Group 1 - The core point of the article is that Qingmu Technology (301110.SZ) announced a significant acquisition involving its wholly-owned subsidiary Qingmu PTE.LTD., which will acquire a controlling stake in Vitalis Pharma AS through a cash transaction totaling 300 million Norwegian Krone (approximately 212 million RMB) [1][2] Group 2 - The acquisition includes purchasing 49.0662% of the shares from Norsund and subscribing to 32.9157% of newly issued shares, resulting in Qingmu Singapore holding a total of 65.8314% of Vitalis, thus becoming the controlling shareholder [1] - Vitalis Pharma AS specializes in high-end health nutrition supplements, with brands like Noromega, offering products such as seal oil, fish oil, astaxanthin, and coenzyme Q10 [2] - The purpose of the acquisition is to implement the company's brand incubation and management strategy, enhancing its competitiveness in the health and wellness sector [2] - Post-acquisition, the company will strengthen its capabilities in brand management, product development, production, and supply chain management, while also becoming the general distributor for the Noromega brand in China, which is expected to improve its sustainable profitability [2]

Group 1 - The core point of the news is that Qingmu Technology's subsidiary, Qingmu PTE. LTD., has signed a share purchase and subscription agreement to acquire a 49.0662% stake in Vitalis Pharma AS for 150 million Norwegian Krone (approximately 106 million RMB) and to subscribe for an additional 32.9157% stake for the same amount, resulting in a total ownership of 65.8314% and making it the controlling shareholder of the target company [1][2] Group 2 - The target company specializes in the research, production, and sales of high-end health nutritional supplements, with brands such as Noromega, and its main products include seal oil, fish oil, astaxanthin, and coenzyme Q10 [2] - The purpose of the acquisition is to implement the company's brand incubation and management strategy, enhancing its competitiveness in the health sector [2] - Post-transaction, the company will strengthen its capabilities in brand management, product research and development, production, and supply chain management, and will become the general distributor for the Noromega brand in China, which is expected to improve its sustainable profitability [2]

证券代码：301110 证券简称：青木科技 公告编号：2025-062 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： 1、青木科技股份有限公司（以下简称"公司"）本次交易事项需履行境外 投资备案手续。目前公司尚未取得标的公司的股权，若无法顺利完成交割，本次 交易存在终止的风险。 2、标的股权的收购价格为3.00亿挪威克朗（约合人民币2.12亿元），预 计将形成较大金额商誉，存在商誉减值风险。 3、由于在地域文化、管理方式上存在一定程度的差异，本次股权购买完成 后，若不能有效进行企业文化理解和资源优势互补整合，可能会给公司经营管理 和业务整合协同带来一定的风险。 本次交易的交割尚需取得必要的备案或批准，并满足协议约定的与标的公 司运营相关的其他交割先决条件，因此本次交易具体实施尚存在不确定性，敬请 广大投资者注意投资风险。 二、交易对方的基本情况 4、交易完成后，买方的关联方将获得标的公司品牌Noromega在中国区域的总 经销代理权，该代理权的取得预计将会对公司未来净利润产生积极影响。 敬请广大投资者注意投资风险。 一、交易概述 公司于2025年 ...

证券代码：301110 证券简称：青木科技 公告编号：2025-061 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、董事会会议召开情况 青木科技股份有限公司（以下简称"公司"）第三届董事会第十三次会议 于 2025 年 11 月 17 日以书面方式发出会议通知，会议于 2025 年 11 月 20 日 13:30 在公司会议室以现场结合通讯方式召开。本次会议由公司董事长吕斌先 生召集并主持。会议应出席董事 7 人，实际出席董事 7 人，其中非独立董事卢 彬先生、非独立董事吴志伟先生、非独立董事刘旭晖先生、独立董事韩慧博先 生、独立董事廖俊峰先生、独立董事王浩先生均以通讯方式出席。本次会议的 召集、召开程序符合《中华人民共和国公司法》及《青木科技股份有限公司章 程》《青木科技股份有限公司董事会议事规则》等有关法律、法规、规范性文 件的规定，程序合法。 二、董事会会议审议情况 为落实公司品牌孵化及管理业务发展战略，提升公司在健康食品领域的竞 争力，公司拟以自有资金通过全资子公司 QINGMU PTE. LTD.收购 Vitalis Pharma AS 的部 ...

每经头条（nbdtoutiao）——"抛售日本"？GDP负增长，股市跳水，国债被抛，日元贬值！高市早苗"亡 命一搏"："灌水"21万亿！专家：恐赴"特拉斯风暴"后尘 （记者 张明双） 每经AI快讯，青木科技（SZ 301110，收盘价：75.1元）11月23日晚间发布公告称，公司第三届第十三 次董事会会议于2025年11月20日在公司会议室以现场结合通讯方式召开。会议审议了《关于全资子公司 购买股权的议案》等文件。 截至发稿，青木科技市值为69亿元。 ...

Investment Rating - The industry investment rating is "Positive (Maintain)" [6] Core Insights - The beauty and personal care sector is transitioning from "single functional consumption" to "composite efficacy + emotional consumption," indicating enhanced consumer resilience [4] - The beauty industry is no longer reliant on a single traffic window, with narratives around channel efficiency strengthening [4] - Leading brands exhibit stronger resilience, with a positive outlook on companies with robust brand assets that can capitalize on channel and product cycles [4] Summary by Sections Industry Overview - The Double 11 shopping festival saw a total e-commerce sales of 16,950 billion yuan, reflecting a year-on-year growth of 14.2% [8] - Beauty and personal care sales reached 991 billion yuan, growing by 11.65% [8] - Instant retail sales surged to 670 billion yuan, marking a remarkable growth of 138.4% [8] Market Dynamics - Tmall leads in high-end beauty sales, while Douyin is becoming a significant platform for domestic brands [8] - The top five beauty brands on Tmall include Proya, Estée Lauder, Lancôme, L'Oréal, and SkinCeuticals, with Proya maintaining the top position for three consecutive years [8] - Douyin's beauty sales rankings show Han Shu at the top, followed by Proya and L'Oréal [8] Company Performance - Leading brands like Up Beauty, Ruo Yu Chen, and Mao Ge Ping have shown impressive performance during the Double 11 event [8] - Up Beauty's sales increased by 145% year-on-year, with significant growth on both Tmall and Douyin [8] - Ruo Yu Chen's sales saw a staggering 35-fold increase year-on-year, with Douyin sales growing by over 100% [8]

Summary of Aoki Technology Conference Call Industry and Company Overview - Aoki Technology primarily operates in the large apparel agency business, focusing on platforms like Tmall and also engaging with Douyin. The market is expected to maintain a growth rate of around 15% in the coming years, despite limited overall market growth [2][3][4] - The company holds a 70% stake in the high-end female personal care brand Comando and the Italian oral beauty brand Icarus, with projected total revenue of 600 million yuan in 2025 [2][3] Core Business Insights - The large apparel agency business generates approximately 800 million yuan in annual revenue with a net profit margin of about 20%, attributed to a commission-based model that avoids inventory pressure and capital prepayment [2][3] - The self-owned brands, Comando and Icarus, are expected to contribute significantly to revenue, with Comando projected to generate around 400 million yuan and Icarus between 200-250 million yuan in 2025 [2][3] - The technology solutions and consumer operation services segment, which includes the Aoki Xiaobai and Aoki Woodpecker systems, generates about 100 million yuan in annual revenue, with a high net profit margin [2][4] Financial Projections - Aoki Technology's projected scale profit for 2025 is around 150 million yuan, potentially increasing to over 250 million yuan in 2026, with self-owned brand revenue expected to exceed 50% of total revenue [2][5] - The total revenue for Comando and Icarus is anticipated to reach 1.2 billion yuan by 2026, with ongoing efforts to incubate new self-owned brands [3][5] Investment Logic and Valuation - The expansion of the self-owned brand matrix is a key growth driver, with the potential for multiple brands to collectively reach 5 billion yuan in revenue, translating to annual profits of 300-400 million yuan based on a 10% operating profit margin [2][5] - The current valuation is considered undervalued at less than 30 times PE, with expectations to align closer to peers at around 50 times PE due to anticipated rapid growth [3][6] - The long-term outlook for the self-owned brand segment is promising, suggesting significant potential for market capitalization growth [6] Additional Insights - The company is actively incubating new self-owned brands, including Ti Xu (personal care) and a skincare brand, which are expected to contribute to future growth [4] - AI applications are expected to enhance marketing efficiency, positively impacting short-term performance [3][6] This summary encapsulates the key points from the conference call regarding Aoki Technology's business operations, financial projections, and investment potential.

Investment Rating - The report initiates coverage with an "Accumulate" rating for Qingmu Technology [5][6]. Core Views - Qingmu Technology is positioned as a data and technology-driven one-stop retail service expert, focusing on e-commerce operations, brand incubation, and technical solutions across various consumer sectors [5][6]. - The company has established a stable and concentrated shareholding structure, with the founders holding approximately 39% of the shares, ensuring management stability [19][21]. - Revenue is projected to grow significantly, with expected revenues of 15.1 billion, 19.0 billion, and 23.4 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 30.5%, 26.5%, and 23.0% [4][6]. Financial Data and Profit Forecast - Total revenue for 2024 is estimated at 11.53 billion yuan, with a year-on-year growth of 19.2%, and a projected net profit of 0.91 billion yuan, showing a significant increase of 73.84% [4][24]. - The gross profit margin is expected to stabilize above 50%, with a projected return on equity (ROE) of 8.5% in 2025, increasing to 13.0% by 2027 [4][6]. - The company anticipates a net profit of 1.31 billion yuan in 2025, with a year-on-year growth of 45.2% [6][24]. Business Model and Competitive Advantage - Qingmu Technology operates in three main business segments: e-commerce operations, brand incubation, and technical solutions, leveraging data and technology to enhance operational efficiency [5][6]. - The company has a strong competitive edge through its ability to integrate consumer data across multiple platforms, which allows it to provide tailored solutions for brand growth [8][35]. - The brand incubation segment is expected to become the largest revenue contributor, with projected revenues of 3.07 billion yuan in 2024 [32][35]. Market Position and Growth Potential - The company has successfully expanded into high-growth sectors such as trendy toys and health products, with significant partnerships with brands like Skechers and Jellycat [5][35]. - Qingmu Technology's strategic focus on digital marketing and technology solutions positions it well to capture market share in the evolving e-commerce landscape [5][6]. - The report highlights the potential for continued growth in the e-commerce operations segment, driven by the increasing demand for integrated digital solutions [7][35].

Core Insights - The internet e-commerce sector experienced a 2.6% increase on November 18, with Liren Lizhuang leading the gains [1] - The Shanghai Composite Index closed at 3939.81, down 0.81%, while the Shenzhen Component Index closed at 13080.49, down 0.92% [1] E-commerce Sector Performance - Liren Lizhuang (605136) closed at 11.04, up 9.96% with a trading volume of 312,100 shares [1] - Yiwang Yichuang (300792) closed at 30.55, up 5.86% with a trading volume of 238,500 shares [1] - ST Yigou (002024) closed at 1.85, up 5.11% with a trading volume of 930,900 shares [1] - Other notable performers include Kaichun Co. (301001) up 5.05%, and Qingmu Technology (301110) up 4.62% [1] Capital Flow Analysis - The internet e-commerce sector saw a net inflow of 352 million yuan from institutional investors, while retail investors experienced a net outflow of 314 million yuan [2] - Major stocks like Liren Lizhuang had a net inflow of 151 million yuan from institutional investors, but a net outflow from retail investors of 83.42 million yuan [3] - Yiwang Yichuang also saw a net inflow of 62.44 million yuan from institutional investors, with retail investors withdrawing 48.41 million yuan [3]

Group 1 - The beauty and personal care sector has shown a recovery in 2025, with the SW Beauty Index rebounding after a decline from 2022 to 2024, achieving a maximum increase of over 15% and becoming a key area in new consumption [3][9][10] - The cosmetics segment is characterized by intense competition among brands, with domestic brands making significant strides in R&D and distribution, while international brands are adopting localized strategies to regain market share [3][20][25] - The medical beauty market is transitioning from a blue ocean to a red ocean, with domestic companies expected to become major competitors by focusing on affordable and specialized products [3][19][24] Group 2 - The e-commerce operation sector is undergoing a transformation, with companies like RuYuchen and Shuiyang Co. leveraging brand incubation and AI to create new growth avenues [3][19] - Key investment recommendations include domestic brands with strong channel and brand matrices such as MaoGePing, ShangMei Co., and PoLaiYa, as well as companies in the medical beauty sector like AiMeiKe and LongZi Co. [3][19][24] - The report emphasizes the importance of brand matrix construction and product innovation in the cosmetics industry, with companies like ShangMei Co. and PoLaiYa leading the way [3][31][40] Group 3 - The skincare and makeup market is expected to enter a phase of consolidation, with strong brands likely to thrive while weaker ones may struggle [23][24] - The market share of domestic brands is increasing, with a notable decline in the market share of international brands, indicating a significant opportunity for domestic players [25][30] - The report highlights the importance of adapting to changing consumer preferences and channel dynamics, with a focus on online platforms and promotional strategies to enhance brand visibility [48][52][53]