Core Viewpoint - The beauty e-commerce industry is facing challenges as traditional platforms reach their growth limits, while new platforms like short videos and live streaming are becoming significant traffic sources. The performance of beauty third-party operators (TPs) varies widely, with only a few companies managing to thrive amidst the downturn [1][12]. Market Capitalization - Ruoyuchen leads the market with a market capitalization of 13.178 billion RMB, significantly surpassing the second-ranked Yiwang Yichuang by nearly 6 billion RMB [1]. - Yiwang Yichuang and Qingmu Technology are in the second tier with market capitalizations exceeding 5 billion RMB [1]. - Liren Lizhuang and Kaichun Co. have market capitalizations between 2 billion and 5 billion RMB, placing them in the third tier [1]. - Baozun E-commerce and Youquhui are in the fourth tier with market capitalizations below 2 billion RMB [1]. Financial Performance - Only Ruoyuchen among the seven beauty TPs achieved double-digit growth in both revenue and net profit, with revenue increasing by 67.55% to 1.319 billion RMB and net profit rising by 85.60% to 72.3 million RMB [8][12]. - Other companies, including Liren Lizhuang and Baozun E-commerce, reported significant declines in net profit, with Liren Lizhuang experiencing a four-digit percentage drop [8][12]. - Youquhui reported a 14.2% increase in beauty product sales, reaching 5.8 million RMB, but still faced overall revenue and profit declines [9]. Channel Strategy - Beauty TPs are increasingly focusing on emerging platforms like Douyin, Xiaohongshu, and Kuaishou, as traditional platforms like Taobao and Tmall show diminishing growth contributions [18][23]. - Ruoyuchen's sales from Douyin reached 490 million RMB, making it the largest sales channel, surpassing Tmall and Tmall International combined [27][28]. - Qingmu Technology reported a 144.58% increase in revenue from Douyin, indicating a successful channel transition [27]. Brand Development - Ruoyuchen and Liren Lizhuang are the only two TPs actively expanding their own brand portfolios, with Ruoyuchen's self-owned brand revenue growing by 242.42% to 603 million RMB [36][38]. - Liren Lizhuang's self-owned brand sales increased by over 80%, focusing on two main brands for future growth [38]. - Other TPs are exploring brand incubation and management to drive growth, with Qingmu Technology's brand management revenue increasing by 86.46% [40].

| 项目 | 工作内容 | | --- | --- | | （2）发表非同意意见所涉问题及结论意见 | 无 | | 7、向本所报告情况（现场检查报告除外） | | | （1）向本所报告的次数 | 0次 | | （2）报告事项的主要内容 | 不适用 | | （3）报告事项的进展或者整改情况 | 不适用 | | 8、关注职责的履行情况 | | | （1）是否存在需要关注的事项 | 否 | | （2）关注事项的主要内容 | 不适用 | | （3）关注事项的进展或者整改情况 | 不适用 | | 9、保荐业务工作底稿记录、保管是否合规 | 是 | | 10、对上市公司培训情况 | | | （1）培训次数 | 无，拟于2025年下半年开展 | | （2）培训日期 | 不适用 | | （3）培训的主要内容 | 不适用 | | 11、上市公司特别表决权事项（如有） | | | （1）持有特别表决权股份的股东是否持续符合《 | | | 股票上市规则》第4.6.3条/《创业板股票上市规则》 | 不适用 | | 第4.4.3条的要求； | | | （2）特别表决权股份是否出现《股票上市规则》 | | | 第4.6.8条/《创业板股 ...

Investment Rating - The report maintains an "Accumulate" rating for the industry [5]. Core Insights - Alibaba's significant business adjustments present new opportunities for AI e-commerce, particularly through the launch of the "Gao De Street Ranking" and the "Smoke Fire Good Store Support Plan," which aims to drive foot traffic to offline businesses [1][10]. - The penetration of AI in the e-commerce sector is still in its early stages, with less than 10% of the U.S. retail trade utilizing AI as of September 2024, indicating substantial growth potential [2][27]. - Shanghai has introduced 12 new policies to foster an "AI + Digital Advertising" ecosystem, providing unprecedented financial support for AI-driven advertising initiatives [3][40]. Summary by Sections Alibaba's Business Adjustments - Alibaba is focusing on AI and cloud strategies, with a planned investment of 380 billion yuan over three years for cloud and AI infrastructure [9]. - The company's revenue from AI-related products has seen triple-digit year-on-year growth for eight consecutive quarters [9]. - The launch of the "Gao De Street Ranking" aims to consolidate consumer data across various platforms, enhancing competition with other local service platforms [13][14]. AI in E-commerce - Current AI applications in e-commerce include personalized product recommendations, AI-driven chatbots, dynamic pricing, visual and voice search, demand forecasting, fraud detection, content generation, and sentiment analysis [2][20][27]. - The report highlights that the e-commerce ecosystem provides a vast scale for AI deployment across various operational aspects, including customer relationship management, inventory, pricing, and marketing [35]. Shanghai's New Policies - The new policies include financial support for AI advertising initiatives, with subsidies for AI model development, data acquisition, and computing power rental [40][41]. - The measures aim to enhance AI's integration into the advertising industry, promoting innovation and talent development [41][42]. Companies to Watch - The report suggests monitoring companies such as Alibaba, Yiwan Yichuang, Guangyun Technology, Qingmu Technology, Focus Technology, Shiji Information, Baozun E-commerce, Weimeng Group, and Youzan for potential investment opportunities [4][43].

Group 1 - On September 11, a total of 9 companies will have their restricted shares unlocked, with a total unlock volume of 114 million shares, amounting to a market value of 3.989 billion yuan at the latest closing price [4] - Among the companies, Siron Biotech and Qingmu Technology have the highest unlock volumes, with 63.848 million shares and 16.8263 million shares respectively [4] - In terms of market value, Siron Biotech and Qingmu Technology also lead, with unlock values of 1.567 billion yuan and 1.119 billion yuan respectively [4] Group 2 - On September 11, 12 companies disclosed progress on stock repurchases, with 3 companies announcing new repurchase plans and 2 companies having their plans approved by shareholders [5] - The new repurchase plans include Shandong Heda, Wufangzhai, and Lexin Medical, with proposed repurchase amounts not exceeding 100 million yuan, 541,800 yuan, and 198,800 yuan respectively [5] - Companies that received shareholder approval for their repurchase plans include Paislin and Tongrun Equipment, with proposed repurchase amounts not exceeding 26.0698 million yuan and 22.4273 million yuan respectively [5] Group 3 - The People's Bank of China will have 212.6 billion yuan of 7-day reverse repos maturing today, with an operation rate of 1.40% [6] - The U.S. Consumer Price Index (CPI) for August and the European Central Bank's interest rate data are set to be released [6]

Summary of Key Points Core Viewpoint - On September 11, a total of 9 companies had their restricted shares unlocked, with a total unlock volume of 114 million shares, amounting to a market value of 3.989 billion yuan based on the latest closing price [1]. Group 1: Unlock Volume - Two companies had unlock volumes exceeding 10 million shares: Sailun Biotech with 63.848 million shares and Qingmu Technology with 16.8263 million shares [1]. - The third company with significant unlock volume is Shida Group, which had 9.425 million shares unlocked [1]. Group 2: Unlock Market Value - Two companies had unlock market values exceeding 100 million yuan: Sailun Biotech with 1.567 billion yuan and Qingmu Technology with 1.119 billion yuan [1]. - The third company with a notable unlock market value is Huihan Co., which had an unlock market value of 685 million yuan [1]. Group 3: Unlock Ratio - Two companies had unlock ratios exceeding 10%: Sailun Biotech with 59.0% and Qingmu Technology with 18.18% [1]. - The third company with a significant unlock ratio is Haisheng Pharmaceutical, which had an unlock ratio of 7.38% [1].

Group 1 - The core point of the article highlights the recent performance of Qingmu Technology, which saw a 5.02% increase in stock price, reaching 65.64 CNY per share, with a trading volume of 203 million CNY and a turnover rate of 6.57%, resulting in a total market capitalization of 6.074 billion CNY [1] - Qingmu Technology, established on August 5, 2009, and listed on March 11, 2022, is based in Guangzhou, Guangdong Province, and specializes in providing comprehensive e-commerce services for globally recognized brands [1] - The company's revenue composition includes e-commerce agency services (44.93%), brand incubation and management (34.83%), distribution agency services (14.18%), technical solutions and consumer operation services (4.05%), and brand digital marketing (2.02%) [1] Group 2 - From the perspective of major circulating shareholders, a fund under Xinda Australia Fund ranks among the top shareholders of Qingmu Technology, with the Xin'ao Enjoy Life Mixed A Fund (017977) newly entering the top ten circulating shareholders in the second quarter, holding 382,400 shares, which accounts for 0.79% of circulating shares [2] - The Xin'ao Enjoy Life Mixed A Fund has achieved a year-to-date return of 70.04%, ranking 229 out of 8,248 in its category, and a one-year return of 75.58%, ranking 894 out of 8,051 [2] - The fund manager of Xin'ao Enjoy Life Mixed A is Yang Ke, who has a cumulative tenure of 5 years and 120 days, with the fund's total asset size at 1.445 billion CNY [3] Group 3 - The Xin'ao Enjoy Life Mixed A Fund holds 382,400 shares of Qingmu Technology, representing 2.8% of the fund's net value, making it the ninth largest holding [4] - The estimated floating profit from this holding is approximately 1.2007 million CNY [4]

Group 1 - The company has completed its initial public offering (IPO) of 16,666,667 shares, resulting in a total share capital of 66,666,667 shares, with 51,475,416 shares subject to restrictions, accounting for 77.21% of the total share capital [2] - Following a capital increase plan approved in 2024, the company's total share capital decreased to 92,535,333 shares after the cancellation of 570,000 repurchased shares [3][10] - The company changed its name from "Qingmu Digital Technology Co., Ltd." to "Qingmu Technology Co., Ltd." on July 3, 2024 [3] Group 2 - Three shareholders, including Mr. Lü Bin and Mr. Lu Bin, have applied for the lifting of share restrictions, with a total of 16,826,250 shares eligible for public trading, representing 18.18% of the total share capital [10] - The shareholders have adhered to their commitments regarding share lock-up periods, with the lock-up period extended by six months due to specific conditions being met [9][10] - The company will monitor the shareholders' compliance with their commitments during the sale of shares and will disclose this information in regular reports [10]

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。 2、本次限售股份可上市流通日为 2025 年 9 月 11 日（星期四）。 一、公司股票发行和股本变动情况 证券代码：301110 证券简称：青木科技 公告编号：2025-056 特别提示： 1、本次解除限售股份数量为 42,105,000 股，占公司总股本 45.50%；本次实 际可上市流通数量为 16,826,250 股，占公司总股本 18.18%。 （一）首次公开发行股份情况 经中国证券监督管理委员会核发《关于同意青木数字技术股份有限公司首次 公开发行股票注册的批复》（证监许可[2022]202 号），青木科技股份有限公司1（以 下简称"公司"）首次公开发行人民币普通股（A 股）股票 16,666,667 股，上市后 公司总股本为 66,666,667 股。有限售条件的股份数量为 51,475,416 股，占公司总 股本的 77.21%；无限售条件流通股 15,191,251 股，占公司总股本的 22.79%。 （二）公司上市后股本变动情况 公司于 2024 年 4 月 22 日召开第三届董事会第六次会议、 ...

兴业证券股份有限公司 关于青木科技股份有限公司 首次公开发行前已发行股份上市流通的核查意见 兴业证券股份有限公司（以下简称"兴业证券"或"保荐机构"）作为青木 科技股份有限公司（以下简称"青木科技"或"公司"）首次公开发行股票并在 创业板上市的保荐机构，根据《证券发行上市保荐业务管理办法》《深圳证券交 易所创业板股票上市规则》《深圳证券交易所上市公司自律监管指引第 2 号—— 创业板上市公司规范运作》等相关规定，对青木科技首次公开发行前已发行股份 上市流通的事项进行了审慎核查，具体情况如下： 一、公司股票发行和股本变动情况 （一）首次公开发行股份情况 经中国证券监督管理委员会核发《关于同意青木数字技术股份有限公司首次 公开发行股票注册的批复》（证监许可[2022]202 号），青木科技股份有限公司1 （以下简称"公司"）首次公开发行人民币普通股（A 股）股票 16,666,667 股，上 市后公司总股本为 66,666,667 股。有限售条件的股份数量为 51,475,416 股，占公 司总股本的 77.21%；无限售条件流通股 15,191,251 股，占公司总股本的 22.79%。 （二）公司上市后股本变 ...

Core Viewpoint - The A-share market will see a significant unlock of restricted shares, totaling approximately 966.01 billion yuan, with 40 stocks experiencing share unlocks next week [2]. Group 1: Stock Unlock Details - 40 stocks will have their restricted shares unlocked from September 8 to 12, with a total unlock market value of 966.01 billion yuan [2]. - Among these, 12 stocks have an unlock market value exceeding 10 billion yuan, with notable mentions including Times Electric (278.23 billion yuan), Southern Network Storage (230.81 billion yuan), and BGI Genomics (133.82 billion yuan) [2][4]. - Southern Network Storage and Western Gold are among the stocks with restricted shares unlocked from directed placements, while the other three are from the initial public offering (IPO) original shareholders [2]. Group 2: Unlock Proportions - A total of 13 stocks have an unlock proportion exceeding 10%, indicating a potential impact on their stock prices [5]. - Stocks such as Minshida, Southern Network Storage, Sairun Bio, and Zhejiang Hengwei have unlock proportions above 50% [5]. - The detailed table lists various stocks, their unlock dates, market values, and the proportion of shares being unlocked [7]. Group 3: Company Performance Insights - Times Electric's largest shareholder, CRRC Zhuzhou Electric Locomotive Research Institute, will unlock approximately 590 million shares, accounting for 43.42% of the total share capital [4]. - Times Electric reported a revenue of 12.214 billion yuan for the first half of 2025, reflecting a year-on-year growth of 17.95%, with a net profit of 1.672 billion yuan, up 12.93% [4]. - Minshida, listed on the Beijing Stock Exchange, achieved a revenue of 237 million yuan in the first half of 2025, marking a year-on-year increase of 27.91%, with a net profit of 63.03 million yuan, up 42.28% [8]. Group 4: Institutional Investment Insights - Institutions that participated in the directed placements of stocks like Western Gold and Southern Network Storage are expected to see positive returns from the unlocks, with Western Gold's return exceeding 180% and Southern Network Storage's over 70% [8]. - Among the 40 stocks, 15 are categorized as general equity incentive shares or restricted shares, with companies like Sany Heavy Energy and Zhaoyi Innovation having unlock market values exceeding 1 billion yuan [8].