晨光股份:上海晨光文具股份有限公司2024年年度报告(英文版)

Stock Code: 603899 Short Name: M&G Corporation
SHANGHAI M&G STATIONERY INC.
Annual Report 2024

Adhering to Long-termism and Basing on Facts
Letter to Shareholders
2024 was a year of challenges and progress for M&G. Amid increasing global and
domestic economic uncertainties, rapid market fluctuations, accelerated industry
transformations, weaker-than-expected consumer demand, and intensifying competition,
we remained committed to long-termism and steadily advanced our new five-year strategy.
With consistent strategies, we effectively navigated the pressures and challenges imposed
by short-term external factors on our operations.
Throughout 2024, M&G’s management and employees worked in unity and dedicated
themselves to driving development through innovation, even amid challenges. We
responded strategically to shifting market dynamics. With a focus on product capability
enhancement and omni-channel development, we leveraged intelligent and digital
technologies to accelerate our R&D, manufacturing, and service. This has led to
improvements in quality, efficiency, and the cultivation of new quality productive forces.
We also invigorated lean production and fostered sustainable development. Efforts to build
brand culture and expand into international markets have made significant strides. All
above factors provided essential momentum for the Company's long-term, sustainable
growth.
In 2024, the Company recorded revenue of RMB24,228 million, an increase of 3.76%,
and a net profit attributable to its shareholders of RMB1,396 million, a decrease of 8.58%.
Excluding share-based payments, the net profit attributable to shareholders was RMB1,446
million, a decrease of 2.81%. The Company maintained a stable and healthy trajectory. We
actively laid the groundwork for a diversified long-term development strategy on our core
traditional business. The new businesses—direct office supplies and large retail
stores—continued to grow, providing a solid foundation for sustainable future growth.
In 2024, with regard to the capital market, we adhered to a scientific, consistent, and
steady dividend policy. Taking into account the Company's development stage and
long-term capital needs, we enhanced the predictability of our cash dividends and
progressively increased our payout ratio to ensure the continuity and stability of
shareholder return. With the 2024 profit distribution plan, the Company has distributed
over RMB4.4 billion in cash dividends since its listing. In February 2025, the Company
completed its second share repurchase since going public. This boosted market confidence,
actively maintained the Company's value, and safeguarded the overall and long-term
interests of our shareholders.
Every persistence makes the progress more stable; every innovation makes the future
more promising.
Looking ahead to 2025, in an ever-evolving and complex market environment, we will
adhere to long-termism and pragmatic approaches, and rise to challenges head-on. We will
remain consumer-centric and strive to improve quality and efficiency whilst prioritizing
shareholder return. We will push forward in key areas such as technological innovation and
transformation, original design, green, intelligent and digital transformation, differentiation,
balanced and coordinated development, brand value enhancement, and global expansion.
This will enable the Company to achieve sustainable, high-quality growth and deliver
greater value to our shareholders. We will be committed to long-termism in development,
branding and capital market operations. By remaining steadfast in this vision, we believe
we can transcend short-term fluctuations and stay competitive in the long run.
Common prosperity is our ultimate goal. We would like to express our deepest
gratitude to our employees for their hard work and dedication, to our partners for their
unwavering support, and to our shareholders for their continued trust. Together, we further
advance our brand with commitment, shape the future using technology, and empower
value through culture. Together, we will embrace a future of high-quality development for
M&G!
Board of Directors of Shanghai M&G Stationery Inc.
24 March 2025
Important Notice
I. The Board of Directors, Supervisory Committee, directors, supervisors and senior management
of the Company warrant that the contents of this report are true, accurate and complete, without
any misrepresentation, misleading statements or material omissions, and severally and jointly bear
the legal responsibilities thereof.
II.All directors of the Company attended the Board meeting.
III. BDO China Shu Lun Pan CPAs (LLP) has issued the audit report with unqualified opinions to
the Company.
IV. Chen Huwen, the chairman of the Comp