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

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].