Investment Rating - The report maintains an "Accumulate" rating for Qingmu Technology [3] Core Views - Qingmu Technology is expanding its e-commerce service offerings, maintaining a leading position in the large apparel brand operation while deepening collaborations with quality brands. The company is also exploring the trendy toy industry to uncover new profit sources in operational categories. The brand incubation business is positioned in the health and pet food sectors, which are expected to grow significantly. The net profit forecasts for 2025-2027 have been revised upwards to 1.2 billion, 1.9 billion, and 2.6 billion respectively, representing year-on-year growth of 31%, 57%, and 40%. The corresponding latest closing price P/E ratios are 56, 36, and 26 [3] Financial Performance Summary - For the first three quarters of 2025, Qingmu Technology achieved revenue of 1.02 billion, a year-on-year increase of 26.3%, and a net profit attributable to shareholders of 79.62 million, up 10.2%. In Q3 alone, revenue reached 350 million, a year-on-year increase of 33.7%, with net profit soaring to 27.96 million, a remarkable increase of 439.7% [10] - The sales net profit margin improved significantly, with the gross margin for the first three quarters of 2025 at 56.3%, up 5.3 percentage points year-on-year. The Q3 gross margin was 55.0%, also up 5.0 percentage points year-on-year. The operating expense ratio for the first three quarters was 48.3%, up 4.8 percentage points year-on-year, while the Q3 operating expense ratio was 49.4%, down 0.7 percentage points year-on-year [10] - The brand incubation and management business continues to grow rapidly, driven by partnerships with European health brands. A strategic cooperation agreement was signed with Dermofarm to explore the Chinese health market, leveraging previous successes in brand growth [10] - The e-commerce operation business is synergistically enhancing its services, including traditional e-commerce operations and live streaming services across major platforms. The company is also advancing AI technology to improve digital service levels [10]

Summary of Newmu Technology Conference Call Industry and Company Overview - **Company**: Newmu Technology - **Industry**: Health and Pet Food Consumption Key Points and Arguments 1. **Business Transformation**: Newmu Technology is transitioning from a distribution agency model to a joint venture model, holding 70% equity to ensure long-term partnerships and attract talent through equity incentives, aiming to create multiple brands with annual revenues exceeding 1 billion yuan [2][5][13] 2. **AI Investment**: The company has invested approximately 150 million yuan in AI technology for applications such as intelligent customer service, image processing, and short video generation, resulting in a 20% year-on-year increase in technical service revenue [2][6][14] 3. **2025 Performance Outlook**: Newmu Technology expects overall performance in 2025 to exceed last year's results, with the agency business maintaining a growth rate of 15-20%, and technical services projected to grow by about 20% [2][7][8] 4. **Brand Development**: The company plans to develop 5 to 10 brands with annual revenues exceeding 1 billion yuan within the next 5 to 10 years, utilizing a joint venture model to rapidly establish brands like Keman Duo and Youka Rui [2][9][12] 5. **Revenue Growth**: In Q3 2025, Newmu Technology reported a 26% year-on-year revenue increase and a nearly 50% increase in net profit, driven by strong growth from leading brands and AI investments [3][4] 6. **Marketing Efficiency**: The company has improved marketing efficiency through AI, with promotional expenses increasing by about 50% in the first nine months of the year, but revenue growth outpacing this increase [4][25] 7. **Product Diversification**: Newmu Technology plans to launch new products across different price ranges in the health and pet food sectors and is considering acquiring established overseas brands using approximately 800 million yuan in cash [4][13] 8. **Brand Comparison**: Keman Duo, a leading foreign brand, focuses on preventive care, while domestic brand Fu Yan Jie is more treatment-oriented, indicating a strategic differentiation in market positioning [17][20] 9. **Employee Incentives**: The company plans to implement a stockholding model to incentivize employees, aligning the interests of shareholders, the company, and core employees to drive performance and share growth [23] Additional Important Information 1. **Channel Distribution**: Keman Duo and Youka Rui have a sales distribution of approximately 30% on Tmall and 30-40% on Douyin, with an expected net profit margin of 7-8% for the year [11] 2. **Future Brand Potential**: Newmu Technology anticipates that emerging brands will significantly improve profitability as they scale, with net profit margins reaching 10% when revenues hit 300-500 million yuan [12] 3. **AI Applications**: Specific applications of AI include customer service automation and data-driven marketing, which have improved operational efficiency by 30% [16][19] 4. **Pet Food Market**: The company is focusing on high-margin functional pet food products and plans to expand into the pet health product market [22] 5. **Q4 and Future Revenue Goals**: The company expects strong performance in Q4 2025, with internal revenue targets set at over 200 million yuan for the year [24]

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]

Group 1 - Company Aoki Technology reported a revenue of approximately 1.021 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 26.34% [1] - The net profit attributable to shareholders of the listed company was approximately 79.62 million yuan, reflecting a year-on-year increase of 10.22% [1] - Basic earnings per share were 0.8604 yuan, which is a year-on-year increase of 10.46% [1] Group 2 - As of the report, Aoki Technology has a market capitalization of 6.6 billion yuan [2]

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]