Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating. 2. Core Viewpoints - The company's overseas business shows growth potential, with overseas revenue in the first half of 2025 reaching 443 million yuan, accounting for 37.83% of operating income and increasing by 11.54% year - on - year. The expansion of new product categories such as cards and plush toys has achieved phased results, and the company is actively promoting the overseas expansion of cultural and creative brands [21]. 3. Summary by Directory 3.1 Research Basic Situation - The research object is Guangbo Co., Ltd., belonging to the household light industry. The reception time was on September 23, 2025. The company's reception staff included the board secretary and deputy general manager Jiang Shuying, and the securities affairs representative Wang Xiuna [17]. 3.2 Detailed Research Institutions - The research institutions included Industrial Securities and Orient Fortune Securities. The relevant personnel from Industrial Securities were Chu Tianshu, Li Yong, and Yang Dong, and from Orient Fortune Securities was Liu Xueying [18]. 3.3 Research Institution Proportion - No information provided on the research institution proportion. 3.4 Main Content Data - **Exports**: In the first half of 2025, the company's overseas revenue was 443 million yuan, accounting for 37.83% of operating income and increasing by 11.54% year - on - year. The company has built overseas production bases in Vietnam, Cambodia, Malaysia and other places and established long - term partnerships with many overseas customers [21]. - **Growth of Leisure Lifestyle Products**: In the first half of 2025, the sales revenue of the company's leisure lifestyle products reached 148 million yuan, a year - on - year increase of 40.38%. This growth is due to the company's effective expansion of overseas market channels and product layout [21]. - **Domestic Market Channels**: Creative products are mainly sold through cooperation with boutique trendy toy stores and cultural and creative life halls, and by setting up theme flash - mob activities in business districts. In the future, the company will deepen channel sinking, select customers carefully, and expand high - quality customers such as leading trendy toy chain channels. Online, it will focus on traditional e - commerce, expand social e - commerce, and use social media platforms for marketing [21][22]. - **New Product Categories**: In 2025, the company focused on new product category expansion. The "Zhu Xian" card, the first product in the card track, was successfully launched. The "Anpanman" and "Hatsune Miku" series of plush pendants have been sold online and offline, and the development of other IP - co - branded plush pendants is progressing steadily [21][22]. - **Overseas Expansion of Cultural and Creative Brands**: The company is increasing market promotion in Southeast Asian countries and has obtained overseas authorizations for well - known IPs such as SANRIO and Hatsune Miku [22].

Core Insights - The company, Guangbo Co., announced on September 23 that it is focusing on new product categories for expansion in 2025, particularly in card games and plush toys, and has achieved preliminary results in these areas [1] Group 1: Card Game Development - The first product launched in the card game category is the "Zhuxian" card game, which leverages the influence of a classic IP and high-quality content design [1] - The product has successfully completed research and development as well as production, and has been successfully introduced to the market [1] - During its initial launch phase, the "Zhuxian" card game quickly gained attention and favor from the target user group due to its precise restoration of core elements of the IP and exquisite card craftsmanship, laying a solid foundation for the future development of the card game category [1] Group 2: Plush Toy Development - In the plush toy category, the latest developed products include the "Bread Super Man" and "Hatsune Miku" series plush pendants, which have recently been sold through both online and offline channels [1] - The development of other IP collaboration plush pendants is progressing steadily [1]

Core Viewpoint - Guangbo Co., Ltd. focuses on expanding its marketing network in major global stationery and cultural product consumption countries, achieving significant growth in overseas revenue [1] Group 1: Financial Performance - In the first half of the year, the company's overseas revenue reached 443 million yuan, accounting for 37.83% of total operating income, representing a year-on-year growth of 11.54% [1] Group 2: Strategic Initiatives - The company has established overseas production bases in Vietnam, Cambodia, and Malaysia, creating a multi-regional collaborative production foundation that aligns closely with customer needs [1] - Guangbo Co., Ltd. has formed long-term, stable, and mutually beneficial partnerships with multiple overseas clients [1]

Core Viewpoint - Guangbo Co., Ltd. reported a significant increase in sales revenue for its leisure lifestyle products, reaching 148 million yuan in the first half of 2025, representing a year-on-year growth of 40.38% due to successful overseas market expansion and product positioning [1] Group 1 - The sales revenue for leisure lifestyle products in the first half of 2025 was 148 million yuan [1] - The year-on-year growth rate for this product category was 40.38% [1] - The growth in sales is attributed to the company's effective channel expansion and product layout in overseas markets, meeting local consumer demand [1]

Core Viewpoint - Guangbo Co., Ltd. is shifting its sales strategy from traditional stationery channels to creative products, collaborating with boutique toy stores and cultural lifestyle shops, and utilizing pop-up events to engage customers and enhance fan interaction [1] Group 1: Business Strategy - The company plans to integrate multiple factors such as market environment, brand positioning, and resource planning to determine its business layout and channel strategy [1] - Future strategies include deepening channel penetration and selecting quality customers, leveraging exhibitions to enhance industry visibility, and focusing on top-tier toy chain channels [1] Group 2: Online Marketing - The company aims to strengthen its presence in traditional e-commerce while expanding into social e-commerce, utilizing platforms like Xiaohongshu and WeChat for online marketing [1] - By creating engaging IP-related content and product previews, the company seeks to attract fan attention and guide them to e-commerce platforms for effective conversion of online traffic into sales and brand strength [1]

Core Viewpoint - The company highlights the significant potential demand for cultural and creative IP products in Southeast Asia as the region's economic level rises and consumer spending increases, marking a transition into a new era of spiritual consumption [1] Group 1: Market Opportunity - Southeast Asian countries are experiencing steady economic growth, leading to improved material living standards and a burgeoning demand for cultural and creative products [1] - The company sees a key opportunity in promoting cultural IP products in these markets, leveraging the region's shift towards spiritual consumption [1] Group 2: Company Strategy - The company is intensifying its marketing efforts in Southeast Asia to capitalize on the growing demand for cultural IP products [1] - The company has secured overseas licensing for well-known IPs such as SANRIO and Hatsune Miku, enhancing its product offerings in international markets [1]

Group 1: Sales Performance - In the first half of 2025, the company's overseas revenue reached 443 million RMB, accounting for 37.83% of total revenue, with a year-on-year growth of 11.54% [2] - Sales revenue for leisure lifestyle products in the first half of 2025 was 148 million RMB, representing a year-on-year increase of 40.38% [4] Group 2: Market Strategy - The company focuses on expanding its marketing network in major consumer countries for stationery and cultural products, with ongoing development of overseas production bases in Vietnam, Cambodia, and Malaysia [2][3] - Future channel strategies include deepening market penetration, enhancing brand visibility through exhibitions, and expanding partnerships with leading trendy toy chains [5] Group 3: Product Development - The company is advancing new product categories, particularly in card games and plush toys, with the "Zhu Xian" card game successfully launched, leveraging its classic IP [6][7] - Recent developments in plush toys include the "Anpanman" and "Hatsune Miku" series, which are now available through both online and offline channels [7] Group 4: International Expansion - The company is actively promoting cultural IP products in Southeast Asia, capitalizing on the region's growing demand for creative products as economic conditions improve [7] - Notable overseas IP licenses obtained include SANRIO and Hatsune Miku, indicating a strategic push into international markets [7]

（文章来源：证券日报） 证券日报网讯 9月22日晚间，广博股份发布公告称，选举舒跃平先生为公司第八届董事会职工代表董 事。 ...

广博集团股份有限公司（以下简称"公司"或"上市公司"）于 2025 年 9 月 22 日召开 2025 年第二次职工代表大会，经会议表决， 选举舒跃平先生（简历详见附件）为公司第八届董事会职工代表董事。 舒跃平先生将与公司现任第八届董事会非职工代表董事共同组成公 司第八届董事会，任期自本次职工代表大会选举通过之日起至公司第 八届董事会届满之日止。 舒跃平先生符合《中华人民共和国公司法》等法律法规中有关董 事任职的资格和条件。本次选举职工代表董事工作完成后，公司第八 届董事会中兼任公司高级管理人员以及由职工代表担任的董事人数 总计未超过公司董事总数的二分之一。 特此公告。 证券代码: 002103 证券简称:广博股份 公告编号:2025-050 广博集团股份有限公司 关于选举公司职工代表董事的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 董事会 二〇二五年九月二十三日 附件：职工代表董事简历 舒跃平 男 中国国籍，1969 年 1 月出生，无境外永久居留权，在职 研究生学历，高级经济师。现任公司党委副书记，兼任广博控股集团 有限公司监事，宁波广博建设开发 ...

Core Viewpoint - The demand for graphite thermal paper in China has been continuously growing due to the explosive growth of e-commerce and logistics, the upgrade in demand for high-precision thermal paper in sectors like healthcare and finance, and the shift towards environmentally friendly products driven by regulatory policies [1][10]. Industry Overview - Graphite thermal paper is a specialized type of thermal paper made from graphite powder and thermal materials, which exhibits specific color changes when heated. It is widely used in labels, receipts, medical applications, logistics, and electronic communications [4][5]. - The production of graphite thermal paper involves a supply chain that includes raw materials such as graphite, thermal resins, color developers, and base paper, which are processed into high-quality products through advanced manufacturing techniques [5][6]. Market Demand and Growth - The production volume of graphite thermal paper in China is projected to reach 172,000 tons in 2024, representing a year-on-year increase of 10.6% [1][11]. - The rapid growth of the logistics sector, particularly in e-commerce, has significantly increased the demand for thermal paper labels, with the express delivery volume expected to reach 95.64 billion pieces in the first half of 2025, a year-on-year growth of 19.3% [9][10]. Competitive Landscape - The Chinese graphite thermal paper industry features numerous participants, including large international companies and many regional small and medium-sized enterprises. Major companies include Guangdong Crown High-tech Co., Ltd., Shandong Chenming Paper Group Co., Ltd., and Xianhe Co., Ltd. [12][13]. - Guangdong Crown High-tech Co., Ltd. reported a revenue of 1.905 billion yuan from thermal paper and sublimation paper in 2024, reflecting a year-on-year increase of 12.18% [13]. Development Trends - Technological innovation is expected to drive product upgrades, with the application of nanotechnology enhancing the heat resistance, stability, and durability of graphite thermal paper [14]. - Environmental regulations are prompting companies to adopt greener production methods, which may lead to the elimination of non-compliant firms and an overall improvement in the industry's environmental standards [15]. - The demand for graphite thermal paper is diversifying, with stable growth anticipated in the financial sector and increasing needs in logistics, healthcare, and retail, driven by advancements in smart manufacturing and Industry 4.0 [16].