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、董事会会议召开情况 1、宁波创源文化发展股份有限公司（以下简称"公司"）第四届董事会第六 次会议（以下简称"本次董事会会议"）通知于 2025 年 4 月 8 日以电子邮件方式 发出。 2、本次董事会会议于 2025 年 4 月 18 日在公司会议室以现场及通讯方式召 开，其中董事蒋建峰先生、胡力明先生、程晓民女士以通讯方式参会。 3、本次董事会会议应出席董事 9 名，实际出席会议的董事 9 名。会议由董 事长任召国先生主持，公司监事、高级管理人员列席了会议。 4、本次董事会会议的召开和表决程序符合《公司法》等法律法规和《公司 章程》的规定。 证券代码：300703 证券简称：创源股份 公告编号：2025-012 宁波创源文化发展股份有限公司 第四届董事会第六次会议决议公告 二、董事会会议审议情况 1、审议通过《关于<2024 年度董事会工作报告>的议案》 公司《2024 年度董事会工作报告》具体内容详见公司同日在中国证监会指 定创业板信息披露网站巨潮资讯网（http://www.cninfo.com.cn） ...

Group 1 - The cultural and creative toy concept has seen a strong initial performance, with stocks such as Huali Technology, Jinghua Laser, Hongxing Shares, Yuanlong Yatu, and Guangbo Shares reaching the daily limit [1] - Other companies like Boshinlong, Jinyun Laser, and Chuangyuan Shares have increased by over 10% [1] - Card Game Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with Morgan Stanley, CICC, and JPMorgan as joint sponsors [1] Group 2 - According to data from Zhi Shi Consulting, Card Game ranks first in both the Chinese pan-entertainment product industry and the pan-entertainment toy industry in 2024 [1] - The market share of the collectible card game segment held by Card Game is as high as 71.1% [1]

Investment Rating - The report assigns a "Buy" rating to the company, with a target market value of 3.4 billion yuan, indicating an upside potential of 25% based on a comparable company average PE of 25x for 2025 [8]. Core Insights - The company focuses on educational supplies exports, expanding into cross-border e-commerce and IP cultural and creative businesses, leveraging its strong R&D and supply chain management capabilities [7][17]. - The educational supplies export business is a stable growth foundation, with a projected revenue increase driven by product upgrades and market demand shifts [21]. - The company is expected to achieve significant growth in its domestic IP cultural and creative business, supported by partnerships and resource integration from Ningbo Cultural Tourism [45][49]. - The cross-border e-commerce segment for fitness equipment is experiencing rapid growth, capitalizing on the trend of home fitness in the U.S. market [7][21]. Financial Data and Profit Forecast - The company forecasts total revenue of 1.36 billion yuan in 2023, with a projected increase to 2.18 billion yuan by 2025, reflecting a CAGR of 22.3% [6]. - The net profit attributable to the parent company is expected to grow from 77 million yuan in 2023 to 137 million yuan in 2025, with a CAGR of 24.7% [6]. - The earnings per share are projected to rise from 0.42 yuan in 2023 to 0.76 yuan in 2025 [6]. Business Segments - The company operates primarily in three segments: educational supplies (64% of revenue), fitness equipment (22%), and lifestyle products (5%) [21]. - The educational supplies segment includes a diverse product matrix, while the fitness equipment segment is rapidly increasing its market share [21][18]. - The company has shifted towards a higher proportion of its own brands (OBM), which now account for 23% of revenue, up from 1% in 2015 [21]. Market Trends - The global educational supplies market is projected to grow steadily, with a CAGR of 5.2% from 2024 to 2030, driven by product upgrades and changes in office environments [51]. - The domestic market for IP cultural and creative products is expected to expand significantly, influenced by consumer preferences for design and brand collaborations [10][45]. - The U.S. home fitness equipment market has seen substantial growth, with sales increasing from 2.2 billion USD in 2019 to 4.7 billion USD in 2021, indicating strong consumer demand [7][21].

2025 年 03 月 29 日 创源股份 (300703) ——文教用品出口为基石，跨境电商和 IP 文创打开空间 上 市 公 司 轻工制造 报告原因：首次覆盖 买入（首次评级） 一年内股价与大盘对比走势： 03-28 04-28 05-28 06-28 07-28 08-28 09-28 10-28 11-28 12-28 01-28 02-28 -100% 0% 100% 200% 创源股份 沪深300指数 (收益率) 相关研究 证券分析师 屠亦婷 A0230512080003 tuyt@swsresearch.com 魏雨辰 A0230525010001 weiyc@swsresearch.com 联系人 魏雨辰 (8621)23297818× weiyc@swsresearch.com | 市场数据： | 2025 年 03 月 28 日 | | --- | --- | | 收盘价（元） | 15.05 | | 一年内最高/最低（元） | 21.50/6.93 | | 市净率 | 3.2 | | 息率（分红/股价） | 1.00 | | 流通 A 股市值（百万元） | 2,553 | | 上证指数/ ...

企查查股权穿透显示，该公司由创源股份等共同持股。 人民财讯3月18日电，企查查APP显示，近日，浙江源脉文化科技有限公司成立，法定代表人为何鹏， 注册资本1000万元，经营范围包含：汽车装饰用品销售；智能无人飞行器销售；显示器件销售；食用农 产品批发等。 ...

宁波创源文化发展股份有限公司 投资者关系活动记录表 证券代码：300703 证券简称：创源股份 | 投资者关系活动类别 | 特定对象调研 | ☐分析师会议 | | --- | --- | --- | | | ☐媒体采访 | ☐业绩说明会 | | | ☐新闻发布会 | ☐路演活动 | | | ☐现场参观 | | | | 其他（ 线上策略会） | | | | 甬兴证券 应豪 | | | | 甬兴证券 黄伯乐 | | | | 甬兴证券 林致 | | | | 华桐创投 徐夏铭 | | | | 华桐创投 俞马金 | | | | 来为资本 谢寅烜 | | | | 国盛传媒 顾晟 | | | | 天风证券 都春竹 | | | | 汇盈基金 林昱明 | | | | 国寿安保基金 王蕴涵 | | | | 远东宏信 戴家玥 | | | 参与单位名称及人员姓名 | 易方达基金 赵辰 | | | | 德邦证券 易丁依 | | | | 新华基金 成斐昳 | | | | 金鹰基金 谭亚兰 | | | | 农银汇理基金 许悦 | | | | 海富通基金 赵晨凯 | | | | 国泰君安 刘佳昆 | | | | 建信基金 李树磊 | | ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price not specified [5] Core Viewpoints - The success of "Nezha 2" with a cumulative box office exceeding 10 billion yuan is expected to catalyze the company's IP business and the "Guzi" economy, indicating a growing importance of domestic IP [1] - The company is actively developing its own brands in the domestic market, leveraging regional supply chain advantages and creating a multi-channel retail system [2] - The sports and fitness segment, led by the subsidiary RITFIT, is experiencing high growth, with a focus on home fitness equipment and a strong emphasis on brand development [3] - The major shareholder, Ningbo Cultural Tourism Exhibition Group, holds a 29% stake and aims to enhance the company's brand development through its resources [2] Financial Data and Forecasts - The company’s revenue is projected to grow from 1,318.67 million yuan in 2022 to 3,120.97 million yuan by 2026, reflecting a compound annual growth rate (CAGR) of approximately 30.32% [4] - The net profit attributable to the parent company is expected to increase significantly from 74.94 million yuan in 2022 to 208.34 million yuan in 2026, with a notable growth rate of 691.65% in 2023 [4] - The company’s earnings per share (EPS) is forecasted to rise from 0.42 yuan in 2022 to 1.15 yuan in 2026 [4] Market Position and Strategy - The company is focusing on integrating suitable IP resources to enhance its brand development and is leveraging the major shareholder's resources to explore more IP opportunities [2] - The global home fitness equipment market is projected to grow at a CAGR of 5%, reaching 16.56 billion USD by 2030, positioning the company favorably within this expanding market [3]

证券代码：300703 证券简称：创源股份 公告编号：2025-006 宁波创源文化发展股份有限公司 关于为子公司提供担保的进展公告 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。 宁波创源文化发展股份有限公司（以下简称"公司"）于 2024 年 4 月 17 日 召开的第四届董事会第二次会议、2024 年 5 月 9 日召开的 2023 年度股东大会审 议通过了《关于 2024 年度公司及子公司向银行等金融机构申请授信额度及担保 事项的议案》，同意公司及子公司拟向银行等金融机构申请新增不超过 15.3 亿 元人民币综合授信的额度，公司及子公司在此额度内根据实际需求进行银行等金 融机构借贷，并共享使用该授信额度。2024 年度在向银行等金融机构申请综合 授信的额度内，子公司根据实际资金需求进行银行等金融机构借贷时，公司拟为 子公司提供新增总额不超过 26,100 万元的担保，担保方式包括但不限于一般保 证、连带责任担保、以公司及子公司的资产进行抵押或质押等。其中，公司为资 产负债率 70%以下的子公司提供担保的额度预计不超过人民币 24,300 万元，为 资产 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5]. Core Views - The company is expected to achieve a significant increase in net profit for Q4 2024, with estimates ranging from 40 to 65 million yuan, representing a year-on-year growth of 300% to 548%. The net profit for the entire year of 2024 is projected to be between 100 to 125 million yuan, reflecting a growth of 30% to 63% [1]. - The company is actively expanding its market presence and promoting new products, with strong performance in cross-border e-commerce contributing to substantial revenue growth compared to the previous year [1]. - The company is pursuing an internationalization strategy by increasing investment in its wholly-owned subsidiary in Singapore and establishing new subsidiaries in Vietnam and Cambodia [2]. - The cross-border e-commerce business is primarily driven by subsidiaries focusing on fitness and educational products, leveraging platforms like Amazon for sales [3]. - The company is developing its IP business through two cultural and creative companies, aiming to expand its market channels and enhance product offerings by integrating quality IP resources [4]. Financial Summary - The company’s revenue is projected to grow significantly, with estimates of 1.83 billion yuan in 2024, a 35% increase from the previous year, and reaching 3.12 billion yuan by 2026 [12]. - The net profit attributable to the parent company is expected to rise to 121.47 million yuan in 2024, marking a 58% increase, and further increasing to 208.34 million yuan by 2026 [12]. - The earnings per share (EPS) is forecasted to be 0.67 yuan in 2024, increasing to 1.15 yuan by 2026 [12].

证券代码：300703 证券简称：创源股份 公告编号：2025-003 宁波创源文化发展股份有限公司 第四届董事会第五次会议决议公告 二、董事会会议审议情况 1、审议通过《关于向全资子公司增资及其对外投资设立子公司的议案》 公司为长远战略发展规划，优化公司产业布局，促进业务发展，拟向全资子 公司 CRE8 DIRECT(SINGAPORE) PTE.LTD. （以下简称"新加坡创源"）增资 1,800 万美元，并拟通过全资子公司新加坡创源出资 800 万美元在越南投资设立 全资子公司，出资 700 万美元在柬埔寨投资设立全资子公司。此外，全资子公司 新加坡创源拟在适当时机以独资或合作方式继续在境外投资设立其他经营实体， 开展主营业务相关经营活动，投资金额不超过 300 万美元，具体投资方案尚未确 定。 具体内容详见公司同日在中国证监会指定创业板信息披露网站巨潮资讯网 （http://www.cninfo.com.cn）发布的《关于向全资子公司增资及其对外投资设立 子公司的公告》。 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、董事会会议召开情况 1、宁波 ...