证券代码：301011 证券简称：华立科技 公告编号：2026-001 广州华立科技股份有限公司 2、本次申请解除限售股份的上市流通日期为 2026 年 3 月 31 日（星期二）。 一、本次申请解除限售股票的基本情况及公司股本变动情况 （一）本次申请解除限售股份的基本情况 经中国证券监督管理委员会（以下简称"中国证监会"）《关于同意广州华立 科技股份有限公司向特定对象发行股票注册的批复》（证监许可〔2025〕1972 号） 注册批复，公司以简易程序向特定对象发行人民币普通股（A 股）6,137,959 股， 并于 2025 年 9 月 29 日在深圳证券交易所上市，限售期为新增股票上市首日起 6 个月。本次发行完成后，公司总股本由 146,692,000 股增加至 152,829,959 股。 （二）上述股份发行完成后公司股本变动情况 关于以简易程序向特定对象发行股票解除限售 并上市流通的提示性公告 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。 重要内容提示： 1、本次申请解除限售的股份为广州华立科技股份有限公司（以下简称"公 司"、"发行人"或"华立科技 ...

万联证券股份有限公司 关于广州华立科技股份有限公司 以简易程序向特定对象发行股票解除限售 并上市流通的核查意见 万联证券股份有限公司（以下简称"万联证券"或"保荐机构"）作为广州 华立科技股份有限公司（以下简称"公司"或"华立科技"）2025 年度以简易程 序向特定对象发行股票的保荐机构，根据《证券发行上市保荐业务管理办法》《深 圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》等有关规定，对华立科技以简易程序向特定 对象发行股票解除限售并上市流通的事项进行了审慎核查，具体情况如下： 截至 2026 年 3 月 19 日，公司总股本为 154,352,959 股，其中有限售条件股 份数量为 13,923,559 股，包括高管锁定股 7,785,600 股以及本次申请解除限售的 首发后限售股 6,137,959 股。 一、本次申请解除限售股票的基本情况及公司股本变动情况 （一）本次申请解除限售股份的基本情况 经中国证券监督管理委员会（以下简称"中国证监会"）《关于同意广州华立 科技股份有限公司向特定对象发行股票注册的批复》（证监许可〔2025〕1972 号 ...

社会服务 社会服务 2026 年 03 月 22 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -24% -12% 0% 12% 24% 2025-03 2025-07 2025-11 社会服务 沪深300 相关研究报告 《中东局势或利好中国香港地产持续 复苏，多特倍斯 2 月仍保持高增—行 业周报》-2026.3.15 《中国香港房价及租金回暖，市场维 持美国年内两次降息预期—行业周 报》-2026.3.8 《体验与首店经济驱动高端商业体， 三丽鸥上修全年预期—行业周报》 -2026.3.1 | 初敏（分析师） | 李睿娴（分析师） | 程婧雅（分析师） | | --- | --- | --- | | chumin@kysec.cn | liruixian@kysec.cn | chengjingya@kysec.cn | | 证书编号：S0790522080008 | 证书编号：S0790525020004 | 证书编号：S0790525070010 | liruixian@kysec.cn 证书编号：S0790525020004 chengjingya@kysec.cn 证书编号：S07905 ...

Core Insights - The report maintains a "Buy" rating for the internet media sector, highlighting strong growth potential in various sub-sectors such as e-commerce, social entertainment media, internet healthcare, short videos, and IP-driven markets [4][3] - The report emphasizes the positive impact of Apple's commission rate reduction on gaming companies, which is expected to enhance industry profitability [14][15] - The AI sector is anticipated to experience significant growth, with a focus on self-developed models and vertical integration in cloud and ecosystem services [22][4] E-commerce - The report notes that Alibaba's cloud services are expected to boost token usage and MaaS revenue due to the launch of lightweight cloud servers [4][17] - Meituan's management emphasizes a focus on core local business and AI as a major variable for future growth, while maintaining a significant market share in instant retail [14][15] Social Entertainment Media - Tencent's WeChat is projected to continue its strong monetization potential, while Bilibili's advertising growth is expected to lead the internet advertising market [4][18] - Bilibili's advertising revenue is forecasted to accelerate to a 27% growth rate in Q4 2025, benefiting from e-commerce and AI applications [18][4] Internet Healthcare - JD Health and Alibaba Health are leveraging their platform advantages to deepen collaborations with upstream pharmaceutical manufacturers, resulting in strong revenue and profit growth [4][18] Short Videos - Kuaishou is expected to benefit from technological advancements, with continued capital investment anticipated in 2026 [4][19] IP and Trendy Toys - Pop Mart is actively releasing and promoting new IPs, with plans to enhance collaboration with overseas designers to penetrate international markets [4][19] Long Videos - The report indicates that membership and advertising revenues in the long video sector are stabilizing, with companies exploring new business opportunities [4][19] Music Streaming - The music streaming sector is experiencing healthy membership growth, with strategies in place to optimize ARPU [4][19] Gaming - The report remains optimistic about the gaming sector's performance, with recommendations for companies like Century Huatong and Giant Network, which have strong product pipelines and sustainable growth [20][4] - The gaming industry is expected to maintain its favorable outlook into 2026, driven by fundamental performance [20][4] Advertising - The report highlights significant increases in internet advertising investments, particularly for companies like Focus Media, which is expected to benefit from upcoming major events [20][4] AI - The report anticipates a new wave of value reassessment in AI, with a focus on high customer unit prices and increased penetration rates [22][4]

Core Viewpoint - Huali Technology (301011) has recently disclosed key events including the holding of the first extraordinary general meeting of shareholders in 2025 and the release of its financial report [1] Group 1: Financial Performance - For the period from January to September 2025, the company achieved operating revenue of 742 million yuan, representing a year-on-year decrease of 1.33% [2] - The net profit attributable to the parent company was 66.88 million yuan, reflecting a year-on-year decline of 3.91% [2] Group 2: Recent Events - Currently, there are no significant upcoming events mentioned in public information, such as asset restructuring or suspension of trading [3] - Investors are advised to follow official channels for the latest announcements to track developments [3]

Group 1 - The "Guzi economy" has emerged as a new consumer pillar, with a market size expected to exceed 300 billion yuan by 2029, driven by emotional consumption and the rise of domestic IPs [3][4] - As of November 2025, there are 7.5683 million companies related to the Guzi economy in China, with over 46% established in the last three years, indicating robust industry growth [3][4] - The younger generation, particularly those born after 2005, is leading consumption trends, with women making up 78% of the consumer base, averaging 2.9 purchases per month [3][4] Group 2 - Huali Technology (301011.SZ) has positioned itself well within the Guzi economy, achieving a gross margin of 40.19% in its anime IP derivative products, and is benefiting from a dual strategy of expanding production and exploring overseas markets [2][5] - In 2024, Huali Technology reported revenue of 1.017 billion yuan, a year-on-year increase of 24.65%, and a net profit of 84.65 million yuan, up 62.93%, showcasing efficient operational capabilities [5][6] - The company is actively expanding its production capacity and has plans to invest at least 140 million yuan in a new production project, enhancing its core competitiveness in the IP derivative market [6][7] Group 3 - The cultural and creative industry is experiencing significant performance differentiation, with leading companies like Yuanlong Yatu seeing a net profit increase of 235.8%, while others like Qunxing Toys face profit declines [4][5] - The Guzi economy is still in a rapid development phase, with IP operational capabilities and innovation being crucial for companies to stand out in the market [7] - The overall cultural and creative industry is expected to accelerate its transformation towards precise demand capture and refined IP operations, with competitive companies likely to emerge as winners [7]

Summary of the Conference Call for Huali Technology Company Overview - **Company**: Huali Technology - **Industry**: Amusement and Gaming Equipment Key Points and Arguments Business Performance - Huali Technology's domestic business has been under pressure due to macroeconomic conditions and a slow recovery in consumer spending, particularly in the amusement sector [3][4] - Positive signs include a stabilization in the pricing of tokens used in amusement parks, indicating a reduction in harmful price competition [4] - The company plans to focus on its strengths in simulation machines, particularly music and racing machines, and will also target mid-to-low-end markets to increase market share [5] Domestic Market Challenges - The domestic market remains challenging, with expectations of continued pressure in 2025 compared to 2024 [11] - The company is reducing the number of new store openings and seeking light-asset management partnerships to adapt to the current market conditions [11] International Market Growth - Huali Technology sees overseas markets as a key growth driver, with significant performance in the U.S. and Southeast Asia [7] - The company is expanding its ODM and OEM business, particularly with Japanese clients seeking to rebuild their supply chains post-pandemic [8] Product Development and IP Strategy - The company launched new products, including the second generation of Pokémon cards and a female-oriented card machine, which have performed well despite recent public relations challenges [9][12] - Huali Technology aims to increase its penetration in the market by expanding the number of stores carrying its products, currently reaching around 2,000 stores [9][43] - The company plans to allocate approximately 30% of its new product launches to non-traditional channels to broaden its audience [43] Financial Updates - Huali Technology raised approximately 150 million yuan through a recent fundraising round, primarily to invest in the Pokémon IP and other established franchises like Marvel [27] - The company anticipates increasing its machine deployment from 2,000-3,000 units to potentially 4,000-5,000 units in 2026 due to the new funding [27] Market Trends and Consumer Behavior - The company notes a shift in consumer behavior, with amusement parks moving away from price wars to improve service quality and upgrade facilities [39] - There is an expectation of a gradual recovery in equipment demand as the market stabilizes, with potential improvements in the second half of 2026 [40] Future Outlook - Huali Technology plans to maintain a focus on overseas expansion and increasing the number of machines deployed in the domestic market [47] - The company is cautious about the performance of its products in the domestic market, particularly in light of recent public relations issues affecting the Pokémon brand [15][49] R&D and Product Innovation - The company has significantly increased its R&D team, now comprising around 100 members, to enhance product development capabilities [35] - Huali Technology aims to release 5-10 new products annually, with a focus on maintaining a competitive edge in the card machine sector [36] Conclusion - Huali Technology is navigating a challenging domestic market while seeking growth opportunities abroad. The company is committed to product innovation and expanding its market presence through strategic investments and partnerships.

Group 1 - The entertainment products sector increased by 0.14% on February 2, with Zhujiang Piano leading the gains [1] - The Shanghai Composite Index closed at 4015.75, down by 2.48%, while the Shenzhen Component Index closed at 13824.35, down by 2.69% [1] - Zhujiang Piano's stock price rose by 10.08% to 5.79, with a trading volume of 240,100 shares and a transaction value of 135 million [1] Group 2 - The entertainment products sector saw a net inflow of 154 million from institutional investors, while retail investors experienced a net outflow of 55.67 million [2][3] - Key stocks in the sector included Qunxing Toys, which had a net inflow of 133 million from institutional investors, but a net outflow of 68.99 million from retail investors [3] - Zhujiang Piano had a net inflow of 55.24 million from institutional investors, with retail investors showing a net outflow of 31.66 million [3]

Core Insights - The deep integration of cultural tourism and IP economy is becoming a core engine for activating consumer potential, promoting cultural exports, and cultivating new productive forces [1] - The 2026 World Cultural Tourism Industry Expo and Global IP Industry Cooperation and Trade Fair will take place in Guangzhou, highlighting the importance of IP in driving high-quality development in the cultural tourism sector [1] Policy Guidance and Industry Resonance - The cultural tourism IP industry is identified as a core growth pole under the cultural power strategy, transitioning from "hard development" to "soft power" [2] - IP is evolving from a single content element to a full-chain engine driving scene innovation and brand value [2] - The shift in cultural tourism consumption from superficial experiences to emotional value and immersive experiences emphasizes the need for quality IP to enhance consumer experiences [2] - A robust copyright protection system is essential for supporting IP innovation and global expansion [2] Industry Integration and Opportunities - The deep integration of IP and cultural tourism is seen as a key driver for industry upgrades, with a complete industrial chain already established in the gaming and amusement sector [3] - The expo serves as a platform for precise matching of quality amusement equipment with global IP resources, promoting collaborative development [3] - The "thousand sails go to sea" strategy aims to enhance the global presence of Chinese cultural tourism IP through a multi-country and multi-city exhibition approach [3] IP, Design, and Industry Connection - The integration of IP and cultural tourism is at a critical stage of innovation and value release, with design playing a key role in enabling IP to materialize within the tourism industry [4] - The IP × Design × Industry Connection event featured experts sharing practical experiences on various themes related to digital animation IP, scene design, and marketing [6] - The upcoming expo in May 2026 will serve as a core hub for linking global resources and facilitating value transformation in the industry [6]

Group 1 - The core viewpoint of the news is that Huali Technology has experienced a decline in both revenue and net profit for the first nine months of 2025, alongside changes in shareholder structure and financing activities [2][3]. Group 2 - As of January 29, Huali Technology's stock price fell by 0.08%, with a trading volume of 90.89 million yuan. The financing buy-in amount was 7.14 million yuan, while the financing repayment was 9.32 million yuan, resulting in a net financing buy of -2.18 million yuan [1]. - The total balance of margin trading for Huali Technology as of January 29 was 82.82 million yuan, with the financing balance accounting for 2.13% of the circulating market value, which is below the 10% percentile level over the past year [1]. - The company has a high short-selling balance, with a short-selling balance of 311,300 yuan, exceeding the 90% percentile level over the past year [1]. - Huali Technology's main business revenue composition includes 49.41% from game and amusement equipment sales, 34.44% from anime IP derivative product sales, 11.12% from amusement park operations, 3.51% from equipment cooperative operations, and 1.51% from other sources [1]. Group 3 - As of September 30, the number of Huali Technology's shareholders was 13,700, a decrease of 15.13% from the previous period, while the average circulating shares per person increased by 17.83% to 10,121 shares [2]. - For the period from January to September 2025, Huali Technology achieved an operating income of 742 million yuan, a year-on-year decrease of 1.33%, and a net profit attributable to shareholders of 66.88 million yuan, a year-on-year decrease of 3.91% [2]. Group 4 - Since its A-share listing, Huali Technology has distributed a total of 76.04 million yuan in dividends, with 58.68 million yuan distributed over the past three years [3]. - Among the top ten circulating shareholders as of September 30, 2025, Huaxia CSI Animation Game ETF ranked as the fourth largest shareholder with 2.11 million shares, an increase of 355,800 shares from the previous period. Additionally, both Bosera Tianyi Bond A and Guotai CSI Animation Game ETF entered the top ten as new shareholders [3].