24&25Q1 消费板块综述：新消费方向崛起 [Table_Industry] 轻工制造 [Table_ReportDate] 2025 年 05 月 16 日 证券研究报告 行业研究 [Table_ReportType] 行业专题研究（普通） | [Table_StockAndRank] 轻工制造 | | | --- | --- | | 投资评级 | 看好 | | 上次评级 | 看好 | [Table_Author] 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮 箱： jiangwenqiang@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 24&25Q1 消费板块综述：新消费方向崛起 [Table_ReportDate] 2025 年 05 月 16 日 本期内容提要: 康耐特光学、明月镜片、博士眼镜等主业表现稳健、产品结构持续优化， 明月、博士 24Q4/25Q1 收入同比+1%/+3%、+6%/+10%，归母净利润 +13%/+ ...

Core Viewpoint - The legal opinion letter regarding the differentiated equity distribution of Shanghai Chenguang Stationery Co., Ltd. confirms that the company's actions comply with relevant laws and regulations, ensuring that the distribution does not harm the interests of the company and its shareholders [5][9]. Group 1: Differentiated Equity Distribution - The differentiated equity distribution is based on the company's decision to repurchase shares for employee stock ownership plans, as approved in the board meeting on October 28, 2022 [6][7]. - The company completed the repurchase of 2,858,303 shares, accounting for 0.31% of the total share capital, and later repurchased an additional 5,175,000 shares, representing 0.56% of the total share capital [6][7]. - The total share capital for the distribution is 915,795,377 shares after excluding shares held in the repurchase account, which do not participate in profit distribution [7][8]. Group 2: Legal Compliance and Impact - The legal opinion asserts that the differentiated equity distribution adheres to the Company Law, Securities Law, and relevant self-regulatory guidelines, with minimal impact on the stock's ex-rights and ex-dividend reference price [9]. - The cash dividend distribution amounts to 915,795,377.00 yuan (including tax), with a cash dividend of 1 yuan per share [8][9]. - The calculated ex-rights and ex-dividend reference price is approximately 28.87 yuan per share, reflecting a negligible impact of 0.0301% on the stock price [9].

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证券代码：603899 证券简称：晨光股份 公告编号：2025-018 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： 每股分配比例 A 股每股现金红利1元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/5/16 | － | 2025/5/19 | 2025/5/19 | 差异化分红送转： 是 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 4 月 16 日的2024年年度股东大会审议通过。 上海晨光文具股份有限公司2024年年度权益分派实施公告 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 根据《中华人民共和国公司法》《中华人民共和国证券法》《上海证券交易所 上市公司自律监管指引第 7 号——回购股份》等法律、法规、规范性文件及《公 ...

Opening Sustainable Development Strategy and Management | Sustainable Development Strategy | 09 | | --- | --- | | Sustainable Development Goals | 10 | | Sustainable Development Governance | 11 | | Management of Sustainability Topics | 12 | | About this Report | 01 | | --- | --- | | President's Message | 03 | | Sustainability Highlights of the Year | 05 | | About M&G | 07 | | Business Ethics | 51 | | --- | --- | | Supply Chain Management | 54 | | Partner Development | 56 | Employees and Communities | Occupat ...

Core Viewpoint - The quality supervision and inspection results for key industrial products in Beichen District, Tianjin, for 2024 show that all 65 batches of products tested, including cement, steel bars, and fertilizers, passed inspection without any non-compliant products or companies identified [3][4][5]. Group 1: Product Categories - Cement: Ordinary Portland cement from Tianjin Jinyu Zhenxing Environmental Protection Technology Co., Ltd. passed inspection [3]. - Steel Bars: Hot-rolled ribbed steel bars from Tianjin Chengtai Technology Development Co., Ltd. and Tianjin Junjian Steel Trading Co., Ltd. were among the compliant products [4][5]. - Fertilizers: Compound fertilizers from various producers, including Tianjin Rongfu Agricultural Production Materials and Hebei Kaimenzi Fertilizer Co., Ltd., were also found to be compliant [4][5]. Group 2: Inspection Results - A total of 65 batches of products were tested, and all were found to be compliant with quality standards [3][4]. - The inspection covered 10 types of products, including stationery items like correction tape and various types of pens, all of which passed the quality checks [3][4][5]. Group 3: Companies Involved - Companies such as Shanghai Morning Glory Stationery Co., Ltd. and Shenzhen Qixin Group Co., Ltd. were noted for their compliant products in the inspection results [3][4][5]. - The inspection results reflect a strong adherence to quality standards among local manufacturers in the Beichen District [3][4].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative return of over 20% within the next six months [6][17]. Core Insights - The company reported a revenue of 5.245 billion in Q1 2025, a year-on-year decrease of 4.4%, and a net profit attributable to shareholders of 318 million, down 16.2% year-on-year. The gross margin improved to 20.65%, an increase of 0.5 percentage points [1][5]. - The company is actively promoting IP and overseas business development, with expectations for operational improvements as the external business environment stabilizes [1][2]. - The traditional core business revenue was approximately 2.05 billion, reflecting a decline of about 5% due to a weak external environment, but the company is focusing on product enhancement and multi-channel strategies [2][3]. Summary by Sections Q1 2025 Performance - The company achieved a revenue of 5.245 billion, with a net profit of 318 million, and a non-recurring net profit of 281 million, showing declines of 16.2% and 14.2% respectively year-on-year [1]. - The gross margin was 20.65%, with a net profit margin of 6.07%, indicating a slight decrease of 0.9 percentage points [1]. Product Revenue Breakdown - Writing tools generated 564 million in revenue, down 0.07%, with a gross margin of 43.78% - Student stationery revenue was 803 million, down 5.99%, with a gross margin of 35.63% - Office stationery revenue was 849 million, down 5.60%, with a gross margin of 28.48% [1]. Traditional Core Business - The traditional business revenue, excluding specific segments, was about 2.05 billion, down approximately 5%. The company is enhancing product capabilities and expanding its multi-channel layout [2]. Online and Overseas Business - Online revenue for the company reached 310 million, a year-on-year increase of 25%, driven by strategic partnerships and product line expansions [2]. - The overseas market continues to grow rapidly, with a focus on meeting diverse consumer needs [2]. KeliPu Segment - KeliPu's revenue was 2.79 billion, down 5.32% due to high base effects and delays in product launches. The focus will be on developing core and proprietary products and expanding the customer base [3]. Retail Stores - The revenue from retail stores was 401 million, up 8.03%, with a total of 792 retail stores nationwide, an increase of 13 from the previous year [4]. Profit Forecast Adjustments - The profit forecast for 2025-2027 has been adjusted to 1.56 billion, 1.74 billion, and 1.94 billion respectively, with corresponding PE ratios of 18X, 16X, and 15X [5].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6][5]. Core Insights - The company reported a revenue of 5.245 billion and a net profit of 318 million for Q1 2025, showing a year-on-year decline of 4.4% and 16.2% respectively, attributed to a weak external operating environment and high base effects [1]. - The gross margin improved to 20.65%, an increase of 0.5 percentage points, while the net profit margin decreased to 6.07%, down by 0.9 percentage points [1]. - The company is focusing on enhancing its traditional business through IP empowerment and expanding its overseas operations, with expectations of returning to a growth trajectory as customer activities normalize [1][2]. Revenue Breakdown - The revenue from writing instruments was 564 million, down 0.07% year-on-year, with a gross margin of 43.78% [1]. - Revenue from student stationery was 803 million, down 5.99%, with a gross margin of 35.63%, an increase of 0.95 percentage points [1]. - Office stationery revenue was 849 million, down 5.60%, with a gross margin of 28.48%, an increase of 1.02 percentage points [1]. Traditional Core Business - The traditional business revenue, excluding specific segments, was approximately 2.05 billion, reflecting a decline of about 5% year-on-year [2]. - The company is enhancing product strength and channel layout, focusing on both online and offline growth, and increasing R&D and innovation investments [2]. Online and Overseas Growth - Online revenue for the company reached 310 million, a year-on-year increase of 25%, driven by strategic upgrades and collaborations with major platforms [2]. - The overseas market continues to grow rapidly, with a focus on meeting diverse consumer needs and strengthening product and brand capabilities [2]. KeliPu Segment - KeliPu's revenue was 2.79 billion, down 5.32% year-on-year, primarily due to high base effects and delays in product listings following client tender resumption [3]. - The segment aims to develop four key business areas, enhance self-owned product sales, and expand its customer base [3]. Retail Expansion - The revenue from retail stores, including Jiuwu, was 401 million, up 8.03% year-on-year, with Jiuwu contributing 388 million, an increase of 11.37% [4]. - The company operates 792 retail stores nationwide, with plans to enhance IP product resources and improve brand presence [4]. Financial Forecast - The company adjusted its profit forecast for 2025-2027, expecting net profits of 1.56 billion, 1.74 billion, and 1.94 billion respectively, with corresponding P/E ratios of 18X, 16X, and 15X [5].

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the analysis suggests a positive outlook for future growth based on macroeconomic recovery and product innovation [1]. Core Views - The company reported a revenue of 5.245 billion yuan in Q1 2025, a year-on-year decrease of 4.4%, and a net profit of 318 million yuan, down 16.2% year-on-year. The decline is attributed to high base effects from the previous year and weak macroeconomic demand [1]. - The traditional core business is under short-term pressure, but the product matrix is expected to revitalize through the development of popular products and collaboration with well-known IPs [2]. - The company is focusing on enhancing its product structure and increasing the share of self-owned brands, particularly in the lifestyle segment, which has shown growth [3]. Summary by Sections Financial Performance - In Q1 2025, the traditional core business generated approximately 2.054 billion yuan in revenue, a decline of 5.2% year-on-year. The revenue breakdown by category includes writing tools (564 million yuan), student stationery (803 million yuan), and traditional office supplies (849 million yuan) [2]. - The gross margins for these categories were 43.8%, 35.6%, and 28.5%, respectively, with slight changes year-on-year [2]. - The company maintained a gross margin of 20.7% and a net profit margin of 6.3% in Q1 2025, with stable operating cash flow of 112 million yuan [4]. Business Segments - The KOLIPU segment reported a revenue of 2.79 billion yuan in Q1 2025, down 5.3% year-on-year, but profitability remained stable. The segment is expected to recover as downstream bidding normalizes [3]. - The lifestyle segment, including the Jiumu Lifestyle Store, achieved a revenue of 401 million yuan, an increase of 8.0% year-on-year, with the Jiumu store alone generating 388 million yuan, up 11.5% [3]. Future Outlook - The company anticipates a return to steady growth in revenue and profit as the macroeconomic environment improves. Forecasted net profits for 2025-2027 are 1.52 billion, 1.66 billion, and 1.82 billion yuan, respectively, with corresponding P/E ratios of 18X, 16X, and 15X [4][5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a slight pressure in Q1 2025 due to external environmental disturbances, but there is an expectation for gradual improvement in subsequent quarters driven by IP introduction and product changes [6] - The company aims to enhance its online presence and strengthen its offline channels while actively promoting its own brand internationally [6] - The financial outlook remains positive with projected revenue growth and profitability improvements in the coming years [6] Financial Data and Earnings Forecast - Total revenue for Q1 2025 was 5,245 million yuan, a year-on-year decrease of 4.4% [5] - Net profit attributable to the parent company for Q1 2025 was 318 million yuan, down 16.2% year-on-year [5] - The company expects total revenue to reach 27,525 million yuan in 2025, with a projected growth rate of 13.6% [5] - The forecasted net profit for 2025 is 1,604 million yuan, reflecting a year-on-year increase of 14.9% [5] - The gross margin for Q1 2025 was 20.7%, showing a slight increase of 0.49 percentage points year-on-year [6] Business Performance - The traditional core online business continued to show high growth, while the offline channels are being enhanced through focused strategies [6] - The company is actively expanding its retail presence, with revenue from large retail stores reaching 4.01 billion yuan in Q1 2025, an increase of 8% year-on-year [6] - The company is also focusing on product diversification and enhancing product appeal through collaborations with various IPs [6] Strategic Initiatives - The company is pursuing a dual strategy of enhancing its traditional core business while exploring new product categories and international markets [6] - The ongoing development of the "Nine Wood" retail brand is expected to attract younger consumers and increase market share [6] - The company plans to maintain a high dividend payout ratio, with a cash dividend of 66% and a combined dividend and buyback ratio of 73% for 2024 [6]