证券时报记者注意到，得力该门店内随处可见各种IP联名产品，其中今年爆火的"哪吒"IP元素尤其浓 厚。今年8月，得力集团曾宣布，与电影《哪吒之魔童闹海》联名合作，公司也成为《哪吒之魔童闹 海》首家文具品牌独家授权合作伙伴。 今年8月，全国工商联发布的"2025中国民营企业500强"榜单显示，得力集团以460.1亿元营收入围该榜 单，位列榜单第270位，较2024年排名提升33位。公司同时跻身"2025中国制造业民营企业500强"，排名 第193位。 位于上海市静安区的静安大悦城，是上海"二次元地标"之一。在大众过往印象中，文具店大多"小而 精"，得力集团为何要在此开设一家规模达1500平方米的店铺？ 得力集团执行总裁陈雪强11月29日在开业仪式上表示，公司选择在上海静安大悦城开设这家规模空前的 文具体验店，并非一次简单的渠道扩张，而是得力品牌战略升级的一次重要实践。 "这是我们在新零售时代与用户深度连接、建立情感共鸣的关键一步。这里不仅仅是一个销售场所，更 将是一个沉浸式的文具体验空间、一个品牌与用户的直接对话窗口、一个得力创新成果的集中展示阵 地。"陈雪强表示。 占地面积达1500平方米，汇集上万款文具，IP ...

Core Insights - Deli Group has opened its largest stationery flagship store, "deli world," in Shanghai, covering an area of 1,500 square meters and featuring over ten thousand products, including student stationery, premium stationery, and IP collaboration items [1][2] Group 1: Store Opening and Strategy - The flagship store is located in Shanghai's Jing'an Joy City, a prominent "2D landmark" in the city, and represents a significant strategic upgrade for the Deli brand rather than just a channel expansion [2] - The store aims to create an immersive stationery experience, serving as a direct communication platform between the brand and consumers, showcasing Deli's innovative products [2] Group 2: Product Offerings - The store features a variety of IP collaboration products, prominently including items related to the popular "Nezha" IP, with Deli being the exclusive stationery brand partner for the film "Nezha: The Devil's Child" [2] - Other notable IP products include "Time Agent" and "Self-Mocking Bear," which have garnered attention, particularly among younger consumers [2] - Deli also showcases its "black technology" stationery products, which include advanced writing instruments and art supplies, such as the "Hexagonal Warrior" pen and liquid silicone gel pen [3]

Core Insights - Shenzhou Holdings' subsidiary KJ signed a strategic cooperation agreement with the new stationery brand Kasimir to enhance supply chain management and e-commerce operations [1][3] Group 1: Strategic Cooperation - The partnership aims to leverage KJ's supply chain services, including warehouse management and digital system support, to drive growth and innovation for the Kasimir brand in the stationery market [1][3] - KJ will utilize its proprietary supply chain control tower system and data platforms to improve operational efficiency for Kasimir [3][4] Group 2: Technological Integration - KJ's AI-driven solutions, including the Yanyun Infinity platform, will enable the development of a specialized supply chain model to enhance digital collaboration across inventory management, order processing, and delivery [3][4] - The collaboration will also utilize KJ's extensive logistics network, covering over 300 cities domestically and 40+ international e-commerce platforms, to support Kasimir's market expansion [3][4] Group 3: Performance Metrics - Since the initial contact in March 2025, KJ has demonstrated efficient execution, achieving a 228% increase in order volume from May to October [4] - KJ maintained a 99.99% timely outbound rate during this period, ensuring successful promotional activities for Kasimir [4] Group 4: Brand Overview - Kasimir, a stationery brand under Hangzhou Aini Cultural Technology Co., has experienced consistent growth since its establishment in 2021 and aims to enhance user experience through innovative product design [5] - The brand focuses on merging aesthetics with functionality to become a preferred choice for consumers in the stationery market [5] Group 5: KJ's Industry Position - KJ has over 20 years of experience in the supply chain sector, establishing expertise across various industries, including fast-moving consumer goods [6] - The company is committed to developing customized solutions that meet client needs while enhancing supply chain service capabilities [6]

Core Points - Guangbo Co., Ltd. experienced a stock price increase of 5.08%, reaching 10.13 CNY per share, with a trading volume of 238 million CNY and a turnover rate of 6.31%, resulting in a total market capitalization of 5.412 billion CNY [1] Company Overview - Guangbo Co., Ltd. is located in Ningbo, Zhejiang Province, established on October 30, 1996, and listed on January 10, 2007. The company specializes in the production and sales of office stationery, printing products, plastic products, import and export trade, internet advertising services, and special discount guide services [1] - The revenue composition of Guangbo Co., Ltd. includes: Office Direct Sales 52.94%, Office Supplies 26.14%, Leisure Life Products 12.64%, Creative Products 5.44%, Other Products 1.99%, and Additional 0.85% [1] Shareholder Information - The top circulating shareholder of Guangbo Co., Ltd. includes a fund from Shenwan Hongyuan, specifically the Shenwan Hongyuan Consumption Growth Mixed A (310388), which entered the top ten circulating shareholders in the third quarter, holding 1.6914 million shares, accounting for 0.44% of circulating shares. The estimated floating profit today is approximately 828,800 CNY [2][4] - Shenwan Hongyuan Consumption Growth Mixed A (310388) was established on June 12, 2009, with a latest scale of 142 million CNY. Year-to-date returns are 18.14%, ranking 3757 out of 8209 in its category; the one-year return is 27.2%, ranking 1913 out of 8129; and since inception, the return is 194.11% [2] Fund Management - The fund manager of Shenwan Hongyuan Consumption Growth Mixed A (310388) is Liu Han, who has been in the position for 3 years and 282 days. The total asset scale of the fund is 599 million CNY, with the best fund return during the tenure being 39.9% and the worst being -10.88% [3]

Core Viewpoint - The financial performance and trading activity of Morning Glory Co., Ltd. indicate a mixed outlook, with slight revenue growth but a decline in net profit, alongside significant trading volumes in margin financing and securities lending [1][2][3]. Financing Activity - On November 20, Morning Glory's financing buy-in amounted to 8.71 million yuan, with a net buy of 1.89 million yuan after 6.82 million yuan in repayments [1] - The total margin financing balance reached 200 million yuan, representing 0.77% of the circulating market value, which is above the 50th percentile level over the past year [1] - The securities lending activity showed a repayment of 5,200 shares and a sell-off of 100 shares, with a remaining balance of 21,270 shares valued at approximately 603,270 yuan, exceeding the 90th percentile level over the past year [1] Financial Performance - For the period from January to September 2025, Morning Glory reported a revenue of 17.33 billion yuan, reflecting a year-on-year growth of 1.25%, while the net profit attributable to shareholders decreased by 7.18% to 948 million yuan [2] - Cumulatively, since its A-share listing, the company has distributed a total of 4.70 billion yuan in dividends, with 2.12 billion yuan distributed over the last three years [3] Shareholder Structure - As of September 30, 2025, the number of shareholders increased to 40,000, with an average of 23,002 circulating shares per person, a decrease of 2.19% from the previous period [2] - Among the top ten circulating shareholders, Invesco Great Wall New Growth Mixed Fund holds 31.50 million shares, remaining unchanged, while Hong Kong Central Clearing Limited reduced its holdings by 1.13 million shares to 27.67 million shares [3]

Core Insights - A new company, Wuding County Qunxue Stationery Store, has been established with a registered capital of 30,000 RMB [1] - The legal representative of the company is Tao Xuequn [1] - The business scope includes wholesale and retail of stationery products, manufacturing of stationery, sales of office supplies, and internet sales among other activities [1] Company Overview - The company operates as a sole proprietorship [1] - It is involved in various activities such as the manufacturing and sales of paper products and teaching models [1] - The company is permitted to conduct business activities autonomously based on its business license, except for projects that require approval [1]

Core Insights - The overall price index for Linyi Mall this week is 102.34 points, showing a slight decrease of 0.02 points week-on-week, a decline of 1.55 points year-on-year, and a drop of 1.46 points compared to the beginning of the year [1] Price Index Summary - Among 14 categories of goods, 5 categories saw price increases, 2 remained stable, and 7 experienced price declines. The top three categories with price increases are: board materials, educational and office supplies, and ceramics [3] - The board materials price index rose to 97.37 points, with a week-on-week increase of 0.05 points, driven by increased demand in municipal engineering and home decoration sectors [5] - The educational and office supplies price index increased to 108.67 points, with a week-on-week rise of 0.03 points, although sales of sports and entertainment products saw a slight decline due to lower outdoor temperatures [8] - The ceramics price index reached 104.81 points, with a week-on-week increase of 0.02 points, as seasonal sales of ceramic sanitary ware and tiles began to slow down [10] - The clothing and accessories price index decreased to 103.68 points, with a week-on-week drop of 0.13 points, as demand for winter clothing increased but prices fell due to lower sales of certain items [13] - The home appliances and audio-visual equipment price index fell to 103.03 points, with a week-on-week decline of 0.06 points, as sales volumes for various appliances decreased [16] - The steel price index decreased to 95.95 points, with a week-on-week drop of 0.04 points, attributed to a decline in upstream raw material prices and weakened terminal demand [17] Detailed Price Index Table - The price index changes for various categories are as follows: - Total Price Index: 102.36 to 102.34 (-0.02) - Board Materials: 97.32 to 97.37 (+0.05) - Educational and Office Supplies: 108.64 to 108.67 (+0.03) - Ceramics: 104.79 to 104.81 (+0.02) - Home Appliances and Audio-Visual Equipment: 103.09 to 103.03 (-0.06) - Clothing and Accessories: 103.81 to 103.68 (-0.13) - Steel: 95.99 to 95.95 (-0.04) [18]

Core Insights - The 2025 South China Book Festival and the 7th Shenzhen Book Fair opened on November 13, featuring a blend of cultural and technological elements, with a focus on cross-industry collaboration in culture, tourism, and sports [2][3] Event Overview - The book fair spans 5 days, from November 13 to November 17, and includes a main venue at Shenzhen Book City and multiple sub-venues across the city, promoting a city-wide reading initiative [2] - Over 600 publishing units are participating, showcasing nearly 400,000 publications and 60,000 cultural creative products, along with more than 100 cultural activities [3][4] Exhibition Areas - The main venue covers approximately 49,000 square meters, featuring distinct areas such as the publication exhibition area, smart living area, stationery and cultural creative area, and a bookstore pop-up area [3][4] - The smart living area emphasizes technology integration, showcasing AI robots, smart living products, and interactive experiences [4] Cultural Activities - The festival includes a second illustration and planner festival, a movie market celebrating the 120th anniversary of Chinese cinema, and a BOOKWALK area designed for families with young children [5][6][7] - The interactive sports area is linked to the National Games, promoting urban sports culture through an open layout and engaging activities [7]

Core Insights - The company reported a revenue of 6.52 billion yuan in Q3 2025, representing a year-on-year increase of 7.5%, while the net profit attributable to shareholders was 390 million yuan, up 0.6% year-on-year [1] - For the first three quarters of 2025, the company achieved a total revenue of 17.33 billion yuan, a year-on-year increase of 1.2%, but the net profit attributable to shareholders decreased by 7.2% to 950 million yuan [1] - The company is focusing on long-term strategies, emphasizing the development of IP products, and has seen a 16% year-on-year growth in new business revenue despite a 4% decline in traditional core business revenue [1] Revenue Breakdown - In Q3 2025, the revenue from writing instruments was 1.99 billion yuan, down 1.5% year-on-year, while the gross margin improved by 2.0 percentage points to 44.12% [1] - The revenue from student stationery was 2.58 billion yuan, down 6.5% year-on-year, with a gross margin of 35.57%, up 2.1 percentage points [1] - Office stationery revenue was 2.30 billion yuan, down 6.8% year-on-year, with a gross margin of 26.55%, an increase of 0.49 percentage points [1] Product and Market Strategy - The company has diversified its product offerings, including classic bestsellers, high-tech functional products, and innovative IP products that resonate with consumers [2] - The office direct sales revenue for the first three quarters of 2025 was 9.69 billion yuan, up 5.8% year-on-year, with a gross margin of 6.78%, slightly down by 0.34 percentage points [2] - The company plans to focus on four major business segments, enhance its electronic trading system, and improve the sales ratio of self-owned products to boost profitability [2] IP Product Development - The company has increased its investment in IP products, with revenue from the "Morning Glory Life Museum" (including "Nine Wood Miscellaneous Society") reaching 1.19 billion yuan, a year-on-year increase of 6.85% [3] - The "Nine Wood Miscellaneous Society" alone generated 1.15 billion yuan in revenue, up 9.22% year-on-year, and the company continues to expand its retail presence with over 870 stores nationwide [3] - The company has enhanced its product structure and brand appeal through collaborations with popular IPs and interactive marketing events [3] Profit Forecast - The profit forecast for the company has been adjusted, with expected net profits for 2025-2027 projected at 1.38 billion, 1.55 billion, and 1.74 billion yuan respectively, reflecting slight downward revisions [4] - The corresponding price-to-earnings ratios are estimated to be 19X, 17X, and 15X for the respective years [4]

Core Insights - The 138th Canton Fair's third phase focuses on "Beautiful Life," featuring five major sectors: fashion, home textiles, toys and baby products, stationery, and health and leisure, with a total exhibition area of 515,000 square meters and approximately 25,000 booths, creating a global trade event that combines cultural care and fashion trends [1] Group 1: Consumer Demand and Trends - The event addresses deep consumer needs, covering diverse scenarios from personal to pet products, and from basic functionality to emotional value, catering to global buyers' demand for high-quality products [2] - Key exhibition categories such as clothing, footwear, bags, and stationery exceed global counterparts in exhibition area, highlighting strong international competitiveness [2] - Emerging themes like pet supplies, camping leisure, and new consumption for the elderly are focal points, responding accurately to global consumption upgrade trends [2] Group 2: Industry Participation and Innovation - Over 12,000 participating companies are present, with more than 200 new additions compared to the previous session, including over 2,900 high-quality enterprises such as national high-tech firms and specialized "little giants," showcasing the fair's strong industrial aggregation effect [3] - A number of "invisible champions" in niche markets are present, leveraging technological innovation across the supply chain to maintain industry leadership [3] Group 3: New Supply Trends - Companies are reshaping lifestyles through intelligence, sustainability, and personalization, with each exhibit representing an innovative proposal for a better life [4] - Smart products like customizable treadmills and intelligent surgical robots are highlighted, integrating technology with traditional health management practices [5] - Eco-friendly products such as biodegradable toys and recycled ski suits demonstrate a commitment to green manufacturing, with a 40% carbon reduction achieved through fluorine-free processes [6] - Innovative designs, including pet protective gear and 3D-printed shoes, showcase technology's role in meeting specific needs while enhancing personalization and functionality [7]