Financial Performance - The company's revenue for Q1 2022 was ¥687,223,216.02, a decrease of 19.67% compared to ¥855,515,557.93 in the same period last year[3] - The net profit attributable to shareholders was -¥61,195,748.76, representing a decline of 167.17% from ¥91,100,639.47 year-on-year[3] - The basic earnings per share were -¥0.1185, down 167.18% from ¥0.1764 in the previous year[3] - Operating profit for the quarter was a loss of ¥63,532,710.53, compared to a profit of ¥110,544,769.27 in the same period last year[34] - The company reported a comprehensive loss of -61,181,455.24 CNY for Q1 2022, compared to a comprehensive income of 89,471,105.99 CNY in the previous year[35] - The net profit for Q1 2022 was -60,955,836.68 CNY, compared to a net profit of 90,963,314.64 CNY in Q1 2021, indicating a significant loss swing[35] Cash Flow - The net cash flow from operating activities was ¥97,211,444.26, a decrease of 3.54% compared to ¥100,781,347.63 in the same period last year[3] - The net cash flow from investing activities increased by 198.15% to ¥71,238,728.76, primarily due to the redemption of financial products[17] - The net cash flow from financing activities was ¥116,300,940.80, an increase of 281.49% compared to -¥64,080,973.36 in the previous year[17] - The operating cash flow for Q1 2022 was 97,211,444.26 CNY, slightly down from 100,781,347.63 CNY in Q1 2021[37] - The investment activities generated a net cash inflow of 71,238,728.76 CNY in Q1 2022, a recovery from a net outflow of -72,578,284.66 CNY in the same period last year[38] - The financing activities resulted in a net cash inflow of 116,300,940.80 CNY in Q1 2022, compared to a net outflow of -64,080,973.36 CNY in Q1 2021[38] Assets and Liabilities - The total assets at the end of the reporting period were ¥4,521,474,053.25, a decrease of 1.51% from ¥4,590,769,337.03 at the end of the previous year[5] - Current liabilities totaled ¥1,544,223,232.88, down from ¥1,633,216,341.54, indicating a reduction of 5.4%[32] - Non-current liabilities increased to ¥901,070,317.05 from ¥822,126,163.73, marking an increase of 9.6%[32] - The company's cash and cash equivalents included trading financial assets of ¥10,000,000.00, unchanged from the previous period[30] - The cash and cash equivalents at the end of Q1 2022 totaled 855,820,528.53 CNY, an increase from 478,471,576.38 CNY at the end of Q1 2021[38] Shareholder Information - The total number of common shareholders at the end of the reporting period is 31,694[19] - The largest shareholder, Jian Guangjia Enterprise Management Consulting Service Co., Ltd., holds 9.61% of shares, totaling 49,622,557 shares[19] - The second-largest shareholder, Norsbel (Hong Kong) Nonwoven Products Co., Ltd., holds 9.17% of shares, totaling 47,392,045 shares[19] - The company has a total of 42,678,375 restricted shares, with 2,485,416 shares released during the period[25] - The company has a total of 40,192,959 restricted shares remaining after the recent release[25] - The company has not disclosed any information regarding the relationships or concerted actions among the top shareholders[21] Operational Challenges - The company is facing a mandatory relocation due to environmental regulations, affecting its subsidiary, Fujian Nanping Qingsong Chemical Co., Ltd.[26] - The company is actively communicating with relevant authorities regarding the government planning documents and future operational matters[26] - The company will continue to monitor the situation closely and fulfill its disclosure obligations as required by regulations[26] Expenses - Total operating costs increased to ¥759,024,896.92, up 1.8% from ¥746,692,717.18 in the previous period[34] - The company reported a significant increase in financial expenses by 70.26% to ¥15,330,453.81, attributed to higher average loan balances[14] - Research and development expenses rose to ¥26,556,845.90, an increase of 11.6% compared to ¥23,786,420.13 in the previous period[34] - The company reported a net credit impairment loss of ¥6,859,618.04, compared to a gain of ¥614,801.90 in the previous period[34] Other Information - The company's cash and cash equivalents at the end of the reporting period amount to ¥858,343,954.30, an increase from ¥573,943,250.14 at the beginning of the year[28] - The company did not undergo an audit for the Q1 2022 report[39] - The company experienced a decrease in other comprehensive income, with a tax-adjusted net amount of -225,618.56 CNY in Q1 2022, compared to -1,492,208.65 CNY in the previous year[35]

Financial Performance - The company reported a significant decline in annual performance for 2021, with specific reasons and improvement measures detailed in the management discussion section[4]. - The company plans not to distribute cash dividends, issue bonus shares, or increase capital using reserves[5]. - The company has not disclosed specific financial figures or performance metrics in the provided documents, indicating a need for further detailed financial analysis[4]. - The company's operating revenue for 2021 was approximately ¥3.69 billion, a decrease of 4.44% compared to ¥3.86 billion in 2020[21]. - The net profit attributable to shareholders was a loss of approximately ¥911.67 million, a decline of 297.85% from a profit of ¥460.80 million in 2020[21]. - The net cash flow from operating activities was approximately ¥44.20 million, down 94.52% from ¥805.84 million in 2020[21]. - The total assets at the end of 2021 were approximately ¥4.59 billion, a slight decrease of 0.78% from ¥4.63 billion at the end of 2020[21]. - The net assets attributable to shareholders decreased by 31.87% to approximately ¥2.14 billion from ¥3.13 billion in 2020[21]. - The company reported a basic and diluted earnings per share of -¥1.7648 for 2021, compared to ¥0.8920 in 2020[21]. - The company experienced a significant decline in the weighted average return on equity, dropping to -34.70% from 14.86% in 2020[21]. - In Q4 2021, the company reported a net profit loss of approximately ¥1.03 billion, following a loss of ¥61.98 million in Q3[24]. Market and Industry Trends - The cosmetics market in China reached a consumption scale of approximately ¥402.6 billion in 2021, with a year-on-year growth of 14%[35]. - The import value of beauty and personal care products increased by 23.1% in 2021, indicating intensified competition in the domestic cosmetics market[35]. - The cosmetics industry is experiencing short-term pressure due to the pandemic, but the long-term growth trend remains unchanged[38]. - In 2021, over 886,000 cosmetics-related companies were deregistered, marking an 18% year-on-year increase[40]. - The implementation of the Cosmetics Supervision and Administration Regulations on January 1, 2021, has raised the entry barriers for cosmetics manufacturers[39]. - Rising raw material prices, high shipping costs, and increased labor costs are compressing profit margins for cosmetics manufacturers[38]. - The e-commerce channel continues to grow rapidly, driven by the rise of influencer marketing and live streaming, enhancing consumer awareness of cosmetics[45]. - The long-term outlook for the cosmetics industry is positive, supported by the increasing proportion of young consumers and the ongoing upgrade of high-end brand consumption[38]. - The new regulatory environment is expected to accelerate industry consolidation, benefiting companies with strong R&D and cost control capabilities[40]. Company Operations and Structure - The company operates several wholly-owned subsidiaries, including Nosbel Cosmetics and Guangdong Nosbel Health Care, which may contribute to its overall business strategy[13]. - The company has a dedicated investor relations team to handle inquiries and maintain communication with stakeholders[18]. - The company’s annual report is available on the Shenzhen Stock Exchange website and other financial media platforms[19]. - The company has not reported any changes in its registered address, suggesting stability in its operational location[17]. - The company remains a leading player in the domestic pine oil deep processing industry, with a focus on synthetic camphor and related products[49]. - The cosmetics business is primarily operated by the subsidiary Norsbel, which is one of the largest comprehensive cosmetics manufacturers in China, focusing on ODM services for brand owners[52]. - The company has established a stable procurement network for raw materials, particularly for turpentine, to reduce costs and supply risks[76]. - The company has a strong customer loyalty, built through years of professional expertise and stable partnerships with well-known brands[75]. - The company has established strong partnerships with universities and research institutions to enhance its technology innovation capabilities[96]. Research and Development - The company is committed to continuous innovation and development of competitive products for its clients, enhancing market presence[60]. - Norsbel has a professional R&D team of over 290 people, with 99 patents held as of the reporting period[95]. - The company is developing new cosmetic products using recombinant proteins, which have shown significant efficacy in skin repair during internal testing[147]. - The company has implemented a new high-pressure micro-injection technology for the development of nano-liquid crystal carriers, enhancing product efficacy and stability[147]. - The company is focused on developing innovative cosmetic products with significant whitening effects using electrospun nanofibers[148]. - The company’s R&D investment in 2021 amounted to ¥124,233,355.99, representing 3.36% of total revenue, an increase from 3.20% in 2020[150]. - The company increased its R&D personnel from 336 in 2020 to 369 in 2021, representing a growth of 9.82%[149]. - The proportion of R&D personnel in the company rose from 4.25% in 2020 to 5.44% in 2021, an increase of 1.19%[149]. Financial Challenges and Risks - The company is facing potential risks in future operations, which are elaborated in the management discussion section[4]. - The company reported a goodwill impairment of RMB 913.43 million due to the acquisition of 90% of Norsbel, significantly affecting annual operating performance[198]. - The company faces risks from fluctuating raw material prices, particularly in the cosmetics sector, which could impact profit margins if costs cannot be passed to customers[190]. - The company has established a data analysis team to quickly respond to market trends and consumer changes, utilizing a million-data system for product selection decisions[104]. - The company has a long-term foreign trade operator registration, ensuring compliance with international trade regulations[100]. Production and Manufacturing - The company has a strong manufacturing capability with 43 sets of vacuum emulsification equipment and 55 automatic filling and packaging production lines, enhancing production efficiency[113]. - The company emphasizes quality control, ensuring that each batch of products undergoes rigorous quality inspections before being stored or sold[77]. - The company has completed the expansion project for Norsbel, adding 14 skincare production lines with an annual capacity of 9,470 tons, and 39 wet wipe production lines with an annual capacity of 19.2 billion pieces[86]. - The synthetic camphor expansion project has been completed, with an annual production capacity of 5,000 tons[90]. - The company has implemented a strict quality control system, achieving multiple management system certifications including ISO9001 and ISO14001[111]. Strategic Goals and Future Plans - The company aims to strengthen its market position through product diversification and strategic partnerships in the cosmetics industry[60]. - The company plans to extend its industrial chain and leverage its chemical industry foundation to tap into the vast market potential of the cosmetics sector[176]. - The company aims to drive product innovation through strong R&D capabilities and advanced production processes to create new profit growth points[176]. - The company aims to become an international first-class cosmetics manufacturing service provider, focusing on customer needs and increasing R&D investment for new product development[179]. - The company will strengthen its core technology innovation and increase R&D and technological transformation investments to improve industry competitiveness[184]. - The company will actively explore the cosmetics industry chain through team integration, project investment, and external mergers and acquisitions[185].

Financial Performance - The company's revenue for Q3 2021 was ¥754,184,401.58, a decrease of 21.29% compared to the same period last year[3] - The net profit attributable to shareholders was -¥61,982,999.54, representing a decline of 147.00% year-on-year[3] - The net profit after deducting non-recurring gains and losses was -¥63,498,933.20, down 154.54% from the previous year[3] - Total operating revenue for Q3 2021 was ¥2,664,857,342.42, a decrease of 3.2% compared to ¥2,753,191,063.39 in Q3 2020[24] - Net profit for Q3 2021 was ¥118,474,762.52, down 67.6% from ¥365,567,356.04 in Q3 2020[26] - Earnings per share (EPS) for Q3 2021 was ¥0.2297, compared to ¥0.6928 in Q3 2020[26] Cash Flow - The cash flow from operating activities was -¥119,379,420.37, a decline of 114.96% year-to-date[3] - The net cash flow from operating activities decreased by 114.96% to -119,379,420.37 RMB compared to the same period last year, primarily due to reduced cash receipts from sales and increased procurement costs[13] - The net cash flow from investing activities improved by 80.51%, amounting to -139,069,002.22 RMB, mainly due to a decrease in external investments[13] - The net cash flow from financing activities increased significantly by 202.63% to 267,547,983.85 RMB, primarily due to new bank loans[13] - The total cash and cash equivalents increased by 104.40% to 7,932,387.97 RMB, mainly driven by the new bank loans[13] Assets and Liabilities - The total assets at the end of the reporting period were ¥5,316,848,460.64, an increase of 14.92% compared to the end of the previous year[4] - Total assets increased to ¥5,316,848,460.64, up from ¥4,626,651,433.40 year-over-year[22] - Total liabilities rose to ¥2,150,254,024.22, compared to ¥1,491,524,339.66 in the same period last year[22] - Total current assets reached 2,565,653,653.85 RMB, up from 2,161,521,929.71 RMB, showing a growth of about 18.7%[20] - Fixed assets increased to 681,706,128.51 RMB from 646,768,900.63 RMB, indicating a growth of approximately 5.4%[20] Inventory and Borrowings - Inventory increased by 56.59% to ¥1,170,459,572.22 due to rising procurement costs and delayed shipments from overseas customers[9] - Short-term borrowings rose by 142.59% to ¥419,695,598.18 to supplement working capital[9] - Inventory increased significantly to 1,170,459,572.22 RMB from 747,463,316.61 RMB, reflecting a growth of approximately 56.5%[20] Expenses - The company reported a significant increase in sales expenses, which decreased by 46.82% to ¥44,211,213.42 due to reclassification of transportation costs[11] - Total operating costs increased to ¥2,525,489,079.44, up 7.4% from ¥2,350,036,129.21 in the previous year[25] - Research and development expenses for Q3 2021 were ¥90,192,385.71, slightly up from ¥85,156,321.33 in Q3 2020[25] - The company reported a decrease in sales expenses to ¥44,211,213.42 from ¥83,131,136.03 in the previous year[25] Other Information - The company received government subsidies amounting to ¥4,401,461.50 during the reporting period, contributing to other income[5] - The company has not disclosed any new product developments or market expansion strategies in the current report[16] - The company has not undergone an audit for the third quarter report[39] - Minority interests were recorded at CNY 721,336.32, remaining unchanged from the previous period[38]

Financial Performance - The company's operating revenue for the first half of 2021 was ¥1,910,672,940.84, representing a 6.45% increase compared to ¥1,794,972,434.24 in the same period last year[22]. - The net profit attributable to shareholders of the listed company decreased by 20.08% to ¥180,627,074.82 from ¥226,019,516.29 in the previous year[22]. - The net cash flow from operating activities significantly dropped by 83.81%, amounting to ¥88,246,943.97 compared to ¥545,148,138.24 in the same period last year[22]. - Basic earnings per share decreased by 20.07% to ¥0.3497 from ¥0.4375 in the previous year[22]. - Total assets at the end of the reporting period were ¥4,839,987,755.14, an increase of 4.61% from ¥4,626,651,433.40 at the end of the previous year[22]. - The net assets attributable to shareholders of the listed company increased by 2.90% to ¥3,225,406,227.30 from ¥3,134,405,757.42 at the end of the previous year[22]. - The weighted average return on net assets decreased to 5.63% from 7.33% in the previous year, a decline of 1.70%[22]. - The company reported a total of ¥2,984,257.33 in non-recurring gains and losses during the reporting period[26]. - The company achieved a significant reduction in sales expenses, which decreased by 38.89% to ¥31,271,752.62, due to a reclassification of transportation costs[105]. - The company reported a significant increase in financial expenses by 81.70% to ¥22,702,083.82, mainly due to changes in leasing standards and foreign exchange losses[105]. Business Segments - The company operates primarily in two business segments: cosmetics design, R&D, and manufacturing, and deep processing of turpentine products[30]. - The cosmetics segment is mainly driven by its wholly-owned subsidiary, Norsbel, which focuses on masks, skincare products, and wet wipes[31]. - The cosmetics segment generated operating revenue of CNY 1,254.93 million, up 9.18% year-on-year, but operating profit fell by 52.97%[87]. - The deep processing business of turpentine achieved operating revenue of CNY 655.75 million, a growth of 1.57% year-on-year, with a gross margin of 30.20%, down 2.24%[90]. Market Trends - The skincare market in China saw a 6.58% year-on-year growth in 2020, with skincare products holding a 51.12% market share[34]. - The cosmetics market in China has grown from 204.9 billion RMB in 2015 to 340 billion RMB in 2020, with a compound annual growth rate (CAGR) of approximately 8.81%[68]. - In the first half of 2021, the retail sales of cosmetics in China reached 191.7 billion RMB, representing a year-on-year growth of 26.6%[68]. - The cosmetics industry in China is experiencing a significant increase in consumer spending on personal care, driven by rising income levels and heightened awareness of skincare[74]. - The retail channel for cosmetics has rapidly developed, with a notable increase in online penetration due to the rise of e-commerce platforms[72]. R&D and Innovation - The company has advanced R&D centers and international standard production bases to support its product offerings[36]. - The company’s R&D team consists of over 280 members, and it developed more than 700 new formulas during the reporting period, focusing on various textures, effects, and cost gradients[97]. - The company has established multiple joint R&D centers with universities, including a partnership with Jinan University and Zhejiang University, to enhance innovation in product development[96]. - The company has a total of 77 patents, including 24 invention patents and 42 utility model patents, with 1 new invention patent and 11 utility model patents added during the reporting period[97]. - Norsbel continues to innovate and develop competitive products for its downstream clients, enhancing its market position[42]. Production and Quality Control - The production of high-quality masks, skincare products, and wet wipes is primarily conducted in-house, supplemented by outsourced processes for specific tasks[56]. - The company emphasizes strict procurement management to ensure the quality of raw materials, which significantly impacts the quality of cosmetic products[55]. - The company has established a comprehensive quality control system, certified by multiple international standards, ensuring high product quality throughout the production process[98]. - The company has a strong production capacity with 40 sets of vacuum emulsification equipment and 55 automatic mask filling and packaging production lines, among others[99]. - The company emphasizes production safety and quality control, ensuring that each batch of products meets rigorous inspection standards before being released for sale[62]. Environmental Responsibility - The company is classified as a key pollutant discharge unit by environmental protection authorities[149]. - The wastewater treatment station of Longsheng Fragrance has a daily processing capacity of 1,000 tons, handling approximately 500 tons of wastewater per day during the reporting period[155]. - The company has signed an agreement with Longsheng Fragrance to ensure that the daily wastewater discharge from Qingsong Chemical does not exceed 500 tons, which is processed and discharged after treatment[155]. - The company has implemented strict rainwater and sewage separation measures across its facilities to enhance wastewater management[155]. - The company has established emergency response plans for environmental incidents, ensuring preparedness for hazardous material leaks and other emergencies[163]. Strategic Initiatives - The company plans not to distribute cash dividends or issue bonus shares[6]. - The company is actively investing in R&D to adapt to new regulations in the cosmetics industry, enhancing customer loyalty[87]. - The company plans to adjust its industrial structure and strengthen R&D innovation to maintain stable and high-quality development amid external economic challenges[131]. - The company has developed a multi-channel sales model, achieving certifications in major global markets including the USA, EU, and Japan[63]. - The company has established long-term partnerships with over 30 global raw material suppliers, ensuring stable supply and quality[93]. Risks and Challenges - The company faces potential risks in its future operations, which are detailed in the report[5]. - The company’s cosmetics business is facing increased competition due to the rapid growth of the industry, which may impact its market share and operational performance[134]. - The company’s products are subject to quality control risks, particularly in the cosmetics sector, which could lead to consumer complaints and affect brand reputation[135]. - The company faces goodwill impairment risks related to its acquisition of 90% of Nosber, which could negatively impact future financial performance if market conditions worsen[139]. - The company is actively monitoring raw material price fluctuations, particularly for turpentine, which is critical for its deep processing business[132].

Financial Performance - The company's operating revenue for Q1 2021 was ¥855,515,557.93, representing a 20.69% increase compared to ¥708,867,361.15 in the same period last year[7]. - The net profit attributable to shareholders for Q1 2021 was ¥91,100,639.47, an increase of 8.77% from ¥83,754,720.52 in the previous year[7]. - The basic earnings per share for Q1 2021 was ¥0.1764, up 8.82% from ¥0.1621 in the previous year[7]. - The total operating revenue for Q1 2021 was CNY 855,515,557.93, an increase of 20.7% compared to CNY 708,867,361.15 in the same period last year[53]. - The net profit attributable to shareholders was 91.10 million yuan, an increase of 8.77% compared to the previous year[23]. - The total profit for the quarter was CNY 109,485,928.93, compared to CNY 108,009,025.69 in the same period last year, reflecting a growth of 1.4%[54]. - The total comprehensive income attributable to shareholders of the parent company was CNY 89,632,003.46, compared to CNY 84,214,946.43 in the previous year, indicating a growth of 6.4%[55]. Cash Flow and Liquidity - The net cash flow from operating activities decreased by 50.13%, amounting to ¥100,781,347.63 compared to ¥202,075,951.46 in the same period last year[7]. - The net cash flow from operating activities was 100,781,347.63, a decrease of 50.2% compared to 2020's 202,075,951.46[61]. - As of March 31, 2021, the company's cash and cash equivalents decreased to CNY 478.47 million from CNY 514.62 million at the end of 2020, indicating a decline in liquidity[45]. - The cash and cash equivalents at the end of the period were 478,471,576.38, down from 705,610,237.08 in the previous year[62]. - The company reported a decrease in cash inflow from sales of goods and services to 167,711,362.50, down from 226,399,847.26 in the previous year[64]. Assets and Liabilities - Total assets at the end of the reporting period were ¥4,871,790,305.32, a 5.30% increase from ¥4,626,651,433.40 at the end of the previous year[7]. - Current liabilities amounted to CNY 1,078,301,319.73, an increase from CNY 1,012,000,071.99, representing a rise of 6.5%[47]. - Total liabilities increased to CNY 1,644,158,252.27 from CNY 1,491,524,339.66, indicating a growth of 10.2%[47]. - The company's equity attributable to shareholders reached CNY 3,227,071,614.20, up from CNY 3,134,405,757.42, reflecting a growth of 3%[48]. - The total current assets amounted to 2,161,521,929.71, with total assets reaching 4,626,651,433.40[68]. Expenses and Investments - The management expenses rose to 44.89 million yuan, a 30.61% increase due to higher leasing costs and employee salaries[18]. - R&D expenses increased by 38.88% to 23.79 million yuan, reflecting the company's commitment to innovation[18]. - The net cash flow from investing activities was -72.58 million yuan, a 155.57% increase, attributed to investments in long-term assets[20]. - The company incurred a cash outflow of 101,000,000.00 for debt repayment, slightly lower than 106,630,500.00 in the previous year[65]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 15,787[11]. - The largest shareholder, Ji'an Guangjia Enterprise Management Consulting Service Co., Ltd., held 9.61% of the shares, totaling 49,622,557 shares[11]. - The company did not engage in any repurchase transactions during the reporting period[12]. Risks and Challenges - The company faces significant risks from fluctuations in the price of turpentine, which is a key raw material for its deep processing business, potentially impacting gross margins and overall performance[29]. - The cosmetics industry is experiencing rising raw material prices, with non-woven fabric facing supply shortages, which could affect the company's gross margins if costs cannot be passed on to customers[29]. - The company is exposed to intensified competition in the cosmetics sector due to the rapid growth of the market, which may lead to a loss of major clients if it fails to meet their demands in product formulation and quality control[30]. - The company reported a net foreign exchange loss of CNY 14,500 due to fluctuations in the RMB/USD exchange rate, indicating potential risks from currency volatility in future periods[34]. - The company has a goodwill impairment risk associated with its acquisition of 90% of Nosber, which may negatively impact future earnings if market conditions worsen[35]. Strategic Initiatives - The company established a new R&D center in Hangzhou to enhance product development capabilities[28]. - The company plans to strengthen cost control and improve operational efficiency in response to macroeconomic challenges[28]. - The company plans to enhance its environmental protection investments to comply with stricter national standards, which may increase operational costs[33]. - The company is actively monitoring exchange rate changes and exploring financial tools to mitigate risks associated with currency fluctuations[34].

Financial Performance - The company reported a total revenue of RMB 1.2 billion for the year 2020, representing a year-on-year increase of 15% compared to 2019[13] - The net profit attributable to shareholders was RMB 150 million, which is a 10% increase from the previous year[13] - The company's operating revenue for 2020 was ¥3,864,762,214.77, representing a 32.90% increase compared to ¥2,908,117,124.29 in 2019[19] - The net profit attributable to shareholders for 2020 was ¥460,795,675.21, a slight increase of 1.68% from ¥453,164,927.98 in 2019[19] - The net cash flow from operating activities reached ¥805,835,598.05, a 19.17% increase from ¥676,232,559.28 in 2019[19] - The total assets at the end of 2020 were ¥4,626,651,433.40, a decrease of 0.61% from ¥4,655,029,425.44 at the end of 2019[19] - The company's net assets attributable to shareholders increased by 3.51% to ¥3,134,405,757.42 from ¥3,028,018,489.77 in 2019[19] - The company reported a significant focus on product quality, with all batches undergoing rigorous quality inspections before being approved for sale[57] - The company reported a net profit for the period, resulting in retained earnings of ¥1.32 billion, which is 28.55% of total assets, an increase of 8.27% from the previous year[162] Dividends and Shareholder Returns - The company plans to distribute a cash dividend of RMB 1.8 per 10 shares, totaling approximately RMB 93 million[5] - The company distributed a cash dividend of RMB 1.35 per share, totaling RMB 69.74 million, based on a total share capital of 516,580,886 shares, reflecting its commitment to shareholder returns[198] - The company has established a three-year shareholder return plan for 2021-2023, indicating a strategic focus on enhancing shareholder value while balancing operational needs[199] Market Expansion and Strategy - The company is focusing on expanding its market presence in Southeast Asia, targeting a 25% growth in that region for 2021[13] - The company aims for a revenue growth target of 20% for the fiscal year 2021, driven by new product launches and market expansion strategies[13] - The company emphasizes a multi-channel sales strategy, with a focus on both domestic and international markets, ensuring a diversified customer base and reduced concentration risk[58] - The company has established a stable customer base in major global markets, including the US, EU, and Japan, through years of market expansion efforts[58] Product Development and Innovation - New product development includes the launch of a new line of eco-friendly chemical products, expected to contribute an additional RMB 200 million in revenue in 2021[13] - The company has allocated RMB 50 million for research and development in new technologies for sustainable production methods[13] - The company emphasizes innovation and R&D, developing competitive and patented products for downstream partners, enhancing market competitiveness[51] - The company has launched several new skincare products, including the "Natural Hall·Himalaya Elasticity Mask" and "Mascot Hyaluronic Acid Gel Mask," which feature advanced ingredients like collagen and hyaluronic acid for enhanced skin nourishment[52] - The company is developing sustainable cosmetic products, including effective plant extracts and innovative formulations[152] - The company completed the research on the catalyst process for umbrella hydrocarbons, which reduced production energy consumption and costs while significantly improving production efficiency[151] Acquisitions and Mergers - The company completed the acquisition of 90% of Norsbel Cosmetics Co., Ltd. in April 2019, expanding into the cosmetics manufacturing sector[28] - The company acquired 10% of its subsidiary's shares for a total price of RMB 430 million, completing the transaction in June 2020, resulting in 100% ownership[111] - The company transferred 100% equity of Longsheng Fragrance and Qingsong Logistics for a total of RMB 107.36 million, completing the transfer in September 2020[113] Risks and Challenges - The management highlighted potential risks including raw material price fluctuations and regulatory changes, which could impact future performance[5] - The company acknowledges risks from macroeconomic changes and the impact of the COVID-19 pandemic on its operations, committing to adapt its industrial structure accordingly[187] - The company faced significant risks related to raw material procurement, particularly with turpentine, which has experienced substantial price fluctuations due to factors like supply and demand dynamics[189] - The cosmetics industry is witnessing increased competition, with more contract manufacturers entering the market, which could impact the company's market share if it fails to meet customer demands in areas such as product formulation and delivery times[190] Research and Development - The company has a professional R&D team of over 250 people dedicated to new product development, resulting in a total of 59 patents in the cosmetics sector[120] - The company applied for 61 patents in 2020, receiving authorization for 29 patents, including 5 invention patents and 20 utility model patents[147] - Research and development expenses for 2020 amounted to ¥123,766,699.26, reflecting an 18.50% increase compared to the previous year, primarily due to the longer consolidation period of North Bell[146] Production and Capacity - The company expanded its production capacity by acquiring 13 sets of disposable medical mask production lines and 2 sets of KN95 mask production lines during the pandemic[100] - The design capacity for the mask series is 1.965 billion pieces, with a capacity utilization rate of 41.03%[120] - The investment in the synthetic camphor series is nearly complete, with a design capacity of 31,710 tons and a capacity utilization rate of 86%[120] Environmental and Regulatory Compliance - The company has implemented measures to mitigate environmental risks, ensuring compliance with local regulations and maintaining operational standards to avoid penalties[192] - The company’s environmental and safety certifications are valid and have renewal conditions, ensuring ongoing compliance with regulatory standards[122]

福建青松股份有限公司 2020 年第三季度报告全文 福建青松股份有限公司 2020 年第三季度报告 2020-090 2020 年 10 月 1 福建青松股份有限公司 2020 年第三季度报告全文 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人李勇、主管会计工作负责人汪玉聪及会计机构负责人(会计主管 人员)杨仁群声明：保证季度报告中财务报表的真实、准确、完整。 2 福建青松股份有限公司 2020 年第三季度报告全文 第二节 公司基本情况 一、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期末 | 上年度末 | | 本报告期末比上年度末增减 | | --- | --- | --- | --- | --- | | 总资产（元） | 4,332,692,116.25 | 4,655,029,425.44 | | -6.92% | | 归属于上市公司股东的净资产（元） | 3,023,39 ...

Financial Performance - The company's operating revenue for the first half of 2020 was ¥1,794,972,434.24, representing a 70.83% increase compared to ¥1,050,750,606.51 in the same period last year[19]. - The net profit attributable to shareholders of the listed company was ¥226,019,516.29, a 4.04% increase from ¥217,237,250.65 in the previous year[19]. - The net cash flow from operating activities reached ¥545,148,138.24, marking a significant increase of 220.01% compared to ¥170,352,276.36 in the same period last year[19]. - The total assets at the end of the reporting period were ¥4,507,208,793.79, a decrease of 3.18% from ¥4,655,029,425.44 at the end of the previous year[19]. - The net assets attributable to shareholders of the listed company decreased by 4.42% to ¥2,894,219,011.57 from ¥3,028,018,489.77 at the end of the previous year[19]. - Basic earnings per share were ¥0.4375, down 13.50% from ¥0.5058 in the same period last year[19]. - The weighted average return on net assets was 7.33%, a decrease of 5.44% compared to 12.77% in the previous year[19]. - The company reported a total of ¥2,712,137.22 in non-recurring gains and losses during the reporting period[23]. - The company achieved operating revenue of 1,794.97 million yuan, a year-on-year increase of 70.83%[53]. - The net profit attributable to shareholders was 226.02 million yuan, reflecting a year-on-year growth of 4.04%[53]. Acquisitions and Business Expansion - The company completed the acquisition of 100% of North Bell by purchasing the remaining 10% shares through its wholly-owned subsidiary, Guangdong Lingbo[26]. - The company completed the acquisition of the remaining 10% stake in Norsbel, achieving 100% performance consolidation since June 2020[53]. - The company is focused on expanding its market presence through strategic acquisitions and product diversification[26]. - The company aims to enhance its product offerings with advanced technologies and innovative designs in the cosmetics sector[31]. - The company is considering strategic acquisitions to bolster its market position, with potential targets identified in the tech sector[145]. Product Lines and Innovations - The main business involves the research, production, and sales of deep-processed turpentine products, including synthetic camphor and fine chemical products[27]. - North Bell specializes in the design, research, and manufacturing of cosmetics, including masks, skincare products, and wet wipes, with a strong R&D center and international standard production base[31]. - The mask product line has a significant revenue share and includes various types such as silk masks, ultra-fine fiber masks, and hydrogel masks[32]. - The skincare product line encompasses cleansing, base makeup, and special care products, contributing to the company's diverse offerings[33]. - The wet wipes product line includes hygiene wipes, baby wipes, and beauty wipes, catering to various consumer needs[34]. - The company launched over 150 new products annually, with a focus on clean beauty and innovative formulations[83]. - The company holds a total of 118 patents, including 32 invention patents, enhancing its competitive edge in the market[95]. Market Trends and Consumer Behavior - The cosmetics retail market in China reached 147.7 billion yuan in the first half of 2020, with a decline of only 0.2% year-on-year, significantly lower than the overall retail sales decline of 11.4%[61]. - Consumer awareness of personal grooming and skincare is increasing, driving demand for cosmetics and skincare products[66]. - The cosmetics industry is experiencing a shift towards stricter regulations, which is expected to benefit larger manufacturers with quality management advantages[63]. - The rise of new retail channels and e-commerce has provided strong support for the cosmetics industry's growth[64]. Risk Management and Compliance - The company has outlined potential risks and countermeasures in its report, emphasizing the importance of investor awareness regarding these factors[5]. - The company faces risks from macroeconomic changes and the impact of COVID-19 on its operations, necessitating adjustments in its industrial structure[124]. - Fluctuations in the price of turpentine, a key raw material, could significantly affect the company's gross profit margin[125]. - The company acknowledges the risk of goodwill impairment due to potential declines in product gross margins from increased market competition[134]. - The company is committed to maintaining transparency and integrity in its operations, avoiding any actions that could be detrimental to its stakeholders[143]. Environmental and Sustainability Efforts - The company has invested in environmental protection measures, including online monitoring devices for wastewater and waste gas emissions to ensure compliance with standards[195]. - The company’s wastewater treatment process includes advanced technologies such as MBR (Membrane Bioreactor) and Fenton reaction, ensuring treated water meets municipal discharge standards[197]. - The company has implemented a new production line that will increase the annual output of blister packs by 110.8 million units and freeze-dried masks by 30 million units[200]. - The company is committed to reducing carbon emissions by 15% over the next three years[166]. Governance and Shareholder Commitments - The board of directors will consist of 9 members, including 6 non-independent directors and 3 independent directors, maintaining a balanced governance structure[143]. - The company has committed to not engaging in any business that may compete with its own operations, ensuring no conflicts of interest arise post-transaction completion[142]. - The company has confirmed that it will not engage in any actions that would lead to a change in control of the listed company through proxies or agreements[163]. - The company has established a commitment to ensure that its operations will not be adversely affected by any legal issues related to its properties[162]. - The company has committed to a lock-up period for 8,382,102 shares, which will last for 12 months post-listing[168].

Financial Performance - Total revenue for Q1 2020 reached ¥708,867,361.15, representing a 113.86% increase compared to ¥331,468,528.80 in the same period last year[7] - Net profit attributable to shareholders was ¥83,754,720.52, a 2.82% increase from ¥81,458,669.76 year-on-year[7] - Basic earnings per share decreased by 23.21% to ¥0.1621 from ¥0.2111 in the same period last year[7] - The company achieved operating revenue of CNY 708.87 million, a year-on-year increase of 113.86%, primarily due to the consolidation of Norsbel into the financial statements[18] - The company reported a net profit attributable to shareholders of CNY 83.75 million, a year-on-year growth of 2.82%[23] - Net profit for Q1 2020 reached CNY 86,152,742.70, up from CNY 81,458,669.76 in Q1 2019, indicating a growth of 5.2%[56] - The total comprehensive income for Q1 2020 was CNY 86,584,285.69, compared to CNY 81,039,598.70 in Q1 2019, an increase of 6.8%[56] Cash Flow - Net cash flow from operating activities surged to ¥202,075,951.46, a significant increase of 3,920.27% compared to a negative cash flow of ¥5,289,577.24 in the previous year[7] - Operating cash inflow for the current period reached ¥833,692,818.87, a significant increase from ¥301,862,942.01 in the previous period, representing a growth of approximately 176%[61] - Cash outflow from investing activities totaled ¥318,730,536.08, with cash inflow from investment activities at ¥290,331,703.65, resulting in a net cash flow of -¥28,398,832.43[62] - Cash flow from financing activities showed a net outflow of -¥116,139,878.80, compared to a net inflow of ¥2,142,526.95 in the previous period, reflecting increased debt repayments[63] - The company reported a significant increase in cash flow from tax refunds, totaling ¥18,176,937.88 compared to ¥14,336,892.48 in the previous period, indicating better tax management[61] Assets and Liabilities - Total assets at the end of the reporting period were ¥4,509,854,624.56, down 3.12% from ¥4,655,029,425.44 at the end of the previous year[7] - Total liabilities decreased from ¥1,496,519,942.16 to ¥1,263,959,365.98, a decrease of approximately 15.6%[48] - Short-term borrowings decreased by 50.34% to CNY 105.14 million, primarily due to loan repayments during the period[16] - The total liabilities as of the end of Q1 2020 amounted to CNY 917,788,316.92, compared to CNY 1,066,175,379.69 at the end of the previous year, showing a reduction of 14%[55] - The company's equity attributable to shareholders increased from ¥3,028,018,489.77 to ¥3,113,034,925.80, an increase of approximately 2.8%[49] Operational Efficiency - The company effectively implemented its annual business plan during the reporting period, enhancing operational efficiency through refined management and cost control measures[28] - The company faced delays in overall resumption of work due to the COVID-19 pandemic, impacting production and sales; however, Norsbel adapted by producing medical masks to meet demand[28] - The company’s accounts receivable financing decreased by 30.03% to CNY 52.32 million, mainly due to the maturity and endorsement transfer of bank acceptance bills[16] - Payments to employees increased significantly to ¥105,705,052.14 from ¥17,242,351.55, reflecting a strategic investment in human resources[62] Market and Economic Conditions - The cosmetics market is sensitive to fluctuations in consumer income, and a slowdown in the macro economy could negatively impact demand for skincare products, affecting Norsbel's orders[30] - The price volatility of turpentine, a key raw material for the deep processing business, poses a risk to the company's operating performance; the company plans to analyze and adjust turpentine reserves accordingly[28] - Norsbel's performance is contingent on achieving a net profit of no less than CNY 200 million for 2018 and a cumulative net profit of CNY 728 million for 2018-2020, with uncertainty regarding future performance due to market conditions[36] Compliance and Environmental Risks - The company is committed to enhancing environmental compliance and has obtained necessary permits, but faces risks related to potential environmental violations[32] - The ongoing COVID-19 pandemic may affect the company's operations and supply chain, prompting proactive measures to ensure business continuity[38] Shareholder Information - The top ten shareholders held a combined 56.73% of the company's shares, with the largest shareholder owning 9.61%[11] - The company did not engage in any repurchase transactions during the reporting period[12] - There were no significant changes in the classification of non-recurring gains and losses during the reporting period[9]

Financial Performance - The company's operating revenue for 2019 was CNY 2,908,117,124.29, representing a 104.57% increase compared to CNY 1,421,571,069.40 in 2018[19] - The net profit attributable to shareholders of the listed company was CNY 453,164,927.98, an increase of 13.19% from CNY 400,352,718.46 in the previous year[19] - The net cash flow from operating activities reached CNY 676,232,559.28, a significant increase of 1,388.59% compared to CNY 45,427,619.59 in 2018[19] - The total assets of the company at the end of 2019 were CNY 4,655,029,425.44, a 217.83% increase from CNY 1,464,609,217.83 at the end of 2018[20] - The net assets attributable to shareholders of the listed company were CNY 3,028,018,489.77, up 172.84% from CNY 1,109,822,681.69 in 2018[20] - The basic earnings per share for 2019 were CNY 0.9580, a decrease of 7.65% from CNY 1.0374 in the previous year[20] - The weighted average return on equity was 19.62%, down 24.02% from 43.64% in 2018[20] Acquisition and Expansion - The company completed the acquisition of 90% of Norsbel Cosmetics Co., Ltd. on April 24, 2019, expanding into the design, research, and manufacturing of cosmetics[30] - The company completed the acquisition of 90% of Nobell's shares for a total consideration of CNY 243,000 million, with CNY 151,044 million paid in shares and CNY 91,956 million in cash[97] - The company completed the acquisition of 90% of Norsbel, which contributed to the cosmetics segment's revenue and production data from May to December 2019[122] - Northbell has become the largest mask production enterprise in China, focusing on ODM cooperation with domestic and international cosmetic brands[71] Product Development and R&D - The company has established an advanced R&D center and international standard production base to support its cosmetics business expansion[35] - The company has developed a new Tencel mask in collaboration with Lenzing AG, significantly impacting the domestic mask market[83] - The company has established a cosmetics efficacy testing laboratory to support the development of efficacy-based cosmetics[137] - The company is focusing on enhancing its research and development capabilities to improve product technology and brand advantages[109] - The company has introduced advanced testing methods and equipment to ensure product stability and quality, enhancing its R&D capabilities[84] Sales and Marketing - The company employs a multi-channel sales strategy, enhancing sales capabilities through a well-experienced marketing team targeting both domestic and international markets[48] - The company has diversified its sales models to include domestic sales, indirect exports, and self-operated exports, reducing reliance on specific markets[49] - The company intends to implement targeted marketing strategies to consolidate existing customer relationships and promote new products[174] Risk Management - The company has outlined potential risks and corresponding countermeasures in its future development outlook section[5] - The company faces risks related to fluctuations in raw material prices, particularly for camphor, which could impact operational performance[176] - The company is at risk of losing tax incentives due to the expiration of its high-tech enterprise certification[177] - Product quality control risks could arise from raw material issues or production process irregularities, potentially harming brand reputation[180] Cash Dividends - The company plans to distribute a cash dividend of CNY 1.35 per 10 shares, totaling CNY 69,000,000.00 based on 516,580,886 shares[4] - The company has established a cash dividend policy that requires a minimum of 20% of profits to be distributed as cash dividends during its growth phase[193] - The cash dividend for 2019 represents 15.39% of the net profit attributable to ordinary shareholders, which was RMB 453,164,927.98[199] - The company has consistently paid cash dividends over the past three years, with increasing amounts in 2019 compared to previous years[198] Compliance and Quality Control - The company emphasizes quality control, ensuring that each batch of products passes rigorous quality inspections before being released for sale[46] - The company has implemented a strict quality control system, achieving certifications such as ISO9001 and ISO13485[86] - The company has committed to maintaining environmental compliance, having passed local environmental assessments and obtained discharge permits for its production projects[181] Financial Position and Assets - The goodwill from the acquisition of Norsbel amounted to ¥1.37 billion, constituting 29.35% of total assets[153] - The company's capital reserve increased significantly to ¥1.45 billion, accounting for 31.25% of total assets, due to the consolidation of Norsbel[152] - The company reported a significant increase in accounts payable to ¥380.12 million, which is 8.17% of total assets, attributed to the consolidation of Norsbel[152] Market Trends - The cosmetics market in China reached a total retail sales of CNY 299.2 billion in 2019, growing by 12.6% year-on-year[62] - The cosmetics industry is experiencing a shift towards larger, quality-focused manufacturers due to increased regulatory standards, benefiting the company[63] - The cosmetics industry is characterized by low cyclical volatility, with demand closely linked to household income levels and consumer attitudes[68]