Investment Rating - The report maintains a "Buy" rating for the company with a target price of 46.92 CNY, reflecting a positive outlook based on recent performance and future growth potential [5][12]. Core Insights - The company's performance in Q2 showed significant recovery, driven by the rapid success of new Pokémon IP products, leading to a quarter-on-quarter revenue increase [2][12]. - The company plans to raise 149 million CNY through a private placement, with 107 million CNY allocated for the deployment of anime card equipment, indicating a focus on expanding its anime IP derivative product business [2][12]. - The report highlights a notable increase in revenue and net profit for Q2, with revenue reaching 296 million CNY, a year-on-year growth of 20%, and net profit of 23.55 million CNY, a year-on-year increase of 46.9% [12]. Financial Summary - Revenue projections show a steady increase from 816 million CNY in 2023 to 1.596 billion CNY by 2027, with a compound annual growth rate (CAGR) of approximately 15.5% [4]. - Net profit attributable to shareholders is expected to grow from 52 million CNY in 2023 to 188 million CNY in 2027, reflecting a significant CAGR of 24.9% [4]. - The earnings per share (EPS) is projected to rise from 0.35 CNY in 2023 to 1.28 CNY in 2027, indicating strong profitability growth [4]. Market Performance - The stock has shown a 52-week price range of 14.63 CNY to 39.89 CNY, with a current market capitalization of 4.672 billion CNY [6]. - The company has a net asset value per share of 5.16 CNY, with a price-to-book ratio of 6.2, suggesting a premium valuation relative to its book value [7]. Recent Developments - The company has successfully launched the second generation of Pokémon cards, which has led to a record high in quarterly sales for anime IP derivative products, achieving 112 million CNY in revenue for Q2, a year-on-year increase of 58.5% [12]. - The sales of gaming and amusement equipment have also shown improvement, with Q2 sales reaching 141 million CNY, reflecting a recovery in overseas markets [12].

Group 1 - The company plans to raise a total of 148.6 million yuan through a simplified procedure for issuing shares to specific targets, with a maximum of 300 million yuan and not exceeding 20% of the company's net assets at the end of the last fiscal year [2][3] - The total investment for the projects funded by this issuance is 189.29 million yuan, with 148.6 million yuan allocated from the raised funds [3][12] - The primary project involves the investment in anime card equipment, aiming to enhance market coverage and operational efficiency, thereby increasing profitability and consolidating the company's leading position in the industry [3][4] Group 2 - The project is deemed necessary due to the growth in the gaming and entertainment industry in China, driven by rising consumer spending and policy support, creating opportunities for innovative consumption spaces [4][5] - The company has evolved from manufacturing gaming equipment to providing comprehensive services, focusing on operational capabilities and international IP introduction to drive sales of derivative products [5][6] - The anime IP derivative products business is based on successful models from Japan, with the company planning to expand into overseas markets, starting with a pilot operation in Japan [6][9] Group 3 - The company has established strategic partnerships with global gaming firms, enhancing its competitive edge and enabling the launch of popular gaming equipment [7][10] - The domestic card market is vibrant, with a strong growth trend, and the company aims to capitalize on this by increasing the deployment of anime card equipment [7][9] - The project is supported by favorable national policies that encourage the development of the gaming and entertainment industry, providing a conducive macroeconomic environment [8][17] Group 4 - The project is expected to yield a post-tax internal rate of return of 21.44% and a payback period of 4.46 years, indicating good economic benefits [14] - The company plans to use 42 million yuan of the raised funds to supplement working capital, which is essential for supporting rapid business growth [15][16] - The successful implementation of the fundraising plan is expected to enhance the company's financial status, improve its risk resistance, and increase its future financing capabilities [16][17]