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华鑫证券:首予小黄鸭德盈(02250)“买入”评级 并购布局潮玩赛道
B.DUCK SEMKB.DUCK SEMK(HK:02250) 智通财经网·2025-09-24 06:39

Core Viewpoint - Xiaohuangya Deying (02250) has shown significant performance improvement, driven by new self-operated city parks, successful overseas business expansion, and acquisitions in the toy sector, leading to a positive outlook for the company's development [1][2]. Financial Performance - For the first half of 2025, total revenue reached 0.82 billion yuan, a year-on-year increase of 37%, while the net loss attributable to shareholders was 0.11 billion yuan, an improvement from a loss of 0.17 billion yuan in the same period of 2024 [2][3]. - Adjusted net loss narrowed to 0.09 billion yuan from 0.14 billion yuan year-on-year [2][3]. - The gross margin for the first half of 2025 increased by 1 percentage point to 55.50% [3]. Business Segments - E-commerce and other business revenues grew by 31% to 0.44 billion yuan, attributed to increased promotional efforts and expansion into other e-commerce platforms in China and Southeast Asia [4]. - Revenue from character licensing increased by 46% to 0.38 billion yuan, with significant growth in live entertainment licensing and design consulting services [4]. Strategic Acquisitions - The company announced plans to acquire approximately 27.74% of the shares in the toy company HIDDEN WOOO for 0.14 billion yuan in cash and 0.24 billion yuan in stock, along with providing a convertible loan of 0.10 billion yuan [3]. - This acquisition aims to enhance the company's IP matrix and expand its presence in the toy market, which is expected to directly improve financial performance post-acquisition [3]. Regional Performance - In the first half of 2025, revenue from mainland China was 0.76 billion yuan, maintaining the largest contribution, while overseas e-commerce operations in Thailand, Indonesia, and the United States are in a growth phase [5]. - The company is focusing on expanding its overseas e-commerce business, particularly in the U.S., with significant growth observed in Southeast Asia and Taiwan [5].