社会服务 2026 年 02 月 01 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -12% 0% 12% 24% 36% 2025-02 2025-06 2025-10 社会服务 沪深300 相关研究报告 《锅圈开启"四店齐发"布局，茶饮 龙头强者恒强 — 行业周报》 -2026.1.25 《赤子城科技 Dramabite 成短剧黑马， 关注 AKK 菌布局企业—行业周报》 -2026.1.18 《节后离岛免税销售延续景气，表演 机器人预计 2026年租赁市场超百亿元 —行业周报》-2026.1.11 国产 AI 应用访问量攀升，关注卡位瘦身需求产品潜力 ——行业周报 | 初敏（分析师） | 李睿娴（分析师） | 程婧雅（分析师） | | --- | --- | --- | | chumin@kysec.cn | liruixian@kysec.cn | chengjingya@kysec.cn | | 证书编号：S0790522080008 | 证书编号：S0790525020004 | 证书编号：S0790525070010 | 免税：海南旺季旅游量价向好，1 月免税销售景气延续 免税：根据 ...

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]

Group 1 - The core point of the article is that Qingmu Technology (301110.SZ) announced a significant acquisition involving its wholly-owned subsidiary Qingmu PTE.LTD., which will acquire a controlling stake in Vitalis Pharma AS through a cash transaction totaling 300 million Norwegian Krone (approximately 212 million RMB) [1][2] Group 2 - The acquisition includes purchasing 49.0662% of the shares from Norsund and subscribing to 32.9157% of newly issued shares, resulting in Qingmu Singapore holding a total of 65.8314% of Vitalis, thus becoming the controlling shareholder [1] - Vitalis Pharma AS specializes in high-end health nutrition supplements, with brands like Noromega, offering products such as seal oil, fish oil, astaxanthin, and coenzyme Q10 [2] - The purpose of the acquisition is to implement the company's brand incubation and management strategy, enhancing its competitiveness in the health and wellness sector [2] - Post-acquisition, the company will strengthen its capabilities in brand management, product development, production, and supply chain management, while also becoming the general distributor for the Noromega brand in China, which is expected to improve its sustainable profitability [2]

Group 1 - The core point of the news is that Qingmu Technology's subsidiary, Qingmu PTE. LTD., has signed a share purchase and subscription agreement to acquire a 49.0662% stake in Vitalis Pharma AS for 150 million Norwegian Krone (approximately 106 million RMB) and to subscribe for an additional 32.9157% stake for the same amount, resulting in a total ownership of 65.8314% and making it the controlling shareholder of the target company [1][2] Group 2 - The target company specializes in the research, production, and sales of high-end health nutritional supplements, with brands such as Noromega, and its main products include seal oil, fish oil, astaxanthin, and coenzyme Q10 [2] - The purpose of the acquisition is to implement the company's brand incubation and management strategy, enhancing its competitiveness in the health sector [2] - Post-transaction, the company will strengthen its capabilities in brand management, product research and development, production, and supply chain management, and will become the general distributor for the Noromega brand in China, which is expected to improve its sustainable profitability [2]