Market Overview - The internet e-commerce sector increased by 0.19% on January 6, with Nanji E-commerce leading the gains [1] - The Shanghai Composite Index closed at 4083.67, up by 1.5%, while the Shenzhen Component Index closed at 14022.55, up by 1.4% [1] Stock Performance - Key stocks in the internet e-commerce sector showed varied performance, with Nanji E-commerce closing at 3.27, up by 1.55%, and Kuaijingtong at 4.62, up by 1.09% [1] - Other notable stocks included Xinghui Co., which rose by 0.79% to 6.41, and Guolian Co., which increased by 0.60% to 28.36 [1] Trading Volume and Value - The trading volume and value for Nanji E-commerce reached 391,900 shares and 128 million yuan, respectively [1] - Kuaijingtong had a trading volume of 819,800 shares with a transaction value of 376 million yuan [1] Capital Flow - The internet e-commerce sector experienced a net outflow of 123 million yuan from institutional investors, while retail investors saw a net inflow of 155 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2] Individual Stock Capital Flow - Xinghui Co. had a net inflow of 10.24 million yuan from institutional investors, while retail investors showed a net outflow of 9.05 million yuan [3] - Nanji E-commerce saw a net inflow of 2.46 million yuan from institutional investors, with retail investors contributing a net inflow of 1.11 million yuan [3]

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、股东股份解除质押的基本情况 青木科技股份有限公司（以下简称"公司"）近日接到公司控股股东、实 际控制人的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"）的通知，获悉允宜合伙将其所持有的本公司部分股份解除质押，具体 事项如下： 2、股东股份累计质押情况 截至公告披露日，上述股东及其一致行动人所持质押股份情况如下： 证券代码：301110 证券简称：青木科技 公告编号：2025-063 | 已质押股 | 未质押股份情况 | 份情况 | 占 | 占 | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 本次 | 已质 | 其 | 公 | 占 | 本次解 | 解除 | | | | | | | | | | | | ...

证券代码：301110 证券简称：青木科技 公告编号：2025-064 1、本次权益变动前，青木科技股份有限公司（以下简称"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）（以下简称"允宜合伙"）合计持有公司股份42,105,000 股，占公司 总股本的45.50%。本次权益变动后，吕斌先生、卢彬先生及其一致行动人允宜合 伙合计持有公司股份41,640,900 股，占公司总股本的45.00%。本次权益变动持 股比例触及5%的整数倍的情形。 2、本次权益变动不会导致公司控股股东和实际控制人及其一致行动人发生 变化，不会对公司的治理结构、股权结构及持续性经营产生重大影响。 3、本次权益变动不触及要约收购。 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。 特别提示： 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 ...

青木科技股份有限公司 简式权益变动报告书 上市公司信息 上市公司名称：青木科技股份有限公司 股票上市地点：深圳证券交易所 股票简称：青木科技 股票代码：301110 信息披露义务人信息 信息披露义务人名称：吕斌 住所：广东省广州市越秀区******** 通讯地址：广州市海珠区逸景路 353 号 3601 房 一致行动人 1：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 通讯地址：广州市海珠区逸景路 353 号 3601 房 一致行动人 2：卢彬 住所：上海市闵行区******** 通讯地址：广州市海珠区逸景路 353 号 3601 房 股份变动性质：持股数量减少 一、信息披露义务人依据《中华人民共和国公司法》（以下简称《公司法》）、 《中华人民共和国证券法》（以下简称《证券法》）、《上市公司收购管理办法》 （以下简称《收购管理办法》）、《公开发行证券的公司信息披露内容与格式准 则第 15 号——权益变动报告书》（以下简称《准则 15 号》）及相关的法律、法 规编写本报告书。 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不违 反信息披露义 ...

兴业证券股份有限公司 关于青木科技股份有限公司 2025 年持续督导培训情况报告 为了进一步提高青木科技股份有限公司（以下简称"青木科技"或"公司"） 上市后规范运作水平，促进公司的健康发展，兴业证券股份有限公司（以下简称 "兴业证券"或"保荐机构"）特对青木科技控股股东、实际控制人、董事和高 级管理人员等进行了相关培训。现将培训情况汇报如下： | 培训时间 | 年 日 12 12 | 月 2025 | | --- | --- | --- | | 培训地点 | 线上培训 | | | 培训主题 | 上市公司治理准则、上市公司信息披露管理办法及募集资金相关规则 | | | | 等持续监管规则 | | | 培训讲师 | 保荐代表人 林悦 | | | 参训人员 | 控股股东、实际控制人、董事和高级管理人员等 | | 一、培训主要内容 本次培训内容主要介绍 2025 年以来新修订法规主要内容，并重点介绍《上 市公司治理准则》《上市公司信息披露管理办法》和募集资金新规的修订内容及 对上市公司的影响。本次培训重点结合最新规定及相关案例，对相关内容进行了 讲解，同时对相关人员的提问进行解答和交流。 二、培训效果情况 通过本次 ...

中国总代理权（持股100%）： Vitalis 旗下Noromega 品牌在国内的总代理权。①挪威高端膳食补充剂品 牌，核心主打北极圈原生态天然原料，核心成分包含海豹油、鱼油、虾青素、辅酶Q10 等，②王牌单品 海豹油胶囊、虾青素胶囊，已连续五年蝉联天猫国际海豹油、虾青素类目的 Top1。 投资建议：本次重磅收购Vitalis，获得品牌全供应链及中国区的总代理权，品牌孵化管理业务再进一 步；当前品牌孵化管理业务已有覆盖女性护理＆保健品的多品牌矩阵，同时公司已与Dermofarm 正式签 署战略合作协议，关注后续双方有望进一步深化合作带来的增量变化。同时公司作为AI首批生态Agent 合作服务商重点投入已有成效落地，AI+应用有望助力公司提升份额＆降本增效提升盈利水平，关注公 司品牌管理孵化与AI+应用双轮驱动经营拐点的机会。 风险提示：新品牌放量不及预期；消费复苏不及预期；行业竞争加剧 事件：公司公告全资子公司青木新加坡拟合计斥资3 亿挪威克朗（约2.12 亿元人民币）收购Vitalis 65.83%股权并成为其控股股东：以1.5亿NOK 收购股权49.07%及1.5 亿NOK 认购新股32.8%方式；股权 ...

Group 1: Industry Changes - Aoki Technology Holdings is acquiring 65.83% of Norway's Vitalis for approximately 212 million RMB (30 million NOK), with the deal expected to close in 2026. Post-acquisition, Aoki will gain exclusive distribution rights for Vitalis's high-end dietary supplement brand Noromega in China, which has been a top seller on Tmall International for five consecutive years. Vitalis has committed to a net profit of no less than 22 million RMB in 2025, with a target of at least 35% year-on-year growth in 2027 and 2028 [1] - Jinbo Bio has received a registration certificate for its recombinant collagen injection in the Philippines, marking another international expansion after obtaining a similar certificate in Vietnam. The product is aimed at facial dermal filling for dynamic wrinkles and is classified as a high-risk D class medical device. This expansion aligns with the company's growth strategy and its aim to enter the "collagen+" era [2] - Longfeng Group has submitted a listing application to the Hong Kong Stock Exchange, potentially becoming the first "Hong Kong stock cosmetics store." The group operates 29 stores in Hong Kong and has over 600 suppliers, with revenue projected to grow from 1.094 billion HKD to 2.461 billion HKD from FY2023 to FY2025, reflecting a compound annual growth rate of 50% [3] Group 2: Market Insights - The overall consumer sector is currently in a valuation trough, with opportunities for recovery as the market adjusts. Key areas of focus include personal care and health sectors, particularly in health supplements and women's care, with companies like Aoki Technology and Weiyu Chen being highlighted [4] - The Double 11 shopping festival is expected to see intensified competition, with a focus on strong alpha beauty brands such as Mao Ge Ping and Shangmei Shares [4] - There is a potential turning point for upstream performance, with some upstream companies showing signs of recovery due to improved downstream demand and capacity adjustments. Companies like Qingsong Shares and Jiega Shares are under observation [4] - The AI+ operational model is gaining traction, with Alibaba's launch of the Qianwen AI application expected to deepen its integration into e-commerce, presenting investment opportunities in companies like Yiwang Yichuang and Aoki Technology [4] - The medical aesthetics sector is being closely monitored for new product commercialization, with companies like Ruiri Medical Technology and Jinbo Bio being of particular interest [4] Group 3: Retail Sector Updates - Chow Tai Fook reported a revenue of 38.99 billion HKD for FY26H1, a decrease of 1.1%, while operating profit increased by 0.7% to 6.82 billion HKD [5] - Luk Fook Holdings saw a revenue increase of 25.6% to 6.84 billion HKD for FY26H1, with operating profit rising by 45.4% to 780 million HKD [5] - Alibaba's FY26Q2 revenue reached 247.8 billion HKD, up 4.8%, but net profit dropped by 52.1% to 20.99 billion HKD. The strong performance of Alibaba Cloud and the launch of the C-end AI application are noteworthy [6] - Baozun E-commerce reported a revenue growth of 4.8% to 2.16 billion HKD, but its net loss expanded to 107 million HKD [7] - The Ministry of Industry and Information Technology, along with five other departments, released a plan to enhance the adaptability of consumer goods supply and demand, aiming for significant improvements by 2027 [8]

Investment Rating - The report gives a "Buy" rating for the cosmetics and medical beauty industry, highlighting potential growth opportunities in the sector [4][13]. Core Insights - The cosmetics and medical beauty sector is currently underperforming compared to the market, with the Shenwan Beauty Care Index rising by only 0.5% from November 21 to November 28, 2025, which is lower than the overall market performance [5][4]. - The sixth China Cosmetics Annual Conference emphasized the importance of multi-brand globalization and AI empowerment for future development, with industry leaders discussing strategies for growth and market adaptation [10][4]. - The report anticipates that domestic brands will thrive during the industry's consolidation phase, leveraging innovation and consumer demand to drive growth [11][4]. Summary by Sections Industry Performance - The cosmetics and medical beauty sector has shown weak performance, with the Shenwan Cosmetics Index increasing by 1.4%, which is 1.6 percentage points lower than the Shenwan A Index [5][4]. - Key stocks in the sector include Yanjiang Co. (+22.0%), Mingchen Health (+17.9%), and Lihe Technology (+9.9%) [6][4]. Market Trends - The report identifies trends such as the need for brands to localize when expanding internationally, the role of AI in upgrading the industry, and the focus on men's skincare and body care segments [10][4]. - The medical beauty market is expected to see growth driven by new products and consumer demand, despite some economic pressures [12][4]. Company Analysis - Qingmu Technology is highlighted as a leading player in the full-service e-commerce operation sector, with a strong focus on data and technology to drive growth [16][4]. - The report notes that the company has shown significant revenue growth, with projected revenues of 15.1 billion, 19.0 billion, and 23.4 billion yuan for 2025-2027, respectively [19][4]. Investment Recommendations - Recommended stocks include brands with strong channel and brand matrices such as Maogeping, Shuangmei, and Proya, as well as companies in the medical beauty sector like Aimeike [13][4]. - The report suggests focusing on companies with strong R&D capabilities and a broad product pipeline, particularly in the medical beauty segment [13][4].

Core Insights - The report highlights Qingmu Technology (青木科技) as a leading expert in full-domain operation services and brand incubation, driven by data and technology [2][4][14] - The company has established a high-synergy business model encompassing operation services, brand incubation, and technical solutions, serving well-known brands across various sectors [2][4][14] - Financial projections indicate significant revenue growth, with expected revenues of 15.1 billion, 19.0 billion, and 23.4 billion yuan for 2025 to 2027, representing year-on-year growth rates of 30.5%, 26.5%, and 23.0% respectively [4][14] Company Overview - Qingmu Technology was founded in 2009 and has focused on e-commerce operation since 2011, building a comprehensive service model that includes operation, brand incubation, and technology solutions [2][14] - The company has a stable ownership structure, with founders holding 39% of the shares, and a management team with over ten years of industry experience [2][14] - Revenue for 2024 and the first half of 2025 is projected at 1.15 billion and 670 million yuan, with year-on-year growth rates of 19.2% and 22.75% respectively [2][14] Competitive Advantages - Qingmu Technology's competitive edge lies in its data, technology, and brand matrix, which collectively enhance its operational value [3][4][14] - The data layer includes services across major platforms like Tmall, JD.com, Douyin, and Xiaohongshu, allowing the company to accumulate extensive user behavior and transaction data [3][14] - The technology layer features proprietary systems such as the Qingling AI platform and CRM, which streamline operations and reduce costs [3][14] Business Model and Growth Strategy - The company is expanding its service model from a single service fee to a combination of service fees, distribution price differences, and equity returns, thus sharing in brand growth [4][14] - Qingmu Technology is diversifying its product categories beyond apparel to include trendy toys, beauty products, health consumer goods, and pet food, enhancing its growth potential [4][14] - The company aims to maintain its status as a top service provider on platforms like Tmall and Douyin while increasing its international operations, particularly in Southeast Asia [4][14] Financial Projections - The report forecasts a steady increase in net profit, with expected figures of 1.31 billion, 1.85 billion, and 2.59 billion yuan for 2025 to 2027, reflecting growth rates of 45.2%, 40.4%, and 40.4% respectively [4][14] - The projected price-to-earnings (PE) ratios for the same period are 50, 35, and 25 times, indicating a favorable valuation outlook [4][14]

Core Viewpoint - Qingmu Technology, a leading domestic internet e-commerce service provider, is enhancing its market competitiveness through a significant acquisition in the health sector by acquiring 65.83% of Vitalis Pharma AS for 2.12 billion RMB [2][3]. Acquisition Details - The acquisition will be executed by Qingmu's wholly-owned subsidiary, Qingmu PTE. LTD., in two steps: purchasing 49.0662% of Vitalis for approximately 1.06 billion RMB and subscribing to 32.9157% of newly issued shares for the same amount [3]. - Vitalis, established in 2005 in Oslo, Norway, specializes in high-end dietary supplements, including products like seal oil, fish oil, astaxanthin, and coenzyme Q10 [3]. Financial Performance of Vitalis - Vitalis reported revenues of 151.43 million NOK and 97.94 million NOK for 2024 and the first half of 2025, respectively, with net profits of 28.55 million NOK and 23.31 million NOK [4]. - The profit target for Vitalis in 2025 is set at no less than 31 million NOK [4]. Performance Commitments - The acquisition includes performance commitments, requiring Vitalis to achieve a net profit of at least 41.85 million NOK by 2027 and 56.50 million NOK by 2028, representing a growth of no less than 35% year-over-year [5]. - The acquisition price of 300 million NOK is expected to create significant goodwill, which carries a risk of impairment [5]. Strategic Goals - The acquisition aims to implement the company's brand incubation and management strategy, enhancing its capabilities in brand management, product development, and supply chain management in the health sector [5]. - Qingmu Technology plans to increase investments in brand incubation and management, focusing on health consumer products through various strategies, including joint ventures and acquisitions of overseas brands [5]. Revenue Growth - In the first half of 2025, Qingmu's brand incubation and management business generated approximately 230 million RMB, marking an 86.5% year-over-year increase, with its contribution to overall revenue rising from 22.9% to 34.8% [6]. - The brands Cumlaude Lab and ZUCCARI significantly contributed to this revenue growth, achieving over 70% and 95% year-over-year increases, respectively [6]. Overall Company Performance - For the first three quarters of 2025, Qingmu Technology reported revenues of 1.021 billion RMB, a 26.34% increase year-over-year, and a net profit of 79.62 million RMB, up 10.22% [7]. - The company's gross margin has improved significantly, reaching 56.33% in the first three quarters of 2025, up 5.25 percentage points from the same period in 2024 [8].