Group 1: Giant Network - The company achieved operating revenue of 1.662 billion yuan, a year-on-year increase of 16.47%, and a net profit of 777 million yuan, up 8.27% year-on-year [1] - The self-developed game "Supernatural Action Group" has shown rapid growth in user base and revenue, with major contributions expected to be released in the future due to revenue deferral factors [1] - The company plans to extend the game lifecycle through enhanced content supply, optimized game performance, and collaboration with well-known IPs [1] - The company is optimistic about overseas markets and is exploring international expansion for "Supernatural Action Group" [1] - R&D expenses increased in Q2 due to rising labor costs and technical service fees [1] Group 2: Huali Technology - The company's anime card equipment has a lifecycle of approximately 4-5 years, with a quarterly update cycle, covering over 2,000 offline amusement parks [2] - New devices such as "Pokémon Shining Star," "Three Kingdoms Fantasy Battle," and "Super Battle" will be launched in the second half of the year based on demand [2] - The company plans to explore more business models beyond selling IP cards to amusement parks [2] - A refinancing project has been accepted by the Shenzhen Stock Exchange, with plans to deploy 4,350 devices within two years, though specific progress remains uncertain [2] Group 3: Tianhong Fund - Tianhong Fund, established in 2004, has an asset management scale of 1,247.397 billion yuan, ranking 5th among 210 [2] - The fund's non-monetary public fund management scale is 439.799 billion yuan, ranking 13th among 210 [2] - The best-performing public fund product in the past year is the Tianhong CSI Hong Kong-Shenzhen Cloud Computing Industry ETF, with a recent net value of 1.62 and a growth of 141.15% over the past year [2]

Core Viewpoint - Huali Technology (301011) reported mixed financial results for the first half of 2025, with revenue growth but a decline in net profit, indicating potential challenges in profitability despite increased sales in the second quarter [1][2]. Financial Performance - Total revenue for the first half of 2025 reached 481 million yuan, a year-on-year increase of 4.12% compared to 462 million yuan in the same period of 2024 [1]. - Net profit attributable to shareholders was 34.98 million yuan, down 2.84% from 36.00 million yuan in the previous year [1]. - In Q2 2025, total revenue was 296 million yuan, reflecting a significant year-on-year increase of 19.96%, while net profit rose by 46.94% to 23.55 million yuan [1]. - The gross margin was 29.61%, a slight decrease of 0.51% year-on-year, and the net margin was 7.27%, down 6.69% from the previous year [1]. - Total expenses (selling, administrative, and financial) amounted to 62.73 million yuan, accounting for 13.04% of revenue, which is an increase of 9.56% year-on-year [1]. Cash Flow and Receivables - The company reported a significant level of accounts receivable, with accounts receivable amounting to 274 million yuan, which is 324.15% of the net profit for the period [1][2]. - The cash flow per share was 0.35 yuan, down 18.87% year-on-year, indicating potential liquidity concerns [1]. Business Operations and Strategy - The company plans to deploy 4,350 new anime card machines within two years to enhance market penetration [5]. - Huali Technology is focusing on increasing R&D investment to develop competitive gaming products, particularly those featuring domestic cultural elements [4]. - The company is exploring various business models for its anime IP derivative products, although it currently does not engage in pure retail sales of cards [4]. Market Position and Investor Sentiment - The company's return on invested capital (ROIC) was 10.19% last year, indicating average capital returns, with a historical median ROIC of 8.64% since its listing [2]. - Analysts expect the company's performance in 2025 to reach approximately 91 million yuan, with an average earnings per share forecast of 0.62 yuan [2].

Core Viewpoint - Guangzhou Huali Technology Co., Ltd. held a conference call on August 28, 2023, discussing its 2025 semi-annual report, highlighting a revenue increase but a decline in net profit [1] Financial Performance - In the first half of 2023, the company achieved operating revenue of 481.02 million yuan, a year-on-year increase of 4.12% [1] - The net profit attributable to shareholders was 34.98 million yuan, a year-on-year decrease of 2.84% [1] - Revenue from game and amusement equipment sales was 237.69 million yuan, impacted by delays in overseas product launches [1] - Revenue from anime IP derivative products was 165.67 million yuan, a year-on-year increase of 14.51%, with the new product "Pokémon: Shining Star" contributing significantly [1] Business Development - The company is exploring strategic expansion by launching IP operation brand "WARAWARA" and music brand "WA MUSIC" to create a commercial ecosystem integrating "IP + equipment + scene + derivatives" [2] - The company plans to increase the deployment of anime card equipment in the second half of the year, including products like "Pokémon: Shining Star" and "Three Kingdoms Fantasy Battle" [3] Investor Interaction - The product lifecycle for anime card equipment is approximately 4-5 years, with quarterly updates [3] - The company is actively promoting a refinancing project, with the Shenzhen Stock Exchange having accepted the application [3] - The company plans to deploy 4,350 anime card devices within two years, although the approval timeline remains uncertain [3]

Financial Performance - The company achieved a revenue of 48,102.28 million yuan in the first half of 2025, representing a growth of 4.12% compared to the previous year [2] - The net profit attributable to shareholders was 34,979.6 million yuan, a decrease of 2.84% year-on-year [2] - Revenue from game and amusement equipment sales was 23,768.91 million yuan, down 2.81% year-on-year, while the gross profit margin increased by 3.36% [2][3] - Revenue from anime IP derivative products reached 16,567.38 million yuan, showing a year-on-year growth of 14.51% [3] Business Development - The company is actively exploring strategic expansion by launching IP operation brands "WARAWARA" and music brand "WA MUSIC" to create a commercial ecosystem integrating "IP + equipment + scene + derivatives" [3] - The company plans to invest in 4,350 anime card devices within two years to enhance market penetration [4] Market Strategy - The company is considering increasing the deployment of anime card devices based on market demand, including popular titles like "Pokémon Shining Star" and "Three Kingdoms Fantasy Battle" [4] - The product lifecycle for anime card devices is approximately 4-5 years, with quarterly updates to the cards [4] Investor Engagement - The investor relations activity included a telephone conference with 27 institutional investors, ensuring compliance with information disclosure regulations [5] - The company is actively promoting its refinancing project, which has been accepted by the Shenzhen Stock Exchange, with updates to be disclosed in due course [4]

股 票 研 究 Q2 业绩显著回暖，宝可梦 IP 新品实现爆发 华立科技(301011) 2025 年半年报业绩点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 陈筱(分析师) | 021-38675863 | chenxiao@gtht.com | S0880515040003 | | 孙小雯(分析师) | 021-23154120 | sunxiaowen@gtht.com | S0880525040021 | | 李芓漪(分析师) | 021-38038428 | liziyi@gtht.com | S0880523080004 | 本报告导读： 25Q2 宝可梦 IP 新品迅速爆发，带动公司业绩环比回暖，公司拟定增募集 1.49 亿 元，其中 1.07 亿元用于投放动漫卡片设备，动漫 IP 衍生产品业务有望持续高增。 投资要点： | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- ...

Performance Overview - In H1 2025, the company achieved revenue of 481 million yuan, a year-on-year increase of 4.12% [1] - The net profit attributable to shareholders was 34.98 million yuan, a year-on-year decrease of 2.84% [1] - The non-recurring net profit was 35.37 million yuan, a year-on-year decrease of 3.14% [1] - In Q2 2025, revenue reached 296 million yuan, a year-on-year increase of 19.96% and a quarter-on-quarter increase of 60% [1] - The net profit attributable to shareholders in Q2 was 23.55 million yuan, a year-on-year increase of 46.94% and a quarter-on-quarter increase of 106.04% [1] - The non-recurring net profit in Q2 was 24.21 million yuan, a year-on-year increase of 43.58% and a quarter-on-quarter increase of 117.04% [1] Game and Entertainment Equipment Sales - Domestic sales of gaming and entertainment equipment entered an adjustment period, with H1 sales revenue of 238 million yuan, a year-on-year decrease of 2.81% [1] - The gross margin for this segment improved by 3.36 percentage points to 29.22% [1] - The slowdown in new indoor amusement park openings and the adjustment of existing parks impacted domestic sales, while overseas sales showed positive growth due to enhanced product layout and demand [1] Anime IP Derivative Products - In H1 2025, sales revenue from anime IP derivative products was 166 million yuan, a year-on-year increase of 14.51% [2] - The release of the new product "Pokémon Shining Star" in Q2 contributed to a record high in quarterly sales for this segment [2] - The gross margin for this segment decreased by 4.61 percentage points to 39% due to rising costs [2] Amusement Park Operations - The amusement park operations segment achieved revenue of 53.49 million yuan in H1 2025, a year-on-year increase of 1.87% [3] - The company is exploring standardized operational management systems and diverse cooperation models to optimize amusement park business [3] - Future operations will focus on a differentiated "equipment + operation + service" ecosystem to maintain regional competitive advantages [3] Strategic Development - The company launched the IP operation brand "WARAWARA" and the music brand "WAMUSIC" in H1 2025 [4] - The IP brand aims to integrate popular original IPs and classic arcade game IPs to enhance entertainment experiences [4] - The music brand focuses on strengthening emotional connections between music gaming products and users [4] Profit Forecast - The company expects steady growth in overseas business and is actively exploring strategic development directions [4] - Revenue forecasts for 2025-2027 are 1.1 billion, 1.165 billion, and 1.24 billion yuan, with year-on-year growth rates of 8.1%, 5.9%, and 6.4% respectively [4] - Net profit forecasts for the same period are 92 million, 103 million, and 116 million yuan, with year-on-year growth rates of 8.5%, 12.4%, and 12% respectively [4]

Group 1 - The entertainment products sector experienced a decline of 0.98% on August 28, with Huali Technology leading the drop [1] - The Shanghai Composite Index closed at 3843.6, up by 1.14%, while the Shenzhen Component Index closed at 12571.37, up by 2.25% [1] - A table detailing the individual stock performance within the entertainment products sector was provided [1] Group 2 - The net outflow of main funds in the entertainment products sector was 285 million yuan, while retail investors saw a net inflow of 271 million yuan [2] - The net inflow of speculative funds amounted to 14.08 million yuan [2] - A table showing the fund flow for individual stocks in the entertainment products sector was included [2]

Investment Rating - The report maintains a "Buy" rating for the company [6][8]. Core Viewpoints - The company has shown positive growth in overseas sales of gaming and amusement equipment, while domestic sales are undergoing an adjustment period. The release of new products has contributed to revenue growth [2][3]. - The company is actively exploring strategic expansion directions, including the launch of IP operation and music labels, which aim to enhance user engagement and diversify entertainment experiences [5][6]. Financial Overview - In the first half of 2025, the company achieved revenue of 481 million yuan, a year-on-year increase of 4.12%. The net profit attributable to the parent company was 34.98 million yuan, a decrease of 2.84% year-on-year [1]. - For Q2 2025, the company reported revenue of 296 million yuan, a year-on-year increase of 19.96% and a quarter-on-quarter increase of 60.00%. The net profit attributable to the parent company was 23.55 million yuan, a year-on-year increase of 46.94% and a quarter-on-quarter increase of 106.04% [1]. Segment Performance - Domestic sales of gaming and amusement equipment decreased by 2.81% year-on-year to 238 million yuan in H1 2025, while the gross margin improved by 3.36 percentage points to 29.22% [2]. - The company's anime IP derivative products generated sales of 166 million yuan in H1 2025, reflecting a year-on-year growth of 14.51%. The successful launch of the new product "Pokémon: Shining Star" in Q2 contributed to record sales in this segment [3]. - The amusement park operation business generated revenue of 53.49 million yuan in H1 2025, a year-on-year increase of 1.87%. The company is focusing on a differentiated "equipment + operation + service" ecosystem to maintain regional competitive advantages [4]. Future Outlook - The company is expected to achieve revenues of 1.1 billion yuan, 1.165 billion yuan, and 1.24 billion yuan in 2025, 2026, and 2027, respectively, with year-on-year growth rates of 8.1%, 5.9%, and 6.4% [6][7]. - The net profit attributable to the parent company is projected to be 92 million yuan, 103 million yuan, and 116 million yuan for the same years, with growth rates of 8.5%, 12.4%, and 12.0% [6][7].

比如8月27日，卡游的供应商之一"京华激光"发布2025半年报，显示其 文创业务的上半年营收同比增长61.98%，主要原因是国产电影《哪吒之魔童闹海》 上映后，相关的卡牌产品迅速风靡社会群体，并在短期内迅速放量。 京华激光的总部位于浙江绍兴，主要产品为激光全息防伪膜、激光全息防伪纸，此前主要业务是为烟草品牌提供包装产品，目前也为卡游的哪吒、小马宝 莉、叶罗丽、奥特曼、名侦探柯南等IP的卡牌提供深加工服务。 京华激光的激光防伪贴膜等产品 姚记科技8月26日披露旗下球星卡公司"卡淘 "（ 上海璐道粗体育文化发展有限公司 ） 2025上半年概况，其营收约1.05亿元，同比增长33%；净利润约1200 万元，同比增长39%。2024下半年卡淘陷入亏损，今年上半年恢复盈利。 上周，文创潮发布了日本五大企业在TCG方面的2025上半年经营情况（万代、多美、Bushiroad、Konami、宝可梦）。 这些厂商，卡牌业绩普遍超过去年同期，比如万代海贼王OPCG发售了10款卡包卡组、多美与彩虹社虚拟主播IP合作的卡牌持续热销、Bushiroad TCG事业 销售额同比增长34.42%，等等。 在中国，最近也有不少正向数据披露 ...

Group 1 - The company did not distribute cash dividends, issue bonus shares, or increase capital from reserves during the reporting period [2] - There were no changes in the controlling shareholder or actual controller during the reporting period [3] - The company has no preferred shareholders or related holdings during the reporting period [3] Group 2 - All directors attended the board meeting to review the report [1] - The company does not require retrospective adjustments or restatements of previous accounting data [2] - There are no significant matters reported during the period [3]