Core Viewpoint - The announcement details the share reduction plans of major shareholders and directors of Shanghai M&G Stationery Inc. due to personal funding needs, specifying the number of shares to be sold and the methods of sale [1][2][3]. Shareholder and Director Holdings - As of the announcement date, Shanghai Keping Investment Management LLP holds 14,662,558 shares, accounting for 1.59% of the total shares [1] - Shanghai Jiekui Investment Management LLP holds 14,493,900 shares, accounting for 1.57% of the total shares [1] - Director Chen Xueling holds 8,100,000 shares, accounting for 0.88% of the total shares [2] Reduction Plans - Keping Investment plans to reduce up to 4,790,658 shares, representing a maximum of 0.52% of total shares, through centralized bidding and block trading within three months starting from 15 trading days after the announcement [2][3] - Jiekui Investment plans to reduce up to 4,748,400 shares, also through centralized bidding and block trading, within the same timeframe [2][3] - Chen Xueling plans to reduce up to 2,025,000 shares, representing 0.22% of total shares, through similar methods [1][2] Reasons for Reduction - The primary reason for the share reductions is the personal funding needs of the shareholders [2][3] Shareholder Commitments - Keping and Jiekui Investments have committed not to require the company to repurchase their shares and will adhere to the minimum price conditions based on the initial public offering price [3][4] - Chen Xueling has made similar commitments regarding her shareholdings [4] Compliance and Regulations - The reduction plans comply with relevant regulations and do not pose a risk of changing the company's control [5]

证券代码：603899 证券简称：晨光股份 公告编号：2025-022 上海晨光文具股份有限公司 股东及董事减持股份计划公告 本公司董事会、全体董事及相关股东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： 股东及董事持股的基本情况 截止本公告日，上海晨光文具股份有限公司（以下简称"公司"）股东上海 科迎投资管理事务所（有限合伙）（以下简称"科迎投资"）持有公司股份 14,662,558 股，占公司股份总数的 1.59%；股东上海杰葵投资管理事务所（有限 合伙）（以下简称"杰葵投资"）持有公司股份 14,493,900 股，占公司股份总数 的 1.57%；股东及董事陈雪玲持有公司股份 8,100,000 股，占公司股份总数的 0.88%。 减持计划的主要内容 科迎投资因自身资金需求，拟自本公告披露之日起的 15 个交易日后 3 个月 内，通过集中竞价和大宗交易的方式减持公司无限售条件流通股不超过 4,790,658 股，即不超过总股本的 0.52%，减持价格按市场价格确定。 杰葵投资因自身资金需求，拟自本公告披露之日起的 15 个交易 ...

智通财经6月25日电，晨光股份(603899.SH)公告称，股东科迎投资、杰葵投资及董事陈雪玲因自身资金 需求，计划自公告披露之日起15个交易日后的3个月内，通过集中竞价和大宗交易方式减持公司股份。 其中，科迎投资拟减持不超过4,790,658股，杰葵投资拟减持不超过4,748,400股，陈雪玲拟减持不超过 2,025,000股，分别占公司总股本的0.52%、0.52%和0.22%。减持价格按市场价格确定。 晨光股份：股东及董事拟合计减持不超过1.26%公司股份 ...

Summary of Key Points - The company Morning Light Co., Ltd. (stock code: 603899) announced that shareholder Shanghai Keying Investment Management Co., Ltd. plans to reduce its holdings by no more than 4.7907 million shares, accounting for 0.52% of the company's total share capital, due to its own funding needs [1] - Another shareholder, Shanghai Jiekui Investment Management Co., Ltd., also plans to reduce its holdings by no more than 4.7484 million shares, which is 0.52% of the total share capital, for similar funding reasons [1] - Board member Chen Xueling intends to reduce her holdings by no more than 2.025 million shares, representing 0.22% of the total share capital, again due to personal funding needs [1] - The reduction in shareholdings will be executed at market price [1]

Group 1 - Deli, a traditional stationery giant, has launched its first home-use electric vehicle charging station at a starting price of 979 yuan, significantly undercutting the industry average by 50% [1][2] - The charging station, with a power output of 7 kW, is compatible with mainstream models such as Tesla and BYD, indicating Deli's strategic move into the home slow-charging market [1][2] - The launch comes amid a concerning performance report from Morning Glory, which saw a 4.39% year-on-year decline in revenue to 5.245 billion yuan and a 16.23% drop in net profit to 318 million yuan for Q1 2025, marking the first decline in both metrics since 2021 [1][2] Group 2 - The stationery industry is facing structural challenges, with rising material, energy, and labor costs squeezing profit margins, while international brands intensify competition in the Chinese market [2][3] - Deli's entry into the electric vehicle charging market is seen as a response to the surging demand for home charging stations, driven by the increase in China's electric vehicle ownership, which has surpassed 20 million [2][3] - However, the transition to the new energy sector poses significant challenges for stationery companies, including a lack of experience in power equipment development and the need to establish a comprehensive service network for installation and after-sales support [3][4] Group 3 - The stationery industry is undergoing deep adjustments, with accelerated consolidation expected over the next five years, as leading companies seek to expand through mergers and acquisitions [4] - Smaller companies must either find a niche or face elimination, as the traditional stationery market reaches its limits due to ongoing "double reduction" policies affecting student stationery demand and the trend towards paperless offices [4] - Deli's move into new energy and Morning Glory's efforts to enhance product value through creative collaborations reflect the industry's search for new growth narratives [4]

Event Overview - The first Shanghai International Animation Month will commence on July 4, featuring a collaboration of three major events: CCG EXPO (July 4-6), Bilibili World (July 11-13), and ChinaJoy (August 1-4) [1] - The event will host over a hundred themed activities and more than a thousand limited-edition merchandise, along with a series of cross-dimensional activities and the issuance of "dimension digital consumption vouchers" [1] - Major animation IPs such as Disney, LEGO, and Bandai Namco will participate, alongside domestic productions like "The Little Monster of Langlang Mountain" and "Linglong" [1] ChinaJoy Highlights - ChinaJoy, scheduled for August 1-4, is recognized as a premier event in the digital entertainment industry, covering games, animation, esports, smart hardware, and trendy toys [2] - The event will include several high-profile forums and unique activities such as a digital live shopping festival and the debut of the "China Audio-Visual Game Museum" [2] - A new theme area focusing on smart entertainment robots has opened for exhibitors, presenting significant opportunities for companies in the robotics and gaming sectors [2] CCG EXPO and Bilibili World - CCG EXPO is one of the largest comprehensive animation and gaming exhibitions in China, expecting over 500,000 attendees in 2024 and achieving an online transaction value of 284 million yuan [3] - Bilibili World, a major offline event hosted by the popular video platform Bilibili, anticipates 300,000 attendees and has doubled its exhibitor count, making it the largest anime convention in East Asia [3] Market Potential - The Chinese animation industry is undergoing significant structural changes driven by digital technology and cultural consumption upgrades, leading to a new development phase [4] - The industry has gained international recognition, with projections estimating the total output value of the Chinese animation industry to reach 423 billion yuan by 2025, representing a 457% increase from 2019 [5] Company Involvement - Companies such as 37 Interactive Entertainment, Perfect World, Giant Network, and others have participated in multiple editions of ChinaJoy and CCG EXPO [9] - Shunwang Technology has acquired the organizer of ChinaJoy, Hanwei Xinheng, indicating consolidation within the industry [9]

Investment Rating - The report maintains an "Outperform" rating for the light industry sector [6][10]. Core Insights - The light industry exports continued to weaken in May, while U.S. furniture retail sales showed resilience with a year-on-year increase of 8.8%. Domestic furniture retail sales in China rose by 25.6% year-on-year, supported by the progress of the "old-for-new" subsidy program, which has reached 54% [2][3][18]. - Meta has launched a new AI sports eyewear product, Oakley Meta HSTN, which is expected to catalyze industry innovation [4][30]. Summary by Sections 1. Core Insights and Investment Recommendations - The report highlights the recovery of the home furnishing sector as the "old-for-new" subsidy program is implemented in key cities, improving customer traffic and order data. It recommends leading companies in customized home furnishing, such as Oppein Home, Sophia, and Kuka Home, as well as Bull Group and Good Wife for their growth potential in smart home products [16][17]. 2. Research Tracking and Investment Thoughts - In May, light industry exports fell by 9.4% year-on-year, with the decline accelerating compared to April. The U.S. furniture retail sector remains robust, reflecting strong demand [2][19]. - The "old-for-new" subsidy program has driven significant retail sales growth in furniture, with a total of 1.1 trillion yuan in sales supported by 1.75 billion subsidies issued [3][25]. - The launch of Meta's AI eyewear is seen as a potential catalyst for innovation in the industry [4][30]. 3. Market Review - The light industry sector experienced a decline of 3.06% last week, underperforming the broader market [31]. 4. Key Data Tracking - In May, furniture retail sales in China reached 170 billion yuan, up 25.6% year-on-year, while building materials sales fell by 2.9% [34]. - The report notes a decrease in domestic prices for various paper products, with significant drops in packaging paper prices [42][50]. - Real estate data indicates a 3.3% year-on-year decline in property transaction volumes in 30 major cities [58]. - The furniture export value in May was 5.64 billion USD, down 9.4% year-on-year, while paper and paper products exports also saw a slight decline [67].

证券代码：603899 证券简称：晨光股份 公告编号：2025-021 上海晨光文具股份有限公司 关于完成工商变更登记的公告 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"）分别于 2025 年 3 月 24 日、 并通过了《关于变更部分回购股份用途并注销的议案》，同意将回购专用证券账 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"，即公 司对回 购专用证券 账户中 所网站（www.sse.com.cn）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）、《上海晨光文具股份有限公 司 2024 年年度股东大会决议公告》（公告编号：2025-014）。 完成本次限制性股票回购注销工作，合计回购注销限制性股票 2,858,043 股。公 司注册资本由人民币 92382.8420 万元整变更为 92097.0377 万元整。具体内容详 见公司于 2025 ...

证券代码：603899 证券简称：晨光股份 公告编号：2025-021 上海晨光文具股份有限公司（以下简称"公司"）分别于 2025 年 3 月 24 日、 2025 年 4 月 16 日召开第六届董事会第十次会议和 2024 年年度股东大会，审议 并通过了《关于变更部分回购股份用途并注销的议案》，同意将回购专用证券账 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"，即公司对回购专用证券账户中 2,858,043 股进行注销并相应减少注册资本。具体内容详见公司在上海证券交易 所网站（www.sse.com.cn）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）、《上海晨光文具股份有限公 司 2024 年年度股东大会决议公告》（公告编号：2025-014）。 2025 年 6 月 5 日，公司在中国证券登记结算有限责任公司上海分公司办理 完成本次限制性股票回购注销工作，合计回购注销限制性股票 2,858,043 股。公 司注册资本由人民币 92382.8420 万元整变更为 92097.03 ...

Summary of the Conference Call for Morning Glory Co., Ltd. Company Overview - **Company**: Morning Glory Co., Ltd. (晨光股份) - **Industry**: Stationery and Office Supplies Key Points and Arguments Growth Strategy - Morning Glory is implementing an IP-driven and overseas expansion strategy, expecting a net profit of **1.69 billion** yuan in 2025, a **20%** year-on-year increase [2][5] - The target for IP-based stationery products has been raised from **7%-8%** to **15%-20%** to meet market demand and enhance retail business, aiming for double-digit growth [2][8] Market Potential - The IP stationery market is projected to reach approximately **5 billion** yuan in 2024, with a low penetration rate of **4%** but a growth rate exceeding **25%** [2][9] - The compound annual growth rate (CAGR) for the IP stationery market is expected to remain above **20%** over the next two to three years [2][9] Brand Performance - Morning Glory's sub-brand "Fun and Play" achieved over **200 million** yuan in revenue in 2024, a **150%** increase, with profits of **20 million** yuan, up **260%** [2][12] - The brand is testing entry into core Morning Glory stores, which could contribute an estimated **1 billion** yuan in revenue if it penetrates **50%** of the core stores [2][12] Overseas Expansion - The overseas distribution channel is rapidly growing, with a projected revenue of **600 million** yuan in 2024, a **50%** increase, primarily in Southeast Asia [2][13] - By 2025, the overseas distribution system is expected to reach **900 million** yuan, also a **50%** increase [2][13] - Morning Glory is actively expanding its headquarters lifestyle stores in Southeast Asia [2][13] Recent Changes and Collaborations - Morning Glory has launched new products for the summer marketing season and formed a strategic partnership with Tencent Video to introduce top anime IPs [3] - The new product launch exceeded market expectations, indicating the company's commitment to transformation [3] Inventory and Market Dynamics - Channel inventory is at a historical low of approximately **1.1 billion** yuan, down **20%-30%** from previous highs [4][16] - The stationery industry is transitioning to an information-based supply phase, with expectations for recovery in terminal sales [18] Challenges and Adjustments - The "Miscellaneous Store" business faced losses in 2024 due to misalignment with target demographics, but plans to refocus on high-margin products in 2025 [4][19] - The impact of the "Double Reduction" policy has led to a **15%-20%** decrease in demand for stationery among higher-grade students [17] Competitive Landscape - Traditional local brands are being phased out, while emerging brands are rapidly gaining market share by integrating popular IP elements [10][11] - Japanese brands are losing competitive edge due to high pricing, while domestic products are improving in quality and cost-effectiveness [11] Future Directions - Morning Glory plans to expand its IP matrix, focusing on domestic and Japanese anime, and aims to enhance its product offerings through strategic partnerships [21][22] - The company is also exploring the introduction of new IPs to diversify its product range and appeal to consumer preferences [21][25] Conclusion - Morning Glory is poised for growth through strategic IP integration, overseas expansion, and a focus on retail, with a strong outlook for profitability and market share increase in the stationery industry [2][8][15]