11月23日晚间，青木科技公告称，公司拟以自有资金通过全资子公司 QINGMU PTE. LTD. （简称"青木新加坡"） 收购Vitalis的部分股权，交易完成后，公司将持有Vitalis65.8314%的股权。 长江商报消息●长江商报记者 徐阳 国内领先的互联网电商服务商青木科技（301110.SZ）推大额并购布局大健康，提升公司市场竞争力。 11月23日晚，青木科技公告，公司全资子公司将以2.12亿元现金通过老股转让及认购新股方式获得VitalisPharma AS（简称"Vitalis"）65.83%的股权，成为其控股股东。 青木科技称，本次并购主要是为了落实公司品牌孵化及管理业务发展战略，提升公司在健康食品领域的竞争力。 随着业务规模扩大，青木科技盈利稳步提升，2025年前三季度实现营业收入和归属于上市公司股东的净利润（简 称"归母净利润"）双增长，毛利率达56.33%，创同期新高。 拟2.12亿拿下Vitalis控制权 需要关注的是，Vitalis股权的收购价格为3.00亿挪威克朗（约合人民币2.12亿元），预计将形成较大金额商誉，存 在商誉减值风险。 青木科技表示，本次并购目的是落实公司品牌孵化 ...

AI带货视频"批量化"生产 "AI李鬼"游走在灰色地带 一条视频中，两名"儿童"身着白色短袖，在阳光下开心地玩滑板。镜头一转，两人在动作交错时，身体 竟然融合在一起，暴露出数字合成痕迹。 今年"双11"期间，北京市民王欢在某社交平台刷到这条童装推广视频，深感诧异，直到看见角落一 行"内容由AI生成"的提示，她才意识到孩子玩耍的画面是技术合成的。"这画面错得有些离谱，让人怎 么相信商品的真实效果？"她疑惑地说。 近来，商家利用AI技术带货的现象日益增多，有的出现违法违规情形：有借助名人效应，仿冒专家学 者、奥运冠军、影视明星为产品站台；有冒充知名品牌误导消费者。不少消费者和粉丝难辨真伪，出于 对"偶像"或"品牌"的信任下单，却没意识到背后潜藏的风险。 这些游走在灰色地带的"AI李鬼"，涉嫌侵害当事者的肖像权以及消费者的知情权与选择权，对当下网络 数字治理提出新挑战。 AI带货视频"批量化"生产 "两人穿透彼此身体，明显违背真实世界的物理规律，在行业中我们称之为'穿模'。"资深AI技术人员蓝 天说。 他指出，当前主流AI视频生成模型，其核心逻辑是在海量数据训练基础上，具备较强的语言理解和图 像生成能力，能够根据文 ...

青木科技 20251123 摘要 青木科技以约 2 亿人民币收购 Omega 品牌，包括购买老股和增资，最 终持股 65.83%，估值基于 2024 年净利润的 10.8 倍市盈率，预期未来 35%以上增速下，市盈率将更具吸引力。 Omega 品牌 2025 年中国市场销售额预计超过 5 亿元人民币，主要通 过天猫、抖音、京东及山姆会员店等渠道，复购率高达 40%以上，显示 出较强的市场潜力和用户粘性。 收购完成后，青木科技将获得 Omega 品牌中国区总代理权，预计每年 增厚利润超过 5 亿元，净利润率预计在 10%以上，将显著提升公司整体 盈利能力。 青木科技计划通过加强上游供应链延展（如海豹油原料控制）、提升研 发能力（尤其是功效型产品）、拓展全球市场等方式赋能 Omega 品牌， 目标是将其打造成鱼油赛道的头部企业。 青木科技将整合线上线下渠道资源，预计未来线上线下销售占比各占一 半，并计划围绕海豹油这一核心品类进行产品延展，打造心血管健康领 域的综合性保健品牌。 Q&A 青木科技近期的收购公告内容是什么？该收购对公司的战略意义何在？ 青木科技宣布达成初步收购意向，将以 2.12 亿元人民币收购 Om ...

Key Points - MSCI announced the inclusion of 26 new Chinese stocks and the removal of 20 stocks from the MSCI China Index, effective after the market close on November 24, 2025 [2] - The Ministry of Finance and the People's Bank of China have included electronic savings bonds in the scope of personal pension products to support the development of a multi-tiered pension insurance system [3] - Sixteen hard technology-themed funds have been approved, including seven AI ETFs and three chip ETFs, indicating an influx of capital into the sector [4] - The first large-capacity all-solid-state battery production line in China has been completed, with plans for small-scale production tests and a target for mass production between 2027 and 2030 [5] - Alibaba and Meituan are set to release their financial reports on November 25 and November 28, respectively, along with reports from leading electric vehicle companies [6][7] - The Federal Reserve will release its Beige Book this week, with expectations of interest rate decisions from New Zealand and South Korea [8] Company News - Hillstone Networks expects to achieve large-scale sales and product delivery of its new generation security products equipped with ASIC chips by Q1 2026 [10] - Zhongjin Lingnan plans to acquire a 6.7784% stake in Zhongjin Copper and a 10.3333% stake in Zhongjin Rongsheng for a total consideration of 742 million yuan [11] - Jinfeng Technology is planning to acquire at least a 51% stake in Guangdong Lanyuan Technology, which will enhance its growth and profitability [12] - Nenghui Technology signed a contract for a new energy power battery assembly with an estimated total price of 100 million yuan [13] - JinkoSolar announced the mass production of its Tiger Neo 3.0 module, achieving a production efficiency of over 24.8% and a total order of 15 GW [14] - Qingmu Technology's subsidiary plans to acquire control of Vitalis, enhancing its competitiveness in the health supplement sector [16] - Jiahua Technology is planning to acquire a controlling stake in Shudun Technology, with stock suspension expected [17] Market Insights - China Merchants Securities maintains a cautious outlook, citing weak trading signals and mixed fundamental indicators [19] - CITIC Securities notes the market is in a "three-phase overlap," suggesting a wait-and-see approach until key economic meetings in December [20]

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].

以下是第一财经对一些重要公告的汇总，供投资者参考。 【品大事】 佳华科技：拟购买数盾科技控股权 股票停牌 佳华科技公告，公司正在筹划以发行股份及支付现金的方式购买数盾信息科技股份有限公司的控股权并 募集配套资金，可能构成重大资产重组。公司股票自2025年11月24日起停牌，预计停牌时间不超过5个 交易日。 招商银行：招银金融资产投资有限公司获准开业 招商银行公告，全资子公司招银金融资产投资有限公司已获金融监管总局批准开业。该公司注册资本为 150亿元，将开展市场化债转股业务及股权投资试点业务。 中信银行：全资子公司信银金投获准开业 中信银行公告，国家金融监管总局已批准全资子公司信银金融资产投资有限公司（简称"信银金投"）开 业。信银金投注册资本为100亿元，注册地为广东省广州市。信银金投将围绕战略新兴产业、"专精特 新"等重点领域，开展市场化债转股及股权投资业务。 中水渔业：公司股价存在大幅上涨后回落风险 中水渔业公告，公司股票连续两个交易日收盘价涨幅偏离值累计超过20%。公司最新滚动市盈率77.53 倍，市净率为13.48倍，公司当前的市盈率、市净率与同行业平均水平有较大差异。公司近期股票交易 异常波动，可 ...

标的公司主要从事高端健康营养补充剂的研发、生产及销售，旗下拥有Noromega等品牌，主要产品包 括海豹油、鱼油、虾青素、辅酶Q10等系列产品。本次并购目的是落实公司品牌孵化及管理业务发展战 略，加强公司在大健康赛道的布局和竞争力。本次交易完成后，将增强公司在品牌管理、健康营养补充 剂产品的研发、生产及供应链管理等方面的综合能力，并补充公司旗下自有品牌，以及公司的全资子公 司将成为Noromega品牌的中国区总经销商，将有利于提升公司的持续盈利能力。 智通财经APP讯，青木科技(301110.SZ)发布公告，公司的全资子公司QINGMU PTE.LTD.(简称"青木新 加坡")与Norsund Gruppen AS(简称"Norsund")、YunlinZHAN签署《股份购买及认购协议》，与 Norsund、Yunlin ZHAN及Vitalis Pharma AS(简称"Vitalis"或"标的公司")签署《新股认购协议》，以及相 关附属协议(《股份购买及认购协议》、《新股认购协议》及相关附属协议合称"收购协议")。根据收购 协议，青木新加坡将以1.5亿挪威克朗(约合人民币1.06亿元)现金购买Norsun ...

标的公司主要从事高端健康营养补充剂的研发、生产及销售，旗下拥有Noromega等品牌，主要产品包 括海豹油、鱼油、虾青素、辅酶Q10等系列产品。本次并购目的是落实公司品牌孵化及管理业务发展战 略，加强公司在大健康赛道的布局和竞争力。本次交易完成后，将增强公司在品牌管理、健康营养补充 剂产品的研发、生产及供应链管理等方面的综合能力，并补充公司旗下自有品牌，以及公司的全资子公 司将成为Noromega品牌的中国区总经销商，将有利于提升公司的持续盈利能力。 智通财经APP讯，青木科技(301110.SZ)发布公告，公司的全资子公司QINGMU PTE.LTD.(简称"青木新 加坡")与Norsund Gruppen AS(简称"Norsund")、YunlinZHAN签署《股份购买及认购协议》，与 Norsund、Yunlin ZHAN及Vitalis Pharma AS(简称"Vitalis"或"标的公司")签署《新股认购协议》，以及相 关附属协议(《股份购买及认购协议》、《新股认购协议》及相关附属协议合称"收购协议")。根据收购 协议，青木新加坡将以1.5亿挪威克朗(约合人民币1.06亿元)现金购买Norsun ...

Core Viewpoint - The recent increase in fish meal prices from 12,000 to 17,000 and the rise in fish oil prices have prompted investor inquiries regarding the production capacity of fish meal and fish oil by the company [1] Company Production Capacity - The company stated that the production of fish meal and fish oil is highly resource-dependent, with output influenced by various dynamic factors [1] - The annual production capacity of the company's fish meal plants is approximately 10,000 to 20,000 tons, while the annual production capacity for fish oil is around 2,000 to 4,000 tons [1] Industry Factors - The primary raw materials for fish meal and fish oil come from marine fish, and the catch volume is significantly affected by global fishery resource distribution, seasonal fishing changes, and local fishing bans [1] - The fluctuation in the fat content of raw fish directly impacts the extraction efficiency of fish oil and the final output [1]

Core Insights - Tmall International serves as a crucial platform for overseas brands aiming to enter the Chinese market, facilitating significant growth and brand recognition [1][4][9]. Group 1: Brand Growth and Market Entry - WHC, a Belgian fish oil brand, experienced exponential sales growth after joining Tmall International in 2019, with sales increasing from 2.6 million RMB during the 2019 Double 11 to over 120 million RMB by 2025 [2][12]. - Over 2,000 new brands joined Tmall International in the past year, launching over 10,000 new global products [2]. - The ongoing 8th China International Import Expo coincides with Double 11, providing a significant platform for overseas brands to debut in the Chinese market [4][5]. Group 2: Strategic Partnerships and Market Potential - Major global groups, including Amorepacific and Charoen Pokphand Group, signed strategic agreements with Tmall International to enhance their presence in the Chinese market [4][5]. - Tmall International's General Manager highlighted the vast consumer potential in China's large market, presenting significant opportunities for global brands [4]. Group 3: Logistics and Operational Support - Tmall International has improved logistics efficiency, reducing delivery times from seven days to just one day for products shipped from bonded warehouses [11]. - The platform provides dedicated support for new brand merchants, including inventory management and logistics assistance [10][11]. - Tmall International has established a robust global supply chain network, integrating over 140 overseas and bonded warehouses, and connecting 500 international transport routes [11]. Group 4: Long-term Collaboration and Market Adaptation - Tmall International emphasizes a long-term partnership approach, focusing on brand-market fit and the commitment of brands to the Chinese market [15]. - The platform has reduced entry barriers and operational costs for overseas brands, including waiving certain service fees and increasing commission return rates for new merchants [13][15]. - Tmall International's diverse business models, including self-operated and global sourcing, cater to various brand needs and consumer demands [15].