青松股份(300132) - 2021 Q2 - 季度财报

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].