TacticScaleWhat Shanghai M&G Stationery (晨光股份) Does & How It Makes Money (603899.SS)
Updated October 2026 · reflects Shanghai M&G Stationery's latest reported financials
Chinese maker of pens, school and office stationery under M&G brand. It earns revenue by selling branded writing instruments, student stationery, art supplies and office products through retail and e-commerce channels in China and internationally.
How Shanghai M&G Stationery makes money
It earns revenue by selling branded writing instruments, student stationery, art supplies and office products through retail and e-commerce channels in China and internationally.
What Shanghai M&G Stationery does
Shanghai M&G Stationery Inc., founded in 1989 and headquartered in Shanghai, is a stationery company that sells writing tools, student stationery and office supplies under the M&G brand. Its range covers gel and liquid roller pens, pencils and leads, highlighters, correction tapes, erasers, rulers, geometry sets and compasses, along with art supplies such as colored pencils, markers, acrylic paints, pastels and brushes. On the office side it offers whiteboard markers, scissors, cutters, glue sticks, clips, push pins, file bags, calculators, staplers and punches, plus paper products like sticky notes and notebooks. The company sells in China and internationally, including through e-commerce channels, and is a subsidiary of M&G Holding Group Co., Ltd.
Products & services
- M&G brand
- Gel and roller pens
- Student stationery (erasers, rulers, compasses)
- Colored pencils, markers and pastels
- Office supplies (staplers, clips, files)
- Correction tapes and sticky notes
晨光股份是做什么的？
上海晨光文具股份有限公司成立于1989年，总部位于上海，以晨光（M&G）品牌销售书写工具、学生文具和办公用品。产品包括中性笔、走珠笔、铅笔及笔芯、荧光笔、修正带、橡皮、尺子、圆规等，以及彩色铅笔、马克笔、丙烯颜料、油画棒和画笔等美术用品。 办公类产品涵盖白板笔、剪刀、美工刀、固体胶、各类夹子、图钉、文件袋、计算器、订书机和打孔器，另有便利贴、笔记本等纸品。公司在国内外销售，同时布局电商渠道，是晨光控股（集团）有限公司的子公司。
What is Shanghai M&G Stationery worth?
On an owner-earnings DCF, Shanghai M&G Stationery's most-likely value is about ¥25 versus a recent price near ¥23 (10% below fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~¥14) with a margin of safety — so the honest verdict here is “Fairly priced — no edge.” Fair value earns its keep only at the extremes, not in the wide middle.
Price sits in the normal range — fair value isn't actionable here; it earns its keep only when price drops below the no-growth floor, or runs to roughly double the optimistic case.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
Related companies
Guangdong Mingyang Electric (301291.SZ) · Shanghai Mechanical & Electrical Industry (600835.SS) · Shenzhen Gongjin Electronics (603118.SS)