本次发行的发行价格为7.53元/股。本次向特定对象发行股票募集资金总额不超过8.85亿元(含本数)，扣 除发行费用后的募集资金净额将全部用于补充流动资金或偿还银行贷款。 德力股份（002571）(002571.SZ)发布公告，公司拟向特定对象发行股票，发行数量不超过1.18亿股(含 本数)，即不超过发行前总股本的30%，全部由辽宁翼元航空科技有限公司(以下简称"翼元航空")认购。 翼元航空拟通过本次发行取得上市公司控股权，依托其实际控制人控制的华天股份等高端装备制造领域 的核心技术、产业资源及项目经验，以"业务拓展+资源整合+管理赋能"为核心路径，推动上市公司突 破现有业务边界、布局高端制造赛道，实现业务结构升级与价值提升，同时延伸自身产业布局、达成资 产增值。 ...

智通财经APP讯，德力股份(002571.SZ)发布公告，公司拟向特定对象发行股票，发行数量不超过1.18亿 股(含本数)，即不超过发行前总股本的30%，全部由辽宁翼元航空科技有限公司(以下简称"翼元航空") 认购。 本次发行的发行价格为7.53元/股。本次向特定对象发行股票募集资金总额不超过8.85亿元(含本数)，扣 除发行费用后的募集资金净额将全部用于补充流动资金或偿还银行贷款。 翼元航空拟通过本次发行取得上市公司控股权，依托其实际控制人控制的华天股份等高端装备制造领域 的核心技术、产业资源及项目经验，以"业务拓展+资源整合+管理赋能"为核心路径，推动上市公司突 破现有业务边界、布局高端制造赛道，实现业务结构升级与价值提升，同时延伸自身产业布局、达成资 产增值。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's performance exceeded expectations, with a strong growth trajectory driven by high-quality IP and robust domestic and international sales [2][3] - The company reported a significant increase in revenue and net profit, with a projected revenue of 30,480 million RMB in 2025, representing a year-on-year growth of 133.78% [1][9] - The core IP matrix has shown explosive growth, with five IPs generating over 1 billion RMB in revenue, particularly "The Monsters" which achieved 48.14 billion RMB, a year-on-year increase of 668% [9][10] Summary by Sections Domestic Performance - In the first half of 2025, domestic revenue reached 82.83 billion RMB, a year-on-year increase of 135%, with both offline and online channels achieving triple-digit growth [3] - Offline retail store revenue was 44.06 billion RMB, up 120% year-on-year, driven by store optimization and upgrades [3] - Online sales also surged, with revenue from box machines reaching 11.25 billion RMB, a year-on-year increase of 182% [3] International Expansion - The company has expanded its overseas stores to 128, with a net increase of 28 stores since the beginning of the year, leading to a 440% year-on-year increase in overseas revenue to 55.93 billion RMB [4][10] - The Americas saw particularly strong growth, with revenue of 22.65 billion RMB, a year-on-year increase of 1142% [4] Financial Projections - The company has adjusted its net profit forecasts for 2025-2027, increasing the estimates to 10,688 million RMB for 2025, 15,146 million RMB for 2026, and 18,888 million RMB for 2027 [10][11] - The projected P/E ratios for the upcoming years are approximately 37 for 2025, 26 for 2026, and 21 for 2027 [10][11] Product and IP Development - The plush product category has become the largest revenue contributor, with sales of 61.39 billion RMB in the first half of 2025, a year-on-year increase of 1276% [9][10] - The company is focusing on expanding its IP portfolio, with new IPs like "Crybaby" and "Star People" gaining significant traction [9][10]

Core Viewpoint - The article highlights the significant growth and competitive advantage of Guotai Junan International (01788.HK) in the context of the evolving financial market in China, showcasing its strong performance compared to peers in the brokerage sector. Group 1: Performance Highlights - The company reported a revenue increase of 37% to HKD 4.422 billion and a net profit surge of 73% to HKD 348 million, outperforming the industry average where the fastest-growing peer had a profit increase of only 48% [1][2]. - The company maintained a high dividend payout ratio of 88%, with a total annual dividend of HKD 0.032 per share, reflecting its commitment to shareholder returns [3][4]. - Total assets grew by 21% to HKD 130.17 billion, indicating robust business expansion and capital strength amidst industry challenges [5]. Group 2: Future Opportunities - The company is expected to benefit from industry trends and policy incentives, particularly with the anticipated recovery in the Hong Kong stock market and the launch of the "Cross-Border Wealth Management Connect" program [6][7]. - Guotai Junan International participated in 232 bond issuance underwriting deals in 2024, a 59% increase year-on-year, with a total issuance amount of approximately HKD 389.1 billion, reflecting its strong position in the market [8]. - The company’s business structure has been optimized, with significant growth in various segments, including a 90% increase in institutional investor services revenue to HKD 1.921 billion, which now accounts for over 40% of total revenue [12][13]. Group 3: Strategic Developments - The company is actively expanding its capabilities in virtual asset brokerage and has launched new investment products, positioning itself to attract high-net-worth clients and institutional investors [12]. - The firm has increased its holdings in high-rated, high-liquidity fixed-income assets, which has contributed to substantial interest income and enhanced its wealth management offerings [12][13]. - Overall, Guotai Junan International is transitioning from a traditional brokerage to a comprehensive cross-border financial service provider, with a notable contrast in growth and dividend policies compared to its peers [14].