1月12日，华立科技涨5.04%，截至发稿，报27.73元/股，成交9453.00万元，换手率2.49%，总市值42.72 亿元。 资料显示，广州华立科技股份有限公司位于广东省广州市番禺区东环街迎星东路143号星力动漫产业园 H1，成立日期2010年8月20日，上市日期2021年6月17日，公司主营业务涉及游戏游艺设备的设计、研 发、生产、销售和运营。主营业务收入构成为：游戏游艺设备销售49.41%，动漫IP衍生产品销售 34.44%，游乐场运营11.12%，设备合作运营3.51%，其他1.51%。 华夏中证动漫游戏ETF（159869）成立日期2021年2月25日，最新规模106.97亿。今年以来收益9.85%， 同类排名501/5579；近一年收益66.93%，同类排名602/4202；成立以来收益58.02%。 华夏中证动漫游戏ETF（159869）基金经理为鲁亚运。 截至发稿，鲁亚运累计任职时间3年218天，现任基金资产总规模228.1亿元，任职期间最佳基金回报 97.04%， 任职期间最差基金回报-31.74%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括 ...

作为游戏游艺产业的风向标，第17届中山国际游戏游艺博览交易会于11月27日在广东中山博览中心盛大 启幕，推动游戏游艺产业创新发展围绕游艺潮流趋势、市场动向持续发展。 （原标题：第十七届中山"游博会"开幕 打造游戏游艺产业"风向标"） ...

此外，在商业模式上，公司打造了IP卡片和数字化积分兑换系统。"我们实现了物理卡牌与数字积分的 互通，通过限量发行机制赋予卡牌收藏价值和社交属性，让游艺产品成为年轻人的社交货币。"李泳峰 介绍。 打开小程序，就能实时操控商场里的抓娃娃机；参与直播，就能远程体验真实的街机游戏。这一颠覆传 统的游乐方式，正是专注于游戏游艺设备研发与运营的广州七美科技有限公司（简称"七美科技"）布局 的新业务。 在11月27日举办的2025粤港澳大湾区文化产业投资大会文化科技应用场景发布会上，七美科技副总经理 李泳峰透露了这一计划："我们布局了5G物联网直播，作为第二增长曲线。" （原标题：隔空打电玩，七美科技开启5G物联网直播新赛道） 目前，七美科技在全国拥有500多家线下门店和200多款自主研发设备，形成了"5G物联网直播+游乐门 店"的线上线下消费闭环。 南方财经记者张梦琦 广州报道 "IP成为游艺产业的原动力。"李泳峰表示，目前七美科技已构建拥有50多个国内外顶级IP的矩阵，包括 《超级飞侠》《咖宝车神》《奶龙》等知名IP，以及《帮帮龙出动》等自主原创IP，为"云游乐"平台提 供了丰富的内容支撑。 据介绍，玩家在任何时间、地 ...

Core Insights - On November 14, Huali Technology's stock fell by 0.04%, with a trading volume of 45.47 million yuan [1] - The company reported a financing buy-in of 7.41 million yuan and a net financing buy of 1.47 million yuan on the same day [1] - As of November 14, the total financing and securities lending balance for Huali Technology was 95.80 million yuan, which is 2.47% of its market capitalization [1] Financing and Securities Lending - The financing balance of Huali Technology is currently at 95.80 million yuan, which is below the 30th percentile level over the past year, indicating a low position [1] - On November 14, there were no shares repaid or sold in the securities lending market, with a total securities lending balance of 0.00 yuan, indicating a high position compared to the 90th percentile level over the past year [1] Company Overview - Huali Technology, established on August 20, 2010, and listed on June 17, 2021, is located in Guangzhou, Guangdong Province [1] - The company's main business includes the design, research and development, production, sales, and operation of gaming and amusement equipment, with revenue composition as follows: 49.41% from gaming equipment sales, 34.44% from anime IP derivative products, 11.12% from amusement park operations, 3.51% from equipment cooperation operations, and 1.51% from other sources [1] Financial Performance - As of September 30, the number of shareholders for Huali Technology was 13,700, a decrease of 15.13% from the previous period [2] - For the period from January to September 2025, the company achieved a revenue of 742 million yuan, a year-on-year decrease of 1.33%, and a net profit attributable to the parent company of 66.88 million yuan, down 3.91% year-on-year [2] Dividend and Institutional Holdings - Huali Technology has distributed a total of 76.04 million yuan in dividends since its A-share listing, with 58.68 million yuan distributed over the past three years [3] - As of September 30, 2025, the top ten circulating shareholders included Huaxia CSI Animation Game ETF, which increased its holdings by 355,800 shares, and two new institutional shareholders, Bosera Tianyi Bond A and Guotai CSI Animation Game ETF [3]

Performance Overview - In Q1-Q3 2025, the company achieved revenue of 742 million, a year-on-year decline of 1.33% [1] - The net profit attributable to shareholders was 66.88 million, down 3.91% year-on-year [1] - The net profit excluding non-recurring items was 67.87 million, a decrease of 1.29% year-on-year [1] - In Q3 2025, revenue was 261 million, down 10.02% year-on-year and 11.83% quarter-on-quarter [1] - The net profit attributable to shareholders in Q3 was 31.90 million, a year-on-year decline of 5.05% but a quarter-on-quarter increase of 35.47% [1] - The net profit excluding non-recurring items in Q3 was 32.50 million, up 0.82% year-on-year and 34.23% quarter-on-quarter [1] New Product Launches - In September 2025, the company launched two new gaming machines: the "Great White Shark" and the "Oriental" mechanical puzzle machine [1] - The "Great White Shark" features a patented hand-crank launch mechanism and has gained popularity since its release [1] - The "Oriental" machine offers a fast-paced, high-stimulation one-button operation and has become a new attraction for all age groups [1] - The company has strengthened its product layout for overseas markets, leading to increased sales and procurement from international clients [1] New IP Development - In October 2025, the company announced the launch of a new IP operation brand "warawara" and completed strategic acquisitions of popular original IPs [2] - The IP matrix under "warawara" includes "GYA BEAR" and "GEEESE!", which resonate with the younger demographic [2] - The company continues to operate classic IP products, leveraging new technologies and gameplay to revitalize these IPs [2] Innovative Game Development - The company has developed a new card game IP "Three Kingdoms Fantasy Battle," exploring an innovative model combining arcade equipment and TCG cards [3] - The game features a 65-inch 4K screen for enhanced visual experience and collectible laser-crafted cards [3] - It offers multiple gameplay options, allowing players to engage in strategy battles on the machine or collect and battle with cards independently [3] - This model integrates online and offline experiences, creating a new business model for TCG sales outside of amusement parks [3] Profit Forecast - The company is expected to achieve revenues of 1.1 billion, 1.165 billion, and 1.24 billion from 2025 to 2027, with year-on-year growth rates of 8.1%, 5.9%, and 6.4% respectively [4] - The net profit attributable to shareholders is projected to be 92 million, 103 million, and 116 million for the same period, with growth rates of 8.5%, 12.4%, and 12.0% respectively [4] - Corresponding PE ratios are forecasted to be 45, 40, and 36 [4]

Core Viewpoint - On October 9, Huali Technology experienced a decline of 1.43% with a trading volume of 118 million yuan, indicating a low financing balance compared to historical levels [1] Financing Summary - On October 9, Huali Technology had a financing purchase amount of 18.66 million yuan and a financing repayment of 14.53 million yuan, resulting in a net financing purchase of 4.12 million yuan [1] - As of October 9, the total financing and securities lending balance for Huali Technology was 98.76 million yuan, which accounts for 2.39% of its circulating market value, indicating a low financing balance at the 30th percentile over the past year [1] Securities Lending Summary - On October 9, there were no shares repaid or sold in securities lending, resulting in a selling amount of 0 yuan and a securities lending balance of 0 yuan, which is at the 80th percentile over the past year, indicating a high level [1] Company Overview - Huali Technology, established on August 20, 2010, and listed on June 17, 2021, is located in the Xingli Animation Industry Park, Panyu District, Guangzhou, Guangdong Province [1] - The company's main business includes the design, research and development, production, sales, and operation of gaming and amusement equipment, with revenue composition as follows: 49.41% from gaming equipment sales, 34.44% from anime IP derivative products, 11.12% from amusement park operations, 3.51% from equipment cooperation operations, and 1.51% from other sources [1] Financial Performance Summary - As of June 30, Huali Technology had 16,200 shareholders, a decrease of 4.91% from the previous period, with an average of 8,589 circulating shares per person, an increase of 5.16% [2] - For the first half of 2025, Huali Technology achieved an operating income of 481 million yuan, a year-on-year increase of 4.12%, while the net profit attributable to the parent company was 34.98 million yuan, a year-on-year decrease of 2.84% [2] Dividend Summary - Since its A-share listing, Huali Technology has distributed a total of 76.04 million yuan in dividends, with 58.68 million yuan distributed over the past three years [3] Institutional Holdings Summary - As of June 30, 2025, Huali Technology's sixth largest circulating shareholder is the Huaxia CSI Animation Game ETF (159869), holding 1.75 million shares, an increase of 331,900 shares from the previous period [3]

Group 1 - The core viewpoint of the news is that Huali Technology's stock has seen a significant increase of 5.02%, reaching a price of 29.70 yuan per share, with a total market capitalization of 4.357 billion yuan [1] - Huali Technology, established on August 20, 2010, and listed on June 17, 2021, is primarily engaged in the design, research and development, production, sales, and operation of gaming and amusement equipment [1] - The company's main business revenue composition includes: 49.24% from main business, 24.71% from gaming and amusement equipment sales, 17.22% from anime IP derivative products sales, 5.56% from amusement park operations, 1.76% from equipment cooperative operations, and 0.76% from other businesses [1] Group 2 - Among Huali Technology's top ten circulating shareholders, Huaxia Fund's Huaxia Zhongzheng Animation Game ETF (159869) increased its holdings by 331,900 shares, totaling 1.7528 million shares, which accounts for 1.26% of the circulating shares [2] - The Huaxia Zhongzheng Animation Game ETF (159869) was established on February 25, 2021, with a latest scale of 7.073 billion yuan, and has achieved a return of 60.69% this year, ranking 172 out of 4222 in its category [2] - The fund has a one-year return of 110.41%, ranking 266 out of 3813 in its category, and a cumulative return since inception of 61.03% [2]

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].

Core Viewpoint - Guangzhou Huali Technology Co., Ltd. held a conference call on August 28, 2023, discussing its 2025 semi-annual report, highlighting a revenue increase but a decline in net profit [1] Financial Performance - In the first half of 2023, the company achieved operating revenue of 481.02 million yuan, a year-on-year increase of 4.12% [1] - The net profit attributable to shareholders was 34.98 million yuan, a year-on-year decrease of 2.84% [1] - Revenue from game and amusement equipment sales was 237.69 million yuan, impacted by delays in overseas product launches [1] - Revenue from anime IP derivative products was 165.67 million yuan, a year-on-year increase of 14.51%, with the new product "Pokémon: Shining Star" contributing significantly [1] Business Development - The company is exploring strategic expansion by launching IP operation brand "WARAWARA" and music brand "WA MUSIC" to create a commercial ecosystem integrating "IP + equipment + scene + derivatives" [2] - The company plans to increase the deployment of anime card equipment in the second half of the year, including products like "Pokémon: Shining Star" and "Three Kingdoms Fantasy Battle" [3] Investor Interaction - The product lifecycle for anime card equipment is approximately 4-5 years, with quarterly updates [3] - The company is actively promoting a refinancing project, with the Shenzhen Stock Exchange having accepted the application [3] - The company plans to deploy 4,350 anime card devices within two years, although the approval timeline remains uncertain [3]

Financial Performance - The company achieved a revenue of 48,102.28 million yuan in the first half of 2025, representing a growth of 4.12% compared to the previous year [2] - The net profit attributable to shareholders was 34,979.6 million yuan, a decrease of 2.84% year-on-year [2] - Revenue from game and amusement equipment sales was 23,768.91 million yuan, down 2.81% year-on-year, while the gross profit margin increased by 3.36% [2][3] - Revenue from anime IP derivative products reached 16,567.38 million yuan, showing a year-on-year growth of 14.51% [3] Business Development - The company is actively exploring strategic expansion by launching IP operation brands "WARAWARA" and music brand "WA MUSIC" to create a commercial ecosystem integrating "IP + equipment + scene + derivatives" [3] - The company plans to invest in 4,350 anime card devices within two years to enhance market penetration [4] Market Strategy - The company is considering increasing the deployment of anime card devices based on market demand, including popular titles like "Pokémon Shining Star" and "Three Kingdoms Fantasy Battle" [4] - The product lifecycle for anime card devices is approximately 4-5 years, with quarterly updates to the cards [4] Investor Engagement - The investor relations activity included a telephone conference with 27 institutional investors, ensuring compliance with information disclosure regulations [5] - The company is actively promoting its refinancing project, which has been accepted by the Shenzhen Stock Exchange, with updates to be disclosed in due course [4]