证券代码：603899 证券简称：晨光股份 公告编号：2025-031 上海晨光文具股份有限公司 关于召开 2025 年第三季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。 重要内容提示： 上海晨光文具股份有限公司（以下简称"公司"）将于 2025 年 10 月 30 日 发布公司 2025 年第三季度报告，为便于广大投资者更全面深入地了解公司 2025 年第三季度经营成果、财务状况，公司计划于 11 月 10 日（星期一）下午 15:00-16:00 举行 2025 年第三季度业绩说明会，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网络互动形式召开，公司将针对 2025 年第三季度的经 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 11 月 10 日（星期一）下午 15:00-16:00 会议召开地点：上海证券交易所上证路演中心 （网址：https://roadsh ...

上海晨光文具股份有限公司 2025 年第三季度报告 证券代码：603899 证券简称：晨光股份 上海晨光文具股份有限公司 2025 年第三季度报告 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： 公司董事会及董事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假记载、误 导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、主要财务数据 （一） 主要会计数据和财务指标 单位：元 币种：人民币 | | | 本报告期 | | 年初至报告期 | | --- | --- | --- | --- | --- | | 项目 | 本报告期 | 比上年同 | 年初至报告期末 | 末比上年同期 | | | | 期增减变 | | 增减变动幅度 | | | | 动幅度(%) | | (%) | | 营业收入 | 6,519,079,058.51 | 7.52 | 17,327, ...

Core Viewpoint - The stock of Morning Glory Co., Ltd. has shown a slight increase, with significant trading activity and high financing levels, indicating strong investor interest despite a decline in revenue and profit in the first half of 2025 [1][2]. Financing Summary - On October 22, Morning Glory's financing buy-in amounted to 11.54 million yuan, with a net buy of 481,200 yuan after repayments [1] - The total financing and securities balance reached 242 million yuan, with the financing balance at 235 million yuan, representing 0.91% of the circulating market value, which is above the 90th percentile of the past year [1] - The short selling activity on the same day included 300 shares sold, with a total value of 8,367 yuan, and a short selling balance of 674,940 yuan, also above the 90th percentile of the past year [1] Company Performance - As of June 30, the number of shareholders increased by 1.56% to 39,200, while the average circulating shares per person decreased by 1.84% to 23,516 shares [2] - For the first half of 2025, Morning Glory reported a revenue of 10.81 billion yuan, a year-on-year decrease of 2.19%, and a net profit attributable to shareholders of 557 million yuan, down 11.97% year-on-year [2] Dividend and Shareholding Structure - Since its A-share listing, Morning Glory has distributed a total of 4.701 billion yuan in dividends, with 2.117 billion yuan paid out in the last three years [3] - As of June 30, 2025, the top shareholders include Invesco Great Wall New Growth Mixed Fund, holding 31.5 million shares, and Hong Kong Central Clearing Limited, which increased its holdings by 4.4717 million shares to 28.8007 million shares [3]

Core Viewpoint - As of October 21, a total of 82 stocks in the Shanghai and Shenzhen markets have experienced net buying from major funds for five consecutive days or more, indicating strong investor interest in these stocks [1] Group 1: Stocks with Significant Net Buying - The stock with the longest consecutive net buying days is Jianyou Co., which has seen net buying for 12 consecutive trading days [1] - Other notable stocks with significant net buying days include Jingwei Hengrun, Yongmaotai, Baihe Co., ST Chuangyi, Zhongwen Media, Renfu Pharmaceutical, Ruimaite, and Chenguang Co. [1]

Market Overview - The entertainment products sector increased by 0.67% on the previous trading day, with Helen Piano leading the gains [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Top Performers - Helen Piano (300329) closed at 15.38, up 5.34% with a trading volume of 107,900 shares and a transaction value of 163 million [1] - Chuangyuan Co. (300703) closed at 30.40, up 4.32% with a trading volume of 78,400 shares and a transaction value of 232 million [1] - Jinling Sports (300651) closed at 23.33, up 4.15% with a trading volume of 128,500 shares and a transaction value of 295 million [1] Underperformers - Qunxing Toys (002575) saw a significant decline of 9.93%, closing at 6.35 with a trading volume of 374,100 shares and a transaction value of 238 million [2] - Zhujiang Piano (002678) decreased by 0.78%, closing at 5.12 with a trading volume of 263,300 shares and a transaction value of 135 million [2] Capital Flow - The entertainment products sector experienced a net outflow of 54.7 million from institutional investors, while retail investors saw a net inflow of 53.5 million [2][3] - The main stocks in the sector showed varied capital flows, with Jinling Sports receiving a net inflow of 24.57 million from institutional investors [3] Individual Stock Analysis - Helen Piano had a net inflow of 6.79 million from institutional investors, while retail investors had a net outflow of 7.61 million [3] - High乐股份 (002348) had a net inflow of 5.24 million from institutional investors, but retail investors experienced a net outflow of 8.50 million [3]

Investment Rating - The report maintains a positive outlook on the light industry and paper sector for Q3 2025, indicating a favorable investment rating [1]. Core Insights - The globalization of supply chains is accelerating changes in the packaging landscape, with leading companies increasing their market share and improving profitability [2]. - Q3 2025 is expected to see a divergence in performance among companies, influenced by supply chain advantages and growth potential [2]. - The report highlights specific companies with projected revenue and profit growth, indicating a robust performance in certain segments despite challenges in others [5][6]. Summary by Sections Packaging and Printing - Companies like Yutong Technology and Baosteel Packaging are expected to see slight revenue growth, while others like Meiyingsen may face revenue pressure but maintain profit growth [2][3]. - The overall packaging sector is benefiting from the global supply chain shift, with many companies reporting stable or improving profit margins [2][3]. Export Sector - Companies such as Jiangxin Home and Qianjiang Motorcycle are projected to experience significant revenue growth, with estimates of over 30% for Q3 2025 [6][7]. - The report notes that the export sector is showing resilience, with several companies adapting well to changing market conditions [6][7]. Two-Wheel and Motorcycle Sector - Companies like Aima Technology and Spring Wind Power are expected to report revenue growth of over 10% in Q3 2025, driven by seasonal demand and market adjustments [10][11]. - The sector is experiencing a mix of growth and challenges, with some companies facing declines due to regulatory changes [10][11]. Home Furnishing Sector - The report indicates that companies like Oppein Home and Kuka Home are facing revenue declines, while others like Joy Home are expected to show resilience with slight growth [12][14]. - The home furnishing market is under pressure from policy changes, but some segments are performing better than others [12][14]. Light Consumer Goods - Companies such as Dongkang Oral and Jeya are projected to see significant revenue and profit growth, with estimates indicating over 60% growth for Jeya in Q3 2025 [13][16]. - The light consumer goods sector is showing a positive trend, with several companies benefiting from strong demand and effective marketing strategies [13][16]. Paper Industry - The report anticipates a mixed performance in the paper sector, with some companies like Sun Paper expected to see profit declines due to price pressures, while others may experience stability [18][19]. - The paper industry is facing challenges from raw material price fluctuations, but certain segments are expected to maintain profitability [18][19].

Market Overview - The entertainment products sector experienced a slight decline of 0.06% on October 14, with Jinling Sports leading the drop [1] - The Shanghai Composite Index closed at 3865.23, down 0.62%, while the Shenzhen Component Index closed at 12895.11, down 2.54% [1] Stock Performance - Notable gainers in the entertainment products sector included: - Helen Piano: Closed at 14.97, up 4.98% with a trading volume of 194,400 shares and a turnover of 294 million yuan [1] - Yingpais: Closed at 24.03, up 2.43% with a trading volume of 84,400 shares and a turnover of 202 million yuan [1] - Gaole Co.: Closed at 4.01, up 1.52% with a trading volume of 318,000 shares and a turnover of 127 million yuan [1] - Conversely, Jinling Sports saw a significant decline, closing at 21.66, down 4.33% with a trading volume of 77,200 shares and a turnover of 171 million yuan [2] Capital Flow - The entertainment products sector saw a net outflow of 126 million yuan from institutional investors, while retail investors experienced a net inflow of 82.96 million yuan [2] - The capital flow for specific stocks showed: - Morning Light Co.: Net inflow of 13.99 million yuan from institutional investors, but a net outflow of 15.94 million yuan from retail investors [3] - Gaole Co.: Net inflow of 5.65 million yuan from institutional investors, with a net outflow of 2.49 million yuan from retail investors [3] - Pearl River Piano: Net inflow of 2.57 million yuan from institutional investors, with a net outflow of 1.69 million yuan from retail investors [3]

Market Overview - The entertainment products sector experienced a decline of 1.07% on September 24, with Chuangyuan Co. leading the drop [1] - The Shanghai Composite Index closed at 3853.64, up 0.83%, while the Shenzhen Component Index closed at 13356.14, up 1.8% [1] Individual Stock Performance - Huali Technology (301011) saw a closing price of 30.35, with a gain of 5.31% and a trading volume of 104,100 shares, amounting to a transaction value of 319 million yuan [1] - Yingpais (002899) closed at 21.04, up 3.09%, with a trading volume of 47,100 shares and a transaction value of 98.21 million yuan [1] - Chuangyuan Co. (300703) closed at 32.24, down 2.60%, with a trading volume of 84,200 shares and a transaction value of 272 million yuan [2] Capital Flow Analysis - The entertainment products sector saw a net outflow of 138 million yuan from institutional investors, while retail investors had a net inflow of 88.81 million yuan [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors showed interest [2][3] Notable Stock Movements - Morning Light Co. (603899) had a net inflow of 5.77% from institutional investors, despite a net outflow from retail investors [3] - High乐股份 (002348) experienced a net inflow of 5.80% from institutional investors, while also facing a net outflow from retail investors [3] - The overall trend shows that while some stocks attracted institutional interest, others faced selling pressure from retail investors [3]

Investment Rating - The industry investment rating is "Overweight (Maintain)" [2] Core Viewpoints - The report emphasizes investment opportunities arising from the acceleration of China's consumer supply chain going overseas, particularly in the packaging sector, which is crucial for the consumer supply chain [4] - The report highlights the performance of key companies in the light industry and textile sectors, recommending a focus on companies with strong growth potential and market positioning [8] Summary by Relevant Sections Key Company Status - The report lists several companies with their respective stock prices and earnings per share (EPS) forecasts, indicating a "Buy" rating for companies like Baiya Co., Sun Paper, and Morning Light Co. [2] Market Trends - The light industry index decreased by 0.58% from September 15 to September 19, 2025, ranking 18th among 28 industries, while the textile and apparel index decreased by 0.26%, ranking 15th [12] - Specific sub-sectors within the light industry showed varied performance, with home goods increasing by 0.84% and packaging printing decreasing by 2.3% [12] Industry Data Tracking - The report tracks key industry data, noting that the sales volume of commercial housing in 30 major cities increased by 25.4% year-on-year during the week of September 14 to September 20, 2025 [32] - The furniture manufacturing sector saw a year-on-year increase of 22% in retail sales from January to August 2025 [65] Recommendations - The report suggests focusing on companies like Crystal International and Huayi Group, which are expected to improve their market share and profitability due to structural optimization and scale effects [8] - It also recommends attention to the home furnishing sector, particularly companies like Xilinmen and Gujia Home, which are positioned to benefit from ongoing demand for soft furnishings [8]

Market Overview - The entertainment products sector experienced a decline of 0.7% on September 22, with Jinling Sports leading the drop [1] - The Shanghai Composite Index closed at 3828.58, up 0.22%, while the Shenzhen Component Index closed at 13157.97, up 0.67% [1] Individual Stock Performance - Huali Technology saw a closing price of 29.49, with an increase of 4.28% and a trading volume of 75,900 shares, amounting to a transaction value of 222 million yuan [1] - Zhejiang Zhengte closed at 51.48, up 2.55%, with a trading volume of 8,812 shares and a transaction value of 45.15 million yuan [1] - Shuhua Sports closed at 9.75, up 1.77%, with a trading volume of 87,200 shares [1] - Jinling Sports led the decline with a closing price of 24.14, down 3.40%, and a trading volume of 112,400 shares, resulting in a transaction value of 271 million yuan [2] Capital Flow Analysis - The entertainment products sector saw a net outflow of 83.28 million yuan from institutional investors, while retail investors contributed a net inflow of 22.56 million yuan [2][3] - Major stocks like Shuhua Sports and Huali Technology had mixed capital flows, with Shuhua Sports experiencing a net inflow of 15.07 million yuan from institutional investors [3] - Retail investors showed a significant net outflow from stocks like Huali Technology, amounting to 25.45 million yuan [3]