1 证券代码：300132 证券简称：青松股份 福建青松股份有限公司 投资者关系活动记录表 编号：2019-001 | --- | --- | --- | --- | |---------------------|----------------------------|-------------------------------------------|-------| | | | | | | | ■ | 特定对象调研 □分析师会议 | | | | □ 媒体采访 □业绩说明会 | | | | 投资者关系活动 类别 | □ 新闻发布会 □路演活动 | | | | | □ 现场参观 | □ 一对一沟通 | | | | □ | 其他 （请文字说明其他活动内容） | | | | | 宁波善为资产管理合伙企业（有限公司） | 马蘅 | | | 中信保诚基金管理有限公司 | 孙惠成 | | | 参与单位名称及 | 国泰元鑫资产管理有限公司 | 秦宇斌 | | | 人员姓名 | 上海金舆资产管理有限公司 | 蔡沁芳 | | | | | 上海同犇投资管理中心（有限合伙） 余思颖 | | | | 上海鑫富越资产管理有限公司 ...

证券代码：300132 证券简称：青松股份 福建青松股份有限公司 投资者关系活动记录表 编号：2018-003 | --- | --- | --- | --- | |---------------------|----------------------------|----------------------------------------|--------| | | | | | | | □ | 特定对象调研 □分析师会议 | | | | □ 媒体采访 □业绩说明会 | | | | 投资者关系活动 类别 | □ 新闻发布会 ■路演活动 | | | | | □ 现场参观 | □ 一对一沟通 | | | | □ | 其他 （请文字说明其他活动内容） | | | | 杭州中大君悦投资有限公司 | 张晓晓 | | | | 上海丹羿投资管理合伙企业 | 张昭丞 | | | | 北京市星石投资管理有限公司 | 蒋京杰 | | | 参与单位名称及 | 国联安基金管理有限公司 | 王剑 | | | 人员姓名 | | 上海山楂树甄琢资产管理中心（有限合伙） | 岳路路 | | | 浦银安盛基金管理有限公司 | 华冉晨 | ...

投资者关系活动记录表 编号： 证券代码：300132 证券简称：青松股份 福建青松股份有限公司投资者关系活动记录表 | --- | --- | --- | |---------------------|-------------------------------|---------------------------------------| | | | | | | □ 特定对象调研 | □ 分析师会议 | | | □ 媒体采访 | □ 业绩说明会 | | 投资者关系活动 类别 | □ 新闻发布会 | ■ 路演活动 | | | □ 现场参观 | □ 一对一沟通 | | | □ | 其他 （请文字说明其他活动内容） | | | 华富基金管理有限公司 邓翔 | | | | | 国新风险投资管理（深圳）有限公司 李昊 | | | 承珞资本 白召然 | | | 参与单位名称及 | 浦银安盛基金管理有限公司 沈瑞 | | | 人员姓名 | 嘉合基金管理有限公司 张丽荣 | | | | 西部利得基金 王婧、李姝萱 | | | | 大成基金管理有限公司 尚琼 | | | | 工银安盛人寿保险有限公司 牛品 | | | 时 ...

证券代码：300132 证券简称：青松股份 福建青松股份有限公司 投资者关系活动记录表 编号：2018-004 | --- | --- | --- | |---------------------|------------------------------|---------------------------------| | | | | | | □ | 特定对象调研 □分析师会议 | | | □ 媒体采访 □业绩说明会 | | | 投资者关系活动 类别 | □ 新闻发布会 ■路演活动 | | | | □ 现场参观 | □ 一对一沟通 | | | □ | 其他 （请文字说明其他活动内容） | | | 上海少伯资产管理有限公司 | 叶凤 | | | 永柏领中创投 林耿东 | | | | 广发证券股份有限公司 | 刘文祥 | | | 民生加银基金管理有限公司 | 尹涛 | | 参与单位名称及 | 上海仁布投资管理有限公司 | 陈屹 | | 人员姓名 | 兴银基金管理有限责任公司 | 蔡国亮 | | | 中邮创业基金管理股份有限公司 | 姚婷 | | | 中信证券股份有限公司 | 陆银波 | | | 上海准锦投 ...

1 证券代码：300132 证券简称：青松股份 福建青松股份有限公司 投资者关系活动记录表 编号：2021-003 | --- | --- | --- | |-------------------------|-----------------------------------|-------------------------------------------------------------------------------| | 投资者关系活动 \n类别 | □媒体采访 \n□现场参观 \n□其他 | □特定对象调研 □分析师会议 \n□业绩说明会 \n□新闻发布会 ■路演活动 \n□一对一沟通 | | | 广发证券： | 嵇文欣 | | | 国泰基金： | 郑有为、陆经纬、樊利安、王琳、赵大震 | | 参与单位名称及 人员姓名 | 交银施罗德：陈骏、陈均峰 | | | | 太平资产： | 王紫艳、代婧 | | | 华宝基金： | 蔡目荣、胡戈游、夏林峰、吴心怡、卢毅 | | 时 间 | 2021 年 3 月 16 | | | | | | | 地 点 | 上海市 | | | 上市公司接待人 员 ...

编号：2021-005 1 证券代码：300132 证券简称：青松股份 福建青松股份有限公司 投资者关系活动记录表 | --- | --- | --- | |-------------------------|---------------------------------------------------|--------------------------------------------------------------------------------------| | | □特定对象调研 | □分析师会议 | | | □媒体采访 ■业绩说明会 | | | 投资者关系活动 | □新闻发布会 □路演活动 | | | 类别 | □现场参观 □一对一沟通 | | | | □其他 | | | 参与单位名称及 人员姓名 | 通过全景网参与公司 | 2020 年度网上业绩说明会的广大投资者 | | | | | | 时 间 | 2021 年 5 月 12 日 | 15:00-17 ： 00 | | 地 点 | 网络交流——全景•路演天下（ | http://rs.p5w.net ） | | 上市公司接待人 ...

编号：2021-007 证券代码：300132 证券简称：青松股份 福建青松股份有限公司 投资者关系活动记录表 | --- | --- | --- | |-----------------------------|----------------------------------------------|---------------------------------------------------------------------------------------------------| | | □ 特定对象调研 □ | 分析师会议 | | | □ 媒体采访 □ | 业绩说明会 | | 投资者关系活动 | □ 新闻发布会 □ | 路演活动 | | 类别 | □ 现场参观 □ | 一对一沟通 | | | ■ 其他 （电话交流会） | | | 主要参与单位名 称及人员姓名 | 详细请参见附件 1 | 《参会人员名单》 | | 时 间 | 2021 年 11 月 01 日下午 | | | 地 点 | 电话交流 | | | 上市公司接待人 | | 公司总裁范展华、董事会秘书骆棋辉、财务总监汪玉聪、诺斯 ...

Goodwill and Impairment - The goodwill from the acquisition of 90% of Nosber Cosmetics Co., Ltd. amounted to CNY 1.366 billion, with an impairment provision of CNY 913 million recorded in 2021, and an additional impairment of CNY 453 million in 2022 due to underperformance[1] - A goodwill impairment provision of 452.70 million yuan was required for Norsebel as of September 2022, reflecting the need for adjustments based on the revised earnings outlook[51] - The discount rate for Norsebel's goodwill asset group increased due to significant losses in 2022, raising the specific risk parameter from 1% to 3%[50] - The company has conducted timely goodwill impairment tests, with the latest assessment indicating clear signs of impairment as of Q3 2022[60] Revenue and Sales Performance - The total revenue for Nosber in the first three quarters of 2022 was CNY 965.94 million, a decline from CNY 1.612 billion in 2021, reflecting a decrease of approximately 40%[7] - The sales revenue from the facial mask series in the first three quarters of 2022 was CNY 383.97 million, accounting for 39.76% of total revenue, down from 49.88% in 2019[7] - The wet wipes series saw a revenue drop from CNY 574.12 million in 2020 to CNY 225.10 million in the first three quarters of 2022, reflecting a significant decline in export orders[7] - In the first three quarters of 2022, the company's revenue was CNY 145,469.72 million, a decrease of 18.33% compared to CNY 178,115.07 million in the same period last year[13] - The company's revenue for 2023 is projected to be RMB 249,438 million, representing a growth of 17.5% from 2022[56] Profitability and Margins - The operating profit for the same period was CNY -15,284.51 million, down from CNY 1,678.08 million, representing a decline of CNY 16,962.59 million[13] - The gross profit margin fell to 3.90%, down 8.74% from 12.64% in the previous year[13] - The net profit for the first three quarters was CNY -13,201.69 million, a decrease of CNY 14,335.96 million compared to a net profit of CNY 1,134.27 million in the same period last year[13] - The gross margin for the skincare series dropped from 24.14% in 2019 to 1.98% in 2022, indicating rising costs and changing product mix[9] - The gross profit margin is expected to increase to 12.65% in 2023, up from 10.01% in 2022[56] Cost and Expense Management - The company faced increased costs due to capacity expansion, rising labor costs, and material price hikes, contributing to the overall decline in gross margins across product lines[10] - The company reported a significant increase in material costs due to rising prices of raw materials, impacting profit margins[14] - Interest expenses increased to CNY 2,085.40 million, up CNY 1,202.61 million year-on-year, primarily due to increased borrowing for expansion[15] - Total expenses for 2023 are projected at RMB 4,660.47 million, representing 2.20% of the operating revenue[30] Market Conditions and Industry Trends - The overall market conditions, including commodity price fluctuations and ongoing pandemic effects, have hindered the expected performance from newly added capacities since the second half of 2020[8] - The company is facing challenges due to industry pressures, including regulatory changes and macroeconomic factors, leading to a decline in order volume[14] - Competitors in the industry, such as Jiahen Jiahua and Anter Co., have also reported significant declines in operating and net profits, indicating a broader industry trend[19] - In the first nine months of 2022, the cosmetics industry faced a decline in revenue due to strict pandemic control measures, resulting in a significant drop in demand[46] Future Projections and Financial Outlook - The projected operating revenue for Q4 2022 is RMB 46,466.69 million, with a growth rate of 10.57% for 2023[27] - The estimated operating profit before tax for 2023 is RMB -4,657.65 million, improving to RMB 3,156.10 million in 2024[27] - The forecasted free cash flow for 2026 is RMB 30,931.29 million, with a perpetual growth rate of 0%[27] - The company's operating revenue is expected to recover steadily, reaching RMB 315,532.10 million by 2026, with a projected EBIT margin improving from -5.80% in Q4 2022 to 6.94% in 2026[32] - The company anticipates continued losses in the short term, with expectations of profitability only after significant declines from historical levels[42] Research and Development - Research and development expenses are projected to total RMB 9,465.96 million by 2026, with a steady decrease in the percentage of revenue from 7.03% in Q4 2022 to 4.32% in 2026[31] - The company plans to maintain a stable R&D expense ratio, ensuring compliance with high-tech enterprise certification standards[32] Financial Metrics and Ratios - The average debt-to-equity ratio of comparable companies is 22.17%, which will inform the company's target capital structure moving forward[37] - The market risk premium is calculated at 7.19%, with the market return at 9.95% and the risk-free rate at 2.76%[38] - The weighted average cost of capital (WACC) is determined to be 10.54% (after tax) and 12.23% (before tax)[39]

Financial Performance - The company's revenue for Q3 2022 was ¥726,235,172.74, a decrease of 3.71% compared to the same period last year, and a year-to-date revenue of ¥2,142,303,223.85, down 19.61% year-on-year [4]. - The net profit attributable to shareholders for Q3 2022 was -¥498,561,000.02, a decline of 704.35%, with a year-to-date net profit of -¥657,077,350.85, down 653.82% compared to the previous year [4]. - Total operating revenue for Q3 2022 was ¥2,142,303,223.85, a decrease of 19.5% compared to ¥2,664,857,342.42 in the same period last year [32]. - The net profit attributable to shareholders of the parent company was a loss of ¥657,077,350.85, compared to a profit of ¥118,644,075.28 in Q3 2021 [33]. - The total comprehensive income for Q3 2022 was a loss of ¥653,480,726.70, compared to a profit of ¥118,082,263.99 in Q3 2021 [33]. - Basic and diluted earnings per share were both -¥1.2720, compared to ¥0.2297 in the same period last year [33]. Assets and Liabilities - The company's total assets decreased by 18.97% from the end of the previous year to ¥3,719,974,274.32 [6]. - The equity attributable to shareholders decreased by 31.30% to ¥1,467,095,585.10 compared to the end of the previous year [6]. - The total current assets decreased from 2.63 billion yuan at the beginning of the year to 2.32 billion yuan by September 30, 2022, reflecting a decline of approximately 11.8% [29]. - The total liabilities decreased from 2.46 billion yuan at the beginning of the year to 2.25 billion yuan, indicating a reduction of about 8.5% [30]. - The non-current assets decreased from 1.96 billion yuan to 1.40 billion yuan, reflecting a reduction of approximately 28.5% [30]. - The company's total assets decreased from 4.59 billion yuan to 3.72 billion yuan, a decline of about 19% [30]. Cash Flow - The net cash flow from operating activities for the year-to-date period was ¥264,277,354.20, an increase of 321.38% compared to the previous year [4]. - Operating cash flow net amount for the first nine months of 2022 was ¥264,277,354.20, a substantial increase of 321.38% from the same period last year, mainly due to reduced payments for material procurement and employee compensation [16]. - The net cash flow from investment activities increased to ¥52,085,724.07, a rise of 137.45%, attributed to decreased expenditures on fixed and intangible assets [16]. - The net cash flow from financing activities decreased to -¥178,282,535.63, a decline of 166.64%, primarily due to reduced borrowing and increased guarantee payments [16]. - The company reported a significant increase in cash and cash equivalents, reaching ¥160,373,673.97, up 1,921.76% compared to the previous year, mainly due to reduced expenditures on operating activities and asset construction [16]. - Cash and cash equivalents at the end of the period increased to ¥731,793,498.34, up from ¥522,555,180.85 at the end of Q3 2021 [38]. Expenses and Impairments - The company recorded a substantial increase in credit impairment losses, amounting to -¥6,250,672.98, reflecting a 32,965.38% change due to provisions for bad debts [14]. - The company reported an asset impairment loss of ¥505,812,456.50, a significant increase of 30,853.35% compared to the previous period, primarily due to goodwill and equipment impairment [15]. - The income tax expense for the period was -¥46,366,300.36, a decrease of 285.95% year-on-year, primarily due to a reduction in total profit [15]. - The company experienced a significant increase in financial expenses, with interest expenses rising to ¥48,396,215.49 from ¥29,361,395.86 in the previous year [32]. - Research and development expenses were ¥91,259,333.62, slightly up from ¥90,192,385.71 in the same period last year [32]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 29,589, with the top ten shareholders holding significant stakes [18]. - The largest shareholder, Norsbel (Hong Kong) Nonwoven Products Co., Ltd., held 9.17% of the shares, amounting to 47,392,045 shares [18]. Strategic Changes - The company plans to divest 100% equity of two subsidiaries to focus on the cosmetics and consumer goods sectors, with two interested parties having submitted their intent to acquire [24]. - The company intends to issue A-shares to a specific individual, which will result in a change of control, as the individual will become the controlling shareholder [25]. Other Financial Metrics - The company experienced a foreign exchange gain of ¥22,293,131.33, a remarkable increase of 2,010.01%, mainly due to fluctuations in the RMB to USD exchange rate [16]. - The investment income increased significantly by 591.40% to ¥288,816.55, attributed to returns from bank financial products [14]. - The company received operating income of ¥571,209.30, an increase of 109.45% from the previous period, mainly due to compensation received during the current period [15]. - The company reported a significant increase in deferred tax assets by 155.40% to ¥76,795,099.40, mainly due to increased unamortized losses and impairment provisions [12].

Financial Performance - The company's operating revenue for the first half of 2022 was ¥1,416,068,051.11, a decrease of 25.89% compared to ¥1,910,672,940.84 in the same period last year[21]. - The net profit attributable to shareholders of the listed company was -¥158,516,350.83, representing a decline of 187.76% from ¥180,627,074.82 in the previous year[21]. - The net profit after deducting non-recurring gains and losses was -¥161,866,961.09, down 191.12% from ¥177,642,817.49 in the same period last year[21]. - The net cash flow from operating activities was ¥76,802,994.95, a decrease of 12.97% compared to ¥88,246,943.97 in the previous year[21]. - The total assets at the end of the reporting period were ¥4,330,771,778.57, down 5.66% from ¥4,590,769,337.03 at the end of the previous year[21]. - The net assets attributable to shareholders of the listed company were ¥1,965,561,687.05, a decrease of 7.96% from ¥2,135,452,390.48 at the end of the previous year[21]. - The basic earnings per share were -¥0.3069, compared to ¥0.3497 in the same period last year, reflecting a decline of 187.76%[21]. - The diluted earnings per share were also -¥0.3069, down 187.76% from ¥0.3497 in the previous year[21]. - The weighted average return on equity was -7.73%, a decrease of 13.36% from 5.63% in the same period last year[21]. - The company achieved operating revenue of 1,416.07 million yuan, a year-on-year decrease of 25.89%[86]. - The net profit attributable to shareholders was -158.52 million yuan, a year-on-year decrease of 187.76%[86]. - The cosmetics subsidiary, Norsbel, reported operating revenue of 957.05 million yuan, down 23.74% year-on-year[87]. - The gross profit margin for Norsbel was 2.58%, a decrease of 14.48 percentage points year-on-year[87]. - The pine oil deep processing business generated operating revenue of 453.79 million yuan, a year-on-year decline of 30.80%[90]. - The gross profit margin for the pine oil deep processing business was 9.12%, down 21.08 percentage points year-on-year[91]. Market Trends and Challenges - The domestic cosmetics market has grown from 204.9 billion RMB in 2015 to 402.6 billion RMB in 2021, with a compound annual growth rate (CAGR) of 11.92%[31]. - In the first half of 2022, the total retail sales of cosmetics in China amounted to 190.5 billion RMB, a year-on-year decline of 2.5%[31]. - The per capita consumption of cosmetics in China was 62.9 USD in 2021, significantly lower than the 260-300 USD in the US, UK, Japan, and South Korea, indicating substantial growth potential[34]. - The cosmetics industry in China is expected to grow at a CAGR of 7.8% from 2022 to 2026, with the market size projected to reach 844.3 billion RMB by 2026[34]. - The implementation of new regulations in the cosmetics industry is expected to increase entry barriers, benefiting companies with stronger R&D and cost control capabilities[36]. - The overall economic recovery in China has been slow, affecting consumer spending and leading to a decline in retail sales of consumer goods[31]. - The cosmetics industry is experiencing intensified competition with the rise of domestic brands and e-commerce, alongside the expansion of international brands into the Chinese market[30]. - The company faces challenges from rising prices of raw materials and packaging due to PPI increases and supply chain adjustments, impacting production and sales[41]. - The company is facing increased competition in both the cosmetics and turpentine deep processing sectors, which could adversely affect market share and sales revenue[137]. Research and Development - The company is committed to continuous innovation and R&D to develop high-quality products that are competitive in the market[54]. - The company reported a significant focus on R&D for new technologies and products, enhancing its competitive edge in the skincare and hygiene markets[62]. - The company has developed over 770 new and stable formulas during the reporting period, with more than 250 formula registrations completed[98]. - Northbell's R&D team consists of over 230 professionals, focusing on innovative product development across various categories, including skincare and masks[96]. - The company has launched multiple new product lines, including a series of nano quick-dissolving essence masks and a premium water lotion series, responding to market trends[97]. - Northbell has obtained 129 patents, including 30 invention patents, enhancing its competitive edge through differentiated product offerings[98]. - The company has established advanced R&D centers and international standard production bases to provide professional cosmetic production services to numerous brands[48]. Production and Operations - The company has expanded its product range to include various hygiene and cleaning products, such as Clinell gamma disinfectant wipes and baby wipes, targeting diverse market segments[59]. - Norsbel's product categories include facial masks, skincare products, wet wipes, and non-woven fabric products, with facial masks being a significant revenue contributor[48][49]. - Norsbel has established a new production line for nano electrospun masks during the reporting period[84]. - Norsbel's production strategy is centered on self-production, supplemented by outsourcing for specific processes like mask fabric printing and sterilization, allowing for high-quality product output[71]. - Northbell operates 55 automatic mask filling and packaging production lines, demonstrating strong manufacturing capabilities to meet large-scale orders[101]. - The company has a diverse customer base, including international brands like Unilever and Procter & Gamble, which supports sustainable growth through reliable orders[93]. Environmental Compliance - The company reported a total wastewater discharge of 2.408 tons, with a chemical oxygen demand concentration of 44.39 mg/L, adhering to the GB8978-1996 Level 4 standard[152]. - The company achieved a total sulfur dioxide emission of 28.15 tons, with a concentration of 98.98 mg/m³ from the flue gas treatment system[152]. - The nitrogen oxides emissions totaled 68.65 tons, with a concentration of 241.33 mg/m³, complying with the GB13271-2014 standard[152]. - The company’s particulate matter emissions were recorded at 4.49 tons, with a concentration of 15.79 mg/m³ from a 60-meter high chimney[152]. - The company has no reported instances of exceeding emission standards during the reporting period[153]. - The company has implemented strict rain and sewage diversion measures, ensuring that production wastewater is collected and treated[157]. - The company has installed online monitoring devices at wastewater and exhaust emission outlets to ensure compliance with environmental standards[158]. - The company has undertaken measures to reduce carbon emissions, including the recovery of condensate water and the introduction of energy-efficient equipment[167]. Strategic Initiatives - The company plans to enhance environmental protection measures in response to stricter regulations, which may increase operational costs[139]. - The company is committed to monitoring exchange rate fluctuations and exploring financial instruments to mitigate risks associated with currency volatility[140]. - The company is constructing a large industrial park with a total area of 98,858.7 square meters for production, office, and R&D purposes[85]. - The company has established a joint laboratory with Fuzhou University and a "production-study-research" cooperation model with Wuyi University to enhance technology development and talent training[103]. - The company is committed to expanding its market presence through strategic partnerships and product diversification, aiming for sustained growth in the competitive landscape[67]. Corporate Governance - The company has fulfilled all commitments made by actual controllers and shareholders during the reporting period[172]. - There are no instances of non-operating fund occupation by controlling shareholders or related parties during the reporting period[173]. - The company has not engaged in any violations regarding external guarantees during the reporting period[174]. - The semi-annual financial report for the company has not been audited[175]. - The company has not engaged in poverty alleviation or rural revitalization efforts during the reporting period[169]. - There are no significant lawsuits or arbitration matters reported during the period, ensuring no major adverse impact on the company's operations[178]. - The company has not distributed cash dividends or issued new shares from capital reserves during the reporting period, indicating a focus on retaining earnings[147].