登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002862 证券简称：实丰文化 公告编号：2025-010 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、授信融资及担保情况概述 （一）授信融资情况概述 实丰文化发展股份有限公司（以下简称"公司"、"实丰文化"或"上市公司"）于2024年4月26日召开的第 四届董事会第五次会议和第四届监事会第五次会议、2024年5月21日召开的2023年年度股东大会，审议 通过了《关于2024年度为公司及下属公司申请授信融资提供担保额度预计的议案》（下属公司含下属全 资、控股、参股子公司，包括现有的、新设立的和通过收购等方式取得股权的公司，下同），为满足公 司和下属公司业务发展和日常经营的资金需求，2024年公司及下属公司拟向相关金融机构（包括但不限 于银行、融资租赁公司等）申请不超过12亿元（含本数）的授信融资额度，授信方式为信用、抵押或担 保，业务种类范围包括但不限于贷款、汇票承兑、汇票贴现、开立信用证、信用证项下进口押汇等，具 体金额及业务品种以实际签署合同约定为准，在授权期限内，授信额度内可循环使用。 ...

证券代码：002862 证券简称：实丰文化 公告编号：2025-010 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、授信融资及担保情况概述 （一）授信融资情况概述 实丰文化发展股份有限公司（以下简称"公司"、"实丰文化"或"上市公 司"）于 2024 年 4 月 26 日召开的第四届董事会第五次会议和第四届监事会第五次 会议、2024 年 5 月 21 日召开的 2023 年年度股东大会，审议通过了《关于 2024 年 度为公司及下属公司申请授信融资提供担保额度预计的议案》（下属公司含下属 全资、控股、参股子公司，包括现有的、新设立的和通过收购等方式取得股权的 公司，下同），为满足公司和下属公司业务发展和日常经营的资金需求，2024 年 公司及下属公司拟向相关金融机构（包括但不限于银行、融资租赁公司等）申请 不超过 12 亿元（含本数）的授信融资额度，授信方式为信用、抵押或担保，业务 种类范围包括但不限于贷款、汇票承兑、汇票贴现、开立信用证、信用证项下进 口押汇等，具体金额及业务品种以实际签署合同约定为准，在授权期限内，授信 额度内可循环使用。 为满足 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company with a target price yet to be specified [5]. Core Insights - The company is focusing on the integration of AI technology into its toy products, launching the new AI toy "AI Magic Star" by the end of 2024, which aims to provide personalized experiences for children [1][2]. - Strategic partnerships with Baidu and Guanghe Tong are pivotal for the company's transition towards intelligent, personalized, and educational toys, enhancing its competitive edge in the market [2][3]. - The company plans to expand its product offerings to include AI companionship products for adults and seniors, aiming to broaden its consumer base [10]. Summary by Sections Strategic Partnerships - The collaboration with Baidu aims to leverage AI large models to enhance product development and explore innovative product forms, targeting the over 100 billion IP derivative market [2]. - The partnership with Guanghe Tong will establish a joint AI product laboratory, focusing on immersive experiences and emotional interactions in toys [3][4]. Product Development - The upcoming AI Magic Star toy will feature educational and interactive capabilities, allowing continuous dialogue and real-time engagement with children [1]. - The integration of AI technology will transform toys from mere entertainment tools into companions that foster creativity and emotional support for children [4]. Financial Projections - The report maintains profit forecasts, projecting EPS of 0.08 yuan, 0.53 yuan, and 0.85 yuan for the years 2024 to 2026 respectively [10]. - Revenue is expected to grow significantly, with projections of 442.02 million yuan in 2024, 574.89 million yuan in 2025, and 735.42 million yuan in 2026, reflecting a growth rate of 40.22%, 30.06%, and 27.92% respectively [11].

Investment Rating - The report maintains a rating of "Accumulate" for the company with a target price yet to be specified [5]. Core Views - The company is focusing on the integration of AI technology into its toy products, aiming to create a new era of intelligent manufacturing in the toy industry [1][2]. - Strategic partnerships with Baidu and Guanghetong are expected to enhance the company's capabilities in AI toy development, allowing for personalized and interactive experiences for children [2][3]. - The introduction of the new AI toy, "AI Magic Star," is set for the end of 2024, which will provide educational and interactive features tailored to individual children's needs [1][4]. Summary by Sections Strategic Partnerships - The collaboration with Baidu aims to leverage AI large models to innovate toy products, enhancing their educational and interactive value [2]. - The partnership with Guanghetong will establish a joint AI product laboratory, focusing on immersive experiences and emotional interactions in toys [3][4]. Product Development - The company plans to launch the "AI Magic Star," which will feature continuous dialogue capabilities and a dedicated app for parents to monitor interactions [1]. - Future developments include the integration of advanced technologies such as motion recognition and holographic projection to create a comprehensive AI interactive ecosystem [3]. Financial Projections - The report maintains profit forecasts, projecting earnings per share (EPS) of 0.08 yuan, 0.53 yuan, and 0.85 yuan for the years 2024 to 2026, respectively [10]. - Revenue is expected to grow significantly, with projections of 442.02 million yuan in 2024, 574.89 million yuan in 2025, and 735.42 million yuan in 2026, reflecting growth rates of 40.22%, 30.06%, and 27.92% [11]. Market Positioning - The company aims to capture a significant share of the over 100 billion yuan IP derivative market by innovating in AI toy products [2]. - The integration of AI with existing IPs is expected to redefine the toy industry, positioning the company as a leader in the evolving market [4].

Group 1: Agriculture and Livestock Industry - The probability of capacity reduction in the pig farming industry is high, with recovery difficulties greater than in previous cycles, indicating that the pig cycle is likely to return to normal gradually [2] - The overall output of large-scale pig enterprises is expected to increase year-on-year in 2025, while the industry may re-enter a loss state due to strong supply and weak demand for pig prices [2] - The pig farming sector is currently undervalued, with significant upside potential in stock valuations as many stocks are at historical low valuation ranges [2] Group 2: Light Textile Industry - The company, Shifeng Culture, is expected to turn a profit in 2024, with its toy business accounting for over 90% of revenue from 2018 to 2023 [3] - The integration of AI and IP in product development is leading the industry trend, with successful launches of AI toys that meet various functional needs [3] - The company plans to expand its market presence through diversified strategies and aims to enter overseas markets, projecting significant growth in net profit from 0.1 billion to 1.0 billion from 2024 to 2026 [3] Group 3: Healthcare Industry - The company, Weijian Medical, is actively responding to a crisis by enhancing its internal controls and implementing a traceability project for its sanitary products [5] - The brand, Nais Princess, has gained market recognition and improved rankings on e-commerce platforms due to its product quality and clean production environment [5] - The company aims to enhance product quality and innovation in its core product lines, focusing on consumer trust and product storytelling [5][27] Group 4: Human Resources Industry - Beijing Renli is embracing AI technology to drive digital transformation in the human resources sector, establishing a joint venture to focus on AI applications [9][30] - The company is developing a dual technology path to enhance operational efficiency and risk management through AI integration [30] - Profit forecasts for 2024-2026 have been adjusted downward, with expected net profits of 8.3 billion, 9.5 billion, and 10.4 billion respectively [9][32] Group 5: Energy Industry - Kunlun Energy reported a revenue of 1870.46 billion RMB in 2024, reflecting a year-on-year increase of 5.5% [33] - The company achieved a natural gas sales volume of 541.70 billion cubic meters, up 9.9% year-on-year, outperforming industry growth [33] - The LNG plant's operational efficiency has improved, with 13 plants achieving profitability, indicating a positive trend in the energy sector [35]

公司报告 | 首次覆盖报告 实丰文化（002862） 证券研究报告 AI+IP 赋能玩具业务发展 玩具领军企业，AI 玩具、小游戏引领新成长。公司成立于 1992 年，三十 余年深耕玩具产业，建立起完善的研发、生产及销售体系，产品远销欧美、 中东、东南亚等近百个国家和地区，"实丰"品牌知名度较为广泛。公司引 领玩具行业潮流趋势，创新融合玩具和网游产业模式，开发了集语音控制、 主动交互、具有深度学习能力的系列智能玩具，有望带来全新市场机会。 24 年业绩扭亏为盈。18-23 年公司玩具业务收入占比高达 90%+，24H1 游 戏业务收入 2997 万元，同比+354%，收入占比提升至 19%。根据公司业绩 预告，24 年预计归母净利润 800-1200 万元，利润转正主要系 1）玩具业务 消费回暖，主要客户订单充足，总体销售额及利润同比增加；2）游戏业务 不断丰富游戏产品线，收入和利润较上年同期有大幅增长。 玩具行业：IP 铸核心，AI+焕新生。全球玩具市场稳步扩容，根据布鲁可 招股书，预计 23-28 年全球/中国玩具市场 CAGR 分别为 5.2%/9.5%，其中 IP 玩具为市场核心构成部分，23 年全球 ...

公司报告 | 首次覆盖报告 实丰文化（002862） 证券研究报告 AI+IP 赋能玩具业务发展 玩具领军企业，AI 玩具、小游戏引领新成长。公司成立于 1992 年，三十 余年深耕玩具产业，建立起完善的研发、生产及销售体系，产品远销欧美、 中东、东南亚等近百个国家和地区，"实丰"品牌知名度较为广泛。公司引 领玩具行业潮流趋势，创新融合玩具和网游产业模式，开发了集语音控制、 主动交互、具有深度学习能力的系列智能玩具，有望带来全新市场机会。 24 年业绩扭亏为盈。18-23 年公司玩具业务收入占比高达 90%+，24H1 游 戏业务收入 2997 万元，同比+354%，收入占比提升至 19%。根据公司业绩 预告，24 年预计归母净利润 800-1200 万元，利润转正主要系 1）玩具业务 消费回暖，主要客户订单充足，总体销售额及利润同比增加；2）游戏业务 不断丰富游戏产品线，收入和利润较上年同期有大幅增长。 玩具行业：IP 铸核心，AI+焕新生。全球玩具市场稳步扩容，根据布鲁可 招股书，预计 23-28 年全球/中国玩具市场 CAGR 分别为 5.2%/9.5%，其中 IP 玩具为市场核心构成部分，23 年全球 ...

证券代码：002862 证券简称：实丰文化 公告编号：2025-009 实丰文化发展股份有限公司 关于公司为下属公司提供担保进展的公告 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、授信融资及担保情况概述 （一）授信融资情况概述 实丰文化发展股份有限公司（以下简称"公司"、"实丰文化"或"上市公 司"）于 2024 年 4 月 26 日召开的第四届董事会第五次会议和第四届监事会第五 次会议、2024 年 5 月 21 日召开的 2023 年年度股东大会，审议通过了《关于 2024 年度为公司及下属公司申请授信融资提供担保额度预计的议案》（下属公司含下 属全资、控股、参股子公司，包括现有的、新设立的和通过收购等方式取得股 权的公司，下同），为满足公司和下属公司业务发展和日常经营的资金需求， 2024 年公司及下属公司拟向相关金融机构（包括但不限于银行、融资租赁公司 等）申请不超过 12 亿元（含本数）的授信融资额度，授信方式为信用、抵押或 担保，业务种类范围包括但不限于贷款、汇票承兑、汇票贴现、开立信用证、 信用证项下进口押汇等，具体金额及业务品种以实际签 ...

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Viewpoints - The light industry sector is expected to become a significant node in the AI industry chain, with various sub-sectors such as eyewear and toys already implementing AI applications. Companies deeply involved in the AI supply chain are likely to benefit from future industry growth [9][3]. - Specific sub-sectors benefiting from AI include eyewear, mattresses, sports, and toys, which are recommended for investment focus [3][9]. Summary by Sections AI Eyewear - AI eyewear is entering a product explosion phase, with significant market response to products like Ray Ban Meta, which achieved a quarterly sales volume of 680,000 units in Q4 2024. Global sales of AI eyewear are projected to reach 1.5 million units in 2024, a year-on-year increase of 533% [17][20]. - The market for AI eyewear is dominated by models with cameras, accounting for 94% of sales, primarily driven by the success of Ray Ban Meta [21][23]. - The cost structure of AI eyewear shows that lenses and frames account for about 8% of the total cost, with potential for significant value enhancement through advanced technologies [28][29]. AI Mattresses - AI mattresses integrate AI technology to monitor sleep data and adjust firmness and support based on user needs, addressing the growing sleep issues in modern society. The global market for AI mattresses was approximately $1.7 billion in 2023, with a projected CAGR of 5.6% from 2024 to 2030 [44][46]. - The market is still in its early stages, with intense competition and a focus on consumer education to enhance awareness and acceptance of AI mattress technology [48][50]. AI Sports and Fitness - The AI sports fitness market is characterized by two business models: one targeting consumers through apps and equipment, and the other targeting gyms with AI fitness devices. The market is expected to grow rapidly, with the Chinese smart fitness market projected to reach 82 billion yuan by 2025 [65][66]. - The penetration of AI fitness solutions is low but growing, with significant potential for expansion as consumer awareness increases and technology becomes more accessible [63][66].

实丰文化发展股份有限公司（以下简称"公司"、"实丰文化"或"上市公 司"）于 2024 年 4 月 26 日召开的第四届董事会第五次会议和第四届监事会第五 次会议、2024 年 5 月 21 日召开的 2023 年年度股东大会，审议通过了《关于 2024 年度为公司及下属公司申请授信融资提供担保额度预计的议案》（下属公司含下 属全资、控股、参股子公司，包括现有的、新设立的和通过收购等方式取得股 权的公司，下同），为满足公司和下属公司业务发展和日常经营的资金需求， 2024 年公司及下属公司拟向相关金融机构（包括但不限于银行、融资租赁公司 等）申请不超过 12 亿元（含本数）的授信融资额度，授信方式为信用、抵押或 担保，业务种类范围包括但不限于贷款、汇票承兑、汇票贴现、开立信用证、 信用证项下进口押汇等，具体金额及业务品种以实际签署合同约定为准，在授 权期限内，授信额度内可循环使用。 为满足全资子公司广东实丰智能科技有限公司（以下简称"实丰智能"）日 常经营对流动资金的需求，实丰智能近日与兴业银行股份有限公司汕头分行 （以下简称"兴业银行"）签署了三份《流动资金借款合同》，三笔借款金额均 为 1,000 万元。 ...