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 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]

Core Viewpoint - Qingmu Technology's stock price dropped by 5.28% to 72.00 CNY per share, with a trading volume of 235 million CNY and a turnover rate of 4.82%, resulting in a total market capitalization of 6.663 billion CNY [1] Company Overview - Qingmu Technology Co., Ltd. is located in Haizhu District, Guangzhou, Guangdong Province, and was established on August 5, 2009, with its listing date on March 11, 2022 [1] - The company provides comprehensive e-commerce services for globally recognized brands, with revenue composition as follows: e-commerce agency services 44.93%, brand incubation and management 34.83%, distribution agency 14.18%, technical solutions and consumer operation services 4.05%, and brand digital marketing services 2.02% [1] Shareholder Analysis - Huazhang Fund has a fund that ranks among the top ten circulating shareholders of Qingmu Technology, specifically the Huazhang Media Internet Mixed A (001071), which newly entered the top ten with 1.0083 million shares, accounting for 1.54% of circulating shares [2] - The estimated floating loss for this fund today is approximately 4.0435 million CNY [2] - The fund was established on May 15, 2015, with a latest scale of 5.481 billion CNY, and has achieved a year-to-date return of 33.4% [2] Fund Performance - The Huazhang Media Internet Mixed A (001071) fund manager is Hu Yibin, who has a tenure of 9 years and 350 days, managing assets totaling 17.682 billion CNY, with the best fund return during his tenure being 271.53% [3] - The Huazhang Chuangye Board Two-Year Open Mixed Fund (160425) also holds a significant position in Qingmu Technology, with 105,400 shares, unchanged from the previous period, accounting for 4.31% of the fund's net value [4] - The estimated floating loss for this fund today is approximately 422,700 CNY [4] - The fund was established on September 3, 2020, with a latest scale of 179 million CNY, achieving a year-to-date return of 41.86% [4] Fund Manager Information - The fund manager for Huazhang Chuangye Board Two-Year Open Mixed Fund (160425) is Jiang Qiu, who has a tenure of 10 years and 148 days, managing assets totaling 5.577 billion CNY, with the best fund return during his tenure being 267.17% [5]

Core Viewpoint - Qingmu Technology's stock rose by 5.2% to 75.43 yuan per share, with a total market capitalization of 6.98 billion yuan, indicating positive market sentiment towards the company [1] Company Overview - Qingmu Technology Co., Ltd. was established on August 5, 2009, and went public on March 11, 2022. The company is headquartered in Guangzhou, Guangdong Province [1] - The main business involves providing comprehensive e-commerce services for globally recognized brands, with revenue composition as follows: e-commerce operation services 44.93%, brand incubation and management 34.83%, distribution agency 14.18%, technical solutions and consumer operation services 4.05%, and brand digital marketing services 2.02% [1] Shareholder Insights - Huazhang Fund's Huazhang Media Internet Mixed A (001071) has entered the top ten circulating shareholders of Qingmu Technology, holding 1.0083 million shares, which is 1.54% of the circulating shares. The estimated floating profit today is approximately 3.7611 million yuan [2] - The fund was established on May 15, 2015, with a latest scale of 4.484 billion yuan. Year-to-date return is 37.12%, ranking 2333 out of 8155 in its category, while the one-year return is 44.16%, ranking 1399 out of 8029 [2] Fund Performance - Huazhang Media Internet Mixed A (001071) is managed by Hu Yibin, who has a tenure of 9 years and 340 days. The total asset scale of the fund is 16.472 billion yuan, with the best return during his tenure being 276.4% and the worst being 2.7% [3] - Another fund, Huazhang Growth Two-Year Open Mixed (160425), holds 105,400 shares of Qingmu Technology, unchanged from the previous period, representing 4.17% of the fund's net value. The estimated floating profit today is about 393,100 yuan [4] - This fund was established on September 3, 2020, with a latest scale of 142 million yuan. Year-to-date return is 40.83%, ranking 1743 out of 8233, while the one-year return is 41.84%, ranking 1517 out of 8103 [4] Fund Manager Insights - Huazhang Growth Two-Year Open Mixed (160425) is managed by Jiang Qiu, who has a tenure of 10 years and 138 days. The total asset scale of the fund is 5.253 billion yuan, with the best return during his tenure being 264.36% and the worst being -29.45% [5]

Group 1 - The company Anzheng Fashion (SH 603839) announced the completion of its share reduction plan, having reduced 1.87004 million shares, which is 0.48% of the current total share capital of 389,034,500 shares [1] - The remaining shares in the company's repurchase account amount to 2,018,300 shares, representing 0.52% of the current total share capital [1] - As of the report date, Anzheng Fashion has a market capitalization of 3.7 billion yuan [1] Group 2 - For the first half of 2025, the revenue composition of Anzheng Fashion is as follows: clothing accounts for 64.07%, while e-commerce operation services account for 35.93% [1]

Core Points - Qingmu Technology's stock dropped by 5.03% to 71.89 CNY per share, with a trading volume of 66.89 million CNY and a turnover rate of 1.40%, resulting in a total market capitalization of 6.652 billion CNY [1] - The company, established on August 5, 2009, and listed on March 11, 2022, provides comprehensive e-commerce services for globally recognized brands, with revenue breakdowns: 44.93% from e-commerce operation services, 34.83% from brand incubation and management, 14.18% from distribution agency services, 4.05% from technical solutions and consumer operation services, and 2.02% from brand digital marketing services [1] Shareholder Analysis - The top circulating shareholder of Qingmu Technology includes a fund from Xinda Australia Fund, specifically the Xin'ao Enjoy Life Mixed A (017977), which entered the top ten circulating shareholders in the second quarter with 382,400 shares, representing 0.79% of circulating shares [2] - The fund has experienced a floating loss of approximately 1.4569 million CNY today [2] Fund Performance - Xin'ao Enjoy Life Mixed A (017977) was established on March 14, 2023, with a latest scale of 279 million CNY, achieving a year-to-date return of 48.61% and ranking 912 out of 8159 in its category, while its one-year return is 42.36%, ranking 1161 out of 8030 [2] - The fund manager, Yang Ke, has a tenure of 5 years and 165 days, managing assets totaling 1.445 billion CNY, with the best fund return during his tenure being 47.74% and the worst being -13.42% [3] Fund Holdings - Xin'ao Enjoy Life Mixed A (017977) holds 382,400 shares of Qingmu Technology, accounting for 2.8% of the fund's net value, making it the ninth largest holding [4] - The fund has also incurred a floating loss of approximately 1.4569 million CNY today [4]

Core Insights - E-commerce operation outsourcing allows companies to delegate their online store management to specialized third-party firms, covering all aspects from store setup to logistics [1][4] - The e-commerce operation industry is becoming increasingly specialized and segmented, with different companies focusing on various platforms such as Tmall, JD, Douyin, and Xiaohongshu [2][7] Service Offerings - Comprehensive e-commerce operation services include store application, design, product listing, pricing strategies, and marketing planning for major sales events [4][5] - Professional visual design significantly enhances store click-through and conversion rates, representing a direct value added by outsourcing [4] - Data analysis tools are utilized to monitor key performance indicators like traffic and conversion rates, allowing for refined operational strategies [4][7] Strategic Value - Outsourcing e-commerce operations reduces costs and management burdens for companies, allowing them to focus on core business areas like product development and brand building [7][8] - Professional operation companies possess industry knowledge and resources that individual businesses may find too costly to acquire, enabling them to quickly adapt to market changes [7][8] Target Clients - Various types of companies are particularly suited for collaboration with e-commerce operation firms, including traditional offline businesses, new consumer brands, foreign brands entering the Chinese market, small and medium enterprises, and brands needing temporary support during peak sales periods [9]