证 2024 年 08 月 20 日 报 告 基本数据 2024-08-19 当前股价（元） 5.81 总市值（亿元） 86 总股本（百万股） 1479 流通股本（百万股） 975 52 周价格范围（元） 5.42-10.49 日均成交额（百万元） 518.6 公 司 研 究 经营性现金流改善 关注 IP+赋能主业营收新增 —奥飞娱乐（002292.SZ）公司事件点评报告 奥飞娱乐发布公告：2024 中期公司总营收 13.05 亿元 （yoy+0.36%），归母、扣非利润分别为 0.55、0.61 亿元 （yoy-9%、+22.15%）；经营性现金流净额 0.9187 亿元（改 善）。资产减值损失 0.33 亿元，主要是长期股权投资及存货 减值损失。单季度看，2024Q2 公司营收 6.5 亿元（yoy6.2%，qoq+0.64%），归母、扣非净利润分别为 0.05、0.19 亿元（yoy-89.71%、-46.99%）。 投资要点 ▌ 2024 上半年经营性现金流量净额 0.9187 亿元 主 业婴童与影视收入增长 玩具收入略降 2024 上半年公司主营玩具、婴童、动漫影视收入分别为 4.8、6、1.8 亿 ...

Financial Performance - Revenue for the first half of 2024 was RMB 1,305,007,495.45, a slight increase of 0.36% compared to the same period last year[8] - Net profit attributable to shareholders decreased by 9.02% to RMB 55,003,797.15 compared to the same period last year[8] - Operating cash flow surged by 235.39% to RMB 91,868,337.42, a significant improvement from the negative RMB 67,854,544.45 in the same period last year[8] - Total assets decreased by 6.10% to RMB 4,701,130,017.39 compared to the end of the previous year[8] - The company's net profit excluding non-recurring gains and losses increased by 22.15% to RMB 61,171,835.48[8] - Basic and diluted earnings per share decreased by 9.05% to RMB 0.0372[8] - Weighted average return on equity decreased slightly by 0.17 percentage points to 1.64%[8] - The company's equity attributable to shareholders increased by 1.82% to RMB 3,389,678,024.94[9] - Non-recurring losses amounted to RMB 6,168,038.33, primarily due to losses from financial asset valuation changes[11] - Revenue for the reporting period reached 1,305.0075 million yuan, with a total profit of 66.3392 million yuan and net profit attributable to shareholders of 55.0038 million yuan[21] - The company's revenue for the reporting period was RMB 1,305,007,495.45, a slight increase of 0.36% compared to the same period last year[33] - Operating costs decreased by 8.80% to RMB 749,828,607.33, reflecting effective cost control measures[33] - R&D investment increased by 21.61% to RMB 79,882,111.18, indicating a focus on innovation and new product development[33] - Net cash flow from operating activities surged by 235.39% to RMB 91,868,337.42, driven by increased cash receipts from sales and services[33] - Overseas baby products business showed steady growth, with sales increasing by 4.84% to RMB 604,559,243.45[35] - Toy sales accounted for 37.10% of total revenue, though it decreased by 6.51% compared to the previous year[35] - Total operating revenue for the animation and culture sector reached 1,305,007,495.45 yuan, with a gross margin of 42.54%, an increase of 5.77% year-over-year[36] - Toy sales revenue decreased by 6.51% to 484,150,249.05 yuan, with a gross margin of 39.35%, down 3.12% year-over-year[36] - Revenue from film and television products surged by 39.94% to 181,761,877.86 yuan, with a gross margin of 55.56%, up 23.02% year-over-year[36] - Revenue from baby and child products increased by 4.84% to 604,559,243.45 yuan, with a gross margin of 43.70%, up 7.70% year-over-year[36] - Domestic revenue in mainland China grew by 1.98% to 600,469,689.82 yuan, with a gross margin of 42.15%, up 5.25% year-over-year[36] - Overseas revenue (including Hong Kong) decreased by 0.98% to 704,537,805.63 yuan, with a gross margin of 42.88%, up 6.22% year-over-year[36] - Investment losses amounted to -13,168,111.09 yuan, accounting for -19.85% of total profit, primarily due to the disposal of equity investments[37] - Fair value changes resulted in a loss of -22,262,841.27 yuan, accounting for -33.56% of total profit, mainly from financial assets measured at fair value[37] - Asset impairment losses totaled -32,747,477.69 yuan, accounting for -49.36% of total profit, primarily from long-term equity investments and inventory[37] - Total investment in the reporting period was 2,450,000.00 yuan, a significant decrease of 99.20% compared to the same period last year[42] - Total funds raised in 2021 through non-public issuance: 54,450 million yuan, with a net amount of 53,690.34 million yuan[46] - Cumulative use of raised funds as of the reporting period: 53,051.25 million yuan, accounting for 72.87% of the total raised funds[46] - Unused raised funds as of the reporting period: 639.09 million yuan, stored in designated special accounts[46] - Direct investment in projects during the reporting period: 238.974 million yuan[47] - Interest income from raised funds: 732.156 million yuan, with 485.985 million yuan permanently transferred to working capital[47] - Toy product expansion project: 100% completion with 227.41 million yuan invested[48] - Omni-channel digital operation platform: 100% completion with 671.82 million yuan invested[48] - Infant product expansion project: 100% completion with 7,212.38 million yuan invested[48] - Auldey Happy World amusement park project: 100% completion with 5,899.99 million yuan invested[48] - Animation IP content production project: 92.98% completion with 8,460.91 million yuan invested, generating 210.45 million yuan in benefits[48] - The company has replaced 47.0069 million yuan of self-raised funds with funds raised from the non-public issuance of shares[50] - The company has used 200 million yuan of idle funds raised from the non-public issuance of shares to temporarily supplement working capital, and has completed the repayment of the full amount by November 1, 2022[50] - The company has used 280 million yuan of idle funds raised from the non-public issuance of shares to temporarily supplement working capital, and has completed the repayment of 193 million yuan by February 8, 2023[50] - The company has a surplus of 2.8763 million yuan in the "Infant and Child Products Expansion Project" and the "Aofei Happy World Park Network Construction Project"[50] - The actual balance of the company's raised funds storage account as of June 30, 2024 is 8.85263 million yuan, with a difference of 2.46171 million yuan from the expected balance[50] - The company has adjusted the total investment and raised funds investment amount of some projects, with a total investment of 536.9034 million yuan and an actual investment of 530.5125 million yuan as of the end of the reporting period[51] - The "Toy Product Expansion Project" has a total investment of 2.2741 million yuan and an actual investment of 2.2741 million yuan, with an investment progress of 100%[51] - The "Omni-channel Digital Operation Platform Construction" project has a total investment of 6.7182 million yuan and an actual investment of 6.7182 million yuan, with an investment progress of 100%[51] - The "Infant and Child Products Expansion Project" has a total investment of 72.1238 million yuan and an actual investment of 72.1238 million yuan, with an investment progress of 100%[51] - The "Aofei Happy World Park Network Construction Project" has a total investment of 58.9999 million yuan and an actual investment of 58.9999 million yuan, with an investment progress of 100%[51] - Adjusted the use of raised funds, reducing 91 million yuan for the new project "Animation IP Content Production Project"[52] - Terminated the "Toy Product Expansion Project" and "Omni-channel Digital Operation Platform Construction" projects, reallocating 207.91 million yuan and partial interest income for permanent working capital[52] - Adjusted investment amounts for multiple projects including "Toy Product Expansion Project" and "Auldey Happy World Park Network Construction Project"[52] - Total assets decreased from 5,006,516,051.99 yuan to 4,701,130,017.39 yuan, a decline of 6.1%[99] - Cash and cash equivalents decreased from 585,979,660.92 yuan to 466,532,849.93 yuan, a drop of 20.4%[98] - Accounts receivable decreased from 420,313,404.99 yuan to 374,148,274.71 yuan, a reduction of 11.0%[98] - Inventory decreased from 640,476,066.49 yuan to 588,523,995.80 yuan, a decline of 8.1%[99] - Total liabilities decreased from 1,657,208,201.13 yuan to 1,287,807,079.73 yuan, a reduction of 22.3%[101] - Short-term borrowings decreased from 748,788,621.23 yuan to 568,263,862.28 yuan, a drop of 24.1%[100] - Accounts payable decreased from 405,918,382.73 yuan to 320,178,569.93 yuan, a decline of 21.1%[100] - Net loss attributable to parent company decreased from 751,064,924.54 yuan to 696,061,127.39 yuan, an improvement of 7.3%[101] - Total equity increased from 3,349,307,850.86 yuan to 3,413,322,937.66 yuan, a growth of 1.9%[101] - Minority interests increased from 20,170,126.93 yuan to 23,644,912.72 yuan, a rise of 17.2%[101] - Total operating revenue for the first half of 2024 was 1,305,007,495.45 yuan, a slight increase from 1,300,291,681.67 yuan in the same period of 2023[106] - Operating costs decreased to 749,828,607.33 yuan in H1 2024 from 822,182,503.25 yuan in H1 2023[106] - R&D expenses increased to 79,882,111.18 yuan in H1 2024, up from 65,685,889.20 yuan in H1 2023[107] - Net profit for H1 2024 was 55,079,646.92 yuan, compared to 58,865,887.19 yuan in H1 2023[107] - Accounts receivable increased to 512,195,553.51 yuan in H1 2024 from 420,387,597.17 yuan in H1 2023[102] - Prepayments rose to 15,102,943.66 yuan in H1 2024 from 9,558,102.55 yuan in H1 2023[102] - Other receivables decreased significantly to 93,174,324.25 yuan in H1 2024 from 229,620,245.87 yuan in H1 2023[102] - Total assets decreased slightly to 5,852,040,383.28 yuan in H1 2024 from 5,952,080,465.01 yuan in H1 2023[103] - Total liabilities decreased to 1,174,706,079.76 yuan in H1 2024 from 1,365,070,007.45 yuan in H1 2023[105] - Equity attributable to owners of the company increased to 4,677,334,303.52 yuan in H1 2024 from 4,587,010,457.56 yuan in H1 2023[105] - Net profit attributable to parent company shareholders decreased to RMB 55,003,797.15 in H1 2024 from RMB 60,454,221.72 in H1 2023, a decline of approximately 9%[108] - Comprehensive income attributable to parent company shareholders dropped to RMB 63,194,448.75 in H1 2024 from RMB 123,946,548.81 in H1 2023, a significant decrease of about 49%[109] - Basic earnings per share (EPS) decreased to RMB 0.0372 in H1 2024 from RMB 0.0409 in H1 2023, a decline of approximately 9%[109] - Operating revenue decreased to RMB 626,456,664.96 in H1 2024 from RMB 651,758,332.20 in H1 2023, a decline of about 3.9%[109] - R&D expenses increased to RMB 26,699,670.29 in H1 2024 from RMB 21,955,995.52 in H1 2023, a rise of approximately 21.6%[109] - Investment income surged to RMB 83,739,594.26 in H1 2024 from RMB 827,000.88 in H1 2023, a massive increase of over 10,000%[109] - Cash flow from operating activities increased to RMB 1,462,692,346.85 in H1 2024 from RMB 1,342,915,495.96 in H1 2023, a growth of approximately 8.9%[112] - Cash received from sales of goods and services rose to RMB 1,404,415,563.00 in H1 2024 from RMB 1,290,679,764.32 in H1 2023, an increase of about 8.8%[112] - Cash paid for goods and services decreased to RMB 691,466,407.88 in H1 2024 from RMB 786,526,873.62 in H1 2023, a decline of approximately 12.1%[112] - Operating cash flow turned positive to RMB 91.87 million, compared to a negative RMB 67.85 million in the same period last year[113] - Investment cash flow was negative RMB 24.54 million, a significant decrease from the positive RMB 73.10 million in the previous year[113] - Financing cash flow remained negative at RMB 213.31 million, worsening from RMB 166.41 million in the prior year[114] - Cash and cash equivalents decreased by RMB 142.68 million, ending at RMB 440.99 million[114] - Parent company's operating cash flow worsened to negative RMB 180.79 million from negative RMB 60.95 million[115] - Parent company's investment cash flow improved significantly to positive RMB 96.98 million from negative RMB 6.97 million[115] - Parent company's financing cash flow turned positive to RMB 81.37 million from negative RMB 9.25 million[116] - Parent company's cash and cash equivalents increased slightly by RMB 1.28 million to RMB 201.04 million[116] - Total owner's equity at the end of the period was RMB 3.33 billion, with minority interests of RMB 201.71 million[117] - The company's comprehensive income for the period increased by RMB 8,190,651.60, contributing to a total comprehensive income of RMB 63,194,448.75[118] - Owner's equity decreased by RMB 2,654,147.74 due to capital reduction, but increased by RMB 5,313,132.68 from other sources, resulting in a net increase of RMB 2,658,984.94[118] - The company's total comprehensive income for the period was RMB 123,946,548.81, with a net income attributable to owners of RMB 122,190,581.86[121] - The company's retained earnings increased by RMB 32,171,695.64, contributing to the overall increase in owner's equity[121] - The company's capital reserve decreased by RMB 28,282,526.08 due to internal transfers, which was offset by an increase in retained earnings[121][122] - The company's total owner's equity at the end of the period was RMB 3,424,522,186.35, reflecting an increase from the beginning of the period[122] - Share capital remains unchanged at 1,478,699,697.00 yuan[123][124][125] - Capital reserve increased to 2,513,978,650.58 yuan in 2024, up from 2,507,658,828.68 yuan in 2023[123][126] - Other comprehensive income improved to -105,925,443.65 yuan in 2024 from -120,426,552.14 yuan in 2023[123][126] - Retained earnings grew to 538,132,043.18 yuan in 2024, a significant increase from 270,639,738.05 yuan in 2023[125][126] - Total owner's equity increased to 4,677,334,303.52 yuan in 2024, up from 4,369,335,683.65 yuan in 2023[125][126] - Comprehensive income for the period was 90,323,845.96 yuan in 2024[124] - No changes in accounting policies or prior period errors were reported[123][126] - No significant changes in owner's equity structure were observed during the period[124][125] - The company maintained a stable capital structure with no new share issuances or capital reductions[124][126] - Special reserves and surplus reserves remained relatively stable during the reporting period[125][126] IP and Content Development - The company launched multiple new animation series, including "Quantum Team" Season 2, "Super Wings" Season 16, and "Pleasant Goat and Big Big Wolf" Season 8, with "Pleasant Goat and Big Big Wolf" winning awards for outstanding domestic TV animation[22] - The company plans to release new animation projects such as "Pleasant Goat and Big Big Wolf" Season 9, "Super Wings" Season 17, and "Balala the Fairies" Season 10, along with the highly anticipated "Armor Hero" Season 6[22] - The company is exploring young-oriented content creation, including short dramas and anime-inspired series, to broaden audience reach and meet diverse emotional needs[22] - The company is leveraging cross-industry collaborations to enhance IP brand influence, such as partnerships with "Tasting" and "Keep" for "Balala the Fairies," and collaborations with popular games like "Honor of Kings" and "Peace Elite"[23][24] - The company is expanding its presence in the

本次电话会已经面向华新证券的专业投资机构客户或受邀客户 本次会议在任何情形下都不构成对会议参加者的投资建议华新证券不对任何人因使用会议内容而引致的任何损失承担任何责任 未经华新证券事先书面许可任何机构或个人严禁以任何形式将会以内容和相关信息对外公布、转发、转载、传播、复制、编辑、修改、解读等涉嫌违反上述情形的本公司保留追究其法律责任的权利 好的谢谢小秘书各位下午好我是传媒的珠珠那今天跟大家分享一下以IP为支点的文化符号可以撬动什么然后今天我们会从行业和 代表的公司企业端去分享那在分享今天这个行业报告之前呢先跟大家分享一下就是我去写这个这个报告的这个背景的一个思考那首先在2024年整个传媒互联网板块除了一部分去看EPS 或者说在这个新国旧调之下我们去选择个股标的之外呢那最核心的这个三大关键词一个是AI一个是IP一个是MR那IP代表的是内容MR代表的是每届的迭代而AI它的应用呢是在重塑整个内容生产的范式也在赋能整个每届新的触打 那在2024年2月份整个AI板块呢是因为SORA为代表驱动了整个AI应用获得这个传媒互联网的阶段性的关注那到6月份中间当然也有这个年报一级报这个让整个板块的情绪有所回调但是进入到6月份我们 ...

证券代码：002292 证券简称：奥飞娱乐 奥飞娱乐股份有限公司 投资者关系活动记录表 编号：2024-001 投资者关系活动 □特定对象调研 □分析师会议 类别 □媒体采访 □√业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 ____________ 参与单位名称 投资者 及人员姓名 时间 2024年5月23日15:00-17:00 地点 全景网“投资者关系互动平台”（http://ir.p5w.net） 董事长：蔡东青 董事会秘书：高丹 上市公司接待 财务总监：孙靓 独立董事：刘娥平 人员姓名 公司近日在全景网“投资者关系互动平台”召开了2023年度业绩说明会，与投 资者进行沟通和交流。本次会议主要内容如下: 1. 请问公司通过 IP 衍生的产品销售，但都是以往的 IP 了。公司的经营 IP 也 很单一。请问未来公司如何能够抓住AI人工智能带来的发展机遇，如何能还创新去 ...

2024 年 05 月 06 日 公 研 报 证券研究报告 历经 2020-2022 年内外压力测试下业绩承压，2023 年公司业 绩扭亏为盈，预测公司 2024-2026 年收入分别为 28.79、 30.95、33.75 亿元，归母利润 1.98、2.93、3.90 亿元，当 前股价对应 PE 分别为 53.0、35.8、26.9 倍，公司主业端困 境反转渐显，新增端，伴随 AI 应用年开启，以 IP 为支点 （公司已覆盖全年龄段 IP 矩阵），有望撬动玩具、授权等业 务，AI 加持下有望赋予公司在手 IP 不同形式的生命力，通 过创造新内容、构建新场景、触发新消费助力其 IP 商业价值 再放异彩，进而维持"买入"投资评级。 | --- | --- | --- | --- | --- | |----------------------|------------|-------------------------|-------|-------| | 预测指标 | | 2023A 2024E 2025E 2026E | | | | 主营收入（百万元） | 2,739 | 2,879 | 3,095 | 3, ...

开 源 证 券 证 券 研 究 报 告 公司信息更新报告 股价走势图 《2023 年实现扭亏为盈，借力跨境电 商拓宽 IP 影响力—公司信息更新报 告》-2024.1.31 《盈利能力大幅改善，潮玩 IP 或驱动 收入持续增长—公司信息更新报告》 -2023.11.17 相关研究报告 2024Q1 盈利能力明显修复，看好动漫 IP 价值持续释放，维持"买入"评级 公司 2023 年实现毛利率 37.72%（同比+6.69pct），主要系公司优化生产流程、降 低采购成本，同时陀螺、潮玩等玩具高毛利，推动玩具业务毛利率同比提升 10.37 pct 至 43.08%，且收入占比同比提升 5.34%至 42.62%，拉高整体毛利率，其中剑旋 陀螺收入翻倍增长。公司 2023 年归母净利率为 3.42%（同比扭亏为盈）。2024Q1 实现毛利率 44.55%（同比+7.80 pct），或由于《心世界奇遇》等重磅动画 IP 上线， 影视类收入放量；实现归母净利率 7.76%（同比+5.0 pct），其中销售费用率为 12.14%（同比+0.69pct），管理费用率为 14.40%（同比+0.57 pct），保持稳定。 请 ...

证 告 司 2024 年 05 月 06 日 公 研 ▌ 盈利预测 历经 2020-2022 年内外压力测试下业绩承压，2023 年公司业 绩扭亏为盈，预测公司 2024-2026 年收入分别为 28.79、 30.95、33.75 亿元，归母利润 1.98、2.93、3.90 亿元，当 前股价对应 PE 分别为 53.0、35.8、26.9 倍，公司主业端困 境反转渐显，新增端，伴随 AI 应用年开启，以 IP 为支点 （公司已覆盖全年龄段 IP 矩阵），有望撬动玩具、授权等业 务，AI 加持下有望赋予公司在手 IP 不同形式的生命力，通 过创造新内容、构建新场景、触发新消费助力其 IP 商业价值 再放异彩，进而维持"买入"投资评级。 ▌ 风险提示 市场竞争加剧风险；IP 开发不及预期的风险；业绩不及预期 带来商誉减值的风险；业务快速扩张带来的管理风险；新上 玩具销售不及预期的风险；人才资源不足风险；应收账款及 信用资产减值的风险；项目成本控制风险以及项目实施的管 理风险；创新业务拓展不及预期的风险；新技术应用不及预 期的风险；宏观经济波动风险。 | --- | --- | --- | --- | --- ...

Financial Performance - Revenue for 2023 reached RMB 2,738,759,205.55, a 3.09% increase compared to 2022[19] - Net profit attributable to shareholders of the company in 2023 was RMB 93,642,611.74, a significant increase of 154.63% compared to the loss in 2022[21] - Operating cash flow for 2023 was RMB 196,749,888.30, up 33.32% from 2022[21] - Basic earnings per share for 2023 were RMB 0.06, a 150% improvement from the loss per share in 2022[21] - Total assets at the end of 2023 were RMB 5,006,516,051.99, a decrease of 9.10% compared to the end of 2022[21] - Shareholders' equity attributable to the company at the end of 2023 was RMB 3,329,137,723.93, a 1.72% increase from the end of 2022[21] - The company's revenue for Q1, Q2, Q3, and Q4 2023 were 602,343,222.69 yuan, 697,948,458.98 yuan, 719,478,825.18 yuan, and 718,988,698.70 yuan respectively[61] - Net profit attributable to shareholders for Q1, Q2, Q3, and Q4 2023 were 16,673,884.85 yuan, 43,780,336.87 yuan, 20,968,872.39 yuan, and 12,219,517.63 yuan respectively[61] - The company's non-recurring gains and losses for 2023, 2022, and 2021 were 37,358,103.98 yuan, 28,653,132.90 yuan, and 74,180,122.56 yuan respectively[62] Accounting and Financial Adjustments - The company implemented new accounting standards in 2023, resulting in adjustments to deferred tax assets and liabilities[21] - Deferred tax liabilities amounted to 1,754,967.19 yuan, with no change from the previous period[24] - Undistributed profits showed a negative balance of -797,010,671.87 yuan, with a slight improvement of 271,046.02 yuan compared to the previous period[24] - Income tax expenses decreased by 197,735.63 yuan to -2,191,520.51 yuan[24] - The company reported no differences in net profit and net assets between international accounting standards and Chinese accounting standards[25][26] Fundraising and Investment Projects - As of December 2023, the company's IP resource construction projects had a surplus of 494.01 million yuan, meeting the expected results and conditions for project closure[32] - The company's "Infant and Child Products Expansion Project" and "Auldey Happy World Amusement Park Network Construction Project" had a surplus of 287.63 million yuan as of December 2023[32] - The balance of the company's fundraising account as of December 31, 2023, was 91.35 million yuan, with interest net income of 1,652.44 million yuan and 1,561.09 million yuan permanently transferred out[32] - The company adjusted its fundraising investment plan, reducing the funds required for the IP management and operation system construction project by 4,114.85 million yuan[36] - The company's fundraising account balance as of December 31, 2023, was 1,119.468 million yuan, with interest net income of 727.230 million yuan and 485.828 million yuan permanently transferred out[32] - Adjusted fundraising investment plan by reducing 29.08 million RMB from 13 projects, reallocating to K12-focused projects like "Super Wings 10" and "Balala the Fairies 8"[41] - Reduced investment in "Zhen Hun Jie 2" by 31.27 million RMB, shifting to a platform-produced drama model to enhance IP influence and commercial value[41] - Reallocated 6.64 million RMB from completed projects to other K12-focused projects and used 3.13 million RMB to permanently supplement working capital[42] - Adjusted 9.96 million RMB from completed projects, with 4.99 million RMB reallocated to "Super Wings 11" and 4.97 million RMB used to permanently supplement working capital[42] - Adjusted the investment plan for the "Hip-Hop Adventure World 5" project, reducing the investment by 5.5 million yuan, and reallocating the funds to other projects such as "Sheep Village Guardian 5: Rescue in a Foreign Land 2" and "Sports Hero Legend 2"[43] - Completed and saved 8.4 million yuan from 4 projects under the IP resource construction, including "3D Smart Fun Season 2" and "Sheep Village Guardian 4"[43] - Saved 3.3167 million yuan in net interest income from the completed "Zhenhun Street 2" project, which will be used to permanently supplement working capital[43] - Adjusted the use of funds for the "Auldey Happy World Amusement Park Network Construction" project, reducing the investment from 150 million yuan to 59 million yuan, and reallocating 91 million yuan to the "Anime IP Content Production" project[44] - Terminated the "Toy Product Expansion Project" and "Omni-Channel Digital Operation Platform Construction" projects, reallocating 207.9111 million yuan and part of the net interest income to permanently supplement working capital[44] - Adjusted the total investment and funding amounts for several projects, including "Toy Product Expansion Project" and "Auldey Happy World Amusement Park Network Construction"[44] Subsidiaries and Business Units - The company's subsidiary Guangdong Aodi Animation Toys Co., Ltd. had a revenue of 689,070,000.35 yuan in 2023[69] - The company's subsidiary Dongguan Jinwang Children's Products Co., Ltd. had a net profit of 24,406,984.93 yuan in 2023[69] - The company's subsidiary Shanghai Aofei Network Technology Co., Ltd. had a revenue of 73,044,809.19 yuan in 2023[69] - The company's subsidiary Guangdong Aofei Industrial Co., Ltd. had a net profit of 42,616,422.52 yuan in 2023[69] - The company's subsidiary, Guangzhou Aofei Cultural Communication Co., Ltd., reported a net loss of RMB 32,929,708.71 with total assets of RMB 554,871,725.04 and revenue of RMB 47,919,629.45[83] - Baby Trend, Inc., a subsidiary, achieved a net profit of RMB 22,600,773.50 with total assets of RMB 759,879,304.48 and revenue of RMB 1,056,543,509.84[83] - The company's subsidiary, Guangdong Original Power Cultural Communication Co., Ltd., reported a net profit of RMB 77,691,088.91 with total assets of RMB 169,550,086.20 and revenue of RMB 68,166,776.88[83] IP and Content Development - The company plans to focus on content creation and innovation, expanding user circles, and exploring new forms of content cooperation in 2024[54] - The company will continue to launch new series such as "Super Wings", "Balala the Fairies", "Backkom", and "Armor Hero" in 2024[58] - The company's "Pleasant Goat and Big Big Wolf: The Guardian of the Sheep Village 8" achieved the second place on Youku's daily chart on its premiere day and won the daily champion for 28 consecutive days[57] - The company's new animation series "Quantum Team Dinosaur Guardians Season 2" ranked in the top three on multiple platforms and frequently appeared on CCTV Sofres data rankings[80] - The company aims to expand its IP licensing business in the K12 market, collaborating with game companies and third-party artists to explore younger, trendier markets[76] - The company will focus on high-quality content creation to strengthen the core value of its IPs, building a content ecosystem and learning from past successes and failures[77] - The company plans to explore new forms of content collaboration to increase IP content output and extend the long-tail effect of its IPs[78] - The company's IP-based business model includes light commercialization authorization, content customization, and full-scenario channel integration, leveraging its IP assets across multiple platforms[162] - The company's "Pleasant Goat and Big Big Wolf" collaboration with "Eggy Party" maintained the top spot on the paid charts for 14 days, showcasing the strength of the national IP[171] - The "Pleasant Goat 18th Anniversary Super Culture IP Market" launched a 3.0 model, integrating fans, brands, vendors, and platforms to create a diverse IP ecosystem[171] - The company released two animated films in 2023, "Super Wings: Leddy Accelerates" and "Backkom: Mars Mission," both of which received funding from the 2023 Film Excellence Special Fund Project[170] - "Pleasant Goat and Big Big Wolf" won multiple awards in 2023, including "Most Popular Anime Blogger on Weibo" and "Annual Valuable IP on Douyin Light Anime Plan," with new series episodes surpassing 9000 in popularity on Youku[169] Market and Industry Trends - The global licensing industry reached $340.8 billion in 2022, an increase of 8.02%[121] - The global toy market is shifting towards MESH toys, focusing on mental, emotional, and social health, with China's building block toy market growing faster than the global average[119][120] - China's animation industry is expected to exceed a total output value of 300 billion yuan in 2023, showing significant economic benefits and market potential[139] - The export value of Chinese toys (excluding games) in 2023 was 40.57 billion USD, a decrease from 48.36 billion USD in 2022, but still at a historically high level[143] - TikTok became the fastest-growing live streaming platform for toy purchases in 2022, with its share increasing by 7.3 percentage points year-on-year, while Taobao remained the highest at 37.2%[145] - The proportion of young and middle-aged people (18-40 years old) as the main audience for IP increased from 53.1% in 2022 to 54.7% in 2023[152] - Xiaohongshu saw the fastest growth as a channel for obtaining baby and child product information in 2023, with its share increasing by 5.3 percentage points year-on-year[149] - The domestic toy retail market reached 906.9 billion yuan in 2023, a year-on-year increase of 2.7%[173] - The toy retail market in 2022 was 883.1 billion yuan, with a year-on-year growth of 3.3%[173] - The top five channels for consumers to obtain toy information in 2023 were: 80.00%, 72.20%, 70.00%, 62.70%, and 61.30%[175] - In the trendy toy sector, consumers under 24 years old account for a high proportion, with female consumers exceeding 60%, and plush toys are expected to become a billion-yuan trend[177] - The annual retail sales of licensed goods in China reached 1390 billion yuan in 2023, with licensing fees of 54.7 billion yuan[181] - The age distribution of brand/IP audiences in 2023 showed that 33% were aged 26-35, and 26.7% were aged 18-25[182] - The main cooperation models for licensing business in 2023 were: product licensing (56.2%), brand co-branding (58.8%), and theme space (49.4%)[186] Strategic Plans and Innovations - The company plans to leverage AI technology to enhance content creation and product development, aiming to integrate AI with IP for industrial application[72] - The company will continue to explore the integration of AI technology across more industry chain segments to promote high-quality development through innovation[72] - AIGC (AI-generated content) is driving innovation in content production, improving efficiency, reducing costs, and enhancing user experience, becoming a key focus for future industry development[159] - The company plans to deepen brand licensing and build an IP licensing ecosystem to boost brand sales, aligning with government policies to promote new quality productivity[127] - The company will focus on strengthening its core product categories while expanding into new categories to diversify its product lines and better target core user groups[81] - The company is implementing a dual-brand strategy in the maternal and child market with "Babytrend" and "Auby," focusing on comprehensive care across different growth stages[133] - The company has built a comprehensive "IP+" industrial operation platform covering design, development, manufacturing, and marketing, enhancing brand benefits through diversified development[106] - The company focuses on creating high-quality content and strengthening user engagement with its IPs, including popular series like "Super Wings" and "Pleasant Goat and Big Big Wolf"[132] - The animated film "Super Wings: Leddy Accelerates" gained significant traction on Xiaohongshu and Douyin, while "Backkom: Mars Mission" leveraged viral marketing on Douyin and Xiaohongshu to enhance IP influence[134] - The company's new dinosaur mecha IP "Quantum Team: Dinosaur Guardians" achieved the highest ratings in its time slot within five days of its premiere and ranked in the top 3 for animation ratings during prime time on CCTV[168] - The company's "Auldey" brand has been deeply rooted in the hearts of consumers, with a focus on IP-based toy products and continuous innovation in product categories and channels[192] Operational Challenges and Adjustments - The indoor amusement park business did not meet expectations due to the slow recovery of the children's indoor amusement park industry and weak market demand[44] - Cancelled several subsidiaries, including Guangzhou Xibao Culture Communication Co., Ltd. and Hefei Auldey Animation Culture Development Co., Ltd., with varying impacts on overall performance[47] - The company's net profit after deducting non-recurring gains and losses has been negative for the past three fiscal years, indicating uncertainty in the company's ability to continue as a going concern[24] Corporate Information - The company's registered address was changed in 2020 to the current location in Shantou, Guangdong[13] - The company's stock is listed on the Shenzhen Stock Exchange with the ticker symbol 002292[13] - The company's annual report is disclosed on the Shenzhen Stock Exchange website and major financial newspapers[16]

（三） 审计报告 第一季度报告是否经过审计 □是 否 公司第一季度报告未经审计。 奥飞娱乐股份有限公司 董 事 会 二零二四年四月三十日 15 | --- | --- | --- | --- | |-------------------------------------------|-------|---------------|----------------| | （一）按经营持续性分类 | | | | | 1. 持续经营净利润（净亏损以 "－"号填列） | | 50,473,931.75 | 15,307,687.53 | | 2. 终止经营净利润（净亏损以 "－"号填列） | | | | | （二）按所有权归属分类 | | | | | 1. 归属于母公司所有者的净利润 | | 50,497,505.46 | 16,673,884.85 | | 2. 少数股东损益 | | -23,573.71 | -1,366,197.32 | | 六、其他综合收益的税后净额 | | -2,757,909.02 | -34,702,885.25 | | 归属母公司所有者的其他综合收益 的税后净额 | | -1,607 ...

2月23日，沪指午后收复3000点，带动盘面修复行情，文化传媒指数领涨wind中国行业指数。截至 14:51，文娱传媒ETF（516190）盘中拉升，涨2.01%，持仓股奥飞娱乐、国脉文化双双涨停。 国盛证券认为，AI文生视频是多模态应用的下一站。文生视频即根据给定的文字提示直接生成视频。 随着文生视频技术的日趋成熟和广泛应用，或将为当下热门的短剧市场带来变数。该技术有望极大降低 短剧制作的综合成本，为解决“重制作而轻创作”的共性问题提供解决方案，短剧制作的重心有望回归高 质量剧本创作。 文娱传媒ETF（516190）是唯一跟踪中证文娱传媒指数的场内ETF，指数成分股50只，涉及视频、直 播、游戏、电影、IPTV/OTT、数字出版、数字营销、在线教育、赛事演出等相关业务反映文化、娱乐 以及传媒主题板块的整体表现。指数十大权重股中包括分众传媒、三七互娱、芒果超媒、昆仑万维等权 重股。 ...