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 report from Dongfang Securities indicates that by 2026, AI is expected to transition from technological innovation and business logic restructuring to industrial application and global rule-making, with significant growth anticipated in various retail sectors driven by AI, particularly in cross-border e-commerce and e-commerce services [1]. Group 1: AI Commercialization and Market Trends - Recent AI applications are catalyzing growth, with 2026 projected to be a commercial turning point [2] - Companies like Zhiyu Technology and MiniMax have recently gone public, with market capitalizations of 698 billion and 1,054 billion HKD respectively, and MiniMax saw a 109% increase on its first trading day [2] - WeChat announced an AI application and online tool growth plan, providing comprehensive support including cloud development resources and AI computing power [2] - Meta's acquisition of AI startup Manus for over 2 billion USD (approximately 140 billion RMB) is noted as its third-largest acquisition [2] - Upcoming AI events include the AIGC China Developer Conference and the involvement of Huoshan Engine as an exclusive AI cloud partner for the Spring Festival Gala [2] Group 2: AI in Cross-Border E-commerce - AI tools are enhancing efficiency in content creation, customer service, and translation, while also improving inventory management through data analysis [3] - Over 30,000 merchants in Xiaogoods City are utilizing AI tools, with over 1 billion uses of self-developed AI applications [3] - Jiao Dian Technology reported a membership penetration rate exceeding 50% for its AI services on the China Manufacturing Network [3] - Huakai Yibai is leveraging its "Yibai Cloud" platform for intelligent enterprise management [3] - Jihong Co. is using its "Giikin" system to implement AI algorithms for market analysis and user profiling [3] Group 3: AI in E-commerce Services - TP companies are using AI tools to analyze consumer shopping preferences, enhancing product visibility and purchase intent [4] - Qingmu Technology has developed various technical tools to support the accelerated application of AI in e-commerce operations [4] - Yiwan Yichuang, as an early partner with Alibaba, is building a GEO-related team to gain competitive advantages [4] - Kaichun Co. has established an "AI Intelligent Laboratory" to deepen strategic cooperation with Alibaba [4] Group 4: Investment Recommendations - Recommended investments in AI-driven cross-border e-commerce include Xiaogoods City and Jiao Dian Technology for B2B, and Huakai Yibai and Jihong Co. for B2C [5] - Brand companies like Anker Innovations, Ugreen Technology, and Zhiou Technology are also highlighted for their AI-enhanced business efficiency [5] - In the AI e-commerce services sector, recommended companies include Qingmu Technology, Yiwan Yichuang, Liren Lizhuang, and Kaichun Co. [5]

Investment Rating - The report maintains a "Positive" outlook for the retail industry, indicating a potential return exceeding 5% relative to market benchmarks [8][12]. Core Insights - The report highlights that AI applications are rapidly evolving, with 2026 expected to mark a commercial turning point for the industry. Key developments include significant IPOs and strategic acquisitions in the AI sector, which are anticipated to drive growth in retail [8]. - The integration of AI in cross-border e-commerce and e-commerce services is emphasized, with specific companies identified as beneficiaries of this trend. The report suggests that AI tools can enhance operational efficiency across various segments of the retail industry [3][8]. Summary by Sections AI and Cross-Border E-commerce - AI is expected to create new traffic entry points for B2B platforms, transitioning from SEO to GEO. Companies like Xiaogoods City and Focus Technology are leveraging AI tools to improve operational efficiency and customer engagement [3][8]. - Xiaogoods City has over 30,000 merchants utilizing AI applications, with usage exceeding 1 billion times [8]. - Focus Technology reported a membership penetration rate of over 50% for its AI services [8]. AI and E-commerce Services - The report notes that e-commerce platforms are shifting from SEO to GEO, with third-party (TP) companies gaining advantages through AI tools that analyze consumer preferences [8]. - Companies such as Qingmu Technology and Yiwang Yichuang are developing proprietary technologies to support AI applications in e-commerce operations [8]. - Qingmu Technology has created a suite of tools to adapt to evolving AI technologies, while Yiwang Yichuang is building a dedicated team to enhance its competitive edge in the market [8].

Summary of Aoki Technology Conference Call Company Overview - **Company**: Aoki Technology - **Key Product**: Aoki Woodpecker, an AI-driven advertising tool focused on e-commerce Industry Insights - **Industry**: E-commerce and AI advertising - **Market Trends**: Shift from traditional search engines to AI applications for consumer engagement Core Points and Arguments - **Revenue Growth**: Aoki Woodpecker's AI advertising revenue increased by 30% year-over-year in the first three quarters of 2026 [2][3] - **Target Market**: Focus on major brands in fast-moving consumer goods (FMCG), including apparel, beauty, and 3C products [2][7] - **Data Utilization**: The company leverages consumer behavior data across platforms for precise targeting, enhancing return on investment (ROI) by 20%-30% compared to traditional brand advertising [2][3][7] - **Profit Margins**: Gross margin for major client advertising business is approximately 70%-80%, with net profit around 50% [2][6] - **Clientele**: Serves well-known international and domestic brands, which provides a strong data foundation for advertising strategies [3][6] Strategic Developments - **AI Partnerships**: Collaborating with applications like Doubao, Qianwen, Deepseek, and Yuanbao to enhance real-time consumer engagement and product recommendations [2][3] - **Product Development**: Aoki is developing standardized operational tools for small and medium-sized businesses, with expected annual costs for these tools ranging from 10,000 to 30,000 yuan [3][9] - **Investment Plans**: Plans to increase investment in AI technology by approximately 20% in 2026 to capitalize on the shift towards AI applications [3][10][11] Competitive Positioning - **Business Model Comparison**: Aoki's model is similar to competitors like Yidian Tianxia but differs in resource allocation and focus on internal needs before expanding to external clients [6] - **Operational Efficiency**: Aoki Woodpecker's advertising efficiency is 20%-30% higher than brands' self-managed campaigns, indicating a competitive edge in technology and service delivery [6][7] Future Outlook - **Market Predictions**: 2026 is anticipated to be a pivotal year for AI applications, particularly in the consumer market, as traditional search engine usage declines [5] - **Talent Acquisition**: Continued focus on recruiting talent to support AI initiatives and adapt to evolving market demands [10][11] - **Client Budget Expansion**: Aiming to increase the proportion of client budgets allocated to Aoki's services, potentially rising from 5% to 10%-20% [11] Additional Important Insights - **AI Agent Services**: As one of Alibaba's first AI Agent service providers, Aoki is enhancing its capabilities in automated customer service tools [8][9] - **SaaS Development**: The company is preparing to launch SaaS-based operational tools, leveraging its extensive experience in the apparel sector to address market needs [9][10]

Investment Rating - The report maintains an "Accumulate" rating for Qingmu Technology [3] Core Views - Qingmu Technology is expanding its e-commerce service offerings, maintaining a leading position in the large apparel brand operation while deepening collaborations with quality brands. The company is also exploring the trendy toy industry to uncover new profit sources in operational categories. The brand incubation business is positioned in the health and pet food sectors, which are expected to grow significantly. The net profit forecasts for 2025-2027 have been revised upwards to 1.2 billion, 1.9 billion, and 2.6 billion respectively, representing year-on-year growth of 31%, 57%, and 40%. The corresponding latest closing price P/E ratios are 56, 36, and 26 [3] Financial Performance Summary - For the first three quarters of 2025, Qingmu Technology achieved revenue of 1.02 billion, a year-on-year increase of 26.3%, and a net profit attributable to shareholders of 79.62 million, up 10.2%. In Q3 alone, revenue reached 350 million, a year-on-year increase of 33.7%, with net profit soaring to 27.96 million, a remarkable increase of 439.7% [10] - The sales net profit margin improved significantly, with the gross margin for the first three quarters of 2025 at 56.3%, up 5.3 percentage points year-on-year. The Q3 gross margin was 55.0%, also up 5.0 percentage points year-on-year. The operating expense ratio for the first three quarters was 48.3%, up 4.8 percentage points year-on-year, while the Q3 operating expense ratio was 49.4%, down 0.7 percentage points year-on-year [10] - The brand incubation and management business continues to grow rapidly, driven by partnerships with European health brands. A strategic cooperation agreement was signed with Dermofarm to explore the Chinese health market, leveraging previous successes in brand growth [10] - The e-commerce operation business is synergistically enhancing its services, including traditional e-commerce operations and live streaming services across major platforms. The company is also advancing AI technology to improve digital service levels [10]

Group 1 - The company's brand management business is expected to continue high growth, with revenue from brand incubation and management services in H1 2025 reaching 233 million yuan, a year-on-year increase of 86.46%. The core brand Cumlaude Lab saw over 70% growth in revenue during the same period and ranked first in the mid-to-high-end personal care category on Tmall and Douyin [1] - Third-party data indicates that Cumlaude Lab continued its high growth in Q3 2025, with a year-on-year GMV increase of approximately 94% on Tmall and Douyin platforms. Zuccari also experienced over 95% year-on-year revenue growth in H1 2025 [1] - The company signed a strategic cooperation agreement with Dermofarm in May, a well-known European pharmaceutical company focused on skin health, which is expected to further expand the existing collaboration with the Cumlaude Lab brand and enhance incremental changes from deepened cooperation [1] Group 2 - The company is actively embracing AI technology by establishing a dedicated AI team and building a series of data and technology platforms internally. It has developed various technical tools and systems, laying the foundation for the application of AI technology in e-commerce operations [2] - The investment suggestion highlights the dual-driven growth opportunity from brand management incubation and AI applications. The brand management business is anticipated to enter an explosive growth phase, with significant increases in the Cumlaude Lab and Zuccari brands, alongside the strategic cooperation with Dermofarm [2] - The company is recognized as one of the first ecological agent service providers for AI, with significant investments already yielding results. The focus is on the upward turning point in brand management and the cost-reduction and efficiency-enhancing potential of AI applications, with projected net profits of 130 million yuan and 180 million yuan for 2025 and 2026, respectively [2]