Guangzhou Wahlap Technology (SZ:301011) Chan Ye Xin Xi Wang·2025-06-18 01:34Core Viewpoint - The commercial gaming and amusement equipment industry in China is experiencing a synergistic development opportunity driven by "policy encouragement + consumption upgrade," with the market size expected to reach 15.504 billion yuan in 2024, representing a year-on-year growth of 17.35% [1][11]. Overview - Amusement game equipment, also known as amusement game machines, refers to electronic and mechanical devices that provide interactive gaming content and processes for entertainment purposes. The products are categorized into commercial amusement machines, handheld gaming devices, and home gaming consoles, with commercial machines being placed in commercial complexes, shopping centers, and amusement parks [2][4]. Development Background - Recent national policies have simplified approvals, categorized management, and strengthened technical compliance, creating a regulatory framework that supports the healthy development of the commercial gaming and amusement equipment industry. The continuous development of VR, AR, MR, and other technologies has also provided new growth opportunities for the industry [7][19]. Industry Chain - The upstream of the commercial gaming and amusement equipment industry includes electronic manufacturing, structural materials, and hardware tools. The midstream involves the research and development and manufacturing of amusement equipment, while the downstream consists of entertainment venues such as amusement parks and children's theme parks [9]. Current Development - The industry emphasizes technological experiences and integrates health, parent-child interaction, and leisure entertainment, making amusement parks, cinemas, and dining venues important components of commercial complexes. The dual benefits of steady growth in cultural entertainment spending and consumption experience upgrades have created favorable conditions for the industry [11]. Competitive Landscape - The industry has numerous participants, particularly in Guangdong Province, with many small-scale enterprises leading to a low concentration of the market. Major companies include Guangzhou Huali Technology Co., Ltd., Guangdong Shiyu Technology Co., Ltd., and others, with Huali Technology holding a market share of less than 5% [13][14]. Company Analysis - Guangzhou Huali Technology Co., Ltd.: A leading comprehensive service provider in the domestic commercial gaming and amusement equipment sector, with a projected total revenue of 1.017 billion yuan in 2024, of which 549 million yuan comes from gaming equipment sales [15]. - Guangdong Shiyu Technology Co., Ltd.: Established in 1994, the company focuses on the R&D, production, and sales of gaming and amusement equipment, as well as digital sports and family gaming solutions [17]. Development Trends - Technological Innovation: The industry is undergoing a transformation driven by technological advancements, with manufacturers focusing on developing innovative products that cater to all age groups and combine entertainment with fitness [19]. - IP Ecosystem Reconstruction: The industry is moving towards an IP-centric resource integration phase, leveraging popular IPs to enhance market penetration and user retention [20][21]. - Big Data Utilization: The industry is leveraging user behavior data to drive product development and marketing strategies, leading to a digital transformation across the value chain [22]. - AI Applications: The integration of AI in game design and operations is expected to enhance efficiency and support global collaboration, pushing the industry towards intelligent and comprehensive service models [23].