广博股份 002103 公司章程 广博集团股份有限公司 章程 二○二五年八月 广博股份 002103 公司章程 广博股份 002103 公司章程 广博集团股份有限公司章程 第一章 总则 第一条 为维护广博集团股份有限公司（以下简称"公司"或"本公司"）、 股东、职工和债权人的合法权益，规范公司的组织和行为，根据《中华人民共和 国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简 称"《证券法》"）和其他有关规定，制订本章程。 第二条 公司系依照《公司法》和其他有关规定成立的股份有限公司。 公司是经宁波市人民政府（甬政发[2001]151号）文批准，在依法整体变更 有限公司的基础上，采取发起设立的方式设立的股份有限公司。公司在宁波市市 场监督管理局注册登记，取得营业执照，统一社会信用代码为 第三条 公司于2006年12月14日经中国证券监督管理委员会证监发行字 [2006]156号文核准，首次向社会公众发行人民币普通股4800万股，于2007年1 月10日在深圳证券交易所上市。 第四条 公司注册名称：广博集团股份有限公司 英文名称：GUANGBO GROUP STOCK CO., LTD. 第 ...

网友晒出门店张贴的"闭店通知"显示，闭店时间2025年8月31日，退换货服务请往MUJI北京世 贸天阶店，"很遗憾通知大家，MUJI世茂工三店即将关闭，由此给您造成的不便，敬请谅解。 我们在这个城市还设有34家门店，诚意邀请您到店选购。" 对于关店情况，无印良品方面表示："个别的闭店只是MUJI基于经营效率进行的正常调整，面 对部分商圈人流下降的挑战，MUJI会对经营效益不佳的门店做出取舍。MUJI中国目前坚持每 年开40家左右门店，3月1日至今MUJI新开了15家店铺。" 通知提醒消费者，如需退换货可前往距离约3公里的世贸天阶店。此次闭店并非今年首例，早 在上半年，北京国瑞城店也已闭店。 记者丨唐唯珂 编辑丨骆一帆 "中产标签"MUJI无印良品店面也开始收缩。 近日，北京世茂工三商场的无印良品（MUJI）门店门口贴出"闭店通知"，宣布将于8月31日正 式停止营业。 面对近期多家门店关闭引发的关注，无印良品方面回应称属于"正常的运营调整"， 并重申中 国市场的重要性。另一方面，闭店潮的背后，消费者对其"高价低质"的持续诟病以及本土竞争 对手的强势崛起，成为新的市场变局。 本土品牌"围剿" 公开资料显示，198 ...

Core Viewpoint - The article highlights the rapid growth and market dominance of KAYOU, a leading player in the collectible card game industry in China, emphasizing its impressive financial performance and strategic positioning in the entertainment toy market [5][20]. Group 1: Company Overview - KAYOU, founded in 2011, experienced significant growth after acquiring the Ultraman IP in 2018, leading to a diverse portfolio of popular IPs and products [13]. - The company reported a revenue of over 10 billion RMB in 2024, with a net profit exceeding 4.4 billion RMB, showcasing a year-on-year growth rate of 278% and 378% respectively [7][16]. - KAYOU holds a market share of 21.5% in the broader entertainment toy market and 71.1% in the collectible card segment, making it the market leader [8][18]. Group 2: Financial Performance - KAYOU's revenue surged from 2.3 billion RMB in 2021 to 10.06 billion RMB in 2024, with a compound annual growth rate (CAGR) of 64% [16]. - The net profit increased from 795 million RMB to 4.466 billion RMB during the same period, with a net profit margin rising from 35% to 44% [16]. - The gross profit margin for KAYOU reached 67.3% in 2024, indicating strong profitability compared to industry peers [16][35]. Group 3: Market Position and Competitive Landscape - The collectible card game market in China is still in its early stages, with low per capita spending compared to Japan and the US, suggesting significant growth potential [33]. - KAYOU's unique position in the market is characterized by its focus on collectible cards, while competitors like LEGO and Pop Mart focus on different product categories [19]. - The company has established a robust distribution network with 217 distributors and 351 KAYOU centers across China, contributing to its revenue growth [27][29]. Group 4: Strategic Advantages - KAYOU's competitive edge lies in its effective "IP-Product-Channel" model, allowing for comprehensive value creation from content development to commercialization [22]. - The company has a diverse IP portfolio, including 70 IPs, which reduces reliance on any single IP and enhances revenue stability [23][24]. - KAYOU's product range is expanding, with collectible cards accounting for over 80% of revenue, while other toys and stationery are gaining traction [13][25]. Group 5: Growth Drivers - The growth of KAYOU is driven by the increasing popularity of collectible card games, with a projected market size of 446 billion RMB by 2029 [33]. - The company is focusing on international expansion, leveraging its IPs to enter overseas markets, particularly in Southeast Asia [34]. - KAYOU's profitability is expected to surpass that of competitors like Pop Mart, indicating strong financial health and growth potential [35][36].

Group 1 - The Chengdu Universiade is driving local economic growth through various promotional activities, including the "ticket root discount map" that offers benefits to visitors holding event tickets [1][2] - The event has led to a significant increase in tourism, with 218,200 visitors recorded in Longquanyi District in the first three days, and hotel occupancy rates rising by 50% year-on-year [1] - The local government is leveraging the Universiade to boost consumption, with initiatives like the "Wuhou Midsummer Consumption Month" offering discounts to ticket holders [1] Group 2 - The Chengdu High-tech Zone has launched the "ticket root economy" initiative, which aims to convert event traffic into economic growth for the city [2] - The local sports industry is projected to exceed 150 billion yuan in total scale, indicating strong momentum for economic development driven by the Universiade [2]

Group 1 - Shenzhen Diba Pet Products Co., Ltd. has been established with a registered capital of 100,000 RMB [1] - The legal representative of the company is Peng Zhenan [1] - The company's business scope includes sales of toys, animation and entertainment products, pet food and supplies, stationery, electronic products, maternal and infant products, bags, and daily necessities [1] Group 2 - The company is involved in both retail and wholesale of pet food and supplies [1] - The company does not have any licensed operating projects [1] - The company is allowed to conduct business activities independently based on its business license, except for items that require approval [1]

Core Insights - Guangzhou Lingyin Technology Co., Ltd. has recently been established with a registered capital of 4 million RMB [1] - The company's business scope includes a wide range of activities such as daily necessities sales, paper product sales, manufacturing of printing equipment, stationery manufacturing, ink manufacturing (excluding hazardous chemicals), and 3D printing services [1] Business Scope - The company is involved in technology services, development, consulting, exchange, transfer, and promotion [1] - It also engages in the sales and leasing of office equipment and consumables, as well as the manufacturing of office equipment and consumables [1] - Additionally, the company is involved in machinery equipment leasing and sales, import and export of goods, and research and development of machinery equipment [1] Manufacturing and Sales - The company manufactures and sells copying and offset printing equipment, as well as cultural and office equipment [1] - It is also engaged in wholesale and retail of computer software, hardware, and auxiliary equipment [1] - The company provides leasing services for computers and communication equipment, as well as maintenance services for computers and office equipment [1] Technical Services - The company offers electronic and mechanical equipment maintenance services (excluding special equipment) and sales of electronic products [1] - It is involved in technology import and export activities [1]

Group 1 - Dongguan Fuzhen Color Printing Packaging Co., Ltd. has been established with a registered capital of 500,000 RMB [1] - The legal representative of the company is Zhou Jiawei [1] - The business scope includes manufacturing and sales of paper products, plastic products, packaging materials, office supplies, and stationery [1] Group 2 - The company is also involved in the import and export of goods and technology [1] - It is permitted to operate independently based on its business license, except for projects that require approval [1]

Economic News - The Supreme People's Court issued guidelines to support the development of the private economy, aiming to address challenges faced by this sector and provide stronger legal guarantees for its healthy growth [1] - China's steel industry is entering a "new quality track," with 95.1% of steel companies incorporating digital transformation strategies, leading to improvements in production efficiency, energy utilization, and product quality [1] - In the first seven months of this year, China's total import and export value reached 25.7 trillion yuan, a year-on-year increase of 3.5%, with July's value hitting a new high for the year at 3.91 trillion yuan, up 6.7% year-on-year [1] - The China Interbank Market Dealers Association announced measures to strengthen self-regulation in bond underwriting and pricing, emphasizing the need for reasonable cost calculations [1] Company Insights - OpenAI launched its most advanced AI model, GPT-5, which allows users to create software applications using simple English prompts [4] - TSMC reported sales of 323.17 billion TWD in July, a year-on-year increase of 25.8% [4] - SMIC's Q2 2025 financial report showed a revenue of 4.46 billion USD for the first half of the year, a 22.0% increase year-on-year, with a gross margin of 21.4%, up 7.6 percentage points from the previous year [4] - Chuanhua Zhili signed a strategic cooperation framework agreement with CATL to promote green transformation in the logistics industry [4] - The National Railway Group established a new company for the Xinjiang-Tibet Railway with a registered capital of 95 billion yuan [4] Industry Analysis - Adidas reported a revenue of 5.952 billion euros for Q2 2025, a year-on-year increase of 2.2%, with a significant 58% increase in operating profit [5] - The textile and apparel industry saw a decline of 2.14% in the past week, while the light industry manufacturing sector decreased by 1.59% [7] - New Yangfeng's H1 2025 revenue reached 9.398 billion yuan, an 11.63% year-on-year increase, with a net profit of 951 million yuan, up 28.98% [8] - The company has focused on expanding its new fertilizer market, with new fertilizer sales growing from 548,500 tons in 2018 to 1.38 million tons in 2024, representing a compound annual growth rate of 16.63% [9] - The company is enhancing its integrated industrial chain layout, with significant capital expenditures aimed at expanding its product range and strengthening its market position [10]

Investment Rating - The industry investment rating is "Positive" [2][54] Core Viewpoints - Adidas reported its Q2 and H1 2025 financial results, with brand revenue of €5.952 billion, a year-on-year increase of 2.2%, and a 12% increase when adjusted for currency (excluding Yeezy) [3][11] - Operating profit reached €546 million, up 58% year-on-year, while net profit attributable to shareholders was €369 million, reflecting a 94.6% increase [3][11] - In the Greater China region, revenue reached €798 million, a year-on-year growth of 11%, marking nine consecutive quarters of growth [3][11] - The ending inventory was €5.26 billion, a 16% increase year-on-year, indicating a healthy inventory level in line with revenue growth [3][11] - It is anticipated that product costs in the U.S. will increase by €200 million in the second half of the year due to tariff impacts, but prices in other markets will remain unaffected [3][11] Market Performance - The textile and apparel industry declined by 2.14%, while light industry manufacturing fell by 1.59% during the week [5][13] - The Shanghai Composite Index decreased by 0.94%, and the Shenzhen Component Index fell by 1.58% [5][13] - The top five performing companies in the textile and apparel sector included Anzheng Fashion (+29.43%) and Jinchun Co. (+18.56%) [15][22] Industry Overview - The textile and apparel industry consists of 263 listed companies, with a total market value of ¥1,651.138 billion and a circulating market value of ¥1,468.415 billion [6] - The average price-to-earnings ratio for the industry is 50.64 [6]

Core Insights - The report emphasizes the critical role of seamless logistics in reshaping the retail ecosystem, highlighting that logistics is no longer just about delivery but a key variable determining brand success [1][8]. Group 1: Retail and Logistics Interconnection - The retail market is undergoing unprecedented changes, with e-commerce growth in Southeast Asia and a resurgence of offline stores, as consumers seek both convenience and immersive shopping experiences [2][13]. - A study by Harvard Business School indicates that nearly half of intended purchases are lost when customers encounter out-of-stock situations, underscoring the importance of inventory availability [2][21]. - Excess inventory poses a hidden risk, as brands must manage stock levels carefully to avoid markdowns and optimize space in physical stores [2][3]. Group 2: Logistics as a Solution to Retail Challenges - Retail operational pain points, such as customer loss due to stockouts and cost pressures from excess inventory, are fundamentally linked to insufficient logistics efficiency [3][6]. - Companies face two primary logistics strategies: building in-house teams or partnering with third-party logistics (3PL) providers, with 3PLs often offering better flexibility and cost efficiency [3][4]. - 3PLs can significantly reduce logistics costs, which typically account for 15% of operational expenses, through optimized inventory management and streamlined processes [3][4]. Group 3: Technological Empowerment in Logistics - Real-time tracking systems and digital platforms enhance communication and decision-making across the supply chain, improving overall efficiency and customer experience [4][6]. - The integration of technology allows brands to provide accurate order status updates, thereby enhancing customer satisfaction [4][6]. Group 4: Case Studies Highlighting Logistics Impact - Faber-Castell improved its delivery times from 2-3 days to 1-2 days through logistics partnerships, resolving stockout and inventory issues [5][6]. - Kopi Kenangan's Cerita Roti benefited from a "same-day delivery" service, ensuring product freshness and maintaining a 95% on-time delivery rate [5][6]. - By Invite Only enhanced operational efficiency by switching to a professional logistics partner, achieving a stable twice-a-week replenishment schedule [5][6]. Group 5: Choosing the Right Logistics Partner - Retailers must consider various factors when selecting logistics partners, including national coverage, real-time tracking capabilities, and flexibility in delivery schedules [7][8]. - For brands with cross-border operations, the logistics partner's customs clearance capabilities and overseas warehouse presence are crucial for efficiency [7][8]. Group 6: Future of Retail Driven by Logistics - As consumer expectations for shopping experiences rise, logistics will play an increasingly vital role in retail success, shifting from a cost center to a growth engine [8][9]. - The ability to adapt logistics strategies dynamically based on demand will be essential for retailers to avoid stockouts and manage inventory costs effectively [8][9].