证券研究报告 | 公司点评 | 文娱用品 晨光股份(603899) 报告日期：2025 年 09 月 03 日 IP 转型持续深入，期待后续业绩修复 ——晨光股份 2025H1 业绩点评报告 投资要点 ❑ 晨光股份披露 2025H1 业绩 2025H1 公司实现营业收入 108.08 亿元，同比-2%；实现归母净利润 5.57 亿元， 同比-12%；扣非后归母净利润 4.62 亿元，同比-19%。25Q2 单季公司实现营业收 入 55.64 亿元，同比-0.04%，实现归母净利润 2.39 亿元，同比-6%，扣非后归母 净利润 1.80 亿元，同比-25% 。 ❑ 传统业务短期承压，期待后续 IP 转型催化修复 传统核心业务： 2025H1 公司传统核心业务实现营收 39.01 亿元，同比-7%。其中 晨光科技（线上业务）实现收入 5.56亿元，同比+15%。分产品看，书写/学生/办 公文具分别实现收入 11.36/ 14.35/ 16.07 亿元，同比-0.2%/ -8.5%/ -8.5%。25Q2 单 季传统核心业务营收18.47亿元，同比-9%，其中晨光科技2.48亿元，同比+5%。 书写/学生/办公分 ...

Core Insights - The company reported a revenue of 10.808 billion yuan for the first half of 2025, a decrease of 2.19% year-on-year, and a net profit attributable to shareholders of 557 million yuan, down 11.97% year-on-year [1][2][3] - The traditional core business, which includes writing tools and student stationery, faced significant challenges, with revenue of 4.026 billion yuan, a decline of 7.18% year-on-year [1][3] - The company is adapting to changes in consumer preferences by embracing collaborations with popular IPs and focusing on emotional value in its products [4][6] Financial Performance - Total revenue for the first half of 2025 was 10.808 billion yuan, compared to 11.051 billion yuan in the same period last year, reflecting a decrease of 2.19% [2] - The total profit for the period was 726.6 million yuan, down 11.70% from 822.9 million yuan year-on-year [2] - The net profit attributable to shareholders decreased to 557.2 million yuan, down 11.97% from 632.9 million yuan [2] - The net cash flow from operating activities was 654.1 million yuan, a decline of 10.88% year-on-year [2] Business Strategy - The company is shifting its strategy from being a "functional provider" to an "emotional value provider," targeting younger consumers who seek emotional connections through products [4][6] - New retail store formats, such as Jiuwu Zawush and Chenguang Life Hall, have shown growth, with a combined revenue of 779 million yuan, up 6.98% year-on-year [1][6] - Jiuwu Zawush generated 756 million yuan in revenue, reflecting a growth of 9.48% [6] Industry Context - The overall revenue of the educational and office supplies manufacturing industry is projected to decline by 1.6% in 2024, influenced by product homogenization and intense price competition [3] - The company faces challenges from changing consumer demographics, with a focus on personalized products driven by younger generations [3]