前言 ①公司半年度业绩增长强劲，产能扩张+新品研发多线并行，另有机器人仿真皮肤弹性体材料实现技术突 破，后续成长空间广阔； ②游戏业务迎来新一轮周期+AI社交产品具备潜力，这家传媒公司逐步打造场景 化泛娱乐平台，多元业务布局逐步成熟。 财联社倾力打造王牌栏目《风口研报》，替您"扒一扒"市场含金量超高的研报、调研信息。以机构视 角，追踪研报和调研纪要细节里的"超预期"、"拐点"、"事件催化"和"价值洼地"。 ...

Core Viewpoint - The company maintains its Non-GAAP net profit forecast for 2025 and 2026, with a target price of HKD 176 for Hong Kong stocks and USD 23 for US stocks, indicating potential upside of 27.8% and 25.5% respectively [1] Group 1: Financial Performance - In Q1 2025, the company's revenue reached CNY 7.003 billion, a year-on-year increase of 23.6%, aligning closely with market expectations [2] - The Non-GAAP net profit for Q1 2025 was CNY 363 million, exceeding market consensus of CNY 231 million and the company's own forecast of CNY 247 million, primarily due to lower-than-expected sales expenses [2] - Advertising revenue in Q1 2025 grew by 20% to CNY 1.998 billion, with effective advertising revenue increasing by over 30% year-on-year [2] Group 2: Game and User Engagement - Game revenue in Q1 2025 surged by 76.1% to CNY 1.731 billion, with expectations of a 60% year-on-year growth in Q2 2025 [2] - The company plans to launch the overseas version of its game "三谋" by the end of 2025 and aims to diversify the game across multiple platforms [2] - The average monthly paying user count reached 32 million in Q1 2025, with revenue from the charging plan increasing by over 200% year-on-year [2] Group 3: Profitability and Cost Management - The gross margin in Q1 2025 improved by 7.9 percentage points to 36.3%, with expectations for continued improvement in gross margin and Non-GAAP operating profit margin in 2025 [3] - Sales, management, and R&D expenses remained stable on a quarter-on-quarter basis [3] Group 4: Market Position and Commercialization Potential - The company reported year-on-year growth in MAU, DAU, and average daily usage time, with DAU reaching 107 million in Q1 2025 [4] - The company is enhancing its commercialization capabilities, with a focus on advertising, e-commerce, and charging plans, while maintaining a high level of user engagement [4]

4月23日，北京证监局官网公布了一批罚单，对北京乾祥海泉投资管理有限公司（简称"乾 祥海泉投资"）、北京海纳百泉投资基金管理有限公司（简称"海纳百泉基金"）、中财融商 （北京）资本管理有限公司、北京基锐资本管理有限公司4家私募机构采取出具警示函措 施。 从中基协公开信息来看， 海纳百泉投资和乾祥海泉投资的法人代表均为艺人胡海泉 ，两家 私募也均为股权、创业投资类私募基金。 | 高管信息 | | | | | | --- | --- | --- | --- | --- | | 肥务 | 法定代表人 董事长 宣事长 | | 姓名 胡海泉 | | | 是否有基金从业资格 | 를 | | 资格获取方式 通过考试 | | | | 时间 | 任职单位 | 任职部门 | 胆务 | | | 2022.02 - | 北京乾祥海泉投资管理有限公司 | 高级管理人员 | 法定代表人,总经理,信息填报负责人 | | | 2017.10 - 2022.02 | 北京乾祥海泉投资管理有限公司 | 高级管理人员 | 法定代表人,总经理 | | | 2015.06 - | 北京海纳百泉投资基金管理有限公 司 | 北京海纳百泉投资基金管理有限公 ...

Core Viewpoint - The article discusses regulatory actions taken by the Beijing Securities Regulatory Bureau against several private equity firms, including those associated with artist Hu Haiquan, highlighting issues of compliance and management in private fund operations [1][3][9]. Group 1: Regulatory Actions - On April 23, the Beijing Securities Regulatory Bureau issued warning letters to four private equity firms, including Qianxiang Haiquan Investment Management Co., Ltd. and Haina Baiquan Investment Fund Management Co., Ltd. [1] - The warning letters were due to failures in fulfilling duties of honesty, credit, and diligence in managing private fund assets, as well as not assessing investors' risk recognition and risk-bearing capabilities during fundraising periods [3][8]. Group 2: Company Background - Hu Haiquan is the legal representative of both Haina Baiquan and Qianxiang Haiquan, which focus on equity and venture capital private funds [1][2]. - Haina Baiquan was established on June 15, 2015, with a registered capital of 10 million RMB, and has undergone changes in its shareholder structure, with Hu Haiquan reportedly exiting as a shareholder in February 2022 [5][7]. Group 3: Fund Management and Performance - The total fund management scale of Haiquan Fund, which includes multiple specialized funds, has reached 1.3 billion RMB, focusing on sectors such as artificial intelligence, consumer upgrades, healthcare, and entertainment [8]. - The firm has faced multiple regulatory warnings, including one in July 2023 for similar compliance issues, indicating ongoing challenges in adhering to regulatory standards [7][9]. Group 4: Compliance and Future Actions - The Beijing Securities Regulatory Bureau emphasized the importance of compliance in private fund management and plans to continue reporting on violations to enhance the compliance capabilities of private fund managers in the region [9]. - Companies are required to submit written rectification reports within 30 days of receiving the warning letters, with follow-up inspections planned to assess compliance [3].

导 语 ：若重要IP授权到期，将会对公司业绩造成不小的冲击。 市场机遇方面，中国泛娱乐产品行业发展迅速，2019 - 2024 年市场规模复合年增长率达 13.6%，预 计 2024 - 2029 年将以 14.0% 的速度继续增长，卡游有望凭借行业地位和产品优势分得更大市场份 额。 卡游作为中国领先的泛娱乐产品公司，主营业务围绕基于 IP 开发的实体产品展开，玩具尤其是集 换式卡牌是核心产品 ，并逐步拓展至人偶、徽章、文具等多元品类。其商业模式依托于多元化的产 品体验、引人入胜的趣味互动运营和稳健的生产能力这三大核心竞争力。 通过构建多元产品组合，满足不同消费者需求；举办 TCG 活动等方式增强消费者互动；在生产上 紧跟前沿工艺，保障产品质量与供应效率。 凭借这些优势，卡游在市场中占据显著地位，按 2024 年商品交易总额计，在泛娱乐产品行业、泛 娱乐玩具行业、泛娱乐玩具行业集换式卡牌领域以及泛娱乐文具行业均排名第一。 从财务数据来看，卡游业绩波动明显。2022 年至 2024 年，公司收入分别为人民币 41.31 亿元、 26.62 亿元和 100.57 亿元，呈现先降后升态势；净利润方面，2022 年净 ...