上海晨光文具股份有限公司2025 年半年度报告 公司代码：603899 公司简称：晨光股份 上海晨光文具股份有限公司 上海晨光文具股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人陈湖文、主管会计工作负责人刘佳琦及会计机构负责人（会计主管人员）翟昱 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性陈述不构成公司对投资者的实质承诺，请投 资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 公司已在本报告中详细阐述公司在生产经营过程 ...

Group 1 - The core point of the article is that Morning Glory Co., Ltd. has been removed from the MSCI China A-Share Index, which will take effect after the market closes on August 26 [1] - On August 8, Morning Glory's stock closed at 31.25 yuan, down 0.33 yuan or 1.04% from the previous trading day [1] - The trading volume on August 8 was 28,699 hands, with a transaction amount of 90 million yuan [1] Group 2 - Morning Glory Co., Ltd. is primarily engaged in the research, development, production, and sales of stationery and office supplies, including writing instruments, student stationery, and office stationery [1] - The company is part of the household light industry sector and is listed on the Shanghai stock exchange [1] - On August 8, the net outflow of main funds was 9.9567 million yuan, accounting for 0.03% of the circulating market value, while there was a net inflow of 672,000 yuan over the past five days [1]

Group 1 - The stock price of Qixin Group closed at 6.95 yuan on July 31, 2025, down 1.14% from the previous trading day [1] - The trading volume on that day was 83,251 hands, with a transaction amount of 0.58 billion yuan [1] - Qixin Group operates in the home light industry sector, focusing on the research, production, and sales of office supplies [1] Group 2 - The company's main products include office equipment, stationery, and office consumables, providing comprehensive procurement solutions for office materials [1] - Recently, the company announced on an interactive platform that all business operations are progressing smoothly, with stable order conditions [1] - Qixin Group has successfully won procurement projects from several state-owned enterprises, including China Shipbuilding, China Resources Group, Sinopec, China Salt Group, and the South-to-North Water Diversion Group [1] Group 3 - On July 31, 2025, the net outflow of main funds for Qixin Group was 4.752 million yuan, accounting for 0.1% of the circulating market value [1]

Core Insights - The article emphasizes the significant impact of the global political and economic environment on cultural trade, highlighting the need for China to enhance its international competitiveness in cultural trade and to develop digital cultural trade as outlined in the "14th Five-Year Plan" [1] Group 1: Cultural Trade Overview - In 2023, China's total cultural product import and export volume reached $166.36 billion, with digital cultural new formats like online dramas, online literature, and online games showing an upward trend [1] - Traditional cultural trade is facing challenges, with traditional cultural product exports declining by 9.3% to $148.40 billion, while imports increased by 9.4% to $17.37 billion, resulting in a reduced trade surplus of $131.03 billion [2] Group 2: Market Dynamics - China's cultural exports are heavily reliant on the US, Europe, and Japan, which have seen a contribution decline of 8.7% over the past five years, while emerging markets in Southeast Asia and the Middle East are becoming increasingly important for future growth [3] - The digital cultural new formats are experiencing explosive growth, with 16 digital technology-driven cultural industries achieving revenue of $5.91 trillion in 2024, a year-on-year increase of 9.8% [4] Group 3: Digital Cultural Growth - The overseas revenue from online literature reached $4.35 billion in 2023, growing by 7.06%, with North America accounting for 38% of total revenue [4] - The overseas sales revenue of self-developed online games exceeded $18.56 billion in 2024, marking a 13.39% increase, with a broad player base across various regions [5] Group 4: Cultural Services Trade - The government is actively promoting the development of cultural services trade, with a focus on enhancing competitiveness through policy measures and international cooperation, particularly with Belt and Road Initiative countries [6] - Cultural services trade is transitioning from traditional sectors to knowledge-intensive areas, with personal cultural and entertainment services exports growing by 39.3% in 2024 [6] Group 5: Challenges in Cultural Trade - The traditional cultural industry is slow to transform, leading to an imbalanced import-export structure characterized by high-end imports and low-end exports [7] - Local adaptation capabilities are lacking, and compliance issues are becoming more prominent, increasing operational costs for companies [8] - There is insufficient collaboration within the industry, leading to inefficiencies, particularly in the translation processes for online literature [9] Group 6: Strategic Recommendations - Recommendations include upgrading traditional industries through technology, establishing a global certification system, and enhancing talent development in digital cultural industries [10] - A "technology + rules" digital trade model is suggested to support core technology development in new formats and to ensure compliance with international regulations [11] - Financial support mechanisms are proposed to mitigate risks associated with cultural trade, including the establishment of a cultural export insurance pool [11]

Group 1: Business Overview - The company focuses on B2B office supplies procurement, serving over half of the 98 central enterprises in China, including major clients like state-owned enterprises and Fortune 500 companies [2][3] - The main business segments include office supplies, MRO industrial products, employee welfare items, and marketing materials, with office supplies accounting for nearly half of the business [9] Group 2: Market Trends and Growth - The MRO industrial products segment is rapidly growing, leveraging existing office supplies clients to expand its market share [4][9] - The employee welfare market is shifting towards integrated and diversified procurement models, with increasing online penetration [4] Group 3: Brand Development and Strategy - The company emphasizes its proprietary brand as a cornerstone of its long-term development, focusing on young consumers and integrating traditional Chinese culture into product design [5][10] - Collaborations with quality IPs are a key strategy to enhance brand appeal and market reach, with partnerships including popular domestic IPs [12][13] Group 4: Financial Performance and Projections - The company expects stable growth in B2B business revenue, with over 50% of central enterprises engaged in procurement, providing new growth opportunities [6] - Strategies to improve gross margins include increasing the sales proportion of proprietary brand products and enhancing supply chain management [11] Group 5: Future Investments - The company maintains a strong cash flow and is open to exploring investment and acquisition opportunities while ensuring prudent evaluation [14][15]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10]. Core Insights - The report emphasizes the company's focus on product strength and omnichannel layout, with IP empowerment injecting new vitality into its operations [3][7]. - The company achieved a revenue of 5.245 billion yuan in Q1 2025, a year-on-year decrease of 4.39%, and a net profit attributable to shareholders of 318 million yuan, down 16.23% year-on-year [6][7]. - The report projects revenue growth for 2025-2027, estimating revenues of 27.504 billion yuan, 30.841 billion yuan, and 34.570 billion yuan respectively, with corresponding net profits of 1.608 billion yuan, 1.822 billion yuan, and 2.062 billion yuan [8][9]. Summary by Sections Recent Performance - In Q1 2025, the company reported a revenue of 5.245 billion yuan, a decline of 4.39% year-on-year, and a net profit of 318 million yuan, down 16.23% year-on-year [6][7]. - The company's traditional core business is focusing on channel deepening, with a double-digit revenue growth in its technology segment, achieving 308 million yuan in revenue, up 24.57% year-on-year [7]. Retail Business Development - The retail business, including the Morningside Life Hall and Jiuwu Miscellaneous Society, generated 401 million yuan in revenue, an increase of 8.03% year-on-year, with Jiuwu Miscellaneous Society contributing 388 million yuan, up 11.37% year-on-year [7]. - As of Q1 2025, the company operates 792 retail stores nationwide, with 752 Jiuwu Miscellaneous Society stores and 40 Morningside Life Halls [7]. Profitability and Financial Metrics - The company's gross margin for Q1 2025 was 20.65%, an increase of 0.49 percentage points year-on-year, while the net profit margin was 6.28%, a decrease of 1.08 percentage points year-on-year [7]. - The report indicates a stable expense ratio of 13.39%, up 1.42 percentage points year-on-year, with sales, management, R&D, and financial expense ratios showing slight increases [7]. Future Projections - The company is expected to maintain a focus on product strength and omnichannel strategies, with projected revenues of 27.504 billion yuan in 2025, 30.841 billion yuan in 2026, and 34.570 billion yuan in 2027, alongside net profits of 1.608 billion yuan, 1.822 billion yuan, and 2.062 billion yuan respectively [8][9].

Investment Rating - The report maintains a "Buy" rating for the company [1][4][10] Core Views - The company is expected to experience a gradual recovery in its traditional core business and new business segments, leading to long-term stable growth [10] - Despite short-term performance pressures, the company has shown signs of improvement that are anticipated to be released in the future [10] Financial Summary - Total shares outstanding: 923.83 million [2] - Market price: ¥31.32 [2] - Market capitalization: ¥28,934.31 million [2] - Revenue forecast for 2023A: ¥23,351 million, with a growth rate of 17% [4] - Projected revenue for 2024A: ¥24,228 million, with a growth rate of 4% [4] - Projected net profit for 2025E: ¥1,693 million, with a growth rate of 21% [4] - Projected EPS for 2025E: ¥1.83 [4] Business Performance - The company reported a revenue of ¥5.645 billion in writing tools, showing a slight decline of 0.07% year-on-year [8] - The online business segment, particularly Morning Glory Technology, achieved a revenue of ¥3.08 billion, reflecting a year-on-year growth of 24.57% [10] - The retail segment, including Jiuwu Miscellaneous Society, reported a revenue of ¥4.01 billion, with an increase of 8.03% year-on-year [9] Profitability Metrics - The overall gross margin improved slightly to 20.65%, an increase of 0.48 percentage points year-on-year [7] - The net profit margin decreased to 6.28%, down 1.08 percentage points from the previous year [7] - The projected net asset return rate for 2025E is 15% [4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future investment returns [8]. Core Insights - The company reported a revenue of 5.245 billion yuan in Q1 2025, a year-on-year decrease of 4.39%, and a net profit attributable to shareholders of 318 million yuan, down 16.23% year-on-year [5]. - The company is actively expanding into the "second dimension IP" sector, focusing on products that appeal to younger consumers, enhancing the emotional value of its offerings [7]. - The report projects revenue growth for 2025-2027 at 7.5%, 6.4%, and 5.5% respectively, with net profits expected to grow by 7.6%, 9.2%, and 8.5% in the same period [8]. Financial Performance - In Q1 2025, the company's gross margin was 20.65%, an increase of 0.49 percentage points year-on-year, while the net profit margin decreased by 0.86 percentage points to 6.07% [6]. - The company’s revenue from various product lines showed mixed results, with writing tools and office supplies experiencing slight declines, while the "Morning Light Living Hall" and "Morning Light Technology" segments saw growth [5]. - The company expects revenues of 26.056 billion yuan in 2025, with a projected net profit of 1.502 billion yuan, reflecting a recovery trend after a challenging 2024 [10].

Core Viewpoint - Morning Glory Co., Ltd. reported a decline in both revenue and net profit for the first quarter of 2025, marking the first such occurrence since 2021, with revenue at 5.245 billion yuan, down 4.39% year-on-year, and net profit at 318 million yuan, down 16.23% year-on-year [1] Financial Performance - In 2024, Morning Glory achieved total revenue of 24.228 billion yuan, an increase of 3.76% year-on-year, while net profit was 1.396 billion yuan, a decrease of 8.58% year-on-year [1] - The first quarter of 2025 saw a decline in revenue across major business segments, including writing instruments, student stationery, and office supplies, with respective revenues of 803 million yuan, 848 million yuan, and 2.790 billion yuan, each declining over 5% year-on-year [2] Business Segments - The company categorizes its operations into traditional core businesses and new businesses, with the former including writing tools, student stationery, and office supplies, while the latter encompasses office direct sales and retail stores [2] - The office direct sales business, which has been a revenue pillar, accounted for over 50% of total revenue, but its gross margin fell to 7.08% in the first quarter of 2025, a decrease of 0.14 percentage points year-on-year [2] New Business Developments - The retail store business, represented by Jiuwu Miscellaneous Store and Morning Glory Life Hall, is seen as a key area for brand and product upgrades, with 792 retail stores nationwide as of the end of the first quarter of 2025 [2] - Jiuwu Miscellaneous Store reported revenue of 388 million yuan in the first quarter of 2025, an increase of 11.37% year-on-year, but faced a net loss of 12.4428 million yuan in 2024 [3] Strategic Focus - Morning Glory's management indicated plans to enhance investment in IP (intellectual property) products and increase the proportion of proprietary brands to cater to changing consumer preferences, particularly among younger demographics [3] - The company aims to leverage its independent toy brand "Qizhi Haowan" to focus on IP incubation and brand collaboration, targeting the "two-dimensional IP" market [3]

Investment Rating - The investment rating for the company is "Buy" with a 6-month outlook maintained [7] Core Views - The company reported a revenue of 24.23 billion yuan for 2024, a year-on-year increase of 3.76%, while the net profit attributable to shareholders decreased by 8.58% to 1.40 billion yuan [1] - The company is focusing on enhancing product quality and expanding into IP and anime-related products, which has led to positive market feedback [2] - The company is actively expanding its international market presence, particularly in Africa and Southeast Asia, achieving a 21% year-on-year increase in overseas revenue [3] Summary by Sections Traditional Business - The company achieved revenues of 2.43 billion yuan from writing instruments, 3.47 billion yuan from student stationery, and 3.57 billion yuan from office supplies, with respective year-on-year growth rates of 6.9%, 0.1%, and 1.7% [2] - The gross profit margins for these segments were 42.9%, 33.9%, and 27.7%, showing slight variations year-on-year [2] Retail Expansion - The company's retail stores, including Morning Glory Life Hall and Jiumu Miscellaneous Society, generated 1.48 billion yuan in revenue, a 10% increase year-on-year [4] - As of the end of 2024, the company operated 779 retail stores, with a focus on optimizing product mix and enhancing membership operations [4] Financial Performance - The company reported a gross margin of 6.66% for 2024, a decrease of 1.12 percentage points year-on-year [6] - The net profit margin was 5.76%, reflecting a decline of 0.78 percentage points compared to the previous year [6] Future Projections - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 1.59 billion yuan, 1.80 billion yuan, and 2.06 billion yuan respectively, with corresponding P/E ratios of 18X, 16X, and 14X [12]