Core Viewpoint - Huali Technology (301011) reported mixed financial results for the first half of 2025, with revenue growth but a decline in net profit, indicating potential challenges in profitability despite increased sales in the second quarter [1][2]. Financial Performance - Total revenue for the first half of 2025 reached 481 million yuan, a year-on-year increase of 4.12% compared to 462 million yuan in the same period of 2024 [1]. - Net profit attributable to shareholders was 34.98 million yuan, down 2.84% from 36.00 million yuan in the previous year [1]. - In Q2 2025, total revenue was 296 million yuan, reflecting a significant year-on-year increase of 19.96%, while net profit rose by 46.94% to 23.55 million yuan [1]. - The gross margin was 29.61%, a slight decrease of 0.51% year-on-year, and the net margin was 7.27%, down 6.69% from the previous year [1]. - Total expenses (selling, administrative, and financial) amounted to 62.73 million yuan, accounting for 13.04% of revenue, which is an increase of 9.56% year-on-year [1]. Cash Flow and Receivables - The company reported a significant level of accounts receivable, with accounts receivable amounting to 274 million yuan, which is 324.15% of the net profit for the period [1][2]. - The cash flow per share was 0.35 yuan, down 18.87% year-on-year, indicating potential liquidity concerns [1]. Business Operations and Strategy - The company plans to deploy 4,350 new anime card machines within two years to enhance market penetration [5]. - Huali Technology is focusing on increasing R&D investment to develop competitive gaming products, particularly those featuring domestic cultural elements [4]. - The company is exploring various business models for its anime IP derivative products, although it currently does not engage in pure retail sales of cards [4]. Market Position and Investor Sentiment - The company's return on invested capital (ROIC) was 10.19% last year, indicating average capital returns, with a historical median ROIC of 8.64% since its listing [2]. - Analysts expect the company's performance in 2025 to reach approximately 91 million yuan, with an average earnings per share forecast of 0.62 yuan [2].

股 票 研 究 Q2 业绩显著回暖，宝可梦 IP 新品实现爆发 华立科技(301011) 2025 年半年报业绩点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 陈筱(分析师) | 021-38675863 | chenxiao@gtht.com | S0880515040003 | | 孙小雯(分析师) | 021-23154120 | sunxiaowen@gtht.com | S0880525040021 | | 李芓漪(分析师) | 021-38038428 | liziyi@gtht.com | S0880523080004 | 本报告导读： 25Q2 宝可梦 IP 新品迅速爆发，带动公司业绩环比回暖，公司拟定增募集 1.49 亿 元，其中 1.07 亿元用于投放动漫卡片设备，动漫 IP 衍生产品业务有望持续高增。 投资要点： | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- ...