奥飞娱乐股份有限公司 关于与专业投资机构共同投资的公告 证券代码：002292 证券简称：奥飞娱乐 公告编号：2025-028 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。 重要内容提示： 1、为进一步推进公司"IP+AI"战略以及产业应用落地，公司拟向共青城植钰股权投资合 伙企业（有限合伙）认缴出资人民币 1000 万元。 2、共青城植钰股权投资合伙企业（有限合伙）投资方向为单一投资标的，对深圳玄源科 技有限公司进行股权投资。 3、风险提示：合伙企业定向投资于深圳玄源科技股权，存在单一投资标的风险；且具有 投资周期较长、流动性较低的特点，投资效益存在不确定性等风险。 一、与专业投资机构共同投资概述 （一）本次投资的基本情况 为进一步推进公司"IP+AI"战略以及产业应用落地，充分借助专业投资机构的专业能力 及资源优势，奥飞娱乐股份有限公司（以下简称"公司"、"本公司"）于 2025 年 5 月 19 日召 开的第六届董事会第十八次会议以 7 票同意、0 票反对、0 票弃权的表决结果审议通过了《关 于拟与专业投资机构共同投资的议案》，同意公司全资子公司广东奥 ...

证券代码：002292 证券简称：奥飞娱乐 公告编号：2025-027 奥飞娱乐股份有限公司 第六届董事会第十八次会议决议公告 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、 董事会会议召开情况 奥飞娱乐股份有限公司（以下简称"公司"）第六届董事会第十八次会议于 2025 年 5 月 19 日上午 10:00 在公司会议室以通讯表决方式召开。会议通知于 2025 年 5 月 16 日以短信或电 子邮件送达。应出席会议的董事 7 人，实际出席会议的董事 7 人，会议有效表决票数为 7 票。 会议由公司董事长蔡东青先生主持，公司监事、高级管理人员列席了会议。会议程序符合《公 司法》和《公司章程》的规定。 二、 董事会会议审议情况 经过与会董事认真审议，形成如下决议： 详见同日刊登在巨潮资讯网（www.cninfo.com.cn）、《证券时报》、《中国证券报》、《证券 日报》、《上海证券报》的《关于与专业投资机构共同投资的公告》（公告编号：2025-028）。 三、 备查文件 1、第六届董事会第十八次会议决议。 特此公告 奥飞娱乐股份有限公司 董 事 会 二〇 ...

主力资金净流出的行业有13个，国防军工行业主力资金净流出规模居首，全天净流出资金30.14亿元， 其次是基础化工行业，净流出资金为26.24亿元，净流出资金较多的还有计算机、交通运输、有色金属 等行业。 传媒行业今日上涨1.98%，全天主力资金净流入14.78亿元，该行业所属的个股共130只，今日上涨的有 117只，涨停的有2只；下跌的有11只。以资金流向数据进行统计，该行业资金净流入的个股有74只，其 中，净流入资金超5000万元的有8只，净流入资金居首的是奥飞娱乐，今日净流入资金4.27亿元，紧随 其后的是浙文互联、汤姆猫，净流入资金分别为3.15亿元、2.40亿元。传媒行业资金净流出个股中，资 金净流出超3000万元的有5只，净流出资金居前的有光线传媒、山东出版、ST华通，净流出资金分别为 9832.09万元、7314.45万元、5335.67万元。 传媒行业资金流入榜 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 002292 | 奥飞娱乐 | 10.02 | 13.73 | 42723 ...

Core Viewpoint - The IP economy (also referred to as the millet economy) has shown a significant increase, with a rise of 3.45%, ranking fifth among concept sectors in terms of growth [1][2]. Group 1: Market Performance - As of May 20, 127 stocks within the IP economy sector experienced gains, with notable performers including Mankalon and Chuangyuan Co., both reaching a 20% limit up [1]. - Other top gainers in the sector included Chaohongji, Guangbo Co., and Zhengzhong Design, which saw increases of 10.05%, 10.03%, and 10.03% respectively [1]. - Conversely, stocks such as Dalian Shengya, Light Media, and Debi Group faced declines, with drops of 2.55%, 2.28%, and 1.17% respectively [1]. Group 2: Capital Inflow - The IP economy sector attracted a net inflow of 2.479 billion yuan from major funds, with 87 stocks receiving net inflows [2]. - The leading stock in terms of net capital inflow was Aofei Entertainment, which saw an inflow of 427.38 million yuan, followed by Tom Cat and Guangbo Co. with inflows of 240.19 million yuan and 215.86 million yuan respectively [2]. - The net inflow ratios for ST Lingnan, Guangbo Co., and Yuanwanggu were notably high, at 80.91%, 47.11%, and 33.16% respectively [3]. Group 3: Stock Performance Metrics - Aofei Entertainment recorded a daily increase of 10.02% with a turnover rate of 13.73% and a net inflow ratio of 32.50% [3]. - Tom Cat and Guangbo Co. also performed well, with daily increases of 6.27% and 10.03%, and turnover rates of 10.16% and 12.03% respectively [3]. - Other notable stocks included Chuangyuan Co. with a 20% increase and a turnover rate of 26.38% [3].

Group 1 - The NFT concept index rose by 2.74%, ranking 9th among concept sectors, with 61 stocks increasing in value, including Mankalon which hit a 20% limit up [1] - Notable gainers in the NFT sector included Beinmei, Zhejiang Wenhu, and Chaohongji, all reaching the limit up, while major decliners were Hailian Jinhui, Advanced Data, and ST Kaiven [1] - The NFT sector saw a net inflow of 1.971 billion yuan, with 37 stocks receiving net inflows, and 9 stocks exceeding 50 million yuan in net inflow, led by Beinmei with 653 million yuan [2][3] Group 2 - The top stocks by net inflow ratio included Beinmei at 39.98%, Aofei Entertainment at 32.50%, and Shifeng Culture at 28.62% [3] - The NFT concept's top performers included Beinmei, Aofei Entertainment, Zhejiang Wenhu, and Tom Cat, all showing significant price increases and trading volumes [3][4] - The overall market performance showed a mixed trend, with various sectors experiencing both gains and losses, highlighting the volatility in the current market environment [2][6]

Market Overview - The Shanghai Composite Index closed at 3380.45 points, above the five-day moving average, with a gain of 0.38% [1] - The total trading volume of A-shares reached 752.206 billion yuan [1] Stocks Performance - A total of 730 A-shares have surpassed the five-day moving average today [1] - Notable stocks with significant deviation rates include: - Fulejia (Code: 301371) with a deviation rate of 8.24% and a daily increase of 12.17% [1] - Huahai Pharmaceutical (Code: 600521) with a deviation rate of 7.56% and a daily increase of 10.00% [1] - Aofei Entertainment (Code: 002292) with a deviation rate of 7.46% and a daily increase of 10.02% [1] Deviation Rate Rankings - The top stocks with the highest deviation rates from the five-day moving average include: - Fulejia: Latest price 36.05 yuan, five-day moving average 33.31 yuan [1] - Huahai Pharmaceutical: Latest price 15.62 yuan, five-day moving average 14.52 yuan [1] - Aofei Entertainment: Latest price 9.77 yuan, five-day moving average 9.09 yuan [1] - Other notable stocks with high daily turnover rates include: - Huifeng Diamond (Code: 839725) with a daily increase of 9.56% and a turnover rate of 14.77% [1] - Beiningmei (Code: 002570) with a daily increase of 10.07% and a turnover rate of 22.33% [1]

Investment Rating - The report maintains a "Buy" rating for the media industry, highlighting the potential for growth driven by AI applications and consumer spending [6][19]. Core Insights - The media industry is supported by continuous policy backing, which includes urban renewal initiatives and the exploration of AI application scenarios. This is expected to stimulate new demand and enhance business growth [5][15][16]. - The upcoming e-commerce events, such as the 618 shopping festival, are anticipated to drive significant business activity within the media sector, leveraging technology to boost consumer engagement [18][19]. - Companies in the media sector are actively innovating and exploring new business models, particularly through AI integration, which is expected to enhance operational efficiency and create new revenue streams [16][19]. Summary by Sections Industry Review - The media sector has shown varied performance, with the e-commerce index experiencing significant gains while the smart TV index lagged behind. Notable stock performances included NetEase and Xunyou Technology, which saw increases of 16.07% and 14.26%, respectively [14][25]. Policy Support - Recent policies emphasize urban renewal and digital cultural development, aiming to enhance consumer infrastructure and promote new technologies. This is expected to create new opportunities for media companies [15][16][17]. Key Recommended Stocks - The report recommends several stocks within the media sector, including Mango Super Media (300413), Yaoji Technology (002605), and Wanda Film (002739), all of which are expected to benefit from upcoming events and innovations [6][9]. Market Dynamics - The report notes that the film market is recovering, with recent box office figures indicating a weekly revenue of 2.10 billion yuan. Upcoming films are expected to further stimulate audience engagement [30][32]. - In the television sector, popular shows are driving viewership, with top-rated series achieving significant market shares [34][35]. E-commerce Trends - Major e-commerce platforms like Alibaba and JD.com are gearing up for the 618 shopping festival, with strategies in place to enhance consumer engagement and drive sales growth [26][27].

Group 1: Financial Performance - The company's net profit for 2024 saw a significant decline of 404.66%, primarily due to impairment losses on goodwill and long-term equity investments [4][10] - The adjusted net profit, excluding non-operating impairment losses, showed stable profitability in core business operations [10] - The company's non-recurring net profit for 2024 was -287 million CNY, representing a year-over-year decline of 610.72% [9][10] Group 2: Revenue Insights - The revenue from toy sales decreased significantly, largely impacted by the preschool toy "Super Wings" [2][3] - The company's animation and television media revenue growth rates were 13.54% and -87.84%, respectively, with the decline in television media attributed to the divestment of a subsidiary [10] Group 3: Strategic Initiatives - The company is actively expanding its production capacity in Thailand to mitigate the impact of U.S. tariffs on its supply chain [2] - In the潮玩 (trendy toys) sector, the company collaborates with major brands like MiHoYo and Tencent, with this segment currently contributing less than 10% to overall revenue [5] - The company is leveraging AI technology in its products, with a noticeable increase in demand for AI toy products compared to the previous year [6] Group 4: Market Position and Future Plans - The company aims to enhance its market competitiveness in the潮玩 sector by expanding product categories and improving product playability [5] - The company is committed to integrating traditional cultural elements into its IP content creation, focusing on storytelling that reflects Chinese heritage [5] - The company is embracing live streaming and short video marketing strategies to boost brand exposure and e-commerce conversion [8]

Investment Rating - The report maintains a positive outlook on the humanoid robot industry, emphasizing the importance of software development for commercialization [3][4]. Core Insights - The report identifies that the hardware maturity of humanoid robots is currently higher than that of software, with software being the key to commercialization. It highlights the need for advancements in algorithms, data, and control systems to drive the industry forward [3][5][6]. Summary by Sections 1. Algorithms: The Core of Embodied Intelligence - The algorithm framework is divided into two levels: the upper "brain" focuses on task-level planning and decision-making, while the lower "cerebellum" handles real-time motion planning and joint control [3][11][18]. - The report discusses the evolution of control algorithms, noting a shift from traditional methods to modern approaches like reinforcement learning (RL) and imitation learning (IL) [3][19][29]. - The VLA (Vision-Language-Action) model is highlighted as a significant advancement in upper-level control, enabling robots to understand and execute tasks through natural language processing [3][36][40]. 2. Data: The Foundation of Algorithm Learning - Data quality and diversity are crucial for algorithm performance, with sources categorized into real data, synthetic data, and web data. Real data is the most accurate but least abundant [3][74][76]. - The report emphasizes the importance of remote operation and motion capture technologies for collecting high-quality real data [3][79]. 3. Control Systems: The Foundation of Embodied Intelligence - The control system is described as the "brain" of humanoid robots, consisting of hardware (SoC chips, CPUs, GPUs, NPUs) and software components [3][3][3]. - The report notes that the industry lacks a unified consensus on the structure of the "brain" and "cerebellum" in humanoid robots, which are essential for executing complex algorithms and tasks [3][3][3]. 4. Investment Opportunities - The report identifies several key companies in the humanoid robot industry worth monitoring, including: - Controller segment: Tianzhun Technology, Zhiwei Intelligent, Desay SV [4][4]. - Motion control technology: Huichuan Technology, Xinjie Electric, Leisai Intelligent, Gokong Technology, Tosida [4][4]. - Chip manufacturers: Rockchip, Horizon Robotics [4][4]. - Data collection equipment: Lingyun Optical, Aofei Entertainment [4][4].

Core Insights - The company has been deeply engaged in the entire IP industry chain, from upstream IP content to downstream physical industries, evolving from a traditional toy company to a diversified entity focusing on IP content and related businesses [1][2] - The company has successfully built a strong IP matrix through the continuous output of high-quality content, including popular animated series and films, which enhances brand recognition and drives sales of related products [1][2] - The company has established a comprehensive industry chain covering different age groups, including infant, toy, and trendy toy businesses, leveraging its IP to develop a rich product matrix [2] IP Content - The company has a strong capability in creating high-quality content, producing popular animated series and films that form a well-known IP matrix, including "Pleasant Goat and Big Big Wolf," "Super Wings," and "Balala the Fairies" [1] - Continuous updates of content maintain high influence and long lifecycle of the IP, providing a solid foundation for refined development and operation of the IP [1] - The company's IP licensing business has matured, collaborating with various clients across different categories such as consumer goods and gaming [1] Physical Industry - The toy business remains robust, while the trendy toy segment is expanding, solidifying the infant business, which targets different age groups [2] - The "Audi Double Diamond" brand has a strong presence in the toy industry, enhancing the market influence of IP toys, while the trendy toy business is leveraging blind box trends [2] - AI toys have become a key focus area, with the company leading in this segment and continuously iterating products, integrating "IP + AI" to expand both content ecology and smart products [2] Financial Projections - Revenue projections for the company from 2025 to 2027 are estimated at 2.73 billion, 3.02 billion, and 3.24 billion yuan, with year-on-year growth rates of 1%, 10%, and 7% respectively [2] - Expected net profit attributable to the parent company for the same period is projected to be 148 million, 199 million, and 244 million yuan, with significant growth rates of 152%, 34%, and 23% [2] - The company is assigned a "recommended" rating due to the uniqueness of its "IP content + industry" business model and the promising market potential in the toy and trendy toy sectors [2]