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%。 截至6月30日，华立科技股东户数1.62万，较上期减少4.91%；人均流通股8589股，较上期增加5.16%。 2025年1月-6月，华立科技实现营业收入4.81亿元，同比增长4.12%；归母净利润3497.96万元，同比减少 2.84%。 10月9日，华立科技跌1.43%，成交额1.18亿元。两融数据显示，当日华立科技获融资买入额1865.68万 元，融资偿还1453.48万元，融资净买入412.20万元。截至10月9日，华立科技融资融券余额合计9875.51 万元。 分红方面，华立科技A股上市后累计派现7603.68万元。近三年，累计派现5867.68万元。 融资方面，华立科技当日融资买入1865.68万元。当前融资余额9875.51万元 ...

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]

股 票 研 究 Q2 业绩显著回暖，宝可梦 IP 新品实现爆发 华立科技(301011) 2025 年半年报业绩点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 陈筱(分析师) | 021-38675863 | chenxiao@gtht.com | S0880515040003 | | 孙小雯(分析师) | 021-23154120 | sunxiaowen@gtht.com | S0880525040021 | | 李芓漪(分析师) | 021-38038428 | liziyi@gtht.com | S0880523080004 | 本报告导读： 25Q2 宝可梦 IP 新品迅速爆发，带动公司业绩环比回暖，公司拟定增募集 1.49 亿 元，其中 1.07 亿元用于投放动漫卡片设备，动漫 IP 衍生产品业务有望持续高增。 投资要点： | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- ...

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]