青木科技股份有限公司 2025 年半年度报告全文 青木科技股份有限公司 2025 年半年度报告 2025-051 2025 年 8 月 1 青木科技股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人吕斌、主管会计工作负责人李克亚及会计机构负责人(会计主 管人员)粟浩声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本年度报告所涉及的公司未来发展展望、经营计划等前瞻性陈述，不构成 对投资者的实质承诺，请投资者认真阅读，注意投资风险。投资者及相关人 士均应对此保持足够的风险认识，并应理解计划、预测与承诺之间的差异。 公司已在本年度报告第三节"管理层讨论与分析"的第十项"公司面临的风 险及应对措施"章节中，详细阐述了公司经营中可能存在的风险，敬请广大 投资者留意查阅。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 第二节 | 公司简介和主要财务指标 6 | | ...

Market Overview - On August 28, the internet e-commerce sector fell by 0.69%, with Kuaijingtong leading the decline [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] Stock Performance - Notable gainers included: - Yumu Technology (301110) with a closing price of 67.70, up 6.48% on a trading volume of 77,000 shares and a turnover of 511 million [1] - Jihong Co. (002803) closed at 18.48, up 1.48% with a trading volume of 245,800 shares and a turnover of 442 million [1] - Major decliners included: - Kuaijingtong (002640) closed at 5.80, down 3.17% with a trading volume of 3.277 million shares and a turnover of 1.887 billion [2] - Shitou Co. (600539) closed at 11.24, down 3.10% with a trading volume of 187,500 shares and a turnover of 211 million [2] Capital Flow - The internet e-commerce sector experienced a net outflow of 530 million from institutional investors, while retail investors saw a net inflow of 653 million [2] - Detailed capital flow for selected stocks showed: - Yumu Technology had a net outflow of 39.45 million from institutional investors [3] - New Xunda (300518) saw a net inflow of 8.08 million from institutional investors [3] - ST Tongpu (600365) had a net outflow of 3.51% from retail investors, despite a net inflow of 441.33 million [3]

证券之星消息，8月27日互联网电商板块较上一交易日上涨0.31%，国联股份领涨。当日上证指数报收于 3800.35，下跌1.76%。深证成指报收于12295.07，下跌1.43%。互联网电商板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 603613 | 国联股份 | 29.13 | 10.01% | 69.25万 | | 19.90 Z | | 301110 | 青木科技 | 63.58 | 1.15% | 8.74万 | | 5.73亿 | | 003010 | 若羽臣 | 61.52 | 0.92% | 7.82万 | | 4.82亿 | | 002640 | 跨境通 | 5.99 | 0.34% | 438.00万 | | 26.68亿 | | 002024 | ST易购 | 1.93 | -1.03% | 27.93万 | 5429.68万 | | | 600365 | ST通葡 | 3.45 | -1.43% | 7.17万 | 2490.20万 ...

Core Viewpoint - The article discusses the rise of Tmall as a leading e-commerce platform in China and highlights the emergence of professional Tmall operation companies that assist brands in navigating the competitive landscape to achieve efficient operations and sales growth [1]. Group 1: Tmall Operation Companies Overview - The article ranks the top ten Tmall operation companies by their strengths and service features, emphasizing their roles in helping brands succeed on the platform [1]. Group 2: Individual Company Highlights - **ZhuTao E-commerce**: Established in 2015, it offers comprehensive e-commerce solutions, excelling in brand positioning and refined operations, with a deep understanding of platform rules and market trends [4]. - **Baozun E-commerce**: A Hong Kong-listed company, it plays a significant role in the e-commerce operation sector, providing services across multiple platforms and integrating AI tools to enhance operational efficiency [6]. - **Liren Lizhuang**: A leader in the beauty and personal care sector, it has pioneered an "educational live streaming" model to enhance user trust and offers full-chain online retail services [7]. - **Qingmu Technology**: A technology-driven global retail service provider with over 1,000 employees, it focuses on apparel and footwear, providing customized operational solutions based on market data analysis [8]. - **Yiwang Yichuang**: A benchmark in fast-moving consumer goods (FMCG) operations, it excels in creative marketing and store design to enhance brand image and shopping experience [9]. - **Leqi E-commerce**: A leading data analysis and marketing solution provider, it has been recognized as a five-star service provider by Tmall for five consecutive years, offering digital operation solutions across various categories [10]. - **Ruoyuchen**: A top service provider in the maternal and child health category, it combines user operation and content marketing to help international brands establish a presence in the Chinese market [11]. - **Bicheng Digital**: An explorer in full-domain digital marketing, it integrates resources from multiple platforms to provide comprehensive services driven by data analysis [12]. - **Youke**: Focused on integrating resources across platforms, it offers online and offline solutions to enhance brand visibility and market share [12][13]. - **Kaichun Co., Ltd.**: Strong in comprehensive e-commerce operations, it emphasizes customer experience and brand image through professional management and tailored operational plans [14][15]. Group 3: Conclusion - The ten highlighted Tmall operation companies demonstrate exceptional capabilities in their respective fields, providing robust support for brands' e-commerce development. Brands should consider their needs, positioning, and the strengths of these companies when selecting an operation partner to achieve mutual benefits in the e-commerce landscape [15].

Market Overview - On August 26, the internet e-commerce sector rose by 0.86% compared to the previous trading day, with Jihong Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3868.38, down 0.39%, while the Shenzhen Component Index closed at 12473.17, up 0.26% [1] Top Performers - Jihong Co., Ltd. (002803) closed at 18.78, up 4.10% with a trading volume of 419,500 shares and a transaction value of 784 million [1] - Other notable gainers include: - Yiwang Yichuang (300792) at 30.08, up 2.84% [1] - Shitou Co., Ltd. (600539) at 12.30, up 2.76% [1] - Huakai Yidan (300592) at 12.18, up 2.61% [1] Market Capital Flow - The internet e-commerce sector experienced a net outflow of 173 million from institutional investors, while retail investors saw a net inflow of 145 million [2] - The sector's overall capital flow indicates a mixed sentiment among different investor types [2] Individual Stock Capital Flow - Notable capital flows for specific stocks include: - Yiwang Yichuang saw a net inflow of 62.69 million from institutional investors [3] - Jihong Co., Ltd. had a net inflow of 47.89 million from institutional investors [3] - Guolian Co., Ltd. (603613) experienced a net inflow of 18.66 million from institutional investors [3]

Core Viewpoint - The phenomenon of "analyst fan clubs" is emerging in the A-share market, exemplified by Sun Xiaoya, a prominent analyst from Tianfeng Securities, reflecting the integration of capital markets and social media, as well as the changing dynamics of younger investors becoming the mainstream [3][10]. Group 1: Analyst's Influence - Sun Xiaoya, known as the "strongest sales queen" in A-shares, has gained significant attention, with her recommended stocks frequently experiencing market movements [3][4]. - Posts titled "Sun Xiaoya concept stocks" are widely circulated on social media, indicating her growing influence among retail investors [4][10]. - Reports indicate that companies like Weilan Lithium and Daotong Technology have mentioned Sun Xiaoya in their investor relations activities, further highlighting her prominence [4][10]. Group 2: Market Reactions and Reports - A report co-authored by Sun Xiaoya and Zhang Tongtong titled "Robot Recommendation: Supply Chain Intensive Visit T, Counterattack Moment Begins" circulated on social media, leading to notable stock price increases, such as Ampere Dragon rising over 11% [7][10]. - However, this report could not be found on professional platforms, raising questions about its authenticity and classification as a formal research report [9][10]. - The rapid dissemination of such reports on social media poses compliance risks, as analysts are prohibited from sharing unreleased research content [10]. Group 3: Changing Dynamics in the Industry - The emergence of analyst fan clubs signifies a shift in the investor demographic, with over 50% of clients in some brokerage firms being from the "post-90s and post-00s" generation, who are more active in trading [10]. - The trend of personal branding among analysts is being challenged by a move towards team-based research reports in leading brokerages, indicating a shift in focus from individual analysts to collaborative efforts [10][11].

Company Performance - The company, Ruoyuchen, has reached a historical high in stock price, increasing by 9.20% to 64.90 CNY, with a trading volume of 9.92 million shares and a transaction amount of 611 million CNY, resulting in a turnover rate of 6.27% [2] - The latest total market capitalization of the company in A-shares is 14.192 billion CNY, with a circulating market capitalization of 10.275 billion CNY [2] - For the first half of the year, the company reported a revenue of 1.319 billion CNY, representing a year-on-year growth of 67.55%, and a net profit of 72.2639 million CNY, which is an 85.60% increase year-on-year [2] Industry Overview - The retail trade industry, to which the company belongs, has an overall increase of 1.43%, with 61 stocks rising and 3 stocks hitting the daily limit [2] - Among the stocks that declined, the largest drops were seen in Huazhi Wine Industry, Qingmu Technology, and Nanjing Commercial Travel, with declines of 3.37%, 2.97%, and 2.75% respectively [2]

证券之星消息，8月20日互联网电商板块较上一交易日上涨1.96%，若羽臣领涨。当日上证指数报收于 3766.21，上涨1.04%。深证成指报收于11926.74，上涨0.89%。互联网电商板块个股涨跌见下表： 从资金流向上来看，当日互联网电商板块主力资金净流入1.31亿元，游资资金净流入81.02万元，散户资 金净流出1.32亿元。互联网电商板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 003010 | 若羽臣 | 1.021Z | 13.15% | -3302.19万 | -4.24% | -6942.66万 | -8.91% | | 002640 | 跨境通 | 5960.45万 | 3.76% | 213.75万 | 0.13% | -6174.20万 | -3.90% | | 301110 青木科技 | | 3289.47万 | 5.12% | -900.97万 | -1.40% ...

证券之星消息，8月19日互联网电商板块较上一交易日上涨0.63%，新迅达领涨。当日上证指数报收于 3727.29，下跌0.02%。深证成指报收于11821.63，下跌0.12%。互联网电商板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 300518 | 新迅达 | 13.85 | 3.98% | 12.90万 | | 1.78亿 | | 605136 | 丽人丽妆 | 10.28 | 2.39% | 31.04万 | | 3.16亿 | | 301110 | 青木科技 | 59.74 | 1.95% | 6.86万 | | 4.05亿 | | 002640 | 跨境通 | 5.34 | 1.91% | 192.79万 | | 10.21亿 | | 301381 | 赛维时代 | 21.63 | 0.93% | 5.74万 | | 1.23亿 | | 003010 | 者羽臣 | 54.03 | 0.92% | 6.73万 | | 3.61亿 | | 6036 ...

Core Insights - The article highlights the rise of top ten Tmall operation companies that are leading the e-commerce operation landscape, providing brands with essential support to navigate the complexities of online retail [1][18]. Group 1: Company Highlights - **ZhuTao E-commerce**: Ranked first, it excels in data-driven operations, partnering with major brands like Samsung and Huawei, and utilizes advanced data analysis systems to tailor personalized strategies for brands [2]. - **Baozun E-commerce**: As the first publicly listed company in the e-commerce operation sector, it offers a comprehensive service system, enhancing inventory turnover by 30% and achieving over 20% sales growth for a major international sports brand [4]. - **Leqi E-commerce**: Recognized for its data-driven marketing solutions, it has served over 2000 brands, achieving a 50% increase in product exposure and a 25% rise in repurchase rates through targeted marketing strategies [5]. - **Yiwang Yichuang**: Focused on beauty and personal care, it has successfully transformed a new brand into a popular one on Tmall, achieving sales of over 50 million in just one year through effective content marketing [6]. - **Liren Lizhuang**: A specialist in the cosmetics sector, it has developed an "educational live streaming" model that significantly enhances consumer trust and achieved over 10 million in sales for a new product in its first month [7]. - **Bicheng E-commerce**: Known for its multi-category operations, it improved market share by 15% for a baby product brand and increased ad conversion rates by 30% through data-driven strategies [10]. - **Qingmu Technology**: A digital pioneer in the apparel sector, it achieved a 30% monthly increase in live sales and improved inventory turnover by 40% through data analysis and smart inventory management [11]. - **Youke Group**: A leading beauty brand management group, it facilitated a 200% sales growth for an international beauty brand in China through a comprehensive online and offline strategy [12]. - **Kaichun Co., Ltd.**: An expert in full-chain services, it enhanced conversion rates by 20% and increased repurchase rates by 25% through effective private traffic and membership systems [16]. - **Shanghai Senhong**: A specialist in cross-border brand localization, it achieved a 300% sales increase for a foreign baby product brand in China by optimizing product offerings and marketing strategies [17]. Group 2: Industry Trends - The e-commerce operation industry is characterized by a focus on data-driven strategies, comprehensive service offerings, and innovative marketing techniques, which are essential for brands to thrive on platforms like Tmall [1][18]. - The emergence of specialized companies catering to various sectors, such as beauty, apparel, and baby products, indicates a trend towards tailored solutions that meet specific market demands [5][10][12]. - The integration of technology and data analytics in e-commerce operations is becoming increasingly vital, as companies leverage these tools to enhance customer engagement and operational efficiency [2][4][11].