证券代码：603899 证券简称：晨光股份 公告编号：2025-015 上海晨光文具股份有限公司 关于注销部分回购股份并减少注册资本 暨通知债权人的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、通知债权人的原由 上海晨光文具股份有限公司（以下简称"公司"）于 2025 年 3 月 24 日、2025 年 4 月 16 日分别召开第六届董事会第十次会议、2024 年年度股东大会，审议通 过了《关于变更部分回购股份用途并注销的议案》，同意对回购专用证券账户中 已回购的 2,858,043 股的用途进行变更，由"用于股权激励或员工持股计划"变 更为"用于注销并相应减少注册资本"。具体内容详见公司于 2025 年 3 月 26 日 披露的《上海晨光文具股份有限公司关于变更部分回购股份用途并注销的公告》 （公告编号：2025-010）。 本次注销回购股份完成后，公司股份总数将由 923,828,420 股减少为 920,970,377 股，注册资本将由 923,828,420 元减少为 920,970,377 元。 二、需债 ...

证券代码：603899 证券简称：晨光股份 公告编号：2025-014 上海晨光文具股份有限公司 2024 年年度股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 279 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 641,974,119 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 70.1002 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由董事会召集，公司董事长陈湖文先生主持会议。会议采用现场投 票和网络投票相结合的表决方式。本次会议的召集、召开程序以及表决方式和表 (一) 股东大会召开的时间：2025 年 4 月 16 日 (二) 股东大会召开的地点：上海市松江区新桥镇千帆路 288 弄 5 号楼 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股 ...

关于上海晨光文具股份有限公司 2024年年度股东大会之法律意见书 致:上海晨光文具股份有限公司 君合律师事务所上海分所〈以下简称"本所"）接受上海晨光文具股份有限公 司（以下简称"公司"）的委托，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》"《上市公司股东大会 规则》(以下简称"《股东大会规则》")等法律、法规、规范性文件（以下简称"法 律、法规"）及《上海晨光文具股份有限公司章程》(以下简称"《公司章程》"）的 有关规定,按照律师行业公认的业务标准、道德规范和勤勉尽责精神,就公司 2024 年年度股东大会（以下简称"本次股东大会"）有关事宜出具本法律意见书。 为出具本法律意见书之目的，本所律师对公司提供的与本次股东大会有关的 文件和事实进行了核查和验证。在本所律师对公司提供的有关文件进行核查和验 证的过程中,本所假设: 1. 提供予本所之文件中的所有签署、盖章及印章都是真实的,所有作为正本 提交给本所的文件都是真实、准确、完整的; 2. 提供予本所之文件中所述的全部事实都是真实、准确、完整的; 3. 提供予本所之文件的签署人均具有完全的民事行为能力， ...

证券研究报告 2025年04月15日 轻工制造 公司评级 买入（维持） 当前价格：30.55 元（2025年4月14日） 扩圈出海变革 ——晨光股份（603899）深度报告 证券分析师： 李宏鹏 执业证书编号：S0210524050017 李含稚 执业证书编号：S0210524060005 请务必阅读报告末页的重要声明 华福证券 华福证券 投资要点 | 财务数据和估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 23,351 | 24,228 | 27,566 | 31,143 | 35.125 | | 增长率 | 17% | 4% | 14% | 13% | 13% | | 净利润(百万元) | 1.527 | 1,396 | 1.607 | 1.831 | 2.075 | | 增长率 | 19% | -9% | 15% | 14% | 13% | | EPS (元/股) | 1.65 | 1.51 | 1.74 | 1.98 | 2.25 | | 市盈率(P/E) ...

关于召开 2024 年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 上海晨光文具股份有限公司 重要内容提示： 上海晨光文具股份有限公司（以下简称"公司"）已于 2025 年 3 月 26 日发 布公司 2024 年年度报告，为便于广大投资者更全面深入地了解公司 2024 年度经 营成果、财务状况，公司计划于 2025 年 4 月 23 日（星期三）下午 15:00-16:30 举行 2024 年度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以视频结合网络互动形式召开，公司将针对 2024 年度经 营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的 范围内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 会议召开时间：2025 年 4 月 23 日（星期三）下午 15:00-16:30 会议召开地点：上海证券交易所上证路演中心 （网址：https://roadshow.sseinfo.com/） 会议召开方式：视频结合网络互动 投资者可于 202 ...

Core Points - The company held its 2024 Annual General Meeting on April 16, 2025, to discuss various proposals and reports related to its operations and financial performance [1][2][3]. Meeting Procedures - The meeting established a secretariat to manage procedural matters and emphasized the importance of maintaining order and efficiency during discussions [1][2]. - Shareholders and representatives have the right to speak, ask questions, and vote, with a limit on the number of speakers to ensure efficiency [2]. - A total of 12 proposals were presented, with specific voting requirements for certain items, including special resolutions needing two-thirds approval [2][3]. Financial Performance - For the reporting period, the company achieved a revenue of 242.28 billion yuan, representing a year-on-year growth of 3.76%, while the net profit attributable to shareholders decreased by 8.58% to 13.96 billion yuan [6][10]. - The company reported a gross profit margin of 18.90% and a net profit margin of 5.76% for the year [27]. Business Strategy - The company is focusing on long-term strategies, consumer-centric product development, and enhancing operational efficiency through digital transformation [6][9]. - It aims to expand its international market presence, particularly in Africa and Southeast Asia, with a reported overseas revenue growth of 21% [7][10]. Product Development and Marketing - The company is committed to high-quality product development, emphasizing consumer needs and preferences, and has received recognition as a leading innovative brand in the stationery sector [8][10]. - The company has expanded its retail presence, with 779 stores nationwide, including 741 under the "Jiuwu" brand, and has seen a 10% increase in revenue from its lifestyle stores [10]. Shareholder Returns - The company plans to distribute a cash dividend of 1.0 yuan per share, which represents 65.61% of the net profit attributable to shareholders, and has a cumulative dividend and buyback total exceeding 4.7 billion yuan since its listing [12][29]. - A share buyback program was also initiated, with 5.175 million shares repurchased for a total of 150 million yuan [12]. Sustainability Initiatives - The company has improved its ESG rating to "A" and is actively pursuing sustainable practices, including the use of recycled materials and energy-efficient projects [13]. - It has been recognized as a national-level green factory, reflecting its commitment to environmental responsibility [13].

晨光股份 2024 年年度股东大会会议资料 上海晨光文具股份有限公司 2024 年年度股东大会 会议资料 二〇二五年四月十六日 | 目录 | | --- | | 上海晨光文具股份有限公司 | 2024 | 年年度股东大会会议须知 1 | | --- | --- | --- | | 上海晨光文具股份有限公司 | 2024 | 年年度股东大会会议议程 2 | | 议案一 | 2024 年度董事会工作报告 | 4 | | 议案二 | 2024 年度监事会工作报告 | 10 | | 议案三 | 2024 年度财务决算报告 | 14 | | 议案四 | 2024 年度利润分配预案 | 15 | | 议案五 | 2024 年年度报告及摘要 | 16 | | 议案六 | 2025 年度财务预算报告 | 17 | | 议案七 | 关于预计 2024 | 年日常关联交易的议案 18 | | 议案八 | 关于拟定公司董事 2025 | 年度薪酬方案的议案 24 | | 议案九 | 关于拟定公司监事 2025 | 年度薪酬方案的议案 25 | | 议案十 | 关于续聘公司 2025 | 年度审计机构的议案 26 | | 议案十一 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][13]. Core Views - The company reported a revenue of 24.23 billion yuan in 2024, a year-on-year increase of 3.8%, while the net profit attributable to shareholders decreased by 8.6% to 1.40 billion yuan [2]. - The company has initiated a share buyback of 5.175 million shares, totaling approximately 150 million yuan, and plans to increase its dividend payout ratio, proposing a cash dividend of 1.0 yuan per share, which represents 65.6% of net profit [2]. - The company is focusing on expanding its new business segments while its traditional core business faces pressure [2]. Financial Summary - **Revenue and Profit Forecasts**: - 2024A: Revenue of 24.23 billion yuan, net profit of 1.40 billion yuan - 2025E: Revenue of 26.90 billion yuan, net profit of 1.59 billion yuan - 2026E: Revenue of 29.54 billion yuan, net profit of 1.78 billion yuan - 2027E: Revenue of 32.07 billion yuan, net profit of 1.95 billion yuan [2][8]. - **Earnings Per Share (EPS)**: - 2024A: 1.51 yuan - 2025E: 1.72 yuan - 2026E: 1.93 yuan - 2027E: 2.11 yuan [2][8]. - **Valuation Ratios**: - Price-to-Earnings (P/E) ratio for 2025E is projected at 18 times, decreasing to 15 times by 2027E [2][8]. Market Performance - The target price for the company's stock is set at 37.2 yuan, with the current price at 31.81 yuan, indicating a potential upside [3]. Business Segments - The traditional core business generated revenue of 9.33 billion yuan in 2024, with a slight year-on-year increase of 2.1%. However, the second half of 2024 saw a decline of 2.8% [2]. - The company is actively developing products appealing to younger consumers through IP collaborations and has seen significant growth in its online sales, achieving 1.14 billion yuan in revenue, a 33% increase year-on-year [2]. - The retail segment, including the "Morning Light Life Hall," achieved revenue of 1.48 billion yuan, a 10.8% increase, with a total of 779 retail stores nationwide [2]. Conclusion - The report indicates a solid long-term outlook for the company, driven by its core business strengths and growth in new segments, despite short-term challenges in traditional operations [2].

Core Insights - The company reported a total revenue of 24.23 billion yuan for 2024, representing a year-over-year increase of 3.8%, while the net profit attributable to shareholders was 1.4 billion yuan, down 8.6% year-over-year [1] - In Q4 2024, the company generated revenue of 7.11 billion yuan, a decrease of 5.0% year-over-year, with a net profit of 370 million yuan, down 13.5% year-over-year [2] - The company is focusing on enhancing investment returns through share buybacks and dividends, having repurchased 5.175 million shares for a total of 150 million yuan and planning to distribute a cash dividend of 1.0 yuan per share, yielding a dividend rate of 3.3% [3] Revenue Breakdown - Traditional core business revenue was 9.33 billion yuan, with a slight year-over-year increase of 2%, while product-specific revenues included writing instruments at 2.43 billion yuan (+6.7%), student supplies at 3.47 billion yuan (+0.1%), and office stationery at 3.57 billion yuan (+1.7%) [2] - Online sales for the company reached 1.14 billion yuan, showing a significant year-over-year growth of 33%, while offline sales are focused on improving single-store quality and category positioning [2] New Business Development - The office direct sales business generated 13.83 billion yuan in revenue, up 4% year-over-year, while the retail large store business saw revenue of 1.48 billion yuan, an increase of 11% year-over-year [2] - The company expanded its store count for the Jiwu Miscellaneous Society to 741, an increase of 123 stores since the beginning of the year [2] International Expansion - The overseas business revenue reached 1.04 billion yuan, reflecting a year-over-year increase of 21.6%, with a focus on deepening market presence in Africa and Southeast Asia through localized operations [2] Profitability Metrics - The gross profit margin was reported at 18.9%, a slight increase of 0.04 percentage points year-over-year, while the net profit margin attributable to shareholders was 5.76%, down 0.78 percentage points year-over-year, primarily due to stock-based compensation related to employee incentives [2] Investment Outlook - The company maintains a strong position in brand, channel, supply chain, and design R&D within the traditional core business, with robust barriers in the office direct sales sector [4] - Revenue projections for 2025-2027 are estimated at 27.1 billion yuan, 30 billion yuan, and 33.2 billion yuan, with net profits of 1.6 billion yuan, 1.8 billion yuan, and 2.0 billion yuan respectively, corresponding to price-to-earnings ratios of 18, 15, and 14 times based on the closing price on March 26 [4]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4]. Core Views - The company reported a slight decline in revenue in Q4 2024, with a total revenue of 242.3 billion (+3.8%) and a net profit attributable to shareholders of 14.0 billion (-8.6%). The company plans to distribute a cash dividend of 1.0 yuan per share, resulting in a cash dividend payout ratio of 65.6% (+17.2 percentage points) [1][4]. - The traditional core business remains stable, with online and overseas revenues showing significant growth. Online revenue reached 11.4 billion (+33%) and overseas revenue reached 10.4 billion (+21%) in 2024 [2]. - The retail segment, particularly the Morning Glory Life Hall, achieved revenue of 14.8 billion (+10.8%), driven by enhanced retail capabilities and IP product expansion [3]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 242.3 billion, with a net profit of 14.0 billion. Q4 revenue was 71.1 billion (-5.0%) and net profit was 3.7 billion (-13.5%) [1]. - The company’s gross margin for 2024 was 18.9% (+0.04 percentage points), while the net margin was 5.8% (-0.8 percentage points) [3]. Business Segments - The traditional core business generated revenue of 93.3 billion (+2.1%), with product quality improvements and channel expansions contributing to growth. The writing tools segment saw a revenue increase of 6.9% [2]. - The office direct sales business, represented by Keli Pu, achieved revenue of 138.3 billion (+3.9%) in 2024, despite a decline in Q4 [2]. Future Outlook - The company has adjusted its profit forecast for 2025-2027, expecting net profits of 15.7 billion, 17.7 billion, and 19.5 billion, reflecting a year-on-year growth of 12.6%, 12.3%, and 10.7% respectively [4][5]. - The diluted EPS for the next three years is projected to be 1.7, 1.9, and 2.1 yuan, with corresponding PE ratios of 18.0, 16.1, and 14.5 [4][5].