Group 1: Macro Insights - The Federal Reserve has resumed interest rate cuts, lowering the federal funds rate target range to 4.00%-4.25% from 4.25%-4.5%, marking a shift towards a more accommodative monetary policy [4][5] - The Fed's dot plot indicates a downward revision in rate expectations, predicting two more rate cuts in 2025, with the median expected federal funds rate falling to 3.6% [4][6] - The Fed's internal divisions are evident, with varying opinions on the extent of rate cuts, reflecting differing views on economic conditions [5][6] Group 2: Company Overview - Qingmu Technology - Qingmu Technology is positioned as a leading e-commerce service provider, offering comprehensive services including operational management, brand incubation, and digital marketing [8][9] - The company has evolved from a footwear e-commerce operator to a diversified e-commerce service enterprise, with a significant focus on brand incubation and operational management [9][10] - The revenue composition for H1 2025 includes e-commerce operations (45%), brand incubation management (35%), and distribution agency (14%) [9][10] Group 3: Business Growth and Strategy - The e-commerce operational management segment has shown steady growth, particularly in the apparel sector, while also expanding into the trendy toy market, contributing to new revenue streams [10][12] - Qingmu Technology has successfully partnered with brands like Pop Mart and Jellycat, which have shown significant revenue growth, enhancing the company's market position [12][13] - The brand incubation segment is rapidly growing, focusing on health consumer products and pet food, with successful entries of brands like Cumlaude Lab and Zuccari into the Chinese market [13][14] Group 4: Industry Insights - Automotive Sector - The automotive industry has seen a 12.9% year-on-year increase in passenger car wholesale sales in H1 2025, driven by policies like trade-in programs and subsidies [17][18] - Despite revenue growth, profit margins are under pressure due to intensified competition, with the automotive sector's net profit declining by 1.8% year-on-year in H1 2025 [17][18] - The truck segment is experiencing a recovery in sales and profitability, with a slight improvement in gross margins, indicating a potential upward trend in market conditions [19][20] Group 5: Investment Recommendations - The report suggests a positive outlook for the automotive sector, driven by trade-in policies and a shift towards high-end and smart vehicle offerings [21][22] - Recommended companies include those positioned for high-end market growth and those benefiting from advancements in smart driving technologies [21][22] - The report emphasizes the importance of focusing on companies with strong operational cycles and those that are well-positioned in the supply chain for future growth [21][22]

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]