公司公告：预计2025年归母净利润为1.18–1.36亿元，同增30%–50%，#此前公司业绩指引约1.3亿、业绩基本符合 预期， 对应25Q4归母净利润0.38-0.56亿元，同增108%-207%；预计2025年扣非归母1.02-1.17亿元，同增30-50%， 对应25Q4归母净利润0.27-0.42亿元，同增72%-172%。 自有品牌增长稳健，外延并购贡献增量。 25年公司自有品牌珂蔓朵、意卡莉预计实现6亿收入，约翻倍增长，且重点考核利润控制增速；26年自有品牌端可 展望10亿收入，10%利润率。 青木科技25年业绩预告：业绩符合预期，具备自有品牌快速增长&AI概念等多重催化【东财新消费美护】 公司公告：预计2025年归母净利润为1.18–1.36亿元，同增30%–50%，#此前公司业绩指引约1.3亿、业绩基本符合 预期， 对应25Q4归母净利润0.38-0.56亿元，同增108%-207%；预计2025年扣非归母1.02-1.17亿元，同增30-50%， 对应25Q4归母净利润0.27-0.42亿元，同增72% 青木科技25年业绩预告：业绩符合预期，具备自有品牌快速增长&AI概念等多重催化【东财新 ...

25年公司自有品牌珂蔓朵、意卡莉预计实现6亿收入，约翻倍增长，且重点考核利润控制增速；26年自有品牌端可 展望10亿收入，10%利润率。 此外，公司收购挪威VITALIS PHARMA、获得Noromega国内总经销代理权（预计为主要利润贡献来源），25年 Noromega国内收入约5亿、约10%净利率、27/28年VITALIS业绩对赌目标对应归母贡献分别为0.19/0.26亿，后续随 着收购落地有望贡献可观业绩增量。 AI助力降本增效，相关概念/布局或为潜在催化。 公司以非标服饰品类代运营起步，技术积累深厚，积累了如青木啄木鸟、青木小白等技术工具，助力降本增效； 成为阿里AI服务商后，依托于阿里大数据有望进一步提升模型准确率、提升投流效率，强化公司在代运营领域的 竞争力。 在AIagent关注度较高的情况下，已经具备AI相关应用落地的公司或具备更多潜在催化。 青木科技25年业绩预告：业绩符合预期，具备自有品牌快速增长&AI概念等多重催化【东财新消费美护】 公司公告：预计2025年归母净利润为1.18–1.36亿元，同增30%–50%，#此前公司业绩指引约1.3亿、业绩基本符合 预期， 对应25Q4归母净利 ...

Core Viewpoint - The company is actively expanding its brand incubation business, which is expected to lead to operational leverage release and accelerate performance growth starting in 2026 [1] Financial Projections - The company maintains a "buy" rating, forecasting revenues of 1.54 billion, 2.47 billion, and 2.96 billion yuan for 2025-2027, representing year-on-year growth of 34%, 60%, and 20% respectively [2] - Projected net profits for the same period are 133 million, 247 million, and 302 million yuan, with year-on-year growth of 47%, 86%, and 22% respectively [2] - The target price for the company is set at 93.42 yuan, based on a 35x PE ratio for 2026 [2] Brand Incubation Business - The brand incubation and management business focuses on the health sector, primarily consisting of the brands Camanodo and Icarli, with plans to acquire the Norwegian health food brand Noromega by 2026 [3] - Camanodo's revenue grew over 70% year-on-year in the first half of 2025, while Icarli's revenue increased over 95%, contributing to a total revenue of 233 million yuan for this segment, with a high gross margin of 79.6% [3] - Revenue projections for the brand incubation segment are 600 million, 1.46 billion, and 1.88 billion yuan for 2025-2027, with year-on-year growth of 96%, 143%, and 29% respectively [3] E-commerce Operations - The e-commerce operation business is experiencing steady growth, with the apparel category being the largest segment, including brands like Skechers, ECCO, Samsonite, and Under Armour [3] - The company has started collaborations with leading brands in the trendy toy and plush toy sectors, such as Pop Mart and Jellycat, which are expected to contribute significantly to revenue growth due to the rise in emotional consumption [3]