[SWS Beauty Care] Qingmu Technology Research Update ~ Today's Gain Nearly 7%, Continue to Favor

English summary

# Agency operations foundation improving in both volume and profit, deep roots in footwear and apparel categories, structure continuously optimized. The company started in footwear, apparel, and luggage track, and is a veteran gold medal service provider for Tmall footwear/apparel categories, with long-term stable cooperation with Skechers, Kolon Sport, and other well-known domestic and international footwear, apparel, and sports outdoor brands. In 2025, it added high-end menswear brand Biem. L. Fdlkk, with remarkable omni-channel operations: the company took over the brand's Douyin channel in May 2025, expanded to Tmall and JD.com full-platform live streaming in 2026, reshaped store positioning, product mix, and audience operations strategy, maintaining channel discounts at 9.5折, new product sales over 90%, achieving near-full-price sales, and outstanding brand operation quality. Overall agency operation revenue maintains double-digit growth, and Douyin business achieved half-year overall profitability in 26H1 after turning profitable in 25Q4, driving agency operation net margin from 20% to 22%-23%. # AI cost reduction and efficiency enhancement have been substantively implemented, with clear manpower efficiency improvement. The company's AI full-chain empowers operations, covering intelligent design, advertising, customer service, and review processes. ...