证券代码：002292 证券简称：奥飞娱乐 公告编号：2025-034 奥飞娱乐股份有限公司 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 9 号——回购 股份》等相关法规规定，公司应当在每个月的前三个交易日内披露截至上月末的回购进展情况。 现将公司本次股份回购进展情况公告如下： 截至 2025 年 7 月 31 日，公司尚未实施本次回购。 三、其他说明 公司后续将根据市场情况以及资金到位情况，在回购期限内实施本次回购方案，并根据相 关法律、法规和规范性文件的规定及时履行信息披露义务，敬请广大投资者注意投资风险。 关于回购股份的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 一、本次回购股份的基本情况 1、公司于 2025 年 2 月 17 日召开第六届董事会第十六次会议、第六届监事会第十四次会 议审议通过了《关于回购股份方案的议案》，同意公司使用自有资金和/或自筹资金以集中竞价 交易方式回购公司发行的 A 股社会公众股，回购的公司股份将用于股权激励和/或员工持股计 划。本次回购总金额为不低于人民币 8,000 万元(含)，不超 ...

我国集换式卡牌行业处于快速发展期，空间潜力较大 2024年中国集换式卡牌市场规模263亿元(yoy+110.4%)，位列全球第一，是泛娱乐品包中增长最快的包 类。战标美日，我国TCG市场尚处于发展早期，但自2018年起已显示出强劲增长势头，预计到2029年市 场规模有望达到446亿元。增长动能主要来自于供需共振：需求侧看，我国近年来人均可支配收入持续 增长，支撑消费结构向改善型转变，"悦己消费"需求提升，愿意为IP情绪价值消费的泛二次元用户高达 5.03亿人，推动以卡牌为表产的泛娱乐消费成为新增长极;供给侧看，一方面，以哪吒之魔童闹海为表 产的国品IP崛起，带动我国IP衍生包市场日益繁荣，催化出卡游、泡泡玛特等本土潮玩公司，供给持续 扩容;另一方面，我国TCG品业链逐渐成熟，卡牌二级市场交易活跃催化一级市场(授权+生品+销售)进 一步扩容。 玩法+IP构成集换式卡牌核心要素 1)玩法赋能：集换式卡牌具有低单价+高溢价+高复购率的特点，其盲盒机制的"不确定性"及即买即抽 的"即时反馈"提供强情绪刺激，卡牌独有的稀有度分级+TCG战，玩法又赋予了强收集+社交属性，推 动卡牌成为最能激发消费者购买欲望的潮玩品包之一 ...

Core Viewpoint - The national childcare subsidy policy will provide an annual subsidy of 3600 yuan per child until the age of three, benefiting over 20 million families each year starting from January 1, 2025 [4][5]. Subsidy Standard - Each child will receive a subsidy of 3600 yuan per year until they turn three years old. For children born before January 1, 2025, who are under three years old, the subsidy will be calculated based on the remaining months [8]. Coverage - The policy applies to all families with children under three years old, regardless of whether they have one, two, or three children, and is uniformly implemented across the country [9]. Application Process - Parents or guardians can apply for the subsidy online through the childcare subsidy information management system or offline, providing necessary documents such as birth certificates and household registration books [10]. Funding Source - The central government will establish a "childcare subsidy fund," providing financial support to eastern, central, and western regions proportionally, with any additional local funding being the responsibility of local governments [11]. Market Impact Analysis - The infant food market is expected to exceed 72 billion yuan, directly benefiting the maternal and infant consumption industry chain [12]. - The childcare industry is projected to reach a scale of 162.1 billion yuan by 2025, with an average annual growth rate of 7.5%, accelerated by the policy [13]. - Demand for children's medical and nutritional health products is anticipated to rise, with the pediatric medication market expected to grow at a rate exceeding 10% annually [14]. Beneficiary Companies - Leading maternal and infant retail companies are expected to benefit directly from increased customer spending and frequency of purchases [15]. - Companies such as Kidswant and Huaiying Room are positioned to gain from the subsidy implementation due to their extensive retail networks and service offerings [16]. - Major players in the infant formula market, like China Feihe and Yili, are likely to see increased demand driven by the subsidy [17][18].

Group 1 - The report highlights two main investment themes for 2025: 1) Accelerated AI application deployment and the continuous expansion of Agent capabilities, impacting industries such as marketing, e-commerce, education, film, and gaming, while also focusing on opportunities in AI toys and hardware [4][12] - The IP derivative products sector is entering a high-speed development phase, with spiritual and self-consumption becoming long-term growth points for consumption. The report is optimistic about high-quality domestic IPs expanding online content and offline physical derivatives to enhance their influence and open up commercialization opportunities [4][12] Group 2 - In the AI sector, the report notes that the application capabilities of Agents are continuously expanding, with significant advancements in model performance and multi-modal capabilities. OpenAI's o3 model and Google's Veo3 are leading the way in this evolution, while domestic models are narrowing the gap with international leaders [10][17][19] - The report emphasizes the rise of spiritual consumption and the expansion of the IP derivative products market, with companies like Pop Mart and MiHoYo successfully leveraging their IPs for international expansion and revenue growth [11][54][60] Group 3 - The report identifies key companies to watch, including Pop Mart, Light Media, Giant Network, Kunlun Wanwei, and others, which are expected to benefit from the trends in AI applications and IP derivatives [12] - The report also discusses the increasing commercialization of AI applications, with companies like Kuaishou's Keling and Meitu seeing significant revenue growth driven by their AI capabilities [44][47] Group 4 - The report outlines the importance of IP as a new production factor, reshaping the consumer sector and enabling companies to expand their revenue streams through effective IP management and commercialization strategies [52][60] - The analysis indicates that the market for IP derivative products is expected to grow significantly, with projections for the Chinese pan-entertainment product market reaching 335.8 billion yuan by 2029 [54][59]

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 证券代码：002292 证券简称：奥飞娱乐 公告编号：2025-033 奥飞娱乐股份有限公司 关于董事会、监事会延期换届的提示性公告 董 事 会 二〇二五年七月二十三日 奥飞娱乐股份有限公司（以下简称"公司"）第六届董事会、监事会任期将于 2025 年 7 月 25 日届满。根据新修订的《中华人民共和国公司法》《上市公司章程指引》及《关于新<公司法> 配套制度规则实施相关过渡期安排》等要求，公司计划调整治理架构，拟修订《公司章程》等 相关制度并进行换届选举。 鉴于公司正在开展半年度报告编制与审议等工作事项，为确保各项工作的连续性和稳定性， 公司董事会、监事会换届选举工作将适当延期，董事会各专门委员会委员及董事会聘任的高级 管理人员任期亦将相应顺延。 公司董事会、监事会延期换届不会影响公司的正常运营。公司将尽快推进相关工作进程， 并按照相关规定及时履行信息披露义务。 特此公告 奥飞娱乐股份有限公司 在换届选举工作完成之前，公司第六届董事会及其专门委员会全体成员、第六届监事会全 体成员、公司高级管理人员将按照法律法规 ...

Group 1 - The changing population structure in China creates new opportunities for AI toys, as traditional toy markets shrink while demand for elderly toys expands, allowing AI toys to cater to all age groups [1] - AI toys can meet diverse consumer needs, including educational tools for children, emotional companionship for youth, and health monitoring for the elderly [1] - The integration of AI technology in toys enhances their interactive, companionship, and educational capabilities, potentially opening up a new market [1] Group 2 - China's toy export value showed steady growth from 2014 to 2022, but has faced a decline since 2023 due to global economic recovery issues, geopolitical conflicts, and rising trade protectionism [2] - The United States remains the largest export market for Chinese toys, with increasing export pressures due to reciprocal tariff policies [2] Group 3 - As of December 2024, 331 million people in China are aware of generative AI products, with the highest usage among the 20-29 age group at 41.5% [6] - AI interactive dialogue has emerged as a primary application scenario for AI toys, with 77.6% of users utilizing generative AI products for answering questions [7] Group 4 - Consumer demand for AI toys is diversifying, driven by educational needs, emotional companionship, and entertainment preferences [10] - Educational AI toys, such as programming robots and early education machines, are becoming essential in family education due to parental emphasis on education and the "double reduction" policy [11] - Emotional companionship AI toys are evolving to provide interaction and support, catering to changing family structures and the need for emotional connection [11] - The pursuit of immersive entertainment by Gen Z parents is pushing AI toys towards a virtual-physical integration, enhancing playability and engagement [11]

Industry Overview - The Chinese gel toy industry is experiencing significant growth, driven by rising consumer income and evolving consumption trends, with the market size projected to increase from 3.239 billion yuan in 2020 to 7.9 billion yuan in 2024, representing a compound annual growth rate (CAGR) of 24.97% [1][14] - Gel toys are made from safe and environmentally friendly gel materials, offering unique advantages such as non-toxicity, odorlessness, softness, and high plasticity, making them suitable for children [1][4] Market Dynamics - The demand for gel toys is diversifying as consumers increasingly prioritize safety, educational value, and interactive experiences in toys, leading to continuous innovation in the industry [1][6] - The average disposable income of Chinese residents is expected to rise from 26,000 yuan in 2017 to 41,300 yuan in 2024, with a CAGR of 6.83%, enhancing purchasing power for leisure and educational products [6] Industry Chain - The gel toy industry has established a complete supply chain, including upstream raw material suppliers, midstream manufacturers, and downstream sales channels, with quality of raw materials directly impacting the final product [8] Production and Material Insights - The production of gel materials in China is projected to grow from 52,000 cubic meters in 2017 to 161,000 cubic meters in 2024, with a CAGR of 17.52%, indicating a robust development in the gel material sector [10] Competitive Landscape - The gel toy industry is characterized by a diverse competitive landscape, with key players such as Aofei Entertainment, Xinghui Entertainment, and Hai Xin Co., actively innovating and enhancing brand recognition to strengthen their market positions [16][19] - Notable companies in the industry include Qunxing Toys, Gaole Co., and Meisheng Cultural Creative Co., which are leveraging unique product features and market strategies to drive growth [2][3][19] Challenges and Trends - The industry faces challenges such as product homogenization and safety supervision issues, with many companies focusing on basic categories like crystal mud and stress-relief toys, leading to a lack of differentiation [23][24] - Future trends indicate a shift towards personalized services, sustainability, and brand specialization, with companies expected to adopt eco-friendly materials and enhance product safety and functionality [27][28][29]

Group 1 - Pop Mart (HK 09992) expects a revenue increase of at least 200% and a profit increase of at least 350% in the first half of the year compared to the same period last year, with revenue reaching at least 13.7 billion yuan [1] - The "Guzi Economy" concept stocks have gained attention, with 38 companies in the A-share market, of which 22 have released ESG reports for 2024, resulting in a disclosure rate of 58% [2][4] - Only 2 companies within the "Guzi Economy" concept stocks have an ESG rating of A, indicating a low percentage of 5.26% for A-rated companies in this sector [2][4] Group 2 - The "Guzi Economy" concept stocks primarily focus on social dimensions rather than environmental issues, leading to a lack of attention to sustainability governance [2][5] - The top 10 companies by market value in the "Guzi Economy" have only 2 that disclosed their direct and indirect greenhouse gas emissions, with none reporting on scope three emissions [2][4] - The industry faces challenges with IP infringement, highlighting the need for a robust copyright protection system [6][7] Group 3 - Cultural export has become a distinctive topic, with companies integrating ESG into their global strategies to enhance compliance and brand reputation [8] - Companies like Youzu Network have successfully expanded their cultural reach globally, partnering with over 1,000 partners and reaching nearly 1 billion users [8] - Recommendations include establishing sustainable development standards for the "Guzi Economy" to better guide companies in their sustainable practices [9]

Core Viewpoint - The 2025 China Licensing Conference highlighted the rapid growth of the licensing industry in China, emphasizing the importance of brand value and consumer preferences despite economic pressures [3][4]. Group 1: Industry Growth and Trends - The licensing model, which promotes business value through cross-border collaborations, has seen significant development in China in recent years [3]. - The global licensing market is projected to reach a record sales figure of $369.6 billion in 2024, reflecting a year-on-year growth of 3.7% from 2023 [4]. - Specific sectors within the licensing industry are experiencing robust growth, including music (+11.6%), celebrity endorsements (+8.8%), fashion (+8.1%), and art (+7.4%) [4]. Group 2: Conference Insights - Executives from various companies, including Bandai Namco, Bilibili, and Tencent Video, gathered to discuss opportunities in globalization, cultural integration, digital empowerment, and content innovation [3]. - The performance of licensed products from non-profit organizations, such as museums and art galleries, has been particularly strong in the Chinese licensing market [4]. - The conference emphasized the importance of storytelling in the licensing industry, with a focus on how Chinese cultural narratives are being promoted through licensed products [4].

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Viewpoints - The gaming sector is expected to benefit from emotional consumption needs among young users, with an average of 118 and 135 game licenses issued monthly in 2024 and the first half of 2025, respectively, indicating a potential acceleration into a prosperous phase [3] - The report emphasizes the importance of innovative gameplay and new content releases in driving growth across gaming, film, and entertainment sectors, with specific recommendations for companies like Xindong Company, Giant Network, and Shanghai Film [3][4] Industry Data Overview - The game "Paper Wedding 8: Qianzi Tree" ranked first on the iOS free chart, while "Honor of Kings" topped the iOS revenue chart as of July 5, 2025 [10] - The film "Jurassic World: Rebirth" achieved a weekly box office of 236 million yuan, leading the box office rankings [25] - The report highlights significant advancements in AI and IP integration, with ongoing product launches in gaming and film sectors [34] Sector Performance Summary - The A-share media sector outperformed major indices in the 27th week of 2025, with the gaming sector showing particularly strong performance [3] - The report notes that the summer entertainment IP consumption is expected to continue to rise, driven by new game releases and film launches [3][4] Company Recommendations - For the gaming sector, companies such as Xindong Company, Giant Network, and Perfect World are recommended based on their innovative gameplay and new product cycles [3] - In the film sector, Shanghai Film is highlighted as a key player, with potential beneficiaries including Chinese Online [3] - The concert segment recommends Fengshang Culture, with beneficiaries including Damai Entertainment and Borui Communication [3]