Shanghai Chenguang Stationery Co., Ltd. 2020 Annual Report Abstract

Company code: 603899 Company abbreviation: Chenguang Stationery

An important reminder

1 The summary of this annual report comes from the full text of the annual report. In order to fully understand the company’s operating results, financial status and future development plans, investors should read the full text of the annual report on the designated media such as the Shanghai Stock Exchange website.

2 The board of directors, board of supervisors, directors, supervisors, and senior management of the company ensure the authenticity, accuracy and integrity of the annual report content. There are no false records, misleading statements or major omissions, and assume individual and joint legal responsibility.

3 All directors of the company attended the board meeting.

4 Lixin Accounting Firm (Special Ordinary Partnership) issued audit reports with standards without reservation for the company.

5 Reporting period of reporting during the board of directors for profit distribution plan or provident fund transfers to increase the share capital plan

Based on the total share capital registered by the shares of equity sharing shares, it is intended to send a cash dividend of 5 yuan (including tax) per 10 shares of the shareholders. The profit distribution plan still needs to be submitted to the company’s 2020 annual shareholders’ meeting for review.

Basic situation of the second company

1 company profile

2 Reporting period The company’s main business profile

2.1 Main business and business model

2.1.1 Main business

及所属品牌书写工具、学生文具、办公文具及其他产品等的设计、研发、制造和销售以及互联网和电子商务平台晨光科技; 新业务主要是零售大店业务九木杂物社、晨光生活馆和Cheung Kolipp, an office direct sales business. During the reporting period, the company’s main business and business models have not changed significantly.

2.1.2 The main business mode

The company has an independent and complete business system, product design research and development, original accessories procurement, product manufacturing, supply chain management, warehousing logistics to the sound business system of marketing network management, and independently conduct business activities for the market. In terms of R & D model, new product research and development, the company has established a “full design system” from consumer value design, to product design, to product mold development, and then to brand image design. Consumer insights are the starting point and develop new products in the whole category; in terms of manufacturing model, the company implements a brand manufacturing model of “combining production, independent production, and OEM outsourcing”, and has independent raw material procurement, product production and sales systems. Establishing its own brand in the market, with the advantages of the entire industry chain of stationery design, research and development, manufacturing and sales; in terms of sales models, based on the characteristics of stationery products and the current status of domestic stationery consumption, the company has established a targeted regional distribution. In combination with office direct sales, sales of direct -operated stores, KA sales, online sales and overseas distribution sales models, and the first to carry out brand sales management and franchise management of retail terminals in the domestic stationery industry on a scale.

Chenguang Technology’s business is mainly divided into two major business segments of Tmall and JD. Tmall business is Chen Guang Technology opened an online store in Tmall, and customers place orders at Tmall stores. Jingdong business is a monthly combined inventory situation and the sales -selling comparison system to issue procurement orders. Chenguang Technology will conduct a purchase order in the system based on the actual inventory. The confirmed purchase order is shipped to Jingdong. At the same time, Chenguang Technology is responsible for online marketing and authorized store management.

The business of retail stores is divided into two types of store types: Jiumi Miscellaneous Agency and Chenguang Life Museum. Jiumu Miscellaneous Agency is based on quality girls aged 15-29 as the target consumer group. The products sold are mainly stationery, cultural and creative, puzzle entertainment, and practical home furnishings. The stores are mainly distributed in the core business districts of various cities It is the company’s new retail model based on cultural and creative life. Jiumu Miscellaneous Society has started franchise since July 2018. The franchise model is to pay the contract margin and decoration costs in accordance with the contract. The Chenguang Life Museum is based on students aged 8-15 as the main consumer group. The products sold are mainly stationery categories. The stores are mainly concentrated in Xinhua Bookstore and composite bookstores. It is the company’s exploration of the company’s upgrading of existing traditional channels.

The office direct sales business Mochemical Kelipu provides high cost -effective office procurement services for government, enterprise institutions, Fortune 500 enterprises and other small and medium -sized enterprises. Chenguang Keipi has a wealth of product lines, covering office materials, MRO industrial products, marketing gifts, employee benefits, and corporate services, including office paper, office stationery, office equipment, office equipment, computers and accessories, digital and communications, digital and communication, and communication, digital and communication, digital and communications, and communication, digital and communication, and communication, digital and communication, and communication, digital and communication, and communication, digital and communication, and communication, digital and communication, and communication, digital and communications, and communication, digital and communications, and communication, digital and communication, and communication, digital and communication, and communication, digital and communication, and communication, digital and communication, and communication, digital and communication, and communication, digital and communication, and communication, digital and communication. Office electrical appliances, daily necessities, labor defense industrial supplies, food and beverages, business gifts, office furniture and other product lines have more than one million kinds of products. Through the flat platform characteristics of the supply chain Provide personalized value -added services.

With the changes in the domestic population structure and the decline in the birth rate, the traditional core business has weakened the contribution to income by the increase in sales, and income growth will be more derived from consumption upgrades and product upgrades. The company’s traditional core business faces the challenge of changes in new product demand for the change of personalized demand for post -90s and post -00s. The domestic stationery consumption shows the trend of branding, creativity, personalization and high -end. The demand for boutique cultural and creative products has further prominent, promoting the upgrading and transformation from stationery to cultural and creative life. Chen Guang Technology complies with the diversification of channels, actively promotes the company’s omnicular channel strategy, and realizes the rapid expansion of the company’s online business. Jiumu Hydroplast and Chenguang Life Museum, as the company’s traditional core business product upgrade and channel upgrade bridgehead, play a role in promoting brand exposure and upgrading product sales. The morning light of the office direct sales business covers the needs of office stationery procurement of large enterprises and institutions, helping the company’s sales of tools and office stationery products in traditional core businesses.

2.1.3 The main driving factor of performance growth

(1) Social transformation and consumption upgrade; (2) the state’s sustainable investment in education; (3) a good policy environment for the development of the cultural industry; (4) the per capita income of residents continues to grow; ) The industry is relatively decentralized.

2.2 The industry, characteristics, and the company’s industry status of the company is located

2.2.1 The industry situation in the company is located

According to the “Guidelines for the Classification of Listed Companies” (revised in 2012) issued by the China Securities Regulatory Commission and the results of the industry classification of the listed company published by the China Securities Regulatory Commission, the company belongs to the manufacturing industry of culture and education, Gongmei, sports, and entertainment. The company is a member of the China Culture, Education and Sports Association and a member unit of the Chinese Pen Association.

From January to November 2020, the manufacturing of cultural and educational office supplies completed its operating income of 136.7 billion yuan, a year-on-year decrease of 1%, and the total profit was 7.9 billion yuan, a year-on-year decrease of 11%. Cultural and Education Sports Products Association).

In 2020, 212 companies in the pen industry achieved 14.5 billion yuan in main business revenue, a year -on -year decrease of 11%; the profit was 700 million yuan, a year -on -year decrease of 20%. In 2020, the export value of the pen industry was 2.4 billion US dollars, a year -on -year decrease of 16%. Affected by the epidemic, the market demand in the world’s strokes is weak, which has caused severe exports in the pen making industry in 2020, and the export volume is at the lowest point in the past ten years. The import amount was 800 million US dollars, a year -on -year increase of 1%. (Data Source: Chinese Pen Association).

2.2.2 Industry characteristics

2.2.2.1 cycle

Writing tools, student stationery, and office stationery are very small due to economic fluctuations. Writing tools and student stationery are relatively low. It is a consumables that are relatively needed for income elasticity and are not sensitive to the fluctuations in the economic cycle.

2.2.2.2 seasonality

Student stationery has a certain seasonality. Each year’s new semester (winter vacation and summer vacation) is the “learning flood” period in the field of culture and education. Related enterprises operating student stationery will usher in the peak period of sales of the year.

2.2.3 Development trend

With the changes in consumer lifestyle and consumption habits, the retail industry has begun a new round of reconstruction and innovation. The stationery industry is facing the challenge of new product needs promoted by new product demands promoted by the external environment uncertainty, diversified consumption channels, and the personal needs of the main consumer groups (post -90s and post -00s). With the changes in the domestic population structure and the decline in birth rate, the stationery industry has weakened by the increase in quantity growth, and more growth comes from consumption upgrades and product upgrades. The domestic market’s demand for mid -to -high -end stationery products has continued to improve, and has gone away from the market pattern of low -end products in the past, providing opportunities for mid -to -high -end stationery products with high quality and high prices. At the same time, the domestic population is about 1.4 billion, accounting for about 18%of the total population of the world. The top companies of the excellent domestic stationery industry are dominated by large domestic cycles, and they are favorable. The development space.

Traditional school -side business districts still dominate. Other types of business districts and online sales have a higher growth rate, sales terminals are diversified, sales channels are more diverse, channel upgrades and channel competition are becoming more obvious. Domestic stationery consumption shows the trend of branding, creativity, personalization, and high -end. The demand for boutique cultural and creative products is further highlighted, promoting the upgrading and transformation of stationery, cultural and creative living products that combine customer experience. There are thousands of stationery manufacturing companies in the domestic stationery industry, which are relatively scattered as a whole, with a small average scale. Most of the subdivisions have not yet appeared leading companies with high market share. With the continuous development of the market, the market concentration of the stationery industry has gradually increased. The industry integration space is further opened, and high -quality brand stationery companies occupy a favorable position in the market, and the market share is concentrated in head enterprises.

The direct sales market is booming. According to the research reports of relevant industry, the size of the domestic office market (including office furniture, equipment and other office materials) has reached trillions of RMB. The “Regulations on the Implementation of the Government Procurement Law of the People’s Republic of China”, which have been implemented since 2015, clearly requires promoting the use of information networks for electronic government procurement activities. In 2019, the “Notice on Promoting Fair Competition of Government Procurement” clearly proposed to accelerate the procurement of electronic government procurement. Benefiting from the strong promotion and support of national policies, B2B office materials procurement ushered in historical opportunities for rapid development. At present, policy -driven, large and medium -sized enterprise model leaders, and various digital procurement service providers have competed to enter the bureau, which has promoted the accelerated development of public procurement e -commerce. The continuous integration and development of public procurement and high -tech has also promoted the development of public procurement in the direction of more professional, intelligent, marketized, and internationalization.

During the epidemic, offline consumption was blocked, and the accelerated advancement of consumption was transformed from offline to line. According to data released by the National Bureau of Statistics, the national online retail sales in 2020 were 12 trillion yuan, an increase of 11%year -on -year. Excellent enterprises in the consumer industry seize the development opportunities of online consumption, and achieve continuous sales improvement through online and offline integration.

China’s digital economy accounts for 36%(source: China Xintong Institute), and data has become a new production factor. Industrial digitalization is becoming the main pillar of the digital economy, and traditional industries are actively obtaining new development momentum through digital empowerment.

Thanks to the iteration of intelligent technology and products, the promotion of national education informatization, and the development of the online education market, intelligent stationery has developed rapidly in the past few years. Smart pens and intelligent instincts using scientific and technological means are generally adopted by online education, providing a better user experience.

2.2.4 The industry status of the company is located

The company is the leader of the “independent brand+internal demand market” of the stationery industry. It has obvious first -mover and leading advantages in the breadth and depth of the retail terminal network of the stationery industry. As of the end of the reporting period, the company has established a huge retail terminal network with more than 80,000 retail terminals recruited by the “Chenguang Stationery” store across the country. The first place in the top ten companies in China Light Industry Pen Industry “.

2.3 Company Development Strategy

Adhering to the mission of “making learning and life happier and more efficient”, consumers are the center, attach importance to technology and product innovation, and consolidate the competitive advantage of core business; continue to strengthen the one -stop service and new retail business of office; actively expand the international market; Promote digitalization, organizational talents, and investment mergers and acquisitions with synergistic effects. Through the above four aspects, the vision of “world -class morning light” is realized

3 Company’s main accounting data and financial indicators

3.1 Main accounting data and financial indicators in the past 3 years

Unit: Currency: RMB

3.2 The main accounting data of the reporting period in the reporting period

Quarter

□ Applicable √ Not applicable

4 shares and shareholders

4.1 The number of preferred shareholders and the number of shareholders of ordinary shareholders and voting rights and the top 10 shareholders holding shares

Unit: stock

4.2 Fragments of the property rights and control relationship between the company and the controlling shareholder

√ Applicable □ Not applicable

4.3 Fragments of the property rights and control relationship between the company and the actual controller

4.4 The total number of shareholders of the company’s preferred shareholders at the end of the report period and the situation of the top 10 shareholders

5 corporate bond status

Discussion and analysis of business situation

In the first half of 2020, due to the influence of the new crown epidemic, the trend of domestic economic growth and foreign trade demand have slowed significantly. The stationery office industry is also due to the severe test of the macroeconomics and schools, especially primary and secondary schools. Actively cooperate with the epidemic prevention and control work. On the one hand, it steadily promotes the re -production of factories and re -production, and competes for daily operations. In the second half of the year, with the efforts of the state and the government, the epidemic was effectively controlled, and the domestic GDP achieved positive growth throughout the year. The company’s management pays close attention to market developments, actively adopts response measures, strategic leadership, innovation -driven, and stabilizes the company’s development strategy and business plan. While adhering to the normalization of the epidemic, through the focusing and deep cultivation channels, rapidly improving online sales , Comprehensively promote the traditional core business and continue to develop new businesses, the company has maintained a healthy and stable development, and the comprehensive competitiveness has been further improved. At the same time, the company’s internal management is continuously optimized, and the restricted stock incentive plan in 2020 will be successfully implemented, highlighting the company’s long -term development confidence and the determination to continue to become bigger and stronger.

Unit: Currency: RMB

□ Applicable √ Not applicable

□ Applicable √ Not applicable

√ Applicable □ Not applicable

The company’s operating situation summary report is now as follows:

(1) Four tracks of traditional core businesses are comprehensively promoted

(1) Popular product track

With “digging, linkage, product power” as the keyword, continue to promote strong commodity strategy, product development reduction and quality increase, the product structure continues to optimize, and continuously improves a single contribution. Establish a long -line excavation mechanism, and the initial results of the cultivation of long -term explosive products will be promoted in cooperation with offline distribution channels to improve the compulsory counterpart rate. Formulate online product management processes and online customization processes, meet customers’ customization needs, and increase online sales share of popular track products.

(2) Excellent cultural and creative product circuit

Combined with the terminal sales scenario, improve the development and presentation plan of key categories to form a strong functional cultural and creative product camp; the contribution of the head star items and core explosive products, cooperate with mature series of products and trendy stationery ( Such as blind boxes, IP, seasonal limited, etc.), build a high price of stationery with a plate of goods; combined with the improvement of the quality of single stores in key areas of the company, expand the proportion of boutique cultural and creative products in traditional channels; Partners continue to promote direct supply and focus on domestic outstanding stationery retail terminals (physical bookstores, grocery retail terminals, stationery retail terminals).

(3) Children’s art product circuit

Optimize the product structure, focus on the promotion of long -term products and sub -new products, and strengthen the contribution of key products; continue to promote the creation of key terminal children’s art zones, develop national art stores, explore large store business models, increase terminal children’s art product shop market rate ; Accelerate and broaden online product lines and opportunity categories, create online explosive products, marks, clay, and pigment explosion online sales have increased significantly. Building and training classes to promote the promotion of Beauty in key areas; combined with online and offline channels to promote CARIOCA brand product promotion, the Mark brand products are further developed and promoted, and multi -brand camps are enriched.

(4) Office product circuit

At present, the product development cycle is shortened. Introduction of office epidemic prevention products. Strengthen the development and promotion of office products, form an overall product solution, and achieve core products. Create an online office product camp, and the online sales will be improved rapidly. Focus on the development and breakthroughs of “big customers”, “big categories”, and “big platforms”, and comprehensively promote the development of key large -scale office terminal customers in China. Continue the precipitation and development and construction of the professional channel model.

(2) Focusing and deep cultivation channels

Affected by the new crown epidemic, the traditional core business in the first half of the year was greatly restricted, and the school opening time continued to postpone, which had a certain impact on the terminal operation of the school’s business district. The company’s sales team and partners work together to actively maintain the retail terminal to help them boost sales and activation confidence. After various policy guidance, as the epidemic has gradually stabilized, the market gradually recovered during university floods, and various business indicators have steadily improved. During the reporting period, the company adhered to the annual strategy, focused on key terminals, created perfect stores, and promoted the optimization and upgrading of domestic channels: (1) Promoting the quality improvement of single stores, chain joining upgrades, and optimization and upgrading of distribution centers; (2) strengthen category promotion and zones Promotion, promote the optimization of product structures across the country, open up a plate of goods, and establish a normal promotion mechanism for the must be; (4) Focus on the improvement of the quality of single stores in key areas, increase the proportion of key business districts, and expand market share. As of the end of the reporting period, the company has 36 first -level partners across the country, second and third -level partners and customers covering 1,200 cities, and has more than 80,000 retail terminals recruited by the “Chenguang Stationery” store. The company actively promotes the Chenguang League APP, and uses digital tools to connect the headquarters, partners at all levels and terminal stores at all levels to improve the digital level of business to achieve the purpose of efficient and accurate information flow and improve operational efficiency.

(3) Increase online sales proportion

During the reporting period, facing the downward pressure of the terminal market, Chenguang Technology accelerated the development of online distribution, accurately matched the development of traffic explosive products, improved the online sales of Chenguang products, and the online business growth was significantly higher than the industry level: (1) Coordination The four major product tracks, a variety of online -based products for product development; (2) enhancing online product development capabilities, continuous breakthroughs in the incremental sector, and continuous cultivation of the stock section; Combine to improve the efficiency of category promotion and brand exposure; (4) attach importance to market order management and strengthen the control of the distribution system; (5) Actively promote market share and key stores to enhance membership operations. During the reporting period, Chenguang Technology achieved operating income of 473.68 million yuan, an increase of 59%year -on -year. During the reporting period, Chenguang Technology increased the investment of brand investment and online distribution channels, and the cost increased.

Unit: 10,000 yuan

(4) Continue to enhance the brand image

During the reporting period, the company made progress in corporate brand infrastructure, corporate brand communication, and corporate public relations. The cherry blossom season, children’s season, test season and other theme brand season activities were launched. The brand and product information accurately reached the core circle, and the company’s brand influence and reputation further increased. During the brand season event, the spread of tens of millions of exposure on Weibo/B/Xiahongshu Society’s media platform was transmitted; product implantation was performed on the website/paper media/WeChat/Weibo and other channels. value.

(5) The design and development is promoted in an orderly manner

During the reporting period, the company’s various product tracks set out from consumer insights, continuously promoted new output, optimized the online and offline layout of the product, and combined with market research data feedback, the product camp was further improved. The successful development and mass production of a number of new color series writing tools have expanded the application scenarios of products. The work of the National Thirteenth Five -Year Plan Project “New Environmental Protection Materials” has successfully completed the research of multiple sub -projects in the relevant topics, and began to enter the project review stage. Continue to promote the cooperation of external design resources, and officially set up the “Chenguang Global Design Center-Israel Studios” to attract more overseas outstanding designer resources to empower products and brands.

(6) Steady retail stores develop steadily

The company actively builds a specialized cultural and creative store for the group goods and service models, comprehensively develops the Jiu Mu Miscellaneous Agency, and optimizes the Chenguang Life Museum. During the reporting period, the retail store business was greatly affected by the new crown epidemic. In the first half of the year, most of the business hours of large retail stores were suspended and non -normal business. Since the second half of the year, the store has gradually resumed its business, and the passenger flow has gradually rebounded. The Chenguang Life Museum (including Jiumu Miscellaneous Agency) realized a total operating income of 6.54.84 million yuan, an increase of 9%year -on -year. Among them, the Jiumu Miscellanea achieved operating income of 5.5849 million yuan, an increase of 21%year -on -year. As of the end of the reporting period, the company has 441 retail stores across the country, including 80 Chenguang Life Museum and 361 Jiobi Miscellaneous Agency (237 directly operated and 124 joined).

Jiumu Miscellanea optimizes the product structure and explores new category opportunities. Maintain the steady development of offline channels, promote the opening of online business such as Tmall’s official flagship stores, live broadcasts, and social marketing, and improve customers’ repurchase through multiple theme seasons and holiday marketing. In terms of Chenguang Life Museum, we continue to optimize store operation management, improve people’s efficiency, optimize store manpower costs, and use the improvement of single store quality as the main working direction. During the reporting period, due to the level of passenger flow below 2019 and the impact of new stores, the losses of retail stores have increased.

(7) Morning Kobe’s Popularity continues to grow

Chenguang Kei Puli has developed its own channel advantages, optimized resources, strengthened emergency guarantee capabilities such as epidemic prevention goods and logistics, and helped the majority of enterprises to carry out protection work efficiently. With professional electronic trading systems, intelligent warehousing and logistics management systems, high -quality product supply chains and personalized services, the Chenguangkolip business has continued to develop. During the reporting period, operating income was 50,000.27 million yuan, an increase of 37%year -on -year.

(1) Customer development aspect

In terms of government customers, projects such as the Shandong Provincial Government, the Hunan Provincial Government, and the E -commerce of the Chongqing Municipal Government are shortlisted; in terms of central enterprise customers, they are shortlisted for China Resources Group, China Railway, China Aluminum, COMAC and other group procurement projects; Banks, Everbright Bank, SPD Bank and other branches; in terms of other corporate customers, the winning projects such as Shimao Group, SF, and Lingang Group. Line MRO Online Mall.

(2) Warehouse and logistics

As of the end of the report, Chenguang Copip has invested in 6 central warehouses across the country, covering the six regions of North China, South China, East China, West China, Central China, and Northeast China. At the same time, East China New Warehouse is put into use, and a number of intelligent processing systems such as dense storage systems have started, and they have entered the leading ranks of intelligent warehousing and logistics.

(8) Internal management continues to improve

During the reporting period, the company focused on “epidemic prevention work, capacity recovery, cost reduction and efficiency, quality improvement, and quality improvement”. The company actively promotes the management of MBS (Chenguang Management System), promotes multiple corporate -level improvement projects, including new products SKU management and control, channel efficiency improvement, and improvement of APP order satisfaction.

Open source and throwing together, quickly reduce costs and improve the quality of supply chain through supply chain optimization, product value engineering and lean production. Continue to deeply advance the front active prevention mechanism, use big data to analyze potential quality risks, track the implementation of improvement measures, prevent the production of bad products from the source, and improve product quality.

In terms of human resources, the development methods such as leadership curriculum system and internal trainers, high -dive training programs, mentor counseling, rotation learning, and personal development path design are carried out to carry out talent training and capacity improvement.

(9) Digital construction continues to advance

During the reporting period, the company continued to promote data to empower business and promote the construction of business data. Reconstruct MDM (product main data management) system, develop and launch QMS (quality management) system and IPQC (production quality process inspection) system to achieve the visualization of quality process inspection; Essence

(10) Equity incentive implementation

During the reporting period, the company successfully implemented a limited stock incentive plan for 2020, and was awarded for the first time at the end of May 2020. The company’s implementation of this restricted stock incentive plan is conducive to further improving the company’s governance structure, improving the company’s incentive mechanism, and enhancing the company’s management team and business backbone to achieve the company’s sense of responsibility and mission to achieve the company’s sustainable and healthy development, which is conducive to the company’s sustainable development. During the reporting period, the company’s relevant shareholding fee for restricted stock incentives was included in the current management fee of 82.2 million yuan.

(11) After the situation of An Shuo Culture and Education

The export business accounts for more than 70%of the sales revenue of An Shuo culture and education. During the reporting period, in terms of export, affected by the epidemic, the overseas markets were continued and greatly affected throughout the year. The key markets encountered continuous suspension of work and stopping in South America, and export revenue continued to decline. In terms of domestic sales, due to the affected season in the first half of the year, students were affected by students. Marco’s own brand with the goal of the group and the main basic writing of the utensils fell year -on -year. Through the adjustment of the second half of the year, domestic sales were basically the same as the same period of the previous year. Due to the unstable overall employment situation, it has been difficult to reach the normal level of the factory in previous years. During the reporting period, An Shuo culture was insufficient, and the overall manufacturing cost was high, causing losses.

(12) Actively explore overseas markets

The company’s products are exported to more than 50 countries and regions, and there are distribution systems and procurement networks in Thailand, Vietnam, Malaysia and other countries. During the reporting period, the company actively explored overseas markets, accelerated the international layout, and sent an experienced high -level project team to Africa to promote Chenguang’s products and business models according to local conditions to meet the market needs of different regions in order to allow local students to “own possessions “A good stationery that can be used” is the mission, and the channel model that is suitable for local national conditions and targeted product development.

1 During the reporting period, the main business situation

In 2020, the company realized operating income of 1,313,777,700 yuan throughout the year, an increase of 17.92%year -on -year; net profit attributable to shareholders of listed companies was 125.54267 million yuan, an increase of 18.43%year -on -year; the net profit of deducting non -recurring profit and loss belonging to shareholders of listed companies was 110,271,200 yuan, a year -on -year increase of 9.70%. As of the end of 2020, the company’s total assets were 9,709.9908 million yuan, an increase of 28.35%year -on -year; net assets attributable to shareholders of listed companies were 5,193,568,700 yuan, an increase of 23.61%year -on -year. The company maintains healthy growth and the asset operation is good.

2 The reason for the suspension of listing

□ Applicable √ Not applicable

3 Facing the situation and reasons for the termination of listing

4 Analysis and influence of the company’s accounting policy, accounting estimation reasons and influence

√ Applicable □ Not applicable

4.1 Implement “Enterprise Accounting Standards No. 14 -Income” (Revised in 2017)

The Ministry of Finance revised the “Corporate Accounting Standards No. 14 -Income” (hereinafter referred to as the “New Revenue Guidelines”) in 2017. The revised standard stipulates that the first implementation of the standard should be adjusted according to the accumulated impact number of the reserved income and other related project amounts of the financial statements at the beginning of the year, and the information of the comparable period will not be adjusted.

The company has implemented new revenue standards from January 1, 2020. According to the provisions of the standards, the company only adjusts the accumulation of the accumulation of the contract that has not been completed on the first execution date and the retention income in early 2020 and the amount of related projects of the financial statements. The comparative financial statements will not be adjusted. The main impact of the execution of this standard is as follows:

Compared with the original revenue standards, the impact of the implementation of new revenue standards on the 2020 financial statements related items is as follows (increase/decrease):

4.2 Implement “Interpretation of Enterprise Accounting Standards No. 13”

Unit: 10,000 yuan

Unit: 10,000 yuan

□ Applicable √ Not applicable

On December 10, 2019, the Ministry of Finance released the “Interpretation of Enterprise Accounting Standards No. 13” (Caixin [2019] No. 21, hereinafter referred to as “Explanation No. 13”). From January 1, 2020, it will not be required Retanement adjustment.

4.2.1 The recognition of related parties

Explanation No. 13 clarified the following situations that constitute the affiliated parties: the enterprise or other member units (including the parent company and subsidiaries) of the other member units (including the parent company and subsidiaries) of the enterprise; In addition, the explanation No. 13 also clarifies that companies with only two or more parties that are only affected by one party do not constitute a connected party, and add to explain that joint venture including joint venture and its subsidiaries, joint ventures including joint ventures and their own business enterprises and their own. Subsidies.

4.2.2 Definition of business

Explain the three elements of the business composition No. 13, refine the judgment conditions that constitute the business, and introduce the “concentration test” selection at the same time to a certain extent simplify the judgment of whether the portfolio constitutes the business is constituted under the same degree to a certain extent. Essence

The company has implemented the explanation on January 1, 2020, and has not been adjusted compared to the comparative financial statements. The implementation explanation has not had a significant impact on the company’s financial status and operating results.

4.3 Implementation of “Interim Provisions on Accounting Treatment of Carbon Emissions Transactions”

The Ministry of Finance issued the “Interim Provisions on Accounting Treatment of Carbon Emissions Transactions” on December 16, 2019 (Tanian [2019] No. 22). Related enterprises in the key emission units of trading business (hereinafter referred to as “key emission enterprises”). The provisions shall be implemented from January 1, 2020, and the key emission enterprises shall adopt the future application method in the future.

From January 1, 2020, the company has implemented the regulation. Compared with the financial statements, the regulations have not had a significant impact on the company’s financial status and operating results.

4.4 Implementation “Regulations on the Treatment of Accounting Related Accounting Research on New Crown Pneumonia”

The Ministry of Finance issued the “Regulations on the Treatment of Accounting Treatment of Rental Research on New Correction Pneumonia Epidemic Emotional Epidemic Evreas” on June 19, 2020 (Caixin [2020] No. 10). It will be implemented from June 19, 2020, allowing enterprises The relevant rental concessions occurred between the date of implementation of the regulations will be adjusted. According to this regulation, the company can choose to use a simplified method for rents such as rent reduction and exemption and extension of rents that are directly caused by the epidemic of new coronary pneumonia.

The company’s selection of rents that belong to the scope of applicable to the scope of the regulations are selected to use the simplified method for accounting treatment and the relevant rental rents that occur from January 1, 2020 to the date of implementation of the regulations should be adjusted accordingly according to the regulations.

The company used the lessee to use the simplified method to handle the relevant rents to degrade the operating costs, management costs and sales expenses of the current period of RMB 12,799,186.64.

5 Analysis of the cause and impact of major accounting errors of major accounting errors

□ Applicable √ Not applicable

6 Compared with the financial report of the previous year, the company should make a specific explanation of the scope of the consolidation of the financial statements.

√ Applicable □ Not applicable

As of December 31, 2020, the subsidiary of the company’s consolidated financial statements is as follows:

For details of the scope of the financial statements and changes in this issue, please refer to the “Eight, the change of the scope of mergers” and “nine, the rights and interests in other subjects”.

Chairman: Chen Huwen

Shanghai Chenguang Stationery Co., Ltd.

March 26, 2021

Securities code: 603899 Securities Abbreviation: Chenguang Stationery Announcement Number: 2021-008

Announcement on changes in accounting policy

The board of directors of the company and all directors guarantee that there are no false records, misleading statements or major omissions in this announcement, and assume individual and joint responsibilities to the authenticity, accuracy and integrity of its content.

Important content tips:

● The change of this accounting policy has no significant impact on the owners and net profit of Shanghai Chenguang Stationery Co., Ltd. (hereinafter referred to as “Company”).

I. Overview

The Ministry of Finance of the People’s Republic of China (hereinafter referred to as the “Ministry of Finance”) was amended and published on December 7, 2018 and published the “Notice on Amendment and Revision

The company held the Fifth Session of the Fifth Board of Directors and the Fourth Session of the Fifth Supervisory Board of the Board of Directors on March 26, 2021 review and approve the “Proposal on the Change of Accounting Policy”. This accounting policy change does not need to be submitted to the company’s shareholders’ meeting for consideration.

2. The specific situation and the impact on the company

(1) The specific situation of changes in accounting policy

The new leasing standards have been modified in the aspects of leasing definition and identification, and lessee accounting treatment. The lesson of accounting processing basically continues the existing regulations. The main content of the revision is as follows:

1. Under the new leasing standards, in addition to short -term leasing and low -value asset leasing, the lessee will no longer distinguish between financial leasing and operating leasing. All leasing will use the same accounting treatment, and the use of rights assets and leasing liabilities must be confirmed;

2. If the lessee can reasonably determine that the leased asset ownership is obtained when the lease period expires, the leased assets shall be filed for depreciation in the remaining service life of the leased asset. Those who cannot reasonably determine that the leased asset ownership can be obtained at the expiration of the lease period, and the depreciation shall be provided during the period of the short period of short period of time of the lease period and the remaining service life of the lease asset. At the same time, the lessee must determine whether the right to use the right to use the right to impair and make accounting for the identified impairment loss;

3. For leased liabilities, the lessee shall calculate the interest cost of the lease liabilities during the period of the lease period and be included in the current profit or loss;

4. For short -term leasing and low -value asset leasing, the lessee can choose to be uncertain assets and rental liabilities, and count the reasonable asset costs or current profit and loss in accordance with the direct line method or other systems during the lease period.

(2) The impact of changes in this accounting policy on the company

In accordance with the requirements of the new lease standards and listing rules, adjust the relevant content of the leasing business in the disclosed financial report. According to the new lease criteria, the company will confirm the right to use assets and leasing for all leased assets (except for short -term leasing and low -value asset leases) for all leased assets in the future. Liabilities, and confirm the depreciation and unsolved financing costs, respectively, without adjusting comparable information. The change of accounting policy is expected to have a significant impact on the company’s ownership and net profit.

3. Opinions of independent directors

The company’s independent directors believe that the change of this accounting policy is a reasonable change based on the relevant documents of the Ministry of Finance. It meets relevant regulations. The change of accounting policy can objectively and fairly reflect the company’s financial status and operating results. The change of this accounting policy does not affect the company’s profit and loss, nor does it involve the traceability adjustment of the previous year. There is no case that harms shareholders, especially the interests of small and medium shareholders, and agrees to the change of the accounting policy.

4. Opinions of the Supervisory Board

The company’s supervisory board believes that the change of this accounting policy is a reasonable change based on the relevant documents of the Ministry of Finance. When it meets relevant regulations, changes in the implementation of accounting policy can objectively and fairly reflect the company’s financial status and business results. The change of this accounting policy does not affect the company’s profit and loss, and there is no case that harms the interests of shareholders, especially small and medium shareholders. Agree with the change of this accounting policy.

5. Internet announcement documents

(1) Announcement of the Fifth Meeting of the 5th Board of Directors of Chenguang Stationery;

(2) Announcement of the Fourth Meeting of the Fifth Supervisory Board of Chenguang Stationery;

(3) Independent opinions of Chenguang Stationery Independence on the Fifth Meeting of the Fifth Board of Directors.

Special announcement.

Board of Directors

March 30, 2021

Shanghai Chenguang Stationery Co., Ltd.

Shanghai Chenguang Stationery Co., Ltd.

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