业绩摘要：2025 年上半年公司实现营收 108.1 亿元，同比-2.2%；实现归母净利润5.6 亿元，同 比-12.0%；实现扣非净利润4.6 亿元，同比-18.6%。主要系剔除关联交易后，公司传统核心业务营业收 入同比减少7%。单季度25Q2 公司实现营收55.6 亿元，同比持平；实现归母净利润2.4亿元，同 比-5.6%；实现扣非后归母净利润1.8 亿元，同比-24.7%。 新业务分化，线上与海外营收增速较快。25H1 晨光生活馆（含九木杂物社）实现营收7.8亿元，同比 +7.0%，其中九木杂物社收入7.6 亿元，同比+9.5%，IP类产品资源投入和销售占比均有提升。晨光科力 普（B2B）实现营收61.3 亿元，同比+0.2%，发展稳健。晨光科技实现营收5.6亿元，同比+15.1%。截至 25H1，公司在全国拥有36 家一级合作伙伴、覆盖1200 个城市的二、三级合作伙伴和大客户，近7 万家 使用"晨光文具"店招的零售终端，800 多家零售大店。25H1国内/海外分别实现主营业务收入102.3/5.6 亿元，分别同比-3.1%/+15.9%。 盈利预测与投资建议。预计2025-2027 年EPS 分别为 ...

Group 1 - The core viewpoint emphasizes the importance of constructing a unique symbol system for Chinese civilization, which reflects the spiritual pursuit, values, and cultural characteristics of the Chinese nation, and suggests leveraging modern forms of literature and art, such as online literature and games, to inject new vitality into this system [1] - Online literature is identified as a vibrant and influential cultural form that reshapes the production and dissemination of literature, providing new possibilities for constructing the Chinese civilization symbol system [1][2] - The article highlights the significant role of fantasy and historical themes in online literature, which not only presents traditional cultural elements in innovative ways but also promotes traditional values of the Chinese nation [2][4] Group 2 - The participation in online literature creation involves millions, with tens of millions of works available, showcasing a wide range of themes including Chinese mythology, folklore, and historical events, thus enriching the narrative landscape [3] - Online literature effectively conveys traditional values through various genres, such as fantasy and historical novels, which resonate with readers and enhance their understanding and appreciation of Chinese history [4][5] - The interactive nature of online literature platforms allows readers to engage in cultural creation, transforming the construction of the Chinese civilization symbol system into an open and dynamic process [5][6] Group 3 - The international reach of online literature is expanding, with approximately 200 million active overseas users, predominantly from the "Z generation," indicating a growing global interest in Chinese culture [7][8] - Online literature serves as a cultural bridge, facilitating cross-cultural understanding and exchange, while also incorporating elements from other cultures, thus promoting global cultural diversity [8][9] - The popularity of Chinese online literature has led to increased interest in Chinese traditional culture among foreign readers, resulting in a significant number of foreign participants in online literature creation [9]