证券代码：603899 证券简称：晨光股份 公告编号：2024-009 上海晨光文具股份有限公司 关于修订《公司章程》及部分治理制度的公告 一、《公司章程》修订情况 为进一步促进公司规范运作，规范独立董事行为，充分发挥独立董事在上市 公司治理中的作用，根据《上市公司章程指引》《上市公司独立董事管理办法》 《上海证券交易所股票上市规则》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》等相关法律法规和规范性文件的规定，并结合公司实际情况， 公司拟对《公司章程》部分条款进行修订。 《公司章程》具体修订情况如下： | 现行《公司章程》条款 | 修订后《公司章程》条款 | | --- | --- | | 第一条 为适应建立现代企业制度的需要， | 第一条 为适应建立现代企业制度的需要，规范 | | 规范上海晨光文具股份有限公司（以下简称 | 上海晨光文具股份有限公司（以下简称公司）的 | | "公司"）的组织和行为，维护公司、股东 | 组织和行为，维护公司、股东和债权人的合法权 | | 和债权人的合法权益，特根据《中华人民共 | 益，特根据《中华人民共和国公司法》（以下简 | | 和国公司法》（以下简称"《 ...

关于上海晨光文具股份有限公司 非经营性资金占用及其他关联资金往来情况 汇总表的专项审计报告 目 录 1、 专项审计报告 2、 附表 委托单位：上海晨光文具股份有限公司 审计单位：立信会计师事务所（特殊普通合伙） 联系电话：021-57475621 上海晨光文具股份有限公司 非经营性资金占用及其他关联资金 往来情况的专项报告 2023 年度 iF明该宙: 您可使用手机"扫一扫"或进入"注册会议 the subject of the subject of the subject of the subject of the subject of the subject of the subject of the subject of the subject of the subject of the station of the sta 关于上海晨光文具股份有限公司 非经营性资金占用及其他关联资金往来情况 的专项报告 信会师报字[2024]第 ZA10381 号 上海晨光文具股份有限公司全体股东: 我们审计了上海晨光文具股份有限公司(以下简称"晨光股 份")2023 年度的财务报表,包括 2023 年 12 月 3 ...

上海晨光文具股份有限公司 2023年10月投资者关系活动记录表 证券简称：晨光股份 证券代码：603899 | --- | --- | |-----------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

证券代码：603899 证券简称：晨光股份 公告编号：2023-027 上海晨光文具股份有限公司 关于召开 2023 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： 投资者可于 2023 年 11 月 2 日（星期四）至 11 月 8 日（星期三）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ir@mg- pen.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 上海晨光文具股份有限公司（以下简称"公司"）已于 2023 年 10 月 28 日发 布公司 2023 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 2023 年 第三季度经营成果、财务状况，公司计划于 2023 年 11 月 9 日上午 9:00-10:00 举行 2023 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 2023 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， ...

Financial Performance - The company's operating revenue for Q3 2023 reached ¥5,899,006,541.60, representing an increase of 11.38% compared to the same period last year[3]. - Net profit attributable to shareholders was ¥489,658,451.67, up 20.42% year-on-year[3]. - The net profit excluding non-recurring gains and losses was ¥453,839,490.26, reflecting a 26.78% increase compared to the previous year[3]. - Basic earnings per share for the quarter were ¥0.5301, a rise of 20.26% year-on-year[4]. - Total revenue for the first three quarters of 2023 reached ¥15,859,763,277.88, an increase of 15.5% compared to ¥13,729,593,493.63 in the same period of 2022[20]. - Operating profit for the first three quarters of 2023 was ¥1,370,034,365.24, an increase of 16.1% compared to ¥1,180,264,611.91 in the same period of 2022[21]. - Net profit for the first three quarters of 2023 was ¥1,167,900,105.32, reflecting a growth of 10.5% from ¥1,059,396,723.50 in the same period of 2022[21]. - The net profit for Q3 2023 was approximately ¥1.17 billion, an increase from ¥978 million in Q3 2022, representing a growth of about 19.3%[22]. - The net profit attributable to shareholders of the parent company was approximately ¥1.09 billion, up from ¥935 million in the same period last year, reflecting a year-over-year increase of 16.9%[22]. - Basic earnings per share for Q3 2023 were ¥1.1829, compared to ¥1.0120 in Q3 2022, indicating an increase of 16.8%[23]. - The total comprehensive income for Q3 2023 was approximately ¥1.16 billion, compared to ¥971 million in Q3 2022, reflecting an increase of 19.4%[22]. Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥13,945,939,224.80, an increase of 7.09% from the end of the previous year[4]. - The total assets as of the end of Q3 2023 were ¥13,945,939,224.80, compared to ¥13,022,593,379.49 at the end of Q3 2022, representing a growth of 7.1%[20]. - Total liabilities as of the end of Q3 2023 were ¥6,013,909,530.31, an increase from ¥5,770,415,317.82 in the same period of 2022[20]. - The company's equity attributable to shareholders reached ¥7,455,787,259.10, up from ¥6,849,334,531.67 in the previous year, indicating a growth of 8.8%[20]. Cash Flow - Cash flow from operating activities for the year-to-date was ¥1,347,145,103.12, showing a growth of 43.97% compared to the same period last year[4]. - Cash flow from operating activities for the first three quarters of 2023 was approximately ¥17.34 billion, compared to ¥15.09 billion in the same period of 2022, marking a growth of 14.9%[24]. - The net cash flow from operating activities in Q3 2023 was approximately ¥1.35 billion, up from ¥935 million in Q3 2022, showing an increase of 44.0%[25]. - The company reported cash and cash equivalents of approximately ¥2.32 billion at the end of Q3 2023, up from ¥1.64 billion at the end of Q3 2022, representing a growth of 41.8%[25]. - The company received cash from investment recoveries amounting to approximately ¥2.75 billion in Q3 2023, compared to ¥900 million in Q3 2022, indicating a significant increase[25]. - The company’s total cash outflow from financing activities in Q3 2023 was approximately ¥917 million, down from ¥1.11 billion in Q3 2022, showing a reduction of 17.3%[25]. Segment Performance - The total revenue for the writing tools segment was approximately CNY 1.86 billion, with a gross margin of 41.19%, reflecting a year-on-year increase of 4.43%[14]. - The student stationery segment generated revenue of approximately CNY 2.74 billion, with a gross margin of 34.28%, showing a year-on-year increase of 9.50%[14]. - The office stationery segment reported revenue of approximately CNY 2.36 billion, with a gross margin of 26.56%, indicating a year-on-year increase of 9.71%[14]. - The total revenue from the office direct sales reached approximately CNY 8.32 billion, with a gross margin of 7.58%, representing a year-on-year increase of 19.99%[14]. - The subsidiary Chenguang Ke Li Pu achieved revenue of approximately CNY 831.94 million, reflecting a year-on-year growth of 19.99%[15]. - Chenguang Life Hall (including Jiumu Miscellaneous Society) generated revenue of approximately CNY 987.84 million, with a year-on-year growth of 42.70%[15]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 34,757, with the largest shareholder holding 57.85% of the shares[10]. - The company reported a significant increase in minority shareholders' profit, which rose by 71.06% to ¥73,749,015.31 compared to the previous year[9]. Future Outlook - The company plans to expand its market presence and invest in new product development to drive future growth[20].

证券代码：603899 证券简称：晨光股份 公告编号：2023-026 上海晨光文具股份有限公司 关于召开 2023 年半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。 重要内容提示： 投资者可于2023年9月8日（星期五）至9月14日（星期四）16:00前登录 上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱ir@mg-pen.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 1、会议召开时间：2023 年 9 月 15 日（星期五）上午 9:00-10:00 2、会议召开地点：上证路演中心 会议召开时间：2023年9月15日（星期五）上午9:00-10:00 会议召开地点：上海证券交易所上证路演中心 （网址：http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 3、会议召开方式：上证路演中心网络互动 三、参加人员 董事长陈湖文先生，独立董事潘飞先生，财务总监汤先保先生，董事会秘书 白凯先生。 上海晨光文具股份有限公司（以下简称"公司" ...

Financial Performance - The company's operating revenue for the first half of 2023 reached ¥9,960,756,736.28, an increase of 18.11% compared to ¥8,433,435,343.83 in the same period last year[15]. - Net profit attributable to shareholders was ¥604,492,638.34, reflecting a growth of 14.34% from ¥528,668,604.11 in the previous year[15]. - The net cash flow from operating activities surged by 184.74%, amounting to ¥676,312,238.05, compared to ¥237,518,847.42 in the same period last year[15]. - Basic earnings per share increased to ¥0.6528, up 14.29% from ¥0.5712 in the previous year[16]. - The weighted average return on net assets rose to 8.55%, an increase of 0.27 percentage points from 8.28% in the previous year[16]. - The company reported a net profit excluding non-recurring gains and losses of ¥542,705,163.94, which is a 12.10% increase from ¥484,127,364.14 in the same period last year[15]. - The diluted earnings per share also rose to ¥0.6528, marking a 14.45% increase from ¥0.5704 in the previous year[16]. - The company achieved a revenue of 9.96 billion yuan, representing an 18% year-over-year growth[41]. - The net profit attributable to shareholders reached 600 million yuan, marking a 14% increase compared to the previous year[41]. - The traditional core business revenue grew by 7% year-on-year, while new business revenue increased by 26%[51]. Assets and Liabilities - The total assets of the company were ¥12,812,988,170.50, a decrease of 1.61% compared to ¥13,022,593,379.49 at the end of the previous year[15]. - The net assets attributable to shareholders increased to ¥6,960,198,095.45, reflecting a growth of 1.62% from ¥6,849,334,531.67 at the end of the previous year[15]. - The company's total assets decreased to ¥7,998,236,683.44 from ¥8,045,286,794.06, a decline of 0.6%[121]. - Total liabilities increased to ¥1,956,178,035.91, up 4.2% from ¥1,876,835,224.90 in the previous year[121]. - The company's equity decreased to ¥6,042,058,647.53 from ¥6,168,451,569.16, a decline of 2.0%[121]. - The total liabilities decreased from ¥5,770,415,317.82 to ¥5,398,666,150.53, a decrease of about 6.45%[117]. - The total equity attributable to shareholders decreased by 126,392,921.63 during the reporting period, reflecting market conditions and strategic decisions[137]. Market and Business Strategy - The company aims to expand its global competitiveness in the stationery industry while focusing on traditional core business[19]. - The domestic market for mid-to-high-end stationery products is growing, driven by rising consumer income and demand[22]. - The company is committed to continuous innovation in technology, products, channels, and business models to drive sustainable development[23]. - The company plans to actively expand into international markets and enhance its digital capabilities[27]. - The stationery industry is experiencing increased market concentration, with opportunities for mergers and acquisitions to strengthen brand competitiveness[26]. - The company has established a comprehensive operational system covering design, manufacturing, and sales, enhancing its supply chain advantages[20]. - The company is a leader in the B2B e-commerce procurement sector, recognized for its digital procurement capabilities and innovative service offerings[34]. - The trend towards digitalization and e-commerce in public procurement is rapidly advancing, with significant growth opportunities for the company in this area[33]. Innovation and Product Development - The company launched over a thousand new products annually, focusing on consumer research to align with market trends[39]. - The company holds over 1,100 patents, showcasing its strong capabilities in design and innovation[39]. - The company has increased its new product launch frequency from 2 to 4 times a year, focusing on consumer insights for product development[45]. - The company is focused on optimizing product structures and increasing the sales contribution of high-quality products[42]. Sustainability and Corporate Responsibility - The company’s sustainable development strategy focuses on sustainable products, climate change response, and empowering employees and communities[28]. - The company launched its first carbon-neutral stationery product as part of its sustainable development initiatives[50]. - The company has joined the "Low Carbon Friendly Action" initiative with over 20 other companies to promote low-carbon consumption[80]. - The company has committed to ensuring 100% compliance with environmental discharge standards, reducing its environmental impact[78]. - The company has donated stationery to nearly 500,000 students across 47 villages/counties in 27 provinces[83]. Risks and Challenges - The company has outlined various risks and countermeasures in its report, emphasizing the importance of investor awareness regarding investment risks[6]. - The stationery industry is facing challenges such as demand contraction and increased downward pressure, with a reported 10.9% year-on-year growth in sales of educational stationery on e-commerce platforms in the first half of 2023[29]. - The company faces operational management risks due to rapid growth in asset and sales scale, necessitating continuous improvement of management systems and personnel training[67]. - Market risks include structural development opportunities in the stationery market, with challenges such as demand contraction and increased downward pressure[68]. Corporate Governance - The company’s sixth board of directors was elected on April 20, 2023, with Chen Huwen as chairman and Chen Huxiong as vice chairman[72]. - No profit distribution or capital reserve increase is planned for the current period, with no dividends or stock bonuses declared[73]. - The integrity status of the company and its major stakeholders remained good, with no significant debts or court judgments unfulfilled[96]. - The company has not faced any regulatory penalties or compliance issues during the reporting period[95]. Financial Management - The company has implemented a lean management system to enhance efficiency and reduce costs across its production and business sectors[45]. - The company has established a comprehensive logistics network and advanced automated warehousing systems to enhance order response efficiency[40]. - The company has implemented energy-saving modifications to production equipment, saving approximately 20,000 kWh of electricity per month[82]. - The company has installed photovoltaic equipment in its production park, generating 8.8 million kWh of solar power annually, which accounts for 10% of the total electricity consumption[82].

证券代码：603899 证券简称：晨光股份 公告编号：2023-023 上海晨光文具股份有限公司 关于召开 2022 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。 重要内容提示： （一）会议召开时间：2023 年 6 月 1 日（星期四）上午 10:00-11:30 会议召开时间：2023 年 6 月 1 日（星期四）上午 10:00-11:30 会议召开地点：上海证券交易所上证路演中心 （网址：http://roadshow.sseinfo.com/） 会议召开方式：视频结合网络互动 投资者可于 2023 年 5 月 25 日（星期四）至 5 月 31 日（星期三）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ir@mg-pen.com 进行提问。公司将在说明会上对投资者普遍关注的问题 进行回答。 （二）会议召开地点：上证路演中心（http://roadshow.sseinfo.com/） （三）会议召开方式：视频结合网络互动 三、参加人员 董事长陈湖文先生，独立董事潘飞 ...

Financial Performance - The company's revenue for Q1 2023 reached ¥4,881,597,128.81, representing a year-on-year increase of 15.44%[4] - Net profit attributable to shareholders was ¥333,575,984.76, up 21.02% compared to the same period last year[4] - Basic earnings per share (EPS) was ¥0.3611, reflecting a growth of 20.81% from the previous year[4] - Total operating revenue for Q1 2023 reached ¥4,881,597,128.81, an increase of 15.4% compared to ¥4,228,846,027.41 in Q1 2022[20] - Net profit for Q1 2023 was ¥365,868,826.29, up 28.0% from ¥286,052,368.32 in Q1 2022[21] - The total comprehensive income for Q1 2023 was ¥355,744,158.67, compared to ¥289,647,600.75 in Q1 2022, indicating a growth of 22.8%[22] Cash Flow - The net cash flow from operating activities was ¥135,347,440.80, showing a significant increase of 3,136.33% year-on-year[4] - In Q1 2023, the net cash flow from operating activities was RMB 135,347,440.80, a significant increase from RMB 4,182,133.40 in Q1 2022, reflecting a strong operational performance[25] - Total cash inflow from operating activities reached RMB 5,798,222,283.83, compared to RMB 5,119,002,056.18 in the same period last year, indicating a year-over-year growth of approximately 13.3%[25] - Cash outflow from operating activities was RMB 5,662,874,843.03, up from RMB 5,114,819,922.78 in Q1 2022, resulting in a cash outflow increase of about 10.7%[25] - The net cash flow from financing activities was negative at RMB -73,132,052.17, compared to RMB -52,776,611.94 in Q1 2022, indicating increased financing challenges[26] - The ending balance of cash and cash equivalents was RMB 1,917,390,819.84, down from RMB 2,160,747,637.56 at the end of Q1 2022, reflecting a decrease of approximately 11.3%[26] Assets and Liabilities - Total assets at the end of the reporting period were ¥12,676,897,507.40, a decrease of 2.65% from the end of the previous year[5] - The company's total liabilities decreased to ¥5,099,282,472.41 from ¥5,770,415,317.82, representing a reduction of 11.6%[19] - The total equity attributable to shareholders increased to ¥7,143,415,401.26, up 4.3% from ¥6,849,334,531.67 in the previous year[19] - The total current assets as of March 31, 2023, amounted to RMB 9,716,464,618.46, a decrease from RMB 9,997,882,055.87 at the end of 2022[16] - The total assets of the company as of March 31, 2023, were RMB 12,676,897,507.40, down from RMB 13,022,593,379.49 at the end of 2022[17] Revenue Segments - The revenue from the office direct sales segment was RMB 2,640,600,318.67, showing a year-on-year increase of 23.06%[14] - The revenue from the student stationery segment was RMB 729,225,785.97, with a year-on-year growth of 1.47%[12] - The company reported a significant increase in revenue for "Chenguang Technology," which reached RMB 18,604.51 million, a year-on-year growth of 57.95%[15] Operational Insights - The company operates 547 retail stores nationwide, including 504 stores under the brand "Jiumu Zawushang" and 43 "Chenguang Living Hall" stores[15] - The company plans to continue expanding its retail presence and enhancing its product offerings in the upcoming quarters[15] Other Financial Metrics - The weighted average return on equity (ROE) increased by 0.42 percentage points to 4.77%[5] - Research and development expenses for Q1 2023 were ¥47,086,795.47, a slight increase from ¥45,142,655.57 in Q1 2022[20] - The total cost of operations increased to ¥4,513,702,552.93, up 15.9% from ¥3,893,666,893.64 in the same period last year[20] - The company received government subsidies amounting to ¥45,638,260.93 during the reporting period, which contributed to its financial performance[6] - Other income increased by 190.28% to ¥32,934,695.19, primarily due to higher government subsidies related to operating activities[8] - The company reported a significant increase in the disposal gains from fixed assets, amounting to ¥923,944.78, up 1,770.34% year-on-year[8] - The inventory level as of March 31, 2023, was RMB 1,432,251,567.66, down from RMB 1,625,162,456.68 at the end of 2022[17] - The company reported a decrease in other payables to ¥418,170,417.62 from ¥492,874,360.46, a reduction of 15.1%[19]

Financial Performance - In 2022, the company achieved operating revenue of 19.9 billion RMB, a year-on-year increase of 13%[2] - The net profit attributable to shareholders was 1.28 billion RMB, a decrease of 15% compared to the previous year[2] - The company's operating revenue for 2022 was CNY 19,996,315,623.32, representing a 13.57% increase compared to CNY 17,607,403,250.12 in 2021[20] - The net profit attributable to shareholders for 2022 was CNY 1,282,456,788.17, a decrease of 15.51% from CNY 1,517,866,131.16 in 2021[20] - The net cash flow from operating activities for 2022 was CNY 1,351,783,827.08, down 13.41% from CNY 1,561,196,420.77 in 2021[20] - The total assets at the end of 2022 were CNY 13,022,593,379.49, an increase of 13.99% from CNY 11,424,387,930.33 at the end of 2021[22] - The basic earnings per share for 2022 was CNY 1.3874, a decrease of 15.66% compared to CNY 1.6450 in 2021[23] - The weighted average return on equity for 2022 was 19.60%, down 7.22 percentage points from 26.82% in 2021[23] Business Strategy and Initiatives - The company plans to continue its new five-year strategy focusing on brand and quality, increasing R&D and technological innovation[2] - Strategic initiatives include high-end transformation, channel transformation, and digitalization to support sustainable and high-quality development[2] - The company aims to optimize its ecological chain and business model as part of its long-term vision to become a "world-class M&G"[2] - The company focused on product optimization, reducing the number of new product launches while increasing the sales contribution of individual products[33] - The company is focusing on product innovation and business model innovation to drive sustainable development[58] - The company aims to enhance product quality and sales contribution by optimizing product development and increasing the survival rate of new products[103] - The company is focusing on channel upgrades and increasing the shelf rate of essential and new products to expand market share[104] Market and Industry Trends - The stationery industry faced a demand contraction, with a reported 8% year-on-year decline in sales for educational stationery on e-commerce platforms in 2022[49] - The domestic market for high-end stationery products is growing, driven by changing consumer preferences and a shift from low-end to premium products[51] - The public procurement market in China exceeded 45 trillion RMB in 2021, with a significant portion related to office supplies, indicating a robust market opportunity[52] - The digital transformation in procurement is accelerating, with state-owned enterprises leading the way, enhancing the efficiency of procurement processes[52] - The domestic market shows increasing demand for mid-to-high-end stationery products, driven by rising consumer income and consumption upgrades[57] Operational Developments - The company expanded its retail service capabilities, developing over 2,000 new school and supermarket stores during the reporting period[34] - The online business saw a revenue increase of 24%, with the company's Tmall flagship store membership exceeding one million[35] - The company launched a digital tool, the "Jubao Pen" app, to enhance channel operation efficiency and support traditional channel consolidation[34] - The company has established a logistics service system to support various business models, with new warehouses in North and South China now operational[37] - The company’s logistics network covers all 31 provinces, enhancing its supply chain efficiency[68] Research and Development - The company added over 200 new patents during the reporting period and successfully passed the re-evaluation as a high-tech enterprise[37] - The total R&D expenditure for the year was approximately CNY 183.55 million, accounting for 0.92% of total revenue, with no capitalized R&D expenses[84] - The company’s R&D investment accounted for 3.83% of total revenue[86] - The total number of R&D personnel is 429, accounting for 7.70% of the company's total workforce[85] Corporate Governance - The company maintains complete independence from its controlling shareholder in terms of assets, personnel, finance, and operations[115] - The company has an independent financial accounting department and a complete accounting system, ensuring independent financial decision-making[116] - The company’s board includes experienced professionals with backgrounds in finance, management, and law, enhancing its governance structure[124] - The company has a clear governance structure with defined roles for its board members and management team, promoting accountability[124] Environmental and Social Responsibility - The company invested 2.22 million yuan in environmental protection during the reporting period[154] - The company does not belong to the key pollutant discharge units and emphasizes environmental protection through recycling and waste management practices[155] - The company is actively promoting the use of clean energy and low-carbon technologies in its production processes[159] - Total investment in social responsibility projects amounted to 5.33 million yuan, benefiting 200,000 people[161] - The company’s rural education initiative has reached 300,000 students across 18 provinces and 37 cities[165] Shareholder and Financial Policies - A cash dividend of 5 RMB per 10 shares (including tax) is proposed for distribution to shareholders[6] - The total dividend amount (including tax) was CNY 576,324,562.44, accounting for 45% of the net profit attributable to ordinary shareholders in the consolidated financial statements[145] - The company has established a clear cash dividend policy, ensuring compliance with its articles of association and shareholder resolutions[144] - The company has implemented a stock incentive plan for senior management and core technical personnel to ensure long-term motivation[149] Future Outlook - The company plans to achieve a revenue of 24.6 billion CNY in 2023, representing a 23% year-over-year growth[102] - The company expects to maintain high-speed growth in its office direct sales market, driven by the demand for transparent government procurement[106] - The company recognizes potential market risks due to structural changes in the stationery market and is enhancing product development and quality control[110]