华立科技(301011)：游艺设备海外销售积极向好 二季度发布爆款新品卡牌

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]