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].

证券日报网讯广博股份（002103）9月23日发布公告，在公司回答调研者提问时表示，东南亚国家随着 经济水平的稳步提升，当地民众物质生活日益富足，正处在精神消费时代即将开启的关键节点，对文创 IP产品的需求潜力巨大。中国潮玩企业凭借优质IP、卓越产品与成熟供应链，在出海赛道上展现出广阔 前景。以此为契机，公司持续加大对东南亚国家的市场推广力度，积极推动文创IP产品出海。目前公司 已取得SANRIO(三丽鸥)、Hatsune Miku(初音未来)等知名IP海外授权。 ...

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]