董事会审计委员会议事规则 董事会审计委员会议事规则 （2025 年 12 月修订） 第一章 总 则 福建青松股份有限公司 第一条 为建立和健全福建青松股份有限公司（以下简称"公司"）内部控 制制度，提高内部控制能力，完善内部控制程序，促进董事会对经营管理层进行 有效监督，公司董事会下设董事会审计委员会（以下简称"审计委员会"），作为 实施内部审计监督的专门机构。 第二条 为规范、高效地开展工作，公司董事会根据《中华人民共和国公司 法》（以下简称《公司法》）、《上市公司治理准则》《深圳证券交易所创业板股票 上市规则》（以下简称《上市规则》）、《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》（以下简称《规范运作》）等有关法律、法规 和规范性文件及《福建青松股份有限公司章程》（以下简称《公司章程》）的有关 规定，制定本议事规则。 第三条 审计委员会是公司董事会下设的专门委员会，行使《公司法》规定 的监事会的职权，主要负责审核公司财务信息及其披露、监督及评估内外部审计 工作和内部控制，对董事会负责，依照《公司章程》和董事会授权履行职责，审 计委员会的提案应当提交董事会审议决定。 第四条 审计 ...

高级管理人员薪酬与考核制度 福建青松股份有限公司 高级管理人员薪酬与考核制度 （2025 年 12 月修订） 第一章 总 则 第一条 为了更好地调动福建青松股份有限公司（以下简称"公司"）高级 管理人员工作的积极性和创造性，建立与公司制度相适应的激励约束机制，提高 企业经营管理水平和提升公司的经营管理效益，根据《中华人民共和国公司法》 《上市公司治理准则》《福建青松股份有限公司章程》（以下简称《公司章程》） 及《董事会薪酬与考核委员会议事规则》等规定，特制定本制度。 第二条 本制度适用于公司董事会聘请的高级管理人员，具体包括总经理、 常务副总经理、副总经理、财务负责人、董事会秘书。 第三条 公司高级管理人员的薪酬与考核以公司的经济效益为出发点，根据 公司年度经营计划和分管工作的工作目标，进行综合考核，根据考核结果确定高 级管理人员的年度薪酬。 第四条 公司高级管理人员薪酬的确定遵循以下原则： （一）体现收入水平符合公司规模与业绩的原则。 第六条 公司人力资源部与财务部配合董事会薪酬与考核委员会对本制度 进行具体的组织实施。 （二）体现责权利对等的原则，薪酬与岗位价值高低、承担责任大小相符。 （三）体现公司长远 ...

关于变更职工代表董事的公告 证券代码：300132 证券简称：青松股份 公告编号：2025-039 福建青松股份有限公司 关于变更职工代表董事的公告 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。 一、原职工代表董事离任情况 福建青松股份有限公司（以下简称"公司"或"青松股份"）于 2025 年 12 月 23 日第五届董事会第十八次会议结束后收到公司职工代表董事林悦聪先生关 于辞去职工代表董事职务的书面辞任报告，因公司内部工作调整，林悦聪先生申 请辞去公司第五届董事会职工代表董事职务。辞去上述职务后，林悦聪先生仍继 续在公司担任副总裁职务。 林悦聪先生的辞任未导致公司董事会成员低于法定最低人数，不会影响公司 董事会的正常运作，不会对公司的日常运营产生不利影响，其辞任自公司收到辞 任报告之日起生效。 林悦聪先生职工代表董事职务的原定任期至 2026 年 8 月 9 日公司第五届董 事会届满之日止。截至本公告披露日，林悦聪先生未直接或间接持有公司股份， 不存在应履行而未履行的承诺事项。 林悦聪先生担任公司职工代表董事职务期间恪尽职守、勤勉尽责，公司及董 事会对林 ...

Core Viewpoint - Qingsong Co., Ltd. has shown improvements in both revenue and profit, indicating enhanced profitability and operational efficiency [1] Financial Performance - The company's non-recurring net profit margin for Q3 2025 reached 8.0%, a significant year-on-year increase of 3.5 percentage points, reflecting a notable recovery in profitability [1] - The improvement in gross margin is attributed to increased capacity utilization driven by order and revenue growth, alongside a rise in sales of high-value products [1] Cost Management - Effective cost control measures have been implemented, contributing to the overall enhancement of the company's financial performance [1] Market Position - Nosbel, a subsidiary of the company, is recognized as a leading domestic cosmetics manufacturer, benefiting from scale advantages and continuous investment in research and development [1] Future Outlook - The company is expected to gradually reach an inflection point in performance as it continues to pursue cost reduction and efficiency enhancement initiatives [1] - The current market capitalization corresponds to a price-to-earnings ratio of 26 times for 2026, with a maintained "buy" rating [1]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on a PE of 26 times for 2026 [3][5]. Core Insights - The company has shown a recovery in performance, with revenue and profit improving significantly after a four-year adjustment period from 2021 to 2024. For the first three quarters of 2025, the company achieved revenue of 1.553 billion yuan (up 12.0% year-on-year), and net profit attributable to the parent company reached 111 million yuan (up 247.0% year-on-year) [1][12]. - The core business of face masks has seen a significant rebound in growth, driving overall performance. In the first half of 2025, the revenue from face masks was 450 million yuan (up 21% year-on-year), contributing to the company's growth [2][18]. Financial Performance - For the first three quarters of 2025, the gross margin was 19.2% (up 2.6 percentage points year-on-year), and the net profit margin attributable to the parent company was 4.9% [1][12]. - The company reported a significant increase in operating cash flow, reaching 139 million yuan (up 50.1% year-on-year) for the first three quarters of 2025, indicating strong operational health [1][12]. - The company forecasts revenues of 2.172 billion yuan, 2.439 billion yuan, and 2.681 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 12.0%, 12.3%, and 9.9% [3][27]. Business Segment Performance - The face mask segment is the primary driver of growth, with a notable increase in revenue and improvement in gross margins. The gross margins for face masks, skincare, and wet wipes were 19.0%, 16.7%, and 13.5%, respectively, in the first half of 2025 [2][25]. - The company has effectively controlled costs, with a significant improvement in the net profit margin, which reached 8.0% in Q3 2025, up 3.5 percentage points year-on-year [1][16].

Investment Rating - The report assigns an "Accumulate" rating for the beauty and personal care sector, indicating a positive outlook for the industry [6]. Core Insights - The beauty and personal care sector has experienced a significant pullback since August, with leading high-growth companies' valuations returning to 20-30x, and PEG ratios mostly below 1x, suggesting the sector is expected to bottom out [3][6]. - Lin Qingxuan is set to go public, focusing on the oil-based skincare segment, with a projected doubling of performance in the first half of 2025 [3][6]. Summary by Sections Market Performance - The beauty and personal care sector saw a decline of over 15% since August, with leading companies experiencing a valuation correction to 20-30x. The sector's maximum drawdown reached 17%, with top companies seeing declines of over 30% [6][8]. - The Shenyuan Beauty Care Index recorded a maximum increase of 19% in 2025, with key growth stocks like Ruoyuchen, Shangmei, and Maogeping achieving maximum gains of 239%, 198%, and 121% respectively [6][8]. Company Highlights - Lin Qingxuan, which is set to launch its IPO, plans to issue 13.97 million shares at an offering price of 77.77 HKD per share, corresponding to a market capitalization of 10.9 billion HKD. The company has secured cornerstone investors including Fidelity and others, with total subscriptions reaching 62 million USD [6][8]. - Lin Qingxuan's revenue for the first half of 2025 is projected at 1.05 billion CNY, reflecting a year-on-year increase of 98%, with a net profit of 182 million CNY, up 110%. The company's main product, a camellia oil essence, generated 480 million CNY in revenue, marking a 176% increase [6][8]. Investment Recommendations - The report suggests a bottom-up selection of stocks with product and channel innovations, highlighting strong growth potential in the beauty and personal care sector. Recommended stocks include: 1. High-growth brands: Ruoyuchen, Shangmei, Maogeping 2. Stable fundamentals with potential for improvement: Dengkang Oral, Shanghai Jahwa, Shuiyang, Jinbo Biological, Beitaini, Marubi, Qingsong 3. Stocks expected to bottom out: Pola, Juzibio, Lafang, Runben, Meilitiantian Medical Health, Furida, Huaxi Biological [6][7].

Core Insights - The beauty care industry experienced a net inflow of funds amounting to 105 million yuan on December 16, with a sector increase of 0.66% despite the Shanghai Composite Index declining by 1.11% [1] Industry Performance - Among the sectors, beauty care ranked second in terms of growth, following retail trade and social services, which rose by 1.32% and 0.13% respectively [1] - The beauty care sector had 29 stocks, with 15 rising and 14 falling in value [1] Fund Flow Analysis - The total net inflow of funds in the beauty care sector was 105 million yuan, with 17 stocks experiencing net inflows [1] - The top three stocks with significant net inflows were: - Aimeike (爱美客) with 39.98 million yuan - Qingsong Co. (青松股份) with 20.96 million yuan - Shuiyang Co. (水羊股份) with 20.30 million yuan [1] - The stocks with the highest net outflows included: - Proya (珀莱雅) with 8.62 million yuan - Zhongshun Jierou (中顺洁柔) with 6.81 million yuan - Yanjian Co. (延江股份) with 5.90 million yuan [1] Stock Performance - Notable stock performances included: - Aimeike (爱美客) increased by 2.02% - Qingsong Co. (青松股份) increased by 1.03% - Shuiyang Co. (水羊股份) increased by 1.20% [1] - Conversely, stocks like Proya (珀莱雅) and Zhongshun Jierou (中顺洁柔) saw declines in their values [1]

证券之星消息，12月10日化妆品板块较上一交易日下跌0.15%，青松股份领跌。当日上证指数报收于 3900.5，下跌0.23%。深证成指报收于13316.42，上涨0.29%。化妆品板块个股涨跌见下表： 从资金流向上来看，当日化妆品板块主力资金净流出2731.95万元，游资资金净流入97.64万元，散户资 金净流入2634.3万元。化妆品板块个股资金流向见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 ...

Core Insights - The cosmetics sector experienced a decline of 0.37% on December 9, with Jiaheng Jiahua leading the drop [1] - The Shanghai Composite Index closed at 3909.52, down 0.37%, while the Shenzhen Component Index closed at 13277.36, down 0.39% [1] Company Performance - Qing Song Co. (300132) saw a closing price of 8.17, with an increase of 4.34% and a trading volume of 475,200 shares, amounting to a transaction value of 383 million [1] - Kesheng Co. (300856) closed at 15.70, up 3.36%, with a trading volume of 158,000 shares and a transaction value of 252 million [1] - Jiaheng Jiahua (300955) closed at 36.00, down 2.91%, with a trading volume of 64,600 shares and a transaction value of 23.4 million [2] Capital Flow - The cosmetics sector experienced a net outflow of 88.18 million from main funds, while retail investors saw a net inflow of 55.04 million [2] - Main funds showed a net inflow in Qing Song Co. of 20.05 million, while Jiaheng Jiahua experienced a net outflow of 2.01 million [3] - Retail investors contributed a net inflow of 804.95 million to Shuiyang Co. (300740), while Qingdao Jinwang (002094) saw a net outflow of 264.27 million [3]

Market Overview - On December 1, the cosmetics sector rose by 0.26% compared to the previous trading day, with BAWI leading the gains [1] - The Shanghai Composite Index closed at 3914.01, up 0.65%, while the Shenzhen Component Index closed at 13146.72, up 1.25% [1] Individual Stock Performance - BAWI shares closed at 15.93, up 2.38% with a trading volume of 16,900 lots and a transaction value of 26.70 million yuan [1] - Shanghai Jahwa closed at 23.61, up 1.77% with a trading volume of 49,400 lots and a transaction value of 116 million yuan [1] - Huachun Color closed at 28.22, up 1.00% with a trading volume of 16,000 lots and a transaction value of 45.40 million yuan [1] - Betaini closed at 41.52, up 0.56% with a trading volume of 27,900 lots and a transaction value of 116 million yuan [1] - Kohn shares closed at 16.44, up 0.55% with a trading volume of 161,900 lots and a transaction value of 263 million yuan [1] - Proya closed at 70.61, up 0.37% with a trading volume of 23,200 lots and a transaction value of 163 million yuan [1] - Qingdao King closed at 7.38, up 0.27% with a trading volume of 85,100 lots and a transaction value of 6.28 million yuan [1] - Marubi closed at 35.47, up 0.11% with a trading volume of 29,300 lots and a transaction value of 103 million yuan [1] - Lafang closed at 20.95, unchanged with a trading volume of 23,000 lots and a transaction value of 4.81 million yuan [1] - Qingsong shares closed at 7.53, down 0.13% with a trading volume of 129,100 lots and a transaction value of 96.89 million yuan [1] Fund Flow Analysis - The cosmetics sector experienced a net outflow of 49.52 million yuan from institutional funds, while retail investors saw a net inflow of 51.08 million yuan [2] - The overall fund flow indicates a mixed sentiment, with institutional investors pulling back while retail investors are increasing their positions [2] Detailed Fund Flow by Stock - Jiahen Home's main funds saw a net inflow of 7.25 million yuan, while retail funds had a net outflow of 19.70 million yuan [3] - Shanghai Jahwa experienced a net inflow of 3.64 million yuan from main funds, with retail investors contributing a net inflow of 348.90 million yuan [3] - Kohn shares had a net inflow of 3.35 million yuan from main funds, but retail investors saw a net outflow [3] - BAWI experienced a net outflow of 0.50 million yuan from main funds, while retail investors had a net inflow of 164.42 million yuan [3] - Qingdao King saw a net outflow of 0.83 million yuan from main funds, but retail investors contributed a net inflow of 238.25 million yuan [3]