Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Views - The company has shown signs of a performance turnaround, with expectations for accelerated momentum in 2025 [1] - The company reported a revenue of 1.94 billion yuan in 2024, a slight decline of 1.5% year-on-year, but achieved a net profit of 55 million yuan, marking a return to profitability [6] - In Q1 2025, the company generated revenue of 419 million yuan, a year-on-year increase of 10.2%, and a net profit of 1.91 million yuan, also returning to profitability [6] - The gross margin improved significantly, with a gross margin of 17.4% in 2024, up 5.4 percentage points year-on-year, and a net margin of 2.7%, up 6.2 percentage points [6] - The company aims to become a leading international cosmetics manufacturing service provider, focusing on customer and product strategies [6] Financial Data and Profit Forecast - The company forecasts total revenue of 2.089 billion yuan for 2025, with a projected growth rate of 7.7% [5] - The net profit for 2025 is estimated at 104 million yuan, reflecting a significant year-on-year growth of 90.3% [5] - The earnings per share (EPS) is projected to be 0.20 yuan for 2025, with a price-to-earnings (PE) ratio of 27 [5] - The company has adjusted its expense ratios, with sales, management, and R&D expenses projected to be 11.8% of revenue in 2025 [6]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on expected performance relative to the market index [7]. Core Insights - The company has achieved a turnaround in profitability for 2024, with a reported revenue of 1.94 billion yuan, a slight decrease of 1.51% year-over-year, and a net profit of 55 million yuan, compared to a loss of 68 million yuan in the previous year [1][4]. - The subsidiary, Nosber, has shown significant improvement in its cosmetics business, with a revenue of 1.93 billion yuan and a gross margin increase of 5.42 percentage points to 17.16% [1][4]. - The company is focusing on cost reduction and efficiency improvements, which have positively impacted gross margins across its product categories [2][3]. Financial Performance Summary - For 2024, the company reported a revenue of 1.94 billion yuan, with a year-over-year decline of 1.51%, and a net profit of 55 million yuan, marking a significant recovery from a loss of 68 million yuan in 2023 [1][6]. - The revenue forecast for 2025-2027 is adjusted to 2.00 billion yuan, 2.10 billion yuan, and 2.22 billion yuan, reflecting growth rates of 3.2%, 5.1%, and 5.6% respectively [4][6]. - The net profit projections for the same period are 114 million yuan, 144 million yuan, and 187 million yuan, indicating substantial growth rates of 108.2%, 26.6%, and 29.5% respectively [4][6]. Product Category Performance - In 2024, the revenue breakdown by product category shows facial masks, skincare, and wet wipes generating 815 million yuan, 739 million yuan, and 291 million yuan respectively, with corresponding gross margins of 18.02%, 16.90%, and 14.29% [2]. - The company has reported production increases in its product lines, with facial masks up by 14.2%, skincare by 17.0%, and wet wipes by 42.8% [2]. Competitive Advantages - Nosber has established a strong competitive position as one of the largest domestic ODM cosmetics manufacturers, leveraging its resources in talent, customer relationships, supply chain, and R&D capabilities [3]. - The company is enhancing its service quality and response speed by creating specialized teams for different customer types, which is expected to improve market competitiveness [3].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on expected performance relative to the market index [7]. Core Views - The company has achieved a turnaround in profitability for 2024, with a reported revenue of 1.94 billion yuan, a slight decrease of 1.51% year-over-year, and a net profit of 55 million yuan, compared to a loss of 68 million yuan in the previous year [1]. - The improvement in gross margin is attributed to cost control measures, including better management of raw material procurement and optimization of production processes [1][2]. - The subsidiary, Nosber, has solidified its competitive advantages, including talent acquisition, customer resources, and a robust quality control system, which are expected to enhance market competitiveness [3]. Financial Performance Summary - For 2024, the company reported a revenue of 1.94 billion yuan, with a year-over-year decline of 1.51%. The net profit was 55 million yuan, marking a significant recovery from a loss of 68 million yuan in 2023 [6]. - The revenue forecast for 2025-2027 is adjusted to 2.00 billion yuan, 2.10 billion yuan, and 2.22 billion yuan, reflecting growth rates of 3.2%, 5.1%, and 5.6% respectively [4]. - The net profit projections for the same period are 114 million yuan, 144 million yuan, and 187 million yuan, with year-over-year growth rates of 108.2%, 26.6%, and 29.5% respectively [4][6]. Product Performance Summary - The company has seen revenue growth in its three main product categories: facial masks, skincare, and wet wipes, with respective revenues of 815 million yuan, 739 million yuan, and 291 million yuan for 2024 [2]. - Gross margins for these categories improved, with facial masks at 18.02%, skincare at 16.90%, and wet wipes at 14.29%, reflecting increases of 7.08%, 6.03%, and 0.11% year-over-year [2]. Competitive Positioning - Nosber, as a leading domestic ODM in the cosmetics sector, has established a multi-faceted competitive advantage, including a strong supply chain and innovation capabilities [3]. - The company is enhancing its service quality and responsiveness by creating specialized teams to cater to diverse customer needs, particularly in the e-commerce sector [3].

Core Viewpoint - The company, Qing Song Co., Ltd., is primarily engaged in the design, research and development, and manufacturing of cosmetics, including facial masks, skincare products, and wet wipes, with a significant focus on ODM (Original Design Manufacturer) services [6][8]. Company Overview - The company operates in the chemical raw materials and chemical products manufacturing industry, specifically in the cosmetics manufacturing sector [6]. - The main business entity is its wholly-owned subsidiary, Nuo Si Bei Cosmetics Co., Ltd., which contributes 99.52% of the consolidated revenue [8]. Business Operations - Nuo Si Bei specializes in the design, research and development, and manufacturing of facial masks, skincare products, wet wipes, and non-woven fabric products, making it one of the largest domestic ODM companies in China [8]. - The upstream supply chain includes natural cellulose fibers, polyester fibers, and viscose fibers for mask substrates, while the downstream market consists of cosmetic brand owners and various retail channels, including e-commerce and physical stores [9]. Financial Data - The company has not restated or adjusted previous years' financial data, indicating stability in its financial reporting [10]. - The company has implemented a share repurchase plan, with a total repurchase amount of approximately RMB 65.8 million, representing 3.49% of the total share capital [11]. Major Projects - The company has decided to terminate the construction of a large industrial park project on 148 acres and is negotiating with government authorities to return the land use rights [12][13]. - A new investment partnership has been formed with Mi Jia Technology Co., Ltd. to develop the 148-acre land project, with Nuo Si Bei holding a 20% stake in the newly established joint venture [13][14]. Strategic Investments - The company has increased its stake in Guangdong Ke Pu Rui Biotechnology Co., Ltd. to 60%, enhancing its capabilities in synthetic biology and new material technology [15]. - A new wholly-owned subsidiary, Guangdong Nuo Mi Jia Biomedical Co., Ltd., has been established to support the company's strategic development needs [16].

数据四舍五入，查看更多财务数据>> 二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 11867.38万股，累计占流通股比： 23.36%，较上期变化： 632.89万股。 一、主要会计数据和财务指标 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.1085 | -0.1323 | 182.01 | -1.4372 | | 每股净资产（元） | 2.51 | 2.54 | -1.18 | 2.67 | | 每股公积金(元) | 2.25 | 2.25 | 0 | 2.25 | | 每股未分配利润(元) | -0.85 | -0.96 | 11.46 | -0.83 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 19.4 | 19.69 | -1.47 | 29.17 | | 净利润(亿元) | 0.55 | -0.68 | 180.88 | -7.42 | | 净资产收益率(%) | 4.24 | - ...

证券代码：300132 证券简称：青松股份 公告编号：2025-007 福建青松股份有限公司 关于变更公司电子邮箱的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 福建青松股份有限公司（以下简称"公司"）因实际工作需要，同时为进一 步做好投资者关系管理工作，对公司电子邮箱进行变更，具体变更情况如下： 关于变更公司电子邮箱的公告 变更后：dsh@sz300132.com 除上述变更外，公司办公地址、联系电话、公司网址等其他联系方式均保持 不变。变更后的电子邮箱自本公告披露之日起正式启用，原电子邮箱同步停用， 敬请广大投资者注意。由此带来的不便，敬请谅解。 欢迎广大投资者通过新电子邮箱与公司沟通交流。 特此公告。 福建青松股份有限公司 董事会 二〇二五年四月二十九日 1 变更前：office@greenpine.cc ...

关于董事会战略委员会更名并修订其议事规则的公告 证券代码：300132 证券简称：青松股份 公告编号：2025-015 福建青松股份有限公司 关于董事会战略委员会更名并修订其议事规则的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 福建青松股份有限公司（以下简称"公司"）于 2025 年 4 月 26 日召开了第 五届董事会第十三次会议，审议通过了《关于董事会战略委员会更名并修订其议 事规则的议案》，现将相关事项公告如下： 为进一步完善公司的治理结构，提升公司环境、社会及公司治理（ESG）管 理运作水平，更好地适应公司战略发展需要，不断增强公司核心竞争力，推进公 司 ESG 工作，健全公司 ESG 管理体系，经研究，公司将董事会下设的"董事会战 略委员会"更名为"董事会战略与可持续发展委员会"，并将原《福建青松股份 有限公司董事会战略委员会议事规则》更名为《福建青松股份有限公司董事会战 略与可持续发展委员会议事规则》，在原有职责基础上增加 ESG 相关职责，同时 对原有部分条款进行修订。本次调整仅就该委员会名称和职责进行调整，其组成 及成员职位不作调整。 ...

2024 年度监事会工作报告 福建青松股份有限公司 2024 年度监事会工作报告 2024 年福建青松股份有限公司（以下简称"公司"或"本公司"）监事会在 全体监事的共同努力下，根据《中华人民共和国公司法》（以下简称《公司法》）、 《中华人民共和国证券法》（以下简称《证券法》）等有关法律法规、规范性文件 的要求及《福建青松股份有限公司章程》（以下简称《公司章程》）和《监事会议 事规则》等相关制度的规定，从切实维护公司利益和广大中小股东权益出发，认 真履行监督职责，依法独立行使职权，对 2024 年度公司各方面情况进行了监督。 监事会对公司主要经营活动、财务状况、重大决策情况及公司董事、高级管理人 员履行职责情况等事项进行了有效监督，保障公司规范运作。现将 2024 年度监 事会工作情况报告如下： 一、2024 年度监事会工作情况 | 序号 | | 会议时间 | | 会议名称 | 会议审议议案 | | --- | --- | --- | --- | --- | --- | | | | | | | 3、《关于开展外汇套期保值业务的议案》。 | | 4 | 2024 | 年 | 10 | 第五届监事会 | 《关于< ...

2024 年度内部控制评价报告 福建青松股份有限公司 2024 年度内部控制评价报告 福建青松股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要 求（以下简称"企业内部控制规范体系"），结合福建青松股份有限公司（以下简 称"公司"或"本公司"）各项内部控制制度和评价办法，在内部控制日常监督 和专项监督的基础上，我们对公司 2024 年 12 月 31 日（内部控制评价报告基准 日）的内部控制有效性进行了评价。 部控制有效性评价结论的因素。 一、重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其 有效性，并如实披露内部控制评价报告是公司董事会的责任。监事会对董事会建 立和实施内部控制进行监督。管理层负责组织领导企业内部控制的日常运行。公 司董事会、监事会及董事、监事、高级管理人员保证本报告内容不存在任何虚假 记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担个 别及连带法律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及 相关信息真实完整，提高经营效率和效果，促进实现发展战略。由于内部控制存 在的固有局 ...

关于会计政策变更的公告 本次会计政策变更系按照国家统一的会计制度要求进行的变更，无需提交福 建青松股份有限公司（以下简称"公司"）董事会和股东大会审议，不会对公司 当期的财务状况、经营成果和现金流量产生重大影响，不涉及以前年度的追溯调 整，也不存在损害公司及中小股东利益的情况。 一、本次会计政策变更概述 1、变更原因 证券代码：300132 证券简称：青松股份 公告编号：2025-008 福建青松股份有限公司 关于会计政策变更的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 重要内容提示： 关于会计政策变更的公告 2024 年 12 月 6 日，财政部发布了《企业会计准则解释第 18 号》（财会〔2024〕 24 号）（以下简称《解释 18 号》），规定对于不属于单项履约义务的保证类质量 保证，应当按照《企业会计准则第 13 号——或有事项》有关规定，按确定的预 计负债金额，借记"主营业务成本"、"其他业务成本"等科目，贷记"预计负债" 科目，该解释规定自印发之日起施行，允许企业自发布年度提前执行。 2、变更日期 根据财政部上述规定要求，结合实际情况，公 ...