上海晨光文具股份有限公司2024年年度报告（英文版）

Annual Report 2024 1 / 228 Stock Code: 603899 Short Name: M&G Corporation SHANGHAI M&G STATIONERY INC. Annual Report 2024 Annual Report 2024 2 / 228 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 Annual Report 2024 3 / 228 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 eve