Investment Rating - The report maintains a positive outlook on the A-share media sector for 2024 and Q1 2025, highlighting significant growth in gaming, film, and publishing sectors [4][5]. Core Insights - The report indicates that the overall performance of the media sector in 2024 remains under pressure, but there are signs of improvement in quarterly trends, with a notable increase in net profit by 38.6% year-on-year in Q1 2025 [5][6]. - The gaming industry shows a strong upward trend, with Q1 2025 revenue growth of 21.9%, marking the best growth rate in nearly 13 quarters, driven by new product launches and the upcoming AI gaming developments [11][15]. - The film sector benefits from a resurgence in box office performance, particularly driven by the success of "Nezha: Birth of the Demon Child," with Q1 2025 box office revenue increasing by 49% year-on-year [5][14]. - The publishing sector demonstrates resilience, with net profit recovering to levels close to Q1 2023, despite a slight revenue decline [14]. Summary by Relevant Sections Gaming Sector - Q1 2025 revenue increased by 21.9%, with a net profit margin of 13%, up 2.4 percentage points from the previous year [11][15]. - Companies like Century Huatong and Perfect World reported significant growth, with expectations for continued improvement in the second half of 2025 as new products are launched [15][21]. Film Sector - The domestic film market saw a 49% increase in box office revenue in Q1 2025, with average ticket prices reaching 46.8 yuan [5][14]. - The success of major films like "Nezha: Birth of the Demon Child" has positively impacted the industry, leading to improved profit margins for cinema chains [14]. Publishing Sector - The publishing industry experienced a slight revenue decline of 4.2% year-on-year, but profit margins improved significantly due to tax exemptions for state-owned publishing companies [14]. - The overall financial health of major publishing groups remains stable, with expectations for consistent dividend payouts [14]. Advertising Sector - The advertising market continues to face pressure, but companies like Focus Media show resilience with a year-on-year revenue increase of 5% and net profit growth of 9% [14]. Long Video Sector - The long video sector is impacted by macroeconomic factors, with a shift in user attention towards short dramas affecting brand advertising revenues [5][14].

证券代码：002292 证券简称：奥飞娱乐 公告编号：2025-026 奥飞娱乐股份有限公司 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。 具体内容详见公司于 2025 年 2 月 18 日、2 月 25 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《关于回购股份方案的公告》（公 告编号：2025-004）以及《回购股份报告书》（公告编号：2025-007）等相关公告。 2、公司于 2025 年 2 月 21 日披露《关于取得金融机构股票回购专项贷款承诺函的公告》 （公告编号：2025-005）， 中国民生银行股份有限公司汕头分行承诺向公司提供最高不超过人 民币 1.1 亿元且贷款比例不超过回购金额的 90%的贷款资金，专项用于回购本公司股票，贷款 期限不超过 3 年。具体内容详见公司刊登在巨潮资讯网（www.cninfo.com.cn）、《证券时报》、 《中国证券报》、《证券日报》、《上海证券报》的相关公告。公司已与中国民生银行股份有限公 司汕头分行按相关条 ...

Industry Overview - The toy and baby products industry is a significant part of the light industry, playing a crucial role in nurturing children and meeting family expectations [1][3] - The industry is experiencing growth, with the domestic toy retail sales expected to reach CNY 97.85 billion in 2024, a year-on-year increase of 7.9% [1][13] - The retail sales of children's strollers are projected to be CNY 16.98 billion, growing by 17.5%, while children's safety seats and bottles are expected to see increases of 13.2% and 8.1% respectively [1][13] Policy Support - The Chinese government has implemented various policies to support high-quality development and regulation in the toy and baby products sector [5][6] - Key policies include the "Guiding Opinions on Accelerating the Transformation and Upgrading of Traditional Manufacturing" and the approval of national standards for baby products [5][6] Market Dynamics - The industry is characterized by a diverse supply chain, including raw material suppliers, manufacturers, wholesalers, and retailers [7] - The macroeconomic environment, consumer disposable income, and preferences significantly influence demand for baby products [7] Export Performance - China is the largest toy producer and exporter globally, with toy exports (excluding games) projected to reach USD 39.87 billion in 2024 [9][10] - The United States remains the primary export destination, accounting for 26.39% of toy exports in early 2025 [10] Quality Control - The number of recalls for Chinese-made toys in the U.S. decreased by 6.4% in 2024, while the EU saw a 34.1% increase in recalls [15][17] - The Chinese government reported 1,121 batches of non-compliant products in 2024, reflecting increased regulatory scrutiny [17] Key Players - Major global players include Mattel, Hasbro, Bandai, and LEGO, while domestic companies like Aofei Entertainment and Pop Mart are significant in the Chinese market [19][21] - Aofei Entertainment reported a 4.85% increase in baby product revenue, while Pop Mart's revenue surged by 106.92% in 2024 [21][23] Future Trends - The integration of technology in toys is expected to accelerate, with a growing demand for smart toys and educational products [25] - Environmental concerns are driving the use of sustainable materials, with a focus on safety and compliance with international standards [26] - Personalization and IP collaborations are becoming key drivers for consumer engagement and product differentiation [27][28]

Core Viewpoint - Aofei Entertainment reported a significant decline in both revenue and net profit for the year 2024, primarily due to asset impairment provisions totaling 400 million yuan, leading to a net loss of 285 million yuan, a 404.66% decrease year-on-year [1][7]. Financial Performance - The company's total revenue for 2024 was 2.715 billion yuan, a decrease of 1.10% year-on-year [1]. - The net profit attributable to shareholders was -285 million yuan, marking a shift from profit to loss [1]. - The non-recurring net profit was -287 million yuan, a decrease of 610.72% year-on-year [1]. - Basic earnings per share were -0.19 yuan [1]. - The cash flow from operating activities was 250 million yuan [7]. Business Segment Performance - Revenue from toy sales was 1.026 billion yuan, down 12.13%, reducing its contribution to total revenue from 42.62% to 37.77% [2]. - Revenue from television media and gaming products fell by 87.84% and 48.43% respectively [2]. - Conversely, revenue from film products increased by 13.54% [4]. - Revenue from baby products rose by 13.03% to 1.212 billion yuan, surpassing toy sales to become the largest revenue source for the company [4]. Asset Impairment - The significant decline in net profit was attributed to a 400 million yuan asset impairment provision, primarily affecting goodwill and long-term equity investments [1][7]. - Specific impairments included 193 million yuan for the Funny Flux asset group and 22.0415 million yuan for the Beiken Bear asset group [7][8]. - The company also recorded impairments for various subsidiaries and joint ventures, totaling several million yuan [8]. International Market Challenges - Aofei Entertainment's overseas business, particularly in baby products, has been growing, with over 40% of revenue coming from the U.S. market [5]. - Recent U.S. tariffs on Chinese goods pose a risk to the company's profitability and market competitiveness [5][6]. - The company acknowledged that the current tariff policies could lead to reduced orders, declining gross margins, and underutilized production capacity [5][6]. Strategic Adjustments - In response to international trade challenges, the company plans to adjust its market strategies, including sharing tariff costs with clients and exploring new markets in South America and Australia [6].

Group 1: Company Overview and Financial Performance - The company achieved a revenue of 271,530.60 million CNY in 2024, with a net profit attributable to shareholders of -28,528.80 million CNY [2] - In Q1 2025, the revenue was 65,755.93 million CNY, with a net profit of 4,910.15 million CNY attributable to shareholders [2] Group 2: IP Management and Strategy - The company owns several classic IPs such as "Pleasant Goat and Big Big Wolf" and "Armor Warrior," focusing on maintaining their vitality through quality content creation and user engagement [3] - Plans include expanding content offerings to attract younger audiences while reinforcing the existing K12 user base [3] Group 3: Trendy Toy Business Development - The trendy toy brand "Wandian Wuxian" will focus on brand building and product development to enhance competitive advantage [4] - Strategies include leveraging social media and immersive experiences to strengthen brand recognition and user loyalty [4] Group 4: Smart Product Initiatives - The company aims to enhance its smart product line by integrating AI technology with popular IPs, focusing on emotional connection and personalized experiences [5] - Development of AI plush toys featuring characters like "Pleasant Goat" is underway, alongside B2B market expansion [6] Group 5: Card Game Expansion - Card games will be a key focus area, with products developed around proprietary IPs to enhance collectability and social interaction [6] Group 6: K12 Toy Business Strategy - The K12 toy segment will prioritize transformation and focus on enhancing product quality and comprehensive marketing capabilities [6] - The company will leverage both proprietary and external IPs to develop competitive products in the toy market [6]

w 奥飞娱乐股份有限公司 一、审计意见 审 计 报 告 华兴审字[2025]24014400021 号 华兴会计师事务所（特殊普通合伙） 审 计 报 告 华兴审字[2025]24014400021号 奥飞娱乐股份有限公司全体股东： 我们审计了奥飞娱乐股份有限公司（以下简称"奥飞娱乐"）财务报表， 包括2024年12月31日的合并及母公司资产负债表，2024年度的合并及母公司 利润表、合并及母公司现金流量表、合并及母公司所有者权益变动表以及相 关财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编 制，公允反映了奥飞娱乐2024年12月31日的合并及母公司财务状况以及2024 年度的合并及母公司经营成果和现金流量。 二、形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了审计工作。审计报告的 "注册会计师对财务报表审计的责任"部分进一步阐述了我们在这些准则下 的责任。按照中国注册会计师职业道德守则，我们独立于奥飞娱乐，并履行 了职业道德方面的其他责任。我们相信，我们获取的审计证据是充分、适当 的，为发表审计意见提供了基础。 三、关键审计事项 关键审计事项是我们根据职业判断，认 ...

东方证券股份有限公司 关于奥飞娱乐股份有限公司 2024 年度募集资金存放与使用情况的专项核查报告 一、募集资金基本情况 （一）实际募集资金金额、资金到账时间 2021 年 10 月，根据中国证券监督管理委员会《关于核准奥飞娱乐股份有限公司非公开发 行股票的批复》（证监许可[2020]3553 号）核准，奥飞娱乐向符合中国证券监督管理委员会相 关规定条件的特定投资者发行人民币普通股（A 股）121,540,172 股，募集资金总额为人民币 544,499,970.56 元，扣除股票发行费用人民币 7,596,590.72 元（不含税）后，公司实际募集资 金净额为人民币 536,903,379.84 元，其中，增加股本人民币 121,540,172.00 元，增加资本公积 人民币 415,363,207.84 元。该募集资金已于 2021 年 10 月 8 日全部到账，经华兴会计师事务所 （特殊普通合伙）出具的"华兴验字[2021]21000620285 号"《奥飞娱乐股份有限公司验资报告》 验证。 （二）募集资金使用和结余情况 公司募集资金账户实际入账 541,218,320.85 元（与募集资金净额差异 4 ...

奥飞娱乐股份有限公司 募集资金存放与使用情况鉴证报告 华兴专字[2025]24014400043 号 华兴会计师事务所（特殊普通合伙） w 募集资金存放与使用情况鉴证报告 华兴专字[2025]24014400043 号 奥飞娱乐股份有限公司全体股东： 我们接受委托，对后附的奥飞娱乐股份有限公司（以下简称奥飞娱乐公 司）董事会编制的《关于募集资金 2024 年年度存放与使用情况的专项说明》 （以下简称"募集资金专项报告"）执行了鉴证工作。 一、董事会的责任 奥飞娱乐公司董事会的责任是提供真实、合法、完整的相关资料，按照 中国证券监督管理委员会《上市公司监管指引第 2 号——上市公司募集资金 管理和使用的监管要求》、深圳证券交易所《深圳证券交易所上市公司自律 监管指引第 1 号——主板上市公司规范运作（2023 年 12 月修订）》（深证上 〔2023〕1145 号）、《深圳证券交易所上市公司自律监管指南第 2 号——公 告格式（2024 年 11 月修订）》（深证上〔2024〕1014 号）的规定编制募集 资金专项报告。这种责任包括设计、执行和维护与募集资金专项报告编制相 关的内部控制，保证募集资金专项报告的真 ...

w 奥飞娱乐股份有限公司 内部控制审计报告 华兴审字[2025]24014400036 号 华兴会计师事务所（特殊普通合伙） 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业 内部控制评价指引》的规定，建立健全和有效实施内部控制，并评价其有效 性是奥飞娱乐董事会的责任。 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性 发表审计意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 内部控制审计报告 华兴审字[2025]24014400036号 奥飞娱乐股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求， 我们审计了奥飞娱乐股份有限公司（以下简称 奥飞娱乐）2024年12月31日 的财务报告内部控制的有效性。 华兴会计师事务所 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外， 由于情况的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的 程度降低，根据内部控制审计结果推测未来内部控制的有效性具有一定的风 险。 1 会计师事务所(特殊普通合伙 NG CERTIFIED PUBLIC ACCOUNTANTS 电话(Tel):05 ...

w 奥飞娱乐股份有限公司 关于非经营性资金占用及其他关联 资金往来的专项审核说明 华兴专字[2025]24014400056 号 华兴会计师事务所（特殊普通合伙） 关于非经营性资金占用及其他关联资金往来 的专项审核说明 华兴专字[2025]24014400056 号 奥飞娱乐股份有限公司全体股东： 1 兴会计师事务所(特殊普通合伙) KING CERTIFIED PUBLIC ACCOUNTANTS 地址:福建省福州市湖东路152号中山大厦B座6-9楼 电话(Tel):0591-87852574 传 直(Fax)· 0591- Add : 6-9/F Block B,152 Hudong Road,Fuzhou,Fujian,China Http://www.fjhxcpa.com 邮政编码(Postcode 关联资金往来情况,汇总表应当与已审计的财务报表一并阅读。 本专项说明仅供奥飞娱乐披露年度报告时使用,不得用作任何其他用途。 华兴会计师事务所 (特殊普通合伙) 中国注册会计师: 中国注册会计师: 中国福州市 我们接受奥飞娱乐股份有限公司（以下简称奥飞娱乐）委托，根据中国注 册会计师执业准则审计了奥飞娱乐 ...