晨光股份：上海晨光文具股份有限公司2025年年度报告（英文版）

Rising to Challenges, Thriving with Resilience Letter to Shareholders In 2025, the world moved forward amid change and challenges. Uncertainty in theexternal environment has imposed higher requirements on corporate operations, yet thefundamentalconditions and long-term trends for growth remain intact.Under theleadership of the Board, we keep steady while exploring innovation, rise to external changewith clear strategy, and stive to stay resilient and focused. All M&G people rise tochallenges head-on. We hone our skills under pressure and seek opportunities in change.Weground ourselves firmly while reaching high.Through our actions,we havedemonstrated what true resilient growth looks like. This year, we recorded revenue of RMB25,064 million, an increase of 3.45%, and thenetprofit attributable to our shareholders reached RMB1,310 million. Our businessremained stable and healthy. This year, we responded to expectations with innovation. Centered on consumers, wemade product strength the engine of high-quality growth. By enhancing both functional andemotional value, we achieved significant results in R&D, technology application, and IPintegration. We rolled out a series of standout products, including the on-off pen, meeboki,Da Fu Da Gui, and San Hao backpack, winning both praise and market success. This year, we connected people to cultural creativity. As the bridgehead for brandupgrade, our independent brand, Jiumu Store, now has more than 860 stores nationwideand over 10 million members. It creates accessible spaces for cultural creativity, and bringstangible joy to more consumers. This year, we build excellence through digital intelligence. As a leading provider ofgeneral office supplies procurement and digital supply chain services in China, ColipuGroup has become a pioneer in digital corporate procurement and an industry leader, withrevenue surpassing RMB15,000 million. This year, we strengthened our foundation for the future. We continued to implementtheMBS management system,continuously improving operational efficiency andorganizational resilience in technology, products, production, logistics, and sales. Throughenhanced quality and efficiency and refined operations, we continued to create value forour shareholders. This year, we launched the special initiative themed“Enhance Quality and Efficiency and Strengthen Shareholder Return”, and continued to reinforce shareholder value. Guidedby a scientific, consistent, and steady dividend policy, we increased the cash dividendpayout ratio while taking into account our current development stage and long-term capitalneeds. In February 2025, we completed our second share repurchase since listing, and inJune 2025, re-purposed and retired shares from the first repurchase. These proactive actionshave protected the Company’s value and safeguarded the overall and long-term interests ofour shareholders. Persistence and innovation give us the strength to navigate cyclical ups and downs.Our faith in long-termism drives us forward with steady, confident steps. The stage is set for 2026. The road ahead is full of challenges, yet also holds vastopportunities. We will make resilience our guiding principle, combining careful judgmentwith bold action. We will adhere to long-termism,“dig 10,000 meters deep from a1-meter-wide opening”, and thrive by helping our partners thrive. Building on the“Enhance Quality and Efficiency and Strengthen Shareholder Return”initiative, we will focus on our core traditional business, continue to enhance products,brands, and our reach across channels (including both online and offline channels, and bothat home and abroad). Step by step, we will solidify our foundation and expand ourcompetitive edges. In terms of our large retail stores, we will continue to grow our storenetwork and membership base. These stores should aim not only to serve as the bridgeheadfor upgrading the M&G brand and products but also to carve out our own space in thecultural creativity market.As for our general materials digital procurement service business,Colipu Group is set to embark on a new journey with a planned spin-off listing on the HongKongStock Exchange.Leveraging the capital market’s role in optimizing resourceallocation, we will strengthen our business landscape to drive high-quality, sustainabledevelopment. We are deeply grateful to our hardworking employees, loyal partners, and supportiveshareholders. M&G people will keep moving forward with a pragmatic mindset, aninnovative spirit, and resilient determination. Every step will be taken with care, everycommitmenthonored,as we create long-term value and boldly advance toward aworld-class M&G! Board of Directors of Shanghai M&G Stationery Inc. March 30, 2026 Important Notice I. The Board of Directors, directors, and senior management of the Company warrant that thecontents of this report are true, accurate and complete, without any misrepresentation, misleadingstatements or material omissions, and