Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future investment returns [8]. Core Insights - The company reported a revenue of 5.245 billion yuan in Q1 2025, a year-on-year decrease of 4.39%, and a net profit attributable to shareholders of 318 million yuan, down 16.23% year-on-year [5]. - The company is actively expanding into the "second dimension IP" sector, focusing on products that appeal to younger consumers, enhancing the emotional value of its offerings [7]. - The report projects revenue growth for 2025-2027 at 7.5%, 6.4%, and 5.5% respectively, with net profits expected to grow by 7.6%, 9.2%, and 8.5% in the same period [8]. Financial Performance - In Q1 2025, the company's gross margin was 20.65%, an increase of 0.49 percentage points year-on-year, while the net profit margin decreased by 0.86 percentage points to 6.07% [6]. - The company’s revenue from various product lines showed mixed results, with writing tools and office supplies experiencing slight declines, while the "Morning Light Living Hall" and "Morning Light Technology" segments saw growth [5]. - The company expects revenues of 26.056 billion yuan in 2025, with a projected net profit of 1.502 billion yuan, reflecting a recovery trend after a challenging 2024 [10].

Core Viewpoint - Morning Glory Co., Ltd. reported a decline in both revenue and net profit for the first quarter of 2025, marking the first such occurrence since 2021, with revenue at 5.245 billion yuan, down 4.39% year-on-year, and net profit at 318 million yuan, down 16.23% year-on-year [1] Financial Performance - In 2024, Morning Glory achieved total revenue of 24.228 billion yuan, an increase of 3.76% year-on-year, while net profit was 1.396 billion yuan, a decrease of 8.58% year-on-year [1] - The first quarter of 2025 saw a decline in revenue across major business segments, including writing instruments, student stationery, and office supplies, with respective revenues of 803 million yuan, 848 million yuan, and 2.790 billion yuan, each declining over 5% year-on-year [2] Business Segments - The company categorizes its operations into traditional core businesses and new businesses, with the former including writing tools, student stationery, and office supplies, while the latter encompasses office direct sales and retail stores [2] - The office direct sales business, which has been a revenue pillar, accounted for over 50% of total revenue, but its gross margin fell to 7.08% in the first quarter of 2025, a decrease of 0.14 percentage points year-on-year [2] New Business Developments - The retail store business, represented by Jiuwu Miscellaneous Store and Morning Glory Life Hall, is seen as a key area for brand and product upgrades, with 792 retail stores nationwide as of the end of the first quarter of 2025 [2] - Jiuwu Miscellaneous Store reported revenue of 388 million yuan in the first quarter of 2025, an increase of 11.37% year-on-year, but faced a net loss of 12.4428 million yuan in 2024 [3] Strategic Focus - Morning Glory's management indicated plans to enhance investment in IP (intellectual property) products and increase the proportion of proprietary brands to cater to changing consumer preferences, particularly among younger demographics [3] - The company aims to leverage its independent toy brand "Qizhi Haowan" to focus on IP incubation and brand collaboration, targeting the "two-dimensional IP" market [3]

证券代码：603899 证券简称：晨光股份 公告编号：2025-016 上海晨光文具股份有限公司 第六届董事会第十一次会议决议公告 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。 一、董事会会议召开情况 上海晨光文具股份有限公司（以下简称"公司"）第六届董事会第十一次会 议以通讯表决的方式召开，会议通知于2025年4月7日以电子邮件方式发出。本次 会议表决截止时间为4月28日中午12时，会议应参加表决的董事7名，实际参加表 决的董事7名。会议的召集、召开及表决程序符合《中华人民共和国公司法》和 《上海晨光文具股份有限公司章程》的有关规定，合法有效。 二、董事会会议审议情况 （一）审议通过《2025 年第一季度报告》 （二）审议通过《关于开展外汇衍生品交易业务的议案》 同意公司及子公司开展外汇衍生品交易业务，在期限内任一时点的外汇衍生 品余额不超过 7.5 亿元人民币（或其他等值外币）。在期限内任一时点占用的交 易保证金和权利金余额不超过 0.7 亿元人民币（或其他等值外币）。在上述额度 内，资金可以循环滚动使用。授权公司董事长 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 5,244,822,850.50, a decrease of 4.39% compared to CNY 5,485,380,847.38 in the same period last year[4] - Net profit attributable to shareholders was CNY 318,201,988.44, down 16.23% from CNY 379,859,509.37 year-on-year[4] - Total operating revenue for Q1 2025 was CNY 5,244,822,850.50, a decrease of 4.39% compared to CNY 5,485,380,847.38 in Q1 2024[25] - Net profit for Q1 2025 was CNY 329,498,024.63, a decline of 18.38% from CNY 403,976,905.47 in Q1 2024[26] - Total comprehensive income attributable to the parent company for Q1 2025 was approximately ¥327 million, down from ¥372 million in Q1 2024, a decrease of 12.09%[30] Cash Flow and Liquidity - The net cash flow from operating activities increased by 64.37% to CNY 112,010,716.73, compared to CNY 68,147,079.31 in the previous year[4] - Cash and cash equivalents as of March 31, 2025, totaled ¥4,081,523,754.40, down from ¥4,962,217,302.12 at the end of 2024[18] - Cash inflow from investment activities in Q1 2025 was approximately ¥260 million, significantly lower than ¥702 million in Q1 2024, a decline of 62.96%[31] - Net cash outflow from financing activities for Q1 2025 was approximately ¥156 million, compared to a net outflow of ¥63 million in Q1 2024[32] - The company reported a decrease in cash flow from operating activities, with total cash outflow of approximately ¥6.54 billion in Q1 2025, down from ¥6.87 billion in Q1 2024[31] Assets and Liabilities - Total assets at the end of the reporting period were CNY 15,818,157,827.51, a decrease of 4.63% from CNY 16,586,785,179.43 at the end of the previous year[5] - Total liabilities decreased from CNY 7,151,092,318.63 to CNY 6,086,660,487.65[21] - Total equity increased from CNY 9,435,692,860.80 to CNY 9,731,497,339.86[22] - The company reported a decrease in accounts payable from CNY 5,006,486,563.20 to CNY 4,094,670,269.09[21] Shareholder Information - Total number of common shareholders at the end of the reporting period is 38,561[12] - The largest shareholder, Morning Glory Holdings, holds 536,000,000 shares, accounting for 58.02% of total shares[12] Revenue Breakdown - Revenue from writing instruments reached ¥564,417,360.37, with a gross margin of 43.78%, showing a slight decrease of 0.07% compared to the same period last year[14] - Revenue from student stationery was ¥802,857,730.74, with a gross margin of 35.63%, reflecting a year-over-year decline of 5.99%[14] - Office stationery generated revenue of ¥849,227,021.57, with a gross margin of 28.48%, down 5.60% from the previous year[15] - The company reported a decrease in revenue from its subsidiary, Keli Pu, which saw a 5.32% decline to ¥278,990.36 million[15] Other Financial Metrics - The weighted average return on equity decreased by 1.22 percentage points to 3.52% from the previous year's 4.74%[4] - Research and development expenses for Q1 2025 were CNY 50,209,957.79, slightly up from CNY 48,295,232.76 in Q1 2024[25] - Basic and diluted earnings per share for Q1 2025 were both ¥0.3472, down from ¥0.4112 in Q1 2024, reflecting a decline of 15.6%[30] - The company received government subsidies amounting to CNY 41,716,009.53 during the reporting period, which positively impacted its financial performance[7] Accounts Receivable and Goodwill - The company reported a significant increase in accounts receivable by 106.46%, reaching CNY 35,976,787.65 compared to CNY 17,425,526.65 at the end of the previous year[10] - Goodwill increased by 65.91% to CNY 105,404,838.99 due to the difference between the purchase cost and the fair value of identifiable net assets acquired[10] - Accounts receivable increased to ¥3,990,890,840.73 from ¥3,860,635,417.76[18] Borrowings - Long-term borrowings surged by 433.33% to CNY 32,000,000.00 from CNY 6,000,000.00 at the end of the previous year[10] - The company received approximately ¥58.95 million in cash from borrowings in Q1 2025, an increase from ¥50 million in Q1 2024[31] Retail Operations - The company operates 792 retail stores nationwide, including 752 "Nine Wood" stores and 40 "Morning Glory" stores[16] - Morning Glory Technology achieved revenue of ¥30,758.12 million, representing a year-over-year growth of 24.57%[16]

证券代码：603899 证券简称：晨光股份 公告编号：2025-017 上海晨光文具股份有限公司 关于开展外汇衍生品交易业务的公告 1 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： 交易目的：为有效规避外汇市场的风险，防范汇率大幅波动对上海晨光 文具股份有限公司（以下简称"公司"）及子公司造成不良影响，结合资金管理 要求和日常经营的需要，公司拟与金融机构开展外汇衍生品交易业务。 交易品种及工具：外汇远期、外汇掉期、外汇期权、结构性远期、利率 掉期、货币互换等产品或上述产品的组合。 交易场所：具有外汇衍生品交易业务经营资质的境内外商业银行。 交易金额：公司及子公司拟开展的外汇衍生品交易业务，在期限内任一 时点的外汇衍生品余额不超过 7.5 亿元人民币（或其他等值外币）。在期限内任 一时点占用的交易保证金和权利金余额不超过 0.7 亿元人民币（或其他等值外 币）。交易期限自公司第六届董事会第十一次会议审议通过之日起 12 个月内有效。 在交易期限内任一时点的交易金额（含前述交易的收益进行再交易的相关金额） 不超过 ...

晨光股份（603899）公告，2025年第一季度营收为52.45亿元，同比下降4.39%；净利润为3.18亿元，同 比下降16.23%。 ...

Core Points - The CSI All Share Commercial Services and Commercial Goods Index reported a decline of 1.62% over the past month, an increase of 6.05% over the past three months, and a year-to-date increase of 4.15% [1] - The index is categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries, providing a comprehensive analysis tool for investors [1] - The index's base date is December 31, 2004, with a base point of 1000.0 [1] Index Holdings - The top ten weighted stocks in the index include: - Xiaogoods City (11.09%) - Dinglong Co., Ltd. (5.85%) - Huace Testing (5.03%) - Hainan Huatie (4.43%) - Liyuan Information (3.03%) - Chenguang Co., Ltd. (3.01%) - Shannon Chip Creation (2.23%) - Juran Smart Home (2.23%) - China Automotive Research (2.05%) - Shenzhen Huaqiang (2.04%) [1] Market Distribution - The market distribution of the index holdings shows that the Shenzhen Stock Exchange accounts for 62.53%, the Shanghai Stock Exchange for 37.14%, and the Beijing Stock Exchange for 0.33% [2] - The industry composition of the index holdings includes: - Other Commercial Services and Goods: 35.04% - Traders: 32.62% - Market Services: 18.09% - Office Services and Goods: 10.79% - Commercial Printing: 3.46% [2] Sample Adjustment - The index samples are adjusted biannually, with adjustments implemented on the next trading day following the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made in response to special events affecting sample companies [2]

Core Viewpoint - The company believes that the creation of commercial value and social value can complement each other, with sustainable development being a strategic anchor for long-term corporate value [1][2]. Group 1: Sustainable Development Strategy - The company has been on a sustainable development path for nearly 10 years since establishing the "M&G Rainbow Public Welfare Fund" in 2015 [2]. - M&G was the first listed company in China's stationery industry to publish an ESG report and has set sustainable development strategic goals aimed at 2030 [2]. - A Nielsen survey indicates that 77% of Generation Z prefers to purchase sustainable brands and is willing to pay 10% more for sustainable products [2]. Group 2: Integration of ESG into Business Operations - The company emphasizes the importance of top-down design in integrating ESG into core business operations, including setting ESG KPIs for executives and defining clear responsibilities [3]. - M&G continuously launches environmentally friendly products and engages young consumers through interesting environmental activities, transforming sustainable concepts into market competitiveness [3]. - The company has established an internal atmosphere for sustainability, encouraging employee participation in ESG initiatives and making social value creation part of corporate culture [3]. Group 3: Product Development and Standards - M&G is expanding its long-term sustainable product development across various categories and has created a framework for evaluating green products based on five dimensions [3]. - The company is actively seeking renewable, biodegradable, and safer materials, focusing on reducing plastic use and protecting biodiversity, and has launched its first carbon-neutral stationery [3]. Group 4: Long-term Goals and Initiatives - The company has set clear goals for 2030, aiming for at least 20% of products to adopt sustainable design and for 80% of the supply chain to be covered by ESG assessments [5]. - M&G plans to empower millions of individuals in employee and community initiatives by 2030 [5]. - The company views climate action and environmental protection as part of a long-term corporate development plan, with a goal to be recognized as a national-level green factory by the end of 2024 [4].

Summary of Conference Call Records Company and Industry Overview - The conference call discusses the performance and strategies of **晨光股份 (Morning Glory Co., Ltd.)**, a leading player in the traditional stationery and IP product market, particularly focusing on the **潮玩 (trendy toys)** segment and its distribution channels [1][2][4]. Key Points and Arguments Importance of Traditional Channels - Traditional channels, such as school-side stores and grocery stores, are crucial for brands like **卡游 (Kawoo)** and **布鲁可 (Blukoo)** to reach younger consumers and facilitate immediate purchases, especially as the main consumer demographic for trendy toys is aged 25-35, accounting for over 70% of the market [1][2]. - The rapid expansion of trendy toy brands heavily relies on traditional distribution channels, with over 80% of sales for brands like Blukoo and Kawoo coming from these channels [2][3]. Distribution Network and Market Coverage - **晨光股份** has established a comprehensive distribution network, with nearly 70,000 retail terminals using its branding by the end of 2024, covering approximately 50% of the nation's primary schools despite a decline in the total number of schools from 257,000 in 2010 to 143,500 in 2023 [1][4][6]. - The company has a strong presence in 1,200 cities through partnerships and has over 700 large retail stores and thousands of authorized shops on various e-commerce platforms [4]. Inventory Management and Operational Efficiency - The company has improved its inventory turnover days significantly from 78.8 days in 2015 to 28.6 days in 2024, enhancing its inventory management capabilities through digital tools and strategic initiatives [1][7]. Product Optimization Strategy - **晨光股份** has implemented a strategy to optimize its product structure by phasing out low-margin SKUs and developing higher-end products. The price of writing tools has increased from 0.177 RMB in 2011 to 1.28 RMB in 2024, with a gross margin rising to 42.9% [2][8]. - The price of student stationery has also increased from 0.34 RMB in 2011 to 0.67 RMB in 2024, maintaining a gross margin of around 34% [8]. Market Perception and Future Outlook - Despite skepticism regarding the value of traditional stationery sales channels, **晨光股份** is positioned to benefit from its strong channel management capabilities and market presence, especially as the market evolves [10]. - Future profit predictions estimate **晨光股份** will achieve a net profit of 1.61 billion RMB in 2025 and 1.82 billion RMB in 2026, with corresponding price-to-earnings ratios of 17.6 and 15.6, indicating a favorable valuation for a company maintaining double-digit growth [11]. Additional Important Insights - The company’s focus on enhancing single-store quality and utilizing digital tools has led to improved operational efficiency and sales performance [7]. - The ongoing transformation in consumer preferences towards trendy toys and IP products highlights the need for companies to adapt their strategies while leveraging traditional channels effectively [2][10].

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 ...