Core Insights - Guangbo Group hosted a specific investor research and site visit on September 25, 2025, attended by institutions such as CCB Pension and Changjiang Securities [1] Group 1: Investor Relations Activity - The investor relations activity included a company exhibition tour and product introduction, showcasing the company's efforts to expand its product range and create a diverse portfolio of trendy categories [1] - The company highlighted its classic stationery series and new product lines, including collectible cards, plush toys, and lifestyle products, aimed at meeting various consumer interests [1] Group 2: Product Development and Market Strategy - Collectible cards have gained popularity among young players through storyline collaborations, establishing a foundation for the card category and demonstrating the company's capabilities in IP collaboration and trendy product development [1] - The plush category is being accelerated with the launch of classic IP series such as "Anpanman" and "Hatsune Miku," designed to appeal to both fashion accessory and home decor markets [1] - The lifestyle product series focuses on integrating trends into daily life, offering aesthetically pleasing items like water bottles and home decor that blend anime elements with practical functions [1] Group 3: Trendy Toy Market Focus - Guangbo Group is strategically entering the trendy toy market, leveraging its strengths in cultural and conventional stationery while rapidly developing products that align with popular domestic toy categories [1] - The company aims to enhance its design and quality competitiveness through the creation of a comprehensive product matrix, targeting niche segments within the trendy toy market [1] Group 4: Future Directions and IP Strategy - Future plans include expanding trendy toy retail channels and deepening collaborations with boutique toy stores and cultural lifestyle shops to increase product category representation and drive sales [1] - The company will continue to develop both major and niche IPs, with major IPs like "Detective Conan" driving significant traffic and niche IPs reaching specific consumer segments, creating differentiated value for trendy toy products [1]

Investment Rating - The report maintains a "Buy" rating for Wanda Film, with an expected relative return of over 20% within the next six months [8][19]. Core Views - Wanda Film's cinema and film business shows steady growth, with a strategic expansion into the trendy toy sector, which is expected to drive revenue and profit growth [6][5]. - The company reported a revenue of 12.36 billion yuan in 2024, a decrease of 15.44% year-on-year, while the first quarter of 2025 saw a revenue increase of 23.23% to 4.71 billion yuan [1][6]. - The film production and distribution segment achieved a revenue of 620 million yuan in 2024, marking an 85.49% increase year-on-year, driven by successful films [3]. Summary by Sections Cinema Operations - Wanda Film's cinema operations maintain a strong market share, with a single-screen output nearly double the national average. The company holds 41 seats in the top 100 cinemas by box office [2]. - In Q1 2025, Wanda's domestic cinemas generated a box office of 3.42 billion yuan, a 44.9% increase year-on-year, with attendance rising by 32.7% to 63.98 million [2]. Film Production - The film production and distribution business saw significant growth, with notable films such as "Grab the Doll" achieving a box office of 3.33 billion yuan in 2024 [3]. - The company launched the "Time Youth Leap Plan" to nurture young directors and optimize content offerings [3]. Gaming Business - The gaming segment reported a revenue of 580 million yuan in 2024, a 54.71% increase year-on-year, with a focus on international markets [4]. - The subsidiary, Mutual Love Interactive, has seen a rise in overseas revenue, contributing to the overall growth of the gaming business [4]. Trendy Toy Sector - Wanda Film is expanding into the trendy toy sector by investing in 52TOYS, aiming to enhance its IP derivative business and diversify revenue streams [5]. - The investment includes acquiring a 7% stake in 52TOYS, which reported a revenue of approximately 630 million yuan in 2024 [5]. Financial Projections - The company forecasts revenues of 15.08 billion yuan, 16.29 billion yuan, and 17.10 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 22%, 8%, and 5% [6][7]. - Projected net profits for the same period are 1.12 billion yuan, 1.35 billion yuan, and 1.44 billion yuan, with corresponding P/E ratios of 21, 18, and 17 [6][7].