Core Viewpoint - Qingmu Technology (301110.SZ) expects a net profit attributable to shareholders of 117.70 million to 135.81 million yuan for 2025, representing a growth of 30% to 50% compared to the same period last year [1] - The growth in the company's business is primarily driven by the increase in e-commerce agency operations, with existing projects and some newly added projects achieving significant performance growth, along with contributions from distribution agency projects and brand incubation and management services [1] Financial Performance - Expected net profit for 2025: 117.70 million to 135.81 million yuan, a growth of 30% to 50% year-on-year [1] - Expected net profit after deducting non-recurring gains and losses: 101.52 million to 117.13 million yuan, also reflecting a growth of 30% to 50% year-on-year [1] Business Growth Drivers - The increase in e-commerce agency operations is a key factor in the company's steady business growth [1] - Performance growth is attributed to both existing projects and newly added projects during the reporting period [1] - Additional revenue is generated from distribution agency projects and brand incubation and management services [1]

青木科技（301110）(301110.SZ)披露2025年度业绩预告，公司预计归属于上市公司股东的净利润1.18亿 元至1.36亿元，同比增长30%-50%;扣除非经常性损益后的净利润1.02亿元至1.17亿元，同比增长 30%-50%。 ...

智通财经APP讯，青木科技(301110.SZ)披露2025年度业绩预告，公司预计归属于上市公司股东的净利润 1.18亿元至1.36亿元，同比增长30%-50%;扣除非经常性损益后的净利润1.02亿元至1.17亿元，同比增长 30%-50%。 ...

Group 1 - The company, Qingmu Technology, forecasts a net profit attributable to shareholders of approximately 118 million to 136 million yuan for 2025, representing a year-on-year growth of 30% to 50% [1] - The main reason for the performance change is the continued growth momentum of the company, with overall performance showing sustained improvement [1] - The steady growth in the company's business is primarily driven by the growth of its e-commerce agency operations, with both existing and newly added projects achieving good performance growth [1] Group 2 - The company also experienced performance growth from its distribution agency projects and brand incubation and management services [1]

（一）业绩预告期间：2025 年 1 月 1 日至 2025 年 12 月 31 日 （二）业绩预告情况： | | | | 项 目 | 本报告期 | | | | 上年同期 | | --- | --- | --- | --- | --- | --- | | 归属于上市公司 | 盈利：11,770.18 万元 | - | 13,580.97 | 万元 | 盈利： | | 股东的净利润 | 比上年同期增长：30% | - | 50% | | 9,053.98 万元 | | 扣除非经常性损 | 盈利：10,151.59 万元 | - | 11,713.38 | 万元 | 盈利： | | 益后的净利润 | 比上年同期增长：30% | - | 50% | | 7,808.92 万元 | 证券代码：301110 证券简称：青木科技 公告编号：2026-006 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、本期业绩预计情况 公司业务稳步增长主要来自电商代运营业务的增长，原有项目及报告期内 部分新增的项目都取得了较好的业绩增长，以及经销代理项目和品牌孵化与管 理业务带来的 ...

Market Overview - The internet e-commerce sector experienced a decline of 2.35% on January 26, with Xin Xun Da leading the drop [1] - The Shanghai Composite Index closed at 4132.61, down 0.09%, while the Shenzhen Component Index closed at 14316.64, down 0.85% [1] Stock Performance - Key stocks in the internet e-commerce sector showed varied performance, with 青木科技 (Qingmu Technology) slightly up by 0.08% to 79.28, while 新迅达 (Xin Xun Da) fell by 6.47% to 22.13 [1][2] - Other notable declines included 焦点科技 (Jiaodian Technology) down 0.48% and 吉宏股份 (Jihong Co.) down 4.46% [2] Trading Volume and Value - The trading volume and value for key stocks were significant, with 焦点科技 recording a volume of 126,300 shares and a transaction value of 684 million yuan [1][2] - 新迅达 had a trading volume of 150,800 shares and a transaction value of 337 million yuan [2] Capital Flow - The internet e-commerce sector saw a net outflow of 271 million yuan from main funds, while retail investors contributed a net inflow of 55.7 million yuan [2] - The data indicates that retail investors were more active in the market despite the overall decline in the sector [2][3] Individual Stock Capital Flow - 焦点科技 had a main fund net inflow of 49.77 million yuan, but a significant outflow from retail investors of 81.61 million yuan [3] - ST通葡 (ST Tongpu) experienced a net outflow of 9.63 million yuan from main funds, indicating a negative sentiment towards the stock [3]

Investment Rating - The report maintains a "Positive" outlook on the cosmetics and medical beauty industry, indicating strong performance compared to the market [2]. Core Insights - The cosmetics and medical beauty sector has outperformed the market recently, with the Shenwan Beauty Care Index rising by 2.0% from January 16 to January 23, 2026, surpassing the Shenwan A Index by 0.8 percentage points [4][5]. - December 2025 saw a significant increase in social retail sales for cosmetics, reaching 38 billion yuan, with a growth rate of 8.8%, indicating robust demand even in the off-season. The overall growth rate for Q4 was 9.9%, significantly higher than the annual growth of 5.1% for 2025, driven by promotional events like Double 11 [10][17]. - The report anticipates continued high consumer demand in Q1 2026, supported by new product launches and regulatory approvals in the medical beauty sector [10]. Summary by Sections Industry Performance - The cosmetics and medical beauty sector has shown strong performance, with the Shenwan Cosmetics Index increasing by 2.6% and the Shenwan Personal Care Index rising by 4.2%, both outperforming the Shenwan A Index [4][5]. Key Company Reviews - Lin Qingxuan (2657HK) is highlighted as a benchmark in the high-end domestic skincare market, with revenue projected to grow from 690 million yuan in 2022 to 1.21 billion yuan in 2024, representing a CAGR of 32.7%. The company is expected to turn a profit of 187 million yuan in 2024, a 120% increase year-on-year [11][12]. - Langzi Co., Ltd. (002612.SZ) forecasts a net profit of 900 million to 1.05 billion yuan for 2025, reflecting a year-on-year growth of 245.25% to 302.80% [4]. - Qingsong Co., Ltd. (300132.SZ) anticipates a net profit of 130 million to 165 million yuan for 2025, with a growth rate of 137.73% to 201.74% [4]. Market Trends - The report notes that the high-end skincare market is expanding, with the market size expected to reach 218.5 billion yuan by 2029. The concept of "oil-based skincare" is becoming mainstream, driving growth in the facial oil segment, which is projected to grow at a CAGR of 42.8% from 2019 to 2024 [12][14]. - E-commerce channels are increasingly important, with Lin Qingxuan achieving a 65.4% online revenue share in H1 2025, leveraging platforms like Douyin and Tmall for growth [13]. Sales Data - In December 2025, the total retail sales of cosmetics reached 38 billion yuan, with a year-on-year growth of 8.8%. The overall retail sales for cosmetics in 2025 were 465.3 billion yuan, reflecting a 5.1% increase [17][21].

Market Overview - On January 23, the internet e-commerce sector rose by 0.74% compared to the previous trading day, with Qingmu Technology leading the gains [1] - The Shanghai Composite Index closed at 4136.16, up 0.33%, while the Shenzhen Component Index closed at 14439.66, up 0.79% [1] Stock Performance - Notable gainers in the internet e-commerce sector included: - Yubuke Technology (301110) with a closing price of 79.22, up 4.11% [1] - Xinghui Co., Ltd. (300464) with a closing price of 6.80, up 3.82% [1] - Jihong Co., Ltd. (002803) with a closing price of 20.40, up 3.13% [1] - Other significant performers included: - New Xunda (300518) at 23.66, up 2.78% [1] - Kaichun Co., Ltd. (301001) at 34.22, up 2.00% [1] Capital Flow - The internet e-commerce sector saw a net inflow of 133 million yuan from institutional investors, while retail investors experienced a net outflow of 130 million yuan [2] - The main capital flow data indicated: - Focus Technology (002315) had a net outflow of 47.32 million yuan from main investors [3] - Huakai Yibai (300592) saw a net inflow of 24.34 million yuan from main investors [3] - Jihong Co., Ltd. (002803) had a net inflow of 17.27 million yuan from main investors [3]

Group 1 - The core viewpoint of the news is that Qingmu Technology's stock has seen a significant increase, with a rise of 5.03% to 79.92 CNY per share, and a total market capitalization of 7.395 billion CNY [1] - Qingmu Technology, established on August 5, 2009, and listed on March 11, 2022, provides 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 (14.18%), technical solutions and consumer operation services (4.05%), and brand digital marketing services (2.02%) [1] Group 2 - From the perspective of fund holdings, a fund under Yinhua Fund has Qingmu Technology as its top holding, with 60,600 shares representing 5.18% of the fund's net value [2] - The Yinhua Yongxiang Flexible Allocation Mixed Fund (180028) has generated a floating profit of approximately 231,900 CNY today [2] - The fund has a total scale of 77.4011 million CNY and has achieved a year-to-date return of 6.38%, ranking 3,747 out of 8,847 in its category [2]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 003010 | 若羽臣 | 37.52 | -1.86% | 4.37万 | 1.64亿 | | 301110 | 青木科技 | 76.09 | -1.81% | 4.84万 | 3.69亿 | | 605136 | 丽人丽妆 | 12.13 | -0.25% | 14.20万 | 1.73亿 | | 603613 | 国联股份 | 29.08 | -0.10% | 0 11.19万 | 3.26亿 | | 002315 | 焦点科技 | 53.00 | 0.13% | 9.04万 | 4.83亿 | | 600539 | 师头股份 | 11.23 | 0.27% | 11.03万 | 1.24亿 | | 600365 | ST通葡 | 3.20 | 0.63% | 2.60万 | 828.67万 | | 301558 | 三态股份 | 8.97 | 0.67% | 17.20万 | 1.55亿 | | 002640 | 跨境通 | 4.20 | ...