今日重点推荐 2025 年 11 月 25 日 青木科技（301110）深度：全域代运营服务专家，品牌孵化打 造增长新引擎 ⚫ 青木科技：数据+技术驱动，一站式零售服务专家。青木科技于 2009 年在 广州成立，2011 年聚焦电商代运营，已构建"代运营+品牌孵化+技术解决 方案"三大高协同业务，覆盖大服饰、潮玩、美妆、健康消费品等赛道，服 务 Skechers、李宁、泡泡玛特、Jellycat 等国内外知名品牌。1）股权：创 始人吕斌、卢彬合计持股 39%，股权集中稳定；2）业务与管理：在大服饰 等核心品类具备深厚资源，核心高管深耕行业十余年。3）财务：2024 年、 25H1 营收 11.5、6.7 亿元，分别同比+19.2%、22.75%；归母净利为 0.91、 0.52 亿元，分别同增+73.84%、-22.96%；2021-2025H1 公司毛利率稳定 在 40%以上，盈利质量持续提升。 ⚫ 核心竞争力：数据×技术×品牌矩阵，三轮驱动放大全域价值。1）数据层： 服务覆盖天猫、京东、抖音、小红书、微信小程序等主流平台，积累多平台 用户行为与交易数据，训练预测用户行为模型，转化效率行业领先。2）技 术层 ...

11月23日晚间，青木科技公告称，公司拟以自有资金通过全资子公司 QINGMU PTE. LTD. （简称"青木新加坡"） 收购Vitalis的部分股权，交易完成后，公司将持有Vitalis65.8314%的股权。 长江商报消息●长江商报记者 徐阳 国内领先的互联网电商服务商青木科技（301110.SZ）推大额并购布局大健康，提升公司市场竞争力。 11月23日晚，青木科技公告，公司全资子公司将以2.12亿元现金通过老股转让及认购新股方式获得VitalisPharma AS（简称"Vitalis"）65.83%的股权，成为其控股股东。 青木科技称，本次并购主要是为了落实公司品牌孵化及管理业务发展战略，提升公司在健康食品领域的竞争力。 随着业务规模扩大，青木科技盈利稳步提升，2025年前三季度实现营业收入和归属于上市公司股东的净利润（简 称"归母净利润"）双增长，毛利率达56.33%，创同期新高。 拟2.12亿拿下Vitalis控制权 需要关注的是，Vitalis股权的收购价格为3.00亿挪威克朗（约合人民币2.12亿元），预计将形成较大金额商誉，存 在商誉减值风险。 青木科技表示，本次并购目的是落实公司品牌孵化 ...

在电商竞争如此激烈的今天，拼多多以其独特的"社交裂变"和"低价爆款"逻辑，成为了无数新品牌和商家不可忽视的战场。然而，平台玩法迥异于天猫、京 东，这让许多初来乍到的商家感到迷茫：规则复杂、活动门槛高、竞争激烈……于是，"找代运营"成了一个诱人的选项。但问题也随之而来：拼多多的代运 营服务商，到底靠谱吗？作为新商家，我为什么要找他们？ 首先，我们必须客观地看待这个问题：代运营行业鱼龙混杂，既有顶尖的专业选手，也有不负责任的皮包公司。 因此，"靠谱"与否，关键在于你能否甄别 出真正有价值的合作伙伴。 一个靠谱的拼多多代运营服务商通常具备以下特质： 反之，那些"满口承诺、收费低廉、缺乏案例" 的服务商，则需要你高度警惕。 1. 精通拼多多核心玩法：他们不仅懂操作，更深谙拼多多的"灵魂"。包括： 2. 爆款逻辑：如何选品、定价，打造具有极致性价比的爆款。 3. 活动运营：熟练掌握限时秒杀、百亿补贴、9块9特卖等核心活动的报名技巧与资源协调。 4. 搜索与场景推广：能高效运用OCPX（优化点击付费）等智能推广工具，实现低价引流。 5. 社交裂变：擅长设计砍价、拼单等玩法，利用平台社交属性实现低成本病毒式传播。 6. 数 ...

行 业 及 产 业 美容护理 2025 年 11 月 23 日 行 业 研 究 / 行 业 点 评 相关研究 研 究 报 证券分析师 王立平 A0230511040052 wanglp@swsresearch.com 王盼 A0230523120001 wangpan@swsresearch.com 聂霜 A0230524120002 nieshuang@swsresearch.com 联系人 本研究报告仅通过邮件提供给 中庚基金 使用。1 证 券 告 - 王立平 (8621)23297818× wanglp@swsresearch.com 品牌端渐入淡季积极备新，策略会共商未来发展 看好 ——化妆品医美行业周报 20251123 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 ⚫ 本周化妆品医美板块表现强于市场。2025 年 11 月 14 日至 2025 年 11 月 21 日期间， 申万美容护理指数下滑 4.5%，表现强于市场。其中，申万化妆品指数下滑 3.2%，强于 申万 A 指 1.9pct；申万个护用品指数下滑 4.5%，强于申万 A 指数 0.6pct。 ⚫ 周观点：品牌端渐入淡季积 ...

Core Insights - The company is a leading domestic e-commerce operation service provider established in 2012, focusing on providing professional e-commerce retail services to major brands in the fast-moving consumer goods sector, including beauty, personal care, and health products [1] - The company has initiated an AI e-commerce strategy, aiming to leverage AI technology to enhance operational efficiency and reduce costs, with initial financial improvements already visible [2] Company Overview - The company employs nearly 1,300 staff across major cities in China and operates under a dual strategy of "full-service e-commerce provider + new consumer brand accelerator" [1] - Key brand clients include Procter & Gamble, Shiseido, Amorepacific, Yili Group, and Mao Geping, among nearly a hundred others [1] Industry Dynamics - The e-commerce operation industry has undergone a 3-4 year adjustment period, transitioning towards self-owned brands and AI integration [1] - Alibaba's e-commerce business has refocused on growth as a core strategy, shifting from a "live streaming + low-price strategy" to activating core customer groups and enhancing platform performance [1] AI Strategy and Implementation - The company has launched several AI systems, including cloud-based solutions and intelligent customer service, which are expected to drive a shift from a labor-intensive to a technology-intensive model [2] - The company is part of Alibaba's first batch of AI Agent co-creation projects, indicating a strong partnership and resource sharing within the Alibaba ecosystem [2] Financial Outlook - The company anticipates a significant performance turnaround in 2025, driven by the recovery of the Tmall market and the implementation of AI applications [2] - Profit forecasts for the company are projected at 110 million, 160 million, and 190 million yuan for the years 2025, 2026, and 2027, respectively, with a strong recommendation for investment [2]

Summary of Aoki Technology Conference Call Industry and Company Overview - Aoki Technology primarily operates in the large apparel agency business, focusing on platforms like Tmall and also engaging with Douyin. The market is expected to maintain a growth rate of around 15% in the coming years, despite limited overall market growth [2][3][4] - The company holds a 70% stake in the high-end female personal care brand Comando and the Italian oral beauty brand Icarus, with projected total revenue of 600 million yuan in 2025 [2][3] Core Business Insights - The large apparel agency business generates approximately 800 million yuan in annual revenue with a net profit margin of about 20%, attributed to a commission-based model that avoids inventory pressure and capital prepayment [2][3] - The self-owned brands, Comando and Icarus, are expected to contribute significantly to revenue, with Comando projected to generate around 400 million yuan and Icarus between 200-250 million yuan in 2025 [2][3] - The technology solutions and consumer operation services segment, which includes the Aoki Xiaobai and Aoki Woodpecker systems, generates about 100 million yuan in annual revenue, with a high net profit margin [2][4] Financial Projections - Aoki Technology's projected scale profit for 2025 is around 150 million yuan, potentially increasing to over 250 million yuan in 2026, with self-owned brand revenue expected to exceed 50% of total revenue [2][5] - The total revenue for Comando and Icarus is anticipated to reach 1.2 billion yuan by 2026, with ongoing efforts to incubate new self-owned brands [3][5] Investment Logic and Valuation - The expansion of the self-owned brand matrix is a key growth driver, with the potential for multiple brands to collectively reach 5 billion yuan in revenue, translating to annual profits of 300-400 million yuan based on a 10% operating profit margin [2][5] - The current valuation is considered undervalued at less than 30 times PE, with expectations to align closer to peers at around 50 times PE due to anticipated rapid growth [3][6] - The long-term outlook for the self-owned brand segment is promising, suggesting significant potential for market capitalization growth [6] Additional Insights - The company is actively incubating new self-owned brands, including Ti Xu (personal care) and a skincare brand, which are expected to contribute to future growth [4] - AI applications are expected to enhance marketing efficiency, positively impacting short-term performance [3][6] This summary encapsulates the key points from the conference call regarding Aoki Technology's business operations, financial projections, and investment potential.

Group 1 - The core viewpoint of the article is that selecting a reliable代运营 (operating agency) is crucial for淘宝店家 (Taobao sellers), and火蝠电商 (Huo Fu E-commerce) is presented as a trustworthy option [1][3]. - 火蝠电商 has a 12-year history and has grown from a small company to a large enterprise with over 800 employees, indicating its stability and reliability [3]. - The company has a high level of industry recognition, having received multiple awards and certifications, which enhances its credibility [3][5]. Group 2 - Taobao sellers can choose代运营 companies based on two main strategies: selecting well-known companies or conducting thorough research to find a suitable one [5]. - For those opting for well-known companies, examples include火蝠电商, 宝尊电商 (Baozun E-commerce), and 山东利赢网络 (Shandong Liying Network), which are recognized for their capabilities [5]. - When conducting research, sellers should assess the company's qualifications, office environment, team composition, successful case studies, and contract details to ensure a good fit [7][8][10].

Investment Rating - The report initiates coverage with an "Accumulate" rating for Qingmu Technology [5][6]. Core Views - Qingmu Technology is positioned as a data and technology-driven one-stop retail service expert, focusing on e-commerce operations, brand incubation, and technical solutions across various consumer sectors [5][6]. - The company has established a stable and concentrated shareholding structure, with the founders holding approximately 39% of the shares, ensuring management stability [19][21]. - Revenue is projected to grow significantly, with expected revenues of 15.1 billion, 19.0 billion, and 23.4 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 30.5%, 26.5%, and 23.0% [4][6]. Financial Data and Profit Forecast - Total revenue for 2024 is estimated at 11.53 billion yuan, with a year-on-year growth of 19.2%, and a projected net profit of 0.91 billion yuan, showing a significant increase of 73.84% [4][24]. - The gross profit margin is expected to stabilize above 50%, with a projected return on equity (ROE) of 8.5% in 2025, increasing to 13.0% by 2027 [4][6]. - The company anticipates a net profit of 1.31 billion yuan in 2025, with a year-on-year growth of 45.2% [6][24]. Business Model and Competitive Advantage - Qingmu Technology operates in three main business segments: e-commerce operations, brand incubation, and technical solutions, leveraging data and technology to enhance operational efficiency [5][6]. - The company has a strong competitive edge through its ability to integrate consumer data across multiple platforms, which allows it to provide tailored solutions for brand growth [8][35]. - The brand incubation segment is expected to become the largest revenue contributor, with projected revenues of 3.07 billion yuan in 2024 [32][35]. Market Position and Growth Potential - The company has successfully expanded into high-growth sectors such as trendy toys and health products, with significant partnerships with brands like Skechers and Jellycat [5][35]. - Qingmu Technology's strategic focus on digital marketing and technology solutions positions it well to capture market share in the evolving e-commerce landscape [5][6]. - The report highlights the potential for continued growth in the e-commerce operations segment, driven by the increasing demand for integrated digital solutions [7][35].

Group 1 - The beauty and personal care sector has shown a recovery in 2025, with the SW Beauty Index rebounding after a decline from 2022 to 2024, achieving a maximum increase of over 15% and becoming a key area in new consumption [3][9][10] - The cosmetics segment is characterized by intense competition among brands, with domestic brands making significant strides in R&D and distribution, while international brands are adopting localized strategies to regain market share [3][20][25] - The medical beauty market is transitioning from a blue ocean to a red ocean, with domestic companies expected to become major competitors by focusing on affordable and specialized products [3][19][24] Group 2 - The e-commerce operation sector is undergoing a transformation, with companies like RuYuchen and Shuiyang Co. leveraging brand incubation and AI to create new growth avenues [3][19] - Key investment recommendations include domestic brands with strong channel and brand matrices such as MaoGePing, ShangMei Co., and PoLaiYa, as well as companies in the medical beauty sector like AiMeiKe and LongZi Co. [3][19][24] - The report emphasizes the importance of brand matrix construction and product innovation in the cosmetics industry, with companies like ShangMei Co. and PoLaiYa leading the way [3][31][40] Group 3 - The skincare and makeup market is expected to enter a phase of consolidation, with strong brands likely to thrive while weaker ones may struggle [23][24] - The market share of domestic brands is increasing, with a notable decline in the market share of international brands, indicating a significant opportunity for domestic players [25][30] - The report highlights the importance of adapting to changing consumer preferences and channel dynamics, with a focus on online platforms and promotional strategies to enhance brand visibility [48][52][53]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company reported a revenue of 2.14 billion yuan for Q1-Q3 2025, representing a year-on-year growth of 85.3%. The net profit attributable to shareholders was 105 million yuan, up 81.6% year-on-year. In Q3 alone, revenue reached 820 million yuan, with a year-on-year increase of 123%, and net profit was 32.51 million yuan, growing 73% year-on-year [2][4]. Summary by Sections Financial Performance - For Q1-Q3 2025, the company achieved a revenue of 2.14 billion yuan, a year-on-year increase of 85.3%, and a net profit of 105 million yuan, up 81.6%. In Q3, revenue was 820 million yuan, reflecting a 123% year-on-year growth, while net profit was 32.51 million yuan, increasing by 73% [2][4]. Brand Performance - The self-owned brand and brand management segments showed significant growth, with revenues of 450 million yuan and 200 million yuan respectively in Q3, marking increases of 344.5% and 114.1% year-on-year. The self-owned brand "Zhanjia" continued its high growth trajectory, achieving Q3 revenue of 230 million yuan, up 118.9% year-on-year [6]. Profitability - The company's gross margin improved by 11.3 percentage points to 61% in Q3 2025, primarily due to the rapid growth of high-margin self-owned brand businesses. The expense ratios for sales, management, R&D, and finance increased by 17.7%, -4.1%, -0.4%, and 0.4 percentage points respectively [6]. Future Outlook - The company is expected to maintain strong growth in its self-owned brands, with projections for EPS of 0.58, 1.13, and 1.61 yuan per share for 2025-2027. The ongoing expansion in the health product sector and the successful launch of new products are anticipated to further enhance customer reach and profitability [6].