（来源：内蒙古日报） 2月25日，家长带着孩子在呼和浩特市文化商城选购文具。随着开学临近，中小学生迎来"备齐装备"高 峰期，线下文具与教辅采购热度持续，各商家备货充足，全力保障学生学习用品需求，助力广大中小学 生以崭新面貌开启新学期的学习生活。本报记者 王磊 摄 转自：内蒙古日报 ...

行 业 及 产 业 轻工制造 行 业 研 究 / 行 业 点 评 证 券 研 究 报 告 证券分析师 黄莎 A0230522010002 huangsha@swsresearch.com 屠亦婷 A0230512080003 tuyt@swsresearch.com 庞盈盈 A0230522060003 pangyy@swsresearch.com 张海涛 A0230524080003 zhanght@swsresearch.com 魏雨辰 A0230525010001 weiyc@swsresearch.com 联系人 魏雨辰 A0230525010001 weiyc@swsresearch.com 2026 年 02 月 26 日 关注关税政策变化、AI 眼镜新品催 化；家居和内需消费有望边际改善 看好 ——造纸轻工周报 2026/02/09-2026/02/23 本期投资提示： ⚫ 重点提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 相关研究 - 汇率大幅波动的风险；关税预期波动的风险 ⚫ 1）出口：关税政策变化，海外下游存补库预期，推荐 Alpha ...

Core Insights - The article highlights the shift in shopping mall dynamics during the Spring Festival, with a significant rise in pop-up stores featuring popular anime characters, indicating a trend towards youth-oriented marketing strategies [1][9][12] Group 1: Pop-up Store Trends - Shopping malls are increasingly transforming their spaces into "pain buildings" filled with anime character displays, indicating a strong visual marketing strategy aimed at attracting younger consumers [1][9] - Popular IP pop-up events require booking six months in advance, with sales for a single event ranging from 4 million to 10 million yuan [1][2] - Major cities like Shanghai and Beijing are seeing a surge in these pop-up events, with over 40 events reported in Shanghai alone during the Spring Festival [2][6] Group 2: Economic Impact - The pop-up activities have become a significant revenue source for malls, with venues like Shanghai's ZX Creative Park hosting around 450 events in its first year, generating sales of 450 million yuan by 2025 [6][9] - The collaboration model between malls and brands typically involves a "minimum guarantee plus rent" approach, allowing for flexible revenue sharing based on performance [3][6] - The demand for pop-up stores is leading to a reduction in the duration of these events, with many now lasting only seven days to maximize turnover [3][6] Group 3: Consumer Behavior - The rise of "flash purchasing" has given birth to a new profession of pop-up buyers, who often spend significant time queuing to secure limited edition items for clients [1][8] - Consumers are increasingly willing to pay for the experience and exclusivity of these pop-up events, with some individuals earning over 1,000 yuan per day through pop-up buying services [8][9] - The emotional connection and identity recognition associated with these events are driving consumer spending, as fans are eager to participate in immersive experiences [10][11][12]

Core Viewpoint - The Guizhou Southwest Modern Commerce and Logistics Park has undergone significant transformation and optimization over the past four years, aiming to enhance the quality of the commerce and logistics industry, with projected revenue growth from 13.57 billion yuan in 2021 to over 50 billion yuan by 2025 [2]. Group 1: Service Optimization - The establishment of a joint mediation room has effectively resolved commercial disputes, enhancing the service environment for merchants [3]. - A four-party linkage mechanism has been implemented to address various operational issues, achieving a resolution rate of 95.2% for collected suggestions [3][4]. - The park has integrated service resources through shared service centers, facilitating efficient government services and achieving 100% completion for business applications [4]. Group 2: Business Environment Improvement - The park has successfully mediated rental disputes, saving merchants over 12 million yuan in total, with an average saving of approximately 130,000 yuan per merchant [4]. - A grid service model has been established to provide comprehensive support to merchants, resulting in the identification and rectification of 333 safety hazards [5]. - Financial services have been enhanced, with credit scale reaching 2.74 billion yuan by 2025, and additional services like childcare support for merchants' children [5]. Group 3: Business Model Upgrades - The park has created specialized brand zones to enhance product presentation and attract more customers, leading to improved business conditions for merchants [6][7]. - A "Good Goods Alliance" has been formed to promote collective development among merchants, resulting in significant revenue increases for participating businesses [7]. - The park has adopted a strategy of cluster development and ecological empowerment to optimize existing resources and attract new businesses [8]. Group 4: Cost Reduction and Infrastructure Development - The park has implemented measures to reduce operational costs, including a 20-25% average reduction in hotel and exhibition venue prices and over 20 million yuan in rental discounts for struggling merchants [10][11]. - A modern transportation system has been developed to lower procurement costs for surrounding small businesses, covering a vast economic area [11]. - Infrastructure investments exceeding 2.5 billion yuan have been made, with 12 major projects completed, contributing to the overall stability and growth of business entities within the park [11].

Group 1 - The partnership between KAYOU and the Central Radio and Television Station for the 2026 Spring Festival Gala highlights the growing recognition of KAYOU's cultural and manufacturing capabilities [1][3] - KAYOU's production facility in Kaihua County utilizes highly automated precision production lines, featuring advanced printing and die-cutting systems to ensure high-quality card production [1] - The company emphasizes a commitment to quality through technological innovation, transforming cards from disposable items into valuable cultural collectibles [1] Group 2 - KAYOU has engaged in cultural IP operations, collaborating with over 70 popular IPs, with more than 30% being domestic cultural themes [2] - The company aims to be a "translator" and "disseminator" of Chinese culture, using cards as interactive cultural symbols that resonate with younger audiences [2] - KAYOU's growth reflects the industrial transformation in Quzhou, with projections indicating that its stationery segment will exceed 500 million yuan in revenue by 2024 [2] Group 3 - The collaboration with the Spring Festival Gala is seen as a significant endorsement of KAYOU's integration of culture and manufacturing [3] - KAYOU is producing a series of collectible cards with auspicious meanings for the Spring Festival, which will be featured in the gala's programs [3] - The company's products have reached international markets, including Malaysia and the United States, showcasing the appeal of Chinese cultural creativity [3]

Group 1 - The core viewpoint of the articles emphasizes the significance and evolution of bronze vessel decorations in Chinese civilization, highlighting their aesthetic, cultural, and historical importance [2][3][4]. - Bronze vessel decorations can be categorized into three main types: animal motifs, geometric patterns, and human figures, each with distinct characteristics and historical significance [2][4]. - Animal motifs, particularly dragon patterns, are prevalent in bronze vessels from the Shang and Zhou dynasties, symbolizing various cultural beliefs and artistic styles [2][4]. - Geometric patterns emerged early in the history of bronze vessels, characterized by combinations of dots, lines, and circles, reflecting specific historical features [2][4]. - Human figure motifs appeared in the late Spring and Autumn period, showcasing realistic depictions of social activities such as feasting, hunting, and warfare, serving as a historical record of the era [2][4]. Group 2 - The decorative patterns on bronze vessels initially served aesthetic purposes but later evolved to include ritualistic and worship functions, believed to connect the earthly and divine realms [3][4]. - The styles of bronze vessel decorations are closely linked to the historical context, reflecting the artistic preferences and spiritual beliefs of different periods [4][5]. - Contemporary applications of bronze vessel motifs can be seen in modern crafts and design, demonstrating the continuity of artistic principles and cultural transmission over millennia [5][6]. - In today's fashion and design sectors, the structural and graphical elements of bronze vessel decorations are adapted into clothing, jewelry, and accessories, merging historical significance with contemporary expression [6].

Financial Data and Key Metrics Changes - Cimpress achieved a milestone by exceeding $1 billion in quarterly revenue for the first time, with reported revenue growth of 11% and organic constant currency growth of 4% in Q2 [10][11] - Adjusted EBITDA increased by $6.6 million year-over-year, with profit dollars rising 8% on a consolidated basis [12][13] - Adjusted free cash flow declined by $9.2 million to an inflow of $124 million, attributed to lower net working capital inflows [15][17] Business Line Data and Key Metrics Changes - In the Vista segment, organic constant currency growth was 5%, up from 3% in the prior year quarter, driven by double-digit growth in promotional products, apparel, gifts, and packaging [11][12] - The Print Brothers segment reported a revenue growth of 26%, with a contribution of $18 million from a tuck-in acquisition [12][17] - Legacy products, such as business cards and stationery, declined by 1%, consistent with previous quarters [11][12] Market Data and Key Metrics Changes - Strong performance in North America was the main driver of growth, with all markets in Vista showing growth [12][13] - Customer and order count increased in the Upload and Print segment, fueling a combined organic constant currency revenue growth of 6% [12] - National Pen revenue benefited from tariff-related price increases, contributing to overall segment performance [12] Company Strategy and Development Direction - Cimpress is focused on enhancing customer lifetime value through elevated products, which have shown a 9% year-over-year increase in variable gross profit per customer [4][11] - The company is investing in manufacturing efficiencies and new product introductions, with a roadmap targeting at least $600 million in EBITDA by fiscal 2028 [8][9] - Cross Cimpress fulfillment (XCF) is a strategic initiative aimed at driving efficiencies and innovation across brands, enhancing competitive advantage [5][6][34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving fiscal 2028 targets, with expectations for significant efficiencies across profit and loss statements [8][9] - The impact of tariffs is expected to lessen in future quarters as supply chain remediation continues [14] - Management highlighted the importance of AI and technology investments in driving operational efficiencies and customer value [6][64] Other Important Information - The company raised its annual guidance for revenue, adjusted EBITDA, and free cash flow based on strong first-half results [10][17] - Net leverage at the end of Q2 was 2.97 times trailing twelve months EBITDA, down from the previous quarter [16][18] - Cimpress completed a tuck-in acquisition for $10.4 million, with significant synergy opportunities anticipated [52][53] Q&A Session Summary Question: How would you characterize the holiday season for Vista? - Management reported a strong quarter for Vista, particularly in North America, with flat volume in holiday cards in the U.S. and double-digit growth in Canada [20][21][22] Question: Can you discuss the biggest areas of outperformance versus initial FY 2026 guidance? - Management noted solid execution across the board, with some unexpected challenges, but overall performance aligned with plans [26][27] Question: What are the underlying trends for promotional products and elevated categories? - Strong growth in elevated products demonstrates increased wallet share among small business customers, with variable gross profit per customer growing consistently [32][33] Question: How is the North American business for the Print Group trending? - The Print Group is on track with revenue growth, focusing on building production capabilities, with revenues around $3 million for the first half [36][37] Question: What is the company's view on Cross Cimpress Fulfillment? - Management sees significant growth potential in Cross Cimpress Fulfillment, which has doubled in revenue within a year, contributing to gross profit increases [45][46] Question: Can you provide details on the tuck-in acquisition made this quarter? - The acquisition involved an Austrian printing group with significant synergy opportunities, expected to yield returns comfortably above the 15% hurdle rate [52][53][55]

Core Viewpoint - Hunan Mingming Hen Mang Commercial Chain Co., Ltd., China's largest leisure food and beverage retail chain, successfully listed on the Hong Kong Stock Exchange on January 28, raising HKD 36.7 billion through its IPO, with a significant opening price increase of 88.08% from the issue price [2][3][9]. Group 1: Company Overview - Mingming Hen Mang operates over 21,041 stores as of November 30, 2025, and has achieved a retail sales volume (GMV) of CNY 66.1 billion in the first nine months of 2025, covering 28 provinces and cities, with 59% of stores located in county and town areas [4][5]. - The company was formed through the strategic merger of two leading regional snack chains, "Snacks Are Busy" and "Zhao Yiming Snacks," which occurred in November 2023, enhancing its market position and resource advantages [5]. Group 2: Business Model and Competitive Advantages - Mingming Hen Mang's rapid expansion is supported by a "high-efficiency supply chain + light-asset franchise" business model, which includes direct partnerships with over 2,500 manufacturers, resulting in a 25% lower average product price compared to similar products in offline supermarkets [6]. - The company has adopted a light-asset franchise model, with 9,552 franchisees as of September 30, 2025, allowing for rapid market penetration while minimizing capital expenditure and operational risks [6]. - The product strategy targets price-sensitive consumers in lower-tier markets, with a diverse product range of 3,997 SKUs, including 34% custom-developed products and 38% bulk products, achieving a 77% repurchase rate among its 180 million registered members [7]. Group 3: IPO and Market Reception - The IPO attracted significant attention due to its impressive cornerstone investor lineup, including Tencent and Temasek, which collectively subscribed approximately USD 195 million (around HKD 1.52 billion), providing strong capital backing [8]. - The public offering set multiple records for recent Hong Kong consumer IPOs, with a subscription rate of 1,899.49 times for the public offering and 44.44 times for the international offering, marking one of the highest subscription rates in recent years [9]. - Following the IPO, the stock price surged to HKD 408, reflecting a 72.44% increase, with a total market capitalization of HKD 879.3 billion [11].

Group 1 - The core viewpoint of the article is the establishment of a special law enforcement inspection team by the Market Supervision Administration of Lingyun County, Baise City, Guangxi Zhuang Autonomous Region, to conduct a safety inspection action around schools, aiming to purify the market environment around campuses [2] - The enforcement personnel are focusing on places such as stationery stores, bookstores, and convenience stores near schools, rigorously checking for books, stationery, and toys containing violent, superstitious, or vulgar content [2] - The initiative emphasizes the importance of urging business operators to strengthen their primary responsibility to prevent problematic products from entering the market [2]

Core Viewpoint - The article reports on the quality inspection results of children's and student products conducted by the Yongjia County Market Supervision Administration in 2025, indicating that all tested items met the supervision inspection requirements [2]. Group 1: Inspection Results - A total of 15 products were tested, including crayons, pencils, correction tape, and glasses, with all items passing the quality inspection [2]. - Specific products that passed include: - Crayons and oil pastels from Wenzhou Aihua Pen Industry Co., Ltd. [2] - Pencils from Shanghai Anshuo Educational Supplies Co., Ltd. [2] - Correction tape from Guangdong Chenqi Stationery Co., Ltd. [2] - Prescription glasses from Wenzhou Jingcheng Optical Co., Ltd. [2] Group 2: Product Categories - The inspected products included: - Art supplies such as crayons and oil pastels [2] - Writing instruments like pencils and pens [2] - Stationery items including correction tape and self-adhesive book film [2] - Optical products such as prescription glasses [2] - Plush toys from various manufacturers [2]