上海晨光文具股份有限公司 简式权益变动报告书 信息披露义务人五：陈湖雄 通讯地址：上海市松江区新桥镇千帆路 288 弄 5 号 住所：上海市徐汇区 1 信息披露义务人六：陈雪玲 通讯地址：上海市松江区新桥镇千帆路 288 弄 5 号 住所：上海市徐汇区 上市公司名称：上海晨光文具股份有限公司 股票简称：晨光股份 股票代码：603899 上市地点：上海证券交易所 信息披露义务人一：晨光控股（集团）有限公司 通讯地址：上海市奉贤区金钱公路 3488 号 住所：上海市奉贤区金钱公路 3488 号 信息披露义务人二：上海科迎投资管理事务所（有限合伙） 通讯地址：上海市奉贤区金钱公路 3469 号 住所：上海市奉贤区金钱公路 3469 号 7 幢 902 室 信息披露义务人三：上海杰葵投资管理事务所（有限合伙） 通讯地址：上海市奉贤区金钱公路 3469 号 住所：上海市奉贤区金钱公路 3469 号 7 幢 901 室 信息披露义务人四：陈湖文 通讯地址：上海市松江区新桥镇千帆路 288 弄 5 号 住所：上海市徐汇区 股份变动性质：因主动增减持及上市公司总股本变动综合导致持股比例减少至触 及 5%整数倍刻度 签署日期： ...

证券代码：603899 证券简称：晨光股份 公告编号：2025-023 关于股东权益变动的提示性公告 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"）于 2025 年 7 月 28 日收到 公司股东晨光控股（集团）有限公司、上海科迎投资管理事务所（有限合伙）（以 下简称"科迎投资"）、上海杰葵投资管理事务所（有限合伙）（以下简称"杰葵 投资"）、陈湖雄、陈湖文和陈雪玲共同出具的《简式权益变动报告书》，现将其 有关权益变动情况公告如下： 一、本次权益变动基本情况 （一） 信息披露义务人的基本情况 1、晨光控股（集团）有限公司 | 企业名称 | 晨光控股（集团）有限公司 | | --- | --- | | 统一社会信用代码 | 913100006607802334 | | 企业类型 | 有限责任公司（自然人投资或控股） | | 法定代表人 | 陈湖雄 | 本次权益变动为因主动增减持及上市公司总股本变动综合导致信息披 露义务人合计持股数量由 624,100,000 股下降至 ...

Core Insights - The "2024 Commercial Franchise TOP 300" list was released by the China Chain Store & Franchise Association (CCFA), showcasing the annual development trends in the franchise sector [1] - The list includes 300 companies across 25 sub-sectors, with a total of 830,000 stores, reflecting a 30.73% increase from the previous year's 630,000 stores [1] - The distribution of sectors shows that the restaurant industry remains stable at 33.67%, retail slightly decreased to 40.00%, and the service industry increased to 26.33% [1] Industry Overview - The 2024 TOP 300 includes 101 restaurant companies, 120 retail companies, and 79 service companies, indicating a slight adjustment in consumer demand structure [1] - The number of franchise brands with over 10,000 stores increased from 9 in 2023 to 18 in 2024, highlighting the growing influence of leading brands in the market [1] - A total of 71 new franchise brands were added to the list, with 34 in the restaurant sector, 26 in services, and 11 in retail, demonstrating the sector's ongoing attractiveness [1] Event Insights - The 65th China Franchise Exhibition will be held from August 8-10 in Shanghai, focusing on the analysis of the TOP 300 list and featuring over 100 quality brands from various sectors [2] - The exhibition will include forums and workshops aimed at exploring growth strategies and promoting sustainable development in the franchise industry [2] - The CCFA Franchise Committee, established in 2015, has grown to include 69 member companies, advocating for the interests of various franchise sectors and promoting industry self-regulation [2]

Investment Rating - The report provides a positive outlook on various sectors, indicating a stable recovery in the home furnishing and paper packaging sectors, while new tobacco and packaging sectors show robust growth [3][4]. Core Insights - The home furnishing sector is expected to see marginal improvement in domestic demand due to government support for consumption upgrades, with a focus on companies with high dividend yields and growth certainty for 2025 [5][10]. - The new tobacco sector is experiencing growth, particularly in heated tobacco products (HTP), with significant sales increases reported in Europe and a growing user base for IQOS [11]. - The paper packaging sector is facing a gradual recovery in pulp prices, with a focus on companies that maintain strong market positions and high dividends [12]. - The light consumer goods and pet food sectors are under pressure, but there are opportunities in innovative product launches and channel expansion [15]. - The two-wheeler sector is poised for a rebound with government subsidies and new standards expected to drive demand [16][17]. Summary by Sections Home Furnishing - Domestic sales are expected to improve due to government initiatives, with a focus on companies with strong growth prospects and high dividends [5][10]. - Export figures show a slight increase in June, but a cumulative decline for the first half of the year [10]. New Tobacco - HNB sales increased by 10.5% year-on-year, with a growing user base for IQOS [11]. - The regulatory environment in the U.S. is tightening, which may benefit compliant market players [11]. Paper Packaging - Pulp prices have shown slight increases, but overall market conditions remain challenging [12]. - Companies with strong market positions and dividend policies are recommended for investment [12]. Light Consumer Goods & Pet Food - The sector is facing challenges, but there are opportunities in new product launches and expanding distribution channels [15]. - Online sales data indicates mixed performance across different product categories [23]. Two-Wheeler - The sector is expected to benefit from government subsidies and new regulations, with a focus on companies that can leverage these changes for growth [16][17]. - Recent data shows a significant number of electric bikes being replaced under the subsidy program [26][27].

Investment Rating - The report maintains a positive outlook on the light industry and paper-making sector for the mid-2025 earnings forecast, indicating a favorable investment rating for these industries [1]. Core Insights - The report highlights a divergence in performance within the export sector for Q2 2025, with companies that have a global supply chain showing resilience against external tariff disruptions. Notable performers include Jiangxin Home, Jiayi Co., and Tianzhen Co. [4][5]. - The two-wheeler segment is expected to benefit from government subsidies and new standards, with companies like Yadi Holdings and Aima Technology showing strong growth potential [4]. - The light consumer goods sector is characterized by a robust domestic demand, particularly in personal care products, with companies like Baiya Co. and Dengkang Oral Care expected to perform well [4]. - The packaging industry is undergoing consolidation, with leading companies experiencing a slowdown in capital expenditure, indicating a shift towards a harvest phase [4]. - The home furnishing sector is facing short-term order impacts due to the pause in government subsidies, but long-term growth is anticipated through market integration and new product categories [4]. - The paper-making sector is expected to see stable profitability due to low raw material costs and improved supply-demand dynamics [4]. Summary by Sections Export Sector - Q2 2025 shows performance divergence due to increased external disruptions, with companies like Jiangxin Home expected to see a 40%+ growth in net profit [5][6]. - Jiayi Co. anticipates a 30%+ revenue increase, while Tianzhen Co. is expected to recover orders significantly [4][5]. Two-Wheeler Sector - Companies like Aima Technology and Ninebot are projected to grow by 20% and 50% respectively in Q2 2025, driven by new product launches and market demand [8][9]. Light Consumer Goods - The sector is expected to show resilience, with companies like Chaohongji and Baiya Co. projected to grow by 20% and 2% respectively in revenue [10][11]. Packaging Industry - The report notes a continued consolidation trend, with companies like Yutong Technology and Baosteel Packaging expected to maintain stable revenue growth [12][14]. Home Furnishing Sector - The sector is facing challenges due to subsidy pauses, but companies like Mousse and Zhizhong Home are expected to adapt and show growth in the long term [13][15]. Paper-Making Sector - The report indicates stable profitability for the paper-making sector, with companies like Sun Paper and Huawang Technology expected to benefit from improved market conditions [17].

Group 1 - Pop Mart (HK 09992) expects a revenue increase of at least 200% and a profit increase of at least 350% in the first half of the year compared to the same period last year, with revenue reaching at least 13.7 billion yuan [1] - The "Guzi Economy" concept stocks have gained attention, with 38 companies in the A-share market, of which 22 have released ESG reports for 2024, resulting in a disclosure rate of 58% [2][4] - Only 2 companies within the "Guzi Economy" concept stocks have an ESG rating of A, indicating a low percentage of 5.26% for A-rated companies in this sector [2][4] Group 2 - The "Guzi Economy" concept stocks primarily focus on social dimensions rather than environmental issues, leading to a lack of attention to sustainability governance [2][5] - The top 10 companies by market value in the "Guzi Economy" have only 2 that disclosed their direct and indirect greenhouse gas emissions, with none reporting on scope three emissions [2][4] - The industry faces challenges with IP infringement, highlighting the need for a robust copyright protection system [6][7] Group 3 - Cultural export has become a distinctive topic, with companies integrating ESG into their global strategies to enhance compliance and brand reputation [8] - Companies like Youzu Network have successfully expanded their cultural reach globally, partnering with over 1,000 partners and reaching nearly 1 billion users [8] - Recommendations include establishing sustainable development standards for the "Guzi Economy" to better guide companies in their sustainable practices [9]

Group 1 - The report highlights the emergence of new consumer demands driven by generational changes, with the Z generation becoming the main consumer force, leading to a restructuring of the competitive landscape in the consumer goods sector [3][5][11] - The growth of domestic brands is emphasized, particularly in categories such as personal care, pet products, and home goods, where companies like Baiya Co., Ltd. and Dengkang Oral Care are gaining market share through innovative products and effective marketing strategies [5][19][24] - The report identifies significant opportunities in the AI-driven product categories, such as AI mattresses and AI glasses, which are expected to see high growth in the medium to long term [5][19][29] Group 2 - The housing market is projected to stabilize, with policies encouraging home upgrades and replacements, which will drive demand for home goods, particularly in the AI mattress segment [6][9] - The packaging industry is undergoing a global supply chain restructuring, leading to accelerated consolidation and improved profitability for leading companies [7][10] - The report notes that the export sector is expected to see a reduction in the impact of tariff policies, allowing for better growth prospects in overseas markets [10][19] Group 3 - The report discusses the rise of IP-derived products, particularly in the emotional consumption space, where younger consumers are increasingly drawn to products that fulfill social and emotional needs [34][37][43] - Companies like Bluku and Chengyuan Co., Ltd. are highlighted for their innovative approaches in the IP toy market, leveraging strong brand partnerships and diverse product offerings to capture market share [44][49][56] - The report emphasizes the importance of digital marketing and e-commerce strategies in driving sales for companies in the consumer goods sector, particularly in the context of changing consumer behaviors [50][52][61]

Group 1: Core Insights - The report highlights the rise of emotional consumption in the IP derivative products sector, driven by the increasing willingness to pay for emotional value and the rapid spread of modern media [7][26][32] - The new tobacco trend is gaining momentum, with companies like Philip Morris International leading the transition towards a "smokeless future," indicating a global shift in the tobacco industry [8] - Innovations in supply and channel transformations are providing new opportunities for domestic brands in the personal care sector, with companies like Baiya and Dengkang leveraging differentiated products to enhance brand growth [9] Group 2: Industry Summaries - The home furnishing sector is expected to maintain a weak but stable state, with a focus on high-dividend investments in leading companies as supply gradually exits the market [10] - The paper industry is anticipated to see a gradual balance between supply and demand, with a potential recovery in the cycle as new supply pressures ease [11] - In the packaging industry, high-dividend stocks like Yutong Technology and Yongxin Co. are favored, with expectations of improved profitability in the metal packaging sector due to industry consolidation [12] Group 3: Electric Two-Wheelers and Exports - The electric two-wheeler market is projected to experience significant short-term growth, with companies like Yadi Holdings expected to see a net profit increase of over 55% in the first half of 2025 [13] - Despite uncertainties in tariff policies, there are opportunities for growth in the export sector, particularly for labor-intensive light industrial products that are unlikely to return to the U.S. market [14]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][38]. Core Insights - The company has a solid foundation in its traditional business, with a shift towards price-driven growth, particularly in high-end stationery products and IP collaborations, which effectively counterbalance the decline in the number of eligible users [4][24]. - The traditional stationery business is expected to maintain stable growth, driven by three main factors: the development of high-end cultural and creative products, continued penetration into overseas markets like Southeast Asia, and accelerated digital channel construction [24]. - The office direct sales business has been expanding, with stable net profit margins despite a downward trend in gross margins due to the nature of the sales model [5][28]. - The company is actively advancing its IP strategy, focusing on the retail terminal "Jiumu Miscellaneous Society," which targets Gen Z consumers and is expected to achieve significant revenue growth [6][29]. Summary by Sections 1. Company Overview - The company has over 30 years of experience in the stationery industry and is one of the largest manufacturers globally, with a strong brand recognition. Its core products include writing instruments, student stationery, and office supplies, covering a wide range of needs from basic education to daily office use [11]. 2. Core Business Development - The traditional core business has shifted from volume-driven growth to price-driven growth, with significant increases in average selling prices for writing tools and student stationery, despite declining sales volumes [16][21]. - The office direct sales segment has become the largest revenue source, with a projected revenue of 13.83 billion yuan in 2024, reflecting a 3.9% year-on-year growth [25]. 3. IP Strategy and Retail Expansion - The company has embraced IP business, with a focus on the "Jiumu Miscellaneous Society," which is expected to generate 1.406 billion yuan in revenue in 2024, marking a 13% increase [6][29]. - The membership system has surpassed ten million, and the proportion of IP products is increasing, indicating a successful integration of IP into the product strategy [6][29]. 4. Financial Projections - The company is projected to achieve revenues of 27.408 billion yuan, 31.344 billion yuan, and 35.136 billion yuan from 2025 to 2027, with corresponding net profits of 1.574 billion yuan, 1.805 billion yuan, and 2.026 billion yuan [7][10][38].

Core Points - As of June 27, 2025, Morning Glory Co., Ltd. (603899) closed at 28.63 yuan, down 4.34% from the previous week's 29.93 yuan [1] - The company's market capitalization is currently 26.367 billion yuan, ranking 1st in the cultural and entertainment supplies sector and 578th among all A-shares [1] Company Announcements - Morning Glory Co., Ltd. has completed the registration of changes in its business license, reducing its registered capital to 920,970,377 yuan [1] - The company repurchased 2,858,043 shares under its 2022 share repurchase plan, changing the intended use from "for equity incentives or employee stock ownership plans" to "for cancellation and corresponding reduction of registered capital" [1] - The registered capital was officially changed from 923,828,420 yuan to 920,970,377 yuan after the repurchase cancellation was completed on June 5, 2025 [1]