Cre8 Direct(SZ:300703) Xin Lang Cai Jing·2025-10-29 13:05Company Overview - Chuangyuan Co., Ltd. was established on June 14, 2001, and listed on the Shenzhen Stock Exchange on September 19, 2017. The company is based in Ningbo, Zhejiang Province, and is a well-known enterprise in the cultural and recreational products sector, primarily engaged in stationery exports. It has advantages in flexible large-scale production and an international supply chain system [1] Financial Performance - As of Q3 2025, Chuangyuan's revenue reached 1.602 billion yuan, ranking 4th in the industry. The top competitor, Morning Glory, reported revenue of 17.328 billion yuan, while the industry average was 5.825 billion yuan [2] - The company's net profit for the same period was 98.8342 million yuan, placing it 5th in the industry. Morning Glory led with a net profit of 973 million yuan, and the industry average was 299 million yuan [2] Profitability and Debt - Chuangyuan's debt-to-asset ratio stood at 50.61% in Q3 2025, up from 49.22% year-on-year, which is higher than the industry average of 43.06% [3] - The company's gross profit margin was 34.13%, an increase from 30.58% year-on-year, exceeding the industry average of 27.82% [3] Shareholder Structure - The controlling shareholder of Chuangyuan is Zhejiang Ninglv Enterprise Management Co., Ltd., with actual control held by the State-owned Assets Supervision and Administration Commission of Ningbo [4] Shareholder Changes - As of September 30, 2025, the number of A-share shareholders decreased by 41.64% to 15,700, while the average number of shares held per shareholder increased by 71.34% to 10,800 shares. Notably, GF Electronic Information Media Stock A became the fourth-largest shareholder with 3.0578 million shares [5] - The company plans to repurchase shares through centralized bidding, with an estimated repurchase amount of 116 to 150 million yuan, and intends to invest 50 million yuan in establishing the Ningbo Heiyi No. 4 Equity Investment Partnership [5] Business Segments and Growth - Chuangyuan's main business includes stationery exports, with three major segments: cultural and recreational products, sports and fitness, and home living. The sports and fitness segment has emerged as a second growth curve [6] - The company aims to enhance its domestic market focus in 2025 by developing "IP + technology + cultural and creative" products. Revenue projections for 2025, 2026, and 2027 are 2.465 billion, 3.137 billion, and 3.754 billion yuan, respectively, with net profits of 120 million, 250 million, and 360 million yuan [6]