Group 1 - The company is a leading player in the domestic educational and office supplies market, with significant revenue growth in the first three quarters of 2024, achieving revenue of 1.758 billion yuan and a net profit of 105 million yuan, despite a year-on-year decline of 1.45% and 11.41% respectively [1] - The office direct sales industry is experiencing steady growth, with the company focusing on centralized and e-commerce procurement for government and large enterprises, successfully winning several procurement projects [1] - The company is expanding its product supply categories in office direct sales, including MRO and employee welfare products, to capture a larger market share in digital procurement [1] Group 2 - The "millet economy" in China is growing rapidly, with the market size expected to increase from 120.1 billion yuan in 2023 to 168.9 billion yuan in 2024, representing a growth rate of approximately 40.63% [2] - The company is actively developing unique cultural and creative products and has obtained multiple IP licenses, including popular franchises, to continuously launch related products [2] - Future plans include promoting proprietary IPs to build a diversified IP matrix and develop distinctive cultural and creative products [2] Group 3 - The company is covered for the first time with a "buy" rating, as it is a leader in the educational sector and is actively developing cultural and creative products [3] - The forecasted net profits for 2024-2026 are 141 million yuan, 184 million yuan, and 245 million yuan, with year-on-year growth rates of -16.8%, 30.8%, and 33.2% respectively [3] - The company's earnings per share (EPS) are projected to be 0.26 yuan, 0.34 yuan, and 0.46 yuan for the same period, with corresponding price-to-earnings (PE) ratios of 37.34, 28.55, and 21.44 [3]

Investment Rating - The report initiates coverage with a "Buy" rating for the company, highlighting its position as a leading player in the domestic educational supplies sector and its active development of cultural and creative products [3]. Core Viewpoints - The company is a leading domestic educational and office supplies enterprise, with significant revenue growth expected in the coming years. In the first three quarters of 2024, the company achieved revenue of 1.758 billion yuan and a net profit of 105 million yuan, showing a substantial increase when excluding one-time gains from the previous year [1][22]. - The office direct sales sector is experiencing steady growth, with the company focusing on centralized and e-commerce procurement for government and large enterprises. The company has won several procurement projects, enhancing its sales capabilities [1][20]. - The "Guzi Economy" is rapidly growing, with the market size expected to increase from 120.1 billion yuan in 2023 to 168.9 billion yuan in 2024, representing a growth rate of approximately 40.63%. The company is actively developing unique cultural and creative products and has secured multiple IP licenses [2][56]. Summary by Sections 1. Domestic Educational Supplies Leader - The company specializes in the manufacturing and sales of educational and office supplies, with a focus on sustainable development and high-quality products. It has received numerous accolades for its contributions to the industry [14]. - The company has built a diverse IP matrix, including various sub-brands, to cater to different market segments, enhancing its competitive edge [15]. 2. Growth of the "Guzi Economy" - The "Guzi Economy" is characterized by a growing market for cultural and creative products, with significant opportunities for companies that can leverage popular IPs. The company is well-positioned to benefit from this trend [56][59]. 3. Financial Forecast and Investment Recommendations - The company is projected to achieve net profits of 141 million yuan, 184 million yuan, and 245 million yuan from 2024 to 2026, with corresponding growth rates of -16.8%, 30.8%, and 33.2%. The earnings per share (EPS) are expected to be 0.26 yuan, 0.34 yuan, and 0.46 yuan, respectively [3][5]. - The company's price-to-earnings (PE) ratios are projected to be 37.34, 28.55, and 21.44 for the same period, indicating a favorable valuation compared to peers [3][5]. 4. Industry Trends - The educational supplies industry is experiencing stable growth, with a shift towards brand and personalized products. The demand for unique and high-quality stationery is increasing among consumers [47][48]. - The rise of digital procurement is transforming the purchasing landscape, with significant growth potential in this area as companies seek to enhance efficiency and reduce costs [60].

证券代码: 002103 证券简称:广博股份 公告编号：2025-003 广博集团股份有限公司 关于使用自有闲置资金进行委托理财的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 广博集团股份有限公司（以下简称"公司"）于2024年4月17日 召开了公司第八届董事会第十次会议，并于2024年5月16日召开了 2023年度股东大会，审议通过了《关于使用自有闲置资金进行委托理 财的议案》，公司（包括全资子公司及控股子公司，下同）在不影响 正常经营资金需求和确保资金安全的前提下，使用部分自有闲置资金 进行委托理财，总额度不超过50,000万元人民币，投资期限不超过12 个月，在额度及期限范围内可循环滚动使用。具体内容详见2024年4 月19日公司刊登于《证券时报》及巨潮资讯网（www.cninfo.com.cn） 的《关于使用自有闲置资金进行委托理财的公告》。 根据上述决议，现将公司理财产品购买进展情况公告如下： 一、购买理财产品概况 2025 年 3 月 3 日，公司全资子公司宁波广博纸制品有限公司使 用自有资金 5,000 万元购买了上海浦东发展银行股份 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [6] Core Views - The company is focusing on enhancing creativity and product development around IP, capitalizing on the growing demand for IP-based cultural products as younger generations enter the consumer market [1][2] - The company has secured multiple IP licenses, including popular franchises such as "Detective Conan" and "Initial D," and is continuously launching related products [2] - The company is expanding its production bases in Southeast Asia to mitigate tariff risks, with an investment of approximately $20 million planned for land and facilities in Vietnam [3] Summary by Sections Company Strategy - The company is innovating its product lines by integrating fashion and emotional value into its stationery and cultural products, targeting the expanding market for trendy and luxury items [1][2] - The company aims to develop a diverse IP matrix by promoting its own IPs like "Xixi Sauce" and collaborating with new IPs to enhance emotional and social attributes of its products [2] Financial Performance - The company reported a revenue of 2,690.38 million yuan in 2023, with a projected revenue of 3,020.60 million yuan in 2025, reflecting a growth rate of 17.82% [12][15] - The net profit attributable to the parent company is expected to reach 190.11 million yuan in 2025, with an EPS forecast of 0.36 yuan per share [12][14] Market Position - The company is actively enhancing its brand presence through various sub-brands and a strong design team, aiming to capture a larger share of the cultural and creative market [4][12] - The company has a total market capitalization of approximately 5,780.83 million yuan, with a circulating market value of about 4,079.95 million yuan [7]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price yet to be specified [6]. Core Viewpoints - The company is focusing on enhancing creativity and product development around IP, capitalizing on the growing demand for IP-based cultural products, especially among younger consumers [1][2]. - The company has secured multiple IP licenses, including popular franchises, and is actively developing related merchandise to meet market demand [2]. - The establishment of production bases in Vietnam and Cambodia aims to mitigate tariff risks and expand production capacity in Southeast Asia [3]. - The financial forecast indicates an expected EPS growth from 0.27 CNY in 2024 to 0.45 CNY in 2026, with corresponding PE ratios decreasing from 40x to 24x [4]. Summary by Sections Company Strategy - The company is innovating its product lines by integrating fashion and emotional value into its offerings, particularly in the cultural and creative sectors [1][2]. - It aims to develop a diverse IP matrix by promoting its own IPs and collaborating with new IPs to enhance product appeal [2]. Financial Performance - The company reported a revenue of 2,690.38 million CNY in 2023, with projections of 3,020.60 million CNY in 2025 and 3,504.24 million CNY in 2026, reflecting a growth rate of 17.82% and 16.01% respectively [12][15]. - The net profit for 2023 is projected at 169.03 million CNY, with further increases expected in subsequent years [14][15]. Market Position - The company is leveraging its established brand and sub-brands to enhance market presence and consumer engagement, particularly through social media and community building [2][4].

证券代码：002103 证券简称：广博股份 公告编号：2025-002 广博集团股份有限公司 关于公司股东部分股份解除质押及再质押的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 | | 是否为控 | 本次质 | | 占公 | 是否为 | 是否 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 | 股股东或 | 押股份 | 占其所 | 司总 | 限售股 | 为补 | 质押起 | | | 质押 | | 名称 | 第一大股 | 数量 | 持股份 | 股本 | （如是， | 充质 | 始日 | 质押到期日 | 质权人 | 用途 | | | 东及其一 | | 比例 | | 注明限 | | | | | | | | 致行动人 | (股) | | 比例 | 售类型） | 押 | | | | | | | | | | | | | 2025 年 | 2028 年 1 月 24 | 广发银行 | | | 王君 | 否 | 12,000 | 43.78% | 2. ...

Group 1: Company Overview - The company is Guangbo Group Co., Ltd., with stock code 002103 and stock abbreviation Guangbo Shares [1] - The investor activity took place on February 19, 2025, in the company meeting room [2] Group 2: Product Development and Market Strategy - The company is focusing on the development of cultural and creative products, leveraging the growing demand for IP-based entertainment products, especially among the younger generation [3] - The company has secured multiple IP authorizations, including "Detective Conan," "Hatsune Miku," and "Spy x Family," and is continuously launching related products [3] - The company aims to promote its own IPs, such as Xixi Sauce and MIMO, to create a diverse IP matrix [3] Group 3: Design and Innovation - The company has design teams located in Ningbo and the USA, with design centers in major cities like Hangzhou and Shanghai to capture current trends [4] - The company emphasizes long-term brand building and has developed sub-brands like "kinbor" and "fizz" to enhance its market presence [5] Group 4: Sales and Distribution - The company's creative products are primarily sold in the domestic market, with ongoing efforts to expand into international markets [6] - The company has established flagship stores on platforms like Tmall and Pinduoduo to boost online sales [6] Group 5: Production and Expansion - The company has set up production bases in Vietnam and Cambodia in 2019 and 2023, respectively, with plans to further expand in Southeast Asia [7] - An investment of approximately $20 million is planned for purchasing land and facilities in Vietnam to enhance production capacity [7] Group 6: Employee Incentives - In 2024, the company repurchased 5,341,800 shares for employee stock ownership plans or equity incentives [8]

Investment Rating - The report assigns a "Buy" rating for Guangbo Co., Ltd. (002103) as the initial coverage [5][10]. Core Insights - Guangbo Co., Ltd. focuses on the development of cultural and creative products, enhancing its profitability through a strong emphasis on the stationery and office supplies sector [1][15]. - The company achieved a revenue of 2.69 billion yuan in 2023, representing an 8.2% year-on-year increase, with a significant contribution from creative stationery and direct office sales [2][19]. - The report highlights the growing demand for IP-based products and the potential of the "Guzi" economy, which is expected to drive future growth [3][5]. Summary by Sections 1. Company Overview - Guangbo Co., Ltd. is a leading manufacturer and seller of educational and office supplies, offering a comprehensive range of products including fashionable office supplies, creative lifestyle items, and direct sales [1][15]. - The company has developed several sub-brands such as "kinbor" and "fizz," targeting different market segments to meet diverse consumer needs [1][15]. 2. Business Performance - In 2023, the educational and office supplies segment generated 2.52 billion yuan in revenue, accounting for 93.8% of total revenue, with a year-on-year increase of 30.15% [21][23]. - The direct office sales segment has seen a dramatic increase, with revenue rising from 290 million yuan in 2020 to 1.645 billion yuan in 2023, now representing 61% of total revenue [2][23]. 3. Market Trends - The report notes a significant growth in the "Guzi" economy, with the two-dimensional industry expected to expand from 221.9 billion yuan in 2023 to 590 billion yuan by 2029, indicating a compound annual growth rate (CAGR) of 18% [5][44]. - The emotional value of products is becoming increasingly important to consumers, particularly among younger demographics, driving demand for creative and personalized stationery items [42][46]. 4. Financial Projections - The report forecasts revenues of 2.56 billion yuan, 3.02 billion yuan, and 3.5 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 1.45 billion yuan, 1.9 billion yuan, and 2.4 billion yuan [10][56]. - The expected earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 0.27 yuan, 0.36 yuan, and 0.45 yuan respectively [10][56].

关于越南生产基地扩建项目投资路径调整的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 一、投资事项概述 2024 年 1 月 30 日，广博集团股份有限公司（以下简称"公司"） 召开第八届董事会第九次会议，审议通过了《关于投资新建越南生产 基地的议案》。为更好地满足公司业务发展需要，公司拟投资 5,000 万美元用于越南生产基地建设，包括但不限于实缴注册资本、租赁（购 买）土地、建造厂房及附属设施、购置机器设备及铺底流动资金等。 2024 年 10 月 11 日，公司全资孙公司广博控股(香港)有限公司 （现已更名为：嘉泽控股（香港）有限公司，以下简称"嘉泽香港公 司"）与黄福龙投资股份公司（以下简称"黄福龙公司"）签署了《工 业区土地附属资产出售原则合同》（以下简称"《原则合同》"），由嘉 泽香港公司在越南新设目标公司购买黄福龙公司位于越南北宁省仙 游县大同环山工业区内（地号 70 及地号 174）地上附属厂房及其附 属设施，交易总价为 19,712,070 美元。 2024 年 11 月 29 日，嘉泽香港公司与黄福龙公司根据《原则合 同》的相关内容签 ...

证券代码: 002103 证券简称:广博股份 公告编号:2024-061 广博集团股份有限公司 第八届董事会第十五次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 一、会议召开情况 广博集团股份有限公司（以下简称"公司"）第八届董事会第十 五次会议通知于2024年12月6日以书面和通讯送达方式发出，经出席 会议的全体董事同意，本次会议以豁免提前五日发出通知的方式于 2024年12月9日在公司会议室以通讯方式召开。本次会议由董事长王 利平先生召集和主持，会议应出席董事9名，实际出席董事9名。本次 会议的通知、召集、召开、审议、表决均符合有关法律、行政法规、 部门规章、规范性文件和公司章程的相关规定。 二、会议审议情况 经出席会议董事表决，一致通过如下决议： 2、审议通过了《关于签署租赁协议暨关联交易的议案》 表决结果：6票同意；0票反对；0票弃权。 关联董事王利平先生、王君平先生、戴国平先生回避表决。 1 董事会审议前，本议案已经独立董事专门会议审议通过。 公司《关于签署租赁协议暨关联交易的公告》刊登于2024年12月 10日的《证券时报》和巨潮资 ...