Green Pine(SZ:300132)2022-08-29 16:00Financial 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].