Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The report highlights that the company, Aoki Technology, is a leading e-commerce service provider, offering a comprehensive range of services including operational agency, brand incubation, and digital marketing to enhance brand visibility and market share in China [10][12] - The company has a strong focus on the apparel sector and has recently expanded into the trendy toy market, with significant contributions from brands like Pop Mart and Jellycat [10][12] Summary by Sections Company Overview - Aoki Technology is positioned as a "service provider" for brands, offering tailored services based on the maturity of the brand [18] - The company has evolved from a footwear e-commerce operator to a comprehensive e-commerce service provider, with a history of partnerships with major brands [10][12] Business Model - The company generates revenue through service fees and distribution income by providing a range of e-commerce services [22][23] - The main business segments include e-commerce operations (45% of revenue), brand incubation (35%), distribution agency (14%), digital marketing (2%), and technology solutions (4%) [10][21] Financial Performance - Revenue projections for the company are as follows: 2025 estimated revenue of 1,387 million, 2026 estimated revenue of 1,751 million, and 2027 estimated revenue of 2,211 million, with corresponding net profits of 104 million, 163 million, and 256 million respectively [8] - The company is expected to benefit from AI applications in e-commerce, enhancing operational efficiency and cost reduction [10][12] Market Position - Aoki Technology has established a strong presence in the apparel sector, with partnerships with brands such as Skechers, ECCO, and Lacoste, and is expanding into the trendy toy market with Pop Mart and Jellycat [10][32] - The company has shown significant growth in revenue and profitability, particularly from its operational agency services [10][12]

Group 1 - The stock price of Nanji E-commerce closed at 3.69 yuan on August 27, down 0.11 yuan, a decrease of 2.89% from the previous trading day [1] - The trading volume on that day was 836,558 hands, with a transaction amount of 316 million yuan [1] - Nanji E-commerce operates in the trade industry, primarily engaged in brand authorization and e-commerce services, integrating supply chain resources for efficient service [1] Group 2 - According to the latest semi-annual report for 2025, the company achieved operating revenue of 1.35 billion yuan in the first half of the year, a year-on-year decrease of 13.1% [1] - The net profit attributable to shareholders was 13.62 million yuan, down 82.5% year-on-year [1] - In the second quarter, operating revenue was 624 million yuan, a year-on-year decline of 25.9%, with a net profit of 2.725 million yuan, down 9.7% [1] Group 3 - The company's operating cash flow net amount was -541 million yuan, a year-on-year decrease of 47.6% [1] - On August 27, the net outflow of main funds was 21.17 million yuan, accounting for 0.29% of the circulating market value [1] - Over the past five days, the cumulative net outflow of main funds reached 33.75 million yuan, representing 0.46% of the circulating market value [1]

Group 1 - The core mission of the company is to maximize the e-commerce value for brands, providing a comprehensive and customized service system that includes e-commerce strategy planning, brand visual design, content marketing, live streaming operations, data analysis, and supply chain optimization [2][7] - The company emphasizes content marketing, utilizing various creative formats such as short videos, images, and live streams, combined with big data to accurately target user needs and enhance brand appeal [4] - Advanced data analysis systems are employed to monitor market dynamics and consumer behavior, providing decision-making support for product selection, pricing strategies, and advertising investments, resulting in significant sales increases for clients [5] Group 2 - The company integrates online and offline traffic through multi-channel operations, collaborating with top influencers and KOLs to enhance brand visibility and sales through live streaming and community marketing [6] - The core team consists of members with over five years of experience in the e-commerce industry, ensuring a keen awareness of market trends through regular participation in industry conferences and training [7] - The company is focusing on the development of intelligent marketing tools and international e-commerce service networks, aiming to drive brand growth through a combination of technology and creativity [8] Group 3 - The company positions itself not only as an executor in the e-commerce service field but also as a strategic partner for brand growth, leveraging professional capabilities, innovative thinking, and a pragmatic approach to unlock new business possibilities in the digital era [9]

Core Viewpoint - Tianyuan Pet is acquiring an 89.7145% stake in Taotong Technology for a total consideration of 687.57 million yuan, which will be paid through a combination of cash and stock issuance [1][2]. Group 1: Acquisition Details - The acquisition will be executed through the issuance of shares and cash, with the cash component amounting to 438.53 million yuan and the share issuance valued at 249.04 million yuan [1]. - The company plans to raise up to 249.04 million yuan from no more than 35 qualified investors to fund the cash portion of the acquisition [1]. - Post-transaction, Taotong Technology will become a subsidiary of Tianyuan Pet [3]. Group 2: Taotong Technology Overview - Taotong Technology is a comprehensive e-commerce service provider that collaborates with well-known global brands, offering services such as brand consulting, e-commerce operations, consumer insights, and supply chain management [5]. - The company has shown significant revenue growth, with projected revenues of 1.61 billion yuan and 2.02 billion yuan for 2023 and 2024, respectively, alongside net profits of 62.52 million yuan and 69.06 million yuan [7]. Group 3: Historical Performance - Taotong Technology's revenue and net profit have consistently increased from 2013 to 2016, with revenues growing from 52 million yuan in 2013 to 572 million yuan in 2016 [6]. - The company has made a substantial leap in performance compared to seven years ago, indicating strong growth potential [8]. Group 4: Valuation and Financial Metrics - The valuation of Taotong Technology's 100% equity is assessed at 777 million yuan, reflecting a 32.78% increase over its book value [9]. - The performance commitment includes net profit targets of no less than 70 million yuan, 75 million yuan, and 80 million yuan for the years 2025 to 2027 [9]. Group 5: Tianyuan Pet's Financial Performance - Tianyuan Pet's revenue has shown an upward trend, with figures of 1.89 billion yuan, 2.04 billion yuan, and 2.76 billion yuan projected for 2022 to 2024, although net profits have declined during the same period [20][21]. - The company reported a revenue of 569.42 million yuan in Q1 2025, marking a 13.07% year-on-year increase, while net profit grew by 18.97% [24]. Group 6: Strategic Implications - The acquisition is expected to enhance Tianyuan Pet's performance and address its declining profit margins by expanding its e-commerce capabilities [25].