Group 1: General Information - The research object is Huali Technology, belonging to the special equipment industry, and the reception time was on October 14, 2025. The company's reception staff included the board secretary Huashun Yang and the securities affairs supervisor Linyong [17] - Participating research institutions include CITIC Securities, GF Securities, Guolian Fund, Golden Eagle Fund, etc [2] Group 2: Investor Questions and Company Responses - Regarding the potential impact of the US's proposed tariff increase on overseas sales, the company stated that its overseas sales mainly cover Asia, Europe, and the Americas, with a low proportion of revenue from the US market. The tariff increase is uncertain, and the company will focus on international situations, design diverse cross - border service solutions, and explore overseas market opportunities [22] - To extend the life cycle of anime trading cards, the company uses well - known IPs or national - trend cultures, updates game content regularly, and hosts events and competitions through self - operation [22] - The core player group of Pokémon Bright Star is relatively stable. During the product iteration period, the company held a gratitude event and invited players to experience the new product [22] - The company will increase the external release of Pokémon Bright Star according to market demand and explore the feasibility of multi - business channel placements [23] - The company's Three Kingdoms Fantasy Battle TCG card game, first unveiled at the Guangzhou Anime Game Festival in early October, is an attempt at the "amusement equipment + TCG card" model, enabling seamless online - offline integration and creating a new card sales model [24]

Core Insights - Guangzhou Huali Technology Co., Ltd. has attracted attention from multiple institutions, indicating growing interest in the company and its operations [1] Group 1: Investor Engagement - A specific investor engagement event took place on October 14, 2025, involving representatives from CITIC Securities, GF Securities, Guolian Fund, and Jinying Fund, who met with the company's board secretary and securities affairs supervisor [1] Group 2: Business Impact and Strategy - The company is closely monitoring the potential impact of the proposed U.S. tariff increases, noting that its revenue from the U.S. market is relatively low compared to overall sales. The company plans to adapt its cross-border service offerings and explore opportunities in other overseas markets [1] - The lifecycle of the company's anime card products is supported by well-known IPs and national cultural elements, with regular updates to game content and events to enhance player engagement and extend product longevity [1] Group 3: Product Development and Market Strategy - The "Pokémon: Shining Star" product has a stable core player base and the company is planning to increase its market presence based on demand, exploring new distribution channels such as shopping malls and toy stores [1] - The company introduced a new trading card game, "Three Kingdoms Fantasy Battle TCG," at the Guangzhou Animation and Game Festival, representing an innovative approach to combine gaming devices with trading card sales [1]

Core Viewpoint - The article highlights the booming live-streaming card-selling industry in China, showcasing the lucrative opportunities and the underlying issues related to the market's growth and practices. Group 1: Market Overview - The domestic collectible card market has seen rapid growth, surpassing 10 billion RMB in 2022, compared to just 700 million RMB in 2017 [11] - The popularity of collectible cards is evident on social media platforms, with various types of cards, including sports, anime, and movie characters, gaining significant attention [9] - The market has led to a surge in employment opportunities, with many individuals, especially young women, entering the live-streaming card-selling business [14] Group 2: Sales Dynamics - Live-streaming sessions typically start early in the morning, with hosts like Xiao Liang selling over 100 packs of cards in a single session, achieving monthly sales of around 40,000 RMB [7][8] - The pricing of card packs ranges from 8 to 15 RMB, with rare cards being highly sought after, creating a gambling-like atmosphere for buyers [5][6] - The top performers in the industry can achieve monthly sales exceeding 200,000 RMB, with the overall company sales estimated at around 2 million RMB monthly [8][13] Group 3: Consumer Behavior - The trend of card collecting has permeated various age groups, with children and adults alike participating in the craze, often leading to significant monthly expenditures [16][18] - The phenomenon has influenced consumer behavior, with parents expressing concern over their children's spending habits on cards [16] - Many adults engage in card collecting not out of nostalgia but simply for the thrill of the gamble, spending substantial amounts in the process [18][20] Group 4: Ethical Concerns - The industry faces ethical dilemmas, including the sale of "second creation cards," which are unauthorized reproductions that blur the lines between legitimate and counterfeit products [25][27] - There are reports of individuals spending their savings on these cards, only to find they have purchased low-value items, raising concerns about consumer protection [28][30] - The practices of manipulating card sales and the pressure to perform in a competitive environment have led to a culture of deception within the industry [24][33] Group 5: Future Outlook - The article suggests that the current card craze may not be sustainable, as many participants may end up feeling exploited or disillusioned by the industry's practices [30][34] - The shift towards purchasing second-hand cards is becoming more common, as consumers seek transparency and value in their transactions [34][35]