯博创's shareholders plan to reduce their holdings by no more than 2.55% [2]. - 趣睡科技's shareholders plan to reduce their holdings by no more than 2.6% [2]. - 卓越新能's controlling shareholder, 龙岩卓越投资, plans to reduce its stake by no more than 3% [2].

Group 1: Company Buybacks - Hengshi Technology's controlling shareholder, New Base Group, plans to increase its stake by 1.5%-3% [1][2] - Aorite intends to adjust the maximum repurchase price of its shares to no more than 35 yuan per share [2] Group 2: Company Sell-offs - Lichong Group's five executives plan to reduce their holdings by no more than 0.0642% of the company's shares [2] - Junda Co., the second-largest shareholder, intends to reduce its stake by no more than 3% [2] - Nanxing Co. has reduced its holdings by a total of 3.669 million shares as of January 12 [2] - China Nuclear Engineering's second-largest shareholder reduced its holdings by 7.8666 million shares from January 7 to 9, lowering its stake to 10% [2] - Tianyin Machinery's largest shareholder, Lanhai Ruixing, reduced its holdings by 1.2453 million shares on January 12 [2] - XW Communication's actual controller and chairman, Peng Hao, plans to reduce his stake by no more than 1% [2] - Aerospace Development's controlling and fourth-largest shareholders reduced their holdings during periods of significant stock price fluctuations [2] - Tianfu Communication's senior management has completed a reduction of 80,000 shares [2] - Zhongdian Port's fourth-largest shareholder recently reduced its holdings by 7.5969 million shares, bringing its stake below 5% [2] - Baiwei Storage's 20th largest shareholder, the National Integrated Circuit Fund Phase II, plans to reduce its stake by no more than 2% [2] - Qingmu Technology's largest and third-largest shareholders have recently reduced their holdings by a total of 1.9374 million shares [2] - Changxin Bochuang's shareholders plan to reduce their holdings by no more than 2.55% [2] - Qusleep Technology's shareholders plan to reduce their holdings by no more than 2.6% [2] - Zhuoyue New Energy's controlling shareholder, Longyan Zhuoyue Investment, plans to reduce its stake by no more than 3% [2]

青木科技表示，公司未发现近期公共传媒报道了可能或已经对本公司股票交易价格产生较大影响的未公 开重大信息；经核查，公司控股股东、实际控制人吕斌及一致行动人允宜合伙在股票异动期间存在卖出 公司股票的行为。本次减持与此前已披露的意向、减持计划一致。 北京商报讯（记者 马换换 王蔓蕾）1月12日晚间，青木科技（301110）披露公司股票交易异常波动的公 告显示，公司控股股东、实际控制人吕斌及一致行动人允宜合伙在股票异动期间存在卖出公司股票的行 为。 公告显示，青木科技股票交易价格连续三个交易日（1月8日、1月9日和1月12日）收盘价格涨幅累计偏 离38.96%，属于股票交易异常波动的情况。交易行情显示，截至1月12日收盘，公司股价收涨17.51%， 收于99.01元/股，总市值91.62亿元。 ...

证券代码：301110 证券简称：青木科技 公告编号：2026-002 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、股票交易异常波动的具体情况 青木科技股份有限公司（以下简称"公司"）股票交易价格连续三个交易日 （2026 年 1 月 8 日、2026 年 1 月 9 日和 2026 年 1 月 12 日）收盘价格涨幅累计 偏离 38.96%，根据《深圳证券交易所交易规则》的相关规定，属于股票交易异 常波动的情况。 1、公司前期披露的信息不存在需要更正、补充之处； 5、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 ...

证券代码：301110 证券简称：青木科技 公告编号：2026-001 | 1.基本情况 | | | --- | --- | | 信息披露义务人1 | 吕斌 | | 住所 | 广东省广州市越秀区******** | | 信息披露义务人2 | 宁波允宜投资合伙企业（有限合伙） | | 住所 | 浙江省宁波市北仑区霞浦街道霞浦路265号一层108室 | | 权益变动时间 | 2026年1月7日至2026年1月12日期间 | | 权益变动过程 | 公司控股股东、实际控制人吕斌先生及其一致行动人 | | | 允宜合伙计划因自身资金需求，拟通过以集中竞价或大宗 | | | 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%）。具体内容详见公司于2025年9月 | | | 29日披露在巨潮资讯网（www.cninfo.com.cn）的《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》（公告编号：2025-058）。 | | | 公司于2025年12月30日在巨潮资讯网披露了《关于控 | | | 股股东、实际控制人及一致行动人股份权益变 ...