2025 年 04 月 30 日 公司研究 评级：买入(维持) [Table_Title] 聚焦产品力与全渠道布局，IP 赋能注入新活力 ——晨光股份（603899）2025 年一季报点评 最近一年走势 | 相对沪深 300 | 表现 | | 2025/04/29 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 晨光股份 | -3.9% | 3.8% | -14.5% | | 沪深 300 | -3.6% | -1.1% | 4.2% | | 市场数据 | | | 2025/04/29 | | 当前价格（元） | | | 29.47 | | 周价格区间（元） 52 | | | 25.01-40.09 | | 总市值（百万） | | | 27,225.22 | | 流通市值（百万） | | | 27,225.22 | | 总股本（万股） | | | 92,382.84 | | 流通股本（万股） | | | 92,382.84 | | 日均成交额（百万） | | | 383.88 | | 近一月换手（%） | | | 0.76 | 相关报告 《晨光股份（6 ...

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]

证券代码：603899 证券简称：晨光股份 公告编号：2025-016 上海晨光文具股份有限公司 第六届董事会第十一次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 上海晨光文具股份有限公司（以下简称"公司"）第六届董事会第十一次会 议以通讯表决的方式召开，会议通知于2025年4月7日以电子邮件方式发出。本次 会议表决截止时间为4月28日中午12时，会议应参加表决的董事7名，实际参加表 决的董事7名。会议的召集、召开及表决程序符合《中华人民共和国公司法》和 《上海晨光文具股份有限公司章程》的有关规定，合法有效。 二、董事会会议审议情况 （一）审议通过《2025 年第一季度报告》 （二）审议通过《关于开展外汇衍生品交易业务的议案》 同意公司及子公司开展外汇衍生品交易业务，在期限内任一时点的外汇衍生 品余额不超过 7.5 亿元人民币（或其他等值外币）。在期限内任一时点占用的交 易保证金和权利金余额不超过 0.7 亿元人民币（或其他等值外币）。在上述额度 内，资金可以循环滚动使用。授权公司董事长 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 5,244,822,850.50, a decrease of 4.39% compared to CNY 5,485,380,847.38 in the same period last year[4] - Net profit attributable to shareholders was CNY 318,201,988.44, down 16.23% from CNY 379,859,509.37 year-on-year[4] - Total operating revenue for Q1 2025 was CNY 5,244,822,850.50, a decrease of 4.39% compared to CNY 5,485,380,847.38 in Q1 2024[25] - Net profit for Q1 2025 was CNY 329,498,024.63, a decline of 18.38% from CNY 403,976,905.47 in Q1 2024[26] - Total comprehensive income attributable to the parent company for Q1 2025 was approximately ¥327 million, down from ¥372 million in Q1 2024, a decrease of 12.09%[30] Cash Flow and Liquidity - The net cash flow from operating activities increased by 64.37% to CNY 112,010,716.73, compared to CNY 68,147,079.31 in the previous year[4] - Cash and cash equivalents as of March 31, 2025, totaled ¥4,081,523,754.40, down from ¥4,962,217,302.12 at the end of 2024[18] - Cash inflow from investment activities in Q1 2025 was approximately ¥260 million, significantly lower than ¥702 million in Q1 2024, a decline of 62.96%[31] - Net cash outflow from financing activities for Q1 2025 was approximately ¥156 million, compared to a net outflow of ¥63 million in Q1 2024[32] - The company reported a decrease in cash flow from operating activities, with total cash outflow of approximately ¥6.54 billion in Q1 2025, down from ¥6.87 billion in Q1 2024[31] Assets and Liabilities - Total assets at the end of the reporting period were CNY 15,818,157,827.51, a decrease of 4.63% from CNY 16,586,785,179.43 at the end of the previous year[5] - Total liabilities decreased from CNY 7,151,092,318.63 to CNY 6,086,660,487.65[21] - Total equity increased from CNY 9,435,692,860.80 to CNY 9,731,497,339.86[22] - The company reported a decrease in accounts payable from CNY 5,006,486,563.20 to CNY 4,094,670,269.09[21] Shareholder Information - Total number of common shareholders at the end of the reporting period is 38,561[12] - The largest shareholder, Morning Glory Holdings, holds 536,000,000 shares, accounting for 58.02% of total shares[12] Revenue Breakdown - Revenue from writing instruments reached ¥564,417,360.37, with a gross margin of 43.78%, showing a slight decrease of 0.07% compared to the same period last year[14] - Revenue from student stationery was ¥802,857,730.74, with a gross margin of 35.63%, reflecting a year-over-year decline of 5.99%[14] - Office stationery generated revenue of ¥849,227,021.57, with a gross margin of 28.48%, down 5.60% from the previous year[15] - The company reported a decrease in revenue from its subsidiary, Keli Pu, which saw a 5.32% decline to ¥278,990.36 million[15] Other Financial Metrics - The weighted average return on equity decreased by 1.22 percentage points to 3.52% from the previous year's 4.74%[4] - Research and development expenses for Q1 2025 were CNY 50,209,957.79, slightly up from CNY 48,295,232.76 in Q1 2024[25] - Basic and diluted earnings per share for Q1 2025 were both ¥0.3472, down from ¥0.4112 in Q1 2024, reflecting a decline of 15.6%[30] - The company received government subsidies amounting to CNY 41,716,009.53 during the reporting period, which positively impacted its financial performance[7] Accounts Receivable and Goodwill - The company reported a significant increase in accounts receivable by 106.46%, reaching CNY 35,976,787.65 compared to CNY 17,425,526.65 at the end of the previous year[10] - Goodwill increased by 65.91% to CNY 105,404,838.99 due to the difference between the purchase cost and the fair value of identifiable net assets acquired[10] - Accounts receivable increased to ¥3,990,890,840.73 from ¥3,860,635,417.76[18] Borrowings - Long-term borrowings surged by 433.33% to CNY 32,000,000.00 from CNY 6,000,000.00 at the end of the previous year[10] - The company received approximately ¥58.95 million in cash from borrowings in Q1 2025, an increase from ¥50 million in Q1 2024[31] Retail Operations - The company operates 792 retail stores nationwide, including 752 "Nine Wood" stores and 40 "Morning Glory" stores[16] - Morning Glory Technology achieved revenue of ¥30,758.12 million, representing a year-over-year growth of 24.57%[16]

证券代码：603899 证券简称：晨光股份 公告编号：2025-017 上海晨光文具股份有限公司 关于开展外汇衍生品交易业务的公告 1 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 交易目的：为有效规避外汇市场的风险，防范汇率大幅波动对上海晨光 文具股份有限公司（以下简称"公司"）及子公司造成不良影响，结合资金管理 要求和日常经营的需要，公司拟与金融机构开展外汇衍生品交易业务。 交易品种及工具：外汇远期、外汇掉期、外汇期权、结构性远期、利率 掉期、货币互换等产品或上述产品的组合。 交易场所：具有外汇衍生品交易业务经营资质的境内外商业银行。 交易金额：公司及子公司拟开展的外汇衍生品交易业务，在期限内任一 时点的外汇衍生品余额不超过 7.5 亿元人民币（或其他等值外币）。在期限内任 一时点占用的交易保证金和权利金余额不超过 0.7 亿元人民币（或其他等值外 币）。交易期限自公司第六届董事会第十一次会议审议通过之日起 12 个月内有效。 在交易期限内任一时点的交易金额（含前述交易的收益进行再交易的相关金额） 不超过 ...

证券代码：603899 证券简称：晨光股份 公告编号：2025-015 上海晨光文具股份有限公司 关于注销部分回购股份并减少注册资本 暨通知债权人的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、通知债权人的原由 上海晨光文具股份有限公司（以下简称"公司"）于 2025 年 3 月 24 日、2025 年 4 月 16 日分别召开第六届董事会第十次会议、2024 年年度股东大会，审议通 过了《关于变更部分回购股份用途并注销的议案》，同意对回购专用证券账户中 已回购的 2,858,043 股的用途进行变更，由"用于股权激励或员工持股计划"变 更为"用于注销并相应减少注册资本"。具体内容详见公司于 2025 年 3 月 26 日 披露的《上海晨光文具股份有限公司关于变更部分回购股份用途并注销的公告》 （公告编号：2025-010）。 本次注销回购股份完成后，公司股份总数将由 923,828,420 股减少为 920,970,377 股，注册资本将由 923,828,420 元减少为 920,970,377 元。 二、需债 ...

证券代码：603899 证券简称：晨光股份 公告编号：2025-014 上海晨光文具股份有限公司 2024 年年度股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 279 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 641,974,119 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 70.1002 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由董事会召集，公司董事长陈湖文先生主持会议。会议采用现场投 票和网络投票相结合的表决方式。本次会议的召集、召开程序以及表决方式和表 (一) 股东大会召开的时间：2025 年 4 月 16 日 (二) 股东大会召开的地点：上海市松江区新桥镇千帆路 288 弄 5 号楼 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股 ...

关于上海晨光文具股份有限公司 2024年年度股东大会之法律意见书 致:上海晨光文具股份有限公司 君合律师事务所上海分所〈以下简称"本所"）接受上海晨光文具股份有限公 司（以下简称"公司"）的委托，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》"《上市公司股东大会 规则》(以下简称"《股东大会规则》")等法律、法规、规范性文件（以下简称"法 律、法规"）及《上海晨光文具股份有限公司章程》(以下简称"《公司章程》"）的 有关规定,按照律师行业公认的业务标准、道德规范和勤勉尽责精神,就公司 2024 年年度股东大会（以下简称"本次股东大会"）有关事宜出具本法律意见书。 为出具本法律意见书之目的，本所律师对公司提供的与本次股东大会有关的 文件和事实进行了核查和验证。在本所律师对公司提供的有关文件进行核查和验 证的过程中,本所假设: 1. 提供予本所之文件中的所有签署、盖章及印章都是真实的,所有作为正本 提交给本所的文件都是真实、准确、完整的; 2. 提供予本所之文件中所述的全部事实都是真实、准确、完整的; 3. 提供予本所之文件的签署人均具有完全的民事行为能力， ...