证券日报网讯2月2日，青松股份（300132）在互动平台回答投资者提问时表示，2025年，公司有效执 行"聚焦客户、聚焦产品"的两个聚焦战略，营业收入和净利润皆实现同比增长。2026年，公司将进一步 开拓核心客户及产品品类，利用控股子公司诺斯贝尔20多年积累的研发、生产和客户资源等优势，提升 公司整体盈利能力。 ...

证券日报网讯 2月2日，青松股份在互动平台回答投资者提问时表示，公司将严格遵守中国证监会《关 于进一步落实上市公司现金分红有关事项的通知》《上市公司监管指引第3号——上市公司现金分红》 等文件精神以及《公司章程》的有关规定，并结合公司实际经营情况，拟定公司利润分配预案。 （文章来源：证券日报） ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | | 成交额(元) | | --- | --- | --- | --- | --- | --- | --- | | 002094 | 青岛金王 | 8.75 | 4.17% | | 116.82万 | 10.20亿 | | 300886 | 华业看料 | 28.51 | 2.63% | | 1.88万 | 5297.67万 | | 300849 | 锦盛新材 | 18.44 | 1.49% | | 2.75万 | 5038.81万 | | 300132 | 青松股份 | 8.37 | 0.72% | | 19.65万 | 1.62亿 | | 300955 | 嘉亨家化 | 37.93 | 0.40% | | 1.80万 | 6845.38万 | | 300856 | 科恩股份 | 13.72 | 0.37% | | 7.08万 | 9639.40万 | | 301371 | 敷尔佳 | 24.46 | 0.08% | | 1.46万 | 3559.01万 | | 603983 | 丸美生物 | 31.52 | -0.32% | | 1.76万 | ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 300955 | 嘉亨家化 | 41.47 | 6.88% | 7.39万 | 3.03亿 | | 002094 | 青岛金王 | 8.24 | 3.00% | 56.99万 | 4.67亿 | | 300886 | 华业香料 | 28.45 | 0.28% | ● 1.75万 | 4908.73万 | | 300132 | 青松股份 | 8.74 | 0.23% | 18.35万 | 1.59亿 | | 300849 | 锦盛新材 | 18.82 | -0.42% | 3.14万 | 5833.82万 | | 300740 | 水羊股份 | 23.52 | -0.84% | 8.71万 | 2.04亿 | | 300957 | 贝泰妮 | 42.67 | -0.88% | 5.30万 | 2.25亿 | | 603605 | 班菜雅 | 72.50 | -1.05% | 4.33万 | 3.13亿 | | 300856 | 科思股份 | 13.8 ...

Core Insights - The beauty ODM industry in China is facing dual pressures in 2025: price squeeze from the market and the need for transformation towards high-quality growth [2] - The industry is accelerating the elimination of outdated production capacity, with 1,318 companies shut down or deregistered in 2024, while only 542 new cosmetic production companies were registered in 2025 [2] - Companies that embrace high-quality development and move away from traditional bidding models are being rewarded by the market, as exemplified by the leading ODM company, Norsbel, which is expected to achieve revenue exceeding 2.2 billion yuan in 2025 [3][4] Industry Trends - The Chinese cosmetics market is undergoing a deep adjustment period characterized by stock competition and value return, with consumers increasingly prioritizing product quality, efficacy, and safety over cost [4] - Norsbel has diversified its client base, serving both international giants like Procter & Gamble and L'Oréal, as well as emerging brands, adapting to the changing demands for faster market response and localized innovation [6][7] - The competition focus is shifting from price to quality and technology, compelling the supply chain to innovate continuously to create core value [7] Company Strategy - Norsbel's growth in 2025 is attributed to its strategic focus on customer and product, achieving quality internal growth through meticulous efforts in R&D, market development, cost control, and human resource management [8] - The company has invested over 80 million yuan annually in R&D over the past three years, establishing a professional team of over 180 people and introducing 777 new raw materials in 2025 [8][9] - Norsbel is transitioning from a production service provider to a long-term technical partner, emphasizing the importance of research and innovation to enhance its comprehensive competitiveness [9] Technological Innovation - Digitalization is a key driver for Norsbel's efficiency, with over 82% of its smart factory's equipment being digitalized, supporting rapid market response and flexible supply [10] - The company has implemented AI technology in R&D and production processes, optimizing formula development and enhancing production efficiency [10] - Norsbel has developed an industry-first AI model for mask appearance detection, integrating machine vision and deep learning for high-precision quality control [10] Future Outlook - Norsbel aims to play a pivotal role in the global beauty innovation landscape, focusing on sustainable value creation through technological innovation and efficiency [19][20] - The company is positioned to leverage the globalization of Chinese technology, aiming to be a long-distance runner rather than a sprinter in the competitive landscape [20] - Norsbel's strategic roles include being a promoter of Chinese innovation, a connector of global beauty innovation, and a leader in industry standards [25][26]

证券研究报告 公司已与巴斯夫、赛彼科、Hallstar、帝斯曼-芬美意、禾大化学品以及华熙 生物等全球知名原料供应商建立长期合作，并与部分优秀供应商开展项目合 作。2025 年，公司持续推进新原料的引入与应用，其中 2025 年 12 月公司 第二款新原料金花茶花提取物已报国家药品监督管理局备案，25H1 新落地 蜂王浆多肽紧致焕颜系列、超微水光焕颜油敷面膜、NBC 点阵特护冻干系 列 2.0 等产品。同时，公司在化妆品原料、化妆品检测领域形成产业矩阵， 有助于提升产业链运营效率和企业综合实力。 青松股份 (300132 CH) 化妆品业务复苏趋势进一步明确 2026 年 1 月 26 日│中国内地 商业贸易 公司全资子公司诺斯贝尔为国内化妆品代工龙头，22 年以来因行业景气度 下降、海外湿巾订单下滑等因素，化妆品业务增长持续承压且 22/23 连续亏 损。24Q3 以来伴随行业复苏，营收增速转正并持续增长提速，25Q4 营收 yoy 进一步提速至 20.2%；同时，伴随品类结构优化/运营效率提升/折旧摊 销压力降低，利润率也显著修复。公司执行"聚焦客户、聚焦产品"战略， 重回健康增长轨道，依托国际品牌+国货 ...

Investment Rating - The report maintains a "Positive" outlook on the cosmetics and medical beauty industry, indicating strong performance compared to the market [2]. Core Insights - The cosmetics and medical beauty sector has outperformed the market recently, with the Shenwan Beauty Care Index rising by 2.0% from January 16 to January 23, 2026, surpassing the Shenwan A Index by 0.8 percentage points [4][5]. - December 2025 saw a significant increase in social retail sales for cosmetics, reaching 38 billion yuan, with a growth rate of 8.8%, indicating robust demand even in the off-season. The overall growth rate for Q4 was 9.9%, significantly higher than the annual growth of 5.1% for 2025, driven by promotional events like Double 11 [10][17]. - The report anticipates continued high consumer demand in Q1 2026, supported by new product launches and regulatory approvals in the medical beauty sector [10]. Summary by Sections Industry Performance - The cosmetics and medical beauty sector has shown strong performance, with the Shenwan Cosmetics Index increasing by 2.6% and the Shenwan Personal Care Index rising by 4.2%, both outperforming the Shenwan A Index [4][5]. Key Company Reviews - Lin Qingxuan (2657HK) is highlighted as a benchmark in the high-end domestic skincare market, with revenue projected to grow from 690 million yuan in 2022 to 1.21 billion yuan in 2024, representing a CAGR of 32.7%. The company is expected to turn a profit of 187 million yuan in 2024, a 120% increase year-on-year [11][12]. - Langzi Co., Ltd. (002612.SZ) forecasts a net profit of 900 million to 1.05 billion yuan for 2025, reflecting a year-on-year growth of 245.25% to 302.80% [4]. - Qingsong Co., Ltd. (300132.SZ) anticipates a net profit of 130 million to 165 million yuan for 2025, with a growth rate of 137.73% to 201.74% [4]. Market Trends - The report notes that the high-end skincare market is expanding, with the market size expected to reach 218.5 billion yuan by 2029. The concept of "oil-based skincare" is becoming mainstream, driving growth in the facial oil segment, which is projected to grow at a CAGR of 42.8% from 2019 to 2024 [12][14]. - E-commerce channels are increasingly important, with Lin Qingxuan achieving a 65.4% online revenue share in H1 2025, leveraging platforms like Douyin and Tmall for growth [13]. Sales Data - In December 2025, the total retail sales of cosmetics reached 38 billion yuan, with a year-on-year growth of 8.8%. The overall retail sales for cosmetics in 2025 were 465.3 billion yuan, reflecting a 5.1% increase [17][21].

证券之星消息，1月23日化妆品板块较上一交易日上涨1.34%，嘉亨家化领涨。当日上证指数报收于 4136.16，上涨0.33%。深证成指报收于14439.66，上涨0.79%。化妆品板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 300955 | 嘉亨家化 | 40.06 | 7.69% | 6.19万 | 2.42亿 | | 603630 | 拉芳家化 | 23.64 | 3.28% | 8.37万 | 2666.I | | 603605 | | 73.18 | 2.09% | 7.50万 | 5.47 亿 | | 300957 | 贝泰妮 | 43.00 | 1.49% | 4.94万 | 2.11亿 | | 920123 | 色薇股份 | 16.08 | 1.45% | 1.38万 | 2209.13万 | | 300740 | 水羊股份 | 24.60 | 1.40% | 11.08万 | 2.72亿 | | 600223 | 福瑞达 | 7.62 | 1.20% ...

慧博云通：发行股份购买资产相关申请文件获深交所受理 1月23日，慧博云通(301316)发布公告称，公司拟通过发行股份的方式向乐山高新投资发展（集团）有 限公司等57名交易对方购买其合计持有的宝德计算机系统股份有限公司65.47%股份，并拟向公司实控 人余浩发行股份募集配套资金。1月22日，公司发行股份购买资产并募集配套资金申请文件获得深交所 受理。 明阳智能：拟购买德华芯片100%股权 股票复牌 1月23日，明阳智能(601615)发布公告称，公司拟通过发行股份及支付现金的方式向交易对方合计购买 德华芯片100%的股权，并向不超过35名符合中国证监会条件的特定投资者发行股份募集配套资金，标 的公司主要产品为半导体外延片、芯片、电源系统等。公司股票将于2026年1月23日（星期五）开市起 复牌。 三花智控：实控人等拟合计减持不超过0.2425%公司股份 1月23日，三花智控(002050)发布公告称，公司实控人、董事长张亚波、董事王大勇、董事倪晓明、董 事陈雨忠、董事会秘书胡凯程及财务总监俞蓥奎计划合计减持不超过0.2425%公司股份。 物产金轮：股东拟减持不超过3%公司股份 1月23日，物产金轮(00272 ...

经济观察网2026年1月22日，青松股份（300132）发布2025年度业绩预告，预计2025年净利润1.3亿元至 1.65亿元，同比增长137.73%至201.74%；扣除非经常性损益后的净利润9600万元至1.31亿元，同比增长 73.29%至136.47%。 ...