宁波创源文化发展股份有限公司（以下简称"公司"）董事会于 2025 年 12 月 30 日收到公司第四届董事会独立董事颜乾先生提交的书面辞职报告。颜乾先 生因个人工作原因，特申请辞去公司第四届董事会独立董事职务，同时一并辞去 董事会审计委员会、薪酬与考核委员会和提名委员会的相关职务。辞去上述职务 后，颜乾先生将不再担任公司任何职务。 颜乾先生的原定任期至第四届董事会届满之日止。截至本公告披露日，颜乾 先生未持有公司股份，不存在应当履行而未履行的承诺事项。 颜乾先生辞职后，将导致公司董事会独立董事人员组成低于法定人数，根据 《公司法》、《公司章程》的相关规定，颜乾先生的辞职报告将在公司选举产生 新的独立董事后生效。在此期间，颜乾先生将按照相关法律法规及《公司章程》 的规定，继续履行独立董事及董事会专门委员会的职责。公司将尽快完成新任独 立董事的补选和相关后续工作。 证券代码：300703 证券简称：创源股份 公告编号：2025-063 宁波创源文化发展股份有限公司 关于公司独立董事辞职的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 一、关于公司董事辞职的情况 ...

Investment Rating - The industry investment rating is maintained at "Overweight" [3] Core Views - The report highlights the opportunity in the paper sector due to the recent appreciation of the RMB against the USD, which enhances domestic purchasing power and reduces costs for imported raw materials like wood pulp [5][6] - The report suggests focusing on companies with high wood pulp procurement costs, such as Zhongshun Jierou, and recommends Sun Paper for its integrated advantages in cultural paper production [5][6] - The report also emphasizes the potential for improved profitability in Q4 due to stabilized and rising pulp prices, alongside the release of new production capacity [5][6] Summary by Relevant Sections Industry Overview - The light industry sector includes 167 listed companies with a total market value of 1,204.38 billion CNY and a circulating market value of 954.25 billion CNY [1] Market Performance - For the week of December 22-26, 2025, the Shanghai Composite Index rose by 1.88%, while the Shenzhen Component Index increased by 3.53%. The light industry index gained 1.69%, ranking 16th among 28 Shenwan industries [10] - The paper sector saw a weekly increase of 4.47%, while the textile and apparel index rose by 2.86% [10] Key Company Recommendations - Sun Paper: Buy rating with projected EPS growth from 1.10 CNY in 2023 to 1.48 CNY in 2027, with a PE ratio decreasing from 14.25 to 10.60 [3] - Baiya Co.: Buy rating with projected EPS growth from 0.54 CNY in 2023 to 1.28 CNY in 2027, with a PE ratio decreasing from 38.94 to 16.49 [3] - Huali Group: Buy rating with projected EPS growth from 2.74 CNY in 2023 to 3.97 CNY in 2027, with a PE ratio decreasing from 19.24 to 13.27 [3] Raw Material Price Trends - The report notes fluctuations in raw material prices, with MDI and TDI prices decreasing, while cotton prices have shown an upward trend [18][22] - The average price of wood pulp and various paper products is tracked, indicating a mixed performance with some prices stabilizing and others showing slight increases [42] Housing Market Data - The report highlights a significant decline in property sales, with a 39.1% year-on-year decrease in transactions among major cities [31] - Cumulative property sales area from January to November 2025 shows a 7.8% decline year-on-year [59] Consumer Goods and AI Applications - The report discusses the potential of AI applications in consumer goods, particularly in the context of new product launches and market expansion opportunities [6] Conclusion - The report emphasizes the importance of monitoring the paper sector due to favorable currency movements and suggests specific companies for investment based on their cost structures and market positions [5][6]

Group 1 - The entertainment products sector experienced a decline of 0.44% on December 29, with Sanbaisuo leading the drop [1] - The Shanghai Composite Index closed at 3965.28, up 0.04%, while the Shenzhen Component Index closed at 13537.1, down 0.49% [1] - Key stocks in the entertainment products sector showed mixed performance, with Meipais rising by 1.52% and Sanbaisuo falling by 8.64% [2] Group 2 - The net outflow of main funds in the entertainment products sector was 115 million yuan, while retail investors saw a net inflow of 93.21 million yuan [2] - The top performers in terms of net inflow from retail investors included Gaole Co. with a net inflow of 37.96 million yuan, while Sanbaisuo had a significant outflow of 24.7 million yuan [3] - The overall trading volume in the sector reflected a mix of institutional and retail investor activities, indicating varied market sentiment [3]

格隆汇12月25日丨创源股份(300703.SZ)在投资者互动平台表示，公司ai陪伴类产品预计于明年上半年上 市。 ...

创源股份（300703.SZ）12月25日在投资者互动平台表示，公司AI陪伴类产品预计于明年上半年上市。 （记者 王晓波） 每经AI快讯，有投资者在投资者互动平台提问：请问贵司的AI伴侣的拟人化形象确定了吗？取名字了 吗？之前说小批量投放并且技术迭代中，请问什么时候可以上市出售呢？ ...

Core Viewpoint - Chuangyuan Co., Ltd. has shown significant stock performance with an 84.77% increase year-to-date, indicating strong market interest and potential growth in the cultural products sector [1][2]. Group 1: Stock Performance - As of December 25, Chuangyuan's stock price reached 26.09 CNY per share, with a trading volume of 1.52 billion CNY and a turnover rate of 3.49%, resulting in a total market capitalization of 4.706 billion CNY [1]. - The stock has experienced a 10.93% increase over the last five trading days and a 4.23% increase over the last 20 days, while it has seen a decline of 19.08% over the past 60 days [1]. - The company has appeared on the "龙虎榜" (a stock trading leaderboard) six times this year, with the most recent appearance on December 19, where it recorded a net purchase of 229 million CNY [1]. Group 2: Financial Performance - For the period from January to September 2025, Chuangyuan reported a revenue of 1.602 billion CNY, reflecting a year-on-year growth of 15.63%, and a net profit attributable to shareholders of 79.645 million CNY, which is a 33.44% increase compared to the previous year [2]. - The company has distributed a total of 236 million CNY in dividends since its A-share listing, with 81.176 million CNY distributed over the last three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Chuangyuan was 15,700, a decrease of 41.64% from the previous period, while the average circulating shares per person increased by 71.34% to 10,808 shares [2]. - Among the top ten circulating shareholders, Guangfa Electronic Information Media Stock A is the fourth largest, holding 3.058 million shares as a new shareholder [3].

（文章来源：证券日报） 证券日报网讯 12月24日，创源股份在互动平台回答投资者提问时表示，睿特菲近期已正式成立了德国 子公司，作为公司开拓整个欧洲市场的桥头堡和运营中心，各项市场开拓工作正处在启动和布局阶段。 ...

Core Viewpoint - Chuangyuan Co., Ltd. has experienced a decline in stock price, dropping 2.63% to 25.56 CNY per share, with a total market capitalization of 4.611 billion CNY, and a cumulative drop of 9.5% over three consecutive days [1] Group 1: Company Overview - Chuangyuan Co., Ltd. is located in Ningbo, Zhejiang Province, and was established on June 14, 2001, with its listing date on September 19, 2017 [1] - The company's main business involves the design, production, and sales of paper-based leisure cultural products [1] - Revenue composition includes: 55.38% from educational and leisure products, 32.88% from sports and fitness, 7.39% from home living, and 3.93% from other categories [1] Group 2: Shareholder Information - Among the top ten circulating shareholders, one fund from GF Fund Management has entered the list, holding 3.0578 million shares, which is 1.8% of the circulating shares [2] - The fund, GF Electronic Information Media Stock A, has incurred a floating loss of approximately 2.1099 million CNY today and a total floating loss of 8.1949 million CNY over the past three days [2] - The fund was established on December 11, 2017, with a current scale of 1.549 billion CNY and has achieved a year-to-date return of 55.24% [2]

Core Viewpoint - The company is transitioning from a B2B model to a B2C model, focusing on self-owned brands and domestic sales, while achieving significant revenue growth in its fitness and wellness segment [1][2]. Group 1: Company Transition and Growth - The company started as an export OEM for stationery and has recently expanded into the home fitness e-commerce sector, with a change in actual control to Ningbo State-owned Assets Supervision and Administration Commission in 2022 [1] - The company has a three-year profit commitment of 240 million yuan from 2022 to 2024, with revenue growth rates of +3% in H1 2023, +43% in H1 2024, and +20% in H1 2025 [1] - The share of self-owned brands (OBM) is expected to increase from 15% in 2020 to 30% in 2024, indicating a shift from OEM to OBM [1] Group 2: Market Performance and Supply Chain - The educational and leisure segment is stabilizing, primarily targeting the North American market, with revenue growth rates of 0.57% in 2023, 23.83% in 2024, and 3.15% in 2025 [1] - The supply chain, featuring dual bases in Ningbo and Anhui along with production capacity in Vietnam, supports flexible customization for various product categories and small-batch orders [1] - The company is developing its own brands like PAPERAGE, and the Vietnam base is not yet at full capacity, suggesting potential for further margin improvement as domestic cultural and IP businesses grow [1] Group 3: Fitness Brand Development - The fitness brand is experiencing rapid growth, with a projected revenue increase of nearly 140% in 2024, and core products ranking highly in Amazon's niche categories [2] - The company is focusing on direct sales through its official website, with website revenue surpassing Amazon's by September 2025, and has opened its first offline experience store in the U.S. in April [2] - The operational model combines multi-platform traffic generation, offline experiences, and website conversion to enhance user engagement and brand pricing power [2] Group 4: Domestic Market Expansion - The company is in the early stages of domestic market expansion, with only 1.7% of revenue from domestic sales in H1 2025, and plans to focus on three main areas: cultural products, IP toys, and AI toys [2] - The "Jinfeng" brand is collaborating with famous temples for cultural products, leveraging traditional cultural recognition and emotional value [2] - The company has established resources in both upstream IP and downstream channels, with products already in over 500 boutique bookstores and toy stores [2] Group 5: Financial Projections and Valuation - Revenue projections for 2025, 2026, and 2027 are 2.28 billion, 2.76 billion, and 3.40 billion yuan, with year-on-year growth rates of +17%, +21%, and +23% respectively [3] - Net profit forecasts for the same years are 118 million, 158 million, and 200 million yuan, with growth rates of +10%, +34%, and +27% respectively, leading to EPS of 0.66, 0.88, and 1.11 yuan [3] - The company is expected to benefit from synergies in IP development, channel integration, and brand promotion, with a target price of 31.61 yuan based on a 36x PE valuation for 2026, initiating coverage with a "buy" rating [3]

Investment Rating - The report assigns an "Accumulate" rating for the industry, indicating a potential increase of over 15% relative to the CSI 300 index [4][9]. Core Insights - The rise of the "Reward Economy" signifies a new consumption paradigm, driven by consumers seeking non-essential goods or experiential services to achieve immediate pleasure and psychological relief amidst work and life pressures [2][4]. - The "Reward Economy" reflects a significant shift in consumer decision-making logic, where spending is not solely based on functional needs but also on self-care and emotional fulfillment, showcasing a blend of rational and emotional spending behaviors [4]. - Recent developments driving the "Reward Economy" include endorsements from state media recognizing its value and innovative product launches by cultural and creative companies that attract market attention [4]. Summary by Sections Investment Recommendations - Key industry-related stocks include Shifeng Culture, Guangbo Co., Deyi Culture, and Chuangyuan Co. [4]. Market Trends - The "Reward Economy" is emerging as a new engine for domestic demand and consumption expansion, particularly among younger demographics [4]. - The report highlights that the "Reward Economy" is distinct from the traditional "lipstick effect," emphasizing proactive consumer behavior rather than reactive spending during economic downturns [4]. Recent Developments - Notable events include the collaboration between Chuangyuan Co. and major brands for product launches, and Shifeng Culture's focus on technological innovation in the toy industry, aiming for high-end and intelligent product development [4].