Group 1 - The core point of the article is that Guangbo Co., Ltd. has been awarded a procurement contract by State Grid Corporation of China for office supplies and general industrial products for the year 2025 [1] - Guangbo's revenue composition for the first half of 2025 shows that the stationery industry accounts for 97.06%, while cross-border e-commerce contributes 2.94% [1] - As of the report date, Guangbo's market capitalization is 5.1 billion yuan [1]

Core Viewpoint - The company has been awarded a procurement contract by State Grid Corporation of China, which is expected to enhance its market competitiveness and share, positively impacting its operational performance [1] Group 1 - The company received a "Notice of Award" from the State Grid Corporation of China on September 28, 2025 [1] - The company is one of the successful bidders for the "Office Supplies Package 1-6" and "General Industrial Supplies Package 1" in the procurement project [1] - Successful implementation of this project is anticipated to have a positive effect on the company's business performance [1]

Core Insights - Guangbo Group hosted a specific investor research and site visit on September 25, 2025, attended by institutions such as CCB Pension and Changjiang Securities [1] Group 1: Investor Relations Activity - The investor relations activity included a company exhibition tour and product introduction, showcasing the company's efforts to expand its product range and create a diverse portfolio of trendy categories [1] - The company highlighted its classic stationery series and new product lines, including collectible cards, plush toys, and lifestyle products, aimed at meeting various consumer interests [1] Group 2: Product Development and Market Strategy - Collectible cards have gained popularity among young players through storyline collaborations, establishing a foundation for the card category and demonstrating the company's capabilities in IP collaboration and trendy product development [1] - The plush category is being accelerated with the launch of classic IP series such as "Anpanman" and "Hatsune Miku," designed to appeal to both fashion accessory and home decor markets [1] - The lifestyle product series focuses on integrating trends into daily life, offering aesthetically pleasing items like water bottles and home decor that blend anime elements with practical functions [1] Group 3: Trendy Toy Market Focus - Guangbo Group is strategically entering the trendy toy market, leveraging its strengths in cultural and conventional stationery while rapidly developing products that align with popular domestic toy categories [1] - The company aims to enhance its design and quality competitiveness through the creation of a comprehensive product matrix, targeting niche segments within the trendy toy market [1] Group 4: Future Directions and IP Strategy - Future plans include expanding trendy toy retail channels and deepening collaborations with boutique toy stores and cultural lifestyle shops to increase product category representation and drive sales [1] - The company will continue to develop both major and niche IPs, with major IPs like "Detective Conan" driving significant traffic and niche IPs reaching specific consumer segments, creating differentiated value for trendy toy products [1]

Group 1: Product Development - The company is expanding its product range to include diverse categories such as collectible cards, plush toys, and lifestyle products, targeting young consumers with trendy options [2][3] - A collectible card series in collaboration with the popular IP "Zhu Xian" was launched in August, gaining significant popularity among young players [3] - New plush products featuring classic IPs like "Bread Man" and "Hatsune Miku" have been released, enhancing the company's market influence in the soft toy category [3] Group 2: Market Strategy - The company is focusing on the booming trend of creative toys, aligning its product development with popular categories such as badges, cards, and plush toys [4] - A strategic emphasis on brand building, IP resource integration, and self-owned IP incubation is driving the company's transformation and continuous growth [4] Group 3: Sales and Distribution - Future efforts will concentrate on expanding channels for creative products, particularly through partnerships with boutique toy stores and cultural lifestyle shops [5] - The company plans to enhance customer engagement through pop-up events in popular shopping districts, aiming to increase product category representation and sales revenue [5] Group 4: IP Management - The company is strengthening its IP resource acquisition and collaboration, focusing on both major and niche IPs to meet market demands [7] - Major IPs like "Detective Conan" are expected to drive significant traffic to products, while niche IPs will target specific consumer segments, creating a complementary effect [7]

Market Overview - The entertainment products sector experienced a decline of 1.07% on September 24, with Chuangyuan Co. leading the drop [1] - The Shanghai Composite Index closed at 3853.64, up 0.83%, while the Shenzhen Component Index closed at 13356.14, up 1.8% [1] Individual Stock Performance - Huali Technology (301011) saw a closing price of 30.35, with a gain of 5.31% and a trading volume of 104,100 shares, amounting to a transaction value of 319 million yuan [1] - Yingpais (002899) closed at 21.04, up 3.09%, with a trading volume of 47,100 shares and a transaction value of 98.21 million yuan [1] - Chuangyuan Co. (300703) closed at 32.24, down 2.60%, with a trading volume of 84,200 shares and a transaction value of 272 million yuan [2] Capital Flow Analysis - The entertainment products sector saw a net outflow of 138 million yuan from institutional investors, while retail investors had a net inflow of 88.81 million yuan [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors showed interest [2][3] Notable Stock Movements - Morning Light Co. (603899) had a net inflow of 5.77% from institutional investors, despite a net outflow from retail investors [3] - High乐股份 (002348) experienced a net inflow of 5.80% from institutional investors, while also facing a net outflow from retail investors [3] - The overall trend shows that while some stocks attracted institutional interest, others faced selling pressure from retail investors [3]

Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating. 2. Core Viewpoints - The company's overseas business shows growth potential, with overseas revenue in the first half of 2025 reaching 443 million yuan, accounting for 37.83% of operating income and increasing by 11.54% year - on - year. The expansion of new product categories such as cards and plush toys has achieved phased results, and the company is actively promoting the overseas expansion of cultural and creative brands [21]. 3. Summary by Directory 3.1 Research Basic Situation - The research object is Guangbo Co., Ltd., belonging to the household light industry. The reception time was on September 23, 2025. The company's reception staff included the board secretary and deputy general manager Jiang Shuying, and the securities affairs representative Wang Xiuna [17]. 3.2 Detailed Research Institutions - The research institutions included Industrial Securities and Orient Fortune Securities. The relevant personnel from Industrial Securities were Chu Tianshu, Li Yong, and Yang Dong, and from Orient Fortune Securities was Liu Xueying [18]. 3.3 Research Institution Proportion - No information provided on the research institution proportion. 3.4 Main Content Data - **Exports**: In the first half of 2025, the company's overseas revenue was 443 million yuan, accounting for 37.83% of operating income and increasing by 11.54% year - on - year. The company has built overseas production bases in Vietnam, Cambodia, Malaysia and other places and established long - term partnerships with many overseas customers [21]. - **Growth of Leisure Lifestyle Products**: In the first half of 2025, the sales revenue of the company's leisure lifestyle products reached 148 million yuan, a year - on - year increase of 40.38%. This growth is due to the company's effective expansion of overseas market channels and product layout [21]. - **Domestic Market Channels**: Creative products are mainly sold through cooperation with boutique trendy toy stores and cultural and creative life halls, and by setting up theme flash - mob activities in business districts. In the future, the company will deepen channel sinking, select customers carefully, and expand high - quality customers such as leading trendy toy chain channels. Online, it will focus on traditional e - commerce, expand social e - commerce, and use social media platforms for marketing [21][22]. - **New Product Categories**: In 2025, the company focused on new product category expansion. The "Zhu Xian" card, the first product in the card track, was successfully launched. The "Anpanman" and "Hatsune Miku" series of plush pendants have been sold online and offline, and the development of other IP - co - branded plush pendants is progressing steadily [21][22]. - **Overseas Expansion of Cultural and Creative Brands**: The company is increasing market promotion in Southeast Asian countries and has obtained overseas authorizations for well - known IPs such as SANRIO and Hatsune Miku [22].

Core Insights - The company, Guangbo Co., announced on September 23 that it is focusing on new product categories for expansion in 2025, particularly in card games and plush toys, and has achieved preliminary results in these areas [1] Group 1: Card Game Development - The first product launched in the card game category is the "Zhuxian" card game, which leverages the influence of a classic IP and high-quality content design [1] - The product has successfully completed research and development as well as production, and has been successfully introduced to the market [1] - During its initial launch phase, the "Zhuxian" card game quickly gained attention and favor from the target user group due to its precise restoration of core elements of the IP and exquisite card craftsmanship, laying a solid foundation for the future development of the card game category [1] Group 2: Plush Toy Development - In the plush toy category, the latest developed products include the "Bread Super Man" and "Hatsune Miku" series plush pendants, which have recently been sold through both online and offline channels [1] - The development of other IP collaboration plush pendants is progressing steadily [1]

Core Viewpoint - Guangbo Co., Ltd. focuses on expanding its marketing network in major global stationery and cultural product consumption countries, achieving significant growth in overseas revenue [1] Group 1: Financial Performance - In the first half of the year, the company's overseas revenue reached 443 million yuan, accounting for 37.83% of total operating income, representing a year-on-year growth of 11.54% [1] Group 2: Strategic Initiatives - The company has established overseas production bases in Vietnam, Cambodia, and Malaysia, creating a multi-regional collaborative production foundation that aligns closely with customer needs [1] - Guangbo Co., Ltd. has formed long-term, stable, and mutually beneficial partnerships with multiple overseas clients [1]

Core Viewpoint - Guangbo Co., Ltd. reported a significant increase in sales revenue for its leisure lifestyle products, reaching 148 million yuan in the first half of 2025, representing a year-on-year growth of 40.38% due to successful overseas market expansion and product positioning [1] Group 1 - The sales revenue for leisure lifestyle products in the first half of 2025 was 148 million yuan [1] - The year-on-year growth rate for this product category was 40.38% [1] - The growth in sales is attributed to the company's effective channel expansion and product layout in overseas markets, meeting local consumer demand [1]

Core Viewpoint - Guangbo Co., Ltd. is shifting its sales strategy from traditional stationery channels to creative products, collaborating with boutique toy stores and cultural lifestyle shops, and utilizing pop-up events to engage customers and enhance fan interaction [1] Group 1: Business Strategy - The company plans to integrate multiple factors such as market environment, brand positioning, and resource planning to determine its business layout and channel strategy [1] - Future strategies include deepening channel penetration and selecting quality customers, leveraging exhibitions to enhance industry visibility, and focusing on top-tier toy chain channels [1] Group 2: Online Marketing - The company aims to strengthen its presence in traditional e-commerce while expanding into social e-commerce, utilizing platforms like Xiaohongshu and WeChat for online marketing [1] - By creating engaging IP-related content and product previews, the company seeks to attract fan attention and guide them to e-commerce platforms for effective conversion of online traffic into sales and brand strength [1]