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1、Annual Report 2021 1 / 237 Stock Code: 603899 Short Name: M&G Corporation SHANGHAI M&G STATIONERY INC. Annual Report 2021 Annual Report 2021 2 / 237 Starting Afresh 2021 was a year full of challenges and opportunities for M&G and also was a year when M&G started afresh once again. Affected by COVID-
2、19 resurgence, Double Reduction, and weakening domestic expectations, the year 2021 was tough for all of us. Our colleagues and upstream and downstream partners demonstrated strong resilience and tackled the difficulties head on. The Companys One main body and two wings businesses maintained steady
3、development and solid growth, core competitiveness of the Company continued to improve. In the past year, every person was remarkable and it was not easy for everyone. We pushed the boundaries of our self-perception and limits of performance. As we all kow, life goes on and business needs to develop
4、. We salute every remarkable M&G colleague! In 2021, the Company recorded revenue of RMB17.6 billion, an increase of 34%, and a net profit attributable to the parent company of RMB1.52 billion, an increase of 21%. The year 2021 is the beginning of Chinas 14th Five-Year Plan, and also the first year
5、of M&Gs new five-year strategy. The Company applied new development philosophy to guide high-quality development and steadily executed Companys strategy. One important reason underlying the Companys solid and high-quality development is that we have a strong sense of mission and responsibility, and
6、we have been insist on doing the tough but right things for more than 3 decades. In 2022, the international situation is complicated and the COVID-19 pendamic still has a long way to go. Some investors are concerned that demographic trends and Double Reduction negatively impact the realization of th
7、e Companys new five-year strategy. We believe that if you desire something strong enough, you can always work out a way, there are always new demands in market, which need to be satisfied with innovative products and new capabilities. The key question is not whether you can or can not, but whether y
8、ou want it or not. If you truly aspire to something, you can make the seemingly impossible come true. We see more opportunities in product categories, channel improvement, new business development, and international markets. We believe that difficulties and challenges are the touchstones of a good c
9、ompany, those with stronger management capability and better business models can excel. We also believe that in the face of difficulties, a strong internal Annual Report 2021 3 / 237 drive can better unleash our potentials. In addition to having a good energy, will and spirit, we also keep pace with
10、 the times, strive for innovation and embrace change, keep an eye on macro trends, carbon neutrality, learn from outstanding industry leaders, take initiative to embrace new technologies such as artificial intelligence and metaverse, and continue to optimize our business eco-chain. This year, we als
11、o formulated our sustainable development strategy, with the mission of Writing a Sustainable Business Future, with sustainable products, response to climate change, sustainable supply chain, and empowering employees and communities, as key pillars, in a bid to achieve high-quality and sustainable de
12、velopment. M&G has made its jouney for more than three decades. To realize our vision to become a world-class M&G, we need passion and dreams, sharing and focus, mission and responsibility, to provide better products and services for China and the world. We would like to express our heartfelt thanks
13、 to our employees, to our customers and partners, and to our shareholders, for your support and trust. M&G is willing to work together with all of you, remain true to our original aspiration, and forge ahead to promote a sustainable, sound and high-quality development, and create better value for al
14、l shareholders. Strive towards a world-class M&G. We look forward to working with you towards a bright future! Board of Directors of Shanghai M&G Stationery Inc. 29 March 2022 Annual Report 2021 4 / 237 Important Notice I. The Board of Directors, Supervisory Committee, directors, supervisors and sen
15、ior 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 m
16、eeting. 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 Company, Quan Qiang, CFO of the Company and Zhai Yu, the head of the accounting department (person in charge of accounting), warrant the truthfulnes
17、s, accuracy and completeness of the financial report in this annual report. V. Profit distribution plan or plan to convert surplus reserves into share capital approved by the Board of Directors during the Reporting Period The Company proposes to distribute cash dividend of RMB6.00 (tax inclusive) pe
18、r 10 shares based on the Companys total share capital registered as at the registration date for the implementation of dividend distribution. The profit distribution plan is subject to being submitted to the Companys 2021 annual general meeting of shareholders for deliberation. VI. Risks statement o
19、f the forward-looking statements Applicable Not applicable Forward-looking statements including future plans and development strategies involved in this annual report do not constitute the Companys substantive commitments to investors. The investors are advised to pay attention to investment risks.
20、VII. Is there any non-operating misappropriation of funds of the Company by any controlling shareholders and their related parties No VIII. Has the Company provided any external guarantees in violation of the decision-making procedures No IX. Are there more than half of the directors who cannot warr
21、ant the truthfulness, accuracy and completeness of the annual report disclosed by the Company No X. Warning on significant risks The Company has illustrated various risks and corresponding measures that the Company might face in the production and operation. Please refer to the Potential Challenges
22、and Risks set out in Section III Management Discussion and Analysis. Investors are advised to pay attention to risk of investment. Annual Report 2021 5 / 237 XI. Others Applicable Not applicable 本报告分别以中、英文编制，在对中外文文本的理解上发生歧义时，以中文文本为本报告分别以中、英文编制，在对中外文文本的理解上发生歧义时，以中文文本为准。准。 This English version is conv
23、erted from the Chinese version. In case of any discrepancy between the Chinese version and the English version, the Chinese version shall prevail. Annual Report 2021 6 / 237 Contents Section I Definition . 7 Section II Company Profile and Key Financial Indicators . 8 Section III Management Discussio
24、n and Analysis . 12 Section IV Corporate Governance . 38 Section V Environmental and Social Responsibility . 52 Section VI Major Events . 54 Section VII Changes in Shares and Shareholders . 71 Section VIII Preferred Shares . 79 Section IX Bonds . 80 Section X Financial Report . 81 References Financi
25、al statements signed and sealed by the legal representative, the person in charge of accounting work, and the person in charge of the accounting agency. Original of the auditors report with the seal of the accounting firm and the signature and seal of the certified public accountant. Originals of al
26、l company documents and announcements publicly disclosed on the designated information disclosure media by CSRC during the Reporting Period. Annual Report 2021 7 / 237 Section I Definition I. Definition In this report, unless the content requires otherwise, the following terms shall have the followi
27、ng meanings: Definition of common terms The Report Refers to Annual Report 2021 Company, the Company, M&G Stationery, M&G Corporation Refers to SHANGHAI M&G STATIONERY INC. M&G Group Refers to M&G Holdings (Group) Co., Ltd. M&G Colipu Refers to Shanghai M&G Colipu Office Supplies Co., Ltd. M&G Life（
28、晨光生活馆） Refers to M&G Life Enterprise Management Co., Ltd.（晨光生活馆企业管理有限公司）/Large retail store of the Company Colipu Information Technology Refers to Shanghai Colipu Information Technology Co., Ltd.（上海科力普信息科技有限公司） M&G Technologies Refers to Shanghai M&G Information Technology Co., Ltd.（上海晨光信息科技有限公司） Ji
29、ekui Investment Refers to Shanghai Jiekui Investment Management Firm (L.P.) Keying Investment Refers to Shanghai Keying Investment Management Office (L.P.) Jiumu Store（九木杂物社） Refers to Jiumu M&G Store Enterprise Management Co., Ltd.（九木杂物社企业管理有限公司）/Large retail store of the Company M&G Office Station
30、ery（晨光办公） Refers to Shanghai M&G Office Stationery Co., Ltd. Axus Stationery Refers to Axus Stationery (Shanghai) Company Ltd. Beckmann Refers to Back to School Holding AS KA Refers to Key Account, usually referring to large cross-regional retailers with large operating space and dense customer flow
31、, including RT-MART, Walmart, Carrefour, and Hualian Supermarket. Core traditional business Refers to The designing, developing, manufacturing and selling writing instruments, student stationery, office supplies and other products under M&G brands, and also the e-commerce business M&G Technologies N
32、ew business Refers to Large retail store business and direct office supplies business Reporting period Refers to Year 2021, from 1 January 2021 to 31 December 2021 Yuan, ten thousand Yuan, hundred million Yuan Refers to RMB, RMB10,000, RMB100 million Annual Report 2021 8 / 237 Section II Company Pro
33、file and Key Financial Indicators I. Company Information Chinese name of the Company 上海晨光文具股份有限公司 Short name of the Company in Chinese 晨光股份 English name of the Company SHANGHAI M&G STATIONERY INC. Abbreviation of English name of the Company M&G Legal representative of the Company Chen Huwen II. Cont
34、act Information Board Secretary Securities Affairs Representative Name Quan Qiang Bai Kai Office address No.5, Lane 288, Qianfan Road, Xinqiao Town, Songjiang District, Shanghai No.5, Lane 288, Qianfan Road, Xinqiao Town, Songjiang District, Shanghai Telephone 021-57475621 021-57475621 Fax 021-57475
35、621 021-57475621 E-mail irmg- irmg- III. Introduction to General Information Registered address Building 3, No. 3469 Jinqian Road, Fengxian District, Shanghai Historical change of the Companys registered address No Office address No.5, Lane 288, Qianfan Road, Xinqiao Town, Songjiang District, Shangh
36、ai Postal code of office address 201612 Website of the Company http:/www.mg- E-mail irmg- IV. Information Disclosure and Place for Obtaining the Report Media for the Companys information disclosure Shanghai Securities News, China Securities Journal, Securities Daily, Securities Times CSRCs designate
37、d website for the Companys Annual Report disclosure The Companys Annual Report may be obtained at Board of Directors Office V. Stock Information Stock Information Share class Exchanges on which the stocks are listed Stock short name Stock code Stock short name before change A share Shanghai Stock Ex
38、change M&G Corporation 603899 M&G Stationery VI. Other Relevant Information Auditor of the Company (domestic) Name BDO China Shu Lun Pan CPAs (LLP) Office address 4F, No. 61, Nanjing East Road, Shanghai Name of the signing accountant Chen Luying, Wang Aijia Annual Report 2021 9 / 237 VII. Major Acco
39、unting Data and Financial Indicators for the Past Three Years (1) Major accounting data Unit: Yuan Currency: RMB Major accounting data 2021 2020 Year-on-year change (%) 2019 Revenue 17,607,403,250.12 13,137,745,727.18 34.02 11,141,101,364.44 Net profit attributable to shareholders of the listed comp
40、anies 1,517,866,131.16 1,255,426,655.27 20.90 1,060,083,625.03 Net profit attributable to shareholders of the listed companies, net of non-recurring gains and losses 1,349,538,372.72 1,102,712,281.50 22.38 1,005,187,834.38 Net cash flow generated from operating activities 1,561,196,420.77 1,271,697,
41、892.28 22.76 1,081,941,383.68 End of 2021 End of 2020 Year-on-year change (%) End of 2019 Net assets attributable to shareholders of the listed companies 6,194,891,978.00 5,193,568,712.05 19.28 4,201,500,384.99 Total assets 11,424,387,930.33 9,709,908,436.32 17.66 7,565,115,311.74 (2) Key financial
42、indicators Key financial indicators 2021 2020 Year-on-year change (%) 2019 Basic earnings per share (Yuan/share) 1.6450 1.3558 21.33 1.1523 Diluted earnings per share (Yuan/share) 1.6425 1.3558 21.15 1.1523 Basic earnings per share, net of non-recurring gains and losses (Yuan/share) 1.4623 1.1908 22
43、.80 1.0926 Weighted average ROE (%) 26.82 26.91 Decrease by 0.09 percentage points 28.17 Weighted average ROE, net of non-recurring gains and losses (%) 23.84 23.63 Increase by 0.21 percentage points 26.71 Explanation of major accounting data and financial indicators for the past three years by the
44、end of the Reporting Period Applicable Not applicable Revenue increased by 34% over the same period of last year, mainly due to the steady growth of core traditional businesses, and the rapid growth of new businesses, such as direct office supplies, M&G Colipu, and large retail store, Jiumu Store. V
45、III. Difference in the Accounting Information under the PRC Accounting Standards for Business Enterprise (PRC GAAP) and Overseas Accounting Standards (1) Difference in net profit and net asset attributable to shareholders of the listed company in financial reports disclosed under International Accou
46、nting Standards and PRC GAAP Applicable Not applicable (2) Differences in net profit and net assets attributable to shareholders of the listed company in financial reports disclosed under International Accounting Standards and PRC GAAP Applicable Not applicable Annual Report 2021 10 / 237 (3) Explan
47、ation on the differences between PRC GAAP and Overseas Accounting Standards: Applicable Not applicable IX. Key Financial Data for the Year of 2021 by Quarter Unit: Yuan Currency: RMB 1st Quarter (January - March) 2nd Quarter (April - June) 3rd Quarter (July - September) 4th Quarter (October - Decemb
48、er) Revenue 3,812,032,207.40 3,874,205,885.94 4,465,378,769.43 5,455,786,387.35 Net profit attributable to shareholders of the listed companies 328,287,641.63 337,933,717.24 450,980,712.92 400,664,059.37 Net profit attributable to shareholders of the listed company after non-recurring profit or loss
49、 294,898,619.82 317,991,294.61 379,204,649.17 357,443,809.12 Net cash flow generated from operating activities 164,242,625.68 195,854,913.73 624,933,296.07 576,165,585.29 Explanation on difference between information by quarter and information disclosed in periodical reports Applicable Not applicabl
50、e X. Items and Amounts of Non-recurring Gains or Losses Applicable Not applicable Unit: RMB Currency: RMB Items of Non-recurring Gains or Losses Amounts in 2021 Notes (if applicable) Amounts in 2020 Amounts in 2019 Gains or losses on disposal of non-current assets 6,098,090.22 Compensation for land