Research Report Insights | Zhejiang Securities: Reiterates 'Buy' Rating for Morning Glory Co., Ltd., Confident in the Company’s Long-Term Growth Potential

A research report by Zheshang Securities pointed out that Morning Glory Co., Ltd. achieved a net profit attributable to shareholders of RMB 948 million in the first three quarters of 2025, representing a year-on-year decrease of 7%; in Q3 of 2025 alone, the company reported a net profit attributable to shareholders of RMB 391 million, reflecting a year-on-year increase of 1%. The company is actively optimizing its product mix, with strong sales performance in IP-related and high-functionality stationery products. Overseas markets continue to show steady growth, with expectations of maintaining double-digit growth momentum, while further expanding into Southeast Asia and Africa. Kelipu (Colipro) saw significant recovery in growth in Q3, while Jiumu General Store is steadily building momentum. It is anticipated that Jiumu General Store will accelerate its growth and improve operations next year. In the traditional core business, new products driven by IP and enhanced functionality are continuously optimizing the product mix. Colipro has returned to its normal operational pace, while Jiumu General Store is strengthening its foundation. Long-term growth prospects for the company remain promising. The 'Buy' rating is maintained.