广东高乐股份有限公司 2025 年第三季度报告 证券代码：002348 证券简称：高乐股份 公告编号：2025-026 广东高乐股份有限公司 2025 年第三季度报告 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。 重要内容提示： 1.董事会及董事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担 个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 3.第三季度财务会计报告是否经过审计 □是 否 | | 本报告期 | 本报告期比上年同期 | 年初至报告期末 | 年初至报告期末比上 | | --- | --- | --- | --- | --- | | | | 增减 | | 年同期增减 | | 营业收入（元） | 94,536,395.40 | -12.96% | 225,885,543.90 | 10.06% | | 归属于上市公司股东 | 16,279,190.51 | 936.40% | -11,672,416.06 | 65.9 ...

Market Overview - The entertainment products sector increased by 0.8% on October 23, with Zhujiang Piano leading the gains [1] - The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index closed at 13025.45, also up 0.22% [1] Top Performers - Zhujiang Piano (002678) closed at 6.19, up 9.95% with a trading volume of 721,500 shares and a transaction value of 443 million [1] - Sanbai Shuo (001300) closed at 15.59, up 3.66% with a trading volume of 79,300 shares and a transaction value of 124 million [1] - Zhejiang Zhengte (001238) closed at 50.51, up 2.98% with a trading volume of 46,626 shares and a transaction value of 33.21 million [1] Underperformers - Qunxing Toys (002575) closed at 6.36, down 3.49% with a trading volume of 450,700 shares and a transaction value of 288 million [2] - Gao Le Co. (002348) closed at 4.15, down 3.04% with a trading volume of 358,800 shares and a transaction value of 149 million [2] - Tianyuan Pet (301335) closed at 30.30, down 1.46% with a trading volume of 22,900 shares and a transaction value of 69.39 million [2] Capital Flow - The entertainment products sector experienced a net outflow of 93.73 million from institutional investors, while retail investors saw a net inflow of 70.65 million [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors are actively buying [2] Individual Stock Capital Flow - Source Pet (001222) had a net inflow of 18.69 million from institutional investors, but a net outflow of 9.57 million from speculative funds [3] - Guangbo Co. (002103) saw a net inflow of 18.66 million from institutional investors, but a significant net outflow of 19.70 million from retail investors [3] - Zhejiang Zhengte (001238) had a net inflow of 1.46 million from institutional investors, while speculative funds and retail investors experienced net outflows [3]

Market Overview - The entertainment products sector increased by 0.67% on the previous trading day, with Helen Piano leading the gains [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Top Performers - Helen Piano (300329) closed at 15.38, up 5.34% with a trading volume of 107,900 shares and a transaction value of 163 million [1] - Chuangyuan Co. (300703) closed at 30.40, up 4.32% with a trading volume of 78,400 shares and a transaction value of 232 million [1] - Jinling Sports (300651) closed at 23.33, up 4.15% with a trading volume of 128,500 shares and a transaction value of 295 million [1] Underperformers - Qunxing Toys (002575) saw a significant decline of 9.93%, closing at 6.35 with a trading volume of 374,100 shares and a transaction value of 238 million [2] - Zhujiang Piano (002678) decreased by 0.78%, closing at 5.12 with a trading volume of 263,300 shares and a transaction value of 135 million [2] Capital Flow - The entertainment products sector experienced a net outflow of 54.7 million from institutional investors, while retail investors saw a net inflow of 53.5 million [2][3] - The main stocks in the sector showed varied capital flows, with Jinling Sports receiving a net inflow of 24.57 million from institutional investors [3] Individual Stock Analysis - Helen Piano had a net inflow of 6.79 million from institutional investors, while retail investors had a net outflow of 7.61 million [3] - High乐股份 (002348) had a net inflow of 5.24 million from institutional investors, but retail investors experienced a net outflow of 8.50 million [3]

Market Performance - The entertainment products sector increased by 3.53% on October 20, with Gao Le Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3863.89, up 0.63%, while the Shenzhen Component Index closed at 12813.21, up 0.98% [1] Individual Stock Performance - Gao Le Co., Ltd. (002348) closed at 4.22, with a rise of 4.46% and a trading volume of 496,700 shares, amounting to a transaction value of 208 million yuan [1] - Other notable performers included: - Jin Yun Jiu Guang (300220) at 15.14, up 3.77% [1] - Jin Ling Sports (300651) at 22.40, up 2.38% [1] - Shi Feng Culture (002862) at 18.43, up 2.05% [1] Capital Flow Analysis - The entertainment products sector experienced a net outflow of 52.64 million yuan from institutional investors, while retail investors saw a net inflow of 49.88 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors continued to invest [2] Detailed Capital Flow for Selected Stocks - Zhu Jiang Piano (002678) had a net inflow of 5.39 million yuan from institutional investors, but a net outflow of 14.27 million yuan from retail investors [3] - Other stocks with significant capital movements included: - Qi Xin Group (002301) with a net inflow of 3.03 million yuan from institutional investors [3] - Kang Li Yuan (301287) with a net inflow of 2.42 million yuan from institutional investors [3]

Market Overview - The entertainment products sector experienced a slight decline of 0.06% on October 14, with Jinling Sports leading the drop [1] - The Shanghai Composite Index closed at 3865.23, down 0.62%, while the Shenzhen Component Index closed at 12895.11, down 2.54% [1] Stock Performance - Notable gainers in the entertainment products sector included: - Helen Piano: Closed at 14.97, up 4.98% with a trading volume of 194,400 shares and a turnover of 294 million yuan [1] - Yingpais: Closed at 24.03, up 2.43% with a trading volume of 84,400 shares and a turnover of 202 million yuan [1] - Gaole Co.: Closed at 4.01, up 1.52% with a trading volume of 318,000 shares and a turnover of 127 million yuan [1] - Conversely, Jinling Sports saw a significant decline, closing at 21.66, down 4.33% with a trading volume of 77,200 shares and a turnover of 171 million yuan [2] Capital Flow - The entertainment products sector saw a net outflow of 126 million yuan from institutional investors, while retail investors experienced a net inflow of 82.96 million yuan [2] - The capital flow for specific stocks showed: - Morning Light Co.: Net inflow of 13.99 million yuan from institutional investors, but a net outflow of 15.94 million yuan from retail investors [3] - Gaole Co.: Net inflow of 5.65 million yuan from institutional investors, with a net outflow of 2.49 million yuan from retail investors [3] - Pearl River Piano: Net inflow of 2.57 million yuan from institutional investors, with a net outflow of 1.69 million yuan from retail investors [3]

Core Insights - The article discusses the evolving regulatory landscape of China's trendy toy blind box industry, highlighting the transition from a self-regulated market to a structured national framework aimed at ensuring consumer protection and promoting cultural integration [1][4][11]. Policy Development Timeline - The blind box industry has undergone several regulatory phases: pre-2019 was marked by a lack of regulation, 2020-2022 saw local pilot programs and special rectifications, and 2023 established a national regulatory framework with guidelines from the State Administration for Market Regulation [1][4]. - By 2025, policies will focus on cultural empowerment and international expansion, promoting models like "trendy toys + intangible cultural heritage" and enhancing standards to align with international practices [1][4]. National Policy Summary and Interpretation - The current policies emphasize a balance between regulation and innovation, with the 2023 "Guidelines for Blind Box Business Practices" at the core, which prohibits the sale of banned items, mandates key information disclosure, and strengthens protections for minors [4][5]. - The government encourages the integration of trendy toys with cultural heritage and tourism, exemplified by the establishment of a 1 billion yuan IP overseas fund to support local brands like Pop Mart in entering international markets [4][5]. Provincial and Municipal Policy Overview - The national framework is complemented by local initiatives, with cities like Shanghai and Dongguan leading the way in industry regulation and upgrades, while most regions focus on implementing national guidelines alongside market inspections [11][12]. - Future policies will prioritize cultural value exploration and global competitiveness, aiming to shift China's trendy toy industry from "OEM manufacturing" to "cultural export" [12][11]. Key Policy Highlights by Year - Various policies have been introduced, such as the establishment of a 1 billion yuan IP overseas fund by the Ministry of Commerce in 2025, aiming for over 30% of overseas revenue by 2030 [5][6]. - The 2024 government work report emphasizes fostering new consumption growth points, including smart home products and cultural tourism [5][6]. Local Initiatives and Industry Development - Local governments are implementing measures to protect minors from blind box purchases, with specific regulations in places like Beijing and Guangdong to limit sales to those over 8 years old [11][13]. - Cities are also focusing on cultural integration, with initiatives to develop local cultural products and enhance the value of trendy toys through unique regional characteristics [14][15].

Core Insights - The Chinese潮玩盲盒 industry has experienced a decline in financing activity in recent years, with a peak of 17 financing events in 2021, dropping to only 2 events in 2024, but showing a slight recovery with 7 events from January to August 2025 [1][2] - The financing amounts have also fluctuated, peaking at 1.36 billion yuan in 2021, but dropping to 60 million yuan in 2024, with 283 million yuan raised in the first eight months of 2025 [2] - The industry is currently in a growth phase, primarily driven by A-round and angel investments, with a total of 30 A-round and 26 angel/seed round financing events [5] - Financing activities are concentrated in major cities such as Shanghai, Beijing, and Zhejiang, with Shanghai leading at 20 events, followed by Zhejiang with 16 and Beijing with 14 [6][8] - The investment focus is predominantly on cultural brands, which account for 54% of the investments, while trendy toys represent 35% [12] - The main investors in the潮玩盲盒 industry are investment firms, with notable participants including Sequoia Seed Fund and Alibaba Entrepreneur Fund, while operational companies like泡泡玛特 and 小红书 also play a role [15] - The industry is witnessing active mergers and acquisitions, with major players like Tencent,泡泡玛特, and万达电影 expanding their market presence through strategic acquisitions [17][19] Financing Trends - The潮玩盲盒 industry is in a growth phase, with A-round and angel investments being the primary focus [5] - The most frequent investment locations are Beijing and Shanghai, followed by Zhejiang [20] - Cultural brands are the main investment hotspots in the潮玩盲盒 sector [20] Mergers and Acquisitions - Large enterprises have a competitive advantage in mergers and acquisitions, with companies like Tencent and泡泡玛特 actively pursuing deals to expand their business footprint [20] - Recent acquisitions include strategic investments by阅文集团 in the毛绒潮玩 brand and万达电影's investment in52TOYS, enhancing their IP development capabilities [19]

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]

Market Overview - The entertainment products sector experienced a decline of 0.7% on September 22, with Jinling Sports leading the drop [1] - The Shanghai Composite Index closed at 3828.58, up 0.22%, while the Shenzhen Component Index closed at 13157.97, up 0.67% [1] Individual Stock Performance - Huali Technology saw a closing price of 29.49, with an increase of 4.28% and a trading volume of 75,900 shares, amounting to a transaction value of 222 million yuan [1] - Zhejiang Zhengte closed at 51.48, up 2.55%, with a trading volume of 8,812 shares and a transaction value of 45.15 million yuan [1] - Shuhua Sports closed at 9.75, up 1.77%, with a trading volume of 87,200 shares [1] - Jinling Sports led the decline with a closing price of 24.14, down 3.40%, and a trading volume of 112,400 shares, resulting in a transaction value of 271 million yuan [2] Capital Flow Analysis - The entertainment products sector saw a net outflow of 83.28 million yuan from institutional investors, while retail investors contributed a net inflow of 22.56 million yuan [2][3] - Major stocks like Shuhua Sports and Huali Technology had mixed capital flows, with Shuhua Sports experiencing a net inflow of 15.07 million yuan from institutional investors [3] - Retail investors showed a significant net outflow from stocks like Huali Technology, amounting to 25.45 million yuan [3]

Group 1: Company Performance and Strategy - The company aims to enhance its performance and stock price by focusing on its core business, optimizing product structure, and expanding sales channels [1] - The goal is to achieve profitability and sustainable development through new business opportunities and profit growth [1][2] Group 2: Battery Project Status - Currently, the battery project has not commenced production, and there are no revenues from battery-related activities [2][3] - Future development of the battery project will depend on market conditions, national policies, and technological advancements [2][3] Group 3: Shareholder Information - As of September 10, 2025, the number of shareholders is 45,210 [2] Group 4: Product Development and Collaborations - The company is focused on producing and selling licensed IP toy products and has no current collaboration with Pop Mart for OEM [3] - There are plans to explore and develop smart toy products in response to market demand and advancements in AI technology [4] Group 5: Legal Matters - The company is actively pursuing rights and claims based on a recent court ruling regarding performance compensation, with some funds already received [4]