Group 1 - The core viewpoint of the article highlights that Qingsong Co., Ltd. (300132) reported significant growth in its Q3 2025 financial results, with a revenue of 616 million yuan, representing a year-on-year increase of 16.60% [1] - The net profit for Q3 2025 reached 83.33 million yuan, showing a remarkable year-on-year growth of 232.47% [1]

（文章来源：证券日报） 证券日报网讯 10月28日晚间，青松股份发布2025年第三季度报告称，2025年第三季度公司实现营业收 入616，199，648.52元，同比增长16.60%；归属于上市公司股东的净利润为83，332，582.57元，同比 增长232.47%。 ...

Core Insights - Qingsong Co., Ltd. reported a revenue of 1.553 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 12.00% [1] - The net profit attributable to shareholders reached 111 million yuan, showing a significant year-on-year increase of 246.98% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 75.4285 million yuan, reflecting a year-on-year growth of 146.48% [1] - The basic earnings per share stood at 0.2221 yuan [1]

Core Insights - Qingsong Co., Ltd. reported a revenue of 1.553 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 12.00% [1] - The net profit attributable to shareholders reached 111 million yuan, showing a significant year-on-year increase of 246.98% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 75.4285 million yuan, reflecting a year-on-year growth of 146.48% [1] - The basic earnings per share stood at 0.2221 yuan [1]

Core Insights - Qingsong Co., Ltd. is a leading ODM enterprise in the cosmetics industry, established in 2001 and listed in 2010, with a strong R&D capability and diverse product lines [1] Financial Performance - In Q3 2025, Qingsong's revenue reached 1.553 billion yuan, ranking first among seven companies in the industry, surpassing the second-ranked Qingdao Kingway's 1.246 billion yuan and the industry average of 842 million yuan [2] - The net profit for the same period was 107 million yuan, also the highest in the industry, exceeding the second-ranked Kesi's 73.628 million yuan and the industry average of 37.206 million yuan [2] Business Segmentation - The main business segments include facial masks (450 million yuan, 48.07%), skincare products (323 million yuan, 34.47%), wet wipes (125 million yuan, 13.36%), and other products (29.577 million yuan, 3.16%) [2] Financial Ratios - As of Q3 2025, the asset-liability ratio was 36.14%, a decrease from 42.74% year-on-year, slightly above the industry average of 36.05% [3] - The gross profit margin was 19.20%, an increase from 16.56% year-on-year, but below the industry average of 21.95% [3] Executive Compensation - Chairman and CEO Fan Zhanhua's compensation for 2024 was 1.2222 million yuan, an increase of 653,600 yuan from 2023 [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 15.93% to 25,300, while the average number of circulating A-shares held per shareholder increased by 18.95% to 20,100 [5] Market Outlook - Qingsong aims to become a world-class cosmetics manufacturing service provider, focusing on enhancing customer service and R&D innovation [5] - Revenue forecasts for 2025 have been adjusted to 2.089 billion yuan, with an increase in gross margin to 17.4% and a decrease in profit forecast to 104 million yuan [5] - Qingsong's net profit projections for 2025-2027 are 104 million, 119 million, and 139 million yuan, with corresponding PE ratios of 27, 23, and 20 [5] Competitive Position - Qingsong is recognized as one of the largest domestic ODM enterprises in cosmetics, with six competitive advantages and multiple business departments to enhance service quality [6]

Financial Performance - The company's operating revenue for Q3 2025 was ¥616,199,648.52, representing a 16.60% increase year-over-year[3]. - Net profit attributable to shareholders for Q3 2025 reached ¥83,332,582.57, a significant increase of 232.47% compared to the same period last year[3]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥49,456,601.09, up 105.99% year-over-year[3]. - The basic earnings per share for Q3 2025 was ¥0.1671, reflecting a 236.90% increase from the previous year[3]. - In the first three quarters of 2025, the company achieved operating revenue of CNY 155,287.69 million, a year-on-year increase of 12.00%[22]. - The net profit attributable to shareholders for the first three quarters of 2025 was CNY 11,074.02 million, representing a significant year-on-year growth of 246.98%[22]. - Total operating revenue for the current period reached ¥1,552,876,850.02, an increase of 12% compared to ¥1,386,509,990.94 in the previous period[33]. - Net profit for the current period was ¥107,202,392.03, significantly higher than ¥30,876,288.56 in the previous period, marking an increase of 247%[34]. - Earnings per share (EPS) for the current period was ¥0.2221, compared to ¥0.0631 in the previous period, indicating a substantial improvement[35]. Assets and Liabilities - Total assets at the end of Q3 2025 amounted to ¥2,233,699,060.86, an increase of 4.98% from the end of the previous year[3]. - The company's total current liabilities as of September 30, 2025, were CNY 560,733,784.15, compared to CNY 484,056,259.74 at the beginning of the period[30]. - The company's total liabilities decreased slightly to ¥807,271,615.80 from ¥816,487,771.74, a reduction of about 1.3%[31]. - The company's equity attributable to shareholders increased to ¥1,408,822,874.41, marking an 8.53% rise compared to the previous year[5]. - Total equity attributable to shareholders increased to ¥1,408,822,874.41 from ¥1,298,114,927.54, reflecting a growth of approximately 8.5%[31]. Cash Flow - The net cash flow from operating activities for the year-to-date was ¥139,465,688.51, showing a 50.11% increase[3]. - Net cash flow from operating activities rose by 50.11% to 139,465,688.51, mainly due to an increase in customer payments[18]. - Cash inflow from operating activities totaled ¥1,709,043,940.47, compared to ¥1,495,682,758.72 in the previous period, representing a growth of 14%[37]. - The net cash flow from investing activities improved by 82.72% to -18,722,597.38, influenced by an increase in management financial products[18]. - The net cash flow from financing activities decreased by 83.39% to -31,430,227.10, primarily due to the release of pledged funds[18]. - The ending cash and cash equivalents balance was $511,206,173.96, compared to $465,542,331.75 at the end of the previous period, showing an increase of about 9.8%[38]. Investments and Expenses - The company reported a significant increase in other receivables, which rose by 1426.97% to ¥152,829,615.12 due to land use rights transfer[12]. - The company’s long-term equity investments decreased by 100% as it no longer holds decision-making power over a previously invested enterprise[12]. - The company’s contract liabilities increased by 50.27% to ¥30,332,941.79, attributed to an increase in customer prepayments[12]. - Financial expenses decreased by 112.99% to -633,925.48, primarily due to a reduction in loan principal and interest expenses compared to the previous year[16]. - Other income fell by 46.08% to 8,642,380.15, mainly due to reduced VAT incentives for manufacturing enterprises[16]. - Investment income surged by 10,296% to 7,681,605.28, attributed to the reclassification of long-term equity investments to other non-current financial assets[16]. - Research and development expenses rose to ¥53,826,150.83, up from ¥46,387,229.07, indicating a commitment to innovation[34]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 25,264[20]. - The largest shareholder, Nosbel (Hong Kong) Nonwoven Products Co., Ltd., holds 9.17% of shares, totaling 47,392,045 shares[20]. Project Developments - The company has decided to terminate the construction of the 148-acre industrial park project and will negotiate with government departments to recover the land use rights[23]. - A new cooperation agreement was signed with Miga Technology to jointly develop the 148-acre land project, with a total transfer price of CNY 163,116,000[24]. - As of October 15, 2025, the company received a total of CNY 145,116,000 for the land transfer, completing the disposal of the 148-acre project[25]. - The company reduced its investment in the Baojiehui Fund from CNY 10 million to CNY 9.046 million, adjusting its shareholding to 3.4768%[26]. Other Information - The company’s third-quarter financial report was not audited[40].

Core Insights - The cosmetics sector experienced a decline of 0.72% on October 22, with LaFang JiaHua leading the drop [1] - The Shanghai Composite Index closed at 3913.76, down 0.07%, while the Shenzhen Component Index closed at 12996.61, down 0.62% [1] Market Performance - Qingdao Jinwang (002094) saw a closing price of 7.88, with an increase of 2.74% and a trading volume of 561,300 shares, amounting to 450 million yuan [1] - Other notable performers included Kesheng Co. (300856) with a closing price of 13.88, up 1.46%, and Yusong Co. (300132) at 6.52, up 1.40% [1] - LaFang JiaHua (603630) closed at 22.55, down 1.83%, with a trading volume of 39,800 shares and a turnover of 90.79 million yuan [2] Capital Flow - The cosmetics sector experienced a net outflow of 12.29 million yuan from institutional investors and 12.90 million yuan from retail investors, while there was a net inflow of 25.19 million yuan from individual investors [2] - The capital flow for individual stocks showed that Qingdao Jinwang had a net inflow of 30.74 million yuan from institutional investors, while LaFang JiaHua had a net outflow of 7.07 million yuan [3] - Other stocks like Kesheng Co. and Yusong Co. also experienced varying degrees of net inflow and outflow from different investor categories [3]

Core Points - The cosmetics sector experienced a decline of 2.36% on October 17, with Lafang Home leading the drop [1] - The Shanghai Composite Index closed at 3839.76, down 1.95%, while the Shenzhen Component Index closed at 12688.94, down 3.04% [1] Stock Performance - Jinsheng New Material (300849) closed at 13.88, up 3.89% with a trading volume of 64,700 shares and a transaction value of 89.115 million yuan [1] - Furuida (600223) remained unchanged at 7.83, with a trading volume of 112,800 shares [1] - Marubi Biological (603983) closed at 37.81, down 0.13% with a trading volume of 11,900 shares [1] - Qingsong Co. (300132) closed at 6.14, down 1.44% with a trading volume of 145,600 shares [1] - XD+R Caiya (603605) closed at 78.02, down 1.50% with a trading volume of 48,900 shares and a transaction value of 383 million yuan [1] - Other notable declines include: - Buxiaoxing (300886) down 1.60% to 28.22 [1] - Fulejia (301371) down 1.74% to 24.30 [1] - Qingdao Kingway (002094) down 2.19% to 7.61 with a transaction value of 133 million yuan [1] - Zhiwei Co. (920123) down 2.55% to 17.59 [1] - Kesi Co. (300856) down 2.58% to 65 [1] Fund Flow - The cosmetics sector saw a net outflow of 188 million yuan from main funds, while retail investors contributed a net inflow of 215 million yuan [3] - Speculative funds experienced a net outflow of 27.0841 million yuan [3]

Core Points - Qingsong Co., Ltd. announced that its wholly-owned subsidiary, Nuosibeier Cosmetics Co., Ltd., successfully acquired a state-owned construction land use right in Zhongshan City for a large industrial park project [2] - The land covers an area of 98,858.7 square meters (approximately 148.2880 acres) and is intended for the construction of production workshops, office and R&D buildings, smart warehousing, and employee living centers [2] - As of December 31, 2023, the project has completed land leveling and 12,000 square meters of foundation pile work, with a total investment of approximately 13.35 million yuan [2] - The company has received a total of 143,116,000 yuan in remaining land use right transfer payments from Hongjia Technology, as per the land use right transfer contract [2] - The construction project for the 148-acre industrial park has been fully completed [2]

Group 1 - Dingjide's subsidiary has successfully launched the industrial production of POE materials, achieving stable production of qualified products [1] - Xinhua Insurance reported a 19% year-on-year increase in original insurance premium income for the first three quarters, totaling 172.705 billion yuan [1] - Chunfeng Power achieved a 30.89% year-on-year increase in net profit for the first three quarters, with total revenue reaching 14.15 billion yuan [1][2] Group 2 - Guangsheng Nonferrous expects a net profit of 100 million to 130 million yuan for the first three quarters, marking a turnaround from losses [1] - Aobi Zhongguang anticipates a net profit of approximately 108 million yuan for the first three quarters, with revenue growth of 103.5% [1] - Guobang Pharmaceutical reported a 15.78% year-on-year increase in net profit for the first three quarters, totaling 6.7 billion yuan [1] Group 3 - Zhujiang Co. manages 428 projects with a signed construction area of approximately 50.9853 million square meters as of September 2025 [1] - Kecuan Technology has terminated its application for issuing convertible bonds, considering its development plan and actual situation [1] - Guoxin Securities has received approval to register 15 billion yuan in short-term corporate bonds [1] Group 4 - Aihua Pharmaceutical's clinical trial for a pediatric cough syrup has been approved by the National Medical Products Administration [1] - Xinjiang Jiaojian signed new construction contracts worth 1.413 billion yuan in the third quarter [1] - Sichuan Shuangma's subsidiary has received approval for the listing of a raw material drug used in treating various diseases [1] Group 5 - Gansu Energy's 1,000 MW coal-fired unit has officially commenced commercial operation [1] - Zhejiang Energy reported a 4.68% year-on-year increase in power generation for the first three quarters, totaling 135.234 billion kWh [1] - Tiandi Source's contract sales amount for the first nine months decreased by 16.18% to 3.085 billion yuan [1] Group 6 - Biological Shares' subsidiary has obtained a new veterinary drug registration certificate for a vaccine [1] - Jintong Co. reported a 4.03% year-on-year increase in net profit for the first three quarters, totaling 2.283 billion yuan [1] - Rihua Technology plans to invest 800 million yuan in a new project for industrial ray detection equipment [1] Group 7 - Zhongtian Technology has won multiple marine project bids totaling approximately 1.788 billion yuan [1] - Qingsong Co. has completed the disposal of a 148-acre industrial park project, transferring it for 163 million yuan [1] - Tongyuan Petroleum has successfully bid for a $126 million oil and gas service project in Algeria [1] Group 8 - Hengmingda's chairman proposed a share buyback plan of 200 million to 400 million yuan [1] - Deyi Cultural plans to reduce its holdings by up to 1% of the company's shares [1] - Feirongda's major shareholder plans to reduce its holdings by up to 2.36% of the company's shares [1] Group 9 - Mankun Technology plans to issue convertible bonds to raise no more than 760 million yuan for high-end PCB production and digital upgrades [1] - Sanlian Forging's shareholder plans to reduce its holdings by up to 3% of the company's shares [1] - Huagong Technology intends to jointly establish a venture capital fund with a target size of 500 million yuan [1] Group 10 - Shida Shenghua expects a net loss of 49 million to 75 million yuan for the first three quarters [1] - Huichuangda's major shareholder plans to reduce its holdings by up to 0.65% of the company's shares [1] - Yuxin Electronics reported a 60.21% year-on-year increase in net profit for the first three quarters, totaling 73.3941 million yuan [1] Group 11 - Yiwei Communication expects a 50% to 55% decline in net profit for the first three quarters [1] - Lio Co. plans to reduce its repurchased shares by up to 135 million shares [1] - Sichuan Shuangma's subsidiary has received approval for a new drug registration [1]