为配合控制权变更，高乐股份同步推出定增计划。公司拟以3.7元/股向黎曼云图关联方北京黎曼星图科技合伙企业（有限 合伙）（以下简称"黎曼星图"）发行不超过1.33亿股，募资总额不超过4.91亿元，募集资金将全部用于补充流动资金。发行完 成后，黎曼星图持股比例将不超过21.05%，王帆仍为公司实控人。 《详式权益变动报告书》显示，王帆，1991年11月份出生，无境外永久居留权，毕业于英国谢菲尔德大学。王帆主要从事 互联网及人工智能（AI）行业，其从2022年开始创业，2025年3月至今担任黎曼云图董事、经理、财务负责人，2025年11月份 至今担任北京黎曼星云科技合伙企业（有限合伙）、黎曼星图执行事务合伙人。 近年来，高乐股份持续面对经营挑战。2019年至今，高乐股份已连续六年归属于上市公司股东的净利润亏损。今年前三季 度，高乐股份归属于上市公司股东的净利润-1167.2万元，营收仅为2.26亿元。 财报显示，高乐股份的主营业务涵盖玩具和互联网教育两大板块。公司拥有"GOLDLOK"自主品牌及盲盒潮玩、电动玩具 等1000余种产品，并与华润万家、大润发、中国玩具反斗城等建立合作。公司主要产品包括电动火车玩具、互动 ...

AI 玩具 Haivivi 联合创始人专家交流 20251203 摘要 全球 AI 玩具销量已超 30 万台，领跑市场，预示原生 AI 硬件在消费场景 中商业化盈利潜力，尤其在玩具行业已初步验证。 中国虽是全球玩具制造大国，但利润占比低。智能硬件生产能力提升， 叠加开放 API 推动应用层创新，中国品牌迎来发展机遇。 AI 玩具市场正从儿童向成人情绪陪伴领域拓展，华为、优必选等已入局， 预示着更广阔的市场空间和定制化需求。 情绪价值陪伴类产品具非标定制特征，避免赢家通吃，利于多元化市场 格局，中小企业仍有生存空间，类似泡泡玛特与吾儿套的并存。 大厂通过合作而非单干进入 AI 玩具领域，有助于提升行业整体水平，并 为中小企业提供合作机会，促进技术进步和满足多样化需求。 AI 玩具成本结构中，生产制造成本占比最高（30%-35%），其次是早 期营销广告费用（50%），模型软件及服务器费用占比 5%。 AI 玩具行业具迭代性和长期性，需持续投入研发和运营，类似网络游戏， 成功具偶然性，硬件厂商倾向与网络公司合作。 Q&A 目前 AI 玩具行业的市场规模和头部公司的情况如何？ AI 玩具行业在过去几年中经历了显著的发 ...

天眼查App显示，近日，徐州简写玩具有限公司成立，法定代表人为杨其，注册资本1万人民币，经营 范围为一般项目：玩具销售；玩具、动漫及游艺用品销售；日用百货销售；园艺产品销售；茶具销售； 汽车装饰用品销售；厨具卫具及日用杂品零售；母婴用品销售；工艺美术品及收藏品零售（象牙及其制 品除外）；办公用品销售；办公设备销售；金属制品销售；电子产品销售；家用电器销售；液压动力机 械及元件销售；第二类医疗器械销售；互联网销售（除销售需要许可的商品）；个人互联网直播服务 （除依法须经批准的项目外，凭营业执照依法自主开展经营活动）。 ...

Core Insights - The AI toy market is experiencing a surge in interest, driven by products like the "Smart Hanhai" emotional companion AI robot from Huawei, which sold out quickly and has a high pre-order volume [1][3] - Despite the growing popularity, the industry faces significant challenges, including severe product homogenization and insufficient intelligence levels in AI toys [5][6] - Major companies are entering the AI toy space, indicating a competitive landscape, with new products being launched by firms like UBTECH and JD.com [2][4] Market Trends - The AI toy market is projected to grow significantly, with estimates suggesting a market size of approximately 246 billion yuan in 2024, increasing to 290 billion yuan in 2025, and potentially exceeding 1 trillion yuan by 2030, with a compound annual growth rate of over 50% [4][8] - The increase in consumer demand for intelligent products is pushing AI toys towards becoming mainstream, especially as traditional consumer electronics face stagnation [4][7] Industry Challenges - The AI toy sector is plagued by high return rates, with initial rates reaching up to 40% due to unmet consumer expectations regarding product functionality [6][8] - Many AI toys utilize common models and hardware, leading to a lack of differentiation and innovation, which contributes to the high return rates and consumer dissatisfaction [6][7] - The industry is currently in a "feature phone" stage, with many products failing to meet the true needs of consumers, resulting in a short-lived novelty [6][9] Competitive Landscape - The market is expected to undergo a significant reshuffle within the next five years, with companies lacking unique intellectual property, data, and comprehensive capabilities likely to exit the market [9] - Three main types of players are anticipated to remain: large consumer electronics firms leveraging their ecosystem, content-driven companies like LEGO and Disney, and specialized service providers focusing on niche markets [9][10] - Companies that can transition from one-time sales to sustainable content subscription models are likely to thrive, while others may struggle to compete [9][10]

东北证券研报认为，AI玩具赋予了玩具"动"的能力，即交互、陪伴与教育(问答)三重能力，整体需求向 全年龄段辐射，AI有望成为继潮流IP之后玩具市场的核心催化剂，潜力将远超潮玩爆发时期的Z世代。 不过，在体验过程中，记者也明显发现AI玩偶存在互动体验有待提升的问题。例如，有的玩偶在对话 时，不能直接打断，随时切换新话题；有的只要环境稍有嘈杂或者电量欠缺，就会出现语音识别不准， 答非所问；此外大部分产品对于语言指令、对话都有较明显的"反应"时间，这些都在随时提醒记者面对 的始终是一台机器。 深圳商报·读创客户端记者 肖晗 文/图 华为"智能憨憨"持续热销，带动AI玩具再次成为各方关注焦点。记者12月2日走访深圳华强北发现，AI 玩偶已出现在不少店铺的C位，真实呈现AI玩具赛道爆发潜力。但记者实地体验与采访后也发现，产品 也面临着同质化严重、交互体验有待提升、数据隐私安全防护不足等挑战。 在华强北电子世界，记者看到，AI玩具以机器狗、人形机器人、机器猫、卡通萌宠、中国传统舞狮、 毛绒娃娃等不同形态呈现，产品价格从几十元到上千元不等。商家纷纷将"AI对话""多模态交互""英语 学习""早教陪伴"等作为核心卖点。 记者 ...

当地时间12月2日，由中国贸促会组织的中国企业家代表团踏上访美行程。此次访问正值中国贸促会代 表团首次访美50周年之际。1975年，中国贸促会代表团访美，成为1972年中美签订《上海联合公报》 后，中国派出的第一个具有半官方性质的贸易代表团。代表团所到之处，均受到热烈欢迎，时任美国总 统福特在白宫会见代表团，国务卿基辛格等陪同。当地的州、市领导人，工商界、金融界人士与代表团 热烈交流，气氛友好。 量之首。苹果、高通、惠普、星巴克、美国大豆出口协会等一批知名美国企业和协会连续三届亮相链博 会，成为"全勤生"，展现着对中国市场与供应链的重视和关注，也通过展会平台加深了与中国供应链伙 伴的关系。2024年11月，苹果首席执行官库克在第二届链博会开幕前参观苹果展台时表示，没有中国的 供应链合作伙伴，就没有苹果的今天。这正是中美在新形势下广泛开展产业链供应链合作的生动体现。 50年来，中美经贸关系取得长足发展。1975年，中美尚未建立外交关系，中国贸促会作为中国政府指定 的对美贸易"窗口"，推动两国民间贸易往来。如今，历经多年发展，中美经济已实现深度融合。2024 年，中美双边货物贸易额达6882.8亿美元，是1979 ...

Group 1 - The WSA Hurricane Battle World Top Tournament, organized by Aofei Entertainment's subsidiary, showcases a new trend in youth engagement through physical activities, moving away from screen time [1] - The tournament features a multi-tiered competition system, including ranking matches and city competitions, with the inaugural event set for October 2025 in Zhengzhou, marking the start of the 2025-2026 season [1] - The event has generated significant interest among spinning top enthusiasts, with additional competitions planned in cities like Jinan, Xi'an, and Chengdu in December [1] Group 2 - Aofei Entertainment links the success of the WSA tournament to its strategic focus on the young trendy toy market, targeting young consumers through its "Unlimited Play" brand [2] - The company collaborates with well-known brands such as Mihayou, NetEase, Tencent, and TapTap to develop various trendy toy products, including blind boxes and candy figures [2] - Aofei Entertainment aims to concentrate on key business areas such as IP content, trendy toy peripherals, toy derivatives, and infant products while staying attuned to industry trends and opportunities in niche markets [2]

Core Viewpoint - The launch of Huawei's AI toy "Smart Hanhai" has reignited interest in the AI toy market, marking a significant upgrade in the toy industry driven by AI technology [5][9]. Industry Upgrade - The AI toy trend has evolved from a narrative driven by startups and large companies to a comprehensive upgrade of the toy industry, with multiple cities in China implementing policies to integrate AI with toys [5][10]. - The Ministry of Industry and Information Technology has identified "AI toys" as a new growth engine for industrial upgrades, encouraging collaboration between toy and AI technology companies [5][10]. Market Performance - AI toy sales are projected to increase significantly, with JD.com reporting a sixfold increase in sales in the first half of 2025 [9]. - Notable products like BubblePal and Fuzozo have achieved impressive sales figures, with BubblePal selling over 250,000 units and generating over 100 million yuan in revenue [9]. - AI toys have higher profit margins compared to traditional toys, with gross margins for AI toys ranging from 50% to over 90% depending on the product category [9]. Policy Support - Various toy-producing cities, including Guangdong and Jiangsu, have introduced policies to promote the integration of AI in the toy industry, with Guangdong aiming for an AI toy penetration rate of over 30% by 2027 [10][11]. Challenges in AI Toy Development - Despite the potential, the market has yet to see a true blockbuster AI toy, with many companies underestimating the complexity of developing successful AI toys [5][12]. - The industry faces high return rates of 30%-40% due to unsatisfactory user experiences, which significantly erodes profits [15][16]. Consumer Expectations - Consumer interest in AI toys is growing, but many products fail to meet expectations, leading to high return rates [16]. - The industry is shifting towards a more rational approach, with companies recognizing the need for sustainable business models and user retention strategies [16]. Business Models - Companies are exploring various business models, including traditional sales and subscription services for ongoing interaction with AI toys [19]. - The focus is on creating engaging user experiences and character development to enhance user retention and satisfaction [20][21]. Future Directions - The AI toy industry is expected to continue evolving, with companies that can achieve more natural interactions and integrate IP with AI likely to succeed [21].

证券代码： 002862 证券简称：实丰文化 实丰文化发展股份有限公司投资者关系活动记录表 （四）近期豆包 ai 携手 nubia，推出 ai 手机，也是 agent 较好 诠释，公司如何思考 ai agent 赋能玩具这一入口？ 答：公司认为 AI Agent 为玩具注入了真正的智能内核，让 玩具实现了五大关键升级：从被动响应到主动规划，玩具拥有了 目标感与决策能力，能主动构思并引导游戏；从功能记忆到情感 记忆，通过长期记忆模块记住孩子的喜好与经历，建立专属情感 连接；从单一交互到多模态融合，整合视觉、听觉、触觉等感知 能力，实现自然全方位的互动；从独立设备到生态枢纽，具备调 用外部工具与服务的能力，成为连接智能家居与在线服务的入 口；从固定设定到性格演化，基于持续互动数据不断成长，实现 "独一无二"的陪伴。 在玩具的价值层面上，传统玩具是内容固定、被动响应的静 态物品，只能满足基础娱乐需求，采用一次性售卖模式；而 AI Agent 玩具则成为了有记忆、可进化的"生命体"，能提供高度 个性化的专属定制服务，通过多模态、主被动交互，为用户动态 生成和调用无限的内容。通过 Agent 对用户的不断了解，更能与 ...

天眼查App显示，近日，汕头市铭信达玩具有限公司成立，法定代表人为李小龙，注册资本30万人民 币，经营范围为一般项目：玩具制造；玩具销售；塑料制品制造；塑料制品销售；母婴用品制造；母婴 用品销售；教学用模型及教具制造；工艺美术品及礼仪用品制造（象牙及其制品除外）；工艺美术品及 礼仪用品销售（象牙及其制品除外）；模具制造；模具销售；日用杂品制造；日用杂品销售；办公用品 销售；电子产品销售；通讯设备销售；体育用品及器材零售；家居用品销售；五金产品零售；汽车装饰 用品销售；汽车零配件零售；包装材料及制品销售；针纺织品销售；钟表销售；家用电器销售；服装服 饰零售；互联网销售（除销售需要许可的商品）；信息技术咨询服务；技术服务、技术开发、技术咨 询、技术交流、技术转让、技术推广。（除依法须经批准的项目外，凭营业执照依法自主开展经营活 动）。 ...