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， ...

Investment Rating - The report maintains a "Buy" rating for the company [1][4]. Core Insights - The company is focusing on enhancing product value through a strong IP and functional strategy, aiming to meet diverse consumer needs and expand its market presence internationally [4][15]. - The overseas market is showing initial signs of contribution, with a projected revenue of 1.039 billion yuan in 2024, representing a 22% year-on-year growth [4][15]. - The company plans to strengthen its IP strategy in 2025, targeting high-value stationery products that appeal to younger consumers [4][15]. Financial Data and Valuation - Revenue projections for the company are as follows: - 2023A: 23.351 billion yuan - 2024A: 24.228 billion yuan - 2025E: 27.566 billion yuan - 2026E: 31.143 billion yuan - 2027E: 35.125 billion yuan - Net profit estimates are: - 2023A: 1.527 billion yuan - 2024A: 1.396 billion yuan - 2025E: 1.607 billion yuan - 2026E: 1.831 billion yuan - 2027E: 2.075 billion yuan - The company’s earnings per share (EPS) are projected to be: - 2023A: 1.65 yuan - 2024A: 1.51 yuan - 2025E: 1.74 yuan - 2026E: 1.98 yuan - 2027E: 2.25 yuan - The price-to-earnings (P/E) ratio for 2025 is estimated at 18 times, indicating a relatively low valuation compared to the past decade [3][4]. Product Strategy and Market Expansion - The company emphasizes product strength through a combination of strong IP and functionality, which has been a key driver for product upgrades [8][14]. - The independent brand "Qi Zhi Hao Wan" is rapidly developing, focusing on popular two-dimensional IPs and expanding its product offerings [20][22]. - The company is actively pursuing international expansion, particularly in Southeast Asia and Africa, where it has established a significant market presence [4][15]. Investment Recommendations - The company plans to enhance shareholder returns through dividends and share buybacks, with a combined ratio of 73% in 2024 [4][15]. - The report anticipates steady growth in net profit for the years 2025 to 2027, with expected increases of 15%, 14%, and 13% respectively [4][15].

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 ...

以下文章来源于数据宝 ，作者宁墨 数据宝 . 数据宝——证券时报智能原创新媒体，中国股市大数据新媒体领先品牌，依托证券时报财经数据库和证监会 指定信息披露媒体的权威信息，让您用手机也能从海量数据中获得有用的决策信息支持，数据是个宝，炒股 少烦恼！ 近日，美国宣布对所有贸易伙伴征收"对等关税"，全球资本市场剧烈震荡。在外部风险加剧的背景下，资金会倾 向于流向更具稳定性和盈利能力的资产，A股中长期维持高净资产收益率的公司，正是这类优质企业的代表。 7股近10年净资产收益率均超15% 净资产收益率（ROE）作为衡量企业盈利能力的核心指标，备受投资大佬青睐。巴菲特曾提出："如果非要我用一个 指标进行选股，我会选择ROE，那些ROE能常年持续稳定在20%以上的公司都是好公司，投资者应当考虑买入。" 一般来说，长期维持高ROE的企业，往往具备稳健的经营策略和持续的盈利水平，并且拥有强大的竞争优势，涵盖 出色的管理团队、强大的专利技术、特许经营权、行业先发优势或规模优势，以及优秀的团队和创新能力等特征。 据证券时报·数据宝统计，截至4月6日，在2015年前上市且披露2024年年报的A股公司中，有7股去年境外收入占比低 于1 ...

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].

Group 1: Market Overview - The bond market has experienced fluctuations since December 2024, with liquidity pressures easing marginally, indicating a shift in the central bank's target function [10] - The first quarter of 2025 is expected to see a high overall economic sentiment, driven by domestic demand, while external pressures may arise from trade policies [10] - The second quarter may witness a return to monetary and fiscal cooperation, with potential for bond purchases and interest rate cuts [10] Group 2: Gold Market Insights - Gold has the highest risk-reward ratio among domestic asset classes, with its low correlation to other asset categories making it an attractive option for institutional investors [9][11] - The correlation between gold prices and U.S. Treasury yields has evolved, with recent trends indicating a weak correlation, suggesting gold's role as a hedge against market volatility [11] Group 3: Convertible Bond Market - The median price of convertible bonds fell to 121 yuan in March, with high-priced bonds declining by 2% while low-priced bonds remained stable [14] - The convertible bond market is facing a unique environment, with strong demand from fixed-income investors despite supply constraints [14] - The first quarter of 2025 may see an increase in the number of companies receiving attention from rating agencies due to performance issues, impacting bond prices [14] Group 4: Company-Specific Performance - Laopu Gold (6181.HK) reported a significant revenue increase of 167.5% year-on-year, reaching 8.51 billion yuan, with net profit soaring by 253.9% [13][15] - The brand's recognition has improved, leading to a substantial increase in store revenue, with an average sales figure of 328 million yuan per store [15] - The company plans to expand its presence internationally, with a new store opening in Singapore, enhancing its global brand strategy [15] Group 5: Industry Trends - The consumer battery sector is experiencing a golden development phase, with significant growth in both consumer and energy storage applications [21][23] - The insulated cup market remains robust, with exports to the U.S. increasing by 20.3% year-on-year, indicating sustained demand [24][26] - The company is focusing on diversifying its supply chain and enhancing production efficiency to mitigate tariff impacts and improve profitability [26]

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]