在中国电商蓬勃发展的今天，天猫、京东、淘宝等平台早已不仅是销售渠道，更成为品牌竞争的主战场。然而，面对复杂的平台规则、瞬息万变的流量玩 法、精细化的用户运营，许多品牌方发现自己"心有余而力不足"——这正是电商代运营行业蓬勃兴起的核心背景。 一组数据揭示趋势：2023年中国品牌电商服务市场规模已突破3000亿元，超过80%的知名品牌至少在一个电商平台上采用代运营或部分代运营服务。从天猫 国际的跨境商品运营，到京东自营的精细化店铺管理，代运营公司已成为连接品牌与消费者的专业桥梁。 核心价值再认识：代运营不仅仅是"代劳"，更是专业能力与资源的整合输出。优秀的代运营团队不仅懂平台规则，更深谙消费者心理、数据分析和供应链协 同，能将品牌的线上生意系统化、规模化。 服务范围：涵盖店铺开设、视觉设计、商品上架、营销策划、日常运营、客服、物流协调、数据分析等全部环节 适合对象：新进入电商领域的品牌、希望全面解放精力专注产品与生产的传统企业 合作特点：通常采用"基础服务费+销售额提成"的方式，深度绑定双方利益 平台适配：尤其适合天猫旗舰店、京东自营等要求高、规则复杂的平台 服务范围：品牌方将特定环节外包，如： 视觉设计与内容制 ...

截至发稿，安正时尚市值为31亿元。 每经头条（nbdtoutiao）——对话马斯克脑机接口"一号受试者"：大脑植入芯片23个月，我正重新夺回 人生的独立 （记者 王晓波） 每经AI快讯，安正时尚（SH 603839，收盘价：7.94元）12月26日晚间发布公告称，公司第六届第二十 三次董事会会议于2025年12月26日在上海市长宁区临虹路168弄7号楼安正时尚6楼会议室以现场结合通 讯方式召开。会议审议了《关于补选公司第六届董事会独立董事的议案》等文件。 2025年1至6月份，安正时尚的营业收入构成为：服装占比64.07%，电商代运营占比35.93%。 ...

Core Viewpoint - The company, ZhiDeMai, is leveraging its expertise in the consumer sector and content creation to provide comprehensive operational services for brands on platforms like Douyin, combining e-commerce and content operations [1] Group 1 - The subsidiaries, Risheng Xingluo and Youzhu Technology, are key players in delivering these services [1] - The operational services include marketing planning, flagship store management, live streaming operations, influencer collaborations, short video content production, and advertising [1]

如今，电商已成为企业拓展市场、连接消费者的核心渠道。但对企业而言，自建一支涵盖战略规划、店铺运 营、数字营销、技术支持和客户服务全链路的专业电商团队，不仅意味着高昂的人力与时间成本，更面临着市 场变化快速、技术迭代频繁带来的持续挑战。于是，很多企业从投入产出比的角度出发，积极寻求具备深厚积 淀和全面能力的电商代运营服务商。 transcosmos China（大宇宙中国）自2009年起，便为客户提供电子商务服务和整合营销服务，拥有十余年的深 耕与实践，可为企业实现电商业务的稳健起步与跨越式发展。 一、全链路电商运营：从战略到执行的一体化解决方案 对于寻求电商业务突破或优化的企业而言，需要的不仅仅是一个执行团队，更是一位能够俯瞰全局、深度理解 行业与消费者的战略伙伴。transcosmos China（大宇宙中国），正是这样一位能提供一站式电商综合服务的"专 业"伙伴。 通过将全球化的服务经验与中国市场的深刻洞察有效结合，transcosmos China（大宇宙中国）的电商代运营服 务远不止于基础的店铺日常维护，而是一个集数据运营、战略咨询/市场研究、AI数智化管理、站内外广告营 销、内容创意营销、商品培育/ ...

电商代运营市场的蓬勃发展，在提供丰富选择的同时，也带来了"择偶"难题。为确保合作成功，品牌方在遴选过程中应秉持审 慎原则，重点关注以下三点： 准则一：深度考察案例匹配度与数据真实性 要求服务商提供与自身品牌所处品类、价格区间及发展阶段高度相似的成功案例。务必深入核查相关数据，如GMV、ROI、客 单价及用户增长等关键指标的真实性与可持续性。需高度警惕那些无法提供详实数据、仅以"效果保证"为诱饵的服务商。 准则二：明确核心团队配置与对接流程 品牌方必须明确：将由谁为您提供服务？要求与服务项目的核心负责人（如运营总监、项目经理）进行直接沟通，评估其专业 能力与职业素养。同时，需在合同中明确双方的权利、义务、服务标准（SLA）及沟通机制，避免后期出现权责不清的纠纷。 准则三：审视合作模式的合理性与利益一致性 目前主流的合作模式为"基础服务费+销售额佣金"。此模式能在一定程度上保障服务商的基本运营，同时将其收益与品牌销售额 深度绑定，形成利益共同体。品牌方应警惕纯服务费模式下的动力不足，或纯佣金模式下的服务品质风险。 专家建议： 品牌方在决策前，可进行实地考察，了解服务商的企业文化与团队规模。同时，通过行业渠道进行背 ...

Industry Overview - The cosmetics and medical beauty sector has shown stronger performance than the market, with the Shenwan Beauty Care Index declining by 4.5% from November 14 to November 21, 2025, outperforming the Shenwan A Index by 1.9 percentage points [3][4] - The cosmetics sales are expected to gradually decline as the peak shopping season ends, with domestic brands actively preparing new products for the off-season [9][10] Key Insights - The 2026 cosmetics and medical beauty strategy report indicates that brand growth is crucial, with upstream and downstream margins improving. Domestic brands are expected to grow against the trend during the industry consolidation phase [10][11] - The National Medical Products Administration has introduced 24 reform measures aimed at enhancing the regulatory framework for cosmetics, promoting high-quality industry development [26] Company Focus - Qingmu Technology (301110) is highlighted as a full-domain operation service expert, leveraging data and technology to drive growth. The company has established a strong brand matrix across various sectors, including fashion and beauty [15][16] - Investment recommendations include brands with strong channel and brand matrices such as Maogeping, Shangmei Co., and Proya, as well as companies in the medical beauty sector like Aimeike [12][14] Market Trends - The retail sales of cosmetics in October 2025 grew by 9.6%, driven by the Double 11 shopping festival, with a total retail sales of 381.3 billion yuan for cosmetics in the first ten months of 2025, reflecting a 4.6% year-on-year increase [21][23] - The domestic market for skincare products is expected to see further growth, with domestic brands gaining market share due to their competitive pricing and localized strategies [31][34]

Core Viewpoint - Qingmu Technology (301110) is expanding its business through a significant acquisition, aiming to enhance its brand incubation and management strategy in the health and wellness sector [1][4]. Group 1: Acquisition Details - Qingmu Technology's subsidiary, Qingmu Singapore, signed a share purchase and subscription agreement to acquire 49.07% of the target company's shares from Norsund for 150 million Norwegian Krone (approximately 106 million RMB) and to subscribe for an additional 32.92% of new shares for the same amount [1]. - After the completion of this transaction, Qingmu Singapore will hold a total of 65.83% of the target company, becoming its controlling shareholder, and the target company will be included in Qingmu's consolidated financial statements [1]. Group 2: Business Model and Services - Qingmu Technology provides comprehensive e-commerce services, including e-commerce operation, channel distribution, and retail services, catering to well-known domestic and international brands [1][2]. - The company has established a complete e-commerce ecosystem, collaborating with major platforms such as Tmall, JD.com, Douyin, Xiaohongshu, and Vipshop, and offers a full range of services from traditional e-commerce operations to digital marketing and consumer engagement [2]. Group 3: Growth Strategy - The brand incubation and management business is identified as the company's second growth curve, with a focus on health consumer products. The company plans to invest more in this area and introduce overseas quality brands through various methods, including joint ventures and acquisitions [3]. - The company reported significant revenue growth for its incubated brands, with Cumlaude Lab and ZUCCARI achieving over 70% and 95% year-on-year growth, respectively, in the first half of 2025 [3]. Group 4: Future Outlook - The acquisition aims to strengthen the company's capabilities in brand management, research and development, production, and supply chain management in the health supplement sector, enhancing its competitive edge [4]. - Qingmu Technology aspires to become a "data and technology-driven retail service expert," focusing on the application of new technologies like AI to improve operational efficiency [3].

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].

Core Viewpoint - Lionhead Co., Ltd. is advancing its strategic transformation towards high-growth AI machine vision sector through a comprehensive response to regulatory inquiries regarding its merger and acquisition plans, emphasizing the synergy between its dual business model of "e-commerce services + machine vision" [1] Group 1: Dual Business Synergy - The dual business layout of "e-commerce services + machine vision" has a clear implementation path, with Lionhead leveraging its platform resources to assist Lipu Technology in expanding into the Southwest market [2] - A strategic cooperation agreement with Chongqing Changan aims to build an ecosystem for "machine vision empowering automotive intelligent manufacturing," providing Lipu Technology with crucial access to the automotive manufacturing sector [2] - Lipu Technology's core technology will enhance Lionhead's existing e-commerce operations by optimizing supply chain and warehouse management, potentially increasing the e-commerce business's gross profit margin, which currently exceeds 60% [2] Group 2: Strong Technical Foundation and Industry Growth - Lipu Technology, founded by a team of PhD graduates from Zhejiang University, has established significant technological barriers in industrial machine vision and AI algorithms, with steady revenue and net profit growth projected for 2023 to 2024 [3] - The company has made clear performance commitments, with a cumulative net profit of no less than 180 million yuan from 2025 to 2027, and an average annual compound growth rate exceeding 30% during the commitment period [3] - The machine vision market is expected to exceed 26 billion yuan by 2025, with a compound annual growth rate of over 25%, indicating a robust growth opportunity for Lionhead as it transitions from traditional business to a technology-driven enterprise [3] Group 3: Focus on Core Business and Asset Optimization - Lionhead has adopted a strategy of "focusing on core business and divesting non-core assets" to concentrate resources on its dual business model [4] - The company plans to "sell at an opportune time" its water purification and accessories business, which has been consistently unprofitable and accounted for only about 6% of revenue in 2024 [4] - The restructuring process began in February 2025, with Lionhead aiming to acquire control of Lipu Technology through a combination of share issuance and cash payment, while ensuring transparency and timely information disclosure throughout the process [4]

Core Insights - On November 11, Qingmu Technology's stock fell by 3.26%, with a trading volume of 151 million yuan. The margin trading data indicated a net margin buy of -2.57 million yuan for the day [1] - As of September 30, Qingmu Technology reported a revenue of 1.02 billion yuan for the first nine months of 2025, representing a year-on-year growth of 26.34%, and a net profit attributable to shareholders of 79.62 million yuan, up 10.22% year-on-year [2] - The company has distributed a total of 194 million yuan in dividends since its A-share listing, with 154 million yuan distributed over the past three years [3] Group 1: Stock Performance and Trading Data - On November 11, Qingmu Technology experienced a stock decline of 3.26%, with a total trading volume of 151 million yuan [1] - The margin trading data for November 11 showed a financing buy of 17.51 million yuan and a financing repayment of 20.08 million yuan, resulting in a net margin buy of -2.57 million yuan [1] - The total margin trading balance for Qingmu Technology as of November 11 was 271 million yuan, accounting for 4.08% of its market capitalization, indicating a high level of margin trading activity [1] Group 2: Financial Performance - For the period from January to September 2025, Qingmu Technology achieved a revenue of 1.02 billion yuan, reflecting a year-on-year increase of 26.34% [2] - The net profit attributable to shareholders for the same period was 79.62 million yuan, which is a 10.22% increase compared to the previous year [2] Group 3: Shareholder and Dividend Information - As of September 30, 2025, Qingmu Technology had 9,437 shareholders, a decrease of 52.94% from the previous period, while the average number of circulating shares per shareholder increased by 186.15% to 6,926 shares [2] - Since its A-share listing, Qingmu Technology has cumulatively distributed dividends amounting to 194 million yuan, with 154 million yuan distributed in the last three years [3] - Among the top ten circulating shareholders, Huazhong Media Internet Mixed A (001071) is the eighth largest shareholder, having recently entered with 1.0083 million shares [3]