Core Viewpoint - Qingmu Technology is a leading e-commerce service provider offering comprehensive one-stop e-commerce services, with a strong advantage in the apparel category and recent expansion into trendy toys [1] Group 1: Business Overview - The core business of e-commerce operation has a competitive edge in the apparel sector, with clients including Jellycat and Pop Mart [1] - The brand incubation business is experiencing rapid growth, forming a second growth curve for the company [1] Group 2: Technological Advantage - The company possesses advanced AI capabilities, benefiting from the application of AI in e-commerce to reduce costs and improve efficiency, gradually reconstructing traditional business models [1] Group 3: Financial Projections - Revenue projections for 2025-2027 are estimated at 1.39 billion, 1.75 billion, and 2.21 billion yuan, respectively, with net profit attributable to the parent company projected at 100 million, 160 million, and 260 million yuan [1] - Corresponding price-to-earnings ratios (PE) are expected to be 71, 45, and 29 times for the respective years [1] - The company maintains a "buy" rating based on these projections [1]