证券代码：603899 证券简称：晨光股份 公告编号：2025-020 上海晨光文具股份有限公司 关于部分回购股份注销实施暨股份变动的公告 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。 重要内容提示： 上海晨光文具股份有限公司（以下简称"公司"）第六届董事会第十次会 议及 2024 年年度股东大会审议通过《关于变更部分回购股份用途并注销的议案》， 同意公司将回购专用证券账户中 2022 年股份回购方案的回购股份用途进行变更， 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"。 本次拟对公司 2022 年股份回购方案所在回购专用证券账户中的 2,858,043 股回购股份进行注销。注销完成后，公司总股本将由 923,828,420 股 减少为 920,970,377 股，公司注册资本将由人民币 923,828,420 元减少为 920,970,377 元。 股份注销日：2025 年 6 月 5 日 公司于 2022 年 10 月 28 日召开了第五届董事会第十八次会议，审议通过了 《关于以集中竞价交易方式回 ...

上海晨光文具股份有限公司 关于高级管理人员离任暨聘任高级管理人员的公告 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（以下简称"公司"）董事会于近日收到公司财 务总监汤先保先生的书面辞职报告，汤先保先生因个人原因申请辞去公司财务总 监职务，辞职后不再担任公司任何职务。 证券代码：603899 证券简称：晨光股份 公告编号：2025-019 | | | | | | | 原定任期 | | 离任 | 是否继续在上 | 是否存在未 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 姓名 | 离任职务 | | 离任时间 | | | 到期日 | | 原因 | 市公司及其控 | 履行完毕的 | | | | | | | | | | | 股子公司任职 | 公开承诺 | | 汤先保 | 财务总监 | 2025 | 年 5 月 | 30 日 | 2026 | 年 4 月 | 20 日 | 个人 原因 | 否 | 否 | （二）离 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][12]. Core Views - The company is expected to achieve stable growth through its dual business model, actively engaging in the emerging "Gaozi Economy" driven by emotional consumption trends [3][4]. - The company’s revenue is projected to grow from 267.68 billion yuan in 2025 to 331.21 billion yuan in 2027, with net profit expected to rise from 15.51 billion yuan to 19.01 billion yuan during the same period [3][4]. Financial Summary - Revenue Forecast (in million yuan): - 2023A: 23,351 (+16.78%) - 2024A: 24,228 (+3.76%) - 2025E: 26,768 (+10.48%) - 2026E: 29,834 (+11.45%) - 2027E: 33,121 (+11.02%) [2] - Net Profit Forecast (in million yuan): - 2023A: 1,527 (+19.05%) - 2024A: 1,396 (-8.58%) - 2025E: 1,551 (+11.14%) - 2026E: 1,729 (+11.49%) - 2027E: 1,901 (+9.91%) [2] - Earnings Per Share (in yuan): - 2023A: 1.66 - 2024A: 1.52 - 2025E: 1.68 - 2026E: 1.87 - 2027E: 2.06 [2] - Price-to-Earnings Ratio: - 2023A: 22.65 - 2024A: 19.95 - 2025E: 16.50 - 2026E: 14.80 - 2027E: 13.46 [2] - Price-to-Book Ratio: - 2023A: 4.44 - 2024A: 3.14 - 2025E: 2.73 - 2026E: 2.57 - 2027E: 2.41 [2] - Return on Equity (%): - 2023A: 20.97% - 2024A: 16.64% - 2025E: 16.54% - 2026E: 17.34% - 2027E: 17.89% [2] - Dividend Yield (%): - 2023A: 2.89% - 2024A: 3.61% - 2025E: 3.98% - 2026E: 4.43% - 2027E: 4.87% [2] Business Development - The company is expanding its retail large store business and office direct sales business, which are driving continuous revenue growth [4][78]. - The retail large store business includes "Jiuwu Miscellaneous Society," which has reached 752 stores by the end of Q1 2025, focusing on creating immersive shopping experiences [4][78]. - The office direct sales business, operated by "Keli Pu," has seen its revenue grow from 227 million yuan in 2015 to 13.831 billion yuan in 2024, contributing significantly to the company's profits [4][91]. Market Trends - The "Gaozi Economy," centered around the consumption culture of secondary IP peripheral products, is expected to grow significantly, with the market size projected to reach 168.9 billion yuan in 2024, reflecting a CAGR of 17.79% from 2017 [4][104]. - The user base for the secondary dimension is vast, with over 500 million users expected in 2024, providing a strong market for the Gaozi Economy [4][106].

Core Viewpoint - The legal opinion letter regarding the differentiated equity distribution of Shanghai Chenguang Stationery Co., Ltd. confirms that the company's actions comply with relevant laws and regulations, ensuring that the distribution does not harm the interests of the company and its shareholders [5][9]. Group 1: Differentiated Equity Distribution - The differentiated equity distribution is based on the company's decision to repurchase shares for employee stock ownership plans, as approved in the board meeting on October 28, 2022 [6][7]. - The company completed the repurchase of 2,858,303 shares, accounting for 0.31% of the total share capital, and later repurchased an additional 5,175,000 shares, representing 0.56% of the total share capital [6][7]. - The total share capital for the distribution is 915,795,377 shares after excluding shares held in the repurchase account, which do not participate in profit distribution [7][8]. Group 2: Legal Compliance and Impact - The legal opinion asserts that the differentiated equity distribution adheres to the Company Law, Securities Law, and relevant self-regulatory guidelines, with minimal impact on the stock's ex-rights and ex-dividend reference price [9]. - The cash dividend distribution amounts to 915,795,377.00 yuan (including tax), with a cash dividend of 1 yuan per share [8][9]. - The calculated ex-rights and ex-dividend reference price is approximately 28.87 yuan per share, reflecting a negligible impact of 0.0301% on the stock price [9].

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证券代码：603899 证券简称：晨光股份 公告编号：2025-018 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： 每股分配比例 A 股每股现金红利1元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/5/16 | － | 2025/5/19 | 2025/5/19 | 差异化分红送转： 是 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 4 月 16 日的2024年年度股东大会审议通过。 上海晨光文具股份有限公司2024年年度权益分派实施公告 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 根据《中华人民共和国公司法》《中华人民共和国证券法》《上海证券交易所 上市公司自律监管指引第 7 号——回购股份》等法律、法规、规范性文件及《公 ...

Opening Sustainable Development Strategy and Management | Sustainable Development Strategy | 09 | | --- | --- | | Sustainable Development Goals | 10 | | Sustainable Development Governance | 11 | | Management of Sustainability Topics | 12 | | About this Report | 01 | | --- | --- | | President's Message | 03 | | Sustainability Highlights of the Year | 05 | | About M&G | 07 | | Business Ethics | 51 | | --- | --- | | Supply Chain Management | 54 | | Partner Development | 56 | Employees and Communities | Occupat ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative return of over 20% within the next six months [6][17]. Core Insights - The company reported a revenue of 5.245 billion in Q1 2025, a year-on-year decrease of 4.4%, and a net profit attributable to shareholders of 318 million, down 16.2% year-on-year. The gross margin improved to 20.65%, an increase of 0.5 percentage points [1][5]. - The company is actively promoting IP and overseas business development, with expectations for operational improvements as the external business environment stabilizes [1][2]. - The traditional core business revenue was approximately 2.05 billion, reflecting a decline of about 5% due to a weak external environment, but the company is focusing on product enhancement and multi-channel strategies [2][3]. Summary by Sections Q1 2025 Performance - The company achieved a revenue of 5.245 billion, with a net profit of 318 million, and a non-recurring net profit of 281 million, showing declines of 16.2% and 14.2% respectively year-on-year [1]. - The gross margin was 20.65%, with a net profit margin of 6.07%, indicating a slight decrease of 0.9 percentage points [1]. Product Revenue Breakdown - Writing tools generated 564 million in revenue, down 0.07%, with a gross margin of 43.78% - Student stationery revenue was 803 million, down 5.99%, with a gross margin of 35.63% - Office stationery revenue was 849 million, down 5.60%, with a gross margin of 28.48% [1]. Traditional Core Business - The traditional business revenue, excluding specific segments, was about 2.05 billion, down approximately 5%. The company is enhancing product capabilities and expanding its multi-channel layout [2]. Online and Overseas Business - Online revenue for the company reached 310 million, a year-on-year increase of 25%, driven by strategic partnerships and product line expansions [2]. - The overseas market continues to grow rapidly, with a focus on meeting diverse consumer needs [2]. KeliPu Segment - KeliPu's revenue was 2.79 billion, down 5.32% due to high base effects and delays in product launches. The focus will be on developing core and proprietary products and expanding the customer base [3]. Retail Stores - The revenue from retail stores was 401 million, up 8.03%, with a total of 792 retail stores nationwide, an increase of 13 from the previous year [4]. Profit Forecast Adjustments - The profit forecast for 2025-2027 has been adjusted to 1.56 billion, 1.74 billion, and 1.94 billion respectively, with corresponding PE ratios of 18X, 16X, and 15X [5].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6][5]. Core Insights - The company reported a revenue of 5.245 billion and a net profit of 318 million for Q1 2025, showing a year-on-year decline of 4.4% and 16.2% respectively, attributed to a weak external operating environment and high base effects [1]. - The gross margin improved to 20.65%, an increase of 0.5 percentage points, while the net profit margin decreased to 6.07%, down by 0.9 percentage points [1]. - The company is focusing on enhancing its traditional business through IP empowerment and expanding its overseas operations, with expectations of returning to a growth trajectory as customer activities normalize [1][2]. Revenue Breakdown - The revenue from writing instruments was 564 million, down 0.07% year-on-year, with a gross margin of 43.78% [1]. - Revenue from student stationery was 803 million, down 5.99%, with a gross margin of 35.63%, an increase of 0.95 percentage points [1]. - Office stationery revenue was 849 million, down 5.60%, with a gross margin of 28.48%, an increase of 1.02 percentage points [1]. Traditional Core Business - The traditional business revenue, excluding specific segments, was approximately 2.05 billion, reflecting a decline of about 5% year-on-year [2]. - The company is enhancing product strength and channel layout, focusing on both online and offline growth, and increasing R&D and innovation investments [2]. Online and Overseas Growth - Online revenue for the company reached 310 million, a year-on-year increase of 25%, driven by strategic upgrades and collaborations with major platforms [2]. - The overseas market continues to grow rapidly, with a focus on meeting diverse consumer needs and strengthening product and brand capabilities [2]. KeliPu Segment - KeliPu's revenue was 2.79 billion, down 5.32% year-on-year, primarily due to high base effects and delays in product listings following client tender resumption [3]. - The segment aims to develop four key business areas, enhance self-owned product sales, and expand its customer base [3]. Retail Expansion - The revenue from retail stores, including Jiuwu, was 401 million, up 8.03% year-on-year, with Jiuwu contributing 388 million, an increase of 11.37% [4]. - The company operates 792 retail stores nationwide, with plans to enhance IP product resources and improve brand presence [4]. Financial Forecast - The company adjusted its profit forecast for 2025-2027, expecting net profits of 1.56 billion, 1.74 billion, and 1.94 billion respectively, with corresponding P/E ratios of 18X, 16X, and 15X [5].

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the analysis suggests a positive outlook for future growth based on macroeconomic recovery and product innovation [1]. Core Views - The company reported a revenue of 5.245 billion yuan in Q1 2025, a year-on-year decrease of 4.4%, and a net profit of 318 million yuan, down 16.2% year-on-year. The decline is attributed to high base effects from the previous year and weak macroeconomic demand [1]. - The traditional core business is under short-term pressure, but the product matrix is expected to revitalize through the development of popular products and collaboration with well-known IPs [2]. - The company is focusing on enhancing its product structure and increasing the share of self-owned brands, particularly in the lifestyle segment, which has shown growth [3]. Summary by Sections Financial Performance - In Q1 2025, the traditional core business generated approximately 2.054 billion yuan in revenue, a decline of 5.2% year-on-year. The revenue breakdown by category includes writing tools (564 million yuan), student stationery (803 million yuan), and traditional office supplies (849 million yuan) [2]. - The gross margins for these categories were 43.8%, 35.6%, and 28.5%, respectively, with slight changes year-on-year [2]. - The company maintained a gross margin of 20.7% and a net profit margin of 6.3% in Q1 2025, with stable operating cash flow of 112 million yuan [4]. Business Segments - The KOLIPU segment reported a revenue of 2.79 billion yuan in Q1 2025, down 5.3% year-on-year, but profitability remained stable. The segment is expected to recover as downstream bidding normalizes [3]. - The lifestyle segment, including the Jiumu Lifestyle Store, achieved a revenue of 401 million yuan, an increase of 8.0% year-on-year, with the Jiumu store alone generating 388 million yuan, up 11.5% [3]. Future Outlook - The company anticipates a return to steady growth in revenue and profit as the macroeconomic environment improves. Forecasted net profits for 2025-2027 are 1.52 billion, 1.66 billion, and 1.82 billion yuan, respectively, with corresponding P/E ratios of 18X, 16X, and 15X [4][5].