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 ...

Market Performance - The internet e-commerce sector increased by 5.51% on January 12, with 壹网壹创 leading the gains [1] - The Shanghai Composite Index closed at 4165.29, up 1.09%, while the Shenzhen Component Index closed at 14366.91, up 1.75% [1] Stock Highlights - 壹网壹创 (300792) closed at 42.18, with a rise of 20.00% and a trading volume of 363,000 shares [1] - 青木科技 (301110) saw a closing price of 99.01, up 17.51% with a trading volume of 146,300 shares [1] - 凯淳股份 (301001) closed at 35.75, increasing by 13.10% with a trading volume of 97,200 shares [1] - 焦点科技 (002315) closed at 58.30, up 9.44% with a trading volume of 136,350 shares [1] - 华凯易佰 (300592) closed at 13.22, increasing by 8.81% with a trading volume of 544,900 shares [1] Capital Flow - The internet e-commerce sector experienced a net inflow of 134 million yuan from institutional investors, while retail investors contributed a net inflow of 71.76 million yuan [2] - Retail funds saw a net outflow of 206 million yuan from speculative funds [2] Individual Stock Capital Flow - 壹网壹创 had a net inflow of 78.46 million yuan from institutional investors, but a net outflow of 64.39 million yuan from retail investors [3] - 青木科技 experienced a net inflow of 55.07 million yuan from institutional investors, with a net outflow of 55.08 million yuan from retail investors [3] - 凯淳股份 had a net inflow of 34.29 million yuan from institutional investors, while retail investors saw a net outflow of 19.22 million yuan [3]

Core Viewpoint - AI chatbots and AI search overview products are forming new traffic entry points, with MAUs for ChatGPT, Gemini, Doubao, and DeepSeek at 88 million, 65 million, 16 million, and 13 million respectively, creating new information distribution channels, making AI platform traffic a crucial marketing area for advertisers, with GEO as one exploration method [1][2] Group 1: GEO Concept and Functionality - GEO essentially represents a new form of content marketing reshaped by AI, differing from traditional SEO aimed at improving link visibility on search pages; GEO focuses on enhancing the probability of relevant content being retrieved and appearing in AI responses, termed "AI visibility" [1][3] - Currently, GEO is more inclined towards brand building, with companies still in the methodological exploration phase; for instance, the overseas GEO startup Profound offers monitoring analysis and optimization intervention, helping brands quantify their visibility and citation in AI [3] Group 2: Domestic vs. Overseas Strategies - The differences in the corpus ecosystem between overseas and domestic markets lead to varied players and strategies in GEO; overseas strategies focus on creating high-quality website content and leveraging platforms like YouTube and Reddit, while domestic strategies involve extensive content matrix layouts around queries, utilizing self-media and third-party platforms [4] - Domestic large-scale operational platforms have advantages in GEO due to their accumulation of marketing material production, deployment, and transaction conversion data, which aids in understanding traditional business operations [4] Group 3: Investment Recommendations - Companies that are early adopters of GEO are likely to establish a technology-data validation loop, clarifying large model citation logic and accumulating data feedback; relevant stocks include BlueFocus (300058.SZ), Yidian Tianxia (301171.SZ), and InGravity Media (603598.SH) [5] - Large operational companies with extensive operational data and marketing content experience are also recommended; relevant stocks include Worth Buying (300785.SZ), Qiangmu Technology (301110.SZ), and BlueFocus (300058.SZ) [5]

Investment Rating - The report maintains a "Positive" outlook for the retail industry, indicating a potential return exceeding 5% relative to market benchmarks [8][12]. Core Insights - The report highlights that AI applications are rapidly evolving, with 2026 expected to mark a commercial turning point for the industry. Key developments include significant IPOs and strategic acquisitions in the AI sector, which are anticipated to drive growth in retail [8]. - The integration of AI in cross-border e-commerce and e-commerce services is emphasized, with specific companies identified as beneficiaries of this trend. The report suggests that AI tools can enhance operational efficiency across various segments of the retail industry [3][8]. Summary by Sections AI and Cross-Border E-commerce - AI is expected to create new traffic entry points for B2B platforms, transitioning from SEO to GEO. Companies like Xiaogoods City and Focus Technology are leveraging AI tools to improve operational efficiency and customer engagement [3][8]. - Xiaogoods City has over 30,000 merchants utilizing AI applications, with usage exceeding 1 billion times [8]. - Focus Technology reported a membership penetration rate of over 50% for its AI services [8]. AI and E-commerce Services - The report notes that e-commerce platforms are shifting from SEO to GEO, with third-party (TP) companies gaining advantages through AI tools that analyze consumer preferences [8]. - Companies such as Qingmu Technology and Yiwang Yichuang are developing proprietary technologies to support AI applications in e-commerce operations [8]. - Qingmu Technology has created a suite of tools to adapt to evolving AI technologies, while Yiwang Yichuang is building a dedicated team to enhance its competitive edge in the market [8].

Summary of Key Points from the Conference Call Industry Overview - **Tourism Industry Recovery**: The recovery of the tourism industry is driving the development of the entire industry chain, with companies like Ctrip, Tongcheng OTA, and hotel stocks such as Atour and Huazhu receiving attention. Jinjiang's governance improvements and the expected good performance of Emei Mountain and three tourism companies in 2026 are highlighted [2][3]. - **Consumer Industry Dynamics**: The competitive landscape in the consumer industry is improving, with a focus on Taibai's gold bar business, Huazhu's offline business, and undervalued sectors like administrative education and China Oriental Education [2][4]. - **AI Application Growth**: The AI application sector is expected to see significant growth in 2026, with companies like Kangnait Optical and potential in AI e-commerce and education [2][5][6]. - **Hainan Duty-Free Market**: The Hainan duty-free market is performing better than expected, although discounting affects profit margins. Sales of mobile phones and gold jewelry are strong but have lower gross margins, necessitating reasonable expectations for revenue growth and profitability [2][7]. Company-Specific Insights - **Aoki Technology's Business Model**: Aoki Technology is transitioning to a brand incubation model, focusing on e-commerce operations and brand incubation, with key clients including Pop Mart and Jellycat. The technology service solutions department is expected to become a new growth point [2][8]. - **Acquisition of Noromega**: Aoki Technology acquired a 65.83% stake in Noromega for 212 million RMB, gaining exclusive distribution rights in China. This acquisition is expected to significantly contribute to performance starting in 2027 [2][11][12]. - **Profit Projections**: Aoki Technology's brands, Komando and Ikari, are projected to contribute significant net profits in 2026, with Komando expected to achieve over 20 million RMB and Ikari over 10 million RMB [2][9]. - **E-commerce Operations**: The e-commerce operation business is expected to generate around 700 million RMB in revenue, with a net profit margin of approximately 20%. This segment remains a major profit source for the company [2][13]. - **Future Revenue and Profit Expectations**: Aoki Technology anticipates revenues of approximately 6 billion RMB by the end of 2025, increasing to around 15 billion RMB in 2026 due to the integration of Noromega. The net profit is expected to grow significantly as well [2][14]. Technology Solutions and Software - **Aoki Woodpecker Software**: This software optimizes online advertising efficiency, with expected revenues of 60 to 70 million RMB in 2025. The AI-related segment has seen a 30% revenue growth in the first three quarters [2][15]. - **Comparison with GEO Concept**: Aoki Woodpecker targets traditional internet platforms, while GEO focuses on AI applications, offering higher efficiency and better data accuracy [2][16]. Financial Projections - **Revenue and Profit Forecasts**: Aoki Technology's projected revenues for 2025, 2026, and 2027 are 1.54 billion RMB, 2.47 billion RMB, and 2.96 billion RMB, with corresponding growth rates of 34%, 60%, and 20%. Net profits are expected to be 133 million RMB, 247 million RMB, and 302 million RMB, with significant contributions from Noromega in 2026 [2][17]. - **Valuation and Market Position**: The company is valued at a projected PE of 35 times for 2026, with a target price of approximately 94 RMB. The company is expected to achieve good growth due to its business structure and the potential in AI applications [2][18].

Investment Rating - The industry investment rating is "Positive" (maintained) [5] Core Insights - The report highlights that GEO represents a new form of content marketing reshaped by AI, differing from traditional SEO by focusing on enhancing "AI visibility" in chatbot and AI search overview products [8] - The report emphasizes that companies that first adopt GEO strategies are likely to establish a technological and data validation loop, gaining insights into large model citation logic and accumulating valuable data feedback [8] - The report notes the differences in content ecosystems between overseas and domestic markets, suggesting that domestic players may have an advantage in GEO due to their extensive operational data and marketing content experience [8] Summary by Sections Industry Overview - The report discusses the emergence of AI-driven traffic entry points, creating new marketing channel opportunities [2] - It identifies the growing importance of AI platforms as essential marketing battlegrounds for advertisers [8] Investment Recommendations and Targets - Companies that are early adopters of GEO are recommended as potential investment targets, including BlueFocus (300058, not rated), Yidian Tianxia (301171, not rated), and Gravity Media (603598, not rated) [8] - Companies with substantial operational data and marketing content experience are also highlighted, including Worth Buying (300785, Buy), Qingmu Technology (301110, not rated), and Yiwang Yichuang (300792, not rated) [8]